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:	7/31/2021
Date of reporting period:	7/31/2021

Item 1 – Reports to Stockholders

PGIM CORPORATE BOND FUND

ANNUAL REPORT

JULY 31, 2021

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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	10
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. ^© 2021 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, 2021.

The COVID-19 pandemic had a significant impact on the global economy and markets early in 2020, but a dramatic recovery was underway as the summer began. The Federal Reserve slashed interest rates to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval later in the year.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile in the fall as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Much of the bond market performed well during the period as investors sought safety in fixed income. While investment-grade bonds in the US declined slightly as the economy recovered, global bonds and emerging market debt rose. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low at the beginning of the period, but longer-term interest rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also 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, 2021

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 7/31/21
	One Year (%)		Five Years (%)		Ten Years (%)	Since Inception (%)
Class A
(with sales charges)		-0.91		3.81	N/A		4.39 (05/28/2015)
(without sales charges)		2.42		4.50	N/A		4.95 (05/28/2015)
Class C
(with sales charges)		0.66		3.72	N/A		4.13 (05/28/2015)
(without sales charges)		1.66		3.72	N/A		4.13 (05/28/2015)
Class R
(without sales charges)		2.17		4.24	N/A		4.65 (05/28/2015)
Class Z
(without sales charges)		2.68		4.76	4.17		—
Class R6
(without sales charges)		2.68		4.76	N/A		5.17 (05/28/2015)
Bloomberg US Credit Index
		1.21		4.63	4.80		—

Average Annual Total Returns as of 7/31/21 Since Inception (%)
	Class A, Class C, Class R, Class R6
	(05/28/2015)
Bloomberg US Credit Index		4.89

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 (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg US Credit Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2011) and the account values at the end of the current fiscal year (July 31, 2021), 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.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

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.

PGIM Corporate Bond Fund     5

Your Fund’s Performance (continued)

	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)	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 US Credit Index—The Bloomberg US Credit Index measures the performance of investment grade corporate debt and agency bonds that are dollar denominated and have a remaining maturity of 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 that may be paid by an investor.

Distributions and Yields as of 7/31/21
	Total Distributions	SEC 30-Day	SEC 30-Day
	Paid for	Subsidized	Unsubsidized
	12 Months ($)	Yield* (%)	Yield** (%)
Class A	0.30	1.41	1.28
Class C	0.21	0.72	1.19
Class R	0.27	1.21	136.49
Class Z	0.33	1.71	1.51
Class R6	0.33	1.71	1.68

*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.

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Credit Quality expressed as a percentage of total investments as of 7/31/21 (%)
AAA	5.7
AA	11.3
A	24.7
BBB	54.6
BB	3.0
Cash/Cash Equivalents	0.7
Total	100

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 Corporate Bond Fund     7

Strategy and Performance Overview

How did the Fund perform?

The PGIM Corporate Bond Fund’s Class Z shares returned 2.68% in the 12-month reporting period that ended July 31, 2021, outperforming the 1.21% return of the Bloomberg US Credit Index (the Index).

What were the market conditions?

· US investment grade corporate bonds performed well in the reporting period, supported by better-than-expected corporate earnings, positive vaccination progress, favorable credit fundamentals, an accommodative Federal Reserve, and a solid technical backdrop driven by strong demand and positive net flows.

· With the Index generating a total return of 1.21% over the period, spreads on the Index tightened by 45 basis points (bps) for the period and ended July 31, 2021, at 81 bps. (One basis point equals 0.01%.)

· Technicals remained strong amid steady demand, particularly from overseas investors and pensions, supported by a monetary system flush with cash, a dwindling number of investment options offering enhanced yields, and accommodative central banks. Meanwhile, demand for new issue remained elevated in light of reduced net issuance the last seven months of the period.

· Following a record $1.8 trillion in issuance in 2020, investment grade gross issuance totaled $857 billion through the first seven months of 2021. In July 2021, new-issuance volumes were in line with expectations and skewed 63% toward financials, which increased 86% year over year. Demand generally remained elevated, with order books 2.7 times oversubscribed on average.

· Although US industry fundamentals remained quite bifurcated in terms of the effects of the pandemic, they generally remained resilient. Revenue growth rebounded, and earnings growth surged to the best levels in at least three years.

· While the investment grade market underperformed the last month of the period as a result of growing concerns surrounding surging cases of COVID-19 caused by the Delta variant and greater-than-expected Consumer Price Index numbers, market fundamentals benefited from strong second-quarter corporate earnings and positive actions from ratings agencies.

What worked?

· Security selection in investment grade corporate bonds was the largest contributor to the Fund’s performance during the reporting period, highlighted by positioning in upstream and midstream energy, foreign non-corporates, technology, and retailers & restaurants.

· Positioning in municipal bonds and commercial mortgage-backed securities (CMBS) also contributed to returns.

· In individual security selection, the Fund benefited from overweights in Cenovus Energy Inc. (upstream energy), ONEOK Inc. (midstream energy), and Petroleos Mexicanos (oil & gas).

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What didn’t work?

· While overall sector allocation was positive, an underweight to emerging markets hurt the Fund’s performance during the reporting period. Security selection in CMBS and sovereigns also detracted.

· The Fund’s positioning in finance companies, banking, and life insurance industries detracted from performance.

· In individual security selection, the Fund’s underweight to General Electric Corp. (capital goods)—along with overweights to Bank of America Corp. (banking) and Verisk Analytics Inc. (technology)—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. Duration measures the sensitivity of the price (the value of principal) of a bond to a change in interest rates. Using futures is more efficient than managing interest rate risk through the purchase and sale of cash corporate bonds. This derivative strategy modestly detracted from performance for the period.

Current outlook

· While spreads have widened slightly from their recent tights, PGIM Fixed Income believes investment grade corporates remain relatively attractive, with declining default rates, strong demand, and positive net flows setting a favorable technical backdrop for the market. While the pandemic’s longer-term impact to the US and global economy remains uncertain, macroeconomic data has shown sequential improvement given the continued backing from the federal government through fiscal and monetary support.

· PGIM Fixed Income is looking to capitalize on spread compression in select higher-yielding BBB-rated bonds, solid credits in stressed industries, cyclicals, and “off-the-run” bonds; and it continues to favor more defensive financials and electric utilities over industrials. (Newly issued securities are considered to be “on-the-run,” while older securities already issued and outstanding are referred to as “off-the-run.”)

· 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 the balance sheet. Specifically, PGIM Fixed Income is optimistic on the BBB-rated energy sector, as companies continue to deleverage, and it anticipates global oil demand to continue to rebound in 2021.

· Potential risks to the market include a return to more hostile trade tensions with China, inflation concerns, higher Treasury yields, an increase in merger-and-acquisition activity, an equity market correction, impacts from COVID-19 on state and local budgets, implications of the large forecasted US budget deficit, and impacts from the rising COVID-19 cases across the globe caused by the Delta variant.

PGIM Corporate Bond Fund     9

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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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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, 2021	Ending Account Value July 31, 2021	Annualized Expense Ratio based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class A	Actual Hypothetical	$1,000.00 $1,000.00	$1,015.00 $1,020.83	0.80% 0.80%	$4.00 $4.01
Class C	Actual Hypothetical	$1,000.00 $1,000.00	$1,011.30 $1,017.11	1.55% 1.55%	$7.73 $7.75
Class R	Actual Hypothetical	$1,000.00 $1,000.00	$1,013.80 $1,019.59	1.05% 1.05%	$5.24 $5.26
Class Z	Actual Hypothetical	$1,000.00 $1,000.00	$1,015.50 $1,022.07	0.55% 0.55%	$2.75 $2.76
Class R6	Actual Hypothetical	$1,000.00 $1,000.00	$1,016.30 $1,022.07	0.55% 0.55%	$2.75 $2.76

*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 181 days in the six-month period ended July 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended July 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Corporate Bond Fund     11

PGIM Corporate Bond Fund

Schedule of Investments

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
LONG-TERM INVESTMENTS     98.4%
COMMERCIAL MORTGAGE-BACKED SECURITIES     5.1%
BANK,
Series 2019-BN16, Class A3		3.741%		02/15/52		200	$	225,264
Benchmark Mortgage Trust,
Series 2019-B09, Class A4		3.751		03/15/52		200		225,381
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3		3.283(cc)		11/15/50		250		271,867
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2		3.585		12/10/54		294		318,992
Citigroup Commercial Mortgage Trust,
Series 2016-GC37, Class A3		3.050		04/10/49		194		205,013
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3		3.269		06/10/50		100		104,894
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A4		3.224		07/15/50		100		109,524
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C29, Class A3		3.058		05/15/49		200		212,138
Series 2016-C31, Class A4		2.840		11/15/49		300		317,443
Wells Fargo Commercial Mortgage Trust,
Series 2017-C40, Class A3		3.317		10/15/50		200		216,956
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $2,037,649)								2,207,472
CORPORATE BONDS     92.1%
Aerospace & Defense     1.5%
Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		350		353,016
Sr. Unsec’d. Notes		3.200		03/01/29		30		31,644
Sr. Unsec’d. Notes		5.805		05/01/50		80		109,019
Sr. Unsec’d. Notes		5.930		05/01/60		100		138,713
								632,392
Agriculture     1.3%
Altria Group, Inc.,
Gtd. Notes		3.400		02/04/41		150		145,351
BAT Capital Corp. (United Kingdom),
Gtd. Notes		4.390		08/15/37		50		54,970
Gtd. Notes		4.700		04/02/27		200		227,632

See Notes to Financial Statements.

PGIM Corporate Bond Fund     13

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Agriculture (cont’d.)
BAT International Finance PLC (United Kingdom),
Gtd. Notes		1.668%		03/25/26		150	$	151,271
								579,224
Airlines     0.9%
Delta Air Lines, Inc./SkyMiles IP Ltd.,
Sr. Sec’d. Notes, 144A		4.500		10/20/25		55		59,196
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		230		272,150
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		40		41,150
Sr. Sec’d. Notes, 144A		4.625		04/15/29		25		25,725
								398,221
Auto Manufacturers     2.8%
Daimler Finance North America LLC (Germany),
Gtd. Notes, 144A		1.450		03/02/26		150		151,940
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		2.979		08/03/22		200		202,829
Sr. Unsec’d. Notes		3.350		11/01/22		265		270,926
General Motors Co.,
Sr. Unsec’d. Notes		5.400		04/01/48		135		173,552
Sr. Unsec’d. Notes		6.125		10/01/25		200		237,004
General Motors Financial Co., Inc.,
Gtd. Notes		4.000		01/15/25		150		163,708
								1,199,959
Auto Parts & Equipment     0.8%
BorgWarner, Inc.,
Sr. Unsec’d. Notes, 144A		5.000		10/01/25		200		231,099
ZF North America Capital, Inc. (Germany),
Gtd. Notes, 144A		4.500		04/29/22		100		102,354
								333,453

See Notes to Financial Statements.

14

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Banks     22.0%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes		3.800%		02/23/28		200	$	222,875
Bank of America Corp.,
Sr. Unsec’d. Notes		2.299(ff)		07/21/32		45		45,413
Sr. Unsec’d. Notes		2.972(ff)		07/21/52		35		35,322
Sr. Unsec’d. Notes		3.311(ff)		04/22/42		140		151,139
Sr. Unsec’d. Notes, MTN		1.898(ff)		07/23/31		305		299,623
Sr. Unsec’d. Notes, MTN		2.087(ff)		06/14/29		75		76,396
Sr. Unsec’d. Notes, MTN		2.676(ff)		06/19/41		250		246,574
Sr. Unsec’d. Notes, MTN		3.824(ff)		01/20/28		190		212,489
Sr. Unsec’d. Notes, MTN		4.083(ff)		03/20/51		55		66,504
Sr. Unsec’d. Notes, MTN		4.271(ff)		07/23/29		240		276,837
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		4.610(ff)		02/15/23		120		122,664
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A, MTN		3.052(ff)		01/13/31		200		213,237
BPCE SA (France),
Sr. Unsec’d. Notes, 144A		2.375		01/14/25		250		260,865
Citigroup, Inc.,
Jr. Sub. Notes, Series V		4.700(ff)		01/30/25(oo)		25		25,858
Sr. Unsec’d. Notes		2.561(ff)		05/01/32		55		56,853
Sr. Unsec’d. Notes		4.412(ff)		03/31/31		300		353,543
Sub. Notes		4.300		11/20/26		300		341,318
Sub. Notes		4.600		03/09/26		300		343,511
Credit Agricole SA (France),
Sr. Unsec’d. Notes, 144A		1.247(ff)		01/26/27		255		252,891
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		1.305(ff)		02/02/27		250		246,685
Danske Bank A/S (Denmark),
Sr. Unsec’d. Notes, 144A		5.000(ff)		01/12/23		200		203,873
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes		1.447(ff)		04/01/25		160		161,427
Sr. Unsec’d. Notes		2.222(ff)		09/18/24		150		153,955
Sr. Unsec’d. Notes		3.950		02/27/23		100		104,858
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.431(ff)		03/09/27		290		291,340
Sr. Unsec’d. Notes		3.814(ff)		04/23/29		20		22,527
Sr. Unsec’d. Notes		4.223(ff)		05/01/29		80		92,111
Sub. Notes		5.150		05/22/45		150		202,872

See Notes to Financial Statements.

PGIM Corporate Bond Fund     15

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes		1.589%(ff)		05/24/27		200	$	201,336
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series I, 3 Month LIBOR + 3.470%		3.599(c)		10/30/21(oo)		98		98,348
Sr. Unsec’d. Notes		1.953(ff)		02/04/32		300		296,231
Sr. Unsec’d. Notes		2.522(ff)		04/22/31		150		156,104
Sr. Unsec’d. Notes		2.525(ff)		11/19/41		110		107,670
Sr. Unsec’d. Notes		3.328(ff)		04/22/52		105		114,066
Sr. Unsec’d. Notes		3.782(ff)		02/01/28		100		111,713
Sr. Unsec’d. Notes		3.882(ff)		07/24/38		95		111,296
Sr. Unsec’d. Notes		3.964(ff)		11/15/48		75		89,220
Sr. Unsec’d. Notes		4.452(ff)		12/05/29		350		411,420
Sub. Notes		2.956(ff)		05/13/31		10		10,612
Morgan Stanley,
Sr. Unsec’d. Notes		3.217(ff)		04/22/42		35		37,594
Sr. Unsec’d. Notes, GMTN		2.239(ff)		07/21/32		450		453,688
Sr. Unsec’d. Notes, GMTN		4.431(ff)		01/23/30		285		335,159
Sr. Unsec’d. Notes, MTN		3.971(ff)		07/22/38		235		277,627
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A		1.488(ff)		12/14/26		400		398,683
Sr. Unsec’d. Notes, 144A, MTN		2.625		01/22/25		200		209,540
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		4.125		09/24/25		200		223,954
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.393(ff)		06/02/28		340		355,987
Sr. Unsec’d. Notes, MTN		2.572(ff)		02/11/31		410		429,211
								9,513,019
Beverages     1.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.900		02/01/46		240		307,779
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		5.550		01/23/49		110		154,431
Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A		2.750		07/15/26		100		105,393

See Notes to Financial Statements.

16

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Beverages (cont’d.)
Constellation Brands, Inc.,
Gtd. Notes		5.250%		11/15/48		50	$	68,750
Sr. Unsec’d. Notes		2.875		05/01/30		80		85,179
								721,532
Biotechnology     0.1%
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes		2.800		09/15/50		55		51,853
Building Materials     1.4%
Johnson Controls International PLC,
Sr. Unsec’d. Notes		4.950		07/02/64		54		75,595
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		2.400		07/15/31		15		15,410
Sr. Unsec’d. Notes		4.250		12/15/47		50		59,576
Masco Corp.,
Sr. Unsec’d. Notes		2.000		10/01/30		70		69,571
Sr. Unsec’d. Notes		2.000		02/15/31		195		193,105
Sr. Unsec’d. Notes		4.500		05/15/47		35		42,915
Owens Corning,
Sr. Unsec’d. Notes		4.300		07/15/47		100		118,954
Vulcan Materials Co.,
Sr. Unsec’d. Notes		3.500		06/01/30		40		44,670
								619,796
Chemicals     2.4%
Celanese U.S. Holdings LLC,
Gtd. Notes		1.400		08/05/26		120		120,331
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		3.600		11/15/50		130		144,480
Sr. Unsec’d. Notes		5.550		11/30/48		50		71,628
Huntsman International LLC,
Sr. Unsec’d. Notes		2.950		06/15/31		75		77,518
LYB International Finance III LLC,
Gtd. Notes		1.250		10/01/25		75		75,422
Gtd. Notes		3.375		10/01/40		100		106,872
Gtd. Notes		3.625		04/01/51		65		71,677

See Notes to Financial Statements.

PGIM Corporate Bond Fund     17

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Mosaic Co. (The),
Sr. Unsec’d. Notes		3.250%		11/15/22		200	$	206,677
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes		2.950		08/15/29		90		97,742
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A		4.750		06/01/28		40		47,541
								1,019,888
Commercial Services     2.0%
California Institute of Technology,
Sr. Unsec’d. Notes		4.700		11/01/2111		50		74,536
IHS Markit Ltd.,
Gtd. Notes, 144A		4.750		02/15/25		300		335,104
Massachusetts Institute of Technology,
Unsec’d. Notes		3.885		07/01/2116		100		128,969
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		160		190,276
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes		3.625		05/15/50		125		136,768
								865,653
Computers     1.3%
Fortinet, Inc.,
Sr. Unsec’d. Notes		2.200		03/15/31		175		177,905
Genpact Luxembourg Sarl,
Gtd. Notes		3.375		12/01/24		200		214,727
HP, Inc.,
Sr. Unsec’d. Notes, 144A		1.450		06/17/26		110		110,286
Leidos, Inc.,
Gtd. Notes		2.300		02/15/31		35		34,836
Gtd. Notes		4.375		05/15/30		30		34,511
								572,265
Diversified Financial Services     1.1%
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		4.875		05/01/24		40		43,808

See Notes to Financial Statements.

18

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Charles Schwab Corp. (The),
Sr. Unsec’d. Notes		2.300%		05/13/31		140	$	145,875
GE Capital International Funding Co. Unlimited Co.,
Gtd. Notes		4.418		11/15/35		80		98,297
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes		1.851		07/16/25		200		204,824
								492,804
Electric     8.8%								��
AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.450		05/15/51		115		122,625
Arizona Public Service Co.,
Sr. Unsec’d. Notes		3.350		05/15/50		75		82,419
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series AD		2.900		07/01/50		25		26,064
Commonwealth Edison Co.,
First Mortgage		4.700		01/15/44		100		131,628
Dominion Energy South Carolina, Inc.,
First Mortgage		4.600		06/15/43		150		195,080
DTE Electric Co.,
General Ref. Mortgage		3.950		06/15/42		75		87,601
Duke Energy Carolinas LLC,
First Mortgage		3.450		04/15/51		90		102,106
Emera U.S. Finance LP (Canada),
Gtd. Notes		3.550		06/15/26		200		219,805
Entergy Corp.,
Sr. Unsec’d. Notes		2.950		09/01/26		100		107,796
Interstate Power & Light Co.,
Sr. Unsec’d. Notes		2.300		06/01/30		150		154,716
Liberty Utilities Finance GP1 (Canada),
Gtd. Notes, 144A		2.050		09/15/30		230		226,799
MidAmerican Energy Co.,
First Mortgage		3.950		08/01/47		20		24,385
Mississippi Power Co.,
Sr. Unsec’d. Notes, Series 12-A		4.250		03/15/42		140		169,908
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.250		06/01/30		22		22,595
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A		2.000		12/02/25		35		35,954

See Notes to Financial Statements.

PGIM Corporate Bond Fund     19

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Pacific Gas & Electric Co.,
First Mortgage		1.750%		06/16/22		300	$	299,769
First Mortgage		4.000		12/01/46		100		94,421
PPL Electric Utilities Corp.,
First Mortgage		4.750		07/15/43		100		133,141
Progress Energy, Inc.,
Sr. Unsec’d. Notes		7.000		10/30/31		190		266,587
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN		3.650		09/01/42		75		87,264
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes		1.600		08/15/30		53		51,025
Puget Energy, Inc.,
Sr. Sec’d. Notes		3.650		05/15/25		400		433,620
RGS AEGCO Funding Corp.,
Sec’d. Notes, Series F		9.820		12/07/22		7		7,081
Rochester Gas & Electric Corp.,
First Mortgage, 144A		3.100		06/01/27		135		147,354
San Diego Gas & Electric Co.,
First Mortgage		4.300		04/01/42		75		89,926
Southern California Edison Co.,
First Ref. Mortgage		5.500		03/15/40		200		254,650
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A		3.550		07/15/24		150		159,428
Sr. Sec’d. Notes, 144A		3.700		01/30/27		45		48,258
								3,782,005
Engineering & Construction     0.5%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A		5.500		07/31/47		200		202,335
Foods     1.0%
Kraft Heinz Foods Co.,
Gtd. Notes		3.000		06/01/26		42		44,668
Gtd. Notes		5.000		07/15/35		50		61,918
Kroger Co. (The),
Sr. Unsec’d. Notes		5.150		08/01/43		60		79,463
Mars, Inc.,
Gtd. Notes, 144A		3.600		04/01/34		25		28,990
Sr. Unsec’d. Notes, 144A		1.625		07/16/32		80		78,215

See Notes to Financial Statements.

20

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		5.100%		09/28/48		100	$	134,788
								428,042
Healthcare-Services     2.2%
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021		2.780		07/01/51		30		30,447
Anthem, Inc.,
Sr. Unsec’d. Notes		4.625		05/15/42		100		126,750
HCA, Inc.,
Sr. Sec’d. Notes		5.000		03/15/24		100		110,657
Sr. Sec’d. Notes		5.250		06/15/49		100		131,158
Sr. Sec’d. Notes		5.500		06/15/47		25		33,368
Mayo Clinic,
Unsec’d. Notes		3.774		11/15/43		85		101,807
OhioHealth Corp.,
Unsec’d. Notes, Series 2020		3.042		11/15/50		35		37,571
Texas Health Resources,
Sec’d. Notes		4.330		11/15/55		130		176,244
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		2.900		05/15/50		130		134,882
Sr. Unsec’d. Notes		3.050		05/15/41		80		85,845
								968,729
Housewares     0.3%
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.000		12/01/24		100		106,399
Insurance     2.3%
American International Group, Inc.,
Sr. Unsec’d. Notes		4.375		01/15/55		150		188,360
Arch Capital Finance LLC,
Gtd. Notes		5.031		12/15/46		100		133,661
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.450		08/15/27		100		110,857
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.500		10/15/50		110		120,582

See Notes to Financial Statements.

PGIM Corporate Bond Fund     21

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		4.569%		02/01/29		250	$	296,174
Markel Corp.,
Sr. Unsec’d. Notes		3.450		05/07/52		140		148,699
								998,333
Iron/Steel     0.1%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes		2.800		12/15/24		20		21,130
Sr. Unsec’d. Notes		3.250		01/15/31		25		27,317
								48,447
Lodging     0.3%
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series EE		5.750		05/01/25		100		115,449
Media     2.4%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		3.500		06/01/41		15		15,313
Sr. Sec’d. Notes		3.700		04/01/51		170		171,605
Sr. Sec’d. Notes		3.900		06/01/52		20		20,742
Sr. Sec’d. Notes		6.384		10/23/35		180		242,777
Comcast Corp.,
Gtd. Notes		4.150		10/15/28		15		17,479
Cox Communications, Inc.,
Gtd. Notes, 144A		2.950		10/01/50		135		128,745
Discovery Communications LLC,
Gtd. Notes		3.950		06/15/25		28		30,845
Gtd. Notes		4.000		09/15/55		118		126,825
Gtd. Notes		4.650		05/15/50		75		89,130
ViacomCBS, Inc.,
Sr. Unsec’d. Notes		5.250		04/01/44		150		194,506
								1,037,967

See Notes to Financial Statements.

22

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Mining     1.8%
Barrick North America Finance LLC (Canada),
Gtd. Notes		7.500%		09/15/38		75	$	114,777
Kinross Gold Corp. (Canada),
Gtd. Notes		5.950		03/15/24		300		334,914
Newmont Corp.,
Gtd. Notes		2.800		10/01/29		200		212,839
Teck Resources Ltd. (Canada),
Sr. Unsec’d. Notes		5.400		02/01/43		100		124,886
								787,416
Miscellaneous Manufacturing     0.7%
Hillenbrand, Inc.,
Gtd. Notes		5.000		09/15/26		100		111,188
Pentair Finance Sarl,
Gtd. Notes		4.500		07/01/29		65		76,235
Textron, Inc.,
Sr. Unsec’d. Notes		2.450		03/15/31		75		76,626
Sr. Unsec’d. Notes		4.000		03/15/26		45		50,627
								314,676
Office/Business Equipment     0.1%
Xerox Corp.,
Sr. Unsec’d. Notes		4.375		03/15/23		20		20,901
Oil & Gas     4.2%
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		6.250		03/15/38		100		136,012
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.950		04/15/22		90		91,350
Sr. Unsec’d. Notes		4.250		04/15/27		200		223,961
Sr. Unsec’d. Notes		5.250		06/15/37		125		150,739
Sr. Unsec’d. Notes		5.400		06/15/47		15		18,740
ConocoPhillips,
Gtd. Notes, 144A		2.400		02/15/31		60		62,307
ConocoPhillips Co.,
Gtd. Notes		4.300		11/15/44		55		68,067
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.000		06/15/45		55		65,063

See Notes to Financial Statements.

PGIM Corporate Bond Fund     23

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Diamondback Energy, Inc.,
Gtd. Notes		2.875%		12/01/24		150	$	157,870
Gtd. Notes		3.125		03/24/31		60		62,955
Equinor ASA (Norway),
Gtd. Notes		2.375		05/22/30		80		83,748
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes		3.800		04/01/28		90		100,957
Ovintiv Exploration, Inc.,
Gtd. Notes		5.625		07/01/24		200		221,252
Petrobras Global Finance BV (Brazil),
Gtd. Notes		5.600		01/03/31		65		72,470
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.950		01/28/31		100		98,247
Gtd. Notes		6.350		02/12/48		60		51,325
Gtd. Notes, MTN		6.750		09/21/47		80		71,034
Suncor Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.750		03/04/51		50		55,355
								1,791,452
Packaging & Containers     1.3%
Amcor Flexibles North America, Inc.,
Gtd. Notes		2.690		05/25/31		195		203,617
Berry Global, Inc.,
Sr. Sec’d. Notes, 144A		0.950		02/15/24		90		90,252
Sr. Sec’d. Notes, 144A		1.570		01/15/26		130		130,957
Graphic Packaging International LLC,
Sr. Sec’d. Notes, 144A		1.512		04/15/26		75		75,191
Sonoco Products Co.,
Sr. Unsec’d. Notes		3.125		05/01/30		70		75,963
								575,980
Pharmaceuticals     4.3%
AbbVie, Inc.,
Sr. Unsec’d. Notes		4.050		11/21/39		95		112,768
Sr. Unsec’d. Notes		4.250		11/21/49		150		183,905
Sr. Unsec’d. Notes		4.400		11/06/42		130		160,723
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes		2.250		05/28/31		25		25,966

See Notes to Financial Statements.

24

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		2.350%		11/13/40		40	$	39,184
Sr. Unsec’d. Notes		4.625		05/15/44		200		266,552
Cigna Corp.,
Gtd. Notes		4.900		12/15/48		150		198,984
Sr. Unsec’d. Notes		2.375		03/15/31		25		25,844
CVS Health Corp.,
Sr. Unsec’d. Notes		1.750		08/21/30		200		196,264
Sr. Unsec’d. Notes		1.875		02/28/31		75		74,211
Sr. Unsec’d. Notes		2.700		08/21/40		55		54,745
Sr. Unsec’d. Notes		4.780		03/25/38		100		125,573
Sr. Unsec’d. Notes		5.125		07/20/45		100		132,427
Mylan, Inc.,
Gtd. Notes		5.200		04/15/48		40		50,075
Utah Acquisition Sub, Inc.,
Gtd. Notes		3.950		06/15/26		140		155,449
Viatris, Inc.,
Gtd. Notes, 144A		3.850		06/22/40		25		27,260
Gtd. Notes, 144A		4.000		06/22/50		35		37,866
								1,867,796
Pipelines     6.7%
Boardwalk Pipelines LP,
Gtd. Notes		3.400		02/15/31		100		107,965
Colonial Enterprises, Inc.,
Gtd. Notes, 144A		3.250		05/15/30		90		99,332
Energy Transfer LP,
Sr. Unsec’d. Notes		5.000		05/15/50		45		52,757
Sr. Unsec’d. Notes		5.400		10/01/47		150		180,636
Sr. Unsec’d. Notes		6.250		04/15/49		15		19,775
Sr. Unsec’d. Notes, Series 20Y		5.800		06/15/38		15		18,673
Enterprise Products Operating LLC,
Gtd. Notes		4.800		02/01/49		70		88,128
Gtd. Notes		4.850		03/15/44		100		125,286
Kinder Morgan, Inc.,
Gtd. Notes		3.600		02/15/51		50		52,476
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		3.250		06/01/30		60		65,499
Sr. Unsec’d. Notes		4.200		10/03/47		80		90,547

See Notes to Financial Statements.

PGIM Corporate Bond Fund     25

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Midwest Connector Capital Co. LLC,
Gtd. Notes, 144A		3.625%		04/01/22		90	$	91,396
Gtd. Notes, 144A		3.900		04/01/24		75		78,954
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		95		97,397
Sr. Unsec’d. Notes		3.500		12/01/22		35		36,304
Sr. Unsec’d. Notes		4.000		03/15/28		45		50,570
Sr. Unsec’d. Notes		4.500		07/15/23		110		117,364
Sr. Unsec’d. Notes		5.200		12/01/47		75		92,221
Northern Natural Gas Co.,
Sr. Unsec’d. Notes, 144A		3.400		10/16/51		25		26,424
ONEOK, Inc.,
Gtd. Notes		2.200		09/15/25		150		154,726
Gtd. Notes		3.100		03/15/30		45		47,693
Gtd. Notes		4.350		03/15/29		2		2,279
Gtd. Notes		4.500		03/15/50		30		34,129
Gtd. Notes		4.950		07/13/47		150		179,464
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.650		06/01/22		300		305,313
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.950		05/15/50		80		91,959
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000		07/01/22		300		303,217
Sr. Unsec’d. Notes		6.500		02/01/50		10		11,765
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.300		03/04/24		200		216,699
Sr. Unsec’d. Notes		5.100		09/15/45		30		37,759
								2,876,707
Real Estate     0.5%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),
Sr. Unsec’d. Notes, 144A		4.125		02/01/29		200		229,354
Real Estate Investment Trusts (REITs)     4.1%
Brixmor Operating Partnership LP,
Sr. Unsec���d. Notes		3.650		06/15/24		75		80,736
Sr. Unsec’d. Notes		4.050		07/01/30		15		17,117
Sr. Unsec’d. Notes		4.125		06/15/26		200		225,177

See Notes to Financial Statements.

26

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Duke Realty LP,
Sr. Unsec’d. Notes		1.750%		02/01/31		100	$	97,672
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		3.350		09/01/24		100		105,962
Gtd. Notes		4.000		01/15/31		170		186,286
Gtd. Notes		5.375		11/01/23		60		65,391
Realty Income Corp.,
Sr. Unsec’d. Notes		1.800		03/15/33		55		53,919
SITE Centers Corp.,
Sr. Unsec’d. Notes		3.625		02/01/25		306		325,675
Ventas Realty LP,
Gtd. Notes		3.500		02/01/25		295		319,279
Welltower, Inc.,
Sr. Unsec’d. Notes		2.750		01/15/31		50		52,629
Sr. Unsec’d. Notes		2.800		06/01/31		185		195,523
WP Carey, Inc.,
Sr. Unsec’d. Notes		2.250		04/01/33		65		63,997
								1,789,363
Retail     3.0%
Alimentation Couche-Tard, Inc. (Canada),
Sr. Unsec’d. Notes, 144A		3.800		01/25/50		100		110,819
AutoNation, Inc.,
Sr. Unsec’d. Notes		4.750		06/01/30		165		197,342
AutoZone, Inc.,
Sr. Unsec’d. Notes		1.650		01/15/31		220		212,580
Best Buy Co., Inc.,
Sr. Unsec’d. Notes		1.950		10/01/30		200		197,105
Dollar Tree, Inc.,
Sr. Unsec’d. Notes		4.000		05/15/25		100		110,464
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes		1.750		03/15/31		150		146,884
Tractor Supply Co.,
Sr. Unsec’d. Notes		1.750		11/01/30		160		155,887
Walgreens Boots Alliance, Inc.,
Sr. Unsec’d. Notes		4.100		04/15/50		150		171,356
								1,302,437

See Notes to Financial Statements.

PGIM Corporate Bond Fund     27

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Semiconductors     2.0%
Broadcom Corp./Broadcom Cayman Finance Ltd.,
Gtd. Notes		3.875%		01/15/27		40	$	44,404
Broadcom, Inc.,
Gtd. Notes		3.150		11/15/25		47		50,521
Gtd. Notes, 144A		2.450		02/15/31		135		134,660
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		303		324,302
Microchip Technology, Inc.,
Sr. Sec’d. Notes, 144A		0.972		02/15/24		240		240,428
NXP BV/NXP Funding LLC/NXP USA, Inc. (China),
Gtd. Notes, 144A		3.150		05/01/27		75		81,089
								875,404
Shipbuilding     0.3%
Huntington Ingalls Industries, Inc.,
Gtd. Notes		3.483		12/01/27		100		109,765
Software     1.0%
Broadridge Financial Solutions, Inc.,
Sr. Unsec’d. Notes		2.600		05/01/31		60		62,386
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		3.100		03/01/41		35		36,755
Microsoft Corp.,
Sr. Unsec’d. Notes		3.041		03/17/62		116		127,539
Oracle Corp.,
Sr. Unsec’d. Notes		3.600		04/01/50		60		62,887
Sr. Unsec’d. Notes		3.900		05/15/35		45		51,174
Roper Technologies, Inc.,
Sr. Unsec’d. Notes		1.400		09/15/27		95		94,644
								435,385
Telecommunications     3.7%
AT&T, Inc.,
Sr. Unsec’d. Notes		3.100		02/01/43		60		59,867
Sr. Unsec’d. Notes		3.500		06/01/41		270		286,195
Sr. Unsec’d. Notes, 144A		3.550		09/15/55		139		143,679
Sr. Unsec’d. Notes, 144A		3.650		09/15/59		22		22,800
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes		2.750		05/24/31		200		207,784

See Notes to Financial Statements.

28

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
NTT Finance Corp. (Japan),
Gtd. Notes, 144A		1.162%		04/03/26		205	$	205,738
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		3.000		02/15/41		90		90,885
Sr. Sec’d. Notes		3.300		02/15/51		95		96,839
Sr. Sec’d. Notes		4.500		04/15/50		15		18,271
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.650		11/20/40		175		171,186
Sr. Unsec’d. Notes		2.987		10/30/56		197		191,628
Sr. Unsec’d. Notes		3.550		03/22/51		55		60,179
Sr. Unsec’d. Notes		5.012		04/15/49		19		25,645
								1,580,696
Transportation     0.3%
FedEx Corp.,
Gtd. Notes		4.500		02/01/65		100		120,536
Trucking & Leasing     0.4%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A		1.200		11/15/25		80		79,781
Sr. Unsec’d. Notes, 144A		1.700		06/15/26		90		91,218
								170,999
Water     0.5%
American Water Capital Corp.,
Sr. Unsec’d. Notes		3.750		09/01/47		200		233,183
TOTAL CORPORATE BONDS
(cost $37,197,624)								39,769,815
MUNICIPAL BONDS     0.6%
Illinois     0.5%
State of Illinois,
General Obligation Unlimited, Taxable		5.100		06/01/33		170		202,711

See Notes to Financial Statements.

PGIM Corporate Bond Fund     29

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
MUNICIPAL BONDS (Continued)
Texas     0.1%
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B		3.922%		12/31/49		50	$	57,446
TOTAL MUNICIPAL BONDS
(cost $229,975)								260,157
SOVEREIGN BOND     0.6%
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes
(cost $250,000)		2.659		05/24/31		250		246,018
TOTAL LONG-TERM INVESTMENTS
(cost $39,715,248)								42,483,462
					Shares
SHORT-TERM INVESTMENT     0.9%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund
(cost $401,336)(wa)						401,336		401,336
TOTAL INVESTMENTS     99.3%
(cost $40,116,584)								42,884,798
Other assets in excess of liabilities(z)     0.7%								307,415
NET ASSETS     100.0%							$	43,192,213

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

USD—US Dollar

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

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2021.

See Notes to Financial Statements.

30

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

(cc) Variable rate instrument. The rate shown is based on the latest available information as of July 31, 2021. 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.

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

(wa) 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, if applicable.

(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, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
13	2 Year U.S. Treasury Notes		Sep. 2021	$	2,868,531		$	(157	)
4	10 Year U.S. Treasury Notes		Sep. 2021		537,813			3,682
4	20 Year U.S. Treasury Bonds		Sep. 2021		658,875			22,807
								26,332
Short Positions:
7	5 Year U.S. Treasury Notes		Sep. 2021		871,117			(4,181	)
16	10 Year U.S. Ultra Treasury Notes		Sep. 2021		2,404,000			(36,054	)
1	30 Year U.S. Ultra Treasury Bonds		Sep. 2021		199,531			(9,158	)
								(49,393	)
							$	(23,061	)

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

Broker	Cash and/or Foreign Currency		Securities Market Value
Citigroup Global Markets, Inc.		$200,000		$—

Fair Value Measurements:

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

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

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund     31

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

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, 2021 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Commercial Mortgage-Backed Securities	$	—		$	2,207,472		$—
Corporate Bonds		—			39,769,815		—
Municipal Bonds		—			260,157		—
Sovereign Bond		—			246,018		—
Short-Term Investment
Affiliated Mutual Fund		401,336			—		—
Total	$	401,336		$	42,483,462		$—
Other Financial Instruments*
Assets
Futures Contracts	$	26,489		$	—		$—
Liabilities
Futures Contracts	$	(49,550	)	$	—		$—

* 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 other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2021 were as follows (unaudited):

Banks	22.0	%
Electric	8.8
Pipelines	6.7
Commercial Mortgage-Backed Securities	5.1
Pharmaceuticals	4.3
Oil & Gas	4.2
Real Estate Investment Trusts (REITs)	4.1
Telecommunications	3.7
Retail	3.0
Auto Manufacturers	2.8
Media	2.4
Chemicals	2.4
Insurance	2.3
Healthcare-Services	2.2
Semiconductors	2.0

Commercial Services	2.0	%
Mining	1.8
Beverages	1.7
Aerospace & Defense	1.5
Building Materials	1.4
Agriculture	1.3
Packaging & Containers	1.3
Computers	1.3
Diversified Financial Services	1.1
Software	1.0
Foods	1.0
Affiliated Mutual Fund	0.9
Airlines	0.9
Auto Parts & Equipment	0.8
Miscellaneous Manufacturing	0.7

See Notes to Financial Statements.

32

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

Industry Classification (continued):

Municipal Bonds	0.6	%
Sovereign Bond	0.6
Water	0.5
Real Estate	0.5
Engineering & Construction	0.5
Trucking & Leasing	0.4
Transportation	0.3
Lodging	0.3
Shipbuilding	0.3

Housewares	0.3	%
Biotechnology	0.1
Iron/Steel	0.1
Office/Business Equipment	0.1
	99.3
Other assets in excess of liabilities	0.7
	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

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

Fair values of derivative instruments as of July 31, 2021 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	$	26,489	*	Due from/to broker-variation margin futures	$	49,550	*

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

The effects of derivative instruments on the Statement of Operations for the year ended July 31, 2021 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	$161,328

See Notes to Financial Statements.

PGIM Corporate Bond Fund     33

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2021

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	$(26,276)

For the year ended July 31, 2021, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)	Futures Contracts— Short Positions(1)
$4,099,458	$3,315,195

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended July 31, 2021.

See Notes to Financial Statements.

34

Statement of Assets and Liabilities

as of July 31, 2021

Assets
Investments at value:
Unaffiliated investments (cost $39,715,248)	$	42,483,462
Affiliated investments (cost $401,336)		401,336
Cash		836
Dividends and interest receivable		344,684
Deposit with broker for centrally cleared/exchange-traded derivatives		200,000
Receivable for Fund shares sold		7,031
Prepaid expenses		331
Total Assets		43,437,680
Liabilities
Payable for investments purchased		119,879
Audit fee payable		40,000
Payable for Fund shares purchased		32,329
Accrued expenses and other liabilities		30,485
Management fee payable		13,542
Due to broker—variation margin futures		4,289
Distribution fee payable		2,899
Trustees’ fees payable		803
Affiliated transfer agent fee payable		774
Dividends payable		467
Total Liabilities		245,467
Net Assets	$	43,192,213
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,510
Paid-in capital in excess of par		39,804,849
Total distributable earnings (loss)		3,383,854
Net assets, July 31, 2021	$	43,192,213

See Notes to Financial Statements.

PGIM Corporate Bond Fund     35

Statement of Assets and Liabilities

as of July 31, 2021

Class A
Net asset value and redemption price per share, ($6,980,331 ÷ 566,047 shares of beneficial interest issued and outstanding)	$	12.33
Maximum sales charge (3.25% of offering price)		0.41
Maximum offering price to public	$	12.74
Class C
Net asset value, offering price and redemption price per share, ($1,666,729 ÷ 135,474 shares of beneficial interest issued and outstanding)	$	12.30
Class R
Net asset value, offering price and redemption price per share, ($13,243 ÷ 1,077 shares of beneficial interest issued and outstanding)	$	12.30
Class Z
Net asset value, offering price and redemption price per share, ($18,964,541 ÷ 1,541,290 shares of beneficial interest issued and outstanding)	$	12.30
Class R6
Net asset value, offering price and redemption price per share, ($15,567,369 ÷ 1,265,626 shares of beneficial interest issued and outstanding)	$	12.30

See Notes to Financial Statements.

36

Statement of Operations

Year Ended July 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	1,280,769
Affiliated dividend income		3,272
Income from securities lending, net (including affiliated income of $546)		1,463
Total income		1,285,504
Expenses
Management fee		194,395
Distribution fee(a)		34,140
Registration fees(a)		54,007
Custodian and accounting fees		52,401
Audit fee		42,103
Transfer agent’s fees and expenses (including affiliated expense of $4,218)(a)		36,880
Legal fees and expenses		22,761
Shareholders’ reports		15,315
Trustees’ fees		10,300
SEC registration fees		130
Miscellaneous		23,632
Total expenses		486,064
Less: Fee waiver and/or expense reimbursement(a)		(213,995	)
Distribution fee waiver(a)		(32	)
Net expenses		272,037
Net investment income (loss)		1,013,467
Realized And Unrealized Gain (Loss) On Investment Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(36))		1,263,114
Futures transactions		161,328
		1,424,442
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(67))		(1,306,535	)
Futures		(26,276	)
		(1,332,811	)
Net gain (loss) on investment transactions		91,631
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,105,098

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		16,635			17,408			97			—			—
Registration fees		11,955			8,905			8,405			16,337			8,405
Transfer agent’s fees and expenses		6,984			1,712			44			28,011			129
Fee waiver and/or expense reimbursement		(37,951	)		(15,613	)		(8,486	)		(112,894	)		(39,051	)
Distribution fee waiver		—			—			(32	)		—			—

See Notes to Financial Statements.

PGIM Corporate Bond Fund     37

Statements of Changes in Net Assets

	Year Ended July 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,013,467		$	996,244
Net realized gain (loss) on investment transactions		1,424,442			218,386
Net change in unrealized appreciation (depreciation) on investments		(1,332,811	)		2,592,520
Net increase (decrease) in net assets resulting from operations		1,105,098			3,807,150
Dividends and Distributions
Distributions from distributable earnings
Class A		(164,159	)		(93,118	)
Class C		(29,929	)		(34,439	)
Class R		(287	)		(502	)
Class Z		(651,718	)		(653,856	)
Class R6		(291,029	)		(284,140	)
		(1,137,122	)		(1,066,055	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		23,013,326			20,079,708
Net asset value of shares issued in reinvestment of dividends and distributions		1,132,370			1,052,750
Cost of shares purchased		(24,124,417	)		(11,263,580	)
Net increase (decrease) in net assets from Fund share transactions		21,279			9,868,878
Total increase (decrease)		(10,745	)		12,609,973
Net Assets:
Beginning of year		43,202,958			30,592,985
End of year	$	43,192,213		$	43,202,958

See Notes to Financial Statements.

38

Financial Highlights

Class A Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.34			$11.48			$10.81			$11.32			$11.46
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.31			0.34			0.32			0.32
Net realized and unrealized gain (loss) on investment transactions		0.03			0.89			0.69			(0.49	)		(0.13	)
Total from investment operations		0.29			1.20			1.03			(0.17	)		0.19
Less Dividends and Distributions:
Dividends from net investment income		(0.30	)		(0.34	)		(0.36	)		(0.34	)		(0.33	)
Net asset value, end of year		$12.33			$12.34			$11.48			$10.81			$11.32
Total Return(b):		2.42	%		10.59	%		9.73	%		(1.51	)%		1.77	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$6,980			$5,021			$3,053			$2,565			$1,802
Average net assets (000)		$6,654			$3,260			$2,698			$2,200			$1,339
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.80	%		0.80	%		0.80	%		0.80	%		0.80	%
Expenses before waivers and/or expense reimbursement		1.37	%		1.89	%		2.22	%		2.25	%		1.92	%
Net investment income (loss)		2.17	%		2.66	%		3.14	%		2.89	%		2.88	%
Portfolio turnover rate(e)		61	%		50	%		71	%		70	%		90	%

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

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

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

(d) 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 Corporate Bond Fund     39

Financial Highlights (continued)

Class C Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.31			$11.45			$10.79			$11.29			$11.43
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.23			0.26			0.24			0.24
Net realized and unrealized gain (loss) on investment transactions		0.03			0.88			0.68			(0.48	)		(0.13	)
Total from investment operations		0.20			1.11			0.94			(0.24	)		0.11
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.25	)		(0.28	)		(0.26	)		(0.25	)
Net asset value, end of year		$12.30			$12.31			$11.45			$10.79			$11.29
Total Return(b):		1.66	%		9.79	%		8.83	%		(2.16	)%		1.01	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$1,667			$1,783			$1,386			$952			$1,095
Average net assets (000)		$1,741			$1,627			$1,053			$1,050			$1,014
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.55	%		1.55	%		1.55	%		1.55	%		1.55	%
Expenses before waivers and/or expense reimbursement		2.45	%		3.03	%		3.49	%		3.54	%		2.66	%
Net investment income (loss)		1.43	%		1.92	%		2.38	%		2.12	%		2.12	%
Portfolio turnover rate(e)		61	%		50	%		71	%		70	%		90	%

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

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

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

(d) 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.

40

Class R Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.31			$11.45			$10.79			$11.29			$11.43
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.29			0.31			0.29			0.29
Net realized and unrealized gain (loss) on investment transactions		0.03			0.87			0.68			(0.47	)		(0.12	)
Total from investment operations		0.26			1.16			0.99			(0.18	)		0.17
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.30	)		(0.33	)		(0.32	)		(0.31	)
Net asset value, end of year		$12.30			$12.31			$11.45			$10.79			$11.29
Total Return(b):		2.17	%		10.34	%		9.37	%		(1.67	)%		1.51	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$13			$13			$20			$18			$11
Average net assets (000)		$13			$19			$19			$12			$11
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.05	%		1.05	%		1.05	%		1.05	%		1.05	%
Expenses before waivers and/or expense reimbursement		67.05	%		81.14	%		65.60	%		109.57	%		2.42	%
Net investment income (loss)		1.93	%		2.45	%		2.88	%		2.66	%		2.59	%
Portfolio turnover rate(e)		61	%		50	%		71	%		70	%		90	%

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

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

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

(d) 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 Corporate Bond Fund     41

Financial Highlights (continued)

Class Z Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.31			$11.45			$10.79			$11.29			$11.43
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.34			0.37			0.35			0.34
Net realized and unrealized gain (loss) on investment transactions		0.03			0.88			0.67			(0.48	)		(0.12	)
Total from investment operations		0.32			1.22			1.04			(0.13	)		0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.36	)
Net asset value, end of year		$12.30			$12.31			$11.45			$10.79			$11.29
Total Return(b):		2.68	%		10.89	%		9.92	%		(1.18	)%		2.02	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$18,965			$26,655			$17,356			$18,247			$19,869
Average net assets (000)		$24,059			$21,000			$16,929			$20,078			$21,149
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Expenses before waivers and/or expense reimbursement		1.02	%		1.18	%		1.41	%		1.32	%		1.64	%
Net investment income (loss)		2.43	%		2.91	%		3.39	%		3.12	%		3.07	%
Portfolio turnover rate(e)		61	%		50	%		71	%		70	%		90	%

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

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

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

(d) 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.

42

Class R6 Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$12.31			$11.45			$10.79			$11.29			$11.43
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.34			0.37			0.35			0.35
Net realized and unrealized gain (loss) on investment transactions		0.03			0.88			0.67			(0.48	)		(0.13	)
Total from investment operations		0.32			1.22			1.04			(0.13	)		0.22
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.36	)		(0.38	)		(0.37	)		(0.36	)
Net asset value, end of year		$12.30			$12.31			$11.45			$10.79			$11.29
Total Return(b):		2.68	%		10.89	%		9.92	%		(1.18	)%		2.02	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$15,567			$9,730			$8,778			$11			$11
Average net assets (000)		$10,732			$9,091			$4,552			$11			$11
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.55	%		0.55	%		0.55	%		0.55	%		0.55	%
Expenses before waivers and/or expense reimbursement		0.91	%		1.17	%		1.42	%		121.08	%		1.53	%
Net investment income (loss)		2.42	%		2.93	%		3.39	%		3.12	%		3.10	%
Portfolio turnover rate(e)		61	%		50	%		71	%		70	%		90	%

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

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

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

(d) 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 Corporate Bond Fund     43

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 an 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, each of which are diversified funds for purposes of the 1940 Act. 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 is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

44

trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

PGIM Corporate Bond Fund     45

Notes to Financial Statements (continued)

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.

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.

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

46

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

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

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

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

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

PGIM Corporate Bond Fund     47

Notes to Financial Statements (continued)

return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

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

48

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

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.

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

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 exceeding $5 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.45% for the year ended July 31, 2021.

The Manager has contractually agreed, through November 30, 2022, 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

PGIM Corporate Bond Fund     49

Notes to Financial Statements (continued)

during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the 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.

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, 2022 to limit such fees to 0.50% of the average daily net assets of the Class R shares. 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.

For the year ended July 31, 2021, PIMS received $17,609 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended July 31, 2021, PIMS received $272 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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments

50

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/trustees, and/or common officers. For the year ended July 31, 2021, 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, 2021, were $23,084,899 and $20,232,569, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended July 31, 2021, 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
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
	$3,010,529	$	19,033,207	$	21,642,400		$	—			$	—			$	401,336		401,336		$	3,272
	PGIM Institutional Money Market Fund (1)(b)(wa)
	355,941		1,807,324		2,163,162			(67	)			(36	)			—		—			546	(2)
$	3,366,470	$	20,840,531	$	23,805,562		$	(67	)		$	(36	)		$	401,336				$	3,818

(1) The Fund did not have any capital gain distributions during the reporting period.

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

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

(wa) 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, if applicable.

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.

PGIM Corporate Bond Fund     51

Notes to Financial Statements (continued)

For the year ended July 31, 2021, the tax character of dividends paid by the Fund was $1,137,122 of ordinary income. For the year ended July 31, 2020, the tax character of dividends paid by the Fund was $1,066,055 of ordinary income.

As of July 31, 2021, the accumulated undistributed earnings on a tax basis were $77,238 of ordinary income and $719,912 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, 2021 were as follows:

	Gross	Gross	Net
	Unrealized	Unrealized	Unrealized
Tax Basis	Appreciation	Depreciation	Appreciation
$40,274,566	$2,884,906	$(297,735)	$2,587,171

The differences between GAAP basis and tax basis were primarily attributable to the differences in the treatment of premium amortization for GAAP and tax purposes and other GAAP to tax differences.

The Fund utilized approximately $631,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended 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 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, 2021 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 $500,000 or more 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 eight years (ten years prior to January 22, 2021) after purchase. Class R shares are available to certain retirement plans,

52

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, 2021, 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		1,077		100.0%
Class R6		812,302		64.2%

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	23.1%	3	61.6%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2021:
Shares sold		333,625		$	4,067,339
Shares issued in reinvestment of dividends and distributions		13,312			161,788
Shares purchased		(177,567	)		(2,146,115	)
Net increase (decrease) in shares outstanding before conversion		169,370			2,083,012
Shares issued upon conversion from other share class(es)		7,728			93,270
Shares purchased upon conversion into other share class(es)		(17,952	)		(218,992	)
Net increase (decrease) in shares outstanding		159,146		$	1,957,290
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 purchased		(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 purchased upon conversion into other share class(es)		(5,170	)		(61,651	)
Net increase (decrease) in shares outstanding		140,927		$	1,708,909

PGIM Corporate Bond Fund     53

Notes to Financial Statements (continued)

Class C	Shares			Amount
Year ended July 31, 2021:
Shares sold		26,096		$	315,873
Shares issued in reinvestment of dividends and distributions		2,459			29,818
Shares purchased		(30,228	)		(366,914	)
Net increase (decrease) in shares outstanding before conversion		(1,673	)		(21,223	)
Shares purchased upon conversion into other share class(es)		(7,677	)		(93,397	)
Net increase (decrease) in shares outstanding		(9,350	)	$	(114,620	)
Year ended July 31, 2020:
Shares sold		63,461		$	744,061
Shares issued in reinvestment of dividends and distributions		2,866			33,677
Shares purchased		(35,199	)		(416,669	)
Net increase (decrease) in shares outstanding before conversion		31,128			361,069
Shares purchased upon conversion into other share class(es)		(7,291	)		(87,734	)
Net increase (decrease) in shares outstanding		23,837		$	273,335
Class R
Year ended July 31, 2021:
Shares issued in reinvestment of dividends and distributions		24		$	288
Net increase (decrease) in shares outstanding		24		$	288
Year ended July 31, 2020:
Shares sold		28		$	322
Shares issued in reinvestment of dividends and distributions		42			494
Shares purchased		(780	)		(8,875	)
Net increase (decrease) in shares outstanding		(710	)	$	(8,059	)
Class Z
Year ended July 31, 2021:
Shares sold		1,510,097		$	18,369,097
Shares issued in reinvestment of dividends and distributions		53,559			649,487
Shares purchased		(1,761,864	)		(21,434,780	)
Net increase (decrease) in shares outstanding before conversion		(198,208	)		(2,416,196	)
Shares issued upon conversion from other share class(es)		23,319			283,740
Shares purchased upon conversion into other share class(es)		(449,168	)		(5,376,610	)
Net increase (decrease) in shares outstanding		(624,057	)	$	(7,509,066	)
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 purchased		(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 purchased upon conversion into other share class(es)		(8,667	)		(101,054	)
Net increase (decrease) in shares outstanding		650,173		$	7,610,967

54

Class R6	Shares			Amount
Year ended July 31, 2021:
Shares sold		21,589		$	261,017
Shares issued in reinvestment of dividends and distributions		23,979			290,989
Shares purchased		(14,551	)		(176,608	)
Net increase (decrease) in shares outstanding before conversion		31,017			375,398
Shares issued upon conversion from other share class(es)		444,146			5,311,989
Net increase (decrease) in shares outstanding		475,163		$	5,687,387
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

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$ 1,200,000,000	$ 1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% 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 Participating Funds in the SCA equitably.

The Fund utilized the SCA during the year ended July 31, 2021. The average daily balance for the 5 days that the Fund had loans outstanding during the period was $1,722,800, borrowed at a weighted average interest rate of 1.40%. The maximum loan balance outstanding during the period was $2,462,000. At July 31, 2021, the Fund did not have an outstanding loan balance.

PGIM Corporate Bond Fund     55

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.

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

56

The US Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events Risk: Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies that restrict investment by non-US investors, or that prevent non-US investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

Foreign Securities Risk: Investments in securities of non-US issuers (including those denominated in US dollars) generally involve more risk than investing in securities of US issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the US. Foreign legal systems generally have fewer regulatory requirements than the US legal system. In general, less information is publicly available about non-US companies than about US companies. Non-US companies generally are not subject to the same accounting, auditing, and financial reporting standards as are US companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines. In addition, the Fund’s investments in non-US securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-US currency, confiscatory taxation and adverse diplomatic developments. Special US tax considerations may apply.

PGIM Corporate Bond Fund     57

Notes to Financial Statements (continued)

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

Junk Bonds Risks: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

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

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

58

deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

The potential effect 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. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. 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 and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

PGIM Corporate Bond Fund     59

Notes to Financial Statements (continued)

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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 outbreak of COVID-19 globally in 2020 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. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

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

60

insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. The maximum potential liability of the issuers of some US Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the US Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Corporate Bond Fund     61

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Target Portfolio Trust and Shareholders of PGIM Corporate Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Corporate Bond Fund (one of the funds constituting The Target Portfolio Trust, referred to hereafter as the “Fund”) as of July 31, 2021, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2021, and the results of its operations, changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2020 and the financial highlights for each of the periods ended on or prior to July 31, 2020 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 16, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

September 20, 2021

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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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 Board.

At a meeting of the Board on March 2-5, 2021, 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 January 1, 2020 through December 31, 2020 (“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 63

Tax Information (unaudited)

For the tax year ended July 31, 2021, the Fund reports 81.97% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2022, 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 2021.

64

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: 94	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly 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: 94	Retired; formerly 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: 91	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 93	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 (asset management).	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: 94	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 90	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 93	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: 93	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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 93	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 94	Executive Vice President (since May 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	Chief Legal Officer, Executive Vice President and Secretary 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); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019

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) 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
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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 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 September 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 September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Dana E. Cordes 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance (since June 2021) of Prudential; formerly, Director Global Financial Crimes Unit (December 2015 to June 2021) of Prudential; formerly, Director, Operational Risk Management for Prudential Real Estate Investors (January 2010 to December 2015). Ms. Cordes obtained a Certified Anti-Money Laundering Specialist designation in 2017.	Since September 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Corporate Bond Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent 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. (“PGIM”) on behalf of its PGIM Fixed Income unit (“PGIM Fixed Income”) and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 from portfolio managers and other information, as well as information furnished at or in advance of the meetings on June 7-10, 2021.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a

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

PGIM Corporate Bond Fund

Approval of Advisory Agreements (continued)

management agreement, and between PGIM Investments and PGIM, through its PGIM Fixed Income unit, and PGIML serve 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, PGIM Fixed Income and PGIML. The Board noted that PGIM Fixed Income and PGIML are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser 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 Fixed Income, 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 Fixed Income, and also considered the qualifications, backgrounds and responsibilities of PGIM Fixed Income’s portfolio managers who are responsible for the day-to-day management of the Fund’s portfolio. The Board was provided with information pertaining to PGIM Investments’, PGIM Fixed Income’s and PGIML’s organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, PGIM Fixed Income and PGIML. The Board also noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer (“CCO”) as to PGIM Investments, PGIM Fixed Income and PGIML.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIM Fixed Income and PGIML, and that there was a

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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. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

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

Other Benefits to PGIM Investments, PGIM Fixed Income and PGIML

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Fixed Income and PGIML 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 those

PGIM Corporate Bond Fund

Approval of Advisory Agreements (continued)

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, 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, 2020.

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, 2020. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	3rd 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, though it underperformed over the three-year period and the ten-year period.

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· The Board considered PGIM Investments’ assertion that the Fund’s performance was largely temporary and attributable to 2020. In that regard, the Board noted that when it evaluated the Fund’s performance one year prior (as of December 31, 2019), the Fund had outperformed its benchmark index over the one- and five-year periods and had ranked in the second quartile of its peer group over the one-, three- and five-year periods.

· The Board also considered that the Fund outperformed its benchmark index and peer group for the fourth quarter of 2020 and outperformed its benchmark index for the first quarter of 2021. The Board further noted that the Fund outperformed its benchmark index for all periods and its peer group for the one-year period ended March 31, 2021.

· 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, 2021.

�� · 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	(800) 225-1852	pgim.com/investments
Newark, NJ 07102

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 Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● 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 ● Dana E. Cordes, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Diana N. Huffman, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Russ Shupak, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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, 2021

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	10
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. ^© 2021 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

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, 2021.

The COVID-19 pandemic had a significant impact on the global economy and markets early in 2020, but a dramatic recovery was underway as the summer began. The Federal Reserve slashed interest rates to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval later in the year.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile in the fall as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Much of the bond market performed well during the period as investors sought safety in fixed income. While investment-grade bonds in the US declined slightly as the economy recovered, global bonds and emerging market debt rose. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low at the beginning of the period, but longer-term interest rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also 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, 2021

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 7/31/21
	One Year (%)	Five Years (%)		Ten Years (%)		Since Inception (%)
Class A
(with sales charges)	73.40		7.78		N/A		6.56 (02/14/2014)
(without sales charges)	83.49		9.00		N/A		7.38 (02/14/2014)
Class C
(with sales charges)	80.41		8.00		N/A		6.25 (06/19/2015)
(without sales charges)	81.41		8.00		N/A		6.25 (06/19/2015)
Class R
(without sales charges)	83.14		8.80		9.18		—
Class Z
(without sales charges)	84.07		9.40		9.75		—
Class R2
(without sales charges)	83.38		N/A		N/A		4.83 (12/28/2017)
Class R4
(without sales charges)	83.98		N/A		N/A		5.11 (12/28/2017)
Class R6
(without sales charges)	84.26		9.48		N/A		8.27 (09/25/2014)
Russell 2000 Value Index
	63.70		11.61		10.82		9.26
Russell 2000 Index
	51.97		14.28		12.34		10.93

Average Annual Total Returns as of 7/31/21 Since Inception (%)
	Class A (02/14/2014)	Class C (06/19/2015)	Class R2, Class R4 (12/28/2017)	Class R6 (09/25/2014)
Russell 2000 Value Index	9.26	9.93	9.03	10.35
Russell 2000 Index	10.93	11.38	12.36	12.34

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 (unaudited)

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, 2011) and the account values at the end of the current fiscal year (July 31, 2021), 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.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

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.

PGIM QMA Small-Cap Value Fund 5

Your Fund’s Performance (continued)

	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 that 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.

6 Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 7/31/21

Ten Largest Holdings	Line of Business	% of Net Assets
Meritage Homes Corp.	Household Durables	0.9%
WESCO International, Inc.	Trading Companies & Distributors	0.8%
Tri Pointe Homes, Inc.	Household Durables	0.8%
Triton International Ltd. (Bermuda)	Trading Companies & Distributors	0.8%
Sabra Health Care REIT, Inc.	Equity Real Estate Investment Trusts (REITs)	0.8%
Essent Group Ltd.	Thrifts & Mortgage Finance	0.8%
Taylor Morrison Home Corp.	Household Durables	0.8%
Southwest Gas Holdings, Inc.	Gas Utilities	0.8%
Commercial Metals Co.	Metals & Mining	0.8%
Radian Group, Inc.	Thrifts & Mortgage Finance	0.8%

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

PGIM QMA Small-Cap Value Fund 7

Strategy and Performance Overview

(unaudited)

How did the Fund perform?

The PGIM QMA Small-Cap Value Fund’s Class Z shares returned 84.07% in the 12-month reporting period that ended July 31, 2021, outperforming the 63.70% return of the Russell 2000 Value Index (the Index).

What were the market conditions?

• Although uncertainty triggered by the COVID-19 pandemic hovered over markets throughout the reporting period, investors remained focused on positive vaccine developments at the end of 2020 and vaccine rollouts during the first half of 2021. These events boosted investor expectations for a recovery in many sectors that had been negatively affected early in the pandemic but helped fuel the subsequent market rally. US equity markets were also buoyed by ongoing fiscal stimulus and accommodative monetary policies, improving employment and gross domestic product data, and stronger-than-anticipated corporate earnings reports.

• US small-cap equities outperformed large-cap and mid-cap stocks during the period. Small-cap stocks (as measured by the Russell 2000 Index) gained 52.0%, while mid-cap stocks (as measured by the Russell Midcap Index) rose 42.6%, and large-cap stocks (as measured by the Russell 1000 Index) returned 38.0%.

• Value stocks outperformed growth stocks within each of the market-cap indexes. In the small-cap market, the Russell 2000 Value Index gained 63.7%, outpacing the 41.0% return of the Russell 2000 Growth Index.

What worked?

• QMA uses a systematic process to select small-cap stocks that trade at a discount to their fundamental value and show positive business prospects. This deep-value focus favors stocks that have high earnings yields, cash flow yields, and book yields.

• During the reporting period, QMA’s emphasis on deep-value stocks drove the Fund’s strong relative performance, as cheaper stocks outperformed more expensive stocks within the Index.

• The Fund outperformed the Index in nine of its 11 sectors, especially within consumer discretionary, industrials, and real estate. Strong relative gains in consumer discretionary were driven by an overweight position (relative to the Index) in inexpensive retailers and automobile component stocks. Many of these cyclical companies rallied as pandemic fears subsided later in the period.

• Outperformance in the industrials sector was mostly attributed to the Fund’s overweight positions in several trading companies and distributors. Shares of these inexpensive companies rallied on reports of better-than-expected earnings during the period.

• Outperformance in the real estate sector was driven by the Fund’s overweight positions (relative to the Index) in the hotel & resort industry, as well as retail real estate investment trusts (REITs). Several REITs that had performed poorly early in the

8 Visit our website at pgim.com/investments

pandemic later became attractive in QMA’s model. The Fund benefited from building an overweight exposure (relative to the Index) to these deeply discounted REITs, which rallied on positive vaccine news during the period.

• The Fund also benefited from its above-Index exposure to inexpensive financials and its below-Index exposure to expensive utilities and health care—the two most lagging sectors during the period as investors rotated out of defensive stocks amid the risk environment.

What didn’t work?

• The Fund’s return modestly trailed the Index’s return in the consumer staples and communication services sectors during the reporting period.

• The Fund’s underweight positions in GameStop Corp. and AMC Entertainment Holdings Inc. were the largest individual detractors from performance relative to the Index during the period. They are so-called “meme” stocks, which grow in demand based on social media awareness. QMA’s model ranks these stocks as extremely overpriced, and QMA believes they are not trading based on their company fundamentals.

Did the Fund use derivatives?

The Fund did not use derivatives during the period.

Current outlook

• QMA believes there is an opportunity for further recovery in deep-value stocks. Even with value stocks outperforming during the period, the spread in valuations between the cheapest and most expensive stocks in the market continues to be wide relative to historical spreads. QMA’s experience shows that when this spread in valuations reverts toward its narrower norm, the potential payoff for deep-value stocks can be significant.

• QMA’s model continues to identify many attractively valued small-cap stocks. The Fund’s holdings remain significantly cheaper than the Index, based on various measures of value such as earnings yield, book yield, and cash flow yield. While valuations for the overall market appear somewhat stretched, QMA believes that the deeply discounted stocks within the Fund, coupled with even moderate earnings growth, offer the potential for strong relative returns. QMA maintains its commitment to these attractively valued companies to capture their value premium.

PGIM QMA Small-Cap Value Fund 9

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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

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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, 2021	Ending   Account Value      July 31, 2021	Annualized Expense   Ratio based on the     Six-Month Period	Expenses Paid During the   Six-Month Period*
Class A	Actual	$1,000.00	$1,238.20	1.08%	$  6.00
	Hypothetical	$1,000.00	$1,019.43	1.08%	$  5.41
Class C	Actual	$1,000.00	$1,231.60	2.08%	$11.51
	Hypothetical	$1,000.00	$1,014.47	2.08%	$10.39
Class R	Actual	$1,000.00	$1,237.50	1.28%	$  7.11
	Hypothetical	$1,000.00	$1,018.44	1.28%	$  6.41
Class Z	Actual	$1,000.00	$1,240.30	0.78%	$  4.34
	Hypothetical	$1,000.00	$1,020.92	0.78%	$  3.91
Class R2	Actual	$1,000.00	$1,238.00	1.14%	$  6.33
	Hypothetical	$1,000.00	$1,019.14	1.14%	$  5.71
Class R4	Actual	$1,000.00	$1,240.10	0.89%	$  4.95
	Hypothetical	$1,000.00	$1,020.38	0.89%	$  4.46
Class R6	Actual	$1,000.00	$1,241.30	0.65%	$  3.62
	Hypothetical	$1,000.00	$1,021.57	0.65%	$  3.26

*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 181 days in the six-month period ended July 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended July 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM QMA Small-Cap Value Fund 11

Schedule of Investments

as of July 31, 2021

Description	Shares		Value
LONG-TERM INVESTMENTS    99.8%
COMMON STOCKS    99.5%
Aerospace & Defense    0.0%
Moog, Inc. (Class A Stock)		2,000	$	155,740
Air Freight & Logistics    0.9%
Air Transport Services Group, Inc.*(a)		69,400		1,679,480
Atlas Air Worldwide Holdings, Inc.*		68,128		4,562,532
				6,242,012
Airlines    0.7%
Mesa Air Group, Inc.*		368,700		3,288,804
SkyWest, Inc.*		25,468		1,031,199
				4,320,003
Auto Components    0.7%
Modine Manufacturing Co.*		218,500		3,655,505
Motorcar Parts of America, Inc.*(a)		17,500		389,200
Standard Motor Products, Inc.		21,900		914,544
				4,959,249
Banks    18.3%
1st Source Corp.		9,700		444,163
Ameris Bancorp		70,600		3,431,866
Associated Banc-Corp.		28,800		570,240
Atlantic Union Bankshares Corp.		79,600		2,823,412
BancorpSouth Bank		98,500		2,541,300
BankUnited, Inc.		73,100		2,893,298
Banner Corp.		43,400		2,301,936
Brookline Bancorp, Inc.		21,200		304,644
Byline Bancorp, Inc.		32,800		807,208
Camden National Corp.		17,125		766,686
Cathay General Bancorp		90,000		3,408,300
CNB Financial Corp.		34,399		793,241
Columbia Banking System, Inc.		22,800		796,632
Community Trust Bancorp, Inc.		72,466		2,881,248
ConnectOne Bancorp, Inc.		108,000		2,840,400
Customers Bancorp, Inc.*		82,930		3,003,725
CVB Financial Corp.		45,800		872,948
Eagle Bancorp, Inc.		32,700		1,799,481
Enterprise Financial Services Corp.		18,200		811,174
Financial Institutions, Inc.		127,427		3,751,451
First Bancorp.		24,800		992,000

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 13

Schedule of Investments (continued)

as of July 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
First BanCorp. (Puerto Rico)		48,600	$	589,518
First Busey Corp.		57,600		1,359,360
First Commonwealth Financial Corp.		72,600		956,142
First Financial Bancorp		167,951		3,778,898
First Financial Corp.		69,559		2,785,838
First Interstate BancSystem, Inc. (Class A Stock)		3,100		129,952
First Merchants Corp.		63,800		2,598,574
Flushing Financial Corp.		17,700		390,285
Fulton Financial Corp.		226,700		3,473,044
Great Southern Bancorp, Inc.		27,463		1,428,900
Hanmi Financial Corp.		64,378		1,173,611
HarborOne Bancorp, Inc.		28,500		387,885
Heartland Financial USA, Inc.		77,504		3,535,732
Hilltop Holdings, Inc.(a)		87,703		2,778,431
Home BancShares, Inc.		64,100		1,357,638
Hope Bancorp, Inc.		256,416		3,397,512
Horizon Bancorp, Inc.		37,631		628,814
Independent Bank Group, Inc.		51,300		3,575,610
International Bancshares Corp.		66,782		2,609,841
Investors Bancorp, Inc.		204,800		2,830,336
Lakeland Bancorp, Inc.(a)		137,927		2,257,865
Metropolitan Bank Holding Corp.*		3,800		269,914
Midland States Bancorp, Inc.		32,200		792,442
MidWestOne Financial Group, Inc.		4,962		144,543
National Bank Holdings Corp. (Class A Stock)		4,400		156,024
NBT Bancorp, Inc.		20,800		724,880
OceanFirst Financial Corp.		63,300		1,234,350
OFG Bancorp (Puerto Rico)		34,900		806,190
Old National Bancorp		179,643		2,890,456
Peapack-Gladstone Financial Corp.		78,779		2,537,472
Peoples Bancorp, Inc.		5,200		153,348
QCR Holdings, Inc.		24,500		1,202,705
Renasant Corp.		2,700		94,986
S&T Bancorp, Inc.		16,563		487,780
Sandy Spring Bancorp, Inc.		70,700		2,940,413
Simmons First National Corp. (Class A Stock)		137,700		3,748,194
South State Corp.(a)		61,085		4,205,091
Southside Bancshares, Inc.		5,000		180,200
Towne Bank		53,000		1,579,930
Trustmark Corp.		60,100		1,804,202
UMB Financial Corp.		10,600		992,160
United Bankshares, Inc.		108,900		3,761,406
United Community Banks, Inc.		26,600		766,346
Univest Financial Corp.		31,100		850,896

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Valley National Bancorp(a)		371,900	$	4,793,791
Veritex Holdings, Inc.		31,600		1,060,180
WesBanco, Inc.		100,448		3,242,461
				122,279,499
Biotechnology    1.5%
Blueprint Medicines Corp.*		17,200		1,511,364
Bolt Biotherapeutics, Inc.*(a)		19,400		216,310
Emergent BioSolutions, Inc.*		73,800		4,863,420
OPKO Health, Inc.*		368,700		1,268,328
Sage Therapeutics, Inc.*		38,400		1,679,232
Surface Oncology, Inc.*(a)		98,400		591,384
				10,130,038
Building Products    0.1%
American Woodmark Corp.*		5,000		371,250
Griffon Corp.		5,500		127,160
				498,410
Capital Markets    0.9%
Cowen, Inc. (Class A Stock)(a)		60,000		2,398,800
Oppenheimer Holdings, Inc. (Class A Stock)		83,600		3,757,820
StoneX Group, Inc.*		1,200		77,436
				6,234,056
Chemicals    1.3%
AdvanSix, Inc.*		54,900		1,836,405
Koppers Holdings, Inc.*		4,500		138,195
Kraton Corp.*		55,600		2,123,364
Minerals Technologies, Inc.		36,200		2,903,964
PQ Group Holdings, Inc.		77,700		1,209,012
Rayonier Advanced Materials, Inc.*		40,300		280,891
Tronox Holdings PLC (Class A Stock)		17,900		329,897
				8,821,728
Commercial Services & Supplies    2.3%
ABM Industries, Inc.		26,800		1,245,932
ACCO Brands Corp.		492,941		4,406,893
BrightView Holdings, Inc.*		175,700		2,816,471

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 15

Schedule of Investments (continued)

as of July 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)
KAR Auction Services, Inc.*		276,800	$	4,561,664
Matthews International Corp. (Class A Stock)		64,000		2,214,400
				15,245,360
Communications Equipment    0.6%
EchoStar Corp. (Class A Stock)*		101,600		2,265,680
NETGEAR, Inc.*		55,300		1,894,025
				4,159,705
Construction & Engineering    0.9%
EMCOR Group, Inc.		10,400		1,266,824
Northwest Pipe Co.*		33,000		937,530
Primoris Services Corp.		36,900		1,103,310
Tutor Perini Corp.*		203,900		2,868,873
				6,176,537
Consumer Finance    3.1%
Encore Capital Group, Inc.*		81,891		3,876,720
Enova International, Inc.*		60,100		1,988,709
EZCORP, Inc. (Class A Stock)*		124,400		711,568
Navient Corp.(a)		233,200		4,764,276
Nelnet, Inc. (Class A Stock)		56,053		4,220,791
PRA Group, Inc.*		48,200		1,869,678
Regional Management Corp.		62,600		3,238,298
				20,670,040
Diversified Consumer Services    1.7%
Adtalem Global Education, Inc.*		122,200		4,440,748
Graham Holdings Co. (Class B Stock)(a)		2,200		1,462,252
Perdoceo Education Corp.*		110,900		1,315,274
Strategic Education, Inc.		47,900		3,797,991
				11,016,265
Diversified Financial Services    0.1%
Banco Latinoamericano de Comercio Exterior SA (Panama) (Class E Stock)		44,800		738,304
Diversified Telecommunication Services    0.2%
Consolidated Communications Holdings, Inc.*(a)		157,600		1,211,944

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities    0.1%
ALLETE, Inc.		2,800	$	196,896
OGE Energy Corp.		14,000		472,500
				669,396
Electrical Equipment    0.0%
Powell Industries, Inc.		10,200		296,718
Electronic Equipment, Instruments & Components    2.7%
Arrow Electronics, Inc.*		16,100		1,908,977
Avnet, Inc.		45,600		1,884,192
Benchmark Electronics, Inc.		22,700		599,280
Kimball Electronics, Inc.*		76,500		1,559,835
Methode Electronics, Inc.		12,600		602,658
Sanmina Corp.*		126,200		4,848,604
ScanSource, Inc.*		89,000		2,455,510
TTM Technologies, Inc.*		308,600		4,317,314
				18,176,370
Energy Equipment & Services    0.4%
Archrock, Inc.		41,500		357,315
Bristow Group, Inc.*		34,600		898,908
Helix Energy Solutions Group, Inc.*(a)		124,900		518,335
National Energy Services Reunited Corp.*		68,800		887,520
Select Energy Services, Inc. (Class A Stock)*		24,600		146,370
				2,808,448
Entertainment    0.4%
AMC Entertainment Holdings, Inc. (Class A Stock)*(a)		71,200		2,635,824
Equity Real Estate Investment Trusts (REITs)    7.2%
Brandywine Realty Trust		105,100		1,467,196
City Office REIT, Inc.		55,200		710,424
Columbia Property Trust, Inc.		206,700		3,445,689
CTO Realty Growth, Inc.		46,761		2,627,500
Diversified Healthcare Trust		713,200		2,781,480
Franklin Street Properties Corp.		608,400		3,175,848
GEO Group, Inc. (The)(a)		583,500		4,037,820
Global Net Lease, Inc.		167,300		3,090,031
Macerich Co. (The)(a)		308,794		5,033,342
Office Properties Income Trust		147,218		4,266,378
Paramount Group, Inc.		44,800		437,248
Piedmont Office Realty Trust, Inc. (Class A Stock)		244,400		4,648,488

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 17

Schedule of Investments (continued)

as of July 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Preferred Apartment Communities, Inc. (Class A Stock)		280,300	$	2,954,362
Retail Properties of America, Inc. (Class A Stock)		38,300		482,963
Sabra Health Care REIT, Inc.		295,000		5,484,050
SL Green Realty Corp.(a)		23,539		1,752,714
Whitestone REIT		163,300		1,445,205
				47,840,738
Food & Staples Retailing    2.6%
Ingles Markets, Inc. (Class A Stock)		68,305		4,081,907
SpartanNash Co.		209,790		4,080,415
United Natural Foods, Inc.*(a)		133,700		4,428,144
Village Super Market, Inc. (Class A Stock)		32,300		728,365
Weis Markets, Inc.(a)		73,300		3,859,245
				17,178,076
Food Products    1.3%
Fresh Del Monte Produce, Inc.		73,400		2,265,124
Hostess Brands, Inc.*		25,500		410,295
Seaboard Corp.		200		822,000
Seneca Foods Corp. (Class A Stock)*		33,500		1,833,790
TreeHouse Foods, Inc.*		73,600		3,267,840
				8,599,049
Gas Utilities    2.4%
New Jersey Resources Corp.		9,600		369,792
South Jersey Industries, Inc.		186,400		4,691,688
Southwest Gas Holdings, Inc.		77,300		5,405,589
Spire, Inc.		73,500		5,214,825
				15,681,894
Health Care Equipment & Supplies    0.1%
Meridian Bioscience, Inc.*		28,700		588,350
Health Care Providers & Services    1.1%
Fulgent Genetics, Inc.*(a)		20,000		1,845,000
National HealthCare Corp.		17,200		1,335,580
Owens & Minor, Inc.		27,600		1,276,500
Triple-S Management Corp. (Puerto Rico) (Class B Stock)*(a)		108,200		2,632,506
				7,089,586

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Technology    0.1%
Computer Programs & Systems, Inc.		11,500	$	363,055
Hotels, Restaurants & Leisure    0.2%
Biglari Holdings, Inc. (Class B Stock)*		7,600		1,249,820
Household Durables    5.7%
Bassett Furniture Industries, Inc.		9,700		220,966
Beazer Homes USA, Inc.*		222,600		4,064,676
Century Communities, Inc.		63,900		4,437,855
Ethan Allen Interiors, Inc.		45,100		1,072,027
Hooker Furniture Corp.		9,000		298,710
KB Home		89,000		3,777,160
M/I Homes, Inc.*		77,400		5,008,554
Meritage Homes Corp.*		55,700		6,047,906
Taylor Morrison Home Corp.*		202,700		5,436,414
Toll Brothers, Inc.		32,800		1,944,056
Tri Pointe Homes, Inc.*		228,400		5,509,008
VOXX International Corp.*		29,000		331,180
				38,148,512
Insurance    2.4%
American National Group, Inc.		1,300		214,474
CNO Financial Group, Inc.		203,100		4,638,804
Employers Holdings, Inc.		87,398		3,628,765
Horace Mann Educators Corp.		43,100		1,715,811
National Western Life Group, Inc. (Class A Stock)		17,200		3,575,708
Safety Insurance Group, Inc.		13,200		1,011,384
Stewart Information Services Corp.		24,500		1,445,745
				16,230,691
Interactive Media & Services    0.4%
Cars.com, Inc.*		192,800		2,329,024
Internet & Direct Marketing Retail    0.2%
Qurate Retail, Inc. (Class A Stock)		86,500		1,025,890
IT Services    0.0%
BM Technologies, Inc.*(a)		28,735		288,212
Machinery    0.0%
Park-Ohio Holdings Corp.		7,900		229,811

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 19

Schedule of Investments (continued)

as of July 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Marine    0.6%
Costamare, Inc. (Monaco)		375,000	$	4,065,000
Media    1.8%
Emerald Holding, Inc.*		47,700		188,415
Entercom Communications Corp.*		384,200		1,371,594
EW Scripps Co. (The) (Class A Stock)		160,300		3,058,524
Gray Television, Inc.		210,200		4,660,134
TEGNA, Inc.		141,500		2,507,380
			��	11,786,047
Metals & Mining    1.5%
Commercial Metals Co.		163,600		5,366,080
Olympic Steel, Inc.		15,900		478,908
Schnitzer Steel Industries, Inc. (Class A Stock)		29,900		1,567,358
SunCoke Energy, Inc.		351,200		2,714,776
				10,127,122
Mortgage Real Estate Investment Trusts (REITs)    4.6%
Apollo Commercial Real Estate Finance, Inc.		273,883		4,168,499
Arbor Realty Trust, Inc.		7,100		129,788
Ares Commercial Real Estate Corp.		76,400		1,152,112
ARMOUR Residential REIT, Inc.		174,500		1,814,800
Blackstone Mortgage Trust, Inc. (Class A Stock)		156,400		5,070,488
Broadmark Realty Capital, Inc.		143,400		1,487,058
Capstead Mortgage Corp.		48,800		310,856
Chimera Investment Corp.		249,300		3,669,696
Dynex Capital, Inc.		103,635		1,808,431
Ellington Financial, Inc.		91,600		1,665,288
Granite Point Mortgage Trust, Inc.		148,300		2,092,513
KKR Real Estate Finance Trust, Inc.		85,300		1,817,743
PennyMac Mortgage Investment Trust		57,700		1,137,844
Ready Capital Corp.		118,572		1,792,809
Redwood Trust, Inc.		79,900		948,413
TPG RE Finance Trust, Inc.		22,100		290,836
Two Harbors Investment Corp.(a)		238,400		1,528,144
				30,885,318
Multiline Retail    0.7%
Big Lots, Inc.(a)		59,100		3,404,751
Dillard’s, Inc. (Class A Stock)(a)		7,200		1,319,544
				4,724,295

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities    0.7%
Black Hills Corp.(a)		50,000	$	3,382,500
NorthWestern Corp.		17,100		1,060,029
				4,442,529
Oil, Gas & Consumable Fuels    6.1%
Alto Ingredients, Inc.*		100,800		534,240
Berry Corp.		334,800		1,858,140
Bonanza Creek Energy, Inc.		60,800		2,338,976
CNX Resources Corp.*(a)		242,600		2,935,460
Comstock Resources, Inc.*		350,200		2,129,216
CONSOL Energy, Inc.*		114,900		2,414,049
DHT Holdings, Inc.(a)		379,300		2,199,940
Diamondback Energy, Inc.		21,300		1,642,869
Dorian LPG Ltd.*		160,300		1,939,630
Earthstone Energy, Inc. (Class A Stock)*		102,700		1,009,541
Equitrans Midstream Corp.		352,900		2,900,838
Frontline Ltd. (Norway)(a)		283,900		2,259,844
International Seaways, Inc.(a)		130,900		2,153,305
Nordic American Tankers Ltd.(a)		201,400		525,654
Ovintiv, Inc.		185,300		4,754,798
PDC Energy, Inc.		94,300		3,729,565
Penn Virginia Corp.*		94,200		1,741,758
Teekay Tankers Ltd. (Bermuda) (Class A Stock)*(a)		57,200		723,580
World Fuel Services Corp.		89,900		3,097,954
				40,889,357
Paper & Forest Products    0.9%
Clearwater Paper Corp.*		109,200		3,220,308
Glatfelter Corp.		159,300		2,426,139
				5,646,447
Personal Products    0.6%
Edgewell Personal Care Co.		96,400		3,960,112
Pharmaceuticals    1.0%
Innoviva, Inc.*		73,800		1,046,484
Prestige Consumer Healthcare, Inc.*		70,600		3,710,030
Supernus Pharmaceuticals, Inc.*(a)		77,600		2,043,208
				6,799,722

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 21

Schedule of Investments (continued)

as of July 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services    0.8%
GP Strategies Corp.*		16,800	$	341,880
Kelly Services, Inc. (Class A Stock)*		186,700		4,092,464
Resources Connection, Inc.		45,000		697,050
				5,131,394
Real Estate Management & Development    1.2%
Forestar Group, Inc.*		75,900		1,553,673
Jones Lang LaSalle, Inc.*		7,700		1,713,789
RE/MAX Holdings, Inc. (Class A Stock)		7,600		260,680
Realogy Holdings Corp.*		261,800		4,639,096
				8,167,238
Road & Rail    1.1%
ArcBest Corp.		30,800		1,820,588
Covenant Logistics Group, Inc.*		163,100		3,426,731
Knight-Swift Transportation Holdings, Inc.		36,900		1,833,561
Ryder System, Inc.		4,600		350,290
Schneider National, Inc. (Class B Stock)		7,000		157,080
				7,588,250
Semiconductors & Semiconductor Equipment    0.9%
Amkor Technology, Inc.		113,800		2,804,032
Photronics, Inc.*(a)		225,700		3,017,609
				5,821,641
Software    0.5%
Xperi Holding Corp.		163,900		3,404,203
Specialty Retail    3.7%
Aaron’s Co., Inc. (The)		75,700		2,185,459
Conn’s, Inc.*		113,200		2,517,568
Container Store Group, Inc. (The)*		94,200		990,984
Genesco, Inc.*		69,300		3,981,285
Group 1 Automotive, Inc.		26,000		4,517,240
Hibbett, Inc.(a)		7,300		647,218
MarineMax, Inc.*(a)		68,500		3,684,615
ODP Corp. (The)*		100,480		4,755,718
Penske Automotive Group, Inc.		6,300		558,180
Signet Jewelers Ltd.(a)		4,000		257,360

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
Sonic Automotive, Inc. (Class A Stock)		7,500	$	409,125
Zumiez, Inc.*		5,100		222,615
				24,727,367
Technology Hardware, Storage & Peripherals    0.3%
Xerox Holdings Corp.		78,700		1,899,031
Textiles, Apparel & Luxury Goods    0.9%
G-III Apparel Group Ltd.*		121,300		3,622,018
Movado Group, Inc.		21,400		643,498
Vera Bradley, Inc.*		131,600		1,448,916
				5,714,432
Thrifts & Mortgage Finance    4.9%
Essent Group Ltd.		120,500		5,442,985
HomeStreet, Inc.		30,100		1,135,071
Meta Financial Group, Inc.(a)		24,500		1,217,650
Mr. Cooper Group, Inc.*(a)		129,400		4,811,092
NMI Holdings, Inc. (Class A Stock)*		41,600		916,032
Northfield Bancorp, Inc.		25,000		411,250
Northwest Bancshares, Inc.		13,700		182,347
PennyMac Financial Services, Inc.		54,415		3,422,160
Premier Financial Corp.		69,482		1,860,728
Provident Financial Services, Inc.		177,220		3,827,952
Radian Group, Inc.		231,666		5,231,018
Washington Federal, Inc.		105,600		3,407,712
WSFS Financial Corp.(a)		11,400		499,092
				32,365,089
Tobacco    0.6%
Universal Corp.		79,900		4,167,584
Trading Companies & Distributors    4.6%
Air Lease Corp.		44,000		1,863,840
Beacon Roofing Supply, Inc.*		44,200		2,363,816
Boise Cascade Co.		3,400		173,910
DXP Enterprises, Inc.*		9,400		306,910
GATX Corp.(a)		30,200		2,785,950
Rush Enterprises, Inc. (Class A Stock)		68,400		3,214,116
Textainer Group Holdings Ltd. (China)*		140,100		4,522,428
Titan Machinery, Inc.*		35,700		1,018,521
Triton International Ltd. (Bermuda)		104,100		5,495,439

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 23

Schedule of Investments (continued)

as of July 31, 2021

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont’d.)
Veritiv Corp.*		50,300	$	3,082,384
WESCO International, Inc.*		52,800		5,620,560
				30,447,874
Wireless Telecommunication Services    0.9%
Telephone & Data Systems, Inc.		164,300		3,672,105
United States Cellular Corp.*		70,600		2,567,016
				6,239,121
TOTAL COMMON STOCKS (cost $516,590,549)				663,287,527
EXCHANGE-TRADED FUND    0.3%
iShares Russell 2000 Value ETF(a) (cost $2,265,252)		13,700		2,191,452
TOTAL LONG-TERM INVESTMENTS (cost $518,855,801)				665,478,979
SHORT-TERM INVESTMENTS    9.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(wa)		2,292,143		2,292,143
PGIM Institutional Money Market Fund (cost $63,687,745; includes $63,676,517 of cash collateral for securities on loan)(b)(wa)		63,763,597		63,725,339
TOTAL SHORT-TERM INVESTMENTS (cost $65,979,888)				66,017,482
TOTAL INVESTMENTS    109.7% (cost $584,835,689)				731,496,461
Liabilities in excess of other assets    (9.7)%				(64,439,726	)
NET ASSETS    100.0%			$	667,056,735

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.

See Notes to Financial Statements.

24

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $61,946,182; cash collateral of $63,676,517 (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.

(wa) 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, if applicable.

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, 2021 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	155,740		$—		$—
Air Freight & Logistics		6,242,012		—		—
Airlines		4,320,003		—		—
Auto Components		4,959,249		—		—
Banks		122,279,499		—		—
Biotechnology		10,130,038		—		—
Building Products		498,410		—		—
Capital Markets		6,234,056		—		—
Chemicals		8,821,728		—		—
Commercial Services & Supplies		15,245,360		—		—
Communications Equipment		4,159,705		—		—
Construction & Engineering		6,176,537		—		—
Consumer Finance		20,670,040		—		—
Diversified Consumer Services		11,016,265		—		—
Diversified Financial Services		738,304		—		—
Diversified Telecommunication Services		1,211,944		—		—
Electric Utilities		669,396		—		—
Electrical Equipment		296,718		—		—
Electronic Equipment, Instruments & Components		18,176,370		—		—
Energy Equipment & Services		2,808,448		—		—
Entertainment		2,635,824		—		—
Equity Real Estate Investment Trusts (REITs)		47,840,738		—		—
Food & Staples Retailing		17,178,076		—		—

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 25

Schedule of Investments (continued)

as of July 31, 2021

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Food Products	$	8,599,049		$—		$—
Gas Utilities		15,681,894		—		—
Health Care Equipment & Supplies		588,350		—		—
Health Care Providers & Services		7,089,586		—		—
Health Care Technology		363,055		—		—
Hotels, Restaurants & Leisure		1,249,820		—		—
Household Durables		38,148,512		—		—
Insurance		16,230,691		—		—
Interactive Media & Services		2,329,024		—		—
Internet & Direct Marketing Retail		1,025,890		—		—
IT Services		288,212		—		—
Machinery		229,811		—		—
Marine		4,065,000		—		—
Media		11,786,047		—		—
Metals & Mining		10,127,122		—		—
Mortgage Real Estate Investment Trusts (REITs)		30,885,318		—		—
Multiline Retail		4,724,295		—		—
Multi-Utilities		4,442,529		—		—
Oil, Gas & Consumable Fuels		40,889,357		—		—
Paper & Forest Products		5,646,447		—		—
Personal Products		3,960,112		—		—
Pharmaceuticals		6,799,722		—		—
Professional Services		5,131,394		—		—
Real Estate Management & Development		8,167,238		—		—
Road & Rail		7,588,250		—		—
Semiconductors & Semiconductor Equipment		5,821,641		—		—
Software		3,404,203		—		—
Specialty Retail		24,727,367		—		—
Technology Hardware, Storage & Peripherals		1,899,031		—		—
Textiles, Apparel & Luxury Goods		5,714,432		—		—
Thrifts & Mortgage Finance		32,365,089		—		—
Tobacco		4,167,584		—		—
Trading Companies & Distributors		30,447,874		—		—
Wireless Telecommunication Services		6,239,121		—		—
Exchange-Traded Fund		2,191,452		—		—
Short-Term Investments
Affiliated Mutual Funds		66,017,482		—		—
Total	$	731,496,461		$—		$—

See Notes to Financial Statements.

26

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, 2021 were as follows (unaudited):

Banks	18.3	%
Affiliated Mutual Funds (9.5% represents investments purchased with collateral from securities on loan)	9.9
Equity Real Estate Investment Trusts (REITs)	7.2
Oil, Gas & Consumable Fuels	6.1
Household Durables	5.7
Thrifts & Mortgage Finance	4.9
Mortgage Real Estate Investment Trusts (REITs)	4.6
Trading Companies & Distributors	4.6
Specialty Retail	3.7
Consumer Finance	3.1
Electronic Equipment, Instruments & Components	2.7
Food & Staples Retailing	2.6
Insurance	2.4
Gas Utilities	2.4
Commercial Services & Supplies	2.3
Media	1.8
Diversified Consumer Services	1.7
Biotechnology	1.5
Metals & Mining	1.5
Chemicals	1.3
Food Products	1.3
Real Estate Management & Development	1.2
Road & Rail	1.1
Health Care Providers & Services	1.1
Pharmaceuticals	1.0
Air Freight & Logistics	0.9
Wireless Telecommunication Services	0.9
Capital Markets	0.9
Construction & Engineering	0.9
Semiconductors & Semiconductor Equipment	0.9
Textiles, Apparel & Luxury Goods	0.9
Paper & Forest Products	0.9
Professional Services	0.8

Auto Components	0.7	%
Multiline Retail	0.7
Multi-Utilities	0.7
Airlines	0.7
Tobacco	0.6
Communications Equipment	0.6
Marine	0.6
Personal Products	0.6
Software	0.5
Energy Equipment & Services	0.4
Entertainment	0.4
Interactive Media & Services	0.4
Technology Hardware, Storage & Peripherals	0.3
Exchange-Traded Fund	0.3
Hotels, Restaurants & Leisure	0.2
Diversified Telecommunication Services	0.2
Internet & Direct Marketing Retail	0.2
Diversified Financial Services	0.1
Electric Utilities	0.1
Health Care Equipment & Supplies	0.1
Building Products	0.1
Health Care Technology	0.1
Electrical Equipment	0.0	*
IT Services	0.0	*
Machinery	0.0	*
Aerospace & Defense	0.0	*
	109.7
Liabilities in excess of other assets	(9.7	)
	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.

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 27

Schedule of Investments (continued)

as of July 31, 2021

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		$	61,946,182		$	(61,946,182	)		$	—

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

See Notes to Financial Statements.

28

Statement of Assets and Liabilities

as of July 31, 2021

Assets
Investments at value, including securities on loan of $61,946,182:
Unaffiliated investments (cost $518,855,801)	$	665,478,979
Affiliated investments (cost $65,979,888)		66,017,482
Receivable for Fund shares sold		925,220
Dividends receivable		542,946
Prepaid expenses		4,510
Total Assets		732,969,137
Liabilities
Payable to broker for collateral for securities on loan		63,676,517
Payable for Fund shares purchased		1,429,034
Management fee payable		348,920
Accrued expenses and other liabilities		314,311
Distribution fee payable		86,844
Affiliated transfer agent fee payable		55,492
Trustees’ fees payable		1,284
Total Liabilities		65,912,402
Net Assets	$	667,056,735
Net assets were comprised of:
Shares of beneficial interest, at par	$	32,316
Paid-in capital in excess of par		575,787,896
Total distributable earnings (loss)		91,236,523
Net assets, July 31, 2021	$	667,056,735

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 29

Statement of Assets and Liabilities

as of July 31, 2021

Class A
Net asset value, redemption price per share, ($123,222,530 ÷ 5,954,135 shares of beneficial interest issued and outstanding)	$20.70
Maximum sales charge (5.50% of offering price)	1.20
Maximum offering price to public	$21.90
Class C
Net asset value, offering price and redemption price per share, ($3,138,384 ÷ 152,119 shares of beneficial interest issued and outstanding)	$20.63
Class R
Net asset value, offering price and redemption price per share, ($135,980,762 ÷ 6,675,777 shares of beneficial interest issued and outstanding)	$20.37
Class Z
Net asset value, offering price and redemption price per share, ($177,807,865 ÷ 8,589,769 shares of beneficial interest issued and outstanding)	$20.70
Class R2
Net asset value, offering price and redemption price per share, ($156,536 ÷ 7,579 shares of beneficial interest issued and outstanding)	$20.65
Class R4
Net asset value, offering price and redemption price per share, ($245,025 ÷ 11,833 shares of beneficial interest issued and outstanding)	$20.71
Class R6
Net asset value, offering price and redemption price per share, ($226,505,633 ÷ 10,925,278 shares of beneficial interest issued and outstanding)	$20.73

See Notes to Financial Statements.

30

Statement of Operations

Year Ended July 31, 2021

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,532 foreign withholding tax)	$	12,375,898
Income from securities lending, net (including affiliated income of $100,976)		1,531,245
Affiliated dividend income		4,177
Total income		13,911,320
Expenses
Management fee		3,944,982
Distribution fee(a)		1,409,497
Shareholder servicing fees(a)		311
Transfer agent’s fees and expenses (including affiliated expense of $305,769)(a)		656,530
Registration fees(a)		91,750
Custodian and accounting fees		81,581
Shareholders’ reports		47,066
Legal fees and expenses		33,678
Audit fee		30,105
Trustees’ fees		17,697
Miscellaneous		112,739
Total expenses		6,425,936
Less: Fee waiver and/or expense reimbursement(a)		(60,269	)
Distribution fee waiver(a)		(395,295	)
Net expenses		5,970,372
Net investment income (loss)		7,940,948
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $10,142)		81,548,460
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(64,663))		284,731,385
Net gain (loss) on investment transactions		366,279,845
Net Increase (Decrease) In Net Assets Resulting From Operations	$	374,220,793

(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		310,780			67,744			1,030,494			—			479			—			—
Shareholder servicing fees		—			—			—			—			149			162			—
Transfer agent’s fees and expenses		212,967			28,846			180,706			230,557			389			308			2,757
Registration fees		16,102			8,724			11,080			24,640			7,774			7,774			15,656
Fee waiver and/or expense reimbursement		(10,359	)		(677	)		(13,740	)		(19,963	)		(7,849	)		(7,681	)		—
Distribution fee waiver		(51,797	)		—			(343,498	)		—			—			—			—

See Notes to Financial Statements.

PGIM QMA Small-Cap Value Fund 31

Statements of Changes in Net Assets

	Year Ended July 31,
	2021				2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	7,940,948			$	13,262,155
Net realized gain (loss) on investment transactions			81,548,460				(128,850,845	)
Net change in unrealized appreciation (depreciation) on investments			284,731,385				(94,827,211	)
Net increase (decrease) in net assets resulting from operations			374,220,793				(210,415,901	)
Dividends and Distributions
Distributions from distributable earnings
Class A			(966,537	)			(5,992,876	)
Class C			(11,867	)			(469,895	)
Class R			(1,439,536	)			(6,576,700	)
Class Z			(2,482,289	)			(20,502,176	)
Class R2			(1,100	)			(18,357	)
Class R4			(116	)			(74,887	)
Class R6			(2,812,197	)			(18,877,072	)
			(7,713,642	)			(52,511,963	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold			287,011,046				217,585,808
Net asset value of shares issued in reinvestment of dividends and distributions			6,394,370				49,169,832
Cost of shares purchased			(526,508,262	)			(710,576,365	)
Net increase (decrease) in net assets from Fund share transactions			(233,102,846	)			(443,820,725	)
Total increase (decrease)			133,404,305				(706,748,589	)
Net Assets:
Beginning of year			533,652,430				1,240,401,019
End of year		$	667,056,735			$	533,652,430

See Notes to Financial Statements.

32

Financial Highlights

Class A Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.39			$16.46			$20.95			$21.32			$18.16
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.18			0.23			0.26			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.31			(4.35	)		(3.17	)		2.04			3.25
Total from investment operations		9.47			(4.17	)		(2.94	)		2.30			3.51
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		(0.48	)		(0.28	)		(0.31	)		(0.30	)
Distributions from net realized gains		-			(0.42	)		(1.27	)		(2.36	)		(0.05	)
Total dividends and distributions		(0.16	)		(0.90	)		(1.55	)		(2.67	)		(0.35	)
Net asset value, end of year		$20.70			$11.39			$16.46			$20.95			$21.32
Total Return(b):		83.49	%		(27.01	)%		(13.47	)%		11.31	%		19.29	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$123,223			$71,928			$116,090			$136,533			$132,512
Average net assets (000)		$103,593			$92,527			$118,685			$133,270			$129,902
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.11	%		1.15	%		1.07	%		1.02	%		0.96	%
Expenses before waivers and/or expense reimbursement		1.17	%		1.21	%		1.13	%		1.08	%		1.02	%
Net investment income (loss)		0.95	%		1.31	%		1.31	%		1.27	%		1.27	%
Portfolio turnover rate(e)		63	%		53	%		80	%		70	%		95	%

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

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

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

(d) 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 33

Financial Highlights (continued)

Class C Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$ 11.39			$16.48			$20.95			$21.32			$18.18
Income (loss) from investment operations:
Net investment income (loss)		-	(b)		0.05			0.12			0.10			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.27			(4.40	)		(3.20	)		2.03			3.26
Total from investment operations		9.27			(4.35	)		(3.08	)		2.13			3.36
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		(0.32	)		(0.12	)		(0.14	)		(0.17	)
Distributions from net realized gains		-			(0.42	)		(1.27	)		(2.36	)		(0.05	)
Total dividends and distributions		(0.03	)		(0.74	)		(1.39	)		(2.50	)		(0.22	)
Net asset value, end of year		$ 20.63			$11.39			$16.48			$20.95			$21.32
Total Return(c):		81.41%			(27.80	)%		(14.22	)%		10.44	%		18.43	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$ 3,138			$5,782			$11,269			$36,638			$40,476
Average net assets (000)		$ 6,774			$8,456			$24,635			$38,734			$41,745
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		2.19	%		2.22	%		1.92	%		1.81	%		1.71	%
Expenses before waivers and/or expense reimbursement		2.20	%		2.23	%		1.93	%		1.82	%		1.72	%
Net investment income (loss)		0.01	%		0.35	%		0.66	%		0.49	%		0.49	%
Portfolio turnover rate(f)		63	%		53	%		80	%		70	%		95	%

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

(b) Amount rounds to zero.

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

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

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

(f) 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.

34

Class R Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.23			$16.23			$20.66			$21.06			$17.95
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.11			0.20			0.21			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.15			(4.24	)		(3.13	)		2.01			3.21
Total from investment operations		9.29			(4.13	)		(2.93	)		2.22			3.42
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.45	)		(0.23	)		(0.26	)		(0.26	)
Distributions from net realized gains		-			(0.42	)		(1.27	)		(2.36	)		(0.05	)
Total dividends and distributions		(0.15	)		(0.87	)		(1.50	)		(2.62	)		(0.31	)
Net asset value, end of year		$20.37			$11.23			$16.23			$20.66			$21.06
Total Return(b):		83.14	%		(27.08	)%		(13.63	)%		11.05	%		19.00	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$135,981			$110,953			$139,136			$162,502			$164,019
Average net assets (000)		$137,399			$116,334			$143,139			$165,270			$159,240
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.28	%		1.31	%		1.27	%		1.26	%		1.21	%
Expenses before waivers and/or expense reimbursement		1.54	%		1.57	%		1.53	%		1.52	%		1.47	%
Net investment income (loss)		0.88	%		0.82	%		1.16	%		1.04	%		1.03	%
Portfolio turnover rate(e)		63	%		53	%		80	%		70	%		95	%

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

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

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

(d) 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 35

Financial Highlights (continued)

Class Z Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.40			$16.46			$20.95			$21.32			$18.14
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.29			0.30			0.34			0.31
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.29			(4.38	)		(3.18	)		2.02			3.27
Total from investment operations		9.52			(4.09	)		(2.88	)		2.36			3.58
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		(0.55	)		(0.34	)		(0.37	)		(0.35	)
Distributions from net realized gains		-			(0.42	)		(1.27	)		(2.36	)		(0.05	)
Total dividends and distributions		(0.22	)		(0.97	)		(1.61	)		(2.73	)		(0.40	)
Net asset value, end of year		$20.70			$11.40			$16.46			$20.95			$21.32
Total Return(b):		84.07	%		(26.66	)%		(13.11	)%		11.65	%		19.66	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$177,808			$150,272			$622,093			$824,748			$981,061
Average net assets (000)		$199,626			$307,558			$698,954			$862,416			$940,720
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.77	%		0.73	%		0.69	%		0.69	%		0.71	%
Expenses before waivers and/or expense reimbursement		0.78	%		0.74	%		0.70	%		0.70	%		0.72	%
Net investment income (loss)		1.34	%		2.05	%		1.72	%		1.62	%		1.51	%
Portfolio turnover rate(e)		63	%		53	%		80	%		70	%		95	%

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

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

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

(d) 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.

36

Class R2 Shares
	Year Ended July 31,									December 28, 2017(a) through July 31, 2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.38			$16.43			$20.91			$20.44
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.17			0.23			0.09
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.25			(4.32	)		(3.18	)		0.38
Total from investment operations		9.44			(4.15	)		(2.95	)		0.47
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.48	)		(0.26	)		-
Distributions from net realized gains		-			(0.42	)		(1.27	)		-
Total dividends and distributions		(0.17	)		(0.90	)		(1.53	)		-
Net asset value, end of period		$20.65			$11.38			$16.43			$20.91
Total Return(c):		83.38	%		(26.96	)%		(13.54	)%		2.30	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$157			$292			$375			$18
Average net assets (000)		$192			$302			$184			$14
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.14	%		1.15	%		1.14	%		1.14	%(e)
Expenses before waivers and/or expense reimbursement		5.24	%		6.28	%		8.15	%		187.96	%(e)
Net investment income (loss)		1.21	%		1.26	%		1.35	%		0.72	%(e)
Portfolio turnover rate(f)		63	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’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 37

Financial Highlights (continued)

Class R4 Shares
	Year Ended July 31,									December 28, 2017(a) through July 31, 2018
	2021			2020			2019
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.40			$16.46			$20.94			$20.44
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.16			0.27			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.20			(4.28	)		(3.18	)		0.39
Total from investment operations		9.51			(4.12	)		(2.91	)		0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.52	)		(0.30	)		-
Distributions from net realized gains		-			(0.42	)		(1.27	)		-
Total dividends and distributions		(0.20	)		(0.94	)		(1.57	)		-
Net asset value, end of period		$20.71			$11.40			$16.46			$20.94
Total Return(c):		83.98	%		(26.80	)%		(13.31	)%		2.45	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$245			$927			$9			$10
Average net assets (000)		$237			$918			$9			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.89	%		0.89	%		0.89	%		0.89	%(e)
Expenses before waivers and/or expense reimbursement		4.13	%		2.60	%		140.80	%		270.32	%(e)
Net investment income (loss)		2.21	%		1.16	%		1.51	%		0.95	%(e)
Portfolio turnover rate(f)		63	%		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 GAAP. Total returns for periods less than one full year are not annualized.

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

(e) Annualized.

(f) The Fund’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.

38

Class R6 Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$11.41			$16.47			$20.97			$21.34			$18.15
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.25			0.31			0.34			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		9.31			(4.33	)		(3.19	)		2.04			3.28
Total from investment operations		9.55			(4.08	)		(2.88	)		2.38			3.60
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.56	)		(0.35	)		(0.39	)		(0.36	)
Distributions from net realized gains		-			(0.42	)		(1.27	)		(2.36	)		(0.05	)
Total dividends and distributions		(0.23	)		(0.98	)		(1.62	)		(2.75	)		(0.41	)
Net asset value, end of year		$20.73			$11.41			$16.47			$20.97			$21.34
Total Return(b):		84.26	%		(26.60	)%		(13.09	)%		11.72	%		19.77	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$226,506			$193,499			$351,429			$414,892			$268,695
Average net assets (000)		$209,675			$259,226			$372,557			$361,244			$263,763
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		0.66	%		0.67	%		0.63	%		0.63	%		0.64	%
Expenses before waivers and/or expense reimbursement		0.66	%		0.67	%		0.63	%		0.63	%		0.64	%
Net investment income (loss)		1.46	%		1.83	%		1.78	%		1.64	%		1.58	%
Portfolio turnover rate(e)		63	%		53	%		80	%		70	%		95	%

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

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

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

(d) 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 39

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 an 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, each of which are diversified funds for purposes of the 1940 Act. 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 is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

40

trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; 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.

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

PGIM QMA Small-Cap Value Fund 41

Notes to Financial Statements (continued)

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.

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

42

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

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute 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 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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.

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA” or the “Subadviser” ). The Manager pays for the services of QMA.

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 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, 2021.

PGIM QMA Small-Cap Value Fund 43

Notes to Financial Statements (continued)

The Manager has contractually agreed, through November 30, 2022, 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, 2022, 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 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, 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.

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, 2022 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 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.

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

44

such Class R2 and Class R4 shares, a shareholder service fee at an annual rate of up to 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, 2021, PIMS received $96,618 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended July 31, 2021, PIMS received $93 and $326 in contingent deferred sales charges imposed upon redemptions by certain Class A and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

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

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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. 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/trustees, and/or common officers. For the year ended July 31, 2021, 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, 2021, were $400,633,900 and $629,219,439, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended July 31, 2021, is presented as follows:

PGIM QMA Small-Cap Value Fund 45

Notes to Financial Statements (continued)

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
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
$	2,427,601	$	165,084,663	$	165,220,121	$	—		$	—	$	2,292,143		2,292,143	$	4,177
	PGIM Institutional Money Market Fund (1)(b)(wa)
	116,399,537		558,875,578		611,495,255		(64,663	)		10,142		63,725,339		63,763,597		100,976(2)
$	118,827,138	$	723,960,241	$	776,715,376	$	(64,663	)	$	10,142	$	66,017,482			$	105,153

(1) The Fund did not have any capital gain distributions during the reporting period.

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

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

(wa) 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, if applicable.

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 GAAP, are recorded on the ex-date.

The tax character of distributions paid during the tax year ended October 31, 2020 were $29,525,841 of ordinary income and $22,986,122 of long-term capital gains. 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.

As of the latest tax year ended October 31, 2020, the accumulated undistributed earnings on a tax basis was $5,499,719 of ordinary income.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$600,426,392	$163,353,253	$(32,283,184)	$131,070,069

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

46

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2020 of approximately $130,723,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four tax years up to the most recent tax year ended October 31, 2020 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 eight years (ten years prior to January 22, 2021) after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z, Class R2, Class R4 and 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, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

	Number of Shares		Percentage of   Outstanding Shares
Class A		1,120		0.1	%
Class R		6,319,110		94.7	%
Class Z		494,176		5.8	%
Class R2		574		7.6	%
Class R4		578		4.9	%

PGIM QMA Small-Cap Value Fund 47

Notes to Financial Statements (continued)

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	19.2%	4	52.3%

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2021:
Shares sold		865,484		$	16,990,636
Shares issued in reinvestment of dividends and distributions		59,100			947,377
Shares purchased		(1,282,170	)		(22,233,334	)
Net increase (decrease) in shares outstanding before conversion		(357,586	)		(4,295,321	)
Shares issued upon conversion from other share class(es)		30,481			576,013
Shares purchased upon conversion into other share class(es)		(31,354	)		(546,239	)
Net increase (decrease) in shares outstanding		(358,459	)	$	(4,265,547	)
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 purchased		(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 purchased upon conversion into other share class(es)		(75,514	)		(1,096,851	)
Net increase (decrease) in shares outstanding		(738,381	)	$	(10,058,851	)
Class C
Year ended July 31, 2021:
Shares sold		78,503		$	1,398,729
Shares issued in reinvestment of dividends and distributions		736			11,845
Shares purchased		(411,384	)		(8,226,935	)
Net increase (decrease) in shares outstanding before conversion		(332,145	)		(6,816,361	)
Shares purchased upon conversion into other share class(es)		(23,302	)		(428,567	)
Net increase (decrease) in shares outstanding		(355,447	)	$	(7,244,928	)
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 purchased		(268,417	)		(3,737,937	)
Net increase (decrease) in shares outstanding before conversion		(145,523	)		(2,087,837	)
Shares purchased upon conversion into other share class(es)		(30,675	)		(390,781	)
Net increase (decrease) in shares outstanding		(176,198	)	$	(2,478,618	)

48

Class R	Shares			Amount
Year ended July 31, 2021:
Shares sold		589,485		$	9,083,652
Shares issued in reinvestment of dividends and distributions		91,168			1,439,536
Shares purchased		(3,886,798	)		(66,117,436	)
Net increase (decrease) in shares outstanding		(3,206,145	)	$	(55,594,248	)
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 purchased		(2,883,667	)		(38,455,582	)
Net increase (decrease) in shares outstanding		1,309,850		$	1,299,958
Class Z
Year ended July 31, 2021:
Shares sold		9,725,201		$	176,554,032
Shares issued in reinvestment of dividends and distributions		154,462			2,471,389
Shares purchased		(12,731,702	)		(216,045,265	)
Net increase (decrease) in shares outstanding before conversion		(2,852,039	)		(37,019,844	)
Shares issued upon conversion from other share class(es)		34,156			597,321
Shares purchased upon conversion into other share class(es)		(1,776,286	)		(37,668,057	)
Net increase (decrease) in shares outstanding		(4,594,169	)	$	(74,090,580	)
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 purchased		(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 purchased 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	)
Class R2
Year ended July 31, 2021:
Shares sold		2,204		$	35,877
Shares issued in reinvestment of dividends and distributions		69			1,100
Shares purchased		(20,350	)		(300,727	)
Net increase (decrease) in shares outstanding		(18,077	)	$	(263,750	)
Year ended July 31, 2020:
Shares sold		8,198		$	94,892
Shares issued in reinvestment of dividends and distributions		1,117			18,357
Shares purchased		(6,486	)		(89,962	)
Net increase (decrease) in shares outstanding		2,829		$	23,287
Class R4
Year ended July 31, 2021:
Shares sold		12,236		$	239,111
Shares issued in reinvestment of dividends and distributions		7			116
Shares purchased		(81,686	)		(964,404	)
Net increase (decrease) in shares outstanding		(69,443	)	$	(725,177	)
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 purchased		(15,316	)		(164,493	)
Net increase (decrease) in shares outstanding		80,736		$	1,353,163

PGIM QMA Small-Cap Value Fund 49

Notes to Financial Statements (continued)

Class R6	Shares			Amount
Year ended July 31, 2021:
Shares sold		4,665,355		$	82,709,009
Shares issued in reinvestment of dividends and distributions		95,129			1,523,007
Shares purchased		(12,561,522	)		(212,620,161	)
Net increase (decrease) in shares outstanding before conversion		(7,801,038	)		(128,388,145	)
Shares issued upon conversion from other share class(es)		1,766,401			37,512,393
Shares purchased upon conversion into other share class(es)		(2,171	)		(42,864	)
Net increase (decrease) in shares outstanding		(6,036,808	)	$	(90,918,616	)
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 purchased		(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	)

8.  Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% 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 Participating Funds in the SCA equitably.

50

The Fund utilized the SCA during the year ended July 31, 2021. The average daily balance for the 85 days that the Fund had loans outstanding during the period was approximately $5,961,741, borrowed at a weighted average interest rate of 1.41%. The maximum loan outstanding amount during the period was $25,676,000. At July 31, 2021, 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.

Economic and Market Events Risk: Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Equity and Equity-Related Securities Risk: Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

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.

PGIM QMA Small-Cap Value Fund 51

Notes to Financial Statements (continued)

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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 outbreak of COVID-19 globally in 2020 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. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Model Design Risk: The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative

52

investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

Real Estate Investment Trust (REIT) Risk: Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the REITs, while mortgage REITs may be affected by the quality of any credit extended. 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. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the Code) to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

Small Company Risk: Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management depth. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies.

Value Style Risk: Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

10.  Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities

PGIM QMA Small-Cap Value Fund 53

Notes to Financial Statements (continued)

to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

11.  Subsequent Event

Effective September 28, 2021, QMA LLC will be changing its name to PGIM Quantitative Solutions LLC. Effective December 29, 2021, the Fund’s name will change from PGIM QMA Small-Cap Value Fund to PGIM Quant Solutions Small-Cap Value Fund.

54

Report of Independent Registered Public

Accounting Firm

To the Board of Trustees of The Target Portfolio Trust and Shareholders of PGIM QMA Small-Cap Value Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM QMA Small-Cap Value Fund (one of the funds constituting The Target Portfolio Trust, referred to hereafter as the “Fund”) as of July 31, 2021, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2021, and the results of its operations, changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2020 and the financial highlights for each of the periods ended on or prior to July 31, 2020 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 16, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021 by correspondence with the custodian and transfer agent. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

September 20, 2021

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

PGIM QMA Small-Cap Value Fund 55

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 Board.

At a meeting of the Board on March 2-5, 2021, 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 January 1, 2020 through December 31, 2020 (“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.

56

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: 94	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly 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: 94	Retired; formerly 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: 91	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 93	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 (asset management).	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: 94	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 90	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 93	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: 93	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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 93	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 94	Executive Vice President (since May 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	Chief Legal Officer, Executive Vice President and Secretary 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); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019

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) 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
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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 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 September 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 September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Dana E. Cordes 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance (since June 2021) of Prudential; formerly, Director Global Financial Crimes Unit (December 2015 to June 2021) of Prudential; formerly, Director, Operational Risk Management for Prudential Real Estate Investors (January 2010 to December 2015). Ms. Cordes obtained a Certified Anti-Money Laundering Specialist designation in 2017.	Since September 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM QMA Small-Cap Value Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent 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 June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 well as information furnished at or in advance of the meetings on June 7-10, 2021.

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

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)

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.

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.

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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.

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

PGIM QMA Small-Cap Value Fund

Approval of Advisory Agreements (continued)

by PGIM Investments and QMA 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, 2020.

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, 2020. 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 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	4th 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 primarily driven by the magnitude of the Fund’s bias toward the value style factor; and that the value style factor underperformed the broader

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market, which was further exacerbated due to the economic uncertainty surrounding the COVID-19 crisis, as investors linked value stocks to the outlook of a post-pandemic recovery.

• The Board considered PGIM Investments’ assertions that the value style factor meaningfully recovered in the fourth quarter of 2020, resulting in the Fund posting strong results versus its benchmark and peers; and that relative returns are expected to continue to improve as markets normalize. In this regard, the Board also considered that the Fund outperformed its benchmark index and peer group for the fourth quarter of 2020 and first quarter of 2021 (ranking in the 12th and 8th percentiles, respectively) and outperformed its benchmark index and peer group for the one-year period ended March 31, 2021.

• 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, 2021.

• 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, 2021.

• 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.

*  *  *

PGIM QMA Small-Cap Value Fund

Approval of Advisory Agreements (continued)

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 Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • Dana E. Cordes, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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, 2021

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. ^© 2021 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, 2021.   The COVID-19 pandemic had a significant impact on the global economy and markets early in 2020, but a dramatic recovery was underway as the summer began. The Federal Reserve slashed interest rates to encourage borrowing. Congress passed stimulus bills worth several trillion dollars to help consumers and businesses. And several effective COVID-19 vaccines received regulatory approval later in the year.

At the start of the period, stocks had recovered most of the steep losses they had suffered at the onset of the pandemic. Equities rallied as states reopened their economies but became more volatile in the fall as investors worried that a surge in COVID-19 infections would stall the recovery. However, rising corporate profits and economic growth, the resolution of the US presidential election, and the global rollout of approved vaccines lifted equity markets to record levels, helping stocks around the globe post gains for the full period.

Much of the bond market performed well during the period as investors sought safety in fixed income. While investment-grade bonds in the US declined slightly as the economy recovered, global bonds and emerging market debt rose. A significant rally in interest rates pushed the 10-year US Treasury yield down to a record low at the beginning of the period, but longer-term interest rates moved higher later on as investors began to focus on stronger economic growth and the prospects of higher inflation. The Fed also 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, 2021

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 7/31/21
	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A
(with sales charges)	-3.09	2.46	N/A	2.82 (02/17/2015)
(without sales charges)	0.17	3.14	N/A	3.35 (02/17/2015)
Class C
(with sales charges)	-1.69	2.36	N/A	2.57 (02/17/2015)
(without sales charges)	-0.71	2.36	N/A	2.57 (02/17/2015)
Class R
(without sales charges)	-0.22	2.85	N/A	3.08 (02/17/2015)
Class Z
(without sales charges)	0.41	3.44	3.11	—
Class R6
(without sales charges)	0.42	3.48	N/A	3.67 (02/17/2015)
Bloomberg US Aggregate Bond Index
	-0.70	3.13	3.35	—

Average Annual Total Returns as of 7/31/21 Since Inception (%)
	Class A, Class C, Class R, Class R6 (02/17/2015)
Bloomberg US Aggregate Bond Index	3.26

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 (unaudited)

The graph compares a $10,000 investment in the Fund’s Class Z shares with a similar investment in the Bloomberg US Aggregate Bond Index by portraying the initial account values at the beginning of the 10-year period (July 31, 2011) and the account values at the end of the current fiscal year (July 31, 2021), 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.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

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 for each share class 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)	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 US Aggregate Bond Index—The Bloomberg 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.

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 that may be paid by an investor.

Distributions and Yields as of 7/31/21
	Total Distributions Paid for 12 Months ($)	SEC 30-Day Subsidized Yield* (%)	SEC 30-Day Unsubsidized Yield** (%)
Class A	0.27	1.09	1.04
Class C	0.18	0.33	0.51
Class R	0.24	0.82	122.54
Class Z	0.30	1.44	1.27
Class R6	0.30	1.45	1.39

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*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 7/31/21 (%)
AAA	58.4
AA	6.4
A	14.8
BBB	16.3
BB	0.4
NR	2.6
Cash/Cash Equivalents	1.1
Total	100

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 0.41% in the 12-month reporting period that ended July 31, 2021, outperforming the -0.70% return of the Bloomberg US Aggregate Bond Index (the Index).

What were the market conditions?

• The strong global rebound from the depths of the COVID-19 pandemic continued throughout the reporting period, as economies responded to the unprecedented monetary and fiscal stimulus programs. The rollout of vaccines, President Biden’s $1.9 trillion stimulus package, a $900 billion aid bill, and anticipation of the Biden administration’s infrastructure bill fueled growth expectations in late 2020 and early 2021. Shifts in the prospects for growth and inflation kicked off a massive “reflation trade” in bond markets, which propelled yields higher during the first quarter of 2021.

• Although yields for short-term Treasuries remained well anchored by the Federal Reserve’s (the Fed’s) commitment to maintain its low-rate policy, longer-term Treasuries sold off sharply in the first quarter of 2021, with the yield on the benchmark US 10-year Treasury note rising from 0.92% on December 31, 2020, to 1.74% on March 31, 2021. Similarly, the yield on the 30-year Treasury bond rose from 1.65% to 2.41% over the same period.

• Market volatility for rates then eased in the second quarter of 2021, escaping the sell-offs observed earlier in the year, with lower long-dated yields and higher front-end rates forming a substantially flatter Treasury yield curve by the end of the period. Instead of pushing up the yield curve, the Fed’s turn toward tapering near the end of the second quarter led to a decline in long-term Treasury yields, as investors assumed a more hawkish Fed would simply mean a lower path for rates over the long run.

• Following the volatility of the first quarter of 2021, the US 10-year and 30-year Treasury yields ended the period at 1.18% and 1.90%, respectively. Meanwhile, the yield on the 2-year Treasury note ended the period at 0.19%, a rise of four basis points (bps) over the period. (One basis point equals 0.01%.)

• Spread markets continued to tighten, supported by the Fed’s monetary responses, fiscal stimulus, the rollout of vaccines, better-than-expected corporate earnings, and surging growth in the US, Europe, and some emerging market economies. The US investment grade corporate market performed well, with spreads tightening to near-historic levels in the second quarter of 2021, supported by better-than-expected corporate earnings, positive vaccination progress, and a favorable technical backdrop. Strengthening fundamentals generally kept securitized credit on a tightening trajectory as well, with commercial mortgage-backed securities (CMBS) spreads trading well below their pre-pandemic tights by the end of the period. Meanwhile, agency mortgage-backed securities (MBS) spreads tightened on the back of ongoing Fed buying and bank purchases.

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What worked?

• Overall sector allocation and security selection both contributed to the Fund’s performance during the reporting period. Within sector allocation, positioning in CMBS, collateralized loan obligations, investment grade corporates, asset-backed securities (ABS), high yield, and municipal bonds all contributed.

• Within security selection, positions in investment grade corporates, non-agency MBS, emerging markets, ABS, and MBS were the largest contributors to performance.

• Within credit, positioning in foreign non-corporates, midstream and upstream energy, technology, and telecom contributed to results.

• In individual security selection, the Fund benefited from overweights to Petroleos Mexicanos (foreign non-corporate), ONEOK Inc. (midstream energy), and JPMorgan Chase & Co. (banking).

What didn’t work?

• The Fund’s yield curve flattening bias and long duration positioning detracted from performance during the reporting period as rates sold off and the curve steepened. (A yield curve flattener is an interest rate environment in which long-term rates are decreasing more quickly than short-term rates. Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

• While overall sector allocation was positive, positioning in emerging markets and agencies was modestly negative.

• While overall security selection was positive, selection within CMBS and Treasuries detracted from returns.

• Within credit, selection within the electric utilities, finance companies, and capital goods industries detracted from performance.

• In individual security selection, the Fund’s underweight positioning in General Electric Co. (capital goods) and Mexico, along with an overweight in Kansas City Southern (railroads), 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 swaps to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted from performance.

Current outlook

• In considering the composition of the Treasury curve, PGIM Fixed Income believes the repricing of forward rates and inflation expectations in various parts of the curve will likely continue. Even when accounting for the recent change in policy messaging, the hurdle for the Fed to raise rates remains high, and officials will likely wait to observe whether the inflation pressure is transitory.

PGIM Core Bond Fund 9

Strategy and Performance Overview

(continued)

• The US saw a marked acceleration in inflation through the first half of 2021. Part of the increase came from “base effects,” but the lion’s share of the gains reflected surprisingly vigorous price increases. (Base effect is the distortion in a monthly inflation figure that results from abnormally high or low levels of inflation a year earlier. In this case, inflation was low a year ago.) Recent developments suggest that inflation will likely continue to run somewhat hot through the months ahead. However, PGIM Fixed Income believes inflation could slowly abate toward the end of the year and early next year, as many of the structural factors that drove soft inflation during much of the past decade remain firmly in place.

• To date, developed markets’ central banks have felt comfortable looking through recent price pressures and have kept rates on hold. While maintaining a baseline view that the current bout of inflation will be “transitory,” the Fed at its June meeting recognized that the upside risks to inflation have increased. Even so, PGIM Fixed Income expects monetary policy to remain highly stimulative through at least this year and much of next year.

• PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term, and the Fund is overweight structured products (CMBS), investment grade corporates, and municipal bonds. The Fund is underweight MBS in favor of more attractive opportunities across spread sectors.

• While valuations are now a bit full, with spreads in many sectors tighter than historical norms, PGIM Fixed Income generally expects ongoing spread sector outperformance. The combination of high cash balances and low money market rates is likely to continue pushing investors out on the risk spectrum in a search for yield. However, this outlook is not without caveats. First, the relatively narrow level of spreads diminishes the pace and magnitude of further outperformance. Additionally, narrower spreads leave little room for error, and the uncertain course of the long-term economic recovery warrants a discerning approach to credit selection.

• Within structured products, PGIM Fixed Income is biased to own the top of the capital structure, as near-zero policy rates and ongoing Fed purchases support a spread-tightening environment. In investment grade corporates, PGIM Fixed Income is looking to take advantage of spread compression in select higher-yielding BBB-rated bonds, solid credits in stressed industries, and cyclicals. While agency CMBS have benefited from strong bank demand and Fed support, a change in that dynamic—particularly from the Fed—could contribute some widening pressure on spreads.

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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, 2021. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Core Bond Fund 11

Fees and Expenses (continued)

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, 2021	Ending Account Value July 31, 2021	Annualized Expense Ratio based on the Six-Month Period	Expenses Paid During the Six-Month  Period*
Class A	Actual	$1,000.00	$1,002.60	0.67%	$3.33
	Hypothetical	$1,000.00	$1,021.47	0.67%	$3.36
Class C	Actual	$1,000.00	$   997.80	1.45%	$7.18
	Hypothetical	$1,000.00	$1,017.60	1.45%	$7.25
Class R	Actual	$1,000.00	$1,000.20	0.95%	$4.71
	Hypothetical	$1,000.00	$1,020.08	0.95%	$4.76
Class Z	Actual	$1,000.00	$1,003.30	0.33%	$1.64
	Hypothetical	$1,000.00	$1,023.16	0.33%	$1.66
Class R6	Actual	$1,000.00	$1,003.40	0.32%	$1.59
	Hypothetical	$1,000.00	$1,023.21	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 181 days in the six-month period ended July 31, 2021, and divided by the 365 days in the Fund’s fiscal year ended July 31, 2021 (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, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS    99.0%
ASSET-BACKED SECURITIES    19.0%
Automobiles    4.5%
AmeriCredit Automobile Receivables Trust,
Series 2019-01, Class B		3.130%		02/18/25		300	$	305,403
Series 2019-01, Class C		3.360		02/18/25		400		413,956
Series 2019-02, Class C		2.740		04/18/25		700		721,245
Series 2019-03, Class C		2.320		07/18/25		1,700		1,751,579
Series 2020-01, Class B		1.480		01/21/25		1,400		1,421,457
Series 2020-02, Class C		1.480		02/18/26		400		406,264
Series 2020-03, Class C		1.060		08/18/26		800		808,129
Series 2021-02, Class C		1.010		01/19/27		1,300		1,301,379
Avis Budget Rental Car Funding AESOP LLC,
Series 2018-01A, Class A, 144A		3.700		09/20/24		1,100		1,167,420
Series 2018-02A, Class A, 144A		4.000		03/20/25		500		540,070
Series 2019-02A, Class A, 144A		3.350		09/22/25		1,100		1,182,541
Series 2019-03A, Class A, 144A		2.360		03/20/26		1,700		1,781,403
Series 2020-01A, Class A, 144A		2.330		08/20/26		1,200		1,260,407
Series 2021-01A, Class A, 144A		1.380		08/20/27		3,200		3,208,436
CarMax Auto Owner Trust,
Series 2021-02, Class C		1.340		02/16/27		1,100		1,105,273
Drive Auto Receivables Trust,
Series 2019-03, Class B		2.650		02/15/24		181		181,941
Series 2020-02, Class B		1.420		03/17/25		600		605,379
Series 2021-01, Class B		0.650		07/15/25		1,000		1,003,217
Ford Credit Auto Owner Trust,
Series 2018-01, Class A, 144A		3.190		07/15/31		2,000		2,163,239
Series 2019-01, Class A, 144A		3.520		07/15/30		3,400		3,646,974
Series 2020-01, Class A, 144A		2.040		08/15/31		3,300		3,445,020
Series 2020-02, Class A, 144A		1.060		04/15/33		3,800		3,816,696
Series 2021-01, Class B, 144A		1.610		10/17/33		630		636,215
Ford Credit Floorplan Master Owner Trust,
Series 2020-02, Class A		1.060		09/15/27		2,800		2,811,342
GM Financial Consumer Automobile Receivables Trust,
Series 2018-04, Class C		3.620		06/17/24		200		207,111
Hertz Vehicle Financing III LP,
Series 2021-02A, Class A, 144A		1.680		12/27/27		1,900		1,924,758
Hertz Vehicle Financing LLC,
Series 2021-01A, Class A, 144A		1.210		12/26/25		2,200		2,214,642
OneMain Direct Auto Receivables Trust,
Series 2018-01A, Class A, 144A		3.430		12/16/24		404		405,013
Series 2019-01A, Class A, 144A		3.630		09/14/27		4,100		4,430,301
Santander Drive Auto Receivables Trust,
Series 2019-02, Class C		2.900		10/15/24		1,300		1,314,907

See Notes to Financial Statements.

PGIM Core Bond Fund 13

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Automobiles (cont’d.)
Santander Drive Auto Receivables Trust, (cont’d.)
Series 2019-03, Class B		2.280%		09/15/23		256	$	256,329
Series 2019-03, Class C		2.490		10/15/25		800		807,855
Series 2020-02, Class C		1.460		09/15/25		600		606,407
Series 2020-03, Class C		1.120		01/15/26		2,100		2,117,634
Series 2020-04, Class C		1.010		01/15/26		1,400		1,410,248
Series 2021-01, Class C		0.750		02/17/26		2,700		2,700,954
Series 2021-02, Class C		0.900		06/15/26		2,200		2,206,303
Series 2021-02, Class D		1.350		07/15/27		2,800		2,822,051
Series 2021-03, Class C		0.950		09/15/27		2,900		2,904,991
Toyota Auto Loan Extended Note Trust,
Series 2020-01A, Class A, 144A		1.350		05/25/33		1,000		1,022,523
World Omni Select Auto Trust,
Series 2019-A, Class B		2.170		12/15/25		1,675		1,704,224
Series 2019-A, Class C		2.380		12/15/25		300		308,239
								65,049,475
Collateralized Loan Obligations    12.2%
AIG CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		1.485(c)		10/25/32		2,000		2,003,995
Allegro CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 1.390%)		1.524(c)		01/19/33		5,000		5,013,570
Anchorage Capital Clo Ltd. (Cayman Islands),
Series 2021-17A, Class A1, 144A, 3 Month LIBOR + 1.170% (Cap N/A, Floor 1.170%)		1.320(c)		07/15/34		6,500		6,476,192
Apres Static CLO Ltd. (Cayman Islands),
Series 2019-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 0.000%)		1.196(c)		10/15/28		6,130		6,126,412
Ares CLO Ltd. (Cayman Islands),
Series 2020-56A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)		1.405(c)		10/25/31		3,000		3,000,727
ArrowMark Colorado Holdings (Cayman Islands),
Series 2017-06A, Class A1, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 0.000%)		1.406(c)		07/15/29		250		250,000
Atrium (Cayman Islands),
Series 12A, Class AR, 144A, 3 Month LIBOR + 0.830% (Cap N/A, Floor 0.000%)		0.968(c)		04/22/27		2,702		2,702,934
Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		1.334(c)		07/20/34		3,100		3,088,622

See Notes to Financial Statements.

14

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Barings CLO Ltd. (Cayman Islands),
Series 2020-02A, Class A1, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 1.290%)		1.416%(c)		10/15/33		5,000	$	5,001,685
Battalion CLO Ltd. (Cayman Islands),
Series 2014-07A, Class A1RR, 144A, 3 Month LIBOR + 1.040% (Cap N/A, Floor 1.040%)		1.174(c)		07/17/28		463		462,719
Series 2015-08A, Class A1R2, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.204(c)		07/18/30		1,000		1,000,001
Series 2017-11A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.275(c)		04/24/34		5,500		5,490,675
Benefit Street Partners CLO Ltd. (Cayman Islands),
Series 2017-12A, Class A1, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.376(c)		10/15/30		500		500,187
Series 2019-18A, Class A, 144A, 3 Month LIBOR + 1.340% (Cap N/A, Floor 1.340%)		1.466(c)		10/15/32		1,250		1,250,715
Carlyle Global Market Strategies (Cayman Islands),
Series 2021-05A, Class A1, 144A		0.000(cc)		07/20/34		7,000		6,974,507
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%)		1.454(c)		01/20/32		1,500		1,500,005
Carlyle US CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.020% (Cap N/A, Floor 0.000%)		1.154(c)		04/20/31		1,000		997,438
CBAM Ltd. (Cayman Islands),
Series 2019-11A, Class A1, 144A, 3 Month LIBOR + 1.360% (Cap N/A, Floor 1.360%)		1.494(c)		10/20/32		4,000		4,002,165
Series 2020-12A, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 1.180%)		1.314(c)		07/20/34		8,500		8,503,332
CIFC Funding Ltd. (Cayman Islands),
Series 2014-05A, Class A1R2, 144A, 3 Month LIBOR + 1.200% (Cap N/A, Floor 1.200%)		1.334(c)		10/17/31		1,000		1,000,113
Series 2021-05A, Class A, 144A		0.000(cc)		07/15/34		2,000		2,000,390
Elevation CLO Ltd. (Cayman Islands),
Series 2017-07A, Class A, 144A, 3 Month LIBOR + 1.220% (Cap N/A, Floor 0.000%)		1.346(c)		07/15/30		750		750,036
Series 2021-13A, Class A1, 144A, 3 Month LIBOR + 1.190% (Cap N/A, Floor 1.190%)		1.340(c)		07/15/34		3,500		3,487,034
Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.284(c)		04/20/34		7,000		7,013,440

See Notes to Financial Statements.

PGIM Core Bond Fund 15

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.155%(c)		04/26/31		1,000	$	1,000,339
HPS Loan Management Ltd. (Cayman Islands),
Series 10A-16, Class A1RR, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 1.140%)		1.274(c)		04/20/34		3,250		3,238,410
Series 15A-19, Class A1, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		1.458(c)		07/22/32		1,250		1,250,218
Series 2015-06A, Class A1R, 144A, 3 Month LIBOR + 1.000% (Cap N/A, Floor 0.000%)		1.176(c)		02/05/31		248		248,439
KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month LIBOR + 1.180% (Cap N/A, Floor 0.000%)		1.306(c)		01/15/31		500		499,559
Logan CLO Ltd. (Cayman Islands),
Series 2021-01A, Class A, 144A, 3 Month LIBOR + 1.160% (Cap N/A, Floor 1.160%)		1.312(c)		07/20/34		5,250		5,262,439
Madison Park Funding Ltd. (Cayman Islands),
Series 2012-10A, Class AR3, 144A, 3 Month LIBOR + 1.010% (Cap N/A, Floor 0.000%)		1.144(c)		01/20/29		3,809		3,806,782
MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 1.120%)		1.254(c)		04/21/31		988		988,185
Series 2016-05A, Class AR, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		1.254(c)		07/19/28		3,636		3,636,047
Series 2018-09A, Class A1, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.284(c)		07/20/31		1,250		1,250,000
Mountain View CLO LLC (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		1.336(c)		01/16/31		1,250		1,250,014
Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month LIBOR + 1.120% (Cap N/A, Floor 0.000%)		1.246(c)		07/15/31		2,000		1,999,619
Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1R, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 1.210%)		1.345(c)		06/20/34		9,750		9,755,574
Series 2019-20A, Class A1R, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		1.455(c)		01/25/32		2,500		2,501,780
Ocean Trails CLO (Cayman Islands),
Series 2014-05A, Class ARR, 144A, 3 Month LIBOR + 1.280% (Cap N/A, Floor 1.280%)		1.409(c)		10/13/31		8,355		8,355,987

See Notes to Financial Statements.

16

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
OCP CLO Ltd. (Cayman Islands),
Series 2017-13A, Class A1A, 144A, 3 Month LIBOR + 1.260% (Cap N/A, Floor 0.000%)		1.386%(c)		07/15/30		250	$	250,033
Octagon Investment Partners 31 LLC (Cayman Islands),
Series 2017-01A, Class AR, 144A, 3 Month LIBOR + 1.050% (Cap N/A, Floor 1.050%)		1.184(c)		07/20/30		3,875		3,870,401
Octagon Investment Partners 45 Ltd. (Cayman Islands),
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.330% (Cap N/A, Floor 1.330%)		1.456(c)		10/15/32		2,000		2,003,497
OZLM Funding Ltd. (Cayman Islands),
Series 2013-04A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.388(c)		10/22/30		981		981,170
OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month LIBOR + 1.250% (Cap N/A, Floor 0.000%)		1.379(c)		10/30/30		495		494,667
Series 2019-24A, Class A1A, 144A, 3 Month LIBOR + 1.390% (Cap N/A, Floor 0.000%)		1.524(c)		07/20/32		1,250		1,250,061
Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)		1.264(c)		01/17/31		1,000		1,000,737
Series 2015-01A, Class A1A4, 144A, 3 Month LIBOR + 1.130% (Cap N/A, Floor 1.130%)		1.255(c)		05/21/34		7,000		6,974,756
Pikes Peak CLO (Cayman Islands),
Series 2019-04A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)		1.496(c)		07/15/32		4,000		4,000,454
Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 1.150%)		1.285(c)		06/20/34		6,500		6,476,217
Romark CLO Ltd. (Cayman Islands),
Series 2018-02A, Class A1, 144A, 3 Month LIBOR + 1.175% (Cap N/A, Floor 1.175%)		1.300(c)		07/25/31		250		250,001
Romark WM-R Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month LIBOR + 1.030% (Cap N/A, Floor 0.000%)		1.164(c)		04/20/31		990		989,435
Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class A1A, 144A, 3 Month LIBOR + 1.320% (Cap N/A, Floor 1.320%)		1.454(c)		10/20/32		5,000		5,000,149
Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.195(c)		01/26/31		1,000		999,699
Series 2019-01A, Class A, 144A, 3 Month LIBOR + 1.370% (Cap N/A, Floor 1.370%)		1.504(c)		01/20/32		3,250		3,252,302

See Notes to Financial Statements.

PGIM Core Bond Fund 17

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Collateralized Loan Obligations (cont’d.)
Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month LIBOR + 1.240% (Cap N/A, Floor 0.000%)		1.374%(c)		01/17/30		991	$	991,993
TICP CLO Ltd. (Cayman Islands),
Series 2017-09A, Class A, 144A, 3 Month LIBOR + 1.140% (Cap N/A, Floor 0.000%)		1.274(c)		01/20/31		1,000		999,704
Trimaran Cavu Ltd. (Cayman Islands),
Series 2019-01A, Class A1, 144A, 3 Month LIBOR + 1.460% (Cap N/A, Floor 1.460%)		1.594(c)		07/20/32		1,250		1,253,710
Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month LIBOR + 1.210% (Cap N/A, Floor 0.000%)		1.336(c)		10/15/30		747		747,020
Series 2015-01A, Class A1R, 144A, 3 Month LIBOR + 0.900% (Cap N/A, Floor 0.900%)		1.034(c)		01/18/29		906		905,721
Series 2016-01A, Class A1R, 144A, 3 Month LIBOR + 1.070% (Cap N/A, Floor 1.070%)		1.204(c)		01/20/31		1,000		999,702
Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.234(c)		07/17/31		2,500		2,500,187
York CLO Ltd. (Cayman Islands),
Series 2015-01A, Class AR, 144A, 3 Month LIBOR + 1.150% (Cap N/A, Floor 0.000%)		1.288(c)		01/22/31		500		499,999
Series 2020-01A, Class A1, 144A, 3 Month LIBOR + 1.500% (Cap N/A, Floor 1.500%)		1.634(c)		04/20/32		4,500		4,511,109
Zais CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month LIBOR + 1.290% (Cap N/A, Floor 0.000%)		1.416(c)		04/15/30		244		244,266
Series 2018-01A, Class A, 144A, 3 Month LIBOR + 0.950% (Cap N/A, Floor 0.000%)		1.076(c)		04/15/29		693		692,345
								175,779,621
Consumer Loans    0.6%
OneMain Financial Issuance Trust,
Series 2018-01A, Class A, 144A		3.300		03/14/29		163		163,793
Series 2020-01A, Class A, 144A		3.840		05/14/32		1,000		1,041,082
Series 2020-02A, Class A, 144A		1.750		09/14/35		1,700		1,744,039
Series 2021-01A, Class A2, 144A, 30 Day Average
SOFR + 0.760% (Cap N/A, Floor 0.000%)		0.803(c)		06/16/36		2,700		2,733,651
Oportun Funding XII LLC,
Series 2018-D, Class A, 144A		4.150		12/09/24		400		401,129

See Notes to Financial Statements.

18

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Consumer Loans (cont’d.)
Oportun Funding XIV LLC,
Series 2021-A, Class A, 144A		1.210%		03/08/28		1,539	$	1,544,975
SoFi Consumer Loan Program Trust,
Series 2020-01, Class A, 144A		2.020		01/25/29		705		710,422
Springleaf Funding Trust,
Series 2017-AA, Class A, 144A		2.680		07/15/30		163		163,514
								8,502,605
Credit Cards    0.2%
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7		3.960		10/13/30		2,100		2,484,499
Equipment    0.2%
MMAF Equipment Finance LLC,
Series 2017-AA, Class A4, 144A		2.410		08/16/24		180		180,593
Series 2017-B, Class A5, 144A		2.720		06/15/40		800		834,199
Series 2018-A, Class A5, 144A		3.610		03/10/42		200		213,871
Series 2019-A, Class A5, 144A		3.080		11/12/41		800		848,780
Series 2019-B, Class A5, 144A		2.290		11/12/41		1,200		1,263,942
								3,341,385
Home Equity Loans    0.0%
Option One Mortgage Loan Trust,
Series 2005-03, Class M2, 1 Month LIBOR + 0.735% (Cap N/A, Floor 0.735%)		0.824(c)		08/25/35		681		681,997
Manufactured Housing    0.1%
Towd Point Mortgage Trust,
Series 2019-MH01, Class A1, 144A		3.000(cc)		11/25/58		705		715,958
Residential Mortgage-Backed Securities    0.3%
Credit Suisse Mortgage Trust,
Series 2020-11R, Class 1A1, 144A, 1 Month LIBOR + 2.150%		2.253(c)		04/25/38		1,442		1,441,498
Legacy Mortgage Asset Trust,
Series 2019-GS01, Class A1, 144A		4.000		01/25/59		105		104,973
Series 2019-GS02, Class A1, 144A		3.750		01/25/59		247		247,632
Series 2019-GS04, Class A1, 144A		3.438		05/25/59		443		443,479
Mill City Mortgage Loan Trust,
Series 2017-03, Class A1, 144A		2.750(cc)		01/25/61		241		244,189

See Notes to Financial Statements.

PGIM Core Bond Fund 19

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Residential Mortgage-Backed Securities (cont’d.)
Mill City Mortgage Loan Trust, (cont’d.)
Series 2018-01, Class A1, 144A		3.250%(cc)		05/25/62		333	$	340,458
RAAC Series Trust,
Series 2007-SP03, Class A1, 1 Month LIBOR + 1.200% (Cap 14.000%, Floor 1.200%)		1.289(c)		09/25/47		28		27,686
Towd Point Mortgage Trust,
Series 2017-05, Class A1, 144A, 1 Month LIBOR + 0.600% (Cap N/A, Floor 0.000%)		0.689(c)		02/25/57		338		338,129
Series 2018-01, Class A1, 144A		3.000(cc)		01/25/58		520		533,713
Series 2019-HY03, Class A1A, 144A, 1 Month LIBOR + 1.000% (Cap N/A, Floor 1.000%)		1.089(c)		10/25/59		286		287,625
Series 2020-04, Class A1, 144A		1.750		10/25/60		1,007		1,020,661
								5,030,043
Student Loans    0.9%
Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A		2.680		09/25/42		287		292,265
Series 2018-AGS, Class A1, 144A		3.210		02/25/44		230		238,782
Series 2020-AGS, Class A, 144A		1.980		08/25/50		1,067		1,084,424
ELFI Graduate Loan Program LLC,
Series 2020-A, Class A, 144A		1.730		08/25/45		1,678		1,699,297
Laurel Road Prime Student Loan Trust,
Series 2017-C, Class A2B, 144A		2.810		11/25/42		140		142,098
Series 2018-B, Class A2FX, 144A		3.540		05/26/43		258		262,656
Series 2019-A, Class A2FX, 144A		2.730		10/25/48		233		237,027
Navient Private Education Refi Loan Trust,
Series 2018-A, Class A2, 144A		3.190		02/18/42		455		461,054
Series 2018-CA, Class A2, 144A		3.520		06/16/42		284		289,026
Series 2019-CA, Class A2, 144A		3.130		02/15/68		626		640,633
Series 2020-BA, Class A2, 144A		2.120		01/15/69		1,017		1,032,638
Series 2020-DA, Class A, 144A		1.690		05/15/69		787		796,308
SoFi Professional Loan Program LLC,
Series 2017-F, Class A2FX, 144A		2.840		01/25/41		724		741,380
Series 2019-A, Class A2FX, 144A		3.690		06/15/48		442		458,278
Series 2019-C, Class A2FX, 144A		2.370		11/16/48		1,054		1,075,720
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A		3.340		08/25/47		596		611,727

See Notes to Financial Statements.

20

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
ASSET-BACKED SECURITIES (Continued)
Student Loans (cont’d.)
SoFi Professional Loan Program Trust, (cont’d.)
Series 2020-A, Class A2FX, 144A		2.540%		05/15/46		1,500	$	1,552,711
Series 2020-C, Class AFX, 144A		1.950		02/15/46		891		905,152
								12,521,176
TOTAL ASSET-BACKED SECURITIES (cost $271,689,008)								274,106,759
COMMERCIAL MORTGAGE-BACKED SECURITIES    16.2%
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF01, Class A4, 144A		2.495		05/15/53		5,500		5,850,497
Series 2021-MF02, Class A4, 144A		2.252		06/15/54		8,900		9,174,278
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A		3.172		05/15/49		300		316,440
BANK,
Series 2019-BN20, Class A2		2.758		09/15/62		6,800		7,237,211
Series 2019-BN23, Class A2		2.669		12/15/52		2,200		2,360,173
Series 2020-BN25, Class A4		2.399		01/15/63		3,800		3,963,220
Series 2020-BN26, Class A3		2.155		03/15/63		5,000		5,143,539
Series 2020-BN27, Class A4		1.901		04/15/63		4,700		4,735,246
Series 2020-BN29, Class A3		1.742		11/15/53		2,600		2,583,443
Series 2021-BN32, Class A4		2.349		04/15/54		9,000		9,389,587
Series 2021-BN34, Class A4		2.156		06/15/63		7,000		7,180,042
Barclays Commercial Mortgage Securities Trust,
Series 2016-ETC, Class A, 144A		2.937		08/14/36		500		511,358
Series 2018-TALL, Class A, 144A, 1 Month LIBOR + 0.722% (Cap N/A, Floor 0.722%)		0.815(c)		03/15/37		6,000		5,994,280
Series 2020-C07, Class A4		1.786		04/15/53		5,700		5,678,639
Series 2021-C10, Class ASB		2.268		07/15/54		5,275		5,526,147
Benchmark Mortgage Trust,
Series 2018-B01, Class A4		3.402		01/15/51		1,070		1,179,025
Series 2018-B03, Class A4		3.761		04/10/51		1,150		1,297,212
Series 2019-B10, Class A3		3.455		03/15/62		2,500		2,777,731
Series 2020-B17, Class A4		2.042		03/15/53		1,800		1,835,871
Series 2020-B21, Class A4		1.704		12/17/53		2,600		2,586,859
Series 2020-IG03, Class A2, 144A		2.475		09/15/48		5,500		5,735,627
Series 2021-B24, Class A3		2.010		03/15/54		2,600		2,671,380
Series 2021-B24, Class A4		2.264		03/15/54		2,800		2,885,886
BX Commercial Mortgage Trust,
Series 2020-BXLP, Class A, 144A, 1 Month LIBOR + 0.800% (Cap N/A, Floor 0.800%)		0.893(c)		12/15/36		2,654		2,656,985

See Notes to Financial Statements.

PGIM Core Bond Fund 21

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Cantor Commercial Real Estate Lending,
Series 2019-CF03, Class A3		2.752%		01/15/53		2,900	$	3,097,042
CD Mortgage Trust,
Series 2016-CD01, Class A3		2.459		08/10/49		500		521,198
Series 2019-CD08, Class A3		2.657		08/15/57		2,700		2,810,862
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A		2.840(cc)		04/15/25		2,878		3,029,935
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2		3.585		12/10/54		1,960		2,126,614
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class A4		2.878		02/10/48		1,086		1,132,608
Series 2016-C03, Class A3		2.896		11/15/49		900		962,066
Series 2017-P08, Class A3		3.203		09/15/50		1,700		1,839,958
Series 2019-C07, Class A3		2.860		12/15/72		3,460		3,733,814
Series 2019-GC41, Class A4		2.620		08/10/56		3,000		3,195,892
Commercial Mortgage Trust,
Series 2015-DC01, Class A5		3.350		02/10/48		1,510		1,630,029
Series 2015-PC01, Class A4		3.620		07/10/50		2,463		2,527,688
Series 2016-COR01, Class A3		2.826		10/10/49		800		851,125
CSAIL Commercial Mortgage Trust,
Series 2017-C08, Class A3		3.127		06/15/50		1,200		1,279,043
Series 2021-C20, Class A2		2.486		03/15/54		5,800		6,069,161
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A4		2.632		08/10/49		650		691,836
Series 2020-C09, Class A4		1.644		08/15/53		5,800		5,757,175
Fannie Mae-Aces,
Series 2018-M10, Class A1		3.370(cc)		07/25/28		404		440,759
Series 2019-M21, Class 3A1		2.100		06/25/34		6,897		7,241,963
Series 2019-M22, Class A1		2.104		08/25/29		3,659		3,868,778
Series 2019-M25, Class A1		2.142		11/25/29		4,246		4,512,504
FHLMC Multifamily Structured Pass-Through Certificates,
Series K075, Class AM		3.650(cc)		02/25/28		1,075		1,235,426
Series K079, Class AM		3.930		06/25/28		1,350		1,579,960
Series K080, Class AM		3.986(cc)		07/25/28		6,050		7,093,628
Series K091, Class AM		3.566		03/25/29		2,000		2,315,527
Series K157, Class A2		3.990(cc)		05/25/33		800		970,479
Series KC03, Class A2		3.499		01/25/26		1,350		1,450,296
Series KW08, Class A2		3.600		01/25/29		4,500		5,228,891
Series W5FX, Class AFX		3.214(cc)		04/25/28		1,245		1,401,025
GS Mortgage Securities Corp. Trust,
Series 2021-RENT, Class A, 144A, 1 Month LIBOR + 0.700% (Cap N/A, Floor 0.700%)		0.785(c)		11/21/35		1,400		1,400,880

See Notes to Financial Statements.

22

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3		3.119%		05/10/50		970	$	1,032,702
Series 2015-GC34, Class A3		3.244		10/10/48		4,322		4,558,566
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C27, Class A3A1		2.920		02/15/48		875		914,557
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4		3.414		03/15/50		1,370		1,467,238
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3		2.559		08/15/49		965		1,015,153
Series 2016-JP03, Class A4		2.627		08/15/49		700		737,376
Series 2017-JP05, Class A4		3.457		03/15/50		560		613,748
Series 2017-JP07, Class ASB		3.241		09/15/50		575		619,498
Ladder Capital Commercial Mortgage Securities Trust,
Series 2017-LC26, Class A3, 144A		3.289		07/12/50		1,600		1,720,093
Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3		2.791		11/15/49		900		961,633
Series 2016-UB11, Class A3		2.531		08/15/49		1,200		1,271,266
UBS Commercial Mortgage Trust,
Series 2017-C02, Class ASB		3.264		08/15/50		800		860,009
Series 2017-C05, Class A4		3.212		11/15/50		1,800		1,952,086
Series 2018-C09, Class A3		3.854		03/15/51		750		835,440
Series 2018-C14, Class A3		4.180		12/15/51		1,400		1,593,016
Series 2019-C18, Class A3		2.782		12/15/52		4,400		4,693,149
UBS-Barclays Commercial Mortgage Trust,
Series 2013-C06, Class A4		3.244		04/10/46		101		104,582
Wells Fargo Commercial Mortgage Trust,
Series 2016-BNK01, Class A2		2.399		08/15/49		1,197		1,242,346
Series 2016-C35, Class A3		2.674		07/15/48		1,900		1,990,378
Series 2016-NXS06, Class A3		2.642		11/15/49		1,500		1,594,609
Series 2017-C38, Class A4		3.190		07/15/50		1,000		1,095,571
Series 2017-RB01, Class A4		3.374		03/15/50		1,400		1,546,833
Series 2018-C46, Class A3		3.888		08/15/51		2,000		2,255,648
Series 2019-C49, Class A3		3.749		03/15/52		3,000		3,321,436
Series 2019-C50, Class A4		3.466		05/15/52		2,500		2,764,794
Series 2019-C52, Class A3		2.631		08/15/52		2,000		2,117,611
Series 2020-C57, Class A3		1.864		08/15/53		5,300		5,322,865
Series 2021-C59, Class A3		1.958		04/15/54		5,921		6,019,311
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $223,794,611)								233,488,352

See Notes to Financial Statements.

PGIM Core Bond Fund 23

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS    32.7%
Aerospace & Defense    0.7%
BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A		3.400%		04/15/30		335	$	370,352
Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		1,530		1,543,185
Sr. Unsec’d. Notes		3.625		02/01/31(a)		1,945		2,119,578
Sr. Unsec’d. Notes		3.750		02/01/50		830		862,309
Embraer Netherlands Finance BV (Brazil),
Gtd. Notes		5.050		06/15/25		281		295,027
Embraer Overseas Ltd. (Brazil),
Gtd. Notes, 144A		5.696		09/16/23		375		400,888
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes		3.832		04/27/25		30		32,997
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes		4.125		11/16/28		450		522,193
Teledyne Technologies, Inc.,
Gtd. Notes		2.750		04/01/31		3,510		3,690,403
								9,836,932
Agriculture    0.5%
Altria Group, Inc.,
Gtd. Notes		3.400		05/06/30(a)		630		678,580
Gtd. Notes		3.400		02/04/41		2,010		1,947,701
BAT Capital Corp. (United Kingdom),
Gtd. Notes		2.726		03/25/31(a)		2,180		2,194,455
Gtd. Notes		3.222		08/15/24		890		945,242
BAT International Finance PLC (United Kingdom),
Gtd. Notes, 144A		3.950		06/15/25		1,510		1,657,687
								7,423,665
Airlines    0.2%
American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates		3.375		11/01/28		74		73,330
Delta Air Lines 2020-1 Class AA Pass Through Trust,
Pass-Through Certificates		2.000		12/10/29		649		652,614
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.250		05/04/25		874		998,832

See Notes to Financial Statements.

24

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Airlines (cont’d.)
United Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates		2.875%		04/07/30		326	$	335,922
United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates		2.700		11/01/33		432		433,828
								2,494,526
Auto Manufacturers    0.6%
BMW US Capital LLC (Germany),
Gtd. Notes, 144A		2.250		09/15/23		645		667,506
Ford Motor Co.,
Sr. Unsec’d. Notes		5.291		12/08/46		285		326,021
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		3.087		01/09/23		1,125		1,147,959
Sr. Unsec’d. Notes		3.350		11/01/22		1,390		1,421,085
General Motors Co.,
Sr. Unsec’d. Notes		6.250		10/02/43		900		1,254,103
General Motors Financial Co., Inc.,
Gtd. Notes		3.450		04/10/22		180		182,844
Gtd. Notes		3.850		01/05/28		490		543,419
Gtd. Notes		4.350		01/17/27		180		203,925
Gtd. Notes		5.250		03/01/26		375		434,625
Sr. Unsec’d. Notes		3.600		06/21/30		2,655		2,915,787
								9,097,274
Banks    9.6%
Banco Santander SA (Spain),
Sr. Unsec’d. Notes		3.848		04/12/23		200		210,924
Bank of America Corp.,
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		5,985		6,250,136
Sr. Unsec’d. Notes, GMTN		3.593(ff)		07/21/28		1,595		1,767,068
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		2,705		2,796,240
Sr. Unsec’d. Notes, MTN		3.824(ff)		01/20/28		1,720		1,923,582
Sr. Unsec’d. Notes, MTN		3.974(ff)		02/07/30		400		455,625
Sr. Unsec’d. Notes, MTN		4.083(ff)		03/20/51		1,555		1,880,249
Sr. Unsec’d. Notes, MTN		4.125		01/22/24		200		217,537
Sr. Unsec’d. Notes, MTN		4.271(ff)		07/23/29		320		369,116
Sub. Notes, MTN		4.000		01/22/25		800		878,147
Sub. Notes, MTN		4.450		03/03/26		1,500		1,698,546
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN		2.950		01/29/23		450		467,302

See Notes to Financial Statements.

PGIM Core Bond Fund 25

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.932%(ff)		05/07/25		1,780	$	1,921,360
Sr. Unsec’d. Notes		4.375		01/12/26		200		225,671
Sr. Unsec’d. Notes, MTN		4.972(ff)		05/16/29		400		472,071
BNP Paribas SA (France),
Sr. Unsec’d. Notes, 144A		1.675(ff)		06/30/27		1,425		1,437,065
Sr. Unsec’d. Notes, 144A		1.904(ff)		09/30/28		1,385		1,393,546
Sr. Unsec’d. Notes, 144A		2.219(ff)		06/09/26		655		677,370
Sr. Unsec’d. Notes, 144A, MTN		2.950		05/23/22		435		444,315
Sr. Unsec’d. Notes, 144A, MTN		3.052(ff)		01/13/31		1,080		1,151,477
Sub. Notes, 144A, MTN		4.375		09/28/25		710		789,399
BPCE SA (France),
Sr. Unsec’d. Notes, 144A		2.375		01/14/25		2,650		2,765,165
Sr. Unsec’d. Notes, 144A, MTN		3.250		01/11/28		625		687,298
Citigroup, Inc.,
Sr. Unsec’d. Notes		1.122(ff)		01/28/27		8,090		8,023,687
Sr. Unsec’d. Notes		2.561(ff)		05/01/32		1,415		1,462,678
Sr. Unsec’d. Notes		2.666(ff)		01/29/31		1,400		1,462,785
Sr. Unsec’d. Notes		3.200		10/21/26		290		316,197
Sr. Unsec’d. Notes		3.400		05/01/26		350		385,232
Sr. Unsec’d. Notes		3.520(ff)		10/27/28		180		198,408
Sr. Unsec’d. Notes		3.668(ff)		07/24/28		490		544,580
Sr. Unsec’d. Notes		3.887(ff)		01/10/28		670		748,388
Sub. Notes		4.400		06/10/25		4,000		4,474,198
Sub. Notes		4.450		09/29/27		840		969,273
Sub. Notes		4.600		03/09/26		945		1,082,061
Sub. Notes		4.750		05/18/46		460		592,333
Credit Agricole SA (France),
Sr. Unsec’d. Notes, 144A		1.247(ff)		01/26/27		1,350		1,338,837
Sr. Unsec’d. Notes, 144A, MTN		1.907(ff)		06/16/26		1,045		1,070,310
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		2.193(ff)		06/05/26		555		571,253
Sr. Unsec’d. Notes, 144A		2.593(ff)		09/11/25		1,730		1,803,145
Sr. Unsec’d. Notes, 144A		3.869(ff)		01/12/29		870		965,029
Sr. Unsec’d. Notes, 144A		4.282		01/09/28		350		392,722
Danske Bank A/S (Denmark),
Sr. Unsec’d. Notes, 144A		1.621(ff)		09/11/26		1,710		1,724,317
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes		2.129(ff)		11/24/26		1,530		1,564,346
Discover Bank,
Sr. Unsec’d. Notes		4.200		08/08/23		250		268,571

See Notes to Financial Statements.

26

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.431%(ff)		03/09/27		2,830	$	2,843,077
Sr. Unsec’d. Notes		1.542(ff)		09/10/27		3,405		3,429,148
Sr. Unsec’d. Notes		3.272(ff)		09/29/25		1,160		1,243,679
Sr. Unsec’d. Notes		3.500		01/23/25		75		81,102
Sr. Unsec’d. Notes		3.500		04/01/25		1,230		1,337,177
Sr. Unsec’d. Notes		3.814(ff)		04/23/29		1,585		1,785,243
Sr. Unsec’d. Notes		3.850		01/26/27		475		525,930
Sr. Unsec’d. Notes		4.223(ff)		05/01/29		125		143,924
Sub. Notes		4.250		10/21/25		250		280,506
Sub. Notes		5.150		05/22/45		335		453,080
ING Groep NV (Netherlands),
Sr. Unsec’d. Notes		3.550		04/09/24		200		215,354
Intesa Sanpaolo SpA (Italy),
Sr. Unsec’d. Notes, Series XR, 144A		4.000		09/23/29		1,790		1,986,265
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series II		4.000(ff)		04/01/25(oo)		3,920		3,959,325
Sr. Unsec’d. Notes		2.580(ff)		04/22/32		2,565		2,669,980
Sr. Unsec’d. Notes		2.950		10/01/26		410		443,380
Sr. Unsec’d. Notes		3.200		01/25/23		100		104,332
Sr. Unsec’d. Notes		3.200		06/15/26		230		251,704
Sr. Unsec’d. Notes		3.300		04/01/26		4,000		4,387,738
Sr. Unsec’d. Notes		3.509(ff)		01/23/29		210		233,108
Sr. Unsec’d. Notes		3.625		05/13/24		875		948,746
Sr. Unsec’d. Notes		3.964(ff)		11/15/48		355		422,308
Sr. Unsec’d. Notes		4.005(ff)		04/23/29		3,585		4,087,144
Sub. Notes		2.956(ff)		05/13/31		1,855		1,968,479
Sub. Notes		3.875		09/10/24		375		408,490
Sub. Notes		4.250		10/01/27		375		431,224
Mitsubishi UFJ Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes		2.623		07/18/22		2,400		2,454,587
Morgan Stanley,
Sr. Unsec’d. Notes		3.217(ff)		04/22/42		545		585,398
Sr. Unsec’d. Notes, GMTN		3.750		02/25/23		315		331,345
Sr. Unsec’d. Notes, GMTN		3.772(ff)		01/24/29		760		855,688
Sr. Unsec’d. Notes, GMTN		3.875		01/27/26		470		527,064
Sr. Unsec’d. Notes, GMTN		4.000		07/23/25		455		506,801
Sr. Unsec’d. Notes, GMTN		4.431(ff)		01/23/30		1,200		1,411,195
Sr. Unsec’d. Notes, MTN		1.928(ff)		04/28/32		4,245		4,168,586
Sr. Unsec’d. Notes, MTN		2.720(ff)		07/22/25		1,500		1,579,059
Sr. Unsec’d. Notes, MTN		3.591(ff)		07/22/28		310		345,423
Sr. Unsec’d. Notes, Series F, MTN		3.875		04/29/24		365		396,889

See Notes to Financial Statements.

PGIM Core Bond Fund 27

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Morgan Stanley, (cont’d.)
Sub. Notes, GMTN		4.350%		09/08/26		3,800	$	4,328,894
Natwest Group PLC (United Kingdom),
Sr. Unsec’d. Notes		1.642(ff)		06/14/27		1,830		1,840,528
Sr. Unsec’d. Notes		3.875		09/12/23		220		234,648
Sr. Unsec’d. Notes		5.076(ff)		01/27/30		720		862,849
Santander UK Group Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes		3.571		01/10/23		430		435,897
Societe Generale SA (France),
Sr. Unsec’d. Notes, 144A		1.488(ff)		12/14/26		3,800		3,787,491
Sr. Unsec’d. Notes, 144A, MTN		1.792(ff)		06/09/27		1,335		1,340,999
State Bank of India (India),
Sr. Unsec’d. Notes, 144A		4.375		01/24/24		630		676,811
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes		2.348		01/15/25		2,520		2,640,785
Sr. Unsec’d. Notes		2.442		10/19/21		235		236,142
Svenska Handelsbanken AB (Sweden),
Gtd. Notes, MTN		1.875		09/07/21		465		465,754
Texas Capital Bank NA,
Sr. Unsec’d. Notes, 144A, 3 Month LIBOR + 4.500%		4.647(c)		09/30/24		2,340		2,349,053
Truist Bank,
Sub. Notes		2.250		03/11/30		2,840		2,930,280
Truist Financial Corp.,
Sr. Unsec’d. Notes		2.700		01/27/22		350		353,517
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A		2.859(ff)		08/15/23		570		583,987
Sr. Unsec’d. Notes, 144A		3.126(ff)		08/13/30		1,180		1,281,036
Wells Fargo & Co.,
Sr. Unsec’d. Notes, MTN		2.572(ff)		02/11/31		2,740		2,868,388
Sr. Unsec’d. Notes, MTN		5.013(ff)		04/04/51		2,300		3,217,531
								139,074,627
Beverages    0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc. (Belgium),
Gtd. Notes		4.700		02/01/36		180		223,916
Gtd. Notes		4.900		02/01/46		650		833,567
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		5.450		01/23/39		975		1,299,884
Gtd. Notes		5.550		01/23/49		900		1,263,529

See Notes to Financial Statements.

28

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Beverages (cont’d.)
Constellation Brands, Inc.,
Gtd. Notes		4.650%		11/15/28		450	$	534,333
Sr. Unsec’d. Notes		2.250		08/01/31		1,030		1,038,729
Diageo Capital PLC (United Kingdom),
Gtd. Notes		2.125		04/29/32		1,665		1,699,730
Keurig Dr. Pepper, Inc.,
Gtd. Notes		2.250		03/15/31		2,600		2,663,661
								9,557,349
Biotechnology    0.2%
Amgen, Inc.,
Sr. Unsec’d. Notes		2.200		02/21/27		2,000		2,097,398
Gilead Sciences, Inc.,
Sr. Unsec’d. Notes		2.500		09/01/23		220		228,872
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes		2.800		09/15/50		460		433,679
								2,759,949
Building Materials    0.3%
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		4.250		12/15/47		395		470,652
Sr. Unsec’d. Notes, Series CB		2.500		03/15/30		885		913,652
Masco Corp.,
Sr. Unsec’d. Notes		4.500		05/15/47		600		735,677
Owens Corning,
Sr. Unsec’d. Notes		4.400		01/30/48		825		994,603
Vulcan Materials Co.,
Sr. Unsec’d. Notes		4.700		03/01/48		750		958,608
								4,073,192
Chemicals    0.2%
International Flavors & Fragrances, Inc.,
Sr. Unsec’d. Notes, 144A		3.268		11/15/40		350		373,558
LYB International Finance BV,
Gtd. Notes		4.000		07/15/23		142		151,512
LYB International Finance III LLC,
Gtd. Notes		4.200		05/01/50		1,070		1,269,489
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.125		03/15/35		40		46,693
Sr. Unsec’d. Notes		5.250		01/15/45		260		352,981

See Notes to Financial Statements.

PGIM Core Bond Fund 29

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate	Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Sasol Financing USA LLC (South Africa),
Gtd. Notes	5.875%		03/27/24		200	$	211,655
Gtd. Notes	6.500		09/27/28		400		445,151
							2,851,039
Commercial Services    0.7%
Cintas Corp. No. 2,
Gtd. Notes	2.900		04/01/22		385		390,945
ERAC USA Finance LLC,
Gtd. Notes, 144A	2.700		11/01/23		580		605,660
Gtd. Notes, 144A	3.300		10/15/22		750		775,712
Gtd. Notes, 144A	4.500		02/15/45		75		93,468
Experian Finance PLC (United Kingdom),
Gtd. Notes, 144A	2.750		03/08/30		1,735		1,824,812
Global Payments, Inc.,
Sr. Unsec’d. Notes	2.650		02/15/25		575		607,251
Massachusetts Institute of Technology,
Unsec’d. Notes	3.885		07/01/2116		700		902,781
PayPal Holdings, Inc.,
Sr. Unsec’d. Notes	2.850		10/01/29		1,790		1,950,548
President & Fellows of Harvard College,
Unsec’d. Notes	3.300		07/15/56		160		190,903
Trustees of Boston College,
Unsec’d. Notes	3.129		07/01/52		637		696,308
University of Notre Dame du Lac,
Unsec’d. Notes, Series 2017	3.394		02/15/48		365		434,517
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes	4.125		03/15/29		1,185		1,369,784
							9,842,689
Computers    0.1%
Apple, Inc.,
Sr. Unsec’d. Notes	3.850		08/04/46		525		629,876
NetApp, Inc.,
Sr. Unsec’d. Notes	1.875		06/22/25		1,470		1,519,060
							2,148,936
Diversified Financial Services    0.5%
BOC Aviation USA Corp. (Singapore),
Gtd. Notes, 144A, MTN	1.625		04/29/24(a)		635		640,356

See Notes to Financial Statements.

30

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Cboe Global Markets, Inc.,
Sr. Unsec’d. Notes		1.625%		12/15/30		2,900	$	2,845,509
Charles Schwab Corp. (The),
Sr. Unsec’d. Notes		1.650		03/11/31(a)		2,970		2,936,196
Jefferies Group LLC,
Sr. Unsec’d. Notes		6.450		06/08/27		150		188,517
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes		2.608		07/14/31		565		573,508
								7,184,086
Electric    3.4%
Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN		2.000		04/29/28		515		521,423
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes		4.250		09/15/48		830		1,050,465
Alabama Power Co.,
Sr. Unsec’d. Notes		2.800		04/01/25		75		79,660
Ameren Illinois Co.,
First Mortgage		3.700		12/01/47		625		736,864
Arizona Public Service Co.,
Sr. Unsec’d. Notes		3.350		05/15/50		1,810		1,989,043
Baltimore Gas & Electric Co.,
Sr. Unsec’d. Notes		2.900		06/15/50		100		102,611
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series Z		2.400		09/01/26		190		201,658
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes		3.700		09/01/49		495		549,450
Cleco Corporate Holdings LLC,
Sr. Unsec’d. Notes		3.375		09/15/29		305		321,157
Commonwealth Edison Co.,
First Mortgage		3.700		03/01/45		40		46,628
First Mortgage		4.000		03/01/48		115		141,034
First Mortgage, Series 123		3.750		08/15/47		775		916,071
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series C		4.300		12/01/56		40		48,672
Sr. Unsec’d. Notes, Series E		4.650		12/01/48		720		919,163
Consumers Energy Co.,
First Mortgage		3.250		08/15/46		155		170,676
Delmarva Power & Light Co.,
First Mortgage		4.150		05/15/45		60		73,932

See Notes to Financial Statements.

PGIM Core Bond Fund 31

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest  Rate		Maturity  Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Dominion Energy, Inc.,
Sr. Unsec’d. Notes, Series D		2.850%		08/15/26		55	$	59,092
DTE Electric Co.,
General Ref. Mortgage, Series A		4.050		05/15/48		370		460,170
DTE Energy Co.,
Sr. Unsec’d. Notes		2.850		10/01/26		350		376,356
Duke Energy Corp.,
Sr. Unsec’d. Notes		2.650		09/01/26		145		154,741
Sr. Unsec’d. Notes		3.950		08/15/47		185		209,766
Duke Energy Florida LLC,
First Mortgage		3.200		01/15/27		600		660,984
First Mortgage		3.400		10/01/46		185		205,779
First Mortgage		4.200		07/15/48		205		257,677
Duke Energy Progress LLC,
First Mortgage		2.500		08/15/50		1,860		1,781,860
First Mortgage		3.700		10/15/46		75		87,472
Emera U.S. Finance LP (Canada),
Gtd. Notes		3.550		06/15/26		75		82,427
Enel Finance International NV (Italy),
Gtd. Notes, 144A		2.650		09/10/24		655		693,193
Gtd. Notes, 144A		3.500		04/06/28		475		527,734
Gtd. Notes, 144A		3.625		05/25/27		230		256,673
Engie Energia Chile SA (Chile),
Sr. Unsec’d. Notes, 144A		3.400		01/28/30		200		207,812
Entergy Arkansas LLC,
First Mortgage		2.650		06/15/51		2,220		2,175,747
Entergy Corp.,
Sr. Unsec’d. Notes		4.000		07/15/22		260		267,425
Entergy Louisiana LLC,
Sec’d. Notes		4.000		03/15/33		170		202,756
Entergy Texas, Inc.,
First Mortgage		4.500		03/30/39		1,000		1,209,545
Evergy, Inc.,
Sr. Unsec’d. Notes		2.450		09/15/24		2,135		2,244,655
Eversource Energy,
Sr. Unsec’d. Notes, Series M		3.300		01/15/28		335		370,381
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes		3.055		10/04/26		217		235,198
Georgia Power Co.,
Sr. Unsec’d. Notes, Series B		2.650		09/15/29		1,005		1,070,320
IPALCO Enterprises, Inc.,
Sr. Sec’d. Notes		4.250		05/01/30		240		274,231

See Notes to Financial Statements.

32

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN		4.250%		08/14/28		235	$	263,592
Sr. Sec’d. Notes, 144A, Series 6		5.000		11/12/24		1,360		1,520,804
MidAmerican Energy Co.,
First Mortgage		3.950		08/01/47		225		274,327
First Mortgage		4.250		07/15/49		350		447,738
Monongahela Power Co.,
First Mortgage, 144A		4.100		04/15/24		851		917,148
Narragansett Electric Co. (The),
Sr. Unsec’d. Notes, 144A		3.395		04/09/30		915		1,019,278
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.403		09/01/21		2,100		2,103,607
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A		2.000		12/02/25		280		287,634
Sr. Sec’d. Notes, 144A		2.450		12/02/27		1,215		1,241,622
Ohio Power Co.,
Sr. Unsec’d. Notes		4.150		04/01/48		250		307,505
Oncor Electric Delivery Co. LLC,
Sr. Sec’d. Notes		2.950		04/01/25		60		64,363
PacifiCorp,
First Mortgage		2.700		09/15/30		890		950,370
PECO Energy Co.,
First Mortgage		3.000		09/15/49		180		191,611
First Mortgage		3.050		03/15/51		1,540		1,656,125
First Ref. Mortgage		4.800		10/15/43		120		157,810
Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A		3.600		06/01/29		1,435		1,547,073
PPL Electric Utilities Corp.,
First Mortgage		3.000		10/01/49		235		250,181
Public Service Co. of Colorado,
First Mortgage		4.100		06/15/48		235		293,465
First Mortgage, Series 34		3.200		03/01/50		720		801,303
Public Service Electric & Gas Co.,
First Mortgage, MTN		2.250		09/15/26		370		391,988
First Mortgage, MTN		2.700		05/01/50		390		395,004
First Mortgage, MTN		3.200		05/15/29		1,265		1,410,914
First Mortgage, MTN		3.600		12/01/47		95		111,110
First Mortgage, MTN		3.700		05/01/28		590		676,553
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes		1.600		08/15/30		1,155		1,111,965
Puget Energy, Inc.,
Sr. Sec’d. Notes, 144A		2.379		06/15/28		1,132		1,157,485

See Notes to Financial Statements.

PGIM Core Bond Fund 33

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
San Diego Gas & Electric Co.,
First Mortgage		4.150%		05/15/48		420	$	524,324
Southern California Edison Co.,
First Mortgage		3.650		02/01/50		290		295,697
Southwestern Electric Power Co.,
Sr. Unsec’d. Notes, Series K		2.750		10/01/26		675		722,153
Southwestern Public Service Co.,
First Mortgage		3.700		08/15/47		355		409,503
SP PowerAssets Ltd. (Singapore),
Sr. Unsec’d. Notes, 144A, MTN		3.000		09/26/27		465		510,520
State Grid Overseas Investment 2016 Ltd. (China),
Gtd. Notes, 144A, MTN		3.500		05/04/27		600		665,941
Tucson Electric Power Co.,
Sr. Unsec’d. Notes		4.000		06/15/50		1,315		1,594,682
Union Electric Co.,
Sr. Sec’d. Notes		3.650		04/15/45		50		57,875
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A		3.500		03/15/27		535		597,755
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A		3.550		07/15/24		1,515		1,610,223
Wisconsin Power & Light Co.,
Sr. Unsec’d. Notes		3.050		10/15/27		535		585,134
Xcel Energy, Inc.,
Sr. Unsec’d. Notes		3.350		12/01/26		510		560,379
								49,625,262
Electronics    0.1%
Trimble, Inc.,
Sr. Unsec’d. Notes		4.150		06/15/23		770		816,719
Engineering & Construction    0.1%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A		3.875		04/30/28		200		211,553
Sr. Sec’d. Notes, 144A		4.250		10/31/26		200		216,785
Sr. Sec’d. Notes, 144A		5.500		07/31/47		600		607,006
								1,035,344
Foods    0.3%
Ahold Finance USA LLC (Netherlands),
Gtd. Notes		6.875		05/01/29		280		379,733

See Notes to Financial Statements.

34

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Foods (cont’d.)
Campbell Soup Co.,
Sr. Unsec’d. Notes		2.375%		04/24/30		2,175	$	2,224,888
Kraft Heinz Foods Co.,
Gtd. Notes		3.000		06/01/26		102		108,479
Gtd. Notes		4.875		10/01/49		900		1,119,730
Kroger Co. (The),
Sr. Unsec’d. Notes		3.875		10/15/46		65		73,408
Mars, Inc.,
Gtd. Notes, 144A		3.950		04/01/49		580		713,973
Mondelez International Holdings Netherlands BV,
Gtd. Notes, 144A		2.000		10/28/21		500		501,364
								5,121,575
Forest Products & Paper    0.0%
Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes		4.500		08/01/24		214		229,846
Georgia-Pacific LLC,
Sr. Unsec’d. Notes, 144A		3.600		03/01/25		220		240,117
								469,963
Gas    0.4%
Atmos Energy Corp.,
Sr. Unsec’d. Notes		3.375		09/15/49		1,200		1,335,654
CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes		4.100		09/01/47		305		363,887
NiSource, Inc.,
Sr. Unsec’d. Notes		1.700		02/15/31		2,445		2,356,162
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes		3.500		06/01/29		440		489,286
Southern Co. Gas Capital Corp.,
Gtd. Notes		2.450		10/01/23		555		576,723
								5,121,712
Healthcare-Products    0.0%
Medtronic, Inc.,
Gtd. Notes		4.375		03/15/35		235		298,197
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		4.133		03/25/25		105		116,542
								414,739

See Notes to Financial Statements.

PGIM Core Bond Fund 35

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services    1.0%
Aetna, Inc.,
Sr. Unsec’d. Notes		3.500%		11/15/24		100	$	108,010
Sr. Unsec’d. Notes		4.500		05/15/42		1,000		1,227,268
Sr. Unsec’d. Notes		6.750		12/15/37		170		254,871
AHS Hospital Corp.,
Unsec’d. Notes		5.024		07/01/45		200		279,896
Allina Health System,
Unsec’d. Notes, Series 2019		3.887		04/15/49		250		296,759
Ascension Health,
Sr. Unsec’d. Notes, Series B		3.106		11/15/39		265		289,741
Unsec’d. Notes		4.847		11/15/53		500		720,545
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021		2.810		06/01/41		2,410		2,525,149
Laboratory Corp. of America Holdings,
Sr. Unsec’d. Notes		2.950		12/01/29		595		634,708
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes, Series 2015		4.200		07/01/55		75		99,048
MidMichigan Health,
Sec’d. Notes, Series 2020		3.409		06/01/50		740		826,953
Mount Sinai Hospitals Group, Inc.,
Sec’d. Notes, Series 2019		3.737		07/01/49		1,795		2,017,067
OhioHealth Corp.,
Unsec’d. Notes, Series 2020		3.042		11/15/50		795		853,390
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532		10/01/29		420		445,981
Unsec’d. Notes, Series H		2.746		10/01/26		40		43,013
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes		2.950		06/30/30		1,910		2,055,281
Sr. Unsec’d. Notes		3.500		03/30/25		190		206,802
RWJ Barnabas Health, Inc.,
Sr. Unsec’d. Notes		3.949		07/01/46		175		211,651
Stanford Health Care,
Unsec’d. Notes, Series 2018		3.795		11/15/48		450		544,397
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.050		05/15/41		1,150		1,234,021
Sr. Unsec’d. Notes		3.750		07/15/25		90		100,366
								14,974,917
Housewares    0.0%
Newell Brands, Inc.,
Sr. Unsec’d. Notes		4.700		04/01/26		35		38,994

See Notes to Financial Statements.

36

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Insurance    0.8%
American International Group, Inc.,
Sr. Unsec’d. Notes		3.750%		07/10/25		410	$	451,691
Sr. Unsec’d. Notes		4.500		07/16/44		410		511,924
Arch Capital Finance LLC,
Gtd. Notes		5.031		12/15/46		95		126,978
Arch Capital Group US, Inc.,
Gtd. Notes		5.144		11/01/43		100		134,627
Berkshire Hathaway Finance Corp.,
Gtd. Notes		2.850		10/15/50		1,175		1,198,401
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.950		05/15/24		1,170		1,268,300
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		3.950		05/15/60		185		208,606
Gtd. Notes, 144A		3.951		10/15/50		450		509,985
Lincoln National Corp.,
Sr. Unsec’d. Notes		6.300		10/09/37		115		165,484
Markel Corp.,
Sr. Unsec’d. Notes		3.350		09/17/29		1,625		1,808,162
Sr. Unsec’d. Notes		3.625		03/30/23		400		419,344
Sr. Unsec’d. Notes		4.150		09/17/50		1,310		1,559,642
Sr. Unsec’d. Notes		5.000		04/05/46		350		461,736
Principal Financial Group, Inc.,
Gtd. Notes		3.100		11/15/26		105		114,494
Gtd. Notes		4.300		11/15/46		140		174,060
Gtd. Notes		4.350		05/15/43		85		104,929
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A		3.300		05/15/50		930		994,135
Sub. Notes, 144A		4.900		09/15/44		120		159,513
W.R. Berkley Corp.,
Sr. Unsec’d. Notes		4.000		05/12/50		545		638,409
								11,010,420
Iron/Steel    0.1%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes		3.450		04/15/30		1,950		2,157,336

See Notes to Financial Statements.

PGIM Core Bond Fund 37

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Lodging    0.1%
Las Vegas Sands Corp.,
Sr. Unsec’d. Notes		3.500%		08/18/26		1,230	$	1,297,526
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		250		267,671
								1,565,197
Machinery-Construction & Mining    0.1%
Caterpillar, Inc.,
Sr. Unsec’d. Notes		2.600		04/09/30		735		790,408
Machinery-Diversified    0.0%
Rockwell Automation, Inc.,
Sr. Unsec’d. Notes		2.875		03/01/25		115		122,752
Media    1.2%
Charter Communications Operating LLC/Charter
Communications Operating Capital,
Sr. Sec’d. Notes		2.300		02/01/32		445		436,767
Sr. Sec’d. Notes		2.800		04/01/31		2,755		2,852,507
Sr. Sec’d. Notes		3.700		04/01/51		360		363,399
Sr. Sec’d. Notes		3.900		06/01/52		440		456,334
Sr. Sec’d. Notes		4.800		03/01/50		335		393,835
Sr. Sec’d. Notes		5.375		05/01/47		530		655,582
Sr. Sec’d. Notes		6.384		10/23/35		2,480		3,344,933
Sr. Sec’d. Notes		6.484		10/23/45		400		563,298
Comcast Corp.,
Gtd. Notes		4.250		10/15/30		275		326,824
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A		2.600		06/15/31		3,535		3,650,353
Sr. Unsec’d. Notes, 144A		3.150		08/15/24		276		294,665
Sr. Unsec’d. Notes, 144A		3.500		08/15/27		2,000		2,219,892
Discovery Communications LLC,
Gtd. Notes		5.200		09/20/47		177		223,988
Time Warner Cable LLC,
Sr. Sec’d. Notes		5.500		09/01/41		150		189,377
ViacomCBS, Inc.,
Sr. Unsec’d. Notes		4.375		03/15/43		1,500		1,771,319
								17,743,073

See Notes to Financial Statements.

38

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Mining    0.2%
Barrick North America Finance LLC (Canada),
Gtd. Notes		5.750%		05/01/43		190	$	273,046
Newmont Corp.,
Gtd. Notes		2.250		10/01/30		845		859,326
Gtd. Notes		2.800		10/01/29		1,270		1,351,531
Southern Copper Corp. (Peru),
Sr. Unsec’d. Notes		6.750		04/16/40		100		141,487
								2,625,390
Multi-National    0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes		2.125		09/27/21		300		300,682
Sr. Unsec’d. Notes		2.750		01/06/23		185		190,740
Sr. Unsec’d. Notes		3.250		02/11/22		95		96,414
								587,836
Oil & Gas    2.1%
Aker BP ASA (Norway),
Sr. Unsec’d. Notes, 144A		2.875		01/15/26		2,045		2,172,695
BP Capital Markets America, Inc.,
Gtd. Notes		3.790		02/06/24		855		921,735
BP Capital Markets PLC (United Kingdom),
Gtd. Notes		4.375(ff)		06/22/25(oo)		2,420		2,588,250
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		2.950		01/15/23		1,310		1,354,972
Sr. Unsec’d. Notes		6.250		03/15/38		175		238,021
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		4.000		04/15/24		150		160,790
Sr. Unsec’d. Notes		5.400		06/15/47		384		479,755
Sr. Unsec’d. Notes		6.750		11/15/39		350		476,559
Sr. Unsec’d. Notes		6.800		09/15/37		200		266,156
Chevron USA, Inc.,
Gtd. Notes		3.900		11/15/24		425		466,904
Gtd. Notes		5.050		11/15/44		435		593,872
ConocoPhillips,
Gtd. Notes, 144A		3.750		10/01/27		2,000		2,267,894
Gtd. Notes, 144A		4.300		08/15/28		1,110		1,299,670
Gtd. Notes, 144A		4.875		10/01/47		55		73,332
Continental Resources, Inc.,
Gtd. Notes		3.800		06/01/24(a)		2,300		2,410,935
Gtd. Notes		4.500		04/15/23		146		151,709

See Notes to Financial Statements.

PGIM Core Bond Fund 39

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Equinor ASA (Norway),
Gtd. Notes		2.375%		05/22/30		1,110	$	1,162,000
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes		4.650		03/15/25		1,190		1,334,220
KazMunayGas National Co. JSC (Kazakhstan),
Sr. Unsec’d. Notes, 144A		4.750		04/24/25		200		223,816
Lundin Energy Finance BV (Netherlands),
Gtd. Notes, 144A		3.100		07/15/31		770		789,673
Marathon Petroleum Corp.,
Sr. Unsec’d. Notes		3.800		04/01/28		380		426,262
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		7.500		05/01/31		100		127,350
Sr. Unsec’d. Notes		7.875		09/15/31		250		325,285
Ovintiv, Inc.,
Gtd. Notes		6.500		08/15/34		200		266,308
Petroleos Mexicanos (Mexico),
Gtd. Notes		6.350		02/12/48		154		131,733
Gtd. Notes		6.490		01/23/27		1,048		1,112,573
Gtd. Notes		6.500		03/13/27		1,020		1,083,748
Gtd. Notes		7.690		01/23/50		398		386,757
Gtd. Notes, MTN		6.750		09/21/47		1,305		1,158,748
Gtd. Notes, MTN		6.875		08/04/26		870		954,397
Qatar Petroleum (Qatar),
Sr. Unsec’d. Notes, 144A		1.375		09/12/26		2,298		2,307,492
Sr. Unsec’d. Notes, 144A		2.250		07/12/31(a)		1,090		1,106,079
Sinopec Group Overseas Development 2018 Ltd.
(China),
Gtd. Notes, 144A		3.680		08/08/49		585		641,701
Valero Energy Corp.,
Sr. Unsec’d. Notes		3.400		09/15/26		220		238,862
								29,700,253
Oil & Gas Services    0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A		3.900		05/17/28		487		548,647
Packaging & Containers    0.6%
Berry Global, Inc.,
Sr. Sec’d. Notes, 144A		1.570		01/15/26		4,740		4,774,906

See Notes to Financial Statements.

40

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers (cont’d.)
Graphic Packaging International LLC,
Sr. Sec’d. Notes, 144A		1.512%		04/15/26		3,070	$	3,077,821
WRKCo, Inc.,
Gtd. Notes		4.650		03/15/26		560		642,751
								8,495,478
Pharmaceuticals    1.7%
AbbVie, Inc.,
Sr. Unsec’d. Notes		3.600		05/14/25		105		114,714
Sr. Unsec’d. Notes		4.250		11/21/49		2,295		2,813,750
Sr. Unsec’d. Notes		4.500		05/14/35		550		676,218
Sr. Unsec’d. Notes		4.550		03/15/35		360		443,976
Sr. Unsec’d. Notes		4.700		05/14/45		1,330		1,686,387
Sr. Unsec’d. Notes		4.750		03/15/45		1,008		1,283,726
AmerisourceBergen Corp.,
Sr. Unsec’d. Notes		3.250		03/01/25		55		59,140
Bayer US Finance LLC (Germany),
Gtd. Notes, 144A		3.000		10/08/21		150		150,722
Bristol-Myers Squibb Co.,
Sr. Unsec’d. Notes		4.125		06/15/39		115		141,789
Sr. Unsec’d. Notes		4.350		11/15/47		475		613,999
Sr. Unsec’d. Notes		5.000		08/15/45		175		243,800
Cigna Corp.,
Gtd. Notes		3.250		04/15/25		270		291,805
Gtd. Notes		3.400		03/01/27		325		358,971
Gtd. Notes		4.375		10/15/28		1,950		2,293,919
Gtd. Notes		4.500		02/25/26		700		799,561
Sr. Unsec’d. Notes		2.375		03/15/31		835		863,173
Sr. Unsec’d. Notes		2.400		03/15/30		780		811,091
CVS Health Corp.,
Sr. Unsec’d. Notes		2.700		08/21/40		385		383,216
Sr. Unsec’d. Notes		4.300		03/25/28		1,143		1,323,485
Sr. Unsec’d. Notes		4.780		03/25/38		85		106,737
Sr. Unsec’d. Notes		5.125		07/20/45		465		615,785
Sr. Unsec’d. Notes		5.300		12/05/43		155		209,904
Johnson & Johnson,
Sr. Unsec’d. Notes		2.100		09/01/40		2,990		2,917,083
Mylan, Inc.,
Gtd. Notes		5.200		04/15/48		1,250		1,564,852
Gtd. Notes		5.400		11/29/43		860		1,089,824

See Notes to Financial Statements.

PGIM Core Bond Fund 41

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Shire Acquisitions Investments Ireland DAC,
Gtd. Notes		2.875%		09/23/23		225	$	235,147
Gtd. Notes		3.200		09/23/26		1,220		1,329,040
Utah Acquisition Sub, Inc.,
Gtd. Notes		5.250		06/15/46		105		130,756
Viatris, Inc.,
Gtd. Notes, 144A		3.850		06/22/40		545		594,275
Gtd. Notes, 144A		4.000		06/22/50		375		405,712
								24,552,557
Pipelines    1.5%
Boardwalk Pipelines LP,
Gtd. Notes		3.400		02/15/31		1,300		1,403,545
Colonial Enterprises, Inc.,
Gtd. Notes, 144A		3.250		05/15/30		1,730		1,909,386
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.,
Gtd. Notes, 144A		4.150		08/15/26		555		625,348
Energy Transfer LP,
Sr. Unsec’d. Notes		4.950		06/15/28		430		501,409
Sr. Unsec’d. Notes		5.000		05/15/50		565		662,399
Sr. Unsec’d. Notes		6.250		04/15/49		910		1,199,668
Enterprise Products Operating LLC,
Gtd. Notes		3.200		02/15/52		570		577,479
Gtd. Notes		3.700		01/31/51		445		488,924
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		4.200		03/15/45		275		297,287
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		2,720		2,788,623
Sr. Unsec’d. Notes		4.000		02/15/25		130		142,353
Sr. Unsec’d. Notes		4.500		04/15/38		270		312,422
Sr. Unsec’d. Notes		4.875		06/01/25		200		226,362
Sr. Unsec’d. Notes		5.200		03/01/47		5		6,199
Sr. Unsec’d. Notes		5.500		02/15/49		210		274,176
ONEOK Partners LP,
Gtd. Notes		6.125		02/01/41		300		392,096
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30(a)		2,415		2,559,521
Gtd. Notes		4.450		09/01/49		1,000		1,136,336
Gtd. Notes		4.500		03/15/50		195		221,836
Gtd. Notes		4.950		07/13/47		85		101,697

See Notes to Financial Statements.

42

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Phillips 66 Partners LP,
Sr. Unsec’d. Notes		3.550%		10/01/26		310	$	338,882
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550		12/15/29		350		374,174
Sr. Unsec’d. Notes		4.650		10/15/25		1,000		1,120,419
Sr. Unsec’d. Notes		4.700		06/15/44		170		182,498
Sr. Unsec’d. Notes		5.150		06/01/42		105		119,228
Spectra Energy Partners LP,
Gtd. Notes		3.375		10/15/26		140		152,885
Texas Eastern Transmission LP,
Sr. Unsec’d. Notes, 144A		3.500		01/15/28		300		330,005
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.950		05/15/50		625		718,433
Sr. Unsec’d. Notes		4.600		03/15/48		500		613,827
Western Midstream Operating LP,
Sr. Unsec’d. Notes		4.000		07/01/22		665		672,131
Sr. Unsec’d. Notes		5.300		03/01/48		320		352,756
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.000		09/15/25		350		388,450
Sr. Unsec’d. Notes		4.300		03/04/24		325		352,135
Sr. Unsec’d. Notes		4.850		03/01/48		55		67,916
Sr. Unsec’d. Notes		5.400		03/04/44		400		512,260
								22,123,065
Real Estate Investment Trusts (REITs)    0.8%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes		2.000		05/18/32		1,645		1,641,667
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes		2.875		01/15/31		630		673,202
Prologis LP,
Sr. Unsec’d. Notes		1.250		10/15/30		2,765		2,653,951
Realty Income Corp.,
Sr. Unsec’d. Notes		1.800		03/15/33		325		318,614
Sr. Unsec’d. Notes		3.250		01/15/31		985		1,095,527
Simon Property Group LP,
Sr. Unsec’d. Notes		2.000		09/13/24		2,300		2,388,903
Welltower, Inc.,
Sr. Unsec’d. Notes		2.700		02/15/27		775		828,158
Sr. Unsec’d. Notes		3.625		03/15/24		1,500		1,608,415
								11,208,437

See Notes to Financial Statements.

PGIM Core Bond Fund 43

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Retail    0.7%
Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A		3.550%		07/26/27		940	$	1,045,911
AutoZone, Inc.,
Sr. Unsec’d. Notes		1.650		01/15/31		620		599,089
Dollar General Corp.,
Sr. Unsec’d. Notes		4.125		04/03/50		1,515		1,825,639
Dollar Tree, Inc.,
Sr. Unsec’d. Notes		4.200		05/15/28		850		975,643
Falabella SA (Chile),
Sr. Unsec’d. Notes, 144A		4.375		01/27/25		1,700		1,835,478
Ross Stores, Inc.,
Sr. Unsec’d. Notes		1.875		04/15/31		3,350		3,307,792
								9,589,552
Semiconductors    0.7%
Broadcom, Inc.,
Gtd. Notes		3.150		11/15/25		558		599,799
Gtd. Notes		3.459		09/15/26		884		965,037
Gtd. Notes		5.000		04/15/30		2,040		2,434,099
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		1,837		1,966,149
Microchip Technology, Inc.,
Sr. Sec’d. Notes		2.670		09/01/23		4,000		4,157,524
								10,122,608
Software    0.6%
Activision Blizzard, Inc.,
Sr. Unsec’d. Notes		2.500		09/15/50		1,080		986,160
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		2.250		03/01/31		2,870		2,917,865
Microsoft Corp.,
Sr. Unsec’d. Notes		2.525		06/01/50		191		191,175
Sr. Unsec’d. Notes		2.675		06/01/60		1,000		1,014,349
Sr. Unsec’d. Notes		3.041		03/17/62		335		368,323
Roper Technologies, Inc.,
Sr. Unsec’d. Notes		1.400		09/15/27		1,390		1,384,789
ServiceNow, Inc.,
Sr. Unsec’d. Notes		1.400		09/01/30		1,655		1,580,876
								8,443,537

See Notes to Financial Statements.

44

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications    1.6%
AT&T, Inc.,
Sr. Unsec’d. Notes		4.300%		02/15/30		170	$	198,257
Sr. Unsec’d. Notes		4.500		05/15/35		60		71,791
Sr. Unsec’d. Notes, 144A		2.550		12/01/33		228		229,995
Sr. Unsec’d. Notes, 144A		3.500		09/15/53		3,114		3,213,926
Sr. Unsec’d. Notes, 144A		3.650		09/15/59		1,717		1,779,422
Sr. Unsec’d. Notes, 144A		3.800		12/01/57		1,128		1,201,778
Level 3 Financing, Inc.,
Sr. Sec’d. Notes, 144A		3.400		03/01/27		3,000		3,193,739
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		3.000		02/15/41		640		646,294
Sr. Sec’d. Notes		3.300		02/15/51		125		127,420
Sr. Sec’d. Notes		3.875		04/15/30		4,500		5,085,092
Sr. Sec’d. Notes		4.375		04/15/40		380		452,405
Sr. Sec’d. Notes		4.500		04/15/50		505		615,129
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.550		03/21/31		4,065		4,226,130
Sr. Unsec’d. Notes		4.500		08/10/33		290		353,529
Sr. Unsec’d. Notes		4.862		08/21/46		1,025		1,348,880
								22,743,787
Transportation    0.1%
Kansas City Southern,
Gtd. Notes		3.500		05/01/50		1,585		1,710,256
Water    0.2%
American Water Capital Corp.,
Sr. Unsec’d. Notes		2.800		05/01/30		1,580		1,704,994
Sr. Unsec’d. Notes		3.750		09/01/47		25		29,148
Sr. Unsec’d. Notes		4.000		12/01/46		145		174,718
Essential Utilities, Inc.,
Sr. Unsec’d. Notes		2.704		04/15/30		1,380		1,455,795
								3,364,655
TOTAL CORPORATE BONDS
(cost $444,935,538)								473,168,733

See Notes to Financial Statements.

PGIM Core Bond Fund 45

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date			Principal Amount (000)#		Value
MUNICIPAL BONDS    0.6%
Alabama    0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B		4.263%		09/15/32			40	$	46,421
California    0.1%
Bay Area Toll Authority,
Taxable, Revenue Bonds		2.574		04/01/31			1,405		1,508,310
City of Los Angeles Department of Airports,
Taxable, Revenue Bonds, BABs		6.582		05/15/39			300		406,749
University of California,
Taxable, Revenue Bonds, Series AP		3.931		05/15/45			30		35,702
Taxable, Revenue Bonds, Series J		4.131		05/15/45			30		36,541
									1,987,302
Illinois    0.1%
State of Illinois,
General Obligation Unlimited, Series A		5.000		10/01/22			110		116,171
General Obligation Unlimited, Series D		5.000		11/01/22			895		948,637
									1,064,808
New Jersey    0.0%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series A		7.102		01/01/41			250		411,898
North Carolina    0.1%
North Carolina State Education Assistance Authority,
Taxable, Revenue Bonds, Series 2011-02, Class A3, 3
Month LIBOR + 0.800% (Cap N/A, Floor 0.000%)		0.976(c)		07/25/36			700		700,232
Pennsylvania    0.1%
Pennsylvania State University (The),
Taxable, Revenue Bonds, Series D		2.840		09/01/50			745		790,676
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs		6.105		12/01/39			70		101,381
Revenue Bonds, BABs, Series B		5.511		12/01/45			150		219,202
									1,111,259
Texas    0.2%
City of San Antonio TX Electric & Gas Systems Revenue,
Revenue Bonds, BABs		5.985		02/01/39	(a)		775		1,126,308
Grand Parkway Transportation Corp.,
Taxable, Revenue Bonds, Series E		5.184		10/01/42			775		1,062,812

See Notes to Financial Statements.

46

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
MUNICIPAL BONDS (Continued)
Texas (cont’d.)
Permanent University Fund - University of Texas System,
Taxable, Revenue Bonds, Series A		3.376%		07/01/47		555	$	636,607
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B		3.922		12/31/49		340		390,629
								3,216,356
Virginia    0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C		4.179		09/01/2117		130		176,549
TOTAL MUNICIPAL BONDS
(cost $7,993,056)								8,714,825
RESIDENTIAL MORTGAGE-BACKED SECURITIES    7.1%
Alternative Loan Trust,
Series 2003-J03, Class 2A1		6.250		12/25/33		3		2,674
BCAP LLC Trust,
Series 2011-RR04, Class 7A1, 144A		5.250		04/26/37		146		123,713
Bellemeade Re Ltd. (Bermuda),
Series 2018-01A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 0.000%)		1.689(c)		04/25/28		149		150,558
Series 2019-03A, Class M1A, 144A, 1 Month LIBOR + 1.100% (Cap N/A, Floor 1.100%)		1.189(c)		07/25/29		168		168,283
Series 2019-03A, Class M1B, 144A, 1 Month LIBOR + 1.600% (Cap N/A, Floor 1.600%)		1.689(c)		07/25/29		450		451,390
Series 2021-01A, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)		1.800(c)		03/25/31		1,420		1,427,795
Central Park Funding Trust,
Series 2021-01, Class PT, 144A, 1 Month LIBOR + 2.750% (Cap N/A, Floor 2.750%)		2.837(c)		08/29/22		3,169		3,170,786
Credit Suisse First Boston Mortgage Securities Corp.,
Series 2003-08, Class 5A1		6.500		04/25/33		3		2,622
Credit Suisse Mortgage Trust,
Series 2020-RPL06, Class A1, 144A		2.688(cc)		03/25/59		1,240		1,256,753
Eagle Re Ltd. (Bermuda),
Series 2019-01, Class M1B, 144A, 1 Month LIBOR + 1.800% (Cap N/A, Floor 0.000%)		1.889(c)		04/25/29		90		90,235
Series 2021-01, Class M1A, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 1.700%)		1.750(c)		10/25/33		4,525		4,543,892
Fannie Mae REMICS,
Series 2011-141, Class MZ		4.500		01/25/42		490		551,919

See Notes to Financial Statements.

PGIM Core Bond Fund 47

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Fannie Mae REMICS, (cont’d.)
Series 2012-134, Class ZC		2.500%		12/25/42		2,616	$	2,845,986
Series 2014-11, Class VB		4.500		04/25/42		500		568,492
FHLMC Structured Agency Credit Risk Debt Notes,
Series 2017-DNA03, Class M1, 1 Month LIBOR +
0.750% (Cap N/A, Floor 0.000%)		0.839(c)		03/25/30		138		138,073
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2021-DNA03, Class M2, 144A, 30 Day Average
SOFR + 2.100% (Cap N/A, Floor 0.000%)		2.150(c)		10/25/33		2,885		2,942,821
Series 2021-DNA05, Class M2, 144A, 30 Day Average
SOFR + 1.650% (Cap N/A, Floor 0.000%)		1.700(c)		01/25/34		310		311,888
Series 2021-DNA5, Class M1, 144A, 30 Day Average
SOFR + 0.650% (Cap N/A, Floor 0.000%)		0.700(c)		01/25/34		1,940		1,940,518
FHLMC Structured Agency Credit Risk Trust,
Series 2018-DNA03, Class M1, 144A, 1 Month LIBOR
+ 0.750% (Cap N/A, Floor 0.000%)		0.839(c)		09/25/48		1		1,157
FHLMC Structured Pass-Through Certificates,
Series T-59, Class 1A2		7.000		10/25/43		84		100,493
Freddie Mac REMICS,
Series 4249, Class GW		3.500		10/15/41		1,438		1,574,892
Series 4661, Class BV		3.500		12/15/36		1,000		1,022,962
Series 4710, Class KZ		3.500		08/15/47		1,092		1,196,132
Series 4717, Class PA		3.000		04/15/45		709		739,832
Series 4739, Class Z		3.500		11/15/47		718		783,174
Series 4765, Class QZ		3.000		03/15/48		3,527		3,902,010
GCAT LLC,
Series 2019-04, Class A1, 144A		3.228		11/26/49		2,033		2,036,842
Government National Mortgage Assoc.,
Series 2013-99, Class AX		3.000		07/20/43		874		936,511
Series 2016-46, Class JE		2.500		11/20/45		263		275,030
Series 2017-101, Class AB		2.500		07/20/47		779		817,093
Series 2018-07, Class GA		3.000		02/20/47		404		417,969
GSR Mortgage Loan Trust,
Series 2005-AR06, Class 2A1		2.903(cc)		09/25/35		23		23,838
Home Re Ltd. (Bermuda),
Series 2019-01, Class M1, 144A, 1 Month LIBOR +
1.650% (Cap N/A, Floor 0.000%)		1.739(c)		05/25/29		61		60,691
Series 2021-02, Class M1A, 144A		—  (p)		01/25/34		1,425		1,424,994
Legacy Mortgage Asset Trust,
Series 2019-GS06, Class A1, 144A		3.000		06/25/59		240		240,751
Series 2019-PR01, Class A1, 144A		3.858		09/25/59		2,589		2,617,305
Series 2020-GS01, Class A1, 144A		2.882		10/25/59		952		957,833
Series 2021-GS01, Class A1, 144A		1.892		10/25/66		367		367,673

See Notes to Financial Statements.

48

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Mello Warehouse Securitization Trust,
Series 2020-01, Class A, 144A, 1 Month LIBOR +
0.900% (Cap N/A, Floor 0.900%)		0.989%(c)		10/25/53		1,560	$	1,563,580
Series 2021-01, Class A, 144A, 1 Month LIBOR +
0.700% (Cap N/A, Floor 0.700%)		0.792(c)		02/25/55		2,100		2,095,889
MFA Trust,
Series 2021-RPL01, Class A1, 144A		1.131		07/25/60		4,023		4,017,773
Mortgage Repurchase Agreement Financing Trust,
Series 2020-04, Class A1, 144A, 1 Month LIBOR +
1.350% (Cap N/A, Floor 0.000%)		1.450(c)		04/23/23		425		425,165
Series 2020-04, Class A2, 144A, 1 Month LIBOR +
1.350% (Cap N/A, Floor 0.000%)		1.450(c)		04/23/23		825		825,320
Series 2020-05, Class A1, 144A, 1 Month LIBOR +
1.000% (Cap N/A, Floor 0.000%)		1.100(c)		08/10/23		1,365		1,365,439
Series 2020-05, Class A2, 144A, 1 Month LIBOR +
1.000% (Cap N/A, Floor 0.000%)		1.100(c)		08/10/23		7,180		7,182,311
Series 2021-01, Class A2, 144A, 1 Month LIBOR +
0.500% (Cap N/A, Floor 0.000%)		0.600(c)		03/10/22		3,400		3,399,856
MRA Issuance Trust,
Series 2020-07, Class A, 144A, 1 Month LIBOR +
1.600% (Cap N/A, Floor 1.600%)		1.700(c)		12/11/21		8,410		8,413,181
Series 2021-09, Class A1X, 144A, 1 Month LIBOR +
1.200% (Cap N/A, Floor 1.200%)		1.300(c)		11/15/21		4,600		4,593,816
Series 2021-EBO06, Class A1X, 144A, 1 Month LIBOR
+ 1.600% (Cap N/A, Floor 1.600%)		1.700(c)		02/16/22		4,433		4,438,771
MSG III Securitization Trust,
Series 2021-01, Class A, 144A, 1 Month LIBOR +
0.750% (Cap N/A, Floor 0.750%)		0.841(c)		06/25/54		2,555		2,551,823
Series 2021-01, Class B, 144A, 1 Month LIBOR +
0.900% (Cap N/A, Floor 0.900%)		0.991(c)		06/25/54		395		394,012
Series 2021-01, Class C, 144A, 1 Month LIBOR +
1.100% (Cap N/A, Floor 1.100%)		1.191(c)		06/25/54		335		334,164
Series 2021-01, Class D, 144A, 1 Month LIBOR +
1.300% (Cap N/A, Floor 1.300%)		1.391(c)		06/25/54		140		139,651
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month LIBOR +
0.750% (Cap N/A, Floor 0.750%)		0.839(c)		01/25/48		117		117,523
Oaktown Re III Ltd. (Bermuda),
Series 2019-01A, Class M1A, 144A, 1 Month LIBOR +
1.400% (Cap N/A, Floor 1.400%)		1.489(c)		07/25/29		19		18,656
OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month LIBOR +
0.650% (Cap N/A, Floor 0.000%)		0.739(c)		06/25/57		248		248,300

See Notes to Financial Statements.

PGIM Core Bond Fund 49

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
PMT Credit Risk Transfer Trust,
Series 2020-02R, Class A, 144A, 1 Month LIBOR +
3.815% (Cap N/A, Floor 3.815%)		3.904%(c)		12/25/22		2,432	$	2,442,946
Series 2021-1R, Class A, 144A, 1 Month LIBOR +
2.900% (Cap N/A, Floor 2.900%)		2.990(c)		02/27/24		4,136		4,210,558
Provident Funding Mortgage Warehouse Securitization Trust,
Series 2021-01, Class A, 144A, 1 Month LIBOR +
0.700% (Cap N/A, Floor 0.700%)		0.789(c)		02/25/55		3,145		3,126,724
Radnor Re Ltd. (Bermuda),
Series 2018-01, Class M1, 144A, 1 Month LIBOR +
1.400% (Cap N/A, Floor 0.000%)		1.489(c)		03/25/28		17		17,275
Series 2020-01, Class M1A, 144A, 1 Month LIBOR +
0.950% (Cap N/A, Floor 0.950%)		1.039(c)		01/25/30		200		199,880
Seasoned Credit Risk Transfer Trust,
Series 2019-02, Class MA		3.500		08/25/58		983		1,040,082
Sequoia Mortgage Trust 10,
Series 10, Class 2A1, 1 Month LIBOR + 0.760% (Cap
11.750%, Floor 0.760%)		0.844(c)		10/20/27		22		21,695
Station Place Securitization Trust,
Series 2021-04, Class A, 144A, 1 Month LIBOR +
0.900% (Cap N/A, Floor 0.900%)		0.989(c)		04/11/22		3,500		3,496,499
Series 2021-08, Class A, 144A, 1 Month LIBOR +
0.800% (Cap N/A, Floor 0.800%)		0.889(c)		06/20/22		2,960		2,961,951
Series 2021-WL01, Class A, 144A, 1 Month LIBOR +
0.650% (Cap N/A, Floor 0.650%)		0.742(c)		01/26/54		2,525		2,523,990
Structured Asset Mortgage Investments II Trust,
Series 2005-AR05, Class A1, 1 Month LIBOR +
0.500% (Cap 11.000%, Floor 0.500%)		0.589(c)		07/19/35		22		21,462
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%)		1.507(c)		06/25/42		32		31,451
Series 2002-AR09, Class 1A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT+ 1.400% (Cap N/A, Floor 1.400%)		1.507(c)		08/25/42		3		2,503
Series 2005-AR13, Class A1A1, 1 Month LIBOR + 0.580% (Cap 10.500%, Floor 0.580%)		0.669(c)		10/25/45		286		285,741
TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $102,042,495)								102,693,567

See Notes to Financial Statements.

50

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
SOVEREIGN BONDS    0.7%
Abu Dhabi Government International Bond (United Arab Emirates),
Sr. Unsec’d. Notes, 144A		3.125%		10/11/27		840	$	925,434
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A		2.375		08/20/30		555		557,986
Sr. Unsec’d. Notes, 144A		3.375		08/20/50		450		461,291
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A		3.875		02/01/28		290		315,855
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.500		01/11/28		1,420		1,561,856
Sr. Unsec’d. Notes		4.450		02/11/24		200		218,834
Sr. Unsec’d. Notes, EMTN		3.750		04/25/22		200		204,665
Sr. Unsec’d. Notes, EMTN		4.750		01/08/26		200		229,073
Japan Finance Organization for Municipalities (Japan),
Sr. Unsec’d. Notes, 144A, MTN		1.750		09/05/24		200		206,762
Sr. Unsec’d. Notes, 144A, MTN		2.125		10/25/23		200		207,192
Sr. Unsec’d. Notes, 144A, MTN		2.625		04/20/22		400		406,763
Sr. Unsec’d. Notes, 144A, MTN		3.000		03/12/24		400		425,520
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes		4.500		04/16/50		200		227,998
Province of Alberta (Canada),
Sr. Unsec’d. Notes		1.300		07/22/30		95		93,045
Sr. Unsec’d. Notes		3.300		03/15/28		220		249,148
Province of Manitoba (Canada),
Sr. Unsec’d. Notes		2.125		06/22/26		100		105,882
Province of Quebec (Canada),
Unsec’d. Notes, Series A, MTN		7.140		02/27/26		100		126,038
Qatar Government International Bond (Qatar),
Sr. Unsec’d. Notes, 144A		3.875		04/23/23		335		354,978
Sr. Unsec’d. Notes, 144A		5.103		04/23/48		370		496,014
Saudi Government International Bond (Saudi Arabia),
Sr. Unsec’d. Notes, 144A, MTN		2.375		10/26/21		435		436,933
Sr. Unsec’d. Notes, 144A, MTN		2.875		03/04/23		460		476,328
Sr. Unsec’d. Notes, 144A, MTN		4.000		04/17/25		320		352,931
Tokyo Metropolitan Government (Japan),
Sr. Unsec’d. Notes, 144A		2.500		06/08/22		400		407,455
Sr. Unsec’d. Notes, 144A		3.250		06/01/23		200		210,245
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		4.975		04/20/55		540		698,387
Sr. Unsec’d. Notes		5.100		06/18/50		60		78,692
TOTAL SOVEREIGN BONDS
(cost $9,456,924)								10,035,305

See Notes to Financial Statements.

PGIM Core Bond Fund 51

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS    17.9%
Federal Home Loan Mortgage Corp.	1.500%	11/01/50		2,153	$	2,132,829
Federal Home Loan Mortgage Corp.	2.000	01/01/32		486		506,373
Federal Home Loan Mortgage Corp.	2.000	10/01/40		515		527,933
Federal Home Loan Mortgage Corp.	2.000	09/01/50		15,492		15,808,452
Federal Home Loan Mortgage Corp.	2.000	12/01/50		2,401		2,449,702
Federal Home Loan Mortgage Corp.	2.500	01/01/29		302		317,746
Federal Home Loan Mortgage Corp.	2.500	07/01/31		481		508,054
Federal Home Loan Mortgage Corp.	2.500	01/01/32		246		259,795
Federal Home Loan Mortgage Corp.	2.500	10/01/32		583		615,030
Federal Home Loan Mortgage Corp.	2.500	12/01/32		1,059		1,114,403
Federal Home Loan Mortgage Corp.	2.500	09/01/46		227		237,545
Federal Home Loan Mortgage Corp.	2.500	11/01/46		678		710,853
Federal Home Loan Mortgage Corp.	2.500	11/01/49		1,029		1,084,119
Federal Home Loan Mortgage Corp.	2.500	03/01/51		1,439		1,505,271
Federal Home Loan Mortgage Corp.	2.500	04/01/51		15,389		16,047,293
Federal Home Loan Mortgage Corp.	2.500	06/01/51		1,486		1,549,001
Federal Home Loan Mortgage Corp.	3.000	02/01/32		983		1,044,170
Federal Home Loan Mortgage Corp.	3.000	01/01/37		216		228,274
Federal Home Loan Mortgage Corp.	3.000	12/01/37		92		96,678
Federal Home Loan Mortgage Corp.	3.000	06/01/43		2,012		2,151,515
Federal Home Loan Mortgage Corp.	3.000	07/01/43		344		368,001
Federal Home Loan Mortgage Corp.	3.000	06/01/46		618		655,075
Federal Home Loan Mortgage Corp.	3.000	12/01/46		556		587,867
Federal Home Loan Mortgage Corp.	3.000	01/01/47		621		659,846
Federal Home Loan Mortgage Corp.	3.000	02/01/50		3,795		3,984,853
Federal Home Loan Mortgage Corp.	3.000	06/01/50		866		909,017
Federal Home Loan Mortgage Corp.	3.500	11/01/37		200		213,348
Federal Home Loan Mortgage Corp.	3.500	06/01/42		257		279,307
Federal Home Loan Mortgage Corp.	3.500	06/01/42		295		319,908
Federal Home Loan Mortgage Corp.	3.500	07/01/42		281		304,636
Federal Home Loan Mortgage Corp.	3.500	09/01/42		343		372,523
Federal Home Loan Mortgage Corp.	3.500	10/01/42		430		467,674
Federal Home Loan Mortgage Corp.	3.500	06/01/43		182		197,849
Federal Home Loan Mortgage Corp.	3.500	05/01/45		241		259,968
Federal Home Loan Mortgage Corp.	3.500	01/01/47		182		194,856
Federal Home Loan Mortgage Corp.	3.500	02/01/47		404		433,660
Federal Home Loan Mortgage Corp.	3.500	11/01/47		287		305,094
Federal Home Loan Mortgage Corp.	3.500	08/01/48		127		134,907
Federal Home Loan Mortgage Corp.	3.500	10/01/48		479		507,757
Federal Home Loan Mortgage Corp.	4.000	12/01/40		83		90,901
Federal Home Loan Mortgage Corp.	4.000	01/01/41		246		270,279
Federal Home Loan Mortgage Corp.	4.000	04/01/42		258		285,173
Federal Home Loan Mortgage Corp.	4.000	10/01/45		154		167,785
Federal Home Loan Mortgage Corp.	4.000	02/01/46		2,268		2,482,953
Federal Home Loan Mortgage Corp.	4.000	05/01/46		153		166,186

See Notes to Financial Statements.

52

Description	Interest Rate	Maturity Date	Principal Amount (000)#			Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.	4.000%	08/01/46		208		$	226,277
Federal Home Loan Mortgage Corp.	4.000	11/01/47		159			171,196
Federal Home Loan Mortgage Corp.	4.000	04/01/48		248			265,633
Federal Home Loan Mortgage Corp.	4.000	05/01/48		251			268,196
Federal Home Loan Mortgage Corp.	4.000	07/01/48		484			518,333
Federal Home Loan Mortgage Corp.	4.500	06/01/42		98			109,494
Federal Home Loan Mortgage Corp.	4.500	09/01/44		123			135,981
Federal Home Loan Mortgage Corp.	4.500	07/01/45		319			354,561
Federal Home Loan Mortgage Corp.	4.500	04/01/47		1,422			1,549,301
Federal Home Loan Mortgage Corp.	4.500	07/01/47		150			162,450
Federal Home Loan Mortgage Corp.	4.500	07/01/47		331			359,907
Federal Home Loan Mortgage Corp.	4.500	11/01/47		639			694,630
Federal Home Loan Mortgage Corp.	4.500	02/01/48		199			215,880
Federal Home Loan Mortgage Corp.	4.500	07/01/48		439			473,581
Federal Home Loan Mortgage Corp.	5.000	08/01/40		223			255,551
Federal Home Loan Mortgage Corp.	5.000	12/01/47		260			283,867
Federal Home Loan Mortgage Corp.	5.000	02/01/48		403			445,073
Federal National Mortgage Assoc., 11th District Cost of Funds Index (COFI Rate) + 1.250% (Cap 12.740%, Floor 5.716%)	5.713(c)	12/01/30		—	(r)		464
11th District Cost of Funds Index (COFI Rate) + 2.000% (Cap 9.375%, Floor 2.000%)	2.375(c)	08/01/24		4			4,443
Federal National Mortgage Assoc.	0.875	08/05/30		1,735			1,672,279
Federal National Mortgage Assoc.	1.500	10/01/50		453			448,505
Federal National Mortgage Assoc.	1.500	11/01/50		1,267			1,254,541
Federal National Mortgage Assoc.	1.500	12/01/50		4,799			4,753,221
Federal National Mortgage Assoc.	1.625	01/07/25		1,545			1,609,346
Federal National Mortgage Assoc.	2.000	08/01/40		2,747			2,831,529
Federal National Mortgage Assoc.	2.000	02/01/41		2,418			2,492,939
Federal National Mortgage Assoc.	2.000	05/01/41		4,588			4,712,473
Federal National Mortgage Assoc.	2.000	10/01/50		15,284			15,596,009
Federal National Mortgage Assoc.	2.000	11/01/50		476			485,493
Federal National Mortgage Assoc.	2.000	01/01/51		3,856			3,941,545
Federal National Mortgage Assoc.	2.375	01/19/23		180			185,850
Federal National Mortgage Assoc.	2.500	TBA		9,000			9,355,430
Federal National Mortgage Assoc.	2.500	02/05/24(k)		645			680,970
Federal National Mortgage Assoc.	2.500	05/01/30		313			329,912
Federal National Mortgage Assoc.	2.500	04/01/31		943			996,676
Federal National Mortgage Assoc.	2.500	11/01/31		240			253,290
Federal National Mortgage Assoc.	2.500	02/01/43		91			95,949
Federal National Mortgage Assoc.	2.500	06/01/46		460			479,336
Federal National Mortgage Assoc.	2.500	09/01/46		220			230,198
Federal National Mortgage Assoc.	2.500	10/01/46		151			157,773
Federal National Mortgage Assoc.	2.500	10/01/46		241			251,671
Federal National Mortgage Assoc.	2.500	03/01/50		912			952,787

See Notes to Financial Statements.

PGIM Core Bond Fund 53

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	2.500%	08/01/50		5,630	$	5,868,593
Federal National Mortgage Assoc.	2.500	11/01/50		2,643		2,755,371
Federal National Mortgage Assoc.	2.500	12/01/50		483		507,865
Federal National Mortgage Assoc.	3.000	TBA		8,000		8,368,438
Federal National Mortgage Assoc.	3.000	06/01/30		180		190,977
Federal National Mortgage Assoc.	3.000	05/01/31		74		77,878
Federal National Mortgage Assoc.	3.000	12/01/31		228		241,606
Federal National Mortgage Assoc.	3.000	05/01/32		214		226,601
Federal National Mortgage Assoc.	3.000	09/01/32		91		96,515
Federal National Mortgage Assoc.	3.000	11/01/36		165		173,731
Federal National Mortgage Assoc.	3.000	10/01/42		194		206,851
Federal National Mortgage Assoc.	3.000	10/01/42		288		306,262
Federal National Mortgage Assoc.	3.000	02/01/43		255		274,905
Federal National Mortgage Assoc.	3.000	04/01/43		348		370,593
Federal National Mortgage Assoc.	3.000	06/01/43		422		448,819
Federal National Mortgage Assoc.	3.000	12/01/45		652		702,234
Federal National Mortgage Assoc.	3.000	05/01/46		864		914,563
Federal National Mortgage Assoc.	3.000	09/01/46		764		816,244
Federal National Mortgage Assoc.	3.000	10/01/46		2,567		2,718,377
Federal National Mortgage Assoc.	3.000	11/01/46		931		989,887
Federal National Mortgage Assoc.	3.000	11/01/46		1,964		2,077,420
Federal National Mortgage Assoc.	3.000	03/01/47		644		681,433
Federal National Mortgage Assoc.	3.000	04/01/47		1,418		1,494,329
Federal National Mortgage Assoc.	3.000	12/01/49		3,893		4,080,396
Federal National Mortgage Assoc.	3.000	02/01/50		2,924		3,065,532
Federal National Mortgage Assoc.	3.000	03/01/50		695		728,381
Federal National Mortgage Assoc.	3.000	06/01/50		1,305		1,370,086
Federal National Mortgage Assoc.	3.500	12/01/29		118		126,870
Federal National Mortgage Assoc.	3.500	12/01/30		108		116,417
Federal National Mortgage Assoc.	3.500	07/01/31		575		617,127
Federal National Mortgage Assoc.	3.500	08/01/31		382		410,051
Federal National Mortgage Assoc.	3.500	02/01/33		190		203,840
Federal National Mortgage Assoc.	3.500	05/01/33		81		87,394
Federal National Mortgage Assoc.	3.500	10/01/41		112		122,003
Federal National Mortgage Assoc.	3.500	04/01/42		235		255,329
Federal National Mortgage Assoc.	3.500	05/01/42		247		267,967
Federal National Mortgage Assoc.	3.500	05/01/42		1,459		1,590,990
Federal National Mortgage Assoc.	3.500	06/01/42		657		716,092
Federal National Mortgage Assoc.	3.500	10/01/42		355		386,438
Federal National Mortgage Assoc.	3.500	10/01/42		421		459,280
Federal National Mortgage Assoc.	3.500	10/01/42		801		873,394
Federal National Mortgage Assoc.	3.500	06/01/43		197		213,795
Federal National Mortgage Assoc.	3.500	06/01/45		225		241,964
Federal National Mortgage Assoc.	3.500	06/01/45		413		443,091
Federal National Mortgage Assoc.	3.500	09/01/45		324		349,819

See Notes to Financial Statements.

54

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	3.500%	10/01/45		393	$	423,528
Federal National Mortgage Assoc.	3.500	01/01/46		123		131,870
Federal National Mortgage Assoc.	3.500	01/01/46		309		330,753
Federal National Mortgage Assoc.	3.500	04/01/46		3,639		3,904,071
Federal National Mortgage Assoc.	3.500	11/01/46		171		182,887
Federal National Mortgage Assoc.	3.500	06/01/47		565		602,210
Federal National Mortgage Assoc.	3.500	07/01/47		351		374,033
Federal National Mortgage Assoc.	3.500	07/01/47		1,510		1,636,285
Federal National Mortgage Assoc.	3.500	08/01/47		258		275,408
Federal National Mortgage Assoc.	3.500	09/01/47		446		474,904
Federal National Mortgage Assoc.	3.500	10/01/47		1,525		1,625,232
Federal National Mortgage Assoc.	3.500	11/01/47		1,490		1,587,755
Federal National Mortgage Assoc.	3.500	01/01/48		259		274,772
Federal National Mortgage Assoc.	3.500	01/01/48		341		367,407
Federal National Mortgage Assoc.	3.500	04/01/48		751		798,925
Federal National Mortgage Assoc.	3.500	08/01/48		609		645,381
Federal National Mortgage Assoc.	3.500	10/01/48		412		436,997
Federal National Mortgage Assoc.	3.500	11/01/48		289		306,768
Federal National Mortgage Assoc.	4.000	09/01/40		190		209,032
Federal National Mortgage Assoc.	4.000	11/01/40		799		873,209
Federal National Mortgage Assoc.	4.000	02/01/41		333		366,077
Federal National Mortgage Assoc.	4.000	02/01/41		472		517,638
Federal National Mortgage Assoc.	4.000	12/01/41		304		335,786
Federal National Mortgage Assoc.	4.000	10/01/43		282		310,647
Federal National Mortgage Assoc.	4.000	09/01/44		145		158,283
Federal National Mortgage Assoc.	4.000	10/01/44		339		370,014
Federal National Mortgage Assoc.	4.000	12/01/45		130		141,029
Federal National Mortgage Assoc.	4.000	04/01/46		136		146,774
Federal National Mortgage Assoc.	4.000	08/01/46		204		220,395
Federal National Mortgage Assoc.	4.000	09/01/46		1,423		1,550,835
Federal National Mortgage Assoc.	4.000	02/01/47		655		703,517
Federal National Mortgage Assoc.	4.000	03/01/47		751		818,502
Federal National Mortgage Assoc.	4.000	06/01/47		468		502,277
Federal National Mortgage Assoc.	4.000	10/01/47		154		165,423
Federal National Mortgage Assoc.	4.000	11/01/47		305		327,910
Federal National Mortgage Assoc.	4.000	12/01/47		325		349,624
Federal National Mortgage Assoc.	4.000	02/01/48		305		326,976
Federal National Mortgage Assoc.	4.000	10/01/48		406		446,705
Federal National Mortgage Assoc.	4.000	03/01/49		1,962		2,091,868
Federal National Mortgage Assoc.	4.000	07/01/49		500		534,387
Federal National Mortgage Assoc.	4.500	08/01/40		90		100,459
Federal National Mortgage Assoc.	4.500	04/01/41		109		121,380
Federal National Mortgage Assoc.	4.500	06/01/41		268		298,141
Federal National Mortgage Assoc.	4.500	08/01/41		136		151,171
Federal National Mortgage Assoc.	4.500	08/01/41		363		401,362

See Notes to Financial Statements.

PGIM Core Bond Fund 55

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	4.500%	08/01/44		289	$	321,417
Federal National Mortgage Assoc.	4.500	01/01/45		169		188,021
Federal National Mortgage Assoc.	4.500	11/01/47		218		236,778
Federal National Mortgage Assoc.	4.500	06/01/48		348		374,641
Federal National Mortgage Assoc.	4.500	07/01/48		2,965		3,195,889
Federal National Mortgage Assoc.	4.500	12/01/48		292		315,277
Federal National Mortgage Assoc.	4.500	02/01/49		98		105,674
Federal National Mortgage Assoc.	5.000	09/01/30		22		24,073
Federal National Mortgage Assoc.	5.000	10/01/40		196		220,542
Federal National Mortgage Assoc.	5.000	03/01/42		343		391,298
Federal National Mortgage Assoc.	5.000	10/01/47		342		376,639
Federal National Mortgage Assoc.	5.000	01/01/48		70		76,902
Federal National Mortgage Assoc.	5.500	01/01/40		107		122,586
Federal National Mortgage Assoc.	6.000	10/01/36		83		98,074
Federal National Mortgage Assoc.	6.000	07/01/41		87		101,688
Federal National Mortgage Assoc.	6.625	11/15/30(k)		485		709,777
Federal National Mortgage Assoc.	7.125	01/15/30(k)		80		117,847
Government National Mortgage Assoc.	2.000	03/20/51		1,453		1,489,386
Government National Mortgage Assoc.	2.500	TBA		3,000		3,112,852
Government National Mortgage Assoc.	2.500	TBA(tt)		4,000		4,158,594
Government National Mortgage Assoc.	2.500	12/20/46		395		413,091
Government National Mortgage Assoc.	2.500	05/20/51		1,503		1,562,749
Government National Mortgage Assoc.	2.500	08/20/51		1,205		1,254,327
Government National Mortgage Assoc.	3.000	07/20/42		568		606,180
Government National Mortgage Assoc.	3.000	03/20/43		372		396,892
Government National Mortgage Assoc.	3.000	08/20/43		71		75,732
Government National Mortgage Assoc.	3.000	09/20/43		139		148,278
Government National Mortgage Assoc.	3.000	01/20/44		127		134,939
Government National Mortgage Assoc.	3.000	05/20/45		149		157,989
Government National Mortgage Assoc.	3.000	08/15/45		157		164,945
Government National Mortgage Assoc.	3.000	05/20/46		932		985,270
Government National Mortgage Assoc.	3.000	07/20/46		1,512		1,600,709
Government National Mortgage Assoc.	3.000	08/20/46		82		86,924
Government National Mortgage Assoc.	3.000	10/20/46		475		502,897
Government National Mortgage Assoc.	3.000	03/20/47		941		1,000,036
Government National Mortgage Assoc.	3.000	01/20/48		126		132,305
Government National Mortgage Assoc.	3.000	08/20/48		2,100		2,204,356
Government National Mortgage Assoc.	3.000	09/20/49		976		1,024,126
Government National Mortgage Assoc.	3.000	12/20/49		1,063		1,112,658
Government National Mortgage Assoc.	3.000	01/20/50		1,603		1,685,963
Government National Mortgage Assoc.	3.000	04/20/50		292		305,934
Government National Mortgage Assoc.	3.000	06/20/50		782		818,749
Government National Mortgage Assoc.	3.500	01/15/42		94		100,544
Government National Mortgage Assoc.	3.500	12/20/42		271		291,484
Government National Mortgage Assoc.	3.500	01/20/43		400		430,511

See Notes to Financial Statements.

56

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.	3.500%	02/20/43		182	$	195,767
Government National Mortgage Assoc.	3.500	08/20/43		659		709,662
Government National Mortgage Assoc.	3.500	10/20/43		864		930,727
Government National Mortgage Assoc.	3.500	03/20/45		98		105,219
Government National Mortgage Assoc.	3.500	04/20/45		563		600,165
Government National Mortgage Assoc.	3.500	04/20/46		1,094		1,165,299
Government National Mortgage Assoc.	3.500	07/20/46		695		739,626
Government National Mortgage Assoc.	3.500	10/20/46		1,349		1,438,924
Government National Mortgage Assoc.	3.500	12/20/46		1,295		1,380,708
Government National Mortgage Assoc.	3.500	01/20/47		389		414,489
Government National Mortgage Assoc.	3.500	05/20/47		757		804,802
Government National Mortgage Assoc.	3.500	10/20/47		271		288,539
Government National Mortgage Assoc.	3.500	11/20/47		1,402		1,487,522
Government National Mortgage Assoc.	3.500	01/20/48		389		412,885
Government National Mortgage Assoc.	3.500	10/20/48		233		246,140
Government National Mortgage Assoc.	3.500	11/20/48		445		469,045
Government National Mortgage Assoc.	3.500	12/20/48		165		173,774
Government National Mortgage Assoc.	3.500	02/20/49		386		407,761
Government National Mortgage Assoc.	3.500	05/20/49		666		699,577
Government National Mortgage Assoc.	3.500	06/20/49		576		605,303
Government National Mortgage Assoc.	4.000	12/20/40		212		231,290
Government National Mortgage Assoc.	4.000	06/20/41		86		94,613
Government National Mortgage Assoc.	4.000	11/15/41		122		135,132
Government National Mortgage Assoc.	4.000	12/20/42		204		223,350
Government National Mortgage Assoc.	4.000	04/20/43		150		164,043
Government National Mortgage Assoc.	4.000	10/20/43		129		139,160
Government National Mortgage Assoc.	4.000	12/20/43		284		309,891
Government National Mortgage Assoc.	4.000	09/20/44		165		179,768
Government National Mortgage Assoc.	4.000	08/20/45		292		318,141
Government National Mortgage Assoc.	4.000	10/20/45		137		148,225
Government National Mortgage Assoc.	4.000	03/20/46		269		291,735
Government National Mortgage Assoc.	4.000	11/20/46		202		218,368
Government National Mortgage Assoc.	4.000	03/20/47		190		203,519
Government National Mortgage Assoc.	4.000	05/20/47		302		324,277
Government National Mortgage Assoc.	4.000	07/20/47		1,256		1,344,715
Government National Mortgage Assoc.	4.000	11/20/47		830		888,387
Government National Mortgage Assoc.	4.000	12/20/47		195		207,928
Government National Mortgage Assoc.	4.000	06/20/48		2,787		2,969,663
Government National Mortgage Assoc.	4.000	07/20/48		388		412,240
Government National Mortgage Assoc.	4.000	08/20/48		135		143,911
Government National Mortgage Assoc.	4.000	09/20/48		336		358,352
Government National Mortgage Assoc.	4.000	11/20/48		141		149,063
Government National Mortgage Assoc.	4.000	01/20/49		175		185,333
Government National Mortgage Assoc.	4.000	02/20/49		371		393,240
Government National Mortgage Assoc.	4.000	03/20/49		226		239,476

See Notes to Financial Statements.

PGIM Core Bond Fund 57

Schedule of Investments (continued)

as of July 31, 2021

Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.	4.500%	12/20/41		451	$	506,825
Government National Mortgage Assoc.	4.500	10/20/43		69		76,700
Government National Mortgage Assoc.	4.500	01/20/44		90		100,496
Government National Mortgage Assoc.	4.500	04/20/44		304		338,672
Government National Mortgage Assoc.	4.500	03/20/45		75		83,896
Government National Mortgage Assoc.	4.500	07/20/46		176		194,387
Government National Mortgage Assoc.	4.500	08/20/46		141		156,459
Government National Mortgage Assoc.	4.500	11/20/46		131		145,471
Government National Mortgage Assoc.	4.500	01/20/47		822		900,558
Government National Mortgage Assoc.	4.500	01/20/48		125		133,951
Government National Mortgage Assoc.	4.500	02/20/48		834		886,252
Government National Mortgage Assoc.	4.500	03/20/48		83		89,082
Government National Mortgage Assoc.	4.500	07/20/48		144		154,246
Government National Mortgage Assoc.	4.500	08/20/48		53		56,510
Government National Mortgage Assoc.	4.500	12/20/48		263		279,678
Government National Mortgage Assoc.	5.000	10/20/37		7		7,362
Government National Mortgage Assoc.	5.000	09/20/40		86		96,619
Government National Mortgage Assoc.	5.000	04/20/45		46		52,259
Government National Mortgage Assoc.	5.000	08/20/45		177		198,862
Government National Mortgage Assoc.	6.000	12/15/39		121		143,699
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $253,778,598)						259,018,635
U.S. TREASURY OBLIGATIONS    4.8%
U.S. Treasury Bonds	1.375	11/15/40(h)		9,945		9,245,742
U.S. Treasury Bonds	2.250	05/15/41		21,025		22,588,734
U.S. Treasury Bonds	3.125	08/15/44(k)		2,240		2,773,750
U.S. Treasury Notes	0.125	06/30/23		390		389,665
U.S. Treasury Notes	0.125	01/15/24(k)		155		154,491
U.S. Treasury Notes	1.250	06/30/28		4,825		4,908,684
U.S. Treasury Notes	2.875	05/15/28		7,715		8,686,608
U.S. Treasury Strips Coupon	1.750(s)	08/15/42		415		271,387
U.S. Treasury Strips Coupon	2.014(s)	11/15/41		1,195		796,542
U.S. Treasury Strips Coupon	2.222(s)	02/15/41		1,590		1,085,920
U.S. Treasury Strips Coupon	2.324(s)	05/15/42		1,195		789,027
U.S. Treasury Strips Coupon	2.335(s)	08/15/44		1,620		1,015,031
U.S. Treasury Strips Coupon	2.340(s)	02/15/43		3,590		2,328,171
U.S. Treasury Strips Coupon	2.346(s)	11/15/40		510		350,247
U.S. Treasury Strips Coupon	2.380(s)	05/15/41		1,590		1,076,977
U.S. Treasury Strips Coupon	2.394(s)	11/15/43(k)		2,087		1,327,202
U.S. Treasury Strips Coupon	2.434(s)	11/15/42(k)		16,395		10,657,390
U.S. Treasury Strips Coupon	2.434(s)	11/15/45		575		351,222
U.S. Treasury Strips Coupon	2.436(s)	02/15/46		415		252,064

See Notes to Financial Statements.

58

Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon		2.524%(s)		11/15/39(k)		280	$	197,859
TOTAL U.S. TREASURY OBLIGATIONS (cost $67,273,665)								69,246,713
TOTAL LONG-TERM INVESTMENTS (cost $1,380,963,895)								1,430,472,889
					Shares
SHORT-TERM INVESTMENTS    3.3%
AFFILIATED MUTUAL FUNDS    3.3%
PGIM Core Ultra Short Bond Fund(wa)						37,204,247		37,204,247
PGIM Institutional Money Market Fund (cost $11,300,770; includes $11,299,983 of cash collateral for securities on loan)(b)(wa)						11,314,212		11,307,424
TOTAL SHORT-TERM INVESTMENTS (cost $48,505,017)								48,511,671
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN    102.3% (cost $1,429,468,912)								1,478,984,560
OPTION WRITTEN*~    (0.0)% (premiums received $0)								(2,256	)
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN    102.3% (cost $1,429,468,912)								1,478,982,304
Liabilities in excess of other assets(z)    (2.3)%								(33,557,547	)
NET ASSETS    100.0%							$	1,445,424,757

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

USD—US Dollar

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

Aces—Alternative Credit Enhancements Securities

BABs—Build America Bonds

CBOE—Chicago Board Options Exchange

CLO—Collateralized Loan Obligation

CMBX—Commercial Mortgage-Backed Index

CMT—Constant Maturity Treasury

CPI—Consumer Price Index

EMTN—Euro Medium Term Note

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

See Notes to Financial Statements.

PGIM Core Bond Fund 59

Schedule of Investments (continued)

as of July 31, 2021

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MTN—Medium Term Note

NSA—Non-Seasonally Adjusted

OTC—Over-the-counter

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMICS—Real Estate Mortgage Investment Conduit Security

SOFR—Secured Overnight Financing Rate

Strips—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

* Non-income producing security.

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

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $2,724 and 0.0% 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 $11,097,691; cash collateral of $11,299,983 (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, 2021.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of July 31, 2021. 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.

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

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

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

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

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

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

(tt) All or partial principal amount represents “TBA” mortgage dollar rolls. The aggregate mortgage dollar roll principal amount of 4,000,000 is 0.3% of net assets.

(wa) 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, if applicable.

(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.

60

Options Written:

OTC Swaptions

Description

Call/ Put

Counterparty

Expiration Date

Strike

Receive

Pay

Notional Amount (000)#

Value

GS_21-PJA^

Put

Goldman Sachs International

06/17/24

0.25%

0.25%(M)

GS_21-PJA(M)

13,790

$

(2,256

)

(premiums received $0)

Futures contracts outstanding at July 31, 2021:

Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
585	2 Year U.S. Treasury Notes		Sep. 2021		$	129,083,906		$	3,240
875	5 Year U.S. Treasury Notes		Sep. 2021			108,889,646			524,415
179	20 Year U.S. Treasury Bonds		Sep. 2021			29,484,656			1,275,358
349	30 Year U.S. Ultra Treasury Bonds		Sep. 2021			69,636,406			4,095,378
									5,898,391
Short Positions:
279	10 Year U.S. Treasury Notes		Sep. 2021			37,512,424			(513,403	)
411	10 Year U.S. Ultra Treasury Notes		Sep. 2021			61,752,750			(2,455,926	)
									(2,969,329	)
								$	2,929,062

Credit default swap agreement outstanding at July 31, 2021:

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at July 31, 2021(4)

Fair Value

Upfront Premiums Paid (Received)

Unrealized Appreciation (Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA

08/14/21

0.250%(M)

13,790

*

$

4,980

$

(406

)

$

5,386

Goldman Sachs International

See Notes to Financial Statements.

PGIM Core Bond Fund 61

Schedule of Investments (continued)

as of July 31, 2021

Credit default swap agreement outstanding at July 31, 2021 (continued):

Reference Entity/ Obligation

Termination Date

Fixed Rate

Notional Amount (000)#(3)

Implied Credit Spread at July 31, 2021(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

0.443%

$

10,467

$

6,513

$

3,954

Bank of America, N.A.

Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at July 31, 2021(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		*		$	(33,867	)		$	(23,279	)		$	(10,588	)	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 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.

See Notes to Financial Statements.

62

(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.

Inflation swap agreements outstanding at July 31, 2021:

Notional Amount (000)#	Termination Date	Fixed Rate	Floating Rate	Value at Trade Date				Value at July 31, 2021				Unrealized Appreciation (Depreciation)
Centrally Cleared Inflation Swap Agreements:
			U.S. CPI Urban Consumers
3,310	01/12/26	2.205%(T)	NSA Index(2)(T)		$	—			$	(156,599	)		$	(156,599	)
			U.S. CPI Urban Consumers
6,620	01/13/26	2.152%(T)	NSA Index(2)(T)			—				(332,039	)			(332,039	)
			U.S. CPI Urban Consumers
21,870	02/02/26	2.295%(T)	NSA Index(2)(T)			(72,273	)			(927,798	)			(855,525	)
			U.S. CPI Urban Consumers
9,915	02/18/26	2.370%(T)	NSA Index(2)(T)			—				(373,227	)			(373,227	)
					$	(72,273	)		$	(1,789,663	)		$	(1,717,390	)

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

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

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

	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreement	$6,513	$(23,685)	$9,340	$(10,588)

See Notes to Financial Statements.

PGIM Core Bond Fund 63

Schedule of Investments (continued)

as of July 31, 2021

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.		$	—		$	4,641,100

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, 2021 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles		$	—		$	65,049,475		$	—
Collateralized Loan Obligations			—			175,779,621			—
Consumer Loans			—			8,502,605			—
Credit Cards			—			2,484,499			—
Equipment			—			3,341,385			—
Home Equity Loans			—			681,997			—
Manufactured Housing			—			715,958			—
Residential Mortgage-Backed Securities			—			5,030,043			—
Student Loans			—			12,521,176			—
Commercial Mortgage-Backed Securities			—			233,488,352			—
Corporate Bonds			—			473,168,733			—
Municipal Bonds			—			8,714,825			—
Residential Mortgage-Backed Securities			—			102,693,567			—
Sovereign Bonds			—			10,035,305			—
U.S. Government Agency Obligations			—			259,018,635			—
U.S. Treasury Obligations			—			69,246,713			—
Short-Term Investments
Affiliated Mutual Funds			48,511,671			—			—
Total		$	48,511,671		$	1,430,472,889		$	—
Liabilities
Option Written		$	—		$	—		$	(2,256	)

See Notes to Financial Statements.

64

	Level 1				Level 2				Level 3
Other Financial Instruments*
Assets
Futures Contracts		$	5,898,391			$	—			$	—
OTC Credit Default Swap Agreements			—				10,467				4,980
Total		$	5,898,391			$	10,467			$	4,980
Liabilities
Futures Contracts		$	(2,969,329	)		$	—			$	—
OTC Credit Default Swap Agreement			—				(33,867	)			—
Centrally Cleared Inflation Swap Agreements			—				(1,717,390	)			—
Total		$	(2,969,329	)		$	(1,751,257	)		$	—

* 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, 2021 were as follows (unaudited):

U.S. Government Agency Obligations	17.9	%
Commercial Mortgage-Backed Securities	16.2
Collateralized Loan Obligations	12.2
Banks	9.6
Residential Mortgage-Backed Securities	7.4
U.S. Treasury Obligations	4.8
Automobiles	4.5
Electric	3.4
Affiliated Mutual Funds (0.8% represents investments purchased with collateral from securities on loan)	3.3
Oil & Gas	2.1
Pharmaceuticals	1.7
Telecommunications	1.6
Pipelines	1.5
Media	1.2
Healthcare-Services	1.0
Student Loans	0.9
Real Estate Investment Trusts (REITs)	0.8
Insurance	0.8
Semiconductors	0.7
Sovereign Bonds	0.7
Commercial Services	0.7
Aerospace & Defense	0.7

Retail	0.7	%
Beverages	0.7
Auto Manufacturers	0.6
Municipal Bonds	0.6
Consumer Loans	0.6
Packaging & Containers	0.6
Software	0.6
Agriculture	0.5
Diversified Financial Services	0.5
Gas	0.4
Foods	0.3
Building Materials	0.3
Water	0.2
Equipment	0.2
Chemicals	0.2
Biotechnology	0.2
Mining	0.2
Airlines	0.2
Credit Cards	0.2
Iron/Steel	0.1
Computers	0.1
Transportation	0.1
Lodging	0.1
Engineering & Construction	0.1

See Notes to Financial Statements.

PGIM Core Bond Fund 65

Schedule of Investments (continued)

as of July 31, 2021

Industry Classification (continued):

Electronics	0.1	%
Machinery-Construction & Mining	0.1
Manufactured Housing	0.1
Home Equity Loans	0.0	*
Multi-National	0.0	*
Oil & Gas Services	0.0	*
Forest Products & Paper	0.0	*
Healthcare-Products	0.0	*
Machinery-Diversified	0.0	*
Housewares	0.0	*
	102.3
Option Written	(0.0	)*
Liabilities in excess of other assets	(2.3	)
	100.0	%

* Less than +/- 0.05%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

The Fund invested in derivative instruments during the reporting period. The primary types of risk associated with these derivative instruments are credit 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, 2021 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	$	6,513		Premiums received for OTC swap agreements	$	23,685
Credit contracts	—		—		Options written outstanding, at value		2,256
Credit contracts	Unrealized appreciation on OTC swap agreements		9,340		Unrealized depreciation on OTC swap agreements		10,588
Interest rate contracts	Due from/to broker- variation margin futures		5,898,391	*	Due from/to broker-variation margin futures		2,969,329	*

See Notes to Financial Statements.

66

	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 swaps	$	1,717,390	*
		$	5,914,244		$	4,723,248

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

The effects of derivative instruments on the Statement of Operations for the year ended July 31, 2021 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				Swaps
Credit contracts		$	—		$	—			$	—			$	56,241
Interest rate contracts			777,964			(142,953	)			(7,336,374	)			793,800
Total		$	777,964		$	(142,953	)		$	(7,336,374	)		$	850,041

(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			Swaps
Credit contracts		$	—			$	(2,256	)		$	—		$	103,242
Interest rate contracts			(334,866	)			—				3,649,725			(1,192,094	)
Total		$	(334,866	)		$	(2,256	)		$	3,649,725		$	(1,088,852	)

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

See Notes to Financial Statements.

PGIM Core Bond Fund 67

Schedule of Investments (continued)

as of July 31, 2021

For the year ended July 31, 2021, 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)
$17,526	$2,783,200	$310,130,751	$120,134,502

Inflation Swap Agreements(2)	Interest Rate Swap Agreements(2)
$22,644,000	$7,828,200

Credit Default

Swap Agreements—

Sell Protection(2)

$10,415,998

(1) Cost.

(2) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the year ended July 31, 2021.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized     Assets/(Liabilities)			Collateral Pledged/(Received)(2)				Net Amount
Securities on Loan		$	11,097,691		$	(11,097,691	)		$	—

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.		$	10,467		$	—		$	10,467		$	(10,467	)		$	—

See Notes to Financial Statements.

68

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
Goldman Sachs International		$	5,386		$	(2,662	)		$	2,724			$	—			$	2,724
Morgan Stanley & Co. International PLC			—			(33,867	)			(33,867	)			—				(33,867	)
		$	15,853		$	(36,529	)		$	(20,676	)		$	(10,467	)		$	(31,143	)

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 69

Statement of Assets and Liabilities

as of July 31, 2021

Assets
Investments at value, including securities on loan of $11,097,691:
Unaffiliated investments (cost $1,380,963,895)	$	1,430,472,889
Affiliated investments (cost $48,505,017)		48,511,671
Cash		37,785
Dividends and interest receivable		5,606,581
Receivable for Fund shares sold		2,889,896
Receivable for investments sold		1,938,944
Due from broker—variation margin futures		283,750
Due from broker—variation margin swaps		57,650
Unrealized appreciation on OTC swap agreements		9,340
Premiums paid for OTC swap agreements		6,513
Prepaid expenses		476
Total Assets		1,489,815,495
Liabilities
Payable for investments purchased		30,240,971
Payable to broker for collateral for securities on loan		11,299,983
Payable for Fund shares purchased		2,194,471
Management fee payable		296,540
Accrued expenses and other liabilities		223,438
Distribution fee payable		51,988
Dividends payable		40,632
Premiums received for OTC swap agreements		23,685
Unrealized depreciation on OTC swap agreements		10,588
Affiliated transfer agent fee payable		4,435
Options written outstanding, at value		2,256
Trustees’ fees payable		1,751
Total Liabilities		44,390,738
Net Assets	$	1,445,424,757
Net assets were comprised of:
Shares of beneficial interest, at par	$	137,296
Paid-in capital in excess of par		1,404,668,093
Total distributable earnings (loss)		40,619,368
Net assets, July 31, 2021	$	1,445,424,757

See Notes to Financial Statements.

70

Class A
Net asset value and redemption price per share, ($216,235,362 ÷ 20,543,788 shares of beneficial interest issued and outstanding)	$	10.53
Maximum sales charge (3.25% of offering price)		0.35
Maximum offering price to public	$	10.88
Class C
Net asset value, offering price and redemption price per share, ($7,663,807 ÷ 727,645 shares of beneficial interest issued and outstanding)	$	10.53
Class R
Net asset value, offering price and redemption price per share, ($20,516 ÷ 1,950 shares of beneficial interest issued and outstanding)	$	10.52
Class Z
Net asset value, offering price and redemption price per share, ($276,536,895 ÷ 26,267,943 shares of beneficial interest issued and outstanding)	$	10.53
Class R6
Net asset value, offering price and redemption price per share, ($944,968,177 ÷ 89,754,784 shares of beneficial interest issued and outstanding)	$	10.53

See Notes to Financial Statements.

PGIM Core Bond Fund 71

Statement of Operations

Year Ended July 31, 2021

Net Investment Income (Loss)
Income
Interest income	$	27,550,423
Affiliated dividend income		158,266
Income from securities lending, net (including affiliated income of $24,457)		26,714
Total income		27,735,403
Expenses
Management fee		4,265,509
Distribution fee(a)		590,227
Transfer agent’s fees and expenses (including affiliated expense of $24,674)(a)		460,622
Registration fees(a)		145,204
Custodian and accounting fees		130,621
Shareholders’ reports		84,805
Audit fee		67,104
Trustees’ fees		25,657
Legal fees and expenses		25,257
SEC registration fees		11,000
Miscellaneous		34,335
Total expenses		5,840,341
Less: Fee waiver and/or expense reimbursement(a)		(756,380	)
Distribution fee waiver(a)		(46	)
Net expenses		5,083,915
Net investment income (loss)		22,651,488
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $(6,079))		6,549,064
Futures transactions		(7,336,374	)
Options written transactions		(142,953	)
Swap agreement transactions		850,041
		(80,222	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(6,705))		(18,080,579	)
Futures		3,649,725
Options written		(2,256	)
Swap agreements		(1,088,852	)
		(15,521,962	)
Net gain (loss) on investment transactions		(15,602,184	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,049,304

See Notes to Financial Statements.

72

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

	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		507,407			82,684			136			—			—
Transfer agent’s fees and expenses		151,055			8,918			84			293,795			6,770
Registration fees		38,062			11,662			9,773			30,729			54,978
Fee waiver and/or expense reimbursement		(57,479	)		(12,234	)		(9,836	)		(378,143	)		(298,688	)
Distribution fee waiver		—			—			(46	)		—			—

See Notes to Financial Statements.

PGIM Core Bond Fund 73

Statements of Changes in Net Assets

	Year Ended July 31,
	2021			2020
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	22,651,488		$	21,965,641
Net realized gain (loss) on investment transactions		(80,222	)		15,395,664
Net change in unrealized appreciation (depreciation) on investments		(15,521,962	)		52,192,341
Net increase (decrease) in net assets resulting from operations		7,049,304			89,553,646
Dividends and Distributions
Distributions from distributable earnings
Class A		(5,023,890	)		(2,925,571	)
Class C		(146,985	)		(105,633	)
Class R		(400	)		(374	)
Class Z		(8,050,921	)		(6,205,888	)
Class R6		(23,683,618	)		(16,854,435	)
		(36,905,814	)		(26,091,901	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		599,342,272			729,705,122
Net asset value of shares issued in reinvestment of dividends and distributions		36,373,088			25,779,534
Cost of shares purchased		(349,563,334	)		(240,586,128	)
Net increase (decrease) in net assets from Fund share transactions		286,152,026			514,898,528
Total increase (decrease)		256,295,516			578,360,273
Net Assets:
Beginning of year		1,189,129,241			610,768,968
End of year	$	1,445,424,757		$	1,189,129,241

See Notes to Financial Statements.

74

Financial Highlights

Class A Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.78			$10.09			$9.63			$9.99			$10.22
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.21			0.26			0.22			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.13	)		0.74			0.49			(0.33	)		(0.20	)
Total from investment operations		0.02			0.95			0.75			(0.11	)		(0.02	)
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.26	)		(0.29	)		(0.25	)		(0.21	)
Distributions from net realized gains		(0.07	)		-	(b)		-			-			-
Total dividends and distributions		(0.27	)		(0.26	)		(0.29	)		(0.25	)		(0.21	)
Net asset value, end of year		$10.53			$10.78			$10.09			$9.63			$9.99
Total Return(c):		0.17	%		9.50	%		7.90	%		(1.14	)%		(0.13	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$216,235			$181,510			$75,923			$53,967			$43,489
Average net assets (000)		$202,963			$119,286			$59,735			$48,790			$38,131
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.66	%		0.70	%		0.70	%		0.70	%		0.70	%
Expenses before waivers and/or expense reimbursement		0.69	%		0.75	%		0.82	%		0.84	%		0.89	%
Net investment income (loss)		1.42	%		2.01	%		2.66	%		2.23	%		1.77	%
Portfolio turnover rate(f)(g)		117	%		90	%		69	%		172	%		314	%

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

(b) Amount rounds to zero.

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

(d) 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, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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 75

Financial Highlights (continued)

Class C Shares
				Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.79			$10.10			$9.64			$9.99			$10.23
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.13			0.19			0.14			0.10
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.15	)		0.74			0.48			(0.32	)		(0.20	)
Total from investment operations		(0.08	)		0.87			0.67			(0.18	)		(0.10	)
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.18	)		(0.21	)		(0.17	)		(0.14	)
Distributions from net realized gains		(0.07	)		-	(b)		-			-			-
Total dividends and distributions		(0.18	)		(0.18	)		(0.21	)		(0.17	)		(0.14	)
Net asset value, end of year		$10.53			$10.79			$10.10			$9.64			$9.99
Total Return(c):		(0.71	)%		8.68	%		7.09	%		(1.78	)%		(0.98	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$7,664			$8,596			$4,042			$3,530			$3,486
Average net assets (000)		$8,268			$6,244			$3,593			$3,635			$3,009
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		1.60	%		1.78	%		1.95	%		1.99	%		1.64	%
Net investment income (loss)		0.64	%		1.25	%		1.91	%		1.47	%		0.98	%
Portfolio turnover rate(f)(g)		117	%		90	%		69	%		172	%		314	%

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

(b) Amount rounds to zero.

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

(d) 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, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

76

Class R Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.78			$10.09			$9.63			$9.99			$10.23
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.19			0.23			0.20			0.15
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.14	)		0.73			0.49			(0.34	)		(0.20	)
Total from investment operations		(0.02	)		0.92			0.72			(0.14	)		(0.05	)
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		(0.23	)		(0.26	)		(0.22	)		(0.19	)
Distributions from net realized gains		(0.07	)		-	(b)		-			-			-
Total dividends and distributions		(0.24	)		(0.23	)		(0.26	)		(0.22	)		(0.19	)
Net asset value, end of year		$10.52			$10.78			$10.09			$9.63			$9.99
Total Return(c):		(0.22	)%		9.23	%		7.63	%		(1.39	)%		(0.48	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$21			$18			$16			$15			$11
Average net assets (000)		$18			$17			$15			$13			$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		55.36	%		102.99	%		89.73	%		113.11	%		1.40	%
Net investment income (loss)		1.13	%		1.80	%		2.41	%		1.99	%		1.46	%
Portfolio turnover rate(f)(g)		117	%		90	%		69	%		172	%		314	%

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

(b) Amount rounds to zero.

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

(d) 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, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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 77

Financial Highlights (continued)

Class Z Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.78			$10.09			$9.63			$9.99			$10.23
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.25			0.28			0.24			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.14	)		0.73			0.49			(0.33	)		(0.19	)
Total from investment operations		0.05			0.98			0.77			(0.09	)		-
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.29	)		(0.31	)		(0.27	)		(0.24	)
Distributions from net realized gains		(0.07	)		-	(b)		-			-			-
Total dividends and distributions		(0.30	)		(0.29	)		(0.31	)		(0.27	)		(0.24	)
Net asset value, end of year		$10.53			$10.78			$10.09			$9.63			$9.99
Total Return(c):		0.41	%		9.98	%		8.17	%		(0.90	)%		0.02	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$276,537			$282,256			$162,803			$101,369			$82,297
Average net assets (000)		$285,073			$220,426			$115,704			$84,455			$113,324
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.33	%		0.35	%		0.44	%		0.45	%		0.45	%
Expenses before waivers and/or expense reimbursement		0.46	%		0.49	%		0.53	%		0.52	%		0.61	%
Net investment income (loss)		1.76	%		2.38	%		2.92	%		2.48	%		1.89	%
Portfolio turnover rate(f)(g)		117	%		90	%		69	%		172	%		314	%

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

(b) Amount rounds to zero.

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

(d) 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, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

78

Class R6 Shares
	Year Ended July 31,
	2021			2020			2019			2018			2017
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.79			$10.10			$9.64			$9.99			$10.23
Income (loss) from investment operations:
Net investment income (loss)		0.19			0.25			0.29			0.25			0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.15	)		0.73			0.49			(0.32	)		(0.22	)
Total from investment operations		0.04			0.98			0.78			(0.07	)		-
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		(0.29	)		(0.32	)		(0.28	)		(0.24	)
Distributions from net realized gains		(0.07	)		-	(b)		-			-			-
Total dividends and distributions		(0.30	)		(0.29	)		(0.32	)		(0.28	)		(0.24	)
Net asset value, end of year		$10.53			$10.79			$10.10			$9.64			$9.99
Total Return(c):		0.42	%		10.00	%		8.12	%		(0.74	)%		0.07	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$944,968			$716,750			$367,985			$290,530			$201,345
Average net assets (000)		$836,649			$595,755			$309,110			$254,525			$83,714
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.32	%		0.33	%		0.39	%		0.40	%		0.40	%
Expenses before waivers and/or expense reimbursement		0.36	%		0.38	%		0.44	%		0.45	%		0.53	%
Net investment income (loss)		1.76	%		2.39	%		2.97	%		2.54	%		2.22	%
Portfolio turnover rate(f)(g)		117	%		90	%		69	%		172	%		314	%

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

(b) Amount rounds to zero.

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

(d) 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, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

(g) The Fund’s portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to transactions involving short-term investments 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 79

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 an 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, each of which are diversified funds for purposes of the 1940 Act. 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 is a summary of significant accounting policies followed by the Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles (“GAAP”). The Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The 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. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

80

trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Investments in open-end funds (other than exchange-traded 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

PGIM Core Bond Fund 81

Notes to Financial Statements (continued)

derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; 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.

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

82

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

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

PGIM Core Bond Fund 83

Notes to Financial Statements (continued)

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.

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

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in

84

the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

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

Inflation Swaps: The Fund entered into inflation swap agreements to protect against fluctuations in inflation rates. Inflation swaps are characterized by one party paying a fixed rate in exchange for a floating rate that is derived from an inflation index, such as the Consumer Price Index or UK Retail Price Index. Inflation swaps subject the Fund to interest rate risk.

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

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

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment

PGIM Core Bond Fund 85

Notes to Financial Statements (continued)

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.

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.

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

86

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

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

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

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

PGIM Core Bond Fund 87

Notes to Financial Statements (continued)

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. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

88

allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

Taxes: It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.

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 each subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income and PGIM Limited (each a “subadviser” and collectively the “subadvisers”). The Manager pays for the services of the subadvisers.

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. The effective management fee rate before any waivers and/or expense reimbursements was 0.32% for the year ended July 31, 2021.

The Manager has contractually agreed, through November 30, 2022, to limit total annual fund operating expenses, after fee waivers and/or expense reimbursements to 0.70% of

PGIM Core Bond Fund 89

Notes to Financial Statements (continued)

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. 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.

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, 2022 to limit such fees to 0.50% of the average daily net assets of the Class R shares. 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.

For the year ended July 31, 2021, PIMS received $643,058 in front-end sales charges resulting from sales of Class A shares. Additionally, for the year ended July 31, 2021, PIMS received $21,353 and $2,880 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”).

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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. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. 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/trustees, and/or common officers. For the year ended July 31, 2021, 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, 2021, were $1,546,285,926 and $1,279,881,127, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended July 31, 2021, 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
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund (1)(wa)
$	55,054,897	$	589,003,412	$	606,854,062	$	—		$	—		$	37,204,247		37,204,247	$	158,266
	PGIM Institutional Money Market Fund (1)(b)(wa)
	39,997,531		293,463,243		322,140,566		(6,705	)		(6,079	)		11,307,424		11,314,212		24,457	(2)
$	95,052,428	$	882,466,655	$	928,994,628	$	(6,705	)	$	(6,079	)	$	48,511,671			$	182,723

(1) The Fund did not have any capital gain distributions during the reporting period.

PGIM Core Bond Fund 91

Notes to Financial Statements (continued)

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

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

(wa) 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, if applicable.

6. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended July 31, 2021, the tax character of dividends paid by the Fund were $31,712,116 of ordinary income and $5,193,698 of long-term capital gains. 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.

As of July 31, 2021, there were no accumulated undistributed earnings on a tax basis.

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2021 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Appreciation
$1,436,473,609	$51,724,798	$(8,022,851)	$43,701,947

The differences between GAAP and tax basis were primarily attributable to deferred losses on wash sales, amortization of premiums, futures and other cost basis differences between GAAP and tax accounting.

The Fund elected to treat post-October losses of approximately $3,042,000 as having been incurred in the following fiscal year (July 31, 2022).

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, 2021 are subject to such review.

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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 $500,000 or more 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 eight years (ten years prior to January 22, 2021) after purchase. Class R shares are available to certain retirement plans, clearing and settlement firms. Class R, Class Z 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, 2021, 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	1,156	59.3%
Class R6	5	0.1%

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	83.6%

PGIM Core Bond Fund 93

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:

Class A	Shares			Amount
Year ended July 31, 2021:
Shares sold		8,926,376		$	94,433,452
Shares issued in reinvestment of dividends and distributions		474,951			5,018,631
Shares purchased		(5,511,907	)		(58,456,810	)
Net increase (decrease) in shares outstanding before conversion		3,889,420			40,995,273
Shares issued upon conversion from other share class(es)		139,306			1,473,392
Shares purchased upon conversion into other share class(es)		(317,962	)		(3,358,209	)
Net increase (decrease) in shares outstanding		3,710,764		$	39,110,456
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 purchased		(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 purchased upon conversion into other share class(es)		(83,334	)		(863,063	)
Net increase (decrease) in shares outstanding		9,310,330		$	97,042,373
Class C
Year ended July 31, 2021:
Shares sold		252,640		$	2,685,467
Shares issued in reinvestment of dividends and distributions		13,847			146,838
Shares purchased		(266,933	)		(2,820,952	)
Net increase (decrease) in shares outstanding before conversion		(446	)		11,353
Shares purchased upon conversion into other share class(es)		(68,504	)		(724,499	)
Net increase (decrease) in shares outstanding		(68,950	)	$	(713,146	)
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 purchased		(151,341	)		(1,568,722	)
Net increase (decrease) in shares outstanding before conversion		441,146			4,541,211
Shares purchased upon conversion into other share class(es)		(44,776	)		(464,613	)
Net increase (decrease) in shares outstanding		396,370		$	4,076,598
Class R
Year ended July 31, 2021:
Shares sold		250		$	2,600
Shares issued in reinvestment of dividends and distributions		38			400
Shares purchased		(1	)		(13	)
Net increase (decrease) in shares outstanding		287		$	2,987
Year ended July 31, 2020:
Shares sold		32		$	334
Shares issued in reinvestment of dividends and distributions		36			373
Shares purchased		(1	)		(13	)
Net increase (decrease) in shares outstanding		67		$	694

94

Class Z	Shares			Amount
Year ended July 31, 2021:
Shares sold		14,015,709		$	148,099,618
Shares issued in reinvestment of dividends and distributions		712,925			7,534,049
Shares purchased		(14,007,668	)		(147,779,761	)
Net increase (decrease) in shares outstanding before conversion		720,966			7,853,906
Shares issued upon conversion from other share class(es)		307,551			3,255,441
Shares purchased upon conversion into other share class(es)		(932,129	)		(9,665,079	)
Net increase (decrease) in shares outstanding		96,388		$	1,444,268
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 purchased		(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 purchased upon conversion into other share class(es)		(62,585	)		(644,821	)
Net increase (decrease) in shares outstanding		10,043,244		$	103,977,988
Class R6
Year ended July 31, 2021:
Shares sold		33,556,714		$	354,121,135
Shares issued in reinvestment of dividends and distributions		2,241,425			23,673,170
Shares purchased		(13,368,148	)		(140,505,798	)
Net increase (decrease) in shares outstanding before conversion		22,429,991			237,288,507
Shares issued upon conversion from other share class(es)		934,590			9,683,316
Shares purchased upon conversion into other share class(es)		(62,796	)		(664,362	)
Net increase (decrease) in shares outstanding		23,301,785		$	246,307,461
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 purchased		(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 purchased upon conversion into other share class(es)		(68,514	)		(716,401	)
Net increase (decrease) in shares outstanding		30,004,221		$	309,800,875

8. Borrowings

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

	Current SCA	Prior SCA
Term of Commitment	10/2/2020 – 9/30/2021	10/3/2019 – 10/1/2020
Total Commitment	$1,200,000,000	$1,222,500,000*
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%

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Notes to Financial Statements (continued)

	Current SCA	Prior SCA
Annualized Interest Rate on Borrowings	1.30% plus the higher of (1)   the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.20% 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 Participating Funds in the SCA equitably.

The Fund did not utilize the SCA during the year ended July 31, 2021.

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.

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover results in higher transaction costs, which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

Bond Obligations Risk: As with credit risk, market risk and interest rate 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 lose income.

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely

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principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

The US Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events Risk: Events in the US and global financial markets, including actions taken by the US Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, may at times result in unusually high market volatility, which could negatively impact performance. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

Foreign Securities Risk: Investments in securities of non-US issuers (including those denominated in US dollars) generally involve more risk than investing in securities of US issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the US. Foreign legal systems generally have fewer regulatory requirements than the US legal system. In general, less information is publicly available about non-US companies than about US companies. Non-US companies generally are not subject to the same accounting, auditing, and financial reporting standards as are US companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater

PGIM Core Bond Fund 97

Notes to Financial Statements (continued)

volatility and price declines. In addition, the Fund’s investments in non-US securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-US currency, confiscatory taxation and adverse diplomatic developments. Special US tax considerations may apply.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (IBOR). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for

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instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, bank loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

The potential effect 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. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. 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 and the other IBORs as benchmarks could deteriorate during the transition period, these effects could begin to be experienced by the end of 2021 and beyond until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

Visit our website at pgim.com/investments PGIM Core Bond Fund 99

Notes to Financial Statements (continued)

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 outbreak of COVID-19 globally in 2020 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. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

Market Risk: Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

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. The maximum potential liability of the issuers of some US Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the US Treasury. No assurance can be given that the U.S. government would

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provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

10. Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. At this time, management is evaluating the implications of certain provisions of the ASU and any impact on the financial statement disclosures has not yet been determined.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

PGIM Core Bond Fund 101

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Target Portfolio Trust and Shareholders of PGIM Core Bond Fund

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Core Bond Fund (one of the funds constituting The Target Portfolio Trust, referred to hereafter as the “Fund”) as of July 31, 2021, and the related statements of operations and changes in net assets, including the related notes, and the financial highlights for the year then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of July 31, 2021, and the results of its operations, changes in its net assets, and the financial highlights for the year then ended in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Fund as of and for the year ended July 31, 2020 and the financial highlights for each of the periods ended on or prior to July 31, 2020 (not presented herein, other than the statement of changes in net assets and the financial highlights) were audited by other auditors whose report dated September 18, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinion

These financial statements are the responsibility of the Fund’s management. Our responsibility is to express an opinion on the Fund’s financial statements based on our audit. 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 audit of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2021 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audit provides a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

September 22, 2021

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

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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 Board.

At a meeting of the Board on March 2-5, 2021, 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 January 1, 2020 through December 31, 2020 (“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 Core Bond Fund 103

Tax Information (unaudited)

For the tax year ended July 31, 2021, the Fund reports 80.98% as interest-related dividends in accordance with Sections 871(k)(1) and 881(e)(1) of the Internal Revenue Code.

In January 2022, 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 2021.

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 5.87% 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.

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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: 94	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly 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: 94	Retired; formerly 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: 91	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).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005
Barry H. Evans 1960 Board Member Portfolios Overseen: 93	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 (asset management).	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: 94	Retired; Executive Committee of the Independent Directors Council (IDC) Board of Governors (since October 2019); Member (since November 2014) of the Governing Council of the 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: 90	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); 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, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017
Brian K. Reid 1961 Board Member Portfolios Overseen: 93	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: 93	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.	Director (since January 2018) of OceanFirst Financial Corp. and OceanFirst Bank; formerly Director (July 2015-January 2018) of Sun Bancorp, Inc. N.A. and Sun National 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: 93	President, Chief Executive Officer, Chief Operating Officer and Officer in Charge of PGIM Investments LLC (formerly known as Prudential Investments LLC) (since January 2012); formerly Executive Vice President of Jennison Associates LLC and Head of Retail Distribution of PGIM Investments LLC (June 2005-December 2011); Investment Company Institute - Board of Governors (since May 2012).	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: 94	Executive Vice President (since May 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	Chief Legal Officer, Executive Vice President and Secretary 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); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005
Dino Capasso 1974 Chief Compliance Officer	Chief Compliance Officer (since July 2019) of PGIM Investments LLC; Chief Compliance Officer (since July 2019) of the PGIM Funds, Target Funds, Advanced Series Trust, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund; 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 July 2019

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) 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
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
Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 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 September 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 September 2019
Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration.	Since September 2019
Dana E. Cordes 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance (since June 2021) of Prudential; formerly, Director Global Financial Crimes Unit (December 2015 to June 2021) of Prudential; formerly, Director, Operational Risk Management for Prudential Real Estate Investors (January 2010 to December 2015). Ms. Cordes obtained a Certified Anti-Money Laundering Specialist designation in 2017.	Since September 2021

^(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, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, 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 (unaudited)

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Core Bond Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent 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 the Fund’s sub-subadvisory agreement with PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all the Independent Trustees, met on June 7-10, 2021 and approved the renewal of the agreements through July 31, 2022, 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 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 June 7-10, 2021.

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

PGIM Core Bond Fund

Approval of Advisory Agreements (continued)

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, between PGIM Investments and PGIM, which, through its PGIM Fixed Income unit, serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, and between PGIM and PGIML, which serves as the Fund’s sub-subadviser pursuant to the terms of a sub-subadvisory agreement with PGIM, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the 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 subadviser and sub-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 and sub-subadviser, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadviser and sub-subadviser. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested 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 subadviser and sub-subadviser, as well as PGIM Investments’ recommendation, based on its review of the subadviser and sub-subadviser, to renew the subadvisory and sub-subadvisory agreements.

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

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

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

Costs of Services and Profits Realized by PGIM Investments

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

Approval of Advisory Agreements (continued)

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, 2020.

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, 2020. 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 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

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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 retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.70% for Class A shares, 1.45% for Class C shares, 0.95% for Class R shares, 0.33% for Class Z shares, and 0.32% for Class R6 shares through November 30, 2021.

• 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 Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • 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 • Dana E. Cordes, Anti-Money Laundering Compliance Officer • Andrew R. French, Secretary • Melissa Gonzalez, Assistant Secretary • Diana N. Huffman, Assistant Secretary • Kelly A. Coyne, Assistant Secretary • Patrick E. McGuinness, Assistant Secretary • Debra Rubano, Assistant Secretary • Lana Lomuti, Assistant Treasurer • Russ Shupak, Assistant Treasurer • Elyse M. 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	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
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 pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing. should be read carefully before investing.

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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.

  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 year ended July 31, 2021, the Registrant’s principal accountant was PricewaterhouseCoopers LLP (“PwC”). For the fiscal year ended July 31, 2021, PwC billed the Registrant $133,000 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.

For the fiscal year ended July 31, 2020, the Registrant’s principal accountant was KPMG LLP (“KPMG”). For the fiscal year ended July 31, 2020, KPMG billed the Registrant $131,665 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, 2021, PwC did not bill the Registrant for audit-related services.

For the fiscal year ended July 31, 2021, fees of $6,315 were billed to the Registrant for services rendered by KPMG in connection with the auditor transition.

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.

(c) Tax Fees

For the fiscal years ended July 31, 2021 and July 31, 2020: none.

(d) All Other Fees

For the fiscal years ended July 31, 2021 and July 31, 2020: 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 years ended July 31, 2021 and July 31, 2020, 100% of the services referred to in Item 4(b) was approved by the audit committee.

(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 the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2021 and July 31, 2020 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

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 20, 2021

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 20, 2021
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	September 20, 2021