Target Portfolio Trust NCSR Certified annual shareholder report (management investment company)

Target Portfolio Trust N-CSRCertified 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, 6 th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 6 th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		07/31/2024

Date of reporting period:		07/31/2024

Item 1 – Reports to Stockholders

(a)

Report transmitted to stockholders pursuant to Rule

30e-1

under the Act (17 CFR

270.30e-1).

PGIM Quant Solutions Small-Cap Value

Fund

Class A:

TSVAX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

“Fund”) for the period of August 1, 2023 to July 31, 2024.

ou can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class A	$119	1.10%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232EA

HOW HAS THE FUND PERFORMED OVER THE PAST 10

YEARS

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2014 to July 31, 2024

Initial Investment of $10,000

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

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	10.78%	9.32%	6.91%
Class A without sales charges	17.23%	10.57%	7.51%
Russell 2000 Value Index	15.68%	9.53%	8.13%
Russell 2000 Index	14.25%	8.91%	8.72%
S&P 500 Index	22.15%	15.00%	13.15%

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi-Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0%*
Electric Utilities	0.0%*
	108.7%
Liabilities in excess of other assets	(8.7)%
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND

THIS

YEAR

The following is a summary of certain changes to the Fund since

August

1, 2023:

■

The Fund's principal risk disclosure was revised to include Financials Sector Risk as a principal risk of the Fund due to changes in the Fund's portfolio which may result in greater exposure to this sector.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	A
NASDAQ	TSVAX
CUSIP	875921785

MF232EA

PGIM Quant Solutions Small-Cap Value Fund

Class C:

TRACX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class C	$268	2.49%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232EC

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

he Fund’s past performance is not a good predictor of the Fund’s future performance.

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: June 19, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class C with sales charges	14.56%	9.20%	6.12% (6/19/2015)
Class C without sales charges	15.56%	9.20%	6.12% ( 6/19/2015 )
Russell 2000 Value Index	15.68%	9.53%	8.15%
Russell 2000 Index	14.25%	8.91%	8.14%
S&P 500 Index	22.15%	15.00%	13.50%

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

the class's inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi-Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0%*
Electric Utilities	0.0%*
	108.7%
Liabilities in excess of other assets	(8.7)%
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	C
NASDAQ	TRACX
CUSIP	875921710

MF232EC

PGIM Quant Solutions Small-Cap Value Fund

Class R:

TSVRX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class R	$137	1.26%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232ER

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2014 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class R	17.06%	10.38%	7.30%
Russell 2000 Value Index	15.68%	9.53%	8.13%
Russell 2000 Index	14.25%	8.91%	8.72%
S&P 500 Index	22.15%	15.00%	13.15%

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi- Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0 %*
Electric Utilities	0.0 %*
	108.7%
Liabilities in excess of other assets	(8.7) %
	100.0%

* Less than

0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	R
NASDAQ	TSVRX
CUSIP	875921843

MF232ER

PGIM Quant Solutions Small-Cap Value Fund

Class Z:

TASVX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class Z	$86	0.79%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232EZ

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2014 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	17.56%	10.94%	7.85%
Russell 2000 Value Index	15.68%	9.53%	8.13%
Russell 2000 Index	14.25%	8.91%	8.72%
S&P 500 Index	22.15%	15.00%	13.15%

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi-Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0%*
Electric Utilities	0.0%*
	108.7%
Liabilities in excess of other assets	(8.7)%
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since

August

1, 2023:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	Z
NASDAQ	TASVX
CUSIP	875921306

MF232EZ

PGIM Quant Solutions Small-Cap Value Fund

Class R2:

PSVDX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class R2 shares of PGIM Quant Solutions Small-Cap Value Fund (the

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class R2	$124	1.14%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232ER2

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R2 shares and assumes that all recurring fees (including management fees)

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

have been lower.

Cumulative Performance: December 28, 2017 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	17.13%	10.54%	5.91% (12/28/2017)
Russell 2000 Value Index	15.68%	9.53%	7.00%
Russell 2000 Index	14.25%	8.91%	7.44%
S&P 500 Index	22.15%	15.00%	13.58%

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

the class's inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi-Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0%*
Electric Utilities	0.0%*
	108.7%
Liabilities in excess of other assets	(8.7)%
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	R2
NASDAQ	PSVDX
CUSIP	875921611

MF232ER2

PGIM Quant Solutions Small-Cap Value Fund

Class R4:

PSVKX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class R4 shares of PGIM Quant Solutions Small-Cap Value Fund (the

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class R4	$97	0.89%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232ER4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R4 shares and assumes that all recurring fees (including management fees)

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

have been lower.

Cumulative Performance: December 28, 2017 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	17.44%	10.82%	6.18% (12/28/2017)
Russell 2000 Value Index	15.68%	9.53%	7.00%
Russell 2000 Index	14.25%	8.91%	7.44%
S&P 500 Index	22.15%	15.00%	13.58%

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

the class's inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF

7/31/2024

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi-Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0%*
Electric Utilities	0.0%*
	108.7%
Liabilities in excess of other assets	(8.7)%
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	R4
NASDAQ	PSVKX
CUSIP	875921595

MF232ER4

PGIM Quant Solutions Small-Cap Value Fund

Class R6:

TSVQX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Small-Cap Value Fund— Class R6	$74	0.68%

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

■

Stock market gains continued to be energized by large-cap growth and technology companies, fueled by investor optimism about the future

growth of artificial intelligence. Amid this market backdrop, US small-cap equities underperformed their large-cap counterparts. Although

large-cap growth stocks significantly outperformed large-cap value stocks, the situation was reversed in the small-cap space. The Russell

2000

Value Index (15.68%) outperformed the Russell 2000

Growth Index (12.80%) by nearly 3%.

■

PGIM Quantitative Solutions’ focus on deep-value stocks, which are characterized by high earnings yields, cash flow yields, and book yields,

drove performance as the Fund outperformed relative to the Index in eight of 11 economic sectors during the reporting period. The top

contributors to performance came from positioning in numerous industries across the industrials, energy, and real estate sectors.

■

The top detractors from performance came from the consumer staples sector, with underperformance relative to the Index broadly distributed

across a handful of industries. Positioning among biotechnology and healthcare technology industries in the healthcare sector also weighed on

the Fund’s returns during the reporting period.

MF232ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: September 25, 2014 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	17.67%	11.06%	8.10% (9/25/2014)
Russell 2000 Value Index	15.68%	9.53%	8.57%
Russell 2000 Index	14.25%	8.91%	9.03%
S&P 500 Index	22.15%	15.00%	13.10%

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

the class's inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 430,847,890
Number of fund holdings	427
Total advisory fees paid for the year	$ 2,317,291
Portfolio turnover rate for the year	78%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Industry Classification	% of Net Assets
Banks	20.6%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.4%
Oil, Gas & Consumable Fuels	7.2%
Financial Services	4.1%
Mortgage Real Estate Investment Trusts (REITs)	3.7%
Household Durables	3.5%
Energy Equipment & Services	3.0%
Media	2.9%
Biotechnology	2.5%
Automobile Components	2.5%
Food Products	2.1%
Consumer Staples Distribution & Retail	2.0%
Specialty Retail	2.0%
Insurance	1.9%
Textiles, Apparel & Luxury Goods	1.8%
Professional Services	1.7%
Chemicals	1.7%
Machinery	1.7%
Multi-Utilities	1.7%
Retail REITs	1.6%
Diversified REITs	1.6%
Metals & Mining	1.6%
Commercial Services & Supplies	1.5%
Office REITs	1.5%
Hotel & Resort REITs	1.5%
Consumer Finance	1.4%
Health Care Equipment & Supplies	1.3%
Health Care Providers & Services	1.3%
Gas Utilities	1.3%
Electronic Equipment, Instruments & Components	1.2%
Passenger Airlines	1.1%
Personal Care Products	1.1%

Industry Classification	% of Net Assets
Marine Transportation	1.0%
Air Freight & Logistics	0.9%
Hotels, Restaurants & Leisure	0.9%
Real Estate Management & Development	0.8%
Leisure Products	0.8%
Semiconductors & Semiconductor Equipment	0.8%
Diversified Consumer Services	0.8%
Technology Hardware, Storage & Peripherals	0.7%
Containers & Packaging	0.7%
Construction & Engineering	0.7%
Building Products	0.7%
Pharmaceuticals	0.7%
Health Care REITs	0.6%
Paper & Forest Products	0.6%
Industrial REITs	0.6%
Diversified Telecommunication Services	0.5%
Trading Companies & Distributors	0.5%
Automobiles	0.5%
Unaffiliated Exchange-Traded Funds	0.5%
Entertainment	0.5%
Interactive Media & Services	0.5%
Residential REITs	0.3%
Specialized REITs	0.3%
Tobacco	0.3%
Ground Transportation	0.2%
Wireless Telecommunication Services	0.2%
Electrical Equipment	0.1%
Broadline Retail	0.0%*
Electric Utilities	0.0%*
	108.7%
Liabilities in excess of other assets	(8.7)%
	100.0%

* Less than 0.05%

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

SHARE CLASS	R6
NASDAQ	TSVQX
CUSIP	875921777

MF232ER6

PGIM Core Bond Fund

Class A:

TPCAX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Bond Fund—Class A	$67	0.65%

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

■

Although the US Federal Reserve held policy rates steady for eight consecutive Federal Open Market Committee meetings, moderating

economic data provided markets greater confidence that the first rate cut would come in the second half of 2024. Against the backdrop of a

steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally tightened.

■

The following strategies contributed most to the Fund’s performance relative to the Index during the period: positioning in AAA collateralized

loan obligations (CLOs); overweights in the non-agency commercial mortgage-backed securities (CMBS) AAA and US investment grade

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

positioning; and selection in banking, MBS, and midstream energy. (Duration measures the sensitivity of the price—the value of principal—of a

bond to a change in interest rates.)

■

The following strategies detracted from relative performance during the period: security selection in MBS, yield curve positioning, and selection

in finance companies. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

It is created by plotting the yields of different maturities for the same type of bonds.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted

from performance.

MF226EA

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: February 17, 2015 to July 31, 2024

Initial Investment of $10,000

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

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class A w ith sales charges	2.52%	-0.59%	0.96% (2/17/2015)
Class A without sales charges	5.97%	0.07%	1.32% (2/17/2015)
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.35%

Since Inception returns are provided for any

class with less than 10

fiscal year

s of returns. Since Inception returns for the Index are measured from the closest month-end to the

class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 1,956,370,010
Number of fund holdings	1,271
Total advisory fees paid for the year	$ 4,437,578
Portfolio turnover rate for the year	125%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	67.4
AA	5.5
A	13.3
BBB	14.2
BB	0.2
Not Rated	0.7
Cash/Cash Equivalents	(1.3)
Total	100.0

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Bond Fund

SHARE CLASS	A
NASDAQ	TPCAX
CUSIP	875921769

MF226EA

PGIM Core Bond Fund

Class C:

TPCCX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Bond Fund—Class C	$149	1.45%

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

■

Although the US Federal Reserve held policy rates steady for eight consecutive Federal Open Market Committee meetings, moderating

economic data provided markets greater confidence that the first rate cut would come in the second half of 2024. Against the backdrop of a

steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally tightened.

■

The following strategies contributed most to the Fund’s performance relative to the Index during the period: positioning in AAA collateralized

loan obligations (CLOs); overweights in the non-agency commercial mortgage-backed securities (CMBS) AAA and US investment grade

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

positioning; and selection in banking, MBS, and midstream energy. (Duration measures the sensitivity of the price—the value of principal—of a

bond to a change in interest rates.)

■

The following strategies detracted from relative performance during the period: security selection in MBS, yield curve positioning, and selection

in finance companies. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

It is created by plotting the yields of different maturities for the same type of bonds.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted

from performance.

MF226EC

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

were deducted and dividend and distributions were reinvested.

Without

waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

Cumulative Performance: February 17, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class C with sales charges	4.01%	-0.74%	0.54% (2/17/2015)
Class C without sales charges	5.01%	-0.74%	0.54% (2/17/2015)
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.35%

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’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 1,956,370,010
Number of fund holdings	1,271
Total advisory fees paid for the year	$ 4,437,578
Portfolio turnover rate for the year	125%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	67.4
AA	5.5
A	13.3
BBB	14.2
BB	0.2
Not Rated	0.7
Cash/Cash Equivalents	(1.3)
Total	100.0

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Bond Fund

SHARE CLASS	C
NASDAQ	TPCCX
CUSIP	875921751

MF226EC

PGIM Core Bond Fund

Class R:

TPCRX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class R shares of PGIM Core Bond Fund (the “Fund”) for the period of

August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Bond Fund—Class R	$98	0.95%

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

■

Although the US Federal Reserve held policy rates steady for eight consecutive Federal Open Market Committee meetings, moderating

economic data provided markets greater confidence that the first rate cut would come in the second half of 2024. Against the backdrop of a

steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally tightened.

■

The following strategies contributed most to the Fund’s performance relative to the Index during the period: positioning in AAA collateralized

loan obligations (CLOs); overweights in the non-agency commercial mortgage-backed securities (CMBS) AAA and US investment grade

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

positioning; and selection in banking, MBS, and midstream energy. (Duration measures the sensitivity of the price—the value of principal—of a

bond to a change in interest rates.)

■

The following strategies detracted from relative performance during the period: security selection in MBS, yield curve positioning, and selection

in finance companies. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

It is created by plotting the yields of different maturities for the same type of bonds.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted

from performance.

MF226ER

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: February 17, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R	5.53%	-0.24%	1.03% (2/17/2015)
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.35%

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’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 1,956,370,010
Number of fund holdings	1,271
Total advisory fees paid for the year	$ 4,437,578
Portfolio turnover rate for the year	125%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	67.4
AA	5.5
A	13.3
BBB	14.2
BB	0.2
Not Rated	0.7
Cash/Cash Equivalents	(1.3)
Total	100.0

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Bond Fund

SHARE CLASS	R
NASDAQ	TPCRX
CUSIP	875921736

MF226ER

PGIM Core Bond Fund

Class Z:

TAIBX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Bond Fund—Class Z	$34	0.33%

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

■

Although the US Federal Reserve held policy rates steady for eight consecutive Federal Open Market Committee meetings, moderating

economic data provided markets greater confidence that the first rate cut would come in the second half of 2024. Against the backdrop of a

steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally tightened.

■

The following strategies contributed most to the Fund’s performance relative to the Index during the period: positioning in AAA collateralized

loan obligations (CLOs); overweights in the non-agency commercial mortgage-backed securities (CMBS) AAA and US investment grade

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

positioning; and selection in banking, MBS, and midstream energy. (Duration measures the sensitivity of the price—the value of principal—of a

bond to a change in interest rates.)

■

The following strategies detracted from relative performance during the period: security selection in MBS, yield curve positioning, and selection

in finance companies. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

It is created by plotting the yields of different maturities for the same type of bonds.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted

from performance.

MF226EZ

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

were deducted and dividend and distributions were reinvested. Without

waiver

of fees and/or expense reimbursements, if any, the returns would

have been lower.

Cumulative Performance: July 31, 2014 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	6.18%	0.40%	1.52%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 1,956,370,010
Number of fund holdings	1,271
Total advisory fees paid for the year	$ 4,437,578
Portfolio turnover rate for the year	125%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	67.4
AA	5.5
A	13.3
BBB	14.2
BB	0.2
Not Rated	0.7
Cash/Cash Equivalents	(1.3)
Total	100.0

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Bond Fund

SHARE CLASS	Z
NASDAQ	TAIBX
CUSIP	875921801

MF226EZ

PGIM Core Bond Fund

Class R6:

TPCQX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class R6 shares of PGIM Core Bond Fund (the “Fund”) for the period of

August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Bond Fund—Class R6	$33	0.32%

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

■

Although the US Federal Reserve held policy rates steady for eight consecutive Federal Open Market Committee meetings, moderating

economic data provided markets greater confidence that the first rate cut would come in the second half of 2024. Against the backdrop of a

steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally tightened.

■

The following strategies contributed most to the Fund’s performance relative to the Index during the period: positioning in AAA collateralized

loan obligations (CLOs); overweights in the non-agency commercial mortgage-backed securities (CMBS) AAA and US investment grade

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

positioning; and selection in banking, MBS, and midstream energy. (Duration measures the sensitivity of the price—the value of principal—of a

bond to a change in interest rates.)

■

The following strategies detracted from relative performance during the period: security selection in MBS, yield curve positioning, and selection

in finance companies. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities.

It is created by plotting the yields of different maturities for the same type of bonds.)

■

The Fund uses derivatives when they facilitate implementation of the overall investment approach. During the reporting period, the Fund used

swaps, options, and futures to help manage duration positioning and yield curve exposure. In aggregate, these positions detracted

from performance.

MF226ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: February 17, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	6.20%	0.41%	1.64% (2/17/2015)
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.35%

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’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 1,956,370,010
Number of fund holdings	1,271
Total advisory fees paid for the year	$ 4,437,578
Portfolio turnover rate for the year	125%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	67.4
AA	5.5
A	13.3
BBB	14.2
BB	0.2
Not Rated	0.7
Cash/Cash Equivalents	(1.3)
Total	100.0

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

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

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Bond Fund

SHARE CLASS	R6
NASDAQ	TPCQX
CUSIP	875921744

MF226ER6

PGIM Corporate Bond Fund

Class A:

PCWAX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Corporate Bond Fund—Class A	$84	0.81%

WHAT AFFECTED THE FUND’S PERFORMANCE DURING THE REPORTI

PERIOD?

■

Although the Federal Reserve (the Fed) has held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets greater confidence that the first Fed interest rate cut would come in the second half of 2024.

Against the backdrop of a steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally

tightened during the reporting period.

■

The following contributed most to the Fund’s performance during the reporting period: positioning in US investment-grade corporate bonds and

emerging-market investment-grade bonds; an overweight relative to the Index in the AAA-rated non-agency commercial mortgage-backed

securities sector; security selection in taxable municipals and US high yield corporates; and positioning in midstream energy, electric utilities,

real estate investment trusts, banking, metal & mining, and consumer non-cyclicals.

■

The following detracted most from the Fund’s performance during the reporting period: security selection in US Treasuries; positioning in media

& entertainment, finance companies, life insurance, railroads, and natural gas; and the Fund’s yield curve and duration positioning. (A yield

curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the

yields of different maturities for the same type of bonds. Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund employs US Treasury futures and swaps on a limited basis to manage the Fund’s duration and interest-rate risk. The subadviser

believes that using such futures and swaps is more efficient than managing interest-rate risk through the purchase and sale of cash corporate

bonds. This use of derivatives detracted from performance during the reporting

period.

MF229EA

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: May 28, 2015 to July 31, 2024

Initial Investment of $10,000

The line graph reflects the return on the Fund's Class A shares

sal

es charges.

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class A with sales charges	3.28%	0.02%	1.92% (5/28/2015)
Class A without sales charges	6.75%	0.68%	2.29% (5/28/2015)
Bloomberg US Credit Index	6.54%	0.90%	2.38%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.40%

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

the class’s inception date.

The Fund has added the Bloomberg US Aggregate Bond Index as a broad-based securities market index in response to new regulatory r

equirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 23,877,139
Number of fund holdings	274
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	17%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDING

S A

S OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	8.0
AA	13.4
A	29.3
BBB	47.2
BB	0.8
Cash/Cash Equivalents	1.3
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

The Fund's principal risk disclosure was revised to include Yankee Obligations Risk as a principal risk of the Fund. The Fund's risk disclosure was revised based on changes in the Fund's portfolio which may result in greater exposure to these types of securities.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Corporate Bond Fund

SHARE CLASS	A
NASDAQ	PCWAX
CUSIP	875921694

MF229EA

PGIM Corporate Bond Fund

Class C:

PCWCX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class C shares of PGIM Corporate Bond Fund (the “Fund”) for the

period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Corporate Bond Fund—Class C	$161	1.56%

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

■

Although the Federal Reserve (the Fed) has held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets greater confidence that the first Fed interest rate cut would come in the second half of 2024.

Against the backdrop of a steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally

tightened during the reporting period.

■

The following contributed most to the Fund’s performance during the reporting period: positioning in US investment-grade corporate bonds and

emerging-market investment-grade bonds; an overweight relative to the Index in the AAA-rated non-agency commercial mortgage-backed

securities sector; security selection in taxable municipals and US high yield corporates; and positioning in midstream energy, electric utilities,

real estate investment trusts, banking, metal & mining, and consumer non-cyclicals.

■

The following detracted most from the Fund’s performance during the reporting period: security selection in US Treasuries; positioning in media

& entertainment, finance companies, life insurance, railroads, and natural gas; and the Fund’s yield curve and duration positioning. (A yield

curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the

yields of different maturities for the same type of bonds. Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund employs US Treasury futures and swaps on a limited basis to manage the Fund’s duration and interest-rate risk. The subadviser

believes that using such futures and swaps is more efficient than managing interest-rate risk through the purchase and sale of cash corporate

bonds. This use of derivatives detracted from performance during the reporting period.

MF229EC

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: May 28, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class C with sales charges	5.08%	-0.06%	1.51% (5/28/2015)
Class C without sales charges	6.08%	-0.06%	1.51% (5/28/2015)
Bloomberg US Credit Index	6.54%	0.90%	2.38%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.40%

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

the class’s inception date.

The Fund has added the Bloomberg US Aggregate Bond Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 23,877,139
Number of fund holdings	274
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	17%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	8.0
AA	13.4
A	29.3
BBB	47.2
BB	0.8
Cash/Cash Equivalents	1.3
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Corporate Bond Fund

SHARE CLASS	C
NASDAQ	PCWCX
CUSIP	875921686

MF229EC

PGIM Corporate Bond Fund

Class R:

PCWRX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class R shares of PGIM Corporate Bond Fund (the “Fund”) for the

period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Corporate Bond Fund—Class R	$109	1.06%

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

■

Although the Federal Reserve (the Fed) has held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets greater confidence that the first Fed interest rate cut would come in the second half of 2024.

Against the backdrop of a steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally

tightened during the reporting period.

■

The following contributed most to the Fund’s performance during the reporting period: positioning in US investment-grade corporate bonds and

emerging-market investment-grade bonds; an overweight relative to the Index in the AAA-rated non-agency commercial mortgage-backed

securities sector; security selection in taxable municipals and US high yield corporates; and positioning in midstream energy, electric utilities,

real estate investment trusts, banking, metal & mining, and consumer non-cyclicals.

■

The following detracted most from the Fund’s performance during the reporting period: security selection in US Treasuries; positioning in media

& entertainment, finance companies, life insurance, railroads, and natural gas; and the Fund’s yield curve and duration positioning. (A yield

curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the

yields of different maturities for the same type of bonds. Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund employs US Treasury futures and swaps on a limited basis to manage the Fund’s duration and interest-rate risk. The subadviser

believes that using such futures and swaps is more efficient than managing interest-rate risk through the purchase and sale of cash corporate

bonds. This use of derivatives detracted from performance during the reporting period.

MF229ER

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: May 28, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R	6.60%	0.44%	2.01% (5/28/2015)
Bloomberg US Credit Index	6.54%	0.90%	2.38%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.40%

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

the class’s inception date.

The Fund has added the Bloomberg US Aggregate Bond Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 23,877,139
Number of fund holdings	274
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	17%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	8.0
AA	13.4
A	29.3
BBB	47.2
BB	0.8
Cash/Cash Equivalents	1.3
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Corporate Bond Fund

SHARE CLASS	R
NASDAQ	PCWRX
CUSIP	875921660

MF229ER

PGIM Corporate Bond Fund

Class Z:

TGMBX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Corporate Bond Fund—Class Z	$58	0.56%

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

■

Although the Federal Reserve (the Fed) has held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets greater confidence that the first Fed interest rate cut would come in the second half of 2024.

Against the backdrop of a steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally

tightened during the reporting period.

■

The following contributed most to the Fund’s performance during the reporting period: positioning in US investment-grade corporate bonds and

emerging-market investment-grade bonds; an overweight relative to the Index in the AAA-rated non-agency commercial mortgage-backed

securities sector; security selection in taxable municipals and US high yield corporates; and positioning in midstream energy, electric utilities,

real estate investment trusts, banking, metal & mining, and consumer non-cyclicals.

■

The following detracted most from the Fund’s performance during the reporting period: security selection in US Treasuries; positioning in media

& entertainment, finance companies, life insurance, railroads, and natural gas; and the Fund’s yield curve and duration positioning. (A yield

curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the

yields of different maturities for the same type of bonds. Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund employs US Treasury futures and swaps on a limited basis to manage the Fund’s duration and interest-rate risk. The subadviser

believes that using such futures and swaps is more efficient than managing interest-rate risk through the purchase and sale of cash corporate

bonds. This use of derivatives detracted from performance during the reporting period.

MF229EZ

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: July 31, 2014 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	7.14%	0.94%	2.62%
Bloomberg US Credit Index	6.54%	0.90%	2.46%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.61%

The Fund has added the Bloomberg US Aggregate Bond Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 23,877,139
Number of fund holdings	274
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	17%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	8.0
AA	13.4
A	29.3
BBB	47.2
BB	0.8
Cash/Cash Equivalents	1.3
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Corporate Bond Fund

SHARE CLASS	Z
NASDAQ	TGMBX
CUSIP	875921702

MF229EZ

PGIM Corporate Bond Fund

Class R6

PCWQX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

This annual shareholder report contains important information about the Class R6 shares of PGIM Corporate Bond Fund (the “Fund”) for the

period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the

Fund

that

occurred

during

the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Corporate Bond Fund—Class R6	$58	0.56%

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

■

Although the Federal Reserve (the Fed) has held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets greater confidence that the first Fed interest rate cut would come in the second half of 2024.

Against the backdrop of a steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally

tightened during the reporting period.

■

The following contributed most to the Fund’s performance during the reporting period: positioning in US investment-grade corporate bonds and

emerging-market investment-grade bonds; an overweight relative to the Index in the AAA-rated non-agency commercial mortgage-backed

securities sector; security selection in taxable municipals and US high yield corporates; and positioning in midstream energy, electric utilities,

real estate investment trusts, banking, metal & mining, and consumer non-cyclicals.

■

The following detracted most from the Fund’s performance during the reporting period: security selection in US Treasuries; positioning in media

& entertainment, finance companies, life insurance, railroads, and natural gas; and the Fund’s yield curve and duration positioning. (A yield

curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the

yields of different maturities for the same type of bonds. Duration measures the sensitivity of the price—the value of principal—of a bond to a

change in interest rates.)

■

The Fund employs US Treasury futures and swaps on a limited basis to manage the Fund’s duration and interest-rate risk. The subadviser

believes that using such futures and swaps is more efficient than managing interest-rate risk through the purchase and sale of cash corporate

bonds. This use of derivatives detracted from performance during the reporting period.

MF229ER6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Cumulative Performance: May 28, 2015 to July 31, 2024

Initial Investment of $10,000

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	7.14%	0.94%	2.52% (5/28/2015)
Bloomberg US Credit Index	6.54%	0.90%	2.38%
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.40%

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

the class’s inception date.

The Fund has added the Bloomberg US Aggregate Bond Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

Fund’s net assets	$ 23,877,139
Number of fund holdings	274
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	17%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	8.0
AA	13.4
A	29.3
BBB	47.2
BB	0.8
Cash/Cash Equivalents	1.3
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Corporate Bond Fund

SHARE CLASS	R6
NASDAQ	PCWQX
CUSIP	875921678

MF229ER6

(b)

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

Item 2 –

Code of Ethics – See Exhibit (a)

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

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

Item 3 –

Audit Committee Financial Expert –

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

Item 4 –

Principal Accountant Fees and Services –

(a)

Audit Fees

For the fiscal years ended July 31, 2024 and July 31, 2023, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $136,740 and $133,000, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b)

Audit-Related Fees

For the fiscal years ended July 31, 2024 and July 31, 2023: none.

(c)

Tax Fees

For the fiscal years ended July 31, 2024 and July 31, 2023: none.

(d)

All Other Fees

For the fiscal years ended July 31, 2024 and July 31, 2023: none.

(e) (1)

Audit Committee Pre-Approval Policies and Procedures

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

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


	Fiscal Year Ended July 31, 2024	Fiscal Year Ended July 31, 2023
4(b)	Not applicable.	Not applicable.
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

(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, 2024 and July 31, 2023 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.

(i) Not applicable.

(j) Not applicable.

Item 5 –

Audit Committee of Listed Registrants – Not applicable.

Item 6 –

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

Items 7 –

11 (Refer to Report below)

LOGO

THE TARGET PORTFOLIO TRUST

PGIM Quant Solutions Small-Cap Value Fund

FINANCIAL STATEMENTS AND OTHER INFORMATION

JULY 31, 2024

LOGO

Table of Contents

Financial Statements and Other Information

July 31, 2024

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

Schedule of Investments

as of July 31, 2024


Description	Shares		Value

LONG-TERM INVESTMENTS 100.4%

COMMON STOCKS 99.9%

Air Freight & Logistics 0.9%

Air Transport Services Group, Inc.*		119,700	$	1,931,958

Forward Air Corp.(a)		74,400		1,886,784


				3,818,742

Automobile Components 2.5%

Adient PLC*		105,900		2,727,984

BorgWarner, Inc.		14,600		515,526

Dana, Inc.		189,800		2,412,358

Goodyear Tire & Rubber Co. (The)*		256,300		2,998,710

Lear Corp.		2,400		292,896

Standard Motor Products, Inc.		54,900		1,796,877


				10,744,351

Automobiles 0.5%

Harley-Davidson, Inc.		3,900		146,250

Winnebago Industries, Inc.		32,300		2,019,396


				2,165,646

Banks 20.5%

Ameris Bancorp		38,700		2,356,443

Associated Banc-Corp.		97,100		2,231,358

Atlantic Union Bankshares Corp.		43,700		1,804,373

Banc of California, Inc.		102,800		1,437,144

BankUnited, Inc.		56,800		2,187,936

Banner Corp.		23,900		1,415,358

Berkshire Hills Bancorp, Inc.		30,200		833,520

Brookline Bancorp, Inc.		63,300		664,017

Business First Bancshares, Inc.		7,000		177,940

Byline Bancorp, Inc.		31,900		894,795

Cadence Bank		64,700		2,126,689

Camden National Corp.		2,800		116,704

Capitol Federal Financial, Inc.		26,000		164,320

Cathay General Bancorp		41,400		1,834,848

Central Pacific Financial Corp.		9,500		247,855

Civista Bancshares, Inc.		4,500		80,775

CNB Financial Corp.		28,099		721,020

Community Trust Bancorp, Inc.		14,366		728,643

ConnectOne Bancorp, Inc.		36,600		886,452

CrossFirst Bankshares, Inc.*		17,000		315,180

Customers Bancorp, Inc.*		22,600		1,457,248

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 1

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)

CVB Financial Corp.		46,200	$	880,572

Dime Community Bancshares, Inc.		17,900		452,512

Eastern Bankshares, Inc.		31,000		515,840

Enterprise Financial Services Corp.		24,000		1,268,880

Financial Institutions, Inc.		55,227		1,453,575

First Bancorp		10,600		443,080

First Bancshares, Inc. (The)		15,900		529,788

First Busey Corp.		55,600		1,525,664

First Commonwealth Financial Corp.		60,500		1,093,840

First Financial Bancorp		77,051		2,108,115

First Financial Corp.		15,959		717,517

First Interstate BancSystem, Inc. (Class A Stock)		53,800		1,698,466

First Merchants Corp.		38,000		1,533,300

First Mid Bancshares, Inc.		5,600		214,984

First of Long Island Corp. (The)		24,500		321,440

FS Bancorp, Inc.		1,500		66,045

Fulton Financial Corp.		119,000		2,305,030

Hancock Whitney Corp.		49,900		2,731,027

Hanmi Financial Corp.		23,078		470,791

Heritage Commerce Corp.		28,400		293,940

Heritage Financial Corp.		5,600		129,752

Home BancShares, Inc.		15,300		433,449

Hope Bancorp, Inc.		132,616		1,745,227

Horizon Bancorp, Inc.		28,931		462,028

Independent Bank Corp.		26,200		1,680,730

Kearny Financial Corp.		6,700		48,240

Metropolitan Bank Holding Corp.*		2,700		142,371

Midland States Bancorp, Inc.		20,800		493,792

MidWestOne Financial Group, Inc.		4,762		139,574

National Bank Holdings Corp. (Class A Stock)		16,700		699,396

Northeast Community Bancorp, Inc.		3,900		88,842

Northfield Bancorp, Inc.		13,000		162,630

Northwest Bancshares, Inc.		76,000		1,067,040

OceanFirst Financial Corp.		42,600		774,042

Old National Bancorp		160,843		3,220,077

Old Second Bancorp, Inc.		12,100		204,732

Origin Bancorp, Inc.		9,800		336,728

Orrstown Financial Services, Inc.		3,000		105,480

Pacific Premier Bancorp, Inc.		73,500		1,988,910

Peapack-Gladstone Financial Corp.		23,279		657,865

Peoples Bancorp, Inc.		22,100		735,267

Premier Financial Corp.		37,782		957,396

Provident Financial Services, Inc.		84,120		1,559,585

QCR Holdings, Inc.		11,200		856,128

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)

RBB Bancorp		3,600	$	83,052

Renasant Corp.		44,800		1,540,672

S&T Bancorp, Inc.		31,263		1,387,452

Sandy Spring Bancorp, Inc.		43,300		1,326,279

Seacoast Banking Corp. of Florida		20,800		579,072

Simmons First National Corp. (Class A Stock)		89,800		1,933,394

Southern Missouri Bancorp, Inc.		800		45,760

Southside Bancshares, Inc.		6,400		223,936

SouthState Corp.		29,985		2,967,615

Stellar Bancorp, Inc.		22,300		611,020

Towne Bank		37,300		1,239,852

TriCo Bancshares		8,200		381,546

TrustCo Bank Corp.		9,000		320,490

Trustmark Corp.		32,300		1,121,779

UMB Financial Corp.		1,300		132,626

United Bankshares, Inc.		47,000		1,829,710

United Community Banks, Inc.		44,900		1,389,655

Univest Financial Corp.		20,200		558,530

Valley National Bancorp(a)		252,900		2,124,360

Veritex Holdings, Inc.		48,200		1,208,374

WaFd, Inc.		56,600		2,014,394

Washington Trust Bancorp, Inc.		5,000		160,050

WesBanco, Inc.		55,748		1,777,246

WSFS Financial Corp.		27,300		1,542,177


				88,495,346

Biotechnology 2.5%

2seventy bio, Inc.*		56,600		267,152

ACELYRIN, Inc.*		54,700		328,200

Agios Pharmaceuticals, Inc.*		13,600		631,040

Akero Therapeutics, Inc.*		10,000		267,300

Allogene Therapeutics, Inc.*		92,700		272,538

Beam Therapeutics, Inc.*		17,000		537,880

Bridgebio Pharma, Inc.*		9,000		233,550

Caribou Biosciences, Inc.*		111,100		257,752

Century Therapeutics, Inc.*		12,400		27,652

Cytokinetics, Inc.*		28,300		1,669,983

Denali Therapeutics, Inc.*		7,800		190,086

Design Therapeutics, Inc.*		54,200		276,420

Fate Therapeutics, Inc.*		70,400		375,232

Generation Bio Co.*		23,400		78,156

Intellia Therapeutics, Inc.*		22,300		584,483

iTeos Therapeutics, Inc.*		18,500		325,415

Kodiak Sciences, Inc.*		76,300		222,033

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 3

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Biotechnology (cont’d.)

Kyverna Therapeutics, Inc.*(a)		24,900	$	215,634

Lyell Immunopharma, Inc.*		132,500		213,325

Myriad Genetics, Inc.*		20,800		581,776

Nkarta, Inc.*		38,300		246,269

Organogenesis Holdings, Inc.*		86,100		260,022

Puma Biotechnology, Inc.*		31,600		113,286

RAPT Therapeutics, Inc.*		51,600		162,024

Relay Therapeutics, Inc.*		18,400		151,248

REVOLUTION Medicines, Inc.*		12,300		561,372

Sage Therapeutics, Inc.*		26,200		286,890

Spyre Therapeutics, Inc.*		3,300		90,750

Tourmaline Bio, Inc.		2,800		47,264

Vanda Pharmaceuticals, Inc.*		49,100		286,744

Veracyte, Inc.*		15,300		367,200

Verve Therapeutics, Inc.*		50,400		352,800

Vir Biotechnology, Inc.*		44,600		453,136


				10,934,612

Broadline Retail 0.0%

Dillard’s, Inc. (Class A Stock)		300		119,577

Building Products 0.7%

Resideo Technologies, Inc.*		122,000		2,771,840

UFP Industries, Inc.		1,500		197,895


				2,969,735

Chemicals 1.7%

AdvanSix, Inc.		50,200		1,404,094

Arcadium Lithium PLC (United Kingdom)*		230,800		733,944

Core Molding Technologies, Inc.*		21,100		389,295

Intrepid Potash, Inc.*		56,300		1,468,867

LSB Industries, Inc.*		51,300		467,343

Mativ Holdings, Inc.		129,900		2,479,791

Rayonier Advanced Materials, Inc.*		82,700		549,955


				7,493,289

Commercial Services & Supplies 1.5%

ABM Industries, Inc.		4,600		255,576

ACCO Brands Corp.		318,441		1,627,234

Aris Water Solutions, Inc. (Class A Stock)		50,200		889,042

BrightView Holdings, Inc.*		125,200		1,801,628

CoreCivic, Inc.*		73,900		1,030,166

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Commercial Services & Supplies (cont’d.)

MillerKnoll, Inc.		29,500	$	915,090

UniFirst Corp.		300		58,362


				6,577,098

Construction & Engineering 0.7%

Arcosa, Inc.		6,100		566,751

MDU Resources Group, Inc.		24,700		665,418

Northwest Pipe Co.*		35,800		1,365,770

Tutor Perini Corp.*		21,700		540,113


				3,138,052

Consumer Finance 1.4%

Bread Financial Holdings, Inc.(a)		51,800		2,827,244

Green Dot Corp. (Class A Stock)*		92,000		879,520

Navient Corp.		140,500		2,305,605

Regional Management Corp.		4,300		140,610


				6,152,979

Consumer Staples Distribution & Retail 2.0%

Andersons, Inc. (The)		16,700		910,651

Ingles Markets, Inc. (Class A Stock)		32,205		2,610,215

SpartanNash Co.		105,900		2,236,608

United Natural Foods, Inc.*		74,700		1,157,850

Village Super Market, Inc. (Class A Stock)		51,600		1,634,688

Weis Markets, Inc.		2,300		173,535


				8,723,547

Containers & Packaging 0.8%

Greif, Inc. (Class A Stock)		700		46,676

O-I Glass, Inc.*		199,100		2,659,976

Sealed Air Corp.		4,700		178,835

Sonoco Products Co.		6,200		334,304


				3,219,791

Diversified Consumer Services 0.8%

ADT, Inc.		121,300		943,714

Chegg, Inc.*		232,400		792,484

Graham Holdings Co. (Class B Stock)		2,000		1,549,700


				3,285,898

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 5

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Diversified REITs 1.6%

Alpine Income Property Trust, Inc.		3,500	$	60,795

American Assets Trust, Inc.		61,600		1,633,632

Broadstone Net Lease, Inc.		107,100		1,864,611

CTO Realty Growth, Inc.(a)		59,483		1,193,824

Essential Properties Realty Trust, Inc.		18,100		535,579

Global Net Lease, Inc.		195,223		1,698,440


				6,986,881

Diversified Telecommunication Services 0.5%

Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)*		111,000		1,163,280

Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)*(a)		111,700		1,184,020


				2,347,300

Electric Utilities 0.0%

Portland General Electric Co.		2,500		118,450

Electrical Equipment 0.1%

Sunrun, Inc.*		21,000		368,130

Electronic Equipment, Instruments & Components 1.2%

Benchmark Electronics, Inc.		26,900		1,287,703

Kimball Electronics, Inc.*		33,900		803,430

ScanSource, Inc.*		45,200		2,352,660

Vishay Intertechnology, Inc.		27,900		678,249


				5,122,042

Energy Equipment & Services 3.0%

DMC Global, Inc.*		78,400		1,058,400

Geospace Technologies Corp.*		13,300		124,089

Helmerich & Payne, Inc.		58,300		2,356,486

Patterson-UTI Energy, Inc.		229,800		2,525,502

ProFrac Holding Corp. (Class A Stock)*		128,200		1,190,978

ProPetro Holding Corp.*		155,100		1,487,409

Ranger Energy Services, Inc.		90,300		1,171,191

RPC, Inc.		102,800		767,916

Seadrill Ltd. (Norway)*		9,600		528,096

Select Water Solutions, Inc. (Class A Stock)		98,800		1,167,816

Solaris Oilfield Infrastructure, Inc. (Class A Stock)		30,100		395,815


				12,773,698

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Entertainment 0.5%

Playtika Holding Corp.		23,800	$	181,594

Sphere Entertainment Co.*(a)		43,400		1,930,432


				2,112,026

Financial Services 4.1%

Acacia Research Corp.*		7,900		42,265

Banco Latinoamericano de Comercio Exterior SA (Panama)

(Class E Stock)		43,700		1,412,821

Burford Capital Ltd.		26,400		372,504

Enact Holdings, Inc.		65,300		2,222,159

Essent Group Ltd.		50,800		3,192,272

Jackson Financial, Inc. (Class A Stock)(a)		44,400		3,909,864

Mr. Cooper Group, Inc.*		24,000		2,157,120

NMI Holdings, Inc.*		3,000		118,050

Radian Group, Inc.		98,066		3,638,249

Repay Holdings Corp.*		79,600		765,752


				17,831,056

Food Products 2.1%

B&G Foods, Inc.(a)		210,100		1,811,062

Dole PLC		176,300		2,618,055

Fresh Del Monte Produce, Inc.		96,200		2,409,810

Hain Celestial Group, Inc. (The)*		30,500		236,070

Ingredion, Inc.		8,500		1,057,145

Seaboard Corp.		200		649,582

Seneca Foods Corp. (Class A Stock)*(a)		7,600		458,584


				9,240,308

Gas Utilities 1.3%

National Fuel Gas Co.		18,000		1,054,620

Northwest Natural Holding Co.		38,700		1,547,226

ONE Gas, Inc.		6,800		473,484

Spire, Inc.		20,200		1,345,118

UGI Corp.		42,300		1,048,194


				5,468,642

Ground Transportation 0.2%

Avis Budget Group, Inc.		1,500		151,515

Ryder System, Inc.		4,900		686,784


				838,299

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 7

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Equipment & Supplies 1.3%

Avanos Medical, Inc.*		44,900	$	1,074,008

Omnicell, Inc.*		67,800		1,980,438

OraSure Technologies, Inc.*		234,000		1,048,320

Varex Imaging Corp.*		99,600		1,473,084


				5,575,850

Health Care Providers & Services 1.3%

AdaptHealth Corp.*		83,800		951,968

Cross Country Healthcare, Inc.*		91,700		1,672,608

OPKO Health, Inc.*(a)		69,700		98,974

Owens & Minor, Inc.*		101,900		1,673,198

Pediatrix Medical Group, Inc.*		94,500		788,130

Premier, Inc. (Class A Stock)		17,800		373,444


				5,558,322

Health Care REITs 0.6%

American Healthcare REIT, Inc.		32,800		522,832

Community Healthcare Trust, Inc.		4,200		91,392

Global Medical REIT, Inc.		32,400		309,420

Sabra Health Care REIT, Inc.		101,000		1,639,230


				2,562,874

Hotel & Resort REITs 1.5%

Apple Hospitality REIT, Inc.		51,900		767,601

Braemar Hotels & Resorts, Inc.		88,700		314,885

Chatham Lodging Trust		42,600		374,454

DiamondRock Hospitality Co.		38,200		314,386

Pebblebrook Hotel Trust		68,100		932,289

RLJ Lodging Trust		136,600		1,289,504

Service Properties Trust		194,300		1,101,681

Summit Hotel Properties, Inc.		149,400		947,196

Xenia Hotels & Resorts, Inc.		33,000		458,040


				6,500,036

Hotels, Restaurants & Leisure 0.9%

Bally’s Corp.*		58,800		1,013,124

Biglari Holdings, Inc. (Class B Stock)*		5,210		1,045,907

El Pollo Loco Holdings, Inc.*		80,100		966,006

Travel + Leisure Co.		15,800		728,222


				3,753,259

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Household Durables 3.5%

Beazer Homes USA, Inc.*		26,700	$	898,989

Century Communities, Inc.		3,400		356,014

Helen of Troy Ltd.*		35,000		2,068,850

Hooker Furnishings Corp.		3,700		56,499

KB Home		30,600		2,634,048

Landsea Homes Corp.*		52,200		635,796

Lifetime Brands, Inc.		9,700		83,808

M/I Homes, Inc.*		13,000		2,168,790

Meritage Homes Corp.		8,000		1,622,960

Mohawk Industries, Inc.*		8,700		1,401,309

Taylor Morrison Home Corp.*		46,900		3,146,052


				15,073,115

Industrial REITs 0.6%

Industrial Logistics Properties Trust		138,300		710,862

LXP Industrial Trust		76,800		791,040

Terreno Realty Corp.		13,400		916,694


				2,418,596

Insurance 1.9%

Ambac Financial Group, Inc.*		68,700		906,153

Employers Holdings, Inc.		21,200		1,017,812

Enstar Group Ltd.*		8,900		2,887,160

Fidelis Insurance Holdings Ltd. (United Kingdom)		77,300		1,375,167

Greenlight Capital Re Ltd. (Class A Stock)*		19,900		274,620

SiriusPoint Ltd. (Bermuda)*		125,000		1,796,250


				8,257,162

Interactive Media & Services 0.5%

Bumble, Inc. (Class A Stock)*		20,400		190,536

Ziff Davis, Inc.*		39,400		1,886,472


				2,077,008

Leisure Products 0.8%

Clarus Corp.		102,300		617,892

JAKKS Pacific, Inc.*		38,900		818,456

Latham Group, Inc.*		29,900		108,836

Malibu Boats, Inc. (Class A Stock)*		16,200		616,248

Mattel, Inc.*		38,800		748,452

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 9

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Leisure Products (cont’d.)

Solo Brands, Inc. (Class A Stock)*		135,100	$	322,889

Topgolf Callaway Brands Corp.*		15,900		262,350


				3,495,123

Machinery 1.7%

Allison Transmission Holdings, Inc.		13,300		1,178,247

Columbus McKinnon Corp.		3,300		125,928

Commercial Vehicle Group, Inc.*		20,400		111,180

Enpro, Inc.		900		153,846

Greenbrier Cos., Inc. (The)(a)		43,900		2,239,339

John Bean Technologies Corp.		1,000		98,380

Manitowoc Co., Inc. (The)*		111,700		1,411,888

Park-Ohio Holdings Corp.		2,100		65,562

Terex Corp.		8,000		506,080

Titan International, Inc.*		141,900		1,208,988

Twin Disc, Inc.		4,700		67,774


				7,167,212

Marine Transportation 1.0%

Costamare, Inc. (Monaco)		123,600		1,831,752

Genco Shipping & Trading Ltd.		45,600		885,096

Golden Ocean Group Ltd. (Norway)		9,100		113,022

Matson, Inc.		4,300		570,653

Pangaea Logistics Solutions Ltd.		142,200		1,032,372


				4,432,895

Media 2.9%

Advantage Solutions, Inc.*		189,000		757,890

AMC Networks, Inc. (Class A Stock)*(a)		150,100		1,670,613

Cable One, Inc.(a)		6,000		2,480,280

EchoStar Corp. (Class A Stock)*		39,600		795,168

EW Scripps Co. (The) (Class A Stock)*		172,400		648,224

Gray Television, Inc.		182,000		1,170,260

Nexstar Media Group, Inc.		3,000		554,370

Scholastic Corp.		33,600		1,052,688

TEGNA, Inc.		199,600		3,179,628


				12,309,121

Metals & Mining 1.6%

Commercial Metals Co.		29,900		1,796,990

Metallus, Inc.*		35,000		784,700

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Metals & Mining (cont’d.)

Olympic Steel, Inc.		26,600	$	1,348,088

Radius Recycling, Inc.		43,600		790,032

Ryerson Holding Corp.		81,700		1,943,643

SunCoke Energy, Inc.		26,400		308,880


				6,972,333

Mortgage Real Estate Investment Trusts (REITs) 3.7%

AFC Gamma, Inc.		26,400		236,808

Apollo Commercial Real Estate Finance, Inc.		178,683		1,947,645

Arbor Realty Trust, Inc.(a)		128,600		1,736,100

ARMOUR Residential REIT, Inc.		52,860		1,067,772

Blackstone Mortgage Trust, Inc. (Class A Stock)(a)		112,100		2,000,985

BrightSpire Capital, Inc.		75,700		433,761

Chicago Atlantic Real Estate Finance, Inc.		18,500		295,630

Chimera Investment Corp.		25,433		371,576

Ellington Financial, Inc.(a)		81,200		1,030,428

Franklin BSP Realty Trust, Inc.		66,300		917,592

Invesco Mortgage Capital, Inc.		69,600		631,968

KKR Real Estate Finance Trust, Inc.		25,900		297,332

Ladder Capital Corp.		110,100		1,321,200

MFA Financial, Inc.		86,500		967,935

PennyMac Mortgage Investment Trust		68,300		940,491

Ready Capital Corp.		176,804		1,640,741


				15,837,964

Multi-Utilities 1.7%

Avista Corp.		60,000		2,350,800

Black Hills Corp.		46,500		2,745,825

Northwestern Energy Group, Inc.		38,400		2,064,768


				7,161,393

Office REITs 1.5%

Brandywine Realty Trust		104,900		528,696

City Office REIT, Inc.		77,000		465,850

Douglas Emmett, Inc.		107,300		1,726,457

Paramount Group, Inc.		234,300		1,227,732

Piedmont Office Realty Trust, Inc. (Class A Stock)		122,600		1,060,490

SL Green Realty Corp.		22,400		1,492,736


				6,501,961

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 11

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels 7.2%

Amplify Energy Corp.*		157,100	$	1,179,821

Berry Corp.		178,500		1,224,510

Chord Energy Corp.		3,000		514,980

CNX Resources Corp.*(a)		90,400		2,392,888

Crescent Energy Co. (Class A Stock)(a)		101,200		1,237,676

Diversified Energy Co. PLC		12,100		199,045

Excelerate Energy, Inc. (Class A Stock)		60,800		1,223,904

FutureFuel Corp.		125,800		703,222

Gulfport Energy Corp.*		7,700		1,133,517

Hallador Energy Co.*		85,700		682,172

HighPeak Energy, Inc.(a)		56,600		951,446

Matador Resources Co.		7,200		442,656

Murphy Oil Corp.		71,700		2,966,946

Par Pacific Holdings, Inc.*		62,400		1,656,720

PBF Energy, Inc. (Class A Stock)		60,400		2,461,300

Peabody Energy Corp.		87,400		1,941,154

Permian Resources Corp.		11,200		171,808

SandRidge Energy, Inc.		84,600		1,149,714

Scorpio Tankers, Inc. (Monaco)		4,000		306,720

Sitio Royalties Corp. (Class A Stock)		58,400		1,422,040

SM Energy Co.		28,000		1,293,600

Talos Energy, Inc.*		36,800		435,712

Teekay Corp. (Bermuda)*		137,200		1,189,524

Teekay Tankers Ltd. (Canada) (Class A Stock)		14,500		948,880

VAALCO Energy, Inc.		42,200		302,152

Vital Energy, Inc.*(a)		33,200		1,447,852

World Kinect Corp.		57,500		1,605,975


				31,185,934

Paper & Forest Products 0.6%

Clearwater Paper Corp.*		45,500		2,523,885

Passenger Airlines 1.1%

Alaska Air Group, Inc.*		21,700		814,401

Allegiant Travel Co.		38,300		2,147,481

JetBlue Airways Corp.*(a)		67,700		433,957

SkyWest, Inc.*		2,668		213,280

Sun Country Airlines Holdings, Inc.*		94,300		1,235,330


				4,844,449

Personal Care Products 1.1%

Edgewell Personal Care Co.		41,000		1,605,150

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Personal Care Products (cont’d.)

Medifast, Inc.		57,200	$	1,254,396

Nu Skin Enterprises, Inc. (Class A Stock)		158,000		1,772,760


				4,632,306

Pharmaceuticals 0.7%

Jazz Pharmaceuticals PLC*		3,300		363,825

Organon & Co.		49,700		1,086,442

Pacira BioSciences, Inc.*		71,200		1,470,280


				2,920,547

Professional Services 1.7%

Alight, Inc. (Class A Stock)*		344,900		2,610,893

Asure Software, Inc.*		21,600		222,480

Concentrix Corp.		10,100		712,050

Heidrick & Struggles International, Inc.		1,300		52,182

Kelly Services, Inc. (Class A Stock)		65,600		1,543,568

Korn Ferry		4,600		339,112

Resources Connection, Inc.		60,100		716,993

TrueBlue, Inc.*		47,400		566,430

TTEC Holdings, Inc.		94,800		756,504


				7,520,212

Real Estate Management & Development 0.8%

Forestar Group, Inc.*		38,400		1,214,592

Newmark Group, Inc. (Class A Stock)		83,000		1,077,340

RE/MAX Holdings, Inc. (Class A Stock)		126,800		1,223,620


				3,515,552

Residential REITs 0.3%

Elme Communities		3,100		51,026

Independence Realty Trust, Inc.		67,300		1,255,145


				1,306,171

Retail REITs 1.6%

Acadia Realty Trust		86,900		1,880,516

InvenTrust Properties Corp.		41,900		1,180,323

Kite Realty Group Trust		54,100		1,334,106

Macerich Co. (The)		86,294		1,381,567

NETSTREIT Corp.(a)		61,700		1,016,199

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 13

Schedule of Investments (continued)

as of July 31, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

Retail REITs (cont’d.)

Phillips Edison & Co., Inc.		1,300	$	45,630

Retail Opportunity Investments Corp.		16,700		249,665


				7,088,006

Semiconductors & Semiconductor Equipment 0.8%

Alpha & Omega Semiconductor Ltd.*		24,200		1,001,880

Diodes, Inc.*		11,600		907,120

SMART Global Holdings, Inc.*		21,900		512,460

Synaptics, Inc.*		11,400		995,448


				3,416,908

Specialized REITs 0.3%

Safehold, Inc.		48,695		1,126,802

Specialty Retail 2.0%

Asbury Automotive Group, Inc.*		5,600		1,507,632

Designer Brands, Inc. (Class A Stock)		175,100		1,428,816

Foot Locker, Inc.		24,700		717,782

Gap, Inc. (The)		49,000		1,150,520

Group 1 Automotive, Inc.		2,800		1,024,016

Haverty Furniture Cos., Inc.		1,700		49,759

MarineMax, Inc.*		13,600		474,232

Monro, Inc.		50,000		1,541,000

ODP Corp. (The)*		16,300		688,675


				8,582,432

Technology Hardware, Storage & Peripherals 0.8%

Eastman Kodak Co.*		209,500		1,217,195

Xerox Holdings Corp.		186,400		2,006,596


				3,223,791

Textiles, Apparel & Luxury Goods 1.8%

Carter’s, Inc.		2,700		163,485

Crocs, Inc.*		8,100		1,088,397

G-III Apparel Group Ltd.*		85,400		2,354,478

Movado Group, Inc.		42,200		1,092,980

PVH Corp.		8,400		856,716

Rocky Brands, Inc.		24,700		846,716

Vera Bradley, Inc.*		173,000		1,190,240


				7,593,012

See Notes to Financial Statements.


Description	Shares		Value

COMMON STOCKS (Continued)

Tobacco 0.3%

Universal Corp.		20,400	$	1,089,768

Trading Companies & Distributors 0.5%

BlueLinx Holdings, Inc.*		5,000		602,950

Boise Cascade Co.		300		42,627

DNOW, Inc.*		38,100		585,216

GATX Corp.		5,000		697,500

Rush Enterprises, Inc. (Class A Stock)		4,300		219,343

Willis Lease Finance Corp.		1,500		129,420


				2,277,056

Wireless Telecommunication Services 0.2%

Telephone & Data Systems, Inc.		39,300		833,160


TOTAL COMMON STOCKS
(cost $375,722,512)				430,379,710


UNAFFILIATED EXCHANGE-TRADED FUND 0.5%
iShares Russell 2000 Value ETF
(cost $1,981,615)		12,600		2,157,246


TOTAL LONG-TERM INVESTMENTS
(cost $377,704,127)				432,536,956


SHORT-TERM INVESTMENTS 8.3%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(wb)		1,783,002		1,783,002
PGIM Institutional Money Market Fund (7-day effective yield 5.606%) (cost $34,128,481; includes $33,992,227 of cash collateral for securities on loan)(b)(wb)		34,185,772		34,165,261


TOTAL SHORT-TERM INVESTMENTS (cost $35,911,483)				35,948,263


TOTAL INVESTMENTS 108.7% (cost $413,615,610)				468,485,219

Liabilities in excess of other assets (8.7)%				(37,637,329	)


NET ASSETS 100.0%			$	430,847,890

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 15

Schedule of Investments (continued)

as of July 31, 2024

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

ETF—Exchange-Traded Fund

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $33,600,073; cash collateral of $33,992,227 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Air Freight & Logistics	$	3,818,742		$—		$—
Automobile Components		10,744,351		—		—
Automobiles		2,165,646		—		—
Banks		88,495,346		—		—
Biotechnology		10,934,612		—		—
Broadline Retail		119,577		—		—
Building Products		2,969,735		—		—
Chemicals		7,493,289		—		—
Commercial Services & Supplies		6,577,098		—		—
Construction & Engineering		3,138,052		—		—
Consumer Finance		6,152,979		—		—
Consumer Staples Distribution & Retail		8,723,547		—		—
Containers & Packaging		3,219,791		—		—
Diversified Consumer Services		3,285,898		—		—
Diversified REITs		6,986,881		—		—
Diversified Telecommunication Services		2,347,300		—		—
Electric Utilities		118,450		—		—
Electrical Equipment		368,130		—		—

See Notes to Financial Statements.


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Electronic Equipment, Instruments & Components	$	5,122,042		$—		$—
Energy Equipment & Services		12,773,698		—		—
Entertainment		2,112,026		—		—
Financial Services		17,831,056		—		—
Food Products		9,240,308		—		—
Gas Utilities		5,468,642		—		—
Ground Transportation		838,299		—		—
Health Care Equipment & Supplies		5,575,850		—		—
Health Care Providers & Services		5,558,322		—		—
Health Care REITs		2,562,874		—		—
Hotel & Resort REITs		6,500,036		—		—
Hotels, Restaurants & Leisure		3,753,259		—		—
Household Durables		15,073,115		—		—
Industrial REITs		2,418,596		—		—
Insurance		8,257,162		—		—
Interactive Media & Services		2,077,008		—		—
Leisure Products		3,495,123		—		—
Machinery		7,167,212		—		—
Marine Transportation		4,432,895		—		—
Media		12,309,121		—		—
Metals & Mining		6,972,333		—		—
Mortgage Real Estate Investment Trusts (REITs)		15,837,964		—		—
Multi-Utilities		7,161,393		—		—
Office REITs		6,501,961		—		—
Oil, Gas & Consumable Fuels		31,185,934		—		—
Paper & Forest Products		2,523,885		—		—
Passenger Airlines		4,844,449		—		—
Personal Care Products		4,632,306		—		—
Pharmaceuticals		2,920,547		—		—
Professional Services		7,520,212		—		—
Real Estate Management & Development		3,515,552		—		—
Residential REITs		1,306,171		—		—
Retail REITs		7,088,006		—		—
Semiconductors & Semiconductor Equipment		3,416,908		—		—
Specialized REITs		1,126,802		—		—
Specialty Retail		8,582,432		—		—
Technology Hardware, Storage & Peripherals		3,223,791		—		—
Textiles, Apparel & Luxury Goods		7,593,012		—		—
Tobacco		1,089,768		—		—
Trading Companies & Distributors		2,277,056		—		—
Wireless Telecommunication Services		833,160		—		—
Unaffiliated Exchange-Traded Fund		2,157,246		—		—

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 17

Schedule of Investments (continued)

as of July 31, 2024


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments
Affiliated Mutual Funds	$	35,948,263		$—		$—

Total	$	468,485,219		$—		$—

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, 2024 were as follows:


Banks	20.5	%
Affiliated Mutual Funds (7.9% represents investments purchased with collateral from securities on loan)	8.3
Oil, Gas & Consumable Fuels	7.2
Financial Services	4.1
Mortgage Real Estate Investment Trusts (REITs)	3.7
Household Durables	3.5
Energy Equipment & Services	3.0
Media	2.9
Biotechnology	2.5
Automobile Components	2.5
Food Products	2.1
Consumer Staples Distribution & Retail	2.0
Specialty Retail	2.0
Insurance	1.9
Textiles, Apparel & Luxury Goods	1.8
Professional Services	1.7
Chemicals	1.7
Machinery	1.7
Multi-Utilities	1.7
Retail REITs	1.6
Diversified REITs	1.6
Metals & Mining	1.6
Commercial Services & Supplies	1.5
Office REITs	1.5
Hotel & Resort REITs	1.5
Consumer Finance	1.4
Health Care Equipment & Supplies	1.3
Health Care Providers & Services	1.3
Gas Utilities	1.3
Electronic Equipment, Instruments & Components	1.2
Passenger Airlines	1.1
Personal Care Products	1.1


Marine Transportation	1.0	%
Air Freight & Logistics	0.9
Hotels, Restaurants & Leisure	0.9
Real Estate Management & Development	0.8
Leisure Products	0.8
Semiconductors & Semiconductor Equipment	0.8
Diversified Consumer Services	0.8
Technology Hardware, Storage & Peripherals	0.8
Containers & Packaging	0.8
Construction & Engineering	0.7
Building Products	0.7
Pharmaceuticals	0.7
Health Care REITs	0.6
Paper & Forest Products	0.6
Industrial REITs	0.6
Diversified Telecommunication Services	0.5
Trading Companies & Distributors	0.5
Automobiles	0.5
Entertainment	0.5
Interactive Media & Services	0.5
Unaffiliated Exchange-Traded Fund	0.5
Residential REITs	0.3
Specialized REITs	0.3
Tobacco	0.3
Ground Transportation	0.2
Wireless Telecommunication Services	0.2
Electrical Equipment	0.1
Broadline Retail	0.0	*

See Notes to Financial Statements.

Industry Classification (continued):


Electric Utilities	0.0	*%

	108.7
Liabilities in excess of other assets	(8.7	)


	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.

Offsetting of financial instrument/transaction assets and liabilities:

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 19

Statement of Assets and Liabilities

as of July 31, 2024


Assets
Investments at value, including securities on loan of $33,600,073:
Unaffiliated investments (cost $377,704,127)	$	432,536,956
Affiliated investments (cost $35,911,483)		35,948,263
Receivable for Fund shares sold		425,874
Dividends receivable		249,178
Tax reclaim receivable		1,390
Prepaid expenses		163

Total Assets		469,161,824


Liabilities
Payable to broker for collateral for securities on loan		33,992,227
Payable for Fund shares purchased		3,632,530
Accrued expenses and other liabilities		400,301
Management fee payable		204,814
Distribution fee payable		67,923
Affiliated transfer agent fee payable		14,996
Trustees’ fees payable		1,143

Total Liabilities		38,313,934


Net Assets	$	430,847,890



Net assets were comprised of:
Shares of beneficial interest, at par	$	21,585
Paid-in capital in excess of par		349,549,134
Total distributable earnings (loss)		81,277,171

Net assets, July 31, 2024	$	430,847,890

See Notes to Financial Statements.


Class A

Net asset value, redemption price per share,
($106,909,594 ÷ 5,329,962 shares of beneficial interest issued and outstanding)	$	20.06
Maximum sales charge (5.50% of offering price)		1.17


Maximum offering price to public	$	21.23


Class C

Net asset value, offering price and redemption price per share,
($1,611,808 ÷ 80,979 shares of beneficial interest issued and outstanding)	$	19.90


Class R

Net asset value, offering price and redemption price per share,
($114,603,330 ÷ 5,829,354 shares of beneficial interest issued and outstanding)	$	19.66


Class Z

Net asset value, offering price and redemption price per share,
($89,853,542 ÷ 4,479,279 shares of beneficial interest issued and outstanding)	$	20.06


Class R2

Net asset value, offering price and redemption price per share,
($167,846 ÷ 8,387 shares of beneficial interest issued and outstanding)	$	20.01


Class R4

Net asset value, offering price and redemption price per share,
($17,562 ÷ 875 shares of beneficial interest issued and outstanding)	$	20.08


Class R6

Net asset value, offering price and redemption price per share,
($117,684,208 ÷ 5,856,521 shares of beneficial interest issued and outstanding)	$	20.09


Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 21

Statement of Operations

Year Ended July 31, 2024


Net Investment Income (Loss)

Income
Unaffiliated dividend income	$	10,512,150
Income from securities lending, net (including affiliated income of $157,650)		160,548
Affiliated dividend income		58,860


Total income		10,731,558


Expenses
Management fee		2,364,352
Distribution fee(a)		1,074,590
Shareholder servicing fees(a)		92
Transfer agent’s fees and expenses (including affiliated expense of $95,290)(a)		377,404
Registration fees(a)		75,583
Shareholders’ reports		66,829
Custodian and accounting fees		64,978
Professional fees		40,773
Audit fee		25,440
Trustees’ fees		15,152
Miscellaneous		47,828


Total expenses		4,153,021
Less: Fee waiver and/or expense reimbursement(a)		(47,061	)
Distribution fee waiver(a)		(303,769	)


Net expenses		3,802,191


Net investment income (loss)		6,929,367


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions (including affiliated of $15,760)		39,235,296
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(11,777))		18,782,247


Net gain (loss) on investment transactions		58,017,543


Net Increase (Decrease) In Net Assets Resulting From Operations	$	64,946,910

(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		292,840		16,595		764,885		—		270		—		—
Shareholder servicing fees		—		—		—		—		88		4		—
Transfer agent’s fees and expenses		169,394		7,476		98,684		96,779		355		87		4,629
Registration fees		15,374		6,297		7,538		16,372		4,986		4,986		20,030
Fee waiver and/or expense reimbursement		(9,761)		(166)		(10,199)		(8,728)		(5,185)		(5,040)		(7,982)
Distribution fee waiver		(48,807)		—		(254,962)		—		—		—		—

See Notes to Financial Statements.

Statements of Changes in Net Assets



	Year Ended July 31,


	2024			2023
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	6,929,367		$	8,621,951
Net realized gain (loss) on investment transactions		39,235,296			8,997,316
Net change in unrealized appreciation (depreciation) on investments		18,782,247			(13,821,917	)


Net increase (decrease) in net assets resulting from operations		64,946,910			3,797,350


Dividends and Distributions
Distributions from distributable earnings
Class A		(3,211,149	)		(18,748,508	)
Class C		(33,875	)		(409,876	)
Class R		(3,288,576	)		(18,678,665	)
Class Z		(3,187,744	)		(20,760,965	)
Class R2		(3,352	)		(10,666	)
Class R4		(517	)		(2,323	)
Class R6		(4,032,077	)		(18,195,989	)


		(13,757,290	)		(76,806,992	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		57,491,952			65,588,112
Net asset value of shares issued in reinvestment of dividends and distributions		13,559,378			74,780,619
Cost of shares purchased		(110,559,110	)		(142,263,777	)


Net increase (decrease) in net assets from Fund share transactions		(39,507,780	)		(1,895,046	)


Total increase (decrease)		11,681,840			(74,904,688	)

Net Assets:

Beginning of year		419,166,050			494,070,738


End of year	$	430,847,890		$	419,166,050

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 23

Financial Highlights



Class A Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$17.66			$21.09			$20.70			$11.39			$16.46
Income (loss) from investment operations:
Net investment income (loss)		0.28			0.33			0.27			0.16			0.18
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.69			(0.25	)		0.38			9.31			(4.35	)
Total from investment operations		2.97			0.08			0.65			9.47			(4.17	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.39	)		(0.26	)		(0.16	)		(0.48	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.57	)		(3.51	)		(0.26	)		(0.16	)		(0.90	)
Net asset value, end of year		$20.06			$17.66			$21.09			$20.70			$11.39
Total Return^(b):		17.23	%		2.02	%		3.17	%		83.49	%		(27.01	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$106,910			$103,703			$117,179			$123,223			$71,928
Average net assets (000)		$97,614			$103,993			$123,533			$103,593			$92,527
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.10	%		1.13	%		1.09	%		1.11	%		1.15	%
Expenses before waivers and/or expense reimbursement		1.16	%		1.19	%		1.15	%		1.17	%		1.21	%
Net investment income (loss)		1.63	%		1.91	%		1.25	%		0.95	%		1.31	%
Portfolio turnover rate^(d)		78	%		75	%		62	%		63	%		53	%

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

(b)

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

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

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

See Notes to Financial Statements.



Class C Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$17.56			$21.00			$20.63			$11.39			$16.48
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.11	^(b)		(-	)^(b)(c)		-	^(c)		0.05
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.64			(0.27	)^(d)		0.39			9.27			(4.40	)
Total from investment operations		2.69			(0.16	)		0.39			9.27			(4.35	)
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		(0.16	)		(0.02	)		(0.03	)		(0.32	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.35	)		(3.28	)		(0.02	)		(0.03	)		(0.74	)
Net asset value, end of year		$19.90			$17.56			$21.00			$20.63			$11.39
Total Return^(e):		15.56	%		0.70	%		1.89	%		81.41	%		(27.80	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$1,612			$2,057			$2,685			$3,138			$5,782
Average net assets (000)		$1,659			$2,311			$3,025			$6,774			$8,456
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement		2.49	%		2.46	%		2.36	%		2.19	%		2.22	%
Expenses before waivers and/or expense reimbursement		2.50	%		2.47	%		2.37	%		2.20	%		2.23	%
Net investment income (loss)		0.30	%		0.61	%		(0.01	)%		0.01	%		0.35	%
Portfolio turnover rate^(g)		78	%		75	%		62	%		63	%		53	%

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

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	Amount rounds to zero.

(d)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(e)

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

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 25

Financial Highlights (continued)



Class R Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$17.32			$20.75			$20.37			$11.23			$16.23
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.30			0.22			0.14			0.11
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.64			(0.26	)		0.38			9.15			(4.24	)
Total from investment operations		2.89			0.04			0.60			9.29			(4.13	)
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.35	)		(0.22	)		(0.15	)		(0.45	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.55	)		(3.47	)		(0.22	)		(0.15	)		(0.87	)
Net asset value, end of year		$19.66			$17.32			$20.75			$20.37			$11.23
Total Return^(b):		17.06	%		1.83	%		2.93	%		83.14	%		(27.08	)%

Ratios/Supplemental Data:
Net assets, end of year (000)	$	114,603		$	112,225		$	113,963		$	135,981		$	110,953
Average net assets (000)	$	101,985		$	104,012		$	131,067		$	137,399		$	116,334
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.26	%		1.30	%		1.29	%		1.28	%		1.31	%
Expenses before waivers and/or expense reimbursement		1.52	%		1.56	%		1.55	%		1.54	%		1.57	%
Net investment income (loss)		1.46	%		1.73	%		1.05	%		0.88	%		0.82	%
Portfolio turnover rate^(d)		78	%		75	%		62	%		63	%		53	%

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

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

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

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

See Notes to Financial Statements.



Class Z Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$17.66			$21.09			$20.70			$11.40			$16.46
Income (loss) from investment operations:
Net investment income (loss)		0.34			0.40			0.33			0.23			0.29
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.69			(0.26	)		0.38			9.29			(4.38	)
Total from investment operations		3.03			0.14			0.71			9.52			(4.09	)
Less Dividends and Distributions:
Dividends from net investment income		(0.47	)		(0.45	)		(0.32	)		(0.22	)		(0.55	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.63	)		(3.57	)		(0.32	)		(0.22	)		(0.97	)
Net asset value, end of year		$20.06			$17.66			$21.09			$20.70			$11.40
Total Return^(b):		17.56	%		2.38	%		3.42	%		84.07	%		(26.66	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$89,854			$99,147			$136,495			$177,808			$150,272
Average net assets (000)		$87,277			$110,217			$165,086			$199,626			$307,558
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.79	%		0.82	%		0.79	%		0.77	%		0.73	%
Expenses before waivers and/or expense reimbursement		0.80	%		0.83	%		0.80	%		0.78	%		0.74	%
Net investment income (loss)		1.96	%		2.25	%		1.56	%		1.34	%		2.05	%
Portfolio turnover rate^(d)		78	%		75	%		62	%		63	%		53	%

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 27

Financial Highlights (continued)



Class R2 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$17.63			$21.05			$20.65			$11.38			$16.43
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.19			0.28			0.19			0.17
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.69			(0.11	)		0.37			9.25			(4.32	)
Total from investment operations		2.95			0.08			0.65			9.44			(4.15	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.38	)		(0.25	)		(0.17	)		(0.48	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.57	)		(3.50	)		(0.25	)		(0.17	)		(0.90	)
Net asset value, end of year		$20.01			$17.63			$21.05			$20.65			$11.38
Total Return^(b):		17.13	%		2.03	%		3.11	%		83.38	%		(26.96	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$168			$102			$73			$157			$292
Average net assets (000)		$108			$88			$154			$192			$302
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.14	%		1.14	%		1.14	%		1.14	%		1.15	%
Expenses before waivers and/or expense reimbursement		5.95	%		6.57	%		5.21	%		5.24	%		6.28	%
Net investment income (loss)		1.48	%		1.12	%		1.30	%		1.21	%		1.26	%
Portfolio turnover rate^(d)		78	%		75	%		62	%		63	%		53	%

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

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

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

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

See Notes to Financial Statements.



Class R4 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year	$	17.68		$	21.10		$	20.71		$	11.40			$16.46
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.37			0.37			0.31			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.69			(0.24	)		0.32			9.20			(4.28	)
Total from investment operations		3.01			0.13			0.69			9.51			(4.12	)
Less Dividends and Distributions:
Dividends from net investment income		(0.45	)		(0.43	)		(0.30	)		(0.20	)		(0.52	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.61	)		(3.55	)		(0.30	)		(0.20	)		(0.94	)
Net asset value, end of year	$	20.08		$	17.68		$	21.10		$	20.71			$11.40
Total Return^(b):		17.44	%		2.31	%		3.29	%		83.98	%		(26.80	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$18			$15			$14			$245			$927
Average net assets (000)		$15			$13			$41			$237			$918
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.89	%		0.89	%		0.89	%		0.89	%		0.89	%
Expenses before waivers and/or expense reimbursement		34.32	%		36.45	%		15.86	%		4.13	%		2.60	%
Net investment income (loss)		1.81	%		2.10	%		1.78	%		2.21	%		1.16	%
Portfolio turnover rate^(d)		78	%		75	%		62	%		63	%		53	%

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 29

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$17.69			$21.13			$20.73			$11.41			$16.47
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.41			0.37			0.24			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.70			(0.26	)		0.38			9.31			(4.33	)
Total from investment operations		3.05			0.15			0.75			9.55			(4.08	)
Less Dividends and Distributions:
Dividends from net investment income		(0.49	)		(0.47	)		(0.35	)		(0.23	)		(0.56	)
Distributions from net realized gains		(0.16	)		(3.12	)		-			-			(0.42	)
Total dividends and distributions		(0.65	)		(3.59	)		(0.35	)		(0.23	)		(0.98	)
Net asset value, end of year		$20.09			$17.69			$21.13			$20.73			$11.41
Total Return^(b):		17.67	%		2.48	%		3.58	%		84.26	%		(26.60	)%

Ratios/Supplemental Data:
Net assets, end of year (000)		$117,684			$101,918			$123,662			$226,506			$193,499
Average net assets (000)		$105,401			$99,623			$143,522			$209,675			$259,226
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.68	%		0.68	%		0.67	%		0.66	%		0.67	%
Expenses before waivers and/or expense reimbursement		0.69	%		0.69	%		0.67	%		0.66	%		0.67	%
Net investment income (loss)		2.02	%		2.35	%		1.74	%		1.46	%		1.83	%
Portfolio turnover rate^(d)		78	%		75	%		62	%		63	%		53	%

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

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

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

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

See Notes to Financial Statements.

Notes to Financial Statements

1.	Organization

The Target Portfolio Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Quant Solutions Small-Cap Value Fund (the “Fund”), a series of the RIC. The fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is 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 RIC’s Board of Trustees (the “Board”) has approved the Fund’s valuation policies and procedures for security valuation and designated PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

PGIM Quant Solutions Small-Cap Value Fund 31

Notes to Financial Statements (continued)

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

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

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

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

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

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

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

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

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

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.

PGIM Quant Solutions Small-Cap Value Fund 33

Notes to Financial Statements (continued)

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 expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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

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



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Annually

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

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

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

3.	Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended July 31, 2024, the contractual and effective management fee rates were as follows:



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
0.60% of average daily net assets up to $2 billion;		0.60%
0.575% of average daily net assets over $2 billion.

The Manager has contractually agreed to waive and/or reimburse up to 0.01% of the fees and expenses from the Fund through November 30, 2025, to the extent that the Fund’s net annual operating expenses and acquired fund fees and expenses (exclusive of taxes, interest, distribution and service (12b-1) fees and certain extraordinary expenses) exceed

0.68% of the Fund’s average daily net assets on an annualized basis. Separately, the Manager has contractually agreed, through November 30, 2025, to limit transfer agency, shareholder servicing, sub-transfer agency, and blue sky fees, as applicable. 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:



Class	Expense Limitations
A		—	%
C		—
R		—

PGIM Quant Solutions Small-Cap Value Fund 35

Notes to Financial Statements (continued)



Class	Expense Limitations

Z		—%

R2		1.14

R4		0.89

R6		—

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class 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 based on average daily net assets per class. PIMS has contractually agreed through November 30, 2025 to reduce such fees of certain classes based on the average daily net assets. The distribution fees are accrued daily and payable monthly.

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 compensate Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers for services rendered to the shareholders of such Class R2 or Class R4 shares. The shareholder service fee is accrued daily and paid monthly, as applicable.

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

Class

Gross Distribution Fee

Net Distribution Fee

Shareholder Service Fee

0.30

0.25

N/A

1.00

N/A

0.75

0.50

N/A

0.25

0.10

N/A

0.10

N/A

to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:



Class	FESL		CDSC
A	$	21,383	$ 6
C		—	18

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

4.	Other Transactions with Affiliates

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

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended July 31, 2024, no Rule 17a-7 transactions were entered into by the Fund.

5.	Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended July 31, 2024, were as follows:



Cost of Purchases		Proceeds from Sales

$311,163,671		$352,718,756

PGIM Quant Solutions Small-Cap Value Fund 37

Notes to Financial Statements (continued)

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended July 31, 2024, 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 Government Money Market Fund (7-day effective yield 5.561%)^(1)(wb)

$ 1,690,606		$ 57,273,717		$ 57,181,321		$ —			$ —		$ 1,783,002		1,783,002		$ 58,860

PGIM Institutional Money Market Fund (7-day effective yield 5.606%)^(1)(b)(wb)

47,409,709		228,899,885		242,148,316		(11,777	)		15,760		34,165,261		34,185,772		157,650⁽	²⁾

$49,100,315		$ 286,173,602		$ 299,329,637		$ (11,777	)		$ 15,760		$ 35,948,263				$ 216,510

(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.

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

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.

For the tax year ended October 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

For the tax year ended October 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

For the latest tax year ended October 31, 2023, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:



		Undistributed Ordinary Income				Undistributed Long-Term Capital Gains

		$9,535,285				$—

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of July 31, 2024 were as follows:

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four tax years up to the most recent tax year ended October 31, 2023 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 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 RIC 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.

PGIM Quant Solutions Small-Cap Value Fund 39

Notes to Financial Statements (continued)

As of July 31, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:



Class	Number of Shares	Percentage of Outstanding Shares

Z	61,007	1.4%

R2	730	8.7

R4	739	84.5

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



	Number of Shareholders	Percentage of Outstanding Shares

Affiliated	—	—%

Unaffiliated	5	77.0

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A
Year ended July 31, 2024:
Shares sold		139,967		$	2,474,838
Shares issued in reinvestment of dividends and distributions		176,498			3,164,603
Shares purchased		(841,775	)		(14,673,953	)
Net increase (decrease) in shares outstanding before conversion		(525,310	)		(9,034,512	)
Shares issued upon conversion from other share class(es)		20,461			369,803
Shares purchased upon conversion into other share class(es)		(37,405	)		(662,340	)
Net increase (decrease) in shares outstanding		(542,254	)	$	(9,327,049	)

Year ended July 31, 2023:
Shares sold		263,705		$	4,541,993
Shares issued in reinvestment of dividends and distributions		1,148,652			18,435,859
Shares purchased		(1,086,591	)		(18,554,840	)
Net increase (decrease) in shares outstanding before conversion		325,766			4,423,012
Shares issued upon conversion from other share class(es)		21,631			356,874
Shares purchased upon conversion into other share class(es)		(31,826	)		(545,947	)
Net increase (decrease) in shares outstanding		315,571		$	4,233,939



Share Class	Shares			Amount

Class C
Year ended July 31, 2024:
Shares sold		6,273		$	107,810
Shares issued in reinvestment of dividends and distributions		1,859			33,351
Shares purchased		(25,713	)		(429,476	)
Net increase (decrease) in shares outstanding before conversion		(17,581	)		(288,315	)
Shares purchased upon conversion into other share class(es)		(18,601	)		(334,613	)
Net increase (decrease) in shares outstanding		(36,182	)	$	(622,928	)

Year ended July 31, 2023:
Shares sold		10,881		$	203,409
Shares issued in reinvestment of dividends and distributions		25,182			404,936
Shares purchased		(28,177	)		(480,753	)
Net increase (decrease) in shares outstanding before conversion		7,886			127,592
Shares purchased upon conversion into other share class(es)		(18,616	)		(303,480	)
Net increase (decrease) in shares outstanding		(10,730	)	$	(175,888	)

Class R
Year ended July 31, 2024:
Shares sold		658,291		$	11,459,934
Shares issued in reinvestment of dividends and distributions		186,851			3,288,576
Shares purchased		(1,493,541	)		(25,544,215	)
Net increase (decrease) in shares outstanding		(648,399	)	$	(10,795,705	)

Year ended July 31, 2023:
Shares sold		859,848		$	13,468,817
Shares issued in reinvestment of dividends and distributions		1,185,194			18,678,665
Shares purchased		(1,060,158	)		(17,824,894	)
Net increase (decrease) in shares outstanding		984,884		$	14,322,588

Class Z
Year ended July 31, 2024:
Shares sold		727,735		$	12,774,296
Shares issued in reinvestment of dividends and distributions		177,138			3,170,771
Shares purchased		(2,056,775	)		(35,523,094	)
Net increase (decrease) in shares outstanding before conversion		(1,151,902	)		(19,578,027	)
Shares issued upon conversion from other share class(es)		24,396			431,935
Shares purchased upon conversion into other share class(es)		(8,618	)		(147,687	)
Net increase (decrease) in shares outstanding		(1,136,124	)	$	(19,293,779	)

PGIM Quant Solutions Small-Cap Value Fund 41

Notes to Financial Statements (continued)



Share Class	Shares			Amount

Year ended July 31, 2023:
Shares sold		898,022		$	15,929,840
Shares issued in reinvestment of dividends and distributions		1,288,153			20,623,327
Shares purchased		(3,062,124	)		(52,350,644	)
Net increase (decrease) in shares outstanding before conversion		(875,949	)		(15,797,477	)
Shares issued upon conversion from other share class(es)		27,924			471,921
Shares purchased upon conversion into other share class(es)		(7,319	)		(120,770	)
Net increase (decrease) in shares outstanding		(855,344	)	$	(15,446,326	)

Class R2
Year ended July 31, 2024:
Shares sold		3,932		$	71,372
Shares issued in reinvestment of dividends and distributions		187			3,352
Shares purchased		(1,503	)		(26,402	)
Net increase (decrease) in shares outstanding		2,616		$	48,322

Year ended July 31, 2023:
Shares sold		13,748		$	233,381
Shares issued in reinvestment of dividends and distributions		666			10,666
Shares purchased		(12,117	)		(213,945	)
Net increase (decrease) in shares outstanding		2,297		$	30,102

Class R4
Year ended July 31, 2024:
Shares sold		—	**	$	1
Shares issued in reinvestment of dividends and distributions		29			517
Shares purchased		(1	)		(26	)
Net increase (decrease) in shares outstanding		28		$	492

Year ended July 31, 2023:
Shares sold		48		$	744
Shares issued in reinvestment of dividends and distributions		145			2,323
Shares purchased		(1	)		(15	)
Net increase (decrease) in shares outstanding		192		$	3,052



Share Class	Shares			Amount

Class R6
Year ended July 31, 2024:
Shares sold		1,788,861		$	30,603,701
Shares issued in reinvestment of dividends and distributions		217,534			3,898,208
Shares purchased		(1,931,240	)		(34,361,944	)
Net increase (decrease) in shares outstanding before conversion		75,155			139,965
Shares issued upon conversion from other share class(es)		19,671			343,468
Shares purchased upon conversion into other share class(es)		(34	)		(566	)
Net increase (decrease) in shares outstanding		94,792		$	482,867

Year ended July 31, 2023:
Shares sold		1,815,379		$	31,209,928
Shares issued in reinvestment of dividends and distributions		1,037,108			16,624,843
Shares purchased		(2,952,321	)		(52,838,686	)
Net increase (decrease) in shares outstanding before conversion		(99,834	)		(5,003,915	)
Shares issued upon conversion from other share class(es)		10,923			187,231
Shares purchased upon conversion into other share class(es)		(2,787	)		(45,829	)
Net increase (decrease) in shares outstanding		(91,698	)	$	(4,862,513	)

**	Less than 1 share.

8.	Borrowings

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


	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager

PGIM Quant Solutions Small-Cap Value Fund 43

Notes to Financial Statements (continued)

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, 2024. The average daily balance for the 44 days that the Fund had loans outstanding during the period was approximately $870,000, borrowed at a weighted average interest rate of 6.43%. The maximum loan outstanding amount during the period was $4,041,000. At July 31, 2024, the Fund did not have an outstanding loan amount.

9.	Risks of Investing in the Fund

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

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

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

Financials Sector Risk: Banks and other financial services companies can be adversely affected by, among other things, regulatory changes, interest rate movements, the availability of capital and cost to borrow, and the rate of debt defaults.

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

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

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund’s investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

PGIM Quant Solutions Small-Cap Value Fund 45

Notes to Financial Statements (continued)

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

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

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 expertise. 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.

PGIM Quant Solutions Small-Cap Value Fund 47

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of The Target Portfolio Trust and Shareholders of PGIM Quant Solutions 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 Quant Solutions Small-Cap Value Fund (one of the funds constituting The Target Portfolio Trust, referred to hereafter as the “Fund”) as of July 31, 2024, the related statement of operations for the year ended July 31, 2024, the statements of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the four years in the period ended July 31, 2024 (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, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended July 31, 2024 and the financial highlights for each of the four years in the period ended July 31, 2024 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 the year ended July 31, 2020 (not presented herein, other than 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 audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024 by correspondence with the custodian, transfer agent and broker. We believe that our audits provide a reasonable basis for our opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

September 20, 2024

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

Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies-None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Included as part of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Advisory Agreements

PGIM Quant Solutions Small-Cap Value Fund

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Quant Solutions 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 five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent 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 Quantitative Solutions LLC (“PGIM Quantitative Solutions”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 28 and June 4-6, 2024 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2025, 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 Quantitative Solutions. 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 an

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

PGIM Quant Solutions Small-Cap Value Fund

Approval of Advisory Agreements (continued)

agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and PGIM Quantitative Solutions, which serves as the Fund’s subadviser pursuant to the terms of a subadvisory agreement with PGIM Investments, are in the best interests of the Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments and PGIM Quantitative Solutions. The Board noted that PGIM Quantitative Solutions 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 accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as administrator for the Fund’s liquidity risk management program and as valuation designee. 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 Quantitative Solutions, 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.

Visit our website at pgim.com/investments

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

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 Quantitative Solutions, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments and PGIM Quantitative Solutions 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 of direct and indirect costs, and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as the Fund’s assets grow beyond current levels. The Board noted that the management fee schedule for the Fund includes breakpoints, which have the effect of decreasing the fee rate as assets increase. During the course of time, the Board has considered information regarding the launch date of the Fund, the management fees of the Fund compared to those of similarly managed funds and PGIM Investments’ investment in the Fund over time. The Board noted that economies of scale can be shared

PGIM Quant Solutions Small-Cap Value Fund

Approval of Advisory Agreements (continued)

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 PGIM Quantitative Solutions

The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions 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 PGIM Quantitative Solutions included its ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments and PGIM Quantitative Solutions 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, 2023.

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, 2023. 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.

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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
Net Performance	2^ndQuartile	2^nd Quartile	3^rd Quartile	2^ndQuartile
Actual Management Fees: 1^stQuartile
Net Total Expenses: 1^stQuartile

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

The Board and PGIM Investments agreed to retain the Fund’s existing contractual 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, 2024.

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, 2024.

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

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

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

* * *

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

PGIM Quant Solutions Small-Cap Value Fund

LOGO

THE TARGET PORTFOLIO TRUST

PGIM Core Bond Fund

PGIM Corporate Bond Fund

FINANCIAL STATEMENTS AND OTHER INFORMATION

JULY 31, 2024

LOGO

Table of Contents

Financial Statements and Other Information

July 31, 2024

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


Glossary		1
PGIM Core Bond Fund		2
PGIM Corporate Bond Fund		72
Notes to Financial Statements		102

Other Information - Form N-CSR Items 8-11

Glossary

The following abbreviations are used in the Funds’ descriptions:

EUR—Euro

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.

A—Annual payment frequency for swaps

Aces—Alternative Credit Enhancements Securities

BABs—Build America Bonds

BARC—Barclays Bank PLC

BOA—Bank of America, N.A.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CLO—Collateralized Loan Obligation

CME—Chicago Mercantile Exchange

CMT—Constant Maturity Treasury

COFI—Cost of Funds Index

DAC—Designated Activity Company

DB—Deutsche Bank AG

ETF—Exchange-Traded Fund

FHLMC—Federal Home Loan Mortgage Corporation

GMTN—Global Medium Term Note

GSI—Goldman Sachs International

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

LP—Limited Partnership

MTN—Medium Term Note

OTC—Over-the-counter

PJSC—Public Joint-Stock Company

PO—Principal Only

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

SOFR—Secured Overnight Financing Rate

STRIPs—Separate Trading of Registered Interest and Principal of Securities

T—Swap payment upon termination

TBA—To Be Announced

USOIS—United States Overnight Index Swap

PGIM Core Bond Fund

Schedule of Investments

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 100.3%

ASSET-BACKED SECURITIES 20.2%

Automobiles 4.7%

AmeriCredit Automobile Receivables Trust,
Series 2021-02, Class C	1.010%	01/19/27		1,300	$	1,245,892
Series 2021-03, Class C	1.410	08/18/27		1,400		1,326,566
Series 2023-01, Class C	5.800	12/18/28		2,100		2,136,589
Series 2023-02, Class C	6.000	07/18/29		900		924,875
Avis Budget Rental Car Funding AESOP LLC,
Series 2021-01A, Class A, 144A	1.380	08/20/27		3,500		3,264,379
Series 2021-02A, Class A, 144A	1.660	02/20/28		3,800		3,509,451
Series 2022-01A, Class A, 144A	3.830	08/21/28		4,800		4,654,107
Series 2023-02A, Class A, 144A	5.200	10/20/27		1,800		1,803,107
Series 2023-08A, Class A, 144A	6.020	02/20/30		2,600		2,696,512
Series 2024-01A, Class A, 144A	5.360	06/20/30		1,900		1,928,728
Series 2024-03A, Class A, 144A	5.230	12/20/30		2,500		2,517,459
BOF VII AL Funding Trust I,
Series 2023-CAR03, Class A2, 144A	6.291	07/26/32		2,080		2,100,169
Series 2023-CAR03, Class B, 144A	6.632	07/26/32		807		815,650
CarMax Auto Owner Trust,
Series 2021-02, Class C	1.340	02/16/27		1,100		1,062,259
Series 2021-04, Class C	1.380	07/15/27		800		757,448
Series 2022-01, Class C	2.200	11/15/27		1,300		1,236,888
Series 2022-01, Class D	2.470	07/17/28		600		569,285
Chesapeake Funding II LLC, Series 2024-01A, Class A1, 144A	5.520	05/15/36		1,427		1,434,666
Ford Credit Auto Owner Trust,
Series 2020-02, Class A, 144A	1.060	04/15/33		1,100		1,048,327
Series 2021-01, Class B, 144A	1.610	10/17/33		630		593,047
Series 2021-02, Class B, 144A	1.910	05/15/34		600		559,686
Series 2023-01, Class A, 144A	4.850	08/15/35		4,200		4,219,725
Series 2023-02, Class A, 144A	5.280	02/15/36		2,800		2,862,499
Ford Credit Floorplan Master Owner Trust, Series 2020-02, Class A	1.060	09/15/27		2,800		2,677,412
GM Financial Consumer Automobile Receivables Trust,
Series 2023-04, Class B	6.160	04/16/29		1,100		1,138,578
Series 2023-04, Class C	6.410	05/16/29		700		726,007
GM Financial Revolving Receivables Trust,
Series 2021-01, Class B, 144A	1.490	06/12/34		200		184,908
Series 2023-02, Class A, 144A	5.770	08/11/36		500		521,214
Series 2024-01, Class A, 144A	4.980	12/11/36		2,600		2,640,460

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

Automobiles (cont’d.)

Hertz Vehicle Financing III LLC, Series 2023-01A, Class A, 144A	5.490%	06/25/27		3,800	$	3,816,697
Hertz Vehicle Financing III LP, Series 2021-02A, Class A, 144A	1.680	12/27/27		1,900		1,758,529
Hertz Vehicle Financing LLC, Series 2022-02A, Class A, 144A	2.330	06/26/28		5,500		5,086,627
OneMain Direct Auto Receivables Trust,
Series 2019-01A, Class A, 144A	3.630	09/14/27		2,842		2,807,772
Series 2021-01A, Class B, 144A	1.260	07/14/28		2,700		2,543,229
Series 2023-01A, Class A, 144A	5.410	11/14/29		4,800		4,828,125
Santander Drive Auto Receivables Trust,
Series 2021-02, Class D	1.350	07/15/27		1,566		1,528,902
Series 2022-01, Class C	2.560	04/17/28		1,615		1,599,492
Series 2023-01, Class C	5.090	05/15/30		800		799,093
Series 2023-03, Class C	5.770	11/15/30		1,500		1,524,901
Series 2023-04, Class C	6.040	12/15/31		2,500		2,561,223
Series 2023-06, Class B	5.980	04/16/29		1,100		1,122,529
Series 2023-06, Class C	6.400	03/17/31		300		311,491
Series 2024-02, Class C	5.840	06/17/30		1,000		1,020,337
SFS Auto Receivables Securitization Trust,
Series 2023-01A, Class B, 144A	5.710	01/22/30		300		305,210
Series 2023-01A, Class C, 144A	5.970	02/20/31		500		512,534
Toyota Auto Loan Extended Note Trust, Series 2020-01A, Class A, 144A	1.350	05/25/33		1,000		968,802
Wheels Fleet Lease Funding LLC,
Series 2023-01A, Class A, 144A	5.800	04/18/38		3,951		3,956,333
Series 2024-01A, Class A1, 144A	5.490	02/18/39		3,000		3,023,314
World Omni Select Auto Trust, Series 2021-A, Class C	1.090	11/15/27		600		574,380


						91,805,413

Collateralized Loan Obligations 13.7%

AGL CLO Ltd. (Cayman Islands), Series 2021-14A, Class A, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)	6.694(c)	12/02/34		5,250		5,251,531
Anchorage Capital CLO Ltd. (Cayman Islands), Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)	6.873(c)	07/22/37		10,000		10,013,596

See Notes to Financial Statements.

PGIM Core Bond Fund 3

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Anchorage Capital CLO Ltd. (Cayman Islands), (cont’d.)

Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733%(c)

07/15/34

6,500

6,504,149

Apidos CLO Ltd. (United Kingdom),
Series 2023-44A, Class A1, 144A, 3 Month SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.279(c)

04/26/35

7,500

7,526,268

Bain Capital Credit CLO Ltd. (Cayman Islands),
Series 2019-03A, Class AR, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.422%)

6.704(c)

10/21/34

6,500

6,506,126

Balboa Bay Loan Funding Ltd. (Cayman Islands),
Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.664(c)

01/20/32

4,950

4,953,665

Series 2021-01A, Class A, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.462%)

6.744(c)

07/20/34

3,100

3,105,119

Barings CLO Ltd. (Cayman Islands),
Series LP-02A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.644(c)

01/20/34

11,750

11,761,121

Battalion CLO Ltd. (Cayman Islands),
Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.611(c)

07/18/30

503

503,933

Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.663(c)

07/15/31

4,264

4,273,061

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.715(c)

01/25/35

400

400,377

Series 2017-11A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.695(c)

04/24/34

5,500

5,506,771

Series 2019-16A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.664(c)

12/19/32

3,250

3,257,996

Carlyle US CLO Ltd. (Cayman Islands),
Series 2021-05A, Class A1, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.664(c)

07/20/34

7,000

7,018,714

CBAM Ltd. (Cayman Islands),
Series 2020-12A, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)

6.724(c)

07/20/34

8,500

8,520,116

CIFC Funding Ltd. (Cayman Islands),
Series 2021-05A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.402%)

6.703(c)

07/15/34

2,000

2,004,385

Clover CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.362%)

6.646(c)

10/25/33

11,000

11,008,216

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Crown Point CLO Ltd. (Cayman Islands),
Series 2021-11A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.667%(c)

01/17/34

5,500

5,503,013

Elevation CLO Ltd. (Cayman Islands),
Series 2021-12A, Class A1R, 144A, 3 Month SOFR + 1.620% (Cap N/A, Floor 1.620%)

6.902(c)

04/20/37

10,000

10,055,220

Series 2021-13A, Class A1, 144A, 3 Month SOFR + 1.452% (Cap N/A, Floor 1.190%)

6.753(c)

07/15/34

3,500

3,501,594

Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.412%)

6.694(c)

04/20/34

7,000

7,005,928

Generate CLO Ltd. (Cayman Islands),
Series 02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.694(c)

01/22/31

269

269,178

Greywolf CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 0.000%)

6.569(c)

04/26/31

584

584,491

Series 2020-03RA, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.290%)

6.832(c)

04/15/33

6,500

6,520,204

HPS Loan Management Ltd. (Cayman Islands),
Series 2015-06A, Class A1R, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 0.000%)

6.598(c)

02/05/31

109

108,760

Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.684(c)

04/20/34

7,375

7,383,186

ICG US CLO Ltd. (Cayman Islands),
Series 2015-02RA, Class A1, 144A, 3 Month SOFR + 1.632% (Cap N/A, Floor 1.370%)

6.918(c)

01/16/33

1,375

1,376,233

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.462% (Cap N/A, Floor 1.200%)

6.744(c)

01/20/35

9,000

9,022,391

KKR CLO Ltd. (Cayman Islands),
Series 11, Class AR, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.442%)

6.743(c)

01/15/31

299

298,716

Madison Park Funding Ltd. (Cayman Islands),
Series 2015-18A, Class ARR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%)

6.484(c)

10/21/30

9,848

9,857,722

MidOcean Credit CLO (Cayman Islands),
Series 2014-03A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.664(c)

04/21/31

340

340,544

Series 2018-09A, Class A1, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.694(c)

07/20/31

582

582,159

See Notes to Financial Statements.

PGIM Core Bond Fund 5

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Mountain View CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 0.000%)

6.683%(c)

07/15/31

1,545

1,545,303

Northwoods Capital Ltd. (Cayman Islands),
Series 2017-15A, Class A1R, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 1.472%)

6.815(c)

06/20/34

9,750

9,757,313

Series 2019-20A, Class A1R, 144A, 3 Month SOFR + 1.592% (Cap N/A, Floor 1.330%)

6.876(c)

01/25/32

2,157

2,160,252

Oaktree CLO Ltd. (Cayman Islands),
Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.713(c)

07/15/34

5,000

5,007,354

Ocean Trails CLO (Cayman Islands),
Series 2014-05A, Class ARR, 144A, 3 Month SOFR + 1.542% (Cap N/A, Floor 1.280%)

6.843(c)

10/13/31

5,033

5,037,015

OCP CLO Ltd. (Cayman Islands),
Series 2015-09A, Class A1R2, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

6.551(c)

01/15/33

3,500

3,506,300

OZLM Ltd. (Cayman Islands),
Series 2015-11A, Class A1R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 0.000%)

6.767(c)

10/30/30

26,001

Palmer Square CLO Ltd. (Cayman Islands),
Series 2014-01A, Class A1R2, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.130%)

6.677(c)

01/17/31

170

170,023

Series 2015-01A, Class A1A4, 144A, 3 Month SOFR + 1.392% (Cap N/A, Floor 1.392%)

6.717(c)

05/21/34

7,000

7,002,367

Regatta Funding Ltd. (Cayman Islands),
Series 2016-01A, Class A1R2, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.755(c)

06/20/34

6,500

6,506,322

Series 2016-01A, Class AR2, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.704(c)

04/20/34

9,750

9,769,666

Romark WM-R Ltd. (Cayman Islands),
Series 2018-01A, Class A1, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%)

6.574(c)

04/20/31

672

672,340

Sixth Street CLO Ltd. (Cayman Islands),
Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%)

7.072(c)

01/20/37

4,750

4,775,875

Sound Point CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.611(c)

01/26/31

545

545,273

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Sound Point CLO Ltd. (Cayman Islands), (cont’d.)

Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.624%(c)

01/20/32

1,134

1,136,316

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.733(c)

07/15/34

2,200

2,201,066

Symphony CLO Ltd. (Cayman Islands),
Series 2016-18A, Class A1RR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.645(c)

07/23/33

4,250

4,260,416

Telos CLO Ltd. (Cayman Islands),
Series 2013-04A, Class AR, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 0.000%)

6.787(c)

01/17/30

217

217,768

THL Credit Wind River CLO Ltd. (Cayman Islands),
Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%)

6.852(c)

07/20/37

12,000

12,064,531

Tikehau US CLO Ltd. (Bermuda),
Series 2022-02A, Class A1R, 144A, 3 Month SOFR + 1.870% (Cap N/A, Floor 1.870%)

7.152(c)

01/20/36

10,500

10,509,505

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.501(c)

07/15/34

5,500

5,548,519

Trimaran Cavu Ltd.,
Series 2019-01A, Class A1, 144A, 3 Month SOFR + 1.722% (Cap N/A, Floor 1.460%)

7.004(c)

07/20/32

1,250

1,251,346

Voya CLO Ltd. (Cayman Islands),
Series 2013-01A, Class A1AR, 144A, 3 Month SOFR + 1.472% (Cap N/A, Floor 0.000%)

6.773(c)

10/15/30

289

290,071

Series 2016-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.614(c)

01/20/31

501

501,880

Wellfleet CLO Ltd. (Cayman Islands),
Series 2018-01A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.647(c)

07/17/31

1,271

1,274,273

Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%)

6.501(c)

04/15/33

11,000

11,000,470

Zais CLO Ltd. (Cayman Islands),
Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.552% (Cap N/A, Floor 0.000%)

6.853(c)

04/15/30

45,295

267,307,343

See Notes to Financial Statements.

PGIM Core Bond Fund 7

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

Consumer Loans 1.0%

Affirm Asset Securitization Trust, Series 2024-A, Class 1A, 144A	5.610%	02/15/29		6,300	$	6,327,275
GreenSky Home Improvement Trust, Series 2024-01, Class A2, 144A	5.880	07/25/59		1,100		1,100,219
OneMain Financial Issuance Trust, Series 2020-02A, Class A, 144A	1.750	09/14/35		2,600		2,456,018
Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)	6.097(c)	06/16/36		2,800		2,797,501
Series 2022-02A, Class A, 144A	4.890	10/14/34		2,360		2,347,594
Series 2023-02A, Class A1, 144A	5.840	09/15/36		5,300		5,411,320


						20,439,927

Credit Cards 0.1%

Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7	3.960	10/13/30		2,100		2,058,644

Equipment 0.1%

MMAF Equipment Finance LLC, Series 2017-B, Class A5, 144A	2.720	06/15/40		259		255,921
Series 2019-A, Class A5, 144A	3.080	11/12/41		416		410,453
Series 2019-B, Class A5, 144A	2.290	11/12/41		1,200		1,143,236


						1,809,610

Home Equity Loans 0.3%

RCKT Mortgage Trust, Series 2024-CES03, Class A1A, 144A	6.591(cc)	05/25/44		970		983,596
Towd Point HE Trust, Series 2023-01, Class A1A, 144A	6.875	02/25/63		346		346,204
Towd Point Mortgage Trust, Series 2023-CES02, Class A1A, 144A	7.294(cc)	10/25/63		1,217		1,240,767
Series 2024-CES01, Class A1A, 144A	5.848(cc)	01/25/64		274		274,071
Series 2024-CES03, Class A1, 144A	6.290(cc)	05/25/64		2,641		2,659,499


						5,504,137

Other 0.0%

Home Partners of America Trust, Series 2021-03, Class A, 144A	2.200	01/17/41		1,096		978,120

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

ASSET-BACKED SECURITIES (Continued)

Student Loans 0.3%

Commonbond Student Loan Trust,
Series 2017-BGS, Class A1, 144A		2.680%		09/25/42		148	$	135,744
Series 2018-AGS, Class A1, 144A		3.210		02/25/44		112		104,267
Series 2020-AGS, Class A, 144A		1.980		08/25/50		503		445,933
ELFI Graduate Loan Program LLC,
Series 2020-A, Class A, 144A		1.730		08/25/45		845		754,409
Laurel Road Prime Student Loan Trust,
Series 2019-A, Class A2FX, 144A		2.730		10/25/48		36		35,140
Navient Private Education Refi Loan Trust,
Series 2018-CA, Class A2, 144A		3.520		06/16/42		4		4,472
Series 2019-CA, Class A2, 144A		3.130		02/15/68		181		176,042
Series 2020-BA, Class A2, 144A		2.120		01/15/69		413		386,839
Series 2020-DA, Class A, 144A		1.690		05/15/69		305		283,357
Pennsylvania Higher Education Assistance Agency,
Series 2021-01A, Class A, 144A, 30 Day Average SOFR + 0.644% (Cap N/A, Floor 0.530%)		5.992(c)		05/25/70		1,198		1,187,949
SoFi Professional Loan Program LLC,
Series 2017-F, Class A2FX, 144A		2.840		01/25/41		131		128,417
Series 2019-A, Class A2FX, 144A		3.690		06/15/48		279		272,531
Series 2019-C, Class A2FX, 144A		2.370		11/16/48		355		336,468
SoFi Professional Loan Program Trust,
Series 2018-B, Class A2FX, 144A		3.340		08/25/47		105		103,467
Series 2020-A, Class A2FX, 144A		2.540		05/15/46		661		621,624
Series 2020-C, Class AFX, 144A		1.950		02/15/46		360		332,291


								5,308,950


TOTAL ASSET-BACKED SECURITIES (cost $396,080,253)								395,212,144


COMMERCIAL MORTGAGE-BACKED SECURITIES 13.8%
Arbor Multifamily Mortgage Securities Trust,
Series 2020-MF01, Class A4, 144A		2.495		05/15/53		5,500		4,884,128
Series 2021-MF02, Class A4, 144A		2.252		06/15/54		8,900		7,565,675
Assurant Commercial Mortgage Trust,
Series 2016-01A, Class AS, 144A		3.172		05/15/49		110		108,303
BANK,
Series 2019-BN17, Class A3		3.456		04/15/52		4,116		3,892,548
Series 2019-BN20, Class A2		2.758		09/15/62		5,531		5,025,137
Series 2019-BN23, Class A2		2.669		12/15/52		2,198		1,969,707

See Notes to Financial Statements.

PGIM Core Bond Fund 9

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

BANK, (cont’d.)
Series 2020-BN25, Class A4	2.399%	01/15/63		4,300	$	3,827,533
Series 2020-BN26, Class A3	2.155	03/15/63		5,000		4,321,110
Series 2020-BN27, Class A4	1.901	04/15/63		4,700		3,912,669
Series 2020-BN29, Class A3	1.742	11/15/53		2,600		2,123,154
Series 2021-BN32, Class A4	2.349	04/15/54		9,000		7,807,719
Series 2021-BN34, Class A4	2.156	06/15/63		7,000		5,772,602
Series 2021-BN38, Class A4	2.275	12/15/64		5,700		4,775,736
BANK5,
Series 2024-5YR7, Class A3	5.769	06/15/57		6,250		6,440,279
Barclays Commercial Mortgage Securities Trust, Series 2016-ETC, Class A, 144A	2.937	08/14/36		500		464,559
Series 2018-TALL, Class A, 144A, 1 Month SOFR + 0.919% (Cap N/A, Floor 0.872%)	6.248(c)	03/15/37		6,000		5,640,000
Series 2020-C07, Class A4	1.786	04/15/53		5,700		4,847,708
Series 2021-C10, Class ASB	2.268	07/15/54		5,275		4,764,159
Series 2023-C21, Class A2	6.296(cc)	09/15/56		3,500		3,664,670
Series 2023-C22, Class A2	6.728	11/15/56		5,600		5,929,937
Benchmark Mortgage Trust,
Series 2018-B01, Class A4	3.402	01/15/51		681		658,323
Series 2018-B03, Class A4	3.761	04/10/51		1,150		1,110,232
Series 2019-B10, Class A3	3.455	03/15/62		2,492		2,342,553
Series 2020-B17, Class A4	2.042	03/15/53		1,800		1,524,344
Series 2020-B21, Class A4	1.704	12/17/53		2,600		2,195,014
Series 2020-IG03, Class A2, 144A	2.475	09/15/48		5,059		4,952,211
Series 2021-B24, Class A3	2.010	03/15/54		2,600		2,278,031
Series 2021-B31, Class A4	2.420	12/15/54		6,400		5,407,380
Series 2023-B38, Class A2	5.626	04/15/56		6,000		6,014,117
Series 2023-B39, Class A2	6.574(cc)	07/15/56		7,000		7,272,822
Series 2023-V03, Class A3	6.363(cc)	07/15/56		7,000		7,306,554
BMARK,
Series 2023-V04, Class A3	6.841(cc)	11/15/56		7,000		7,447,983
BMO Mortgage Trust,
Series 2023-05C01, Class A3	6.534(cc)	08/15/56		7,200		7,558,970
Series 2023-05C02, Class A3	7.055(cc)	11/15/56		9,000		9,704,425
Cantor Commercial Real Estate Lending, Series 2019-CF03, Class A3	2.752	01/15/53		2,900		2,567,701
CD Mortgage Trust,
Series 2016-CD01, Class A3	2.459	08/10/49		692		654,005
Series 2019-CD08, Class A3	2.657	08/15/57		2,700		2,439,998
CF Mortgage Trust,
Series 2020-P01, Class A1, 144A	2.840(cc)	04/15/25		2,809		2,737,396

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2	3.585%	12/10/54		1,760	$	1,684,267
Citigroup Commercial Mortgage Trust,
Series 2015-GC27, Class A4	2.878	02/10/48		1,132		1,129,251
Series 2015-GC31, Class A4	3.762	06/10/48		2,625		2,563,060
Series 2016-C03, Class A3	2.896	11/15/49		703		670,594
Series 2016-P03, Class A3	3.063	04/15/49		7,305		7,107,378
Series 2017-P08, Class A3	3.203	09/15/50		1,700		1,623,762
Series 2019-C07, Class A3	2.860	12/15/72		1,120		1,017,642
Series 2019-GC41, Class A4	2.620	08/10/56		3,000		2,699,178
Commercial Mortgage Trust,
Series 2015-DC01, Class A5	3.350	02/10/48		5,140		5,079,381
Series 2015-PC01, Class A4	3.620	07/10/50		824		817,958
Series 2016-COR01, Class A3	2.826	10/10/49		792		753,419
CSAIL Commercial Mortgage Trust,
Series 2017-C08, Class A3	3.127	06/15/50		1,084		1,021,084
Series 2021-C20, Class A2	2.486	03/15/54		5,474		4,817,012
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C03, Class A4	2.632	08/10/49		461		441,559
Series 2020-C09, Class A4	1.644	08/15/53		5,800		4,920,268
Fannie Mae-Aces,
Series 2019-M21, Class 3A1	2.100	06/25/34		1,431		1,362,805
FHLMC Multifamily Structured Pass-Through Certificates,
Series KW08, Class A2	3.600	01/25/29		4,500		4,342,970
GS Mortgage Securities Trust,
Series 2015-GC30, Class A3	3.119	05/10/50		942		926,062
Series 2015-GC34, Class A3	3.244	10/10/48		3,918		3,830,356
Series 2021-GSA03, Class A4	2.369	12/15/54		7,000		5,838,127
JPMBB Commercial Mortgage Securities Trust,
Series 2015-C27, Class A3A1	2.920	02/15/48		865		854,049
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A4	3.457	03/15/50		284		270,799
JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4	3.414	03/15/50		936		892,698
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3	2.559	08/15/49		613		588,800
Series 2016-JP03, Class A4	2.627	08/15/49		2,411		2,305,430
Ladder Capital Commercial Mortgage Securities Trust,
Series 2017-LC26, Class A3, 144A	3.289	07/12/50		1,188		1,129,062
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C23, Class A3	3.451	07/15/50		3,910		3,855,811

See Notes to Financial Statements.

PGIM Core Bond Fund 11

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

Morgan Stanley Capital I Trust,
Series 2016-BNK02, Class A3		2.791%		11/15/49		900	$	857,840
Series 2016-UB11, Class A3		2.531		08/15/49		1,807		1,728,509
UBS Commercial Mortgage Trust,
Series 2017-C05, Class A4		3.212		11/15/50		1,800		1,713,779
Series 2018-C09, Class A3		3.854		03/15/51		657		629,488
Series 2018-C14, Class A3		4.180		12/15/51		1,061		1,025,732
Series 2019-C18, Class A3		2.782		12/15/52		4,400		3,930,629
Wells Fargo Commercial Mortgage Trust,
Series 2015-NXS04, Class A4		3.718		12/15/48		1,895		1,851,653
Series 2016-BNK01, Class A2		2.399		08/15/49		1,193		1,134,271
Series 2016-C35, Class A3		2.674		07/15/48		1,680		1,613,892
Series 2016-NXS06, Class A3		2.642		11/15/49		1,500		1,436,696
Series 2017-C38, Class A4		3.190		07/15/50		891		851,066
Series 2017-RB01, Class A4		3.374		03/15/50		1,012		959,933
Series 2018-C46, Class A3		3.888		08/15/51		2,000		1,921,319
Series 2019-C49, Class A3		3.749		03/15/52		3,000		2,926,577
Series 2019-C50, Class A4		3.466		05/15/52		2,448		2,311,983
Series 2019-C52, Class A3		2.631		08/15/52		168		161,806
Series 2020-C57, Class A3		1.864		08/15/53		5,300		4,528,190
Series 2021-C59, Class A3		1.958		04/15/54		5,921		5,058,693
Series 2024-5C1, Class A3		5.928		07/15/57		9,900		10,238,413


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $289,047,076)								269,332,643


CORPORATE BONDS 31.2%

Aerospace & Defense 0.7%

BAE Systems PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A		3.400		04/15/30		335		309,887
Sr. Unsec’d. Notes, 144A		5.125		03/26/29		2,570		2,591,822
Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		1,530		1,455,726
Sr. Unsec’d. Notes		3.550		03/01/38		495		372,608
Sr. Unsec’d. Notes		3.600		05/01/34		1,600		1,329,993
Sr. Unsec’d. Notes		3.625		02/01/31		2,950		2,648,596
Sr. Unsec’d. Notes		3.850		11/01/48		455		313,716
Sr. Unsec’d. Notes		3.900		05/01/49		1,405		976,528
Sr. Unsec’d. Notes, 144A		6.388		05/01/31		2,275		2,373,546

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Aerospace & Defense (cont’d.)
HEICO Corp.,
Gtd. Notes		5.250%		08/01/28		725	$	736,480
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes		3.832		04/27/25		30		29,658


								13,138,560

Agriculture 0.8%
Altria Group, Inc.,
Gtd. Notes		3.400		05/06/30		630		582,694
Gtd. Notes		3.400		02/04/41		975		724,624
BAT Capital Corp. (United Kingdom),
Gtd. Notes		2.259		03/25/28		1,910		1,738,907
Gtd. Notes		2.726		03/25/31		2,180		1,884,305
Gtd. Notes		3.557		08/15/27		120		115,564
Gtd. Notes		4.390		08/15/37		5,500		4,825,923
Gtd. Notes		6.343		08/02/30		710		754,148
BAT International Finance PLC (United Kingdom), Gtd. Notes		5.931		02/02/29		1,295		1,344,823
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		5.125		02/15/30		3,955		4,020,961


								15,991,949

Airlines 0.1%
American Airlines 2015-1 Class A Pass-Through Trust, Pass-Through Certificates		3.375		11/01/28		58		55,159
Delta Air Lines 2020-1 Class AA Pass-Through Trust, Pass-Through Certificates		2.000		12/10/29		525		483,097
United Airlines 2016-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.875		04/07/30		267		247,224
United Airlines 2019-2 Class AA Pass-Through Trust, Pass-Through Certificates		2.700		11/01/33		364		316,740


								1,102,220

Auto Manufacturers 0.9%
Ford Motor Co.,
Sr. Unsec’d. Notes		4.750		01/15/43		320		260,518

See Notes to Financial Statements.

PGIM Core Bond Fund 13

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Auto Manufacturers (cont’d.)

Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.000%		11/13/30		2,650	$	2,406,534
Sr. Unsec’d. Notes		4.125		08/17/27		2,065		1,987,310
Sr. Unsec’d. Notes		4.271		01/09/27		200		194,752
General Motors Co.,
Sr. Unsec’d. Notes		6.250		10/02/43		900		913,730
General Motors Financial Co., Inc.,
Gtd. Notes		3.850		01/05/28		490		471,851
Sr. Unsec’d. Notes		2.700		08/20/27		375		351,338
Sr. Unsec’d. Notes		5.800		06/23/28		2,705		2,778,327
Sr. Unsec’d. Notes		5.950		04/04/34		870		886,289
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A		5.300		03/19/27		3,260		3,284,992
Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN		4.800		01/05/34		2,220		2,209,252
Volkswagen Group of America Finance LLC (Germany),
Gtd. Notes, 144A		5.250		03/22/29		2,840		2,868,308


								18,613,201

Banks 10.1%

Banco Santander SA (Spain),
Sr. Non-Preferred Notes		1.849		03/25/26		200		189,235
Sr. Non-Preferred Notes		5.538(ff)		03/14/30		1,000		1,009,464
Bank of America Corp.,
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		12,960		11,219,192
Sr. Unsec’d. Notes		5.288(ff)		04/25/34		1,530		1,543,847
Sr. Unsec’d. Notes, GMTN		3.593(ff)		07/21/28		1,595		1,538,357
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		2,705		2,385,446
Sr. Unsec’d. Notes, MTN		3.824(ff)		01/20/28		1,720		1,675,487
Sr. Unsec’d. Notes, MTN		3.974(ff)		02/07/30		5,695		5,484,271
Sr. Unsec’d. Notes, MTN		4.271(ff)		07/23/29		320		313,284
Sr. Unsec’d. Notes, Series N		1.658(ff)		03/11/27		105		99,439
Sr. Unsec’d. Notes, Series N		2.651(ff)		03/11/32		4,500		3,893,484
Sub. Notes, MTN		4.000		01/22/25		800		794,394
Sub. Notes, MTN		4.450		03/03/26		1,500		1,486,610
Bank of New York Mellon Corp. (The),
Sr. Unsec’d. Notes, MTN		4.975(ff)		03/14/30		3,900		3,943,933
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		3.650		03/16/25		200		197,800

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Barclays PLC (United Kingdom), (cont’d.)
Sr. Unsec’d. Notes	5.690%(ff)	03/12/30		1,230	$	1,254,126
Sr. Unsec’d. Notes	6.496(ff)	09/13/27		4,370		4,483,138
Sr. Unsec’d. Notes, MTN	4.972(ff)	05/16/29		400		398,651
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A	1.323(ff)	01/13/27		3,075		2,902,968
Sr. Non-Preferred Notes, 144A	1.675(ff)	06/30/27		1,425		1,334,038
Sr. Non-Preferred Notes, 144A	1.904(ff)	09/30/28		1,385		1,257,072
Sr. Non-Preferred Notes, 144A	2.219(ff)	06/09/26		395		384,156
Sr. Non-Preferred Notes, 144A, MTN	3.052(ff)	01/13/31		1,080		971,010
Sr. Preferred Notes, 144A	5.176(ff)	01/09/30		465		470,345
BPCE SA (France),
Sr. Non-Preferred Notes, 144A	2.375	01/14/25		2,650		2,611,194
Sr. Preferred Notes, 144A, MTN	3.250	01/11/28		625		591,358
Cassa Depositi e Prestiti SpA (Italy), Sr. Unsec’d. Notes, 144A	5.875	04/30/29		2,000		2,064,273
Citigroup, Inc.,
Sr. Unsec’d. Notes	1.122(ff)	01/28/27		8,090		7,622,976
Sr. Unsec’d. Notes	2.561(ff)	05/01/32		1,415		1,206,594
Sr. Unsec’d. Notes	2.666(ff)	01/29/31		1,400		1,245,550
Sr. Unsec’d. Notes	3.200	10/21/26		290		280,101
Sr. Unsec’d. Notes	3.400	05/01/26		350		341,141
Sr. Unsec’d. Notes	3.520(ff)	10/27/28		180		172,500
Sr. Unsec’d. Notes	3.668(ff)	07/24/28		490		473,311
Sr. Unsec’d. Notes	3.887(ff)	01/10/28		670		653,721
Sr. Unsec’d. Notes(a)	5.449(ff)	06/11/35		6,900		7,013,256
Sub. Notes	4.400	06/10/25		4,000		3,964,607
Sub. Notes	4.450	09/29/27		840		828,644
Sub. Notes	4.600	03/09/26		945		938,156
Sub. Notes	4.750	05/18/46		460		410,099
Sub. Notes	5.827(ff)	02/13/35		865		874,550
Credit Agricole SA (France), Sr. Non-Preferred Notes, 144A, MTN	1.907(ff)	06/16/26		1,045		1,012,935
Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes	2.129(ff)	11/24/26		1,530		1,465,555
Sr. Non-Preferred Notes	7.146(ff)	07/13/27		525		541,995
Fifth Third Bancorp, Sr. Unsec’d. Notes	6.339(ff)	07/27/29		1,310		1,365,401
Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes	1.431(ff)	03/09/27		3,075		2,898,561

See Notes to Financial Statements.

PGIM Core Bond Fund 15

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Goldman Sachs Group, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes	1.542%(ff)	09/10/27		3,405	$	3,167,693
Sr. Unsec’d. Notes	3.272(ff)	09/29/25		1,160		1,155,452
Sr. Unsec’d. Notes	3.500	01/23/25		75		74,290
Sr. Unsec’d. Notes	3.500	04/01/25		1,230		1,214,339
Sr. Unsec’d. Notes	3.814(ff)	04/23/29		1,585		1,524,781
Sr. Unsec’d. Notes	3.850	01/26/27		475		464,641
Sr. Unsec’d. Notes	4.223(ff)	05/01/29		125		122,017
Sr. Unsec’d. Notes	6.484(ff)	10/24/29		6,760		7,157,361
Sub. Notes	5.150	05/22/45		335		322,610
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes	5.709(ff)	02/02/35		1,535		1,551,119
Sr. Unsec’d. Notes	6.208(ff)	08/21/29		630		654,664
Intesa Sanpaolo SpA (Italy), Sr. Preferred Notes, Series XR, 144A, MTN	4.000	09/23/29		1,790		1,684,468
JPMorgan Chase & Co.,
Jr. Sub. Notes, Series II	4.000(ff)	04/01/25(oo)		3,920		3,840,838
Sr. Unsec’d. Notes	1.040(ff)	02/04/27		4,160		3,916,993
Sr. Unsec’d. Notes	1.578(ff)	04/22/27		215		202,837
Sr. Unsec’d. Notes	2.580(ff)	04/22/32		2,565		2,210,599
Sr. Unsec’d. Notes	2.739(ff)	10/15/30		7,000		6,325,036
Sr. Unsec’d. Notes	2.947(ff)	02/24/28		215		205,111
Sr. Unsec’d. Notes	3.964(ff)	11/15/48		355		291,746
Sr. Unsec’d. Notes	4.005(ff)	04/23/29		3,585		3,484,563
Sr. Unsec’d. Notes	4.323(ff)	04/26/28		165		162,920
Sub. Notes	2.956(ff)	05/13/31		1,855		1,653,260
Sub. Notes	3.875	09/10/24		375		374,200
KeyCorp, Sr. Unsec’d. Notes	6.401(ff)	03/06/35		3,120		3,253,128
Morgan Stanley,
Sr. Unsec’d. Notes	1.593(ff)	05/04/27		5,600		5,274,997
Sr. Unsec’d. Notes	5.449(ff)	07/20/29		1,930		1,970,569
Sr. Unsec’d. Notes, GMTN	2.239(ff)	07/21/32		6,460		5,395,342
Sr. Unsec’d. Notes, GMTN	3.772(ff)	01/24/29		760		733,872
Sr. Unsec’d. Notes, GMTN	3.875	01/27/26		470		462,831
Sr. Unsec’d. Notes, GMTN	4.000	07/23/25		455		449,852
Sr. Unsec’d. Notes, GMTN(a)	4.431(ff)	01/23/30		1,200		1,178,349
Sr. Unsec’d. Notes, MTN	1.928(ff)	04/28/32		4,245		3,489,902
Sr. Unsec’d. Notes, MTN	3.591(cc)	07/22/28		310		298,080
Sr. Unsec’d. Notes, MTN	5.831(ff)	04/19/35		505		527,866

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



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	$	3,755,011
NatWest Group PLC (United Kingdom), Sr. Unsec’d. Notes	1.642(ff)	06/14/27		1,830		1,713,796
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes	5.582(ff)	06/12/29		2,655		2,717,647
Sr. Unsec’d. Notes	6.875(ff)	10/20/34		765		851,677
Societe Generale SA (France),
Gtd. Notes, 144A	2.797(ff)	01/19/28		1,625		1,524,942
Sr. Non-Preferred Notes, 144A	1.488(ff)	12/14/26		3,800		3,597,746
Sr. Non-Preferred Notes, 144A, MTN	1.792(ff)	06/09/27		1,020		951,440
Sumitomo Mitsui Financial Group, Inc. (Japan), Sr. Unsec’d. Notes(a)	2.348	01/15/25		2,520		2,483,106
Truist Bank, Sub. Notes	2.250	03/11/30		2,840		2,427,073
Truist Financial Corp., Sr. Unsec’d. Notes, MTN	5.867(ff)	06/08/34		330		340,563
U.S. Bancorp, Sr. Unsec’d. Notes	5.836(ff)	06/12/34		4,555		4,730,294
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A	2.193(ff)	06/05/26		555		539,737
Sr. Unsec’d. Notes, 144A	2.593(ff)	09/11/25		1,730		1,725,191
Sr. Unsec’d. Notes, 144A	3.126(ff)	08/13/30		1,180		1,080,592
Sr. Unsec’d. Notes, 144A	3.869(ff)	01/12/29		870		835,530
Sr. Unsec’d. Notes, 144A	4.282	01/09/28		350		340,013
Wells Fargo & Co.,
Sr. Unsec’d. Notes(a)	5.389(ff)	04/24/34		4,350		4,401,725
Sr. Unsec’d. Notes	6.491(ff)	10/23/34		1,245		1,356,003
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		2,740		2,425,538
Sr. Unsec’d. Notes, MTN	5.013(ff)	04/04/51		2,300		2,170,078
Sr. Unsec’d. Notes, MTN	5.574(ff)	07/25/29		5,045		5,164,495


						197,734,748

Beverages 0.3%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.700	02/01/36		180		175,336
Gtd. Notes	4.900	02/01/46		1,675		1,577,248

See Notes to Financial Statements.

PGIM Core Bond Fund 17

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Beverages (cont’d.)

Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes	4.350%	06/01/40		975	$	875,933
Constellation Brands, Inc.,
Gtd. Notes	4.650	11/15/28		450		447,196
Sr. Unsec’d. Notes	2.250	08/01/31		1,030		866,445
Diageo Capital PLC (United Kingdom), Gtd. Notes(a)	2.125	04/29/32		1,665		1,380,550


						5,322,708

Biotechnology 0.2%

Amgen, Inc.,
Sr. Unsec’d. Notes	5.150	11/15/41		910		871,613
Sr. Unsec’d. Notes	5.250	03/02/33		2,545		2,587,066


						3,458,679

Building Materials 0.0%

Martin Marietta Materials, Inc., Sr. Unsec’d. Notes, Series CB
	2.500	03/15/30		885		786,979

Chemicals 0.2%

DuPont de Nemours, Inc., Sr. Unsec’d. Notes	5.419	11/15/48		270		284,988
LYB International Finance III LLC, Gtd. Notes	4.200	05/01/50		1,070		834,303
Nutrien Ltd. (Canada), Sr. Unsec’d. Notes	5.250	01/15/45		248		233,304
OCP SA (Morocco), Sr. Unsec’d. Notes, 144A	6.750	05/02/34		1,858		1,932,320
Sasol Financing USA LLC (South Africa), Gtd. Notes	6.500	09/27/28		400		388,500


						3,673,415

Commercial Services 0.2%

ERAC USA Finance LLC, Gtd. Notes, 144A	4.500	02/15/45		75		66,548

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Experian Finance PLC, Gtd. Notes, 144A		2.750%		03/08/30		1,735	$	1,561,867
Global Payments, Inc., Sr. Unsec’d. Notes		2.650		02/15/25		575		566,022
Massachusetts Institute of Technology, Unsec’d. Notes		3.885		07/01/2116		700		531,857
President & Fellows of Harvard College, Unsec’d. Notes		3.300		07/15/56		160		119,153
Trustees of Boston College, Unsec’d. Notes		3.129		07/01/52		637		450,122
University of Notre Dame du Lac, Unsec’d. Notes, Series 2017		3.394		02/15/48		365		287,860
Verisk Analytics, Inc., Sr. Unsec’d. Notes		4.125		03/15/29		1,185		1,160,360


								4,743,789

Computers 0.2%

Apple, Inc., Sr. Unsec’d. Notes		3.850		08/04/46		525		444,387
Booz Allen Hamilton, Inc., Gtd. Notes		5.950		08/04/33		2,320		2,419,541
NetApp, Inc., Sr. Unsec’d. Notes		1.875		06/22/25		1,470		1,425,211


								4,289,139

Diversified Financial Services 0.7%

Cantor Fitzgerald LP, Sr. Unsec’d. Notes, 144A		7.200		12/12/28		1,155		1,213,440
Cboe Global Markets, Inc., Sr. Unsec’d. Notes		1.625		12/15/30		2,900		2,425,082
Charles Schwab Corp. (The), Sr. Unsec’d. Notes		1.650		03/11/31		2,970		2,429,027
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		2.625		10/15/31		95		79,202
Sr. Unsec’d. Notes		5.875		07/21/28		1,210		1,244,263
LPL Holdings, Inc., Gtd. Notes		5.700		05/20/27		1,295		1,309,323

See Notes to Financial Statements.

PGIM Core Bond Fund 19

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Diversified Financial Services (cont’d.)

Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes	2.608%	07/14/31		565	$	475,638
Sr. Unsec’d. Notes	6.070	07/12/28		3,905		4,042,352


						13,218,327

Electric 2.6%

Abu Dhabi National Energy Co. PJSC (United Arab Emirates), Sr. Unsec’d. Notes, 144A, MTN	2.000	04/29/28		515		465,914
AEP Transmission Co. LLC, Sr. Unsec’d. Notes	4.250	09/15/48		830		683,332
Alabama Power Co., Sr. Unsec’d. Notes	2.800	04/01/25		75		73,660
Alfa Desarrollo SpA (Chile), Sr. Sec’d. Notes, 144A	4.550	09/27/51		655		493,144
Ameren Illinois Co., First Mortgage	3.700	12/01/47		625		480,853
Arizona Public Service Co.,
Sr. Unsec’d. Notes	2.200	12/15/31		2,875		2,371,154
Sr. Unsec’d. Notes	3.350	05/15/50		485		336,386
CenterPoint Energy Houston Electric LLC, General Ref. Mortgage, Series Z	2.400	09/01/26		190		180,739
CenterPoint Energy, Inc., Sr. Unsec’d. Notes	3.700	09/01/49		495		364,875
Cleco Corporate Holdings LLC, Sr. Unsec’d. Notes	3.375	09/15/29		305		273,905
Comision Federal de Electricidad (Mexico), Gtd. Notes, 144A	4.688	05/15/29		1,600		1,514,000
Commonwealth Edison Co.,
First Mortgage	3.700	03/01/45		40		31,527
First Mortgage	4.000	03/01/48		115		92,180
First Mortgage, Series 123	3.750	08/15/47		775		605,812
First Mortgage, Series 130	3.125	03/15/51		95		64,256
Consolidated Edison Co. of New York, Inc.,
Sr. Unsec’d. Notes, Series 2017	3.875	06/15/47		805		636,208
Sr. Unsec’d. Notes, Series C	4.300	12/01/56		40		32,503
Delmarva Power & Light Co., First Mortgage	4.150	05/15/45		60		49,245

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



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	$	52,765
DTE Electric Co., General Ref. Mortgage, Series A	4.050	05/15/48		370		304,383
DTE Energy Co., Sr. Unsec’d. Notes	2.850	10/01/26		350		335,696
Duke Energy Corp.,
Sr. Unsec’d. Notes	2.650	09/01/26		145		138,701
Sr. Unsec’d. Notes	3.950	08/15/47		185		141,934
Duke Energy Florida LLC,
First Mortgage	3.400	10/01/46		185		133,797
First Mortgage	4.200	07/15/48		205		170,081
Duke Energy Progress LLC,
First Mortgage	2.500	08/15/50		1,860		1,107,808
First Mortgage	3.700	10/15/46		75		57,439
Enel Finance International NV (Italy),
Gtd. Notes, 144A	2.650	09/10/24		655		652,639
Gtd. Notes, 144A	3.500	04/06/28		475		451,875
Entergy Arkansas LLC, First Mortgage	2.650	06/15/51		2,220		1,334,215
Entergy Louisiana LLC, Collateral Trust	4.000	03/15/33		170		156,698
Entergy Texas, Inc., First Mortgage	4.500	03/30/39		1,000		914,091
Evergy, Inc., Sr. Unsec’d. Notes	2.450	09/15/24		2,135		2,125,574
Eversource Energy, Sr. Unsec’d. Notes, Series M	3.300	01/15/28		335		317,667
FirstEnergy Pennsylvania Electric Co.,
Sr. Unsec’d. Notes, 144A(a)	3.600	06/01/29		1,435		1,357,988
Sr. Unsec’d. Notes, 144A	5.200	04/01/28		865		875,150
Fortis, Inc. (Canada), Sr. Unsec’d. Notes	3.055	10/04/26		217		208,049
Georgia Power Co., Sr. Unsec’d. Notes, Series B	2.650	09/15/29		1,005		914,737
IPALCO Enterprises, Inc., Sr. Sec’d. Notes	4.250	05/01/30		240		227,725
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN	4.250	08/14/28		235		219,431
Sr. Sec’d. Notes, Series 6, 144A	5.000	11/12/24		1,360		1,348,100

See Notes to Financial Statements.

PGIM Core Bond Fund 21

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

MidAmerican Energy Co.,
First Mortgage	3.950%	08/01/47		225	$	180,604
First Mortgage	4.250	07/15/49		350		295,607
Narragansett Electric Co. (The), Sr. Unsec’d. Notes, 144A	3.395	04/09/30		915		853,988
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	4.900	02/28/28		3,870		3,890,353
Gtd. Notes	5.749	09/01/25		2,275		2,290,381
Gtd. Notes	6.051	03/01/25		785		788,400
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A	2.000	12/02/25		280		267,471
Sr. Sec’d. Notes, 144A	2.450	12/02/27		1,215		1,113,958
NSTAR Electric Co., Sr. Unsec’d. Notes	5.400	06/01/34		1,130		1,161,102
Ohio Power Co., Sr. Unsec’d. Notes	4.150	04/01/48		250		198,520
Oncor Electric Delivery Co. LLC, Sr. Sec’d. Notes	2.950	04/01/25		60		59,051
Pacific Gas & Electric Co.,
First Mortgage	4.500	07/01/40		3,000		2,551,346
First Mortgage	4.950	07/01/50		1,460		1,243,464
PacifiCorp, First Mortgage	2.700	09/15/30		890		789,281
PECO Energy Co.,
First Mortgage	3.000	09/15/49		180		123,636
First Mortgage	3.050	03/15/51		1,540		1,032,753
First Ref. Mortgage	4.800	10/15/43		120		110,628
PPL Electric Utilities Corp., First Mortgage	3.000	10/01/49		235		160,644
Public Service Co. of Colorado,
First Mortgage	4.100	06/15/48		235		185,018
First Mortgage, Series 34	3.200	03/01/50		720		488,657
Public Service Electric & Gas Co.,
First Mortgage, MTN	2.250	09/15/26		370		352,131
First Mortgage, MTN	2.700	05/01/50		390		251,746
First Mortgage, MTN	3.200	05/15/29		1,265		1,191,582
First Mortgage, MTN	3.600	12/01/47		95		73,017
First Mortgage, MTN	3.700	05/01/28		590		572,257
Sec’d. Notes, MTN	4.650	03/15/33		2,105		2,076,242

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

Public Service Enterprise Group, Inc., Sr. Unsec’d. Notes	1.600%	08/15/30		1,155	$	960,895
San Diego Gas & Electric Co., First Mortgage	4.150	05/15/48		420		347,677
Southern California Edison Co., First Mortgage	3.650	02/01/50		290		213,746
Southwestern Electric Power Co., Sr. Unsec’d. Notes, Series K	2.750	10/01/26		675		642,870
Southwestern Public Service Co., First Mortgage	3.700	08/15/47		355		259,855
SP PowerAssets Ltd. (Singapore), Sr. Unsec’d. Notes, 144A, MTN(a)	3.000	09/26/27		465		445,005
Tucson Electric Power Co., Sr. Unsec’d. Notes	4.000	06/15/50		1,315		1,025,607
Union Electric Co., Sr. Sec’d. Notes	3.650	04/15/45		50		38,736
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A	3.500	03/15/27		185		179,846
Sr. Unsec’d. Notes, Series A	3.800	04/01/28		290		281,789
Wisconsin Power & Light Co., Sr. Unsec’d. Notes	3.050	10/15/27		535		508,527
Xcel Energy, Inc., Sr. Unsec’d. Notes	3.350	12/01/26		510		492,323


						49,994,949

Engineering & Construction 0.2%
Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A	3.875	04/30/28		1,018		957,877
Sr. Sec’d. Notes, 144A	4.250	10/31/26		1,972		1,907,299
Sr. Sec’d. Notes, 144A	5.500	07/31/47		1,800		1,514,250


						4,379,426

Entertainment 0.2%
Warnermedia Holdings, Inc.,
Gtd. Notes	5.050	03/15/42		3,095		2,441,466
Gtd. Notes	5.141	03/15/52		925		687,923


						3,129,389

See Notes to Financial Statements.

PGIM Core Bond Fund 23

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Foods 0.2%

Ahold Finance USA LLC (Netherlands), Gtd. Notes	6.875%	05/01/29		280	$	304,612
Campbell Soup Co., Sr. Unsec’d. Notes(a)	2.375	04/24/30		2,175		1,919,496
Cencosud SA (Chile), Gtd. Notes, 144A	4.375	07/17/27		1,320		1,273,140
Kraft Heinz Foods Co., Gtd. Notes	4.375	06/01/46		1,005		843,500
Kroger Co. (The), Sr. Unsec’d. Notes	3.875	10/15/46		65		50,235


						4,390,983

Forest Products & Paper 0.0%

Celulosa Arauco y Constitucion SA (Chile),
Sr. Unsec’d. Notes	3.875	11/02/27		651		613,548
Sr. Unsec’d. Notes	4.500	08/01/24		214		214,000
Georgia-Pacific LLC, Sr. Unsec’d. Notes, 144A	3.600	03/01/25		220		217,469


						1,045,017

Gas 0.1%

Atmos Energy Corp., Sr. Unsec’d. Notes	3.375	09/15/49		1,200		858,665
NiSource, Inc., Sr. Unsec’d. Notes	1.700	02/15/31		785		641,281
Piedmont Natural Gas Co., Inc., Sr. Unsec’d. Notes	3.500	06/01/29		440		415,419


						1,915,365

Healthcare-Products 0.0%

Medtronic, Inc., Gtd. Notes
	4.375	03/15/35		235		227,022

Healthcare-Services 1.2%

Aetna, Inc., Sr. Unsec’d. Notes	3.500	11/15/24		100		99,362

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

Aetna, Inc., (cont’d.)
Sr. Unsec’d. Notes	4.500%	05/15/42		1,000	$	860,677
Sr. Unsec’d. Notes	6.750	12/15/37		170		187,513
AHS Hospital Corp., Unsec’d. Notes	5.024	07/01/45		200		196,412
Ascension Health, Sr. Unsec’d. Notes, Series B	3.106	11/15/39		265		212,168
CommonSpirit Health, Sr. Sec’d. Notes	5.318	12/01/34		4,510		4,548,988
Kaiser Foundation Hospitals, Unsec’d. Notes, Series 2021	2.810	06/01/41		2,410		1,791,129
Laboratory Corp. of America Holdings, Gtd. Notes	2.950	12/01/29		595		541,916
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes, Series 2015	4.200	07/01/55		75		64,863
Mount Sinai Hospital (The), Sec’d. Notes, Series 2019	3.737	07/01/49		1,795		1,333,153
MyMichigan Health, Sec’d. Notes, Series 2020	3.409	06/01/50		740		537,615
OhioHealth Corp., Unsec’d. Notes, Series 2020	3.042	11/15/50		795		569,026
Piedmont Healthcare, Inc., Sec’d. Notes, Series 2032	2.044	01/01/32		2,670		2,211,583
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A	2.532	10/01/29		420		376,863
Unsec’d. Notes, Series H	2.746	10/01/26		40		38,103
Quest Diagnostics, Inc.,
Sr. Unsec’d. Notes	2.950	06/30/30		1,910		1,737,717
Sr. Unsec’d. Notes	3.500	03/30/25		190		187,475
Stanford Health Care,
Unsec’d. Notes, Series 2018	3.795	11/15/48		450		370,854
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	3.050	05/15/41		1,150		869,190
Sr. Unsec’d. Notes	3.750	07/15/25		90		88,957
Sr. Unsec’d. Notes(h)	4.750	05/15/52		1,900		1,717,619
Sr. Unsec’d. Notes(h)	5.050	04/15/53		2,140		2,023,502
Sr. Unsec’d. Notes(h)	5.500	04/15/64		865		856,826
Sr. Unsec’d. Notes	5.750	07/15/64		1,495		1,535,651


						22,957,162

See Notes to Financial Statements.

PGIM Core Bond Fund 25

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Insurance 0.6%

Arch Capital Finance LLC, Gtd. Notes	5.031%	12/15/46		95	$	88,116
Arch Capital Group US, Inc., Gtd. Notes	5.144	11/01/43		100		94,062
Berkshire Hathaway Finance Corp., Gtd. Notes	2.850	10/15/50		1,175		783,718
Fairfax Financial Holdings Ltd. (Canada), Sr. Unsec’d. Notes, 144A	6.000	12/07/33		5,900		6,121,262
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A	3.950	05/15/60		185		129,023
Gtd. Notes, 144A	3.951	10/15/50		450		334,056
Lincoln National Corp., Sr. Unsec’d. Notes	6.300	10/09/37		115		121,730
Markel Group, Inc.,
Sr. Unsec’d. Notes	3.350	09/17/29		1,625		1,522,015
Sr. Unsec’d. Notes	5.000	04/05/46		217		196,393
Principal Financial Group, Inc.,
Gtd. Notes	3.100	11/15/26		105		100,816
Gtd. Notes	4.300	11/15/46		140		118,506
Gtd. Notes	4.350	05/15/43		20		17,457
Teachers Insurance & Annuity Association of America,
Sub. Notes, 144A	3.300	05/15/50		930		636,333
Sub. Notes, 144A	4.900	09/15/44		120		109,555
Unum Group, Sr. Unsec’d. Notes	6.000	06/15/54		505		498,177
W.R. Berkley Corp., Sr. Unsec’d. Notes	4.000	05/12/50		545		428,890


						11,300,109

Iron/Steel 0.3%
Steel Dynamics, Inc., Sr. Unsec’d. Notes
	3.450	04/15/30		5,710		5,293,951

Lodging 0.1%
Hyatt Hotels Corp., Sr. Unsec’d. Notes	5.750	01/30/27		730		742,380
Las Vegas Sands Corp., Sr. Unsec’d. Notes	3.500	08/18/26		1,230		1,187,411

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Lodging (cont’d.)

Marriott International, Inc.,
Sr. Unsec’d. Notes	4.900%	04/15/29		510	$	513,056
Sr. Unsec’d. Notes, Series R	3.125	06/15/26		250		242,052


						2,684,899

Machinery-Diversified 0.1%

Ingersoll Rand, Inc., Sr. Unsec’d. Notes
	5.700	08/14/33		1,860		1,948,045

Media 0.7%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	2.300	02/01/32		445		351,358
Sr. Sec’d. Notes(a)	2.800	04/01/31		2,755		2,309,779
Sr. Sec’d. Notes	3.900	06/01/52		370		239,364
Sr. Sec’d. Notes	5.050	03/30/29		2,160		2,116,863
Sr. Sec’d. Notes	5.375	05/01/47		530		437,867
Sr. Sec’d. Notes	6.384	10/23/35		2,480		2,480,768
Sr. Sec’d. Notes	6.484	10/23/45		275		259,922
Comcast Corp., Gtd. Notes	4.250	10/15/30		275		268,815
Cox Communications, Inc.,
Sr. Unsec’d. Notes, 144A	2.600	06/15/31		3,535		2,984,984
Sr. Unsec’d. Notes, 144A	3.150	08/15/24		276		275,692
Sr. Unsec’d. Notes, 144A	3.500	08/15/27		2,000		1,920,800
Time Warner Cable LLC, Sr. Sec’d. Notes	5.500	09/01/41		150		128,005


						13,774,217

Mining 0.8%

Barrick North America Finance LLC (Canada), Gtd. Notes	5.750	05/01/43		190		194,241
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes	5.250	09/08/33		4,245		4,344,256
Freeport Indonesia PT (Indonesia), Sr. Unsec’d. Notes, 144A, MTN	4.763	04/14/27		225		222,118

See Notes to Financial Statements.

PGIM Core Bond Fund 27

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Mining (cont’d.)

Newmont Corp.,
Gtd. Notes		2.250%		10/01/30		845	$	738,015
Gtd. Notes		2.800		10/01/29		1,270		1,164,756
Newmont Corp./Newcrest Finance Pty Ltd., Gtd. Notes, 144A		5.350		03/15/34		6,205		6,352,655
Yamana Gold, Inc. (Canada), Gtd. Notes		2.630		08/15/31		3,120		2,637,298


								15,653,339

Miscellaneous Manufacturing 0.2%

Teledyne Technologies, Inc., Gtd. Notes

		2.750		04/01/31		3,510		3,072,489

Multi-National 0.1%

Corp. Andina de Fomento (Supranational Bank), Sr. Unsec’d. Notes
		5.000		01/24/29		1,660		1,679,024

Office/Business Equipment 0.1%

CDW LLC/CDW Finance Corp., Gtd. Notes
		2.670		12/01/26		3,145		2,979,410

Oil & Gas 1.5%

Aker BP ASA (Norway),
Gtd. Notes, 144A		3.100		07/15/31		770		667,566
Sr. Unsec’d. Notes, 144A		2.000		07/15/26		2,435		2,295,942
BP Capital Markets PLC, Gtd. Notes		4.375(ff)		06/22/25(oo)		501		492,859
Canadian Natural Resources Ltd. (Canada), Sr. Unsec’d. Notes		6.250		03/15/38		175		184,853
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes(a)		3.750		02/15/52		1,685		1,223,922
Sr. Unsec’d. Notes		5.400		06/15/47		229		215,914
Sr. Unsec’d. Notes		6.750		11/15/39		45		49,623
Continental Resources, Inc., Gtd. Notes, 144A		2.268		11/15/26		330		309,942

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Diamondback Energy, Inc., Gtd. Notes		5.400%		04/18/34		5,555	$	5,622,986
Ecopetrol SA (Colombia), Sr. Unsec’d. Notes		8.625		01/19/29		2,105		2,233,405
Equinor ASA (Norway), Gtd. Notes		2.375		05/22/30		1,110		988,890
Korea National Oil Corp. (South Korea),
Sr. Unsec’d. Notes, 144A		4.750		04/03/26		510		508,256
Sr. Unsec’d. Notes, 144A		4.875		04/03/28		530		532,873
Marathon Petroleum Corp., Sr. Unsec’d. Notes		3.800		04/01/28		380		367,916
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		7.500		05/01/31		100		112,420
Sr. Unsec’d. Notes		7.875		09/15/31		250		285,946
Petroleos Mexicanos (Mexico),
Gtd. Notes		5.950		01/28/31		398		327,912
Gtd. Notes		6.490		01/23/27		1,048		1,012,368
Gtd. Notes		6.500		03/13/27		1,020		980,220
Gtd. Notes, MTN		6.875		08/04/26		870		858,046
Phillips 66 Co.,
Gtd. Notes		3.150		12/15/29		5,000		4,610,890
Gtd. Notes		3.550		10/01/26		310		301,889
QatarEnergy (Qatar),
Sr. Unsec’d. Notes, 144A		1.375		09/12/26		500		464,530
Sr. Unsec’d. Notes, 144A		2.250		07/12/31		1,090		928,544
Raizen Fuels Finance SA (Brazil), Gtd. Notes, 144A		6.450		03/05/34		1,800		1,855,350
Santos Finance Ltd. (Australia), Gtd. Notes, 144A		6.875		09/19/33		1,010		1,100,736


								28,533,798

Oil & Gas Services 0.0%

Schlumberger Holdings Corp., Sr. Unsec’d. Notes, 144A
		3.900		05/17/28		487		473,211

Packaging & Containers 0.4%

Berry Global, Inc., Sr. Sec’d. Notes		1.570		01/15/26		4,740		4,502,663

See Notes to Financial Statements.

PGIM Core Bond Fund 29

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



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	$	2,873,542
WRKCo, Inc., Gtd. Notes		4.650		03/15/26		560		556,044


								7,932,249

Pharmaceuticals 1.4%

AbbVie, Inc.,
Sr. Unsec’d. Notes		3.800		03/15/25		105		103,949
Sr. Unsec’d. Notes		4.050		11/21/39		285		254,632
Sr. Unsec’d. Notes		4.250		11/21/49		220		187,977
Sr. Unsec’d. Notes		4.550		03/15/35		360		350,517
Sr. Unsec’d. Notes		4.700		05/14/45		1,170		1,085,534
Sr. Unsec’d. Notes		4.750		03/15/45		1,008		939,405
Cencora, Inc., Sr. Unsec’d. Notes		3.250		03/01/25		55		54,247
Cigna Group (The), Gtd. Notes(a)		3.400		03/01/27		325		314,589
Gtd. Notes		4.375		10/15/28		1,950		1,923,461
Gtd. Notes		4.500		02/25/26		457		454,234
Sr. Unsec’d. Notes		2.400		03/15/30		5,340		4,733,286
CVS Health Corp.,
Sr. Unsec’d. Notes		2.700		08/21/40		385		263,152
Sr. Unsec’d. Notes		5.125		02/21/30		3,190		3,217,613
Sr. Unsec’d. Notes		5.125		07/20/45		465		418,865
Sr. Unsec’d. Notes		5.875		06/01/53		125		122,707
Eli Lilly & Co., Sr. Unsec’d. Notes		5.000		02/09/54		1,455		1,417,538
Johnson & Johnson, Sr. Unsec’d. Notes(h)		3.625		03/03/37		3,205		2,873,407
McKesson Corp., Sr. Unsec’d. Notes		5.100		07/15/33		2,525		2,578,915
Mylan, Inc.,
Gtd. Notes		5.200		04/15/48		1,250		1,052,297
Gtd. Notes		5.400		11/29/43		860		770,033
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		3.200		09/23/26		28		27,093
Utah Acquisition Sub, Inc., Gtd. Notes		3.950		06/15/26		3,130		3,068,521

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Utah Acquisition Sub, Inc., (cont’d.)
Gtd. Notes		5.250%		06/15/46		105	$	89,793
Viatris, Inc., Gtd. Notes		3.850		06/22/40		920		693,509


								26,995,274

Pipelines 1.8%

Boardwalk Pipelines LP, Gtd. Notes		3.400		02/15/31		1,300		1,161,681
Colonial Enterprises, Inc., Gtd. Notes, 144A		3.250		05/15/30		1,730		1,584,606
Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp., Gtd. Notes, 144A		4.150		08/15/26		555		544,707
Columbia Pipelines Operating Co. LLC, Sr. Unsec’d. Notes, 144A		5.927		08/15/30		935		975,401
EIG Pearl Holdings Sarl (Saudi Arabia), Sr. Sec’d. Notes, 144A		3.545		08/31/36		1,674		1,437,024
Energy Transfer LP,
Sr. Unsec’d. Notes		4.950		06/15/28		430		431,396
Sr. Unsec’d. Notes		5.000		05/15/50		565		492,985
Sr. Unsec’d. Notes		5.400		10/01/47		1,800		1,658,216
Sr. Unsec’d. Notes		6.250		04/15/49		910		931,879
Sr. Unsec’d. Notes		6.400		12/01/30		520		559,077
Sr. Unsec’d. Notes		6.550		12/01/33		2,285		2,473,498
Enterprise Products Operating LLC,
Gtd. Notes		3.700		01/31/51		445		338,392
Gtd. Notes		3.950		01/31/60		525		399,244
Greensaif Pipelines Bidco Sarl (Saudi Arabia),
Sr. Sec’d. Notes, 144A		6.129		02/23/38		560		571,004
Sr. Sec’d. Notes, 144A		6.510		02/23/42		725		754,000
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		4,920		4,344,050
Sr. Unsec’d. Notes		4.000		02/15/25		130		128,793
Sr. Unsec’d. Notes		4.500		04/15/38		270		243,227
Sr. Unsec’d. Notes		4.875		06/01/25		200		199,030
Sr. Unsec’d. Notes		5.200		03/01/47		5		4,599
Sr. Unsec’d. Notes		5.500		06/01/34		3,340		3,365,001
Sr. Unsec’d. Notes		5.500		02/15/49		210		198,570

See Notes to Financial Statements.

PGIM Core Bond Fund 31

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

ONEOK Partners LP, Gtd. Notes		6.125%		02/01/41		300	$	306,268
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30		2,415		2,205,800
Gtd. Notes		4.200		03/15/45		275		213,474
Gtd. Notes		4.500		03/15/50		195		159,230
Gtd. Notes(a)		6.050		09/01/33		2,510		2,640,928
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550		12/15/29		350		326,681
Sr. Unsec’d. Notes		4.650		10/15/25		1,000		993,409
Spectra Energy Partners LP, Gtd. Notes		3.375		10/15/26		140		135,462
Targa Resources Corp.,
Gtd. Notes		6.125		03/15/33		1,240		1,304,023
Gtd. Notes(a)		6.250		07/01/52		1,305		1,351,123
Gtd. Notes		6.500		03/30/34		1,095		1,185,581
Texas Eastern Transmission LP, Sr. Unsec’d. Notes, 144A		3.500		01/15/28		300		287,012
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.950		05/15/50		625		483,525
Sr. Unsec’d. Notes		4.600		03/15/48		500		433,695
Western Midstream Operating LP, Sr. Unsec’d. Notes		5.300		03/01/48		320		282,118
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.000		09/15/25		350		345,675
Sr. Unsec’d. Notes		5.150		03/15/34		90		89,714
Sr. Unsec’d. Notes		5.400		03/04/44		400		383,460


								35,923,558

Real Estate 0.2%
Ontario Teachers’ Cadillac Fairview Properties Trust (Canada), Sr. Unsec’d. Notes, 144A
		4.125		02/01/29		4,190		4,035,389

Real Estate Investment Trusts (REITs) 1.4%
Alexandria Real Estate Equities, Inc.,
Gtd. Notes		2.000		05/18/32		1,645		1,319,665
Gtd. Notes		4.750		04/15/35		425		404,043

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		4.050%		07/01/30		3,665	$	3,479,028
Sr. Unsec’d. Notes		5.500		02/15/34		895		897,854
COPT Defense Properties LP, Gtd. Notes		2.900		12/01/33		1,400		1,130,205
CubeSmart LP, Gtd. Notes		2.250		12/15/28		3,360		3,017,544
Healthpeak OP LLC, Gtd. Notes		2.875		01/15/31		630		555,629
Prologis LP, Sr. Unsec’d. Notes(a)		1.250		10/15/30		2,765		2,263,049
Realty Income Corp.,
Sr. Unsec’d. Notes		1.800		03/15/33		325		251,144
Sr. Unsec’d. Notes		3.250		01/15/31		985		893,654
Sun Communities Operating LP,
Gtd. Notes		2.300		11/01/28		4,585		4,100,787
Gtd. Notes		5.500		01/15/29		2,785		2,826,577
VICI Properties LP/VICI Note Co., Inc., Gtd. Notes, 144A		5.750		02/01/27		4,680		4,722,367
Welltower OP LLC, Gtd. Notes		2.700		02/15/27		775		738,896


								26,600,442

Retail 0.2%

Alimentation Couche-Tard, Inc. (Canada), Gtd. Notes, 144A		3.550		07/26/27		940		906,148
AutoZone, Inc., Sr. Unsec’d. Notes		1.650		01/15/31		620		509,622
Falabella SA (Chile), Sr. Unsec’d. Notes, 144A		4.375		01/27/25		1,700		1,682,490


								3,098,260

Semiconductors 0.3%

Broadcom, Inc., Sr. Unsec’d. Notes, 144A		3.137		11/15/35		287		236,697

See Notes to Financial Statements.

PGIM Core Bond Fund 33

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Semiconductors (cont’d.)

Broadcom, Inc., (cont’d.)
Sr. Unsec’d. Notes, 144A		3.187%		11/15/36		1,000	$	815,958
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		4,847		4,284,401


								5,337,056

Software 0.2%

Oracle Corp., Sr. Unsec’d. Notes		4.300		07/08/34		2,408		2,255,482
Workday, Inc., Sr. Unsec’d. Notes		3.800		04/01/32		2,435		2,245,351


								4,500,833

Telecommunications 1.7%

AT&T, Inc.,
Sr. Unsec’d. Notes		2.550		12/01/33		58		47,474
Sr. Unsec’d. Notes		3.500		09/15/53		1,734		1,211,976
Sr. Unsec’d. Notes		3.650		09/15/59		1,717		1,185,957
Sr. Unsec’d. Notes		3.800		12/01/57		1,128		810,942
Sr. Unsec’d. Notes		4.500		05/15/35		205		193,251
Sr. Unsec’d. Notes		5.400		02/15/34		5,030		5,135,649
Motorola Solutions, Inc., Sr. Unsec’d. Notes		5.400		04/15/34		4,540		4,621,082
Rogers Communications, Inc. (Canada), Gtd. Notes(a)		5.300		02/15/34		3,365		3,372,153
T-Mobile USA, Inc.,
Gtd. Notes		2.550		02/15/31		1,635		1,419,323
Gtd. Notes		3.000		02/15/41		640		471,605
Gtd. Notes		3.750		04/15/27		970		945,645
Gtd. Notes		3.875		04/15/30		4,780		4,558,984
Gtd. Notes		4.375		04/15/40		380		336,736
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		1.680		10/30/30		170		141,573
Sr. Unsec’d. Notes		2.355		03/15/32		8,190		6,851,943
Sr. Unsec’d. Notes		2.550		03/21/31		2,729		2,363,623


								33,667,916

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Transportation 0.1%

Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		3.050%		02/15/51		910	$	621,003
Canadian Pacific Railway Co. (Canada), Gtd. Notes		3.500		05/01/50		1,585		1,167,047


								1,788,050

Trucking & Leasing 0.1%

Penske Truck Leasing Co. LP/PTL Finance Corp., Sr. Unsec’d. Notes, 144A
		5.750		05/24/26		2,930		2,958,034

Water 0.0%

American Water Capital Corp., Sr. Unsec’d. Notes
		4.000		12/01/46		145		117,546


TOTAL CORPORATE BONDS (cost $648,349,143)								610,460,126


MUNICIPAL BONDS 0.3%

Alabama 0.0%

Alabama Economic Settlement Authority, Taxable, Revenue Bonds, Series B		4.263		09/15/32		40		38,995

California 0.0%

City of Los Angeles Department of Airports, Taxable, Revenue Bonds, BABs		6.582		05/15/39		260		284,978
University of California,
Taxable, Revenue Bonds, Series AP		3.931		05/15/45		30		27,874
Taxable, Revenue Bonds, Series J		4.131		05/15/45		30		27,537


								340,389

New Jersey 0.0%

New Jersey Turnpike Authority, Taxable, Revenue Bonds, BABs, Series A		7.102		01/01/41		250		292,169

See Notes to Financial Statements.

PGIM Core Bond Fund 35

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

New York 0.1%

Port Authority of New York & New Jersey, Revenue Bonds		5.072%		07/15/53		2,525	$	2,530,820

Pennsylvania 0.1%

Pennsylvania State University (The), Taxable, Revenue Bonds, Series D		2.840		09/01/50		745		519,364
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs		6.105		12/01/39		70		76,049
Revenue Bonds, BABs, Series B		5.511		12/01/45		150		152,791


								748,204

Texas 0.1%

City of San Antonio Electric & Gas Systems Revenue, Revenue Bonds, BABs		5.985		02/01/39		775		824,483
Grand Parkway Transportation Corp., Taxable, Revenue Bonds, Series E		5.184		10/01/42		775		793,097
Permanent University Fund - University of Texas System, Taxable, Revenue Bonds, Series A		3.376		07/01/47		555		438,998
Texas Private Activity Bond Surface Transportation Corp., Taxable, Revenue Bonds, Series B		3.922		12/31/49		340		285,736


								2,342,314

Virginia 0.0%

University of Virginia, Taxable, Revenue Bonds, Series C		4.179		09/01/2117		130		107,651


TOTAL MUNICIPAL BONDS (cost $7,258,296)								6,400,542


RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.2%
Alternative Loan Trust, Series 2003-J03, Class 2A1		6.250		12/25/33		1		1,505
BCAP LLC Trust, Series 2011-RR04, Class 7A1, 144A		5.250		04/26/37		105		58,624
Bellemeade Re Ltd., Series 2021-03A, Class A2, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 1.000%)		6.347(c)		09/25/31		2,200		2,199,989

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Bellemeade Re Ltd., (cont’d.)
Series 2022-01, Class M1A, 144A, 30 Day Average SOFR + 1.750% (Cap N/A, Floor 1.750%)		7.097%(c)		01/26/32		587	$	588,114
BRAVO Residential Funding Trust, Series 2023-RPL01, Class A1, 144A		5.000(cc)		05/25/63		3,364		3,360,029
Chase Home Lending Mortgage Trust,
Series 2023-RPL01, Class A1, 144A		3.500(cc)		06/25/62		1,756		1,605,809
Series 2024-RPL03, Class A1A, 144A		3.250(cc)		09/25/64		1,493		1,321,886
CIM Trust, Series 2024-R01, Class A1, 144A		4.750(cc)		06/25/64		3,000		2,902,257
Connecticut Avenue Securities Trust,
Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%)		7.247(c)		12/25/41		2,120		2,147,836
Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)		6.847(c)		10/25/43		1,259		1,265,956
Credit Suisse First Boston Mortgage Securities Corp., Series 2003-08, Class 5A1		6.500		04/25/33		1		691
Credit Suisse Mortgage Trust,
Series 2020-RPL06, Class A1, 144A		3.439(cc)		03/25/59		826		825,883
Series 2022-RPL04, Class A1, 144A		3.904(cc)		04/25/62		1,081		1,028,775
Fannie Mae REMIC,
Series 2014-11, Class VB		4.500		04/25/42		500		491,692
Series 2020-24, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)		0.588(c)		04/25/50		1,161		138,900
Series 2023-54, Class PO, PO		1.842(s)		11/25/53		3,795		2,980,008
FHLMC Structured Agency Credit Risk REMIC Trust,
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%)		6.997(c)		01/25/34		160		161,214
Series 2021-HQA03, Class M1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)		6.197(c)		09/25/41		4,487		4,473,438
Series 2022-DNA01, Class M1A, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)		6.347(c)		01/25/42		1,312		1,313,348
FHLMC Structured Pass-Through Certificates, Series T-59, Class 1A2		7.000		10/25/43		57		59,119
Freddie Mac REMIC,
Series 4249, Class GW		3.500		10/15/41		724		678,403
Series 5019, Class IP, IO		3.000		10/25/50		807		133,984
Series 5021, Class SB, IO, 30 Day Average SOFR x (1) + 3.550% (Cap 3.550%, Floor 0.000%)		0.000(c)		10/25/50		3,535		128,161
Series 5222, Class SA, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)		0.000(c)		05/25/52		446		8,672

See Notes to Financial Statements.

PGIM Core Bond Fund 37

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Government National Mortgage Assoc.,
Series 2013-99, Class AX		3.000%		07/20/43		535	$	493,930
Series 2014-58, Class PS, IO, 1 Month SOFR x (1) + 5.986% (Cap 6.100%, Floor 0.000%)		0.640(c)		09/20/43		3,663		135,185
Series 2016-46, Class JE		2.500		11/20/45		131		119,401
Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%)		0.000(c)		09/20/48		1,658		41,078
Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%)		0.000(c)		10/20/48		2,127		56,673
Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%)		0.000(c)		11/20/48		1,904		56,881
Series 2018-155, Class PS, IO, 1 Month SOFR x (1) + 3.186% (Cap 2.000%, Floor 0.000%)		0.000(c)		11/20/48		3,748		62,930
Series 2019-023, Class SW, IO, 1 Month SOFR x (1) + 6.086% (Cap 6.200%, Floor 0.000%)		0.758(c)		07/16/43		4,663		303,700
Series 2019-092, Class S, IO, 1 Month SOFR x (1) + 2.696% (Cap 2.810%, Floor 0.000%)		0.000(c)		07/20/49		6,662		91,728
Series 2019-097, Class MS, IO, 1 Month SOFR x (1) + 2.966% (Cap 3.080%, Floor 0.000%)		0.000(c)		08/20/49		3,943		66,043
Series 2019-099, Class SA, IO, 1 Month SOFR x (1) + 3.236% (Cap 3.350%, Floor 0.000%)		0.000(c)		08/20/49		3,344		68,763
Series 2021-165, Class ST, IO, 1 Month SOFR x (1) + 3.246% (Cap 0.020%, Floor 0.000%)		0.000(c)		01/20/50		740		250
Series 2022-051, Class SC, IO, 30 Day Average SOFR x (1) + 3.500% (Cap 3.500%, Floor 0.000%)		0.000(c)		03/20/52		5,358		137,183
Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)		0.000(c)		04/20/52		122		3,124
Series 2022-078, Class MS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)		0.000(c)		04/20/52		4,695		113,239
Series 2022-078, Class SB, IO, 30 Day Average SOFR x (1) + 3.750% (Cap 3.750%, Floor 0.000%)		0.000(c)		04/20/52		3,051		81,517
Series 2022-112, Class CM		3.000		06/20/52		2,851		2,116,260
Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)		0.000(c)		07/20/52		6,386		126,628
Series 2022-148, Class DS, IO, 30 Day Average SOFR x (1) + 3.600% (Cap 3.600%, Floor 0.000%)		0.000(c)		08/20/52		2,409		46,958
Home Re Ltd.,
Series 2019-01, Class M1, 144A, 30 Day Average SOFR + 1.764% (Cap N/A, Floor 0.000%)		7.112(c)		05/25/29		61		60,720
Legacy Mortgage Asset Trust,
Series 2019-PR01, Class A1, 144A		7.858(cc)		09/25/59		1,292		1,291,653
Series 2021-GS01, Class A1, 144A		4.892(cc)		10/25/66		262		261,481

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

MFA Trust,
Series 2021-RPL01, Class A1, 144A

1.131%(cc)

07/25/60

2,049

1,830,745

Mill City Mortgage Loan Trust,
Series 2018-01, Class A1, 144A

3.250(cc)

05/25/62

86,118

New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864%
(Cap N/A, Floor 0.750%)

6.214(c)

01/25/48

46,599

Oaktown Re VII Ltd.,
Series 2021-02, Class M1A, 144A, 30 Day Average SOFR + 1.600%
(Cap N/A, Floor 1.600%)

6.947(c)

04/25/34

1,186

1,186,641

OBX Trust,
Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764%
(Cap N/A, Floor 0.000%)

6.114(c)

06/25/57

112

108,907

RCKT Mortgage Trust,
Series 2024-CES05, Class A1A, 144A

5.846

08/25/44

1,000

1,004,809

Sequoia Mortgage Trust,
Series 10, Class 2A1, 1 Month SOFR + 0.874%
(Cap 11.750%, Floor 0.760%)

6.220(c)

10/20/27

8,768

Structured Asset Mortgage Investments II Trust,
Series 2005-AR05, Class A1, 1 Month SOFR + 0.614%
(Cap 11.000%, Floor 0.500%)

5.956(c)

07/19/35

13,363

Towd Point Mortgage Trust,

Series 2017-05, Class A1, 144A, 1 Month SOFR + 0.714%
(Cap N/A, Floor 0.000%)

6.064(c)

02/25/57

57,714

Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114%
(Cap N/A, Floor 1.000%)

6.464(c)

10/25/59

112

113,949

Series 2020-04, Class A1, 144A

1.750

10/25/60

573

514,406

Series 2021-SJ01, Class A1, 144A

2.250(cc)

07/25/68

1,439

1,359,163

Series 2021-SJ02, Class A1A, 144A

2.250(cc)

12/25/61

2,285

2,191,104

Washington Mutual Mortgage Pass-Through Certificates Trust,

Series 2002-AR06, Class A, Federal Reserve US 12

Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%)

6.573(c)

06/25/42

17,196

Series 2002-AR09, Class 1A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%)

6.573(c)

08/25/42

1,508

Series 2005-AR13, Class A1A1, 1 Month SOFR + 0.694%
(Cap 10.500%, Floor 0.580%)

6.044(c)

10/25/45

151

146,053

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES
(cost $42,567,846)

42,296,661

See Notes to Financial Statements.

PGIM Core Bond Fund 39

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS 0.3%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A		2.375%		08/20/30		555	$	472,617
Sr. Unsec’d. Notes, 144A		3.375		08/20/50		225		156,825
Export-Import Bank of India (India), Sr. Unsec’d. Notes, 144A		3.875		02/01/28		290		280,929
Indonesia Government International Bond (Indonesia), Sr. Unsec’d. Notes		3.500		01/11/28		1,420		1,356,544
Japan Finance Organization for Municipalities (Japan), Sr. Unsec’d. Notes, 144A, MTN		1.750		09/05/24		200		199,246
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes		3.500		02/12/34		970		807,040
Sr. Unsec’d. Notes		6.000		05/07/36		1,527		1,521,655
Panama Government International Bond (Panama), Sr. Unsec’d. Notes		4.500		04/16/50		200		138,250
Peruvian Government International Bond (Peru), Sr. Unsec’d. Notes		2.783		01/23/31		701		609,213
Province of Alberta (Canada),
Sr. Unsec’d. Notes		1.300		07/22/30		185		156,449
Sr. Unsec’d. Notes		3.300		03/15/28		110		106,515
Province of Manitoba (Canada), Sr. Unsec’d. Notes		2.125		06/22/26		100		95,676
Province of Quebec (Canada), Unsec’d. Notes, Series A, MTN		7.140		02/27/26		45		46,502


TOTAL SOVEREIGN BONDS (cost $6,600,885)								5,947,461


U.S. GOVERNMENT AGENCY OBLIGATIONS 25.7%
Federal Home Loan Mortgage Corp.		1.500		02/01/36		802		704,234
Federal Home Loan Mortgage Corp.		1.500		06/01/36		905		792,027
Federal Home Loan Mortgage Corp.		1.500		11/01/50		1,735		1,330,777
Federal Home Loan Mortgage Corp.		2.000		01/01/32		248		231,418
Federal Home Loan Mortgage Corp.		2.000		02/01/36		789		708,951
Federal Home Loan Mortgage Corp.		2.000		10/01/40		363		311,886
Federal Home Loan Mortgage Corp.		2.000		09/01/50		11,890		9,669,251
Federal Home Loan Mortgage Corp.		2.000		11/01/50		543		440,447
Federal Home Loan Mortgage Corp.		2.000		12/01/50		1,824		1,478,747
Federal Home Loan Mortgage Corp.		2.000		03/01/51		2,362		1,908,123
Federal Home Loan Mortgage Corp.		2.000		04/01/51		97		78,722
Federal Home Loan Mortgage Corp.		2.000		05/01/51		1,236		1,000,795
Federal Home Loan Mortgage Corp.		2.000		07/01/51		4,147		3,354,259
Federal Home Loan Mortgage Corp.		2.000		09/01/51		433		353,825

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		2.500%		01/01/29		118	$	113,673
Federal Home Loan Mortgage Corp.		2.500		07/01/31		226		214,673
Federal Home Loan Mortgage Corp.		2.500		01/01/32		127		119,887
Federal Home Loan Mortgage Corp.		2.500		10/01/32		295		277,733
Federal Home Loan Mortgage Corp.		2.500		12/01/32		540		510,052
Federal Home Loan Mortgage Corp.		2.500		09/01/46		146		126,725
Federal Home Loan Mortgage Corp.		2.500		11/01/46		459		398,236
Federal Home Loan Mortgage Corp.		2.500		11/01/49		793		677,363
Federal Home Loan Mortgage Corp.		2.500		07/01/50		1,107		940,910
Federal Home Loan Mortgage Corp.		2.500		03/01/51		906		775,716
Federal Home Loan Mortgage Corp.		2.500		04/01/51		10,363		8,787,031
Federal Home Loan Mortgage Corp.		2.500		05/01/51		213		180,911
Federal Home Loan Mortgage Corp.		2.500		07/01/51		435		369,386
Federal Home Loan Mortgage Corp.		2.500		08/01/51		873		740,042
Federal Home Loan Mortgage Corp.		2.500		10/01/51		70		59,544
Federal Home Loan Mortgage Corp.		2.500		10/01/51		296		252,067
Federal Home Loan Mortgage Corp.		2.500		11/01/51		5,742		4,858,965
Federal Home Loan Mortgage Corp.		2.500		12/01/51		3,019		2,557,303
Federal Home Loan Mortgage Corp.		2.500		01/01/52		459		388,793
Federal Home Loan Mortgage Corp.		3.000		02/01/32		517		495,904
Federal Home Loan Mortgage Corp.		3.000		01/01/37		124		116,351
Federal Home Loan Mortgage Corp.		3.000		12/01/37		49		45,996
Federal Home Loan Mortgage Corp.		3.000		06/01/43		1,285		1,165,672
Federal Home Loan Mortgage Corp.		3.000		07/01/43		220		199,459
Federal Home Loan Mortgage Corp.		3.000		06/01/46		363		325,733
Federal Home Loan Mortgage Corp.		3.000		09/01/46		2,099		1,882,189
Federal Home Loan Mortgage Corp.		3.000		12/01/46		7,460		6,681,233
Federal Home Loan Mortgage Corp.		3.000		01/01/47		380		340,548
Federal Home Loan Mortgage Corp.		3.000		02/01/50		2,269		2,017,290
Federal Home Loan Mortgage Corp.		3.000		06/01/50		565		501,692
Federal Home Loan Mortgage Corp.		3.000		03/01/51		3,770		3,307,508
Federal Home Loan Mortgage Corp.		3.000		04/01/52		3,946		3,449,438
Federal Home Loan Mortgage Corp.		3.500		06/01/37		637		612,619
Federal Home Loan Mortgage Corp.		3.500		11/01/37		113		107,969
Federal Home Loan Mortgage Corp.		3.500		06/01/42		160		149,882
Federal Home Loan Mortgage Corp.		3.500		06/01/42		168		157,213
Federal Home Loan Mortgage Corp.		3.500		07/01/42		167		156,617
Federal Home Loan Mortgage Corp.		3.500		09/01/42		206		192,942
Federal Home Loan Mortgage Corp.		3.500		10/01/42		256		240,163
Federal Home Loan Mortgage Corp.		3.500		06/01/43		111		103,895
Federal Home Loan Mortgage Corp.		3.500		05/01/45		140		130,625
Federal Home Loan Mortgage Corp.		3.500		01/01/47		103		96,020

See Notes to Financial Statements.

PGIM Core Bond Fund 41

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		3.500%		02/01/47		232	$	214,785
Federal Home Loan Mortgage Corp.		3.500		11/01/47		155		143,112
Federal Home Loan Mortgage Corp.		3.500		03/01/48		3,344		3,090,507
Federal Home Loan Mortgage Corp.		3.500		08/01/48		62		57,653
Federal Home Loan Mortgage Corp.		3.500		10/01/48		237		219,268
Federal Home Loan Mortgage Corp.		3.500		01/01/50		1,425		1,311,210
Federal Home Loan Mortgage Corp.		3.500		01/01/52		144		130,893
Federal Home Loan Mortgage Corp.		3.500		05/01/52		10,928		9,928,315
Federal Home Loan Mortgage Corp.		3.500		07/01/52		1,011		917,233
Federal Home Loan Mortgage Corp.		4.000		09/01/37		1,727		1,688,366
Federal Home Loan Mortgage Corp.		4.000		11/01/37		1,534		1,500,887
Federal Home Loan Mortgage Corp.		4.000		12/01/40		47		45,428
Federal Home Loan Mortgage Corp.		4.000		01/01/41		171		164,755
Federal Home Loan Mortgage Corp.		4.000		04/01/42		173		167,670
Federal Home Loan Mortgage Corp.		4.000		10/01/45		91		87,213
Federal Home Loan Mortgage Corp.		4.000		02/01/46		1,257		1,213,932
Federal Home Loan Mortgage Corp.		4.000		05/01/46		81		78,006
Federal Home Loan Mortgage Corp.		4.000		08/01/46		121		115,530
Federal Home Loan Mortgage Corp.		4.000		11/01/47		79		75,743
Federal Home Loan Mortgage Corp.		4.000		04/01/48		124		119,287
Federal Home Loan Mortgage Corp.		4.000		05/01/48		140		133,633
Federal Home Loan Mortgage Corp.		4.000		07/01/48		251		240,823
Federal Home Loan Mortgage Corp.		4.000		07/01/49		355		340,313
Federal Home Loan Mortgage Corp.		4.000		04/01/52		1,555		1,476,878
Federal Home Loan Mortgage Corp.		4.000		10/01/52		5,666		5,311,150
Federal Home Loan Mortgage Corp.		4.500		06/01/42		57		55,616
Federal Home Loan Mortgage Corp.		4.500		09/01/44		74		72,979
Federal Home Loan Mortgage Corp.		4.500		07/01/45		178		176,414
Federal Home Loan Mortgage Corp.		4.500		04/01/47		680		669,344
Federal Home Loan Mortgage Corp.		4.500		07/01/47		76		74,479
Federal Home Loan Mortgage Corp.		4.500		07/01/47		172		169,110
Federal Home Loan Mortgage Corp.		4.500		11/01/47		297		291,459
Federal Home Loan Mortgage Corp.		4.500		02/01/48		95		93,619
Federal Home Loan Mortgage Corp.		4.500		07/01/48		195		190,894
Federal Home Loan Mortgage Corp.		4.500		05/01/52		423		407,676
Federal Home Loan Mortgage Corp.		4.500		07/01/52		3,824		3,687,644
Federal Home Loan Mortgage Corp.		4.500		08/01/52		4,408		4,249,714
Federal Home Loan Mortgage Corp.		4.500		09/01/52		221		213,406
Federal Home Loan Mortgage Corp.		4.500		09/01/52		444		428,219
Federal Home Loan Mortgage Corp.		5.000		08/01/40		164		166,695
Federal Home Loan Mortgage Corp.		5.000		12/01/47		111		110,515
Federal Home Loan Mortgage Corp.		5.000		02/01/48		203		204,600

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		5.000%		10/01/52		4,563	$	4,499,360
Federal Home Loan Mortgage Corp.		5.000		11/01/52		457		451,080
Federal Home Loan Mortgage Corp.		5.500		02/01/53		16,026		16,065,469
Federal National Mortgage Assoc.		0.875		08/05/30		235		195,156
Federal National Mortgage Assoc.		1.500		01/01/36		2,108		1,851,510
Federal National Mortgage Assoc.		1.500		04/01/36		874		767,306
Federal National Mortgage Assoc.		1.500		05/01/36		461		404,455
Federal National Mortgage Assoc.		1.500		06/01/36		1,408		1,232,989
Federal National Mortgage Assoc.		1.500		07/01/36		1,760		1,541,398
Federal National Mortgage Assoc.		1.500		02/01/42		431		355,671
Federal National Mortgage Assoc.		1.500		10/01/50		362		278,807
Federal National Mortgage Assoc.		1.500		11/01/50		1,025		790,815
Federal National Mortgage Assoc.		1.500		12/01/50		7,791		6,011,346
Federal National Mortgage Assoc.		1.500		01/01/51		3,811		2,932,861
Federal National Mortgage Assoc.		1.500		06/01/51		668		512,791
Federal National Mortgage Assoc.		1.500		07/01/51		790		606,986
Federal National Mortgage Assoc.		1.625		01/07/25		500		492,458
Federal National Mortgage Assoc.		2.000		TBA		3,000		2,413,007
Federal National Mortgage Assoc.		2.000		03/01/31		1,229		1,154,160
Federal National Mortgage Assoc.		2.000		01/01/32		2,548		2,378,899
Federal National Mortgage Assoc.		2.000		05/01/36		1,270		1,145,324
Federal National Mortgage Assoc.		2.000		09/01/36		1,343		1,206,556
Federal National Mortgage Assoc.		2.000		12/01/36		2,156		1,935,963
Federal National Mortgage Assoc.		2.000		02/01/37		2,934		2,633,501
Federal National Mortgage Assoc.		2.000		08/01/40		1,852		1,593,333
Federal National Mortgage Assoc.		2.000		02/01/41		1,750		1,503,996
Federal National Mortgage Assoc.		2.000		05/01/41		3,496		3,000,916
Federal National Mortgage Assoc.		2.000		10/01/50		11,733		9,521,506
Federal National Mortgage Assoc.		2.000		11/01/50		357		289,890
Federal National Mortgage Assoc.		2.000		12/01/50		38		30,868
Federal National Mortgage Assoc.		2.000		01/01/51		1,792		1,451,221
Federal National Mortgage Assoc.		2.000		02/01/51		3,665		2,960,398
Federal National Mortgage Assoc.		2.000		02/01/51		8,051		6,525,103
Federal National Mortgage Assoc.		2.000		03/01/51		5,431		4,387,078
Federal National Mortgage Assoc.		2.000		04/01/51		2,753		2,227,257
Federal National Mortgage Assoc.		2.000		04/01/51		4,183		3,386,396
Federal National Mortgage Assoc.		2.000		05/01/51		17,363		14,061,743
Federal National Mortgage Assoc.		2.000		07/01/51		2,021		1,632,642
Federal National Mortgage Assoc.		2.000		08/01/51		2,061		1,661,737
Federal National Mortgage Assoc.		2.500		TBA		33,500		28,123,430
Federal National Mortgage Assoc.		2.500		05/01/30		154		146,538
Federal National Mortgage Assoc.		2.500		04/01/31		455		431,174

See Notes to Financial Statements.

PGIM Core Bond Fund 43

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		2.500%		11/01/31		123	$	116,141
Federal National Mortgage Assoc.		2.500		07/01/32		712		670,540
Federal National Mortgage Assoc.		2.500		08/01/32		780		736,373
Federal National Mortgage Assoc.		2.500		09/01/32		754		712,260
Federal National Mortgage Assoc.		2.500		07/01/35		2,727		2,575,550
Federal National Mortgage Assoc.		2.500		02/01/43		62		53,494
Federal National Mortgage Assoc.		2.500		06/01/46		315		271,813
Federal National Mortgage Assoc.		2.500		09/01/46		157		135,212
Federal National Mortgage Assoc.		2.500		10/01/46		96		83,507
Federal National Mortgage Assoc.		2.500		10/01/46		168		144,370
Federal National Mortgage Assoc.		2.500		03/01/50		613		521,181
Federal National Mortgage Assoc.		2.500		08/01/50		1,588		1,349,007
Federal National Mortgage Assoc.		2.500		08/01/50		4,022		3,415,836
Federal National Mortgage Assoc.		2.500		11/01/50		2,885		2,475,101
Federal National Mortgage Assoc.		2.500		12/01/50		269		229,754
Federal National Mortgage Assoc.		2.500		01/01/51		615		526,985
Federal National Mortgage Assoc.		2.500		04/01/51		5,133		4,332,187
Federal National Mortgage Assoc.		2.500		05/01/51		149		126,638
Federal National Mortgage Assoc.		2.500		07/01/51		3,785		3,200,722
Federal National Mortgage Assoc.		2.500		08/01/51		3,089		2,618,997
Federal National Mortgage Assoc.		2.500		09/01/51		453		384,485
Federal National Mortgage Assoc.		2.500		10/01/51		816		691,610
Federal National Mortgage Assoc.		2.500		11/01/51		3,182		2,697,423
Federal National Mortgage Assoc.		2.500		12/01/51		504		428,089
Federal National Mortgage Assoc.		2.500		02/01/52		442		374,280
Federal National Mortgage Assoc.		2.500		02/01/52		855		726,048
Federal National Mortgage Assoc.		3.000		TBA		2,500		2,183,885
Federal National Mortgage Assoc.		3.000		06/01/30		89		85,533
Federal National Mortgage Assoc.		3.000		05/01/31		36		34,440
Federal National Mortgage Assoc.		3.000		12/01/31		98		93,900
Federal National Mortgage Assoc.		3.000		05/01/32		110		105,542
Federal National Mortgage Assoc.		3.000		09/01/32		43		41,086
Federal National Mortgage Assoc.		3.000		11/01/36		86		80,595
Federal National Mortgage Assoc.		3.000		10/01/42		118		107,338
Federal National Mortgage Assoc.		3.000		10/01/42		174		158,031
Federal National Mortgage Assoc.		3.000		02/01/43		167		151,750
Federal National Mortgage Assoc.		3.000		04/01/43		211		191,431
Federal National Mortgage Assoc.		3.000		06/01/43		271		245,676
Federal National Mortgage Assoc.		3.000		12/01/45		380		343,858
Federal National Mortgage Assoc.		3.000		05/01/46		481		431,070
Federal National Mortgage Assoc.		3.000		09/01/46		501		453,890
Federal National Mortgage Assoc.		3.000		10/01/46		1,527		1,367,305

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		3.000%		11/01/46		562	$	502,055
Federal National Mortgage Assoc.		3.000		11/01/46		1,203		1,078,597
Federal National Mortgage Assoc.		3.000		03/01/47		411		364,656
Federal National Mortgage Assoc.		3.000		04/01/47		869		777,140
Federal National Mortgage Assoc.		3.000		12/01/49		2,094		1,854,971
Federal National Mortgage Assoc.		3.000		01/01/50		880		769,317
Federal National Mortgage Assoc.		3.000		02/01/50		787		699,148
Federal National Mortgage Assoc.		3.000		02/01/50		1,568		1,393,751
Federal National Mortgage Assoc.		3.000		03/01/50		375		332,516
Federal National Mortgage Assoc.		3.000		06/01/50		795		705,814
Federal National Mortgage Assoc.		3.000		01/01/51		1,004		888,205
Federal National Mortgage Assoc.		3.000		05/01/51		1,111		979,470
Federal National Mortgage Assoc.		3.000		01/01/52		2,391		2,108,748
Federal National Mortgage Assoc.		3.000		02/01/52		1,710		1,495,814
Federal National Mortgage Assoc.		3.000		03/01/52		3,238		2,831,772
Federal National Mortgage Assoc.		3.000		03/01/52		3,386		2,974,648
Federal National Mortgage Assoc.		3.000		04/01/52		1,784		1,561,689
Federal National Mortgage Assoc.		3.000		04/01/52		2,241		1,959,083
Federal National Mortgage Assoc.		3.000		06/01/52		2,501		2,181,895
Federal National Mortgage Assoc.		3.500		TBA		3,000		2,723,718
Federal National Mortgage Assoc.		3.500		12/01/29		43		41,860
Federal National Mortgage Assoc.		3.500		12/01/30		49		47,893
Federal National Mortgage Assoc.		3.500		07/01/31		216		211,132
Federal National Mortgage Assoc.		3.500		08/01/31		208		202,456
Federal National Mortgage Assoc.		3.500		02/01/33		89		86,262
Federal National Mortgage Assoc.		3.500		05/01/33		36		34,846
Federal National Mortgage Assoc.		3.500		10/01/41		68		63,527
Federal National Mortgage Assoc.		3.500		04/01/42		143		133,849
Federal National Mortgage Assoc.		3.500		05/01/42		141		131,670
Federal National Mortgage Assoc.		3.500		05/01/42		910		851,486
Federal National Mortgage Assoc.		3.500		06/01/42		394		368,484
Federal National Mortgage Assoc.		3.500		10/01/42		224		209,882
Federal National Mortgage Assoc.		3.500		10/01/42		246		229,862
Federal National Mortgage Assoc.		3.500		10/01/42		465		435,037
Federal National Mortgage Assoc.		3.500		06/01/43		125		116,876
Federal National Mortgage Assoc.		3.500		06/01/45		137		127,672
Federal National Mortgage Assoc.		3.500		06/01/45		226		210,139
Federal National Mortgage Assoc.		3.500		09/01/45		196		182,466
Federal National Mortgage Assoc.		3.500		10/01/45		216		200,485
Federal National Mortgage Assoc.		3.500		01/01/46		68		62,803
Federal National Mortgage Assoc.		3.500		01/01/46		179		165,953
Federal National Mortgage Assoc.		3.500		04/01/46		1,878		1,741,912

See Notes to Financial Statements.

PGIM Core Bond Fund 45

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		3.500%		11/01/46		86	$	79,615
Federal National Mortgage Assoc.		3.500		06/01/47		316		292,615
Federal National Mortgage Assoc.		3.500		07/01/47		198		182,999
Federal National Mortgage Assoc.		3.500		07/01/47		936		876,052
Federal National Mortgage Assoc.		3.500		08/01/47		149		137,435
Federal National Mortgage Assoc.		3.500		09/01/47		249		230,072
Federal National Mortgage Assoc.		3.500		10/01/47		876		807,435
Federal National Mortgage Assoc.		3.500		11/01/47		809		747,911
Federal National Mortgage Assoc.		3.500		01/01/48		147		135,993
Federal National Mortgage Assoc.		3.500		01/01/48		230		212,389
Federal National Mortgage Assoc.		3.500		01/01/48		2,974		2,748,162
Federal National Mortgage Assoc.		3.500		04/01/48		402		371,284
Federal National Mortgage Assoc.		3.500		06/01/48		612		565,159
Federal National Mortgage Assoc.		3.500		08/01/48		321		296,474
Federal National Mortgage Assoc.		3.500		10/01/48		216		199,477
Federal National Mortgage Assoc.		3.500		11/01/48		158		145,790
Federal National Mortgage Assoc.		3.500		03/01/49		721		666,520
Federal National Mortgage Assoc.		3.500		06/01/49		298		274,133
Federal National Mortgage Assoc.		3.500		08/01/51		40		36,699
Federal National Mortgage Assoc.		3.500		02/01/52		438		399,879
Federal National Mortgage Assoc.		4.000		11/01/37		1,704		1,666,565
Federal National Mortgage Assoc.		4.000		09/01/40		114		110,474
Federal National Mortgage Assoc.		4.000		11/01/40		467		450,720
Federal National Mortgage Assoc.		4.000		02/01/41		190		183,538
Federal National Mortgage Assoc.		4.000		02/01/41		301		290,827
Federal National Mortgage Assoc.		4.000		12/01/41		189		182,144
Federal National Mortgage Assoc.		4.000		10/01/43		150		146,208
Federal National Mortgage Assoc.		4.000		09/01/44		84		81,184
Federal National Mortgage Assoc.		4.000		10/01/44		196		188,570
Federal National Mortgage Assoc.		4.000		12/01/45		67		64,486
Federal National Mortgage Assoc.		4.000		04/01/46		63		59,939
Federal National Mortgage Assoc.		4.000		08/01/46		106		101,225
Federal National Mortgage Assoc.		4.000		09/01/46		811		783,784
Federal National Mortgage Assoc.		4.000		02/01/47		303		290,773
Federal National Mortgage Assoc.		4.000		03/01/47		418		398,771
Federal National Mortgage Assoc.		4.000		06/01/47		246		235,258
Federal National Mortgage Assoc.		4.000		10/01/47		79		75,096
Federal National Mortgage Assoc.		4.000		11/01/47		153		146,003
Federal National Mortgage Assoc.		4.000		12/01/47		161		154,578
Federal National Mortgage Assoc.		4.000		02/01/48		149		142,951
Federal National Mortgage Assoc.		4.000		09/01/48		1,172		1,123,207
Federal National Mortgage Assoc.		4.000		10/01/48		224		214,734

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		4.000%		03/01/49		604	$	578,483
Federal National Mortgage Assoc.		4.000		03/01/49		935		894,328
Federal National Mortgage Assoc.		4.000		07/01/49		202		190,907
Federal National Mortgage Assoc.		4.000		01/01/50		1,777		1,700,417
Federal National Mortgage Assoc.		4.000		05/01/50		1,856		1,762,894
Federal National Mortgage Assoc.		4.000		05/01/52		1,309		1,228,838
Federal National Mortgage Assoc.		4.000		06/01/52		8,438		7,913,568
Federal National Mortgage Assoc.		4.000		07/01/52		1,236		1,164,291
Federal National Mortgage Assoc.		4.000		10/01/52		447		419,423
Federal National Mortgage Assoc.		4.337(s)		03/17/31		945		698,439
Federal National Mortgage Assoc.		4.500		TBA		4,000		3,855,538
Federal National Mortgage Assoc.		4.500		08/01/40		52		51,981
Federal National Mortgage Assoc.		4.500		04/01/41		65		64,378
Federal National Mortgage Assoc.		4.500		06/01/41		138		137,098
Federal National Mortgage Assoc.		4.500		08/01/41		71		70,745
Federal National Mortgage Assoc.		4.500		08/01/41		185		183,163
Federal National Mortgage Assoc.		4.500		08/01/44		182		179,314
Federal National Mortgage Assoc.		4.500		01/01/45		98		97,104
Federal National Mortgage Assoc.		4.500		11/01/47		115		112,404
Federal National Mortgage Assoc.		4.500		06/01/48		155		151,560
Federal National Mortgage Assoc.		4.500		07/01/48		1,330		1,299,238
Federal National Mortgage Assoc.		4.500		12/01/48		124		121,400
Federal National Mortgage Assoc.		4.500		02/01/49		39		38,316
Federal National Mortgage Assoc.		4.500		07/01/52		375		362,104
Federal National Mortgage Assoc.		4.500		09/01/52		242		233,369
Federal National Mortgage Assoc.		5.000		09/01/30		9		9,460
Federal National Mortgage Assoc.		5.000		10/01/40		93		94,160
Federal National Mortgage Assoc.		5.000		03/01/42		172		174,019
Federal National Mortgage Assoc.		5.000		10/01/47		153		153,183
Federal National Mortgage Assoc.		5.000		01/01/48		38		37,890
Federal National Mortgage Assoc.		5.000		06/01/49		856		857,565
Federal National Mortgage Assoc.		5.000		07/01/52		7,146		7,047,008
Federal National Mortgage Assoc.		5.000		08/01/52		1,270		1,253,071
Federal National Mortgage Assoc.		5.000		09/01/52		1,325		1,307,055
Federal National Mortgage Assoc.		5.000		10/01/52		1,515		1,493,721
Federal National Mortgage Assoc.		5.000		02/01/53		1,431		1,410,458
Federal National Mortgage Assoc.		5.000		01/01/54		1,085		1,068,233
Federal National Mortgage Assoc.		5.500		TBA		4,500		4,507,770
Federal National Mortgage Assoc.		5.500		01/01/40		95		96,307
Federal National Mortgage Assoc.		5.500		04/01/53		1,962		1,966,690
Federal National Mortgage Assoc.		5.500		05/01/53		18,996		19,030,783
Federal National Mortgage Assoc.		6.000		TBA		3,500		3,549,222

See Notes to Financial Statements.

PGIM Core Bond Fund 47

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#			Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		6.000%		10/01/36		48		$	49,466
Federal National Mortgage Assoc.		6.000		07/01/41		52			53,957
Federal National Mortgage Assoc.		6.000		01/01/53		9,836			9,992,403
Federal National Mortgage Assoc.		6.000		03/01/53		2,342			2,375,783
Federal National Mortgage Assoc.		6.000		09/01/53		2,465			2,500,145
Federal National Mortgage Assoc.		6.000		10/01/53		3,766			3,819,207
Federal National Mortgage Assoc.(k)		6.625		11/15/30		485			552,635
Federal National Mortgage Assoc.(k)		7.125		01/15/30		80			92,055
Federal National Mortgage Assoc., Enterprise 11th District COFI Institutional Replacement Index + 1.254% (Cap 12.750%, Floor 5.750%)		5.750(c)		12/01/30		—	(r)		142
Government National Mortgage Assoc.		2.000		TBA		6,000			4,972,264
Government National Mortgage Assoc.		2.000		01/20/51		5,337			4,423,705
Government National Mortgage Assoc.		2.000		03/20/51		1,022			847,446
Government National Mortgage Assoc.		2.000		07/20/51		5,353			4,437,436
Government National Mortgage Assoc.		2.000		11/20/51		481			398,910
Government National Mortgage Assoc.		2.000		04/20/52		496			410,972
Government National Mortgage Assoc.		2.500		12/20/46		226			197,994
Government National Mortgage Assoc.		2.500		01/20/51		4,261			3,673,004
Government National Mortgage Assoc.		2.500		03/20/51		1,598			1,377,178
Government National Mortgage Assoc.		2.500		05/20/51		7,301			6,282,469
Government National Mortgage Assoc.		2.500		07/20/51		2,278			1,960,099
Government National Mortgage Assoc.		2.500		08/20/51		3,036			2,613,392
Government National Mortgage Assoc.		2.500		09/20/51		3,326			2,862,096
Government National Mortgage Assoc.		2.500		05/20/52		1,982			1,705,610
Government National Mortgage Assoc.		3.000		07/20/42		342			310,927
Government National Mortgage Assoc.		3.000		03/20/43		231			210,119
Government National Mortgage Assoc.		3.000		08/20/43		43			39,489
Government National Mortgage Assoc.		3.000		09/20/43		85			77,751
Government National Mortgage Assoc.		3.000		01/20/44		80			72,581
Government National Mortgage Assoc.		3.000		05/20/45		81			73,879
Government National Mortgage Assoc.		3.000		08/15/45		93			83,199
Government National Mortgage Assoc.		3.000		05/20/46		500			452,990
Government National Mortgage Assoc.		3.000		07/20/46		799			723,150
Government National Mortgage Assoc.		3.000		08/20/46		44			39,743
Government National Mortgage Assoc.		3.000		10/20/46		251			227,021
Government National Mortgage Assoc.		3.000		03/20/47		517			467,984
Government National Mortgage Assoc.		3.000		01/20/48		66			59,782
Government National Mortgage Assoc.		3.000		08/20/48		1,110			1,002,259
Government National Mortgage Assoc.		3.000		07/20/49		372			334,758
Government National Mortgage Assoc.		3.000		09/20/49		460			413,434
Government National Mortgage Assoc.		3.000		12/20/49		513			459,477

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		3.000%		01/20/50		2,374	$	2,132,895
Government National Mortgage Assoc.		3.000		02/20/50		104		93,173
Government National Mortgage Assoc.		3.000		09/20/50		304		272,035
Government National Mortgage Assoc.		3.000		10/20/51		429		383,260
Government National Mortgage Assoc.		3.000		11/20/51		806		719,595
Government National Mortgage Assoc.		3.500		01/15/42		56		52,851
Government National Mortgage Assoc.		3.500		12/20/42		164		154,200
Government National Mortgage Assoc.		3.500		01/20/43		245		230,255
Government National Mortgage Assoc.		3.500		02/20/43		111		103,768
Government National Mortgage Assoc.		3.500		08/20/43		393		368,725
Government National Mortgage Assoc.		3.500		10/20/43		521		489,371
Government National Mortgage Assoc.		3.500		03/20/45		54		50,203
Government National Mortgage Assoc.		3.500		04/20/45		303		283,299
Government National Mortgage Assoc.		3.500		04/20/46		578		538,758
Government National Mortgage Assoc.		3.500		07/20/46		357		333,003
Government National Mortgage Assoc.		3.500		10/20/46		699		651,682
Government National Mortgage Assoc.		3.500		12/20/46		689		641,930
Government National Mortgage Assoc.		3.500		05/20/47		387		360,275
Government National Mortgage Assoc.		3.500		10/20/47		132		122,500
Government National Mortgage Assoc.		3.500		11/20/47		684		635,692
Government National Mortgage Assoc.		3.500		01/20/48		186		172,385
Government National Mortgage Assoc.		3.500		10/20/48		112		104,004
Government National Mortgage Assoc.		3.500		11/20/48		221		205,065
Government National Mortgage Assoc.		3.500		12/20/48		81		74,860
Government National Mortgage Assoc.		3.500		02/20/49		186		172,327
Government National Mortgage Assoc.		3.500		05/20/49		293		272,197
Government National Mortgage Assoc.		3.500		06/20/49		255		236,608
Government National Mortgage Assoc.		3.500		08/20/49		5,206		4,820,650
Government National Mortgage Assoc.		3.500		11/20/50		5,406		5,000,887
Government National Mortgage Assoc.		3.500		04/20/51		1,854		1,714,812
Government National Mortgage Assoc.		3.500		02/20/52		2,179		2,002,595
Government National Mortgage Assoc.		4.000		12/20/40		126		122,706
Government National Mortgage Assoc.		4.000		06/20/41		53		51,708
Government National Mortgage Assoc.		4.000		11/15/41		74		70,914
Government National Mortgage Assoc.		4.000		12/20/42		132		127,697
Government National Mortgage Assoc.		4.000		04/20/43		88		84,948
Government National Mortgage Assoc.		4.000		10/20/43		74		71,131
Government National Mortgage Assoc.		4.000		12/20/43		162		155,351
Government National Mortgage Assoc.		4.000		09/20/44		95		91,983
Government National Mortgage Assoc.		4.000		08/20/45		156		150,839
Government National Mortgage Assoc.		4.000		10/20/45		73		70,598
Government National Mortgage Assoc.		4.000		03/20/46		143		137,443

See Notes to Financial Statements.

PGIM Core Bond Fund 49

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		4.000%		11/20/46		106	$	101,581
Government National Mortgage Assoc.		4.000		03/20/47		93		88,701
Government National Mortgage Assoc.		4.000		05/20/47		147		139,637
Government National Mortgage Assoc.		4.000		07/20/47		576		552,213
Government National Mortgage Assoc.		4.000		11/20/47		393		376,140
Government National Mortgage Assoc.		4.000		12/20/47		93		88,648
Government National Mortgage Assoc.		4.000		06/20/48		1,273		1,216,161
Government National Mortgage Assoc.		4.000		07/20/48		176		167,979
Government National Mortgage Assoc.		4.000		08/20/48		62		58,791
Government National Mortgage Assoc.		4.000		09/20/48		156		149,310
Government National Mortgage Assoc.		4.000		11/20/48		66		62,407
Government National Mortgage Assoc.		4.000		01/20/49		79		75,273
Government National Mortgage Assoc.		4.000		02/20/49		158		150,574
Government National Mortgage Assoc.		4.000		03/20/49		99		94,524
Government National Mortgage Assoc.		4.000		06/20/52		1,819		1,718,207
Government National Mortgage Assoc.		4.000		10/20/52		10,348		9,771,044
Government National Mortgage Assoc.		4.500		12/20/41		274		274,557
Government National Mortgage Assoc.		4.500		10/20/43		40		39,553
Government National Mortgage Assoc.		4.500		01/20/44		53		52,630
Government National Mortgage Assoc.		4.500		04/20/44		178		175,535
Government National Mortgage Assoc.		4.500		03/20/45		43		42,252
Government National Mortgage Assoc.		4.500		07/20/46		85		83,744
Government National Mortgage Assoc.		4.500		08/20/46		77		75,724
Government National Mortgage Assoc.		4.500		11/20/46		67		66,282
Government National Mortgage Assoc.		4.500		01/20/47		436		429,907
Government National Mortgage Assoc.		4.500		01/20/48		55		54,406
Government National Mortgage Assoc.		4.500		02/20/48		350		343,943
Government National Mortgage Assoc.		4.500		03/20/48		37		36,661
Government National Mortgage Assoc.		4.500		07/20/48		59		58,225
Government National Mortgage Assoc.		4.500		08/20/48		23		22,401
Government National Mortgage Assoc.		4.500		12/20/48		112		110,155
Government National Mortgage Assoc.		4.500		05/20/52		2,341		2,271,987
Government National Mortgage Assoc.		5.000		10/20/37		5		4,973
Government National Mortgage Assoc.		5.000		09/20/40		52		53,045
Government National Mortgage Assoc.		5.000		04/20/45		29		29,460
Government National Mortgage Assoc.		5.000		08/20/45		105		106,677
Government National Mortgage Assoc.		6.000		12/15/39		71		74,159
Government National Mortgage Assoc.		6.500		TBA		3,000		3,054,127
Tennessee Valley Authority, Sr. Unsec’d. Notes		1.500		09/15/31		645		541,493


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $525,108,763)								503,782,187

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

U.S. TREASURY OBLIGATIONS 6.1%
U.S. Treasury Bonds		2.000%		11/15/41		19,255	$	13,683,084
U.S. Treasury Bonds(k)		2.250		05/15/41		19,330		14,473,337
U.S. Treasury Bonds		2.375		02/15/42		18,960		14,279,250
U.S. Treasury Bonds		4.250		02/15/54		60		59,016
U.S. Treasury Bonds		4.500		02/15/44		135		136,371
U.S. Treasury Bonds(h)		4.750		11/15/53		15,250		16,279,375
U.S. Treasury Notes		4.000		12/15/25		6,145		6,101,793
U.S. Treasury Notes		4.250		12/31/25		27,590		27,490,848
U.S. Treasury Strips Coupon		1.750(s)		08/15/42		415		180,736
U.S. Treasury Strips Coupon(k)		2.062(s)		05/15/41		34,830		16,295,270
U.S. Treasury Strips Coupon		2.324(s)		05/15/42		1,195		526,267
U.S. Treasury Strips Coupon		2.335(s)		08/15/44		1,620		638,634
U.S. Treasury Strips Coupon		2.395(s)		11/15/43		2		815
U.S. Treasury Strips Coupon		2.434(s)		11/15/42		16,395		7,037,041
U.S. Treasury Strips Coupon		2.434(s)		11/15/45		575		214,704
U.S. Treasury Strips Coupon(k)		2.436(s)		02/15/46		415		153,372
U.S. Treasury Strips Coupon		3.863(s)		11/15/41		3,405		1,544,221
U.S. Treasury Strips Coupon		3.930(s)		02/15/41		1,400		663,961
U.S. Treasury Strips Coupon		4.608(s)		11/15/48		95		31,061
U.S. Treasury Strips Coupon		4.652(s)		05/15/49		1,210		388,807
U.S. Treasury Strips Coupon		4.924(s)		02/15/49		280		90,759
U.S. Treasury Strips Coupon		5.356(s)		05/15/40		510		251,554


TOTAL U.S. TREASURY OBLIGATIONS (cost $143,416,305)								120,520,276


					Shares
AFFILIATED EXCHANGE-TRADED FUND 0.5%
PGIM AAA CLO ETF (cost $9,018,747)(wa)						177,000		9,052,665


TOTAL LONG-TERM INVESTMENTS (cost $2,067,447,314)								1,963,004,705

See Notes to Financial Statements.

PGIM Core Bond Fund 51

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENTS 3.8%

AFFILIATED MUTUAL FUNDS
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(wa)		59,810,178	$	59,810,178
PGIM Institutional Money Market Fund (7-day effective yield 5.606%) (cost $14,070,595; includes $13,989,453 of cash collateral for securities on loan)(b)(wa)		14,082,758		14,074,308


TOTAL SHORT-TERM INVESTMENTS (cost $73,880,773)				73,884,486


TOTAL INVESTMENTS 104.1% (cost $2,141,328,087)				2,036,889,191
Liabilities in excess of other assets(z) (4.1)%				(80,519,181	)


NET ASSETS 100.0%			$	1,956,370,010

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

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

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $13,759,221; cash collateral of $13,989,453 (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, 2024.

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of July 31, 2024. 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.

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

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

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

(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.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Forward Commitment Contract:

Principal

Interest

Maturity

Settlement

Amount

U.S. Government Agency Obligation

Rate

Date

(000)#

Value

Federal National Mortgage Assoc.
(proceeds receivable $2,396,250)

2.000

TBA

09/16/24

(3,000

)

(2,416,288

)

Futures contracts outstanding at July 31, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
584	2 Year U.S. Treasury Notes		Sep. 2024		$	119,934,438		$	891,889
373	5 Year U.S. Treasury Notes		Sep. 2024			40,243,205			246,478
240	10 Year U.S. Treasury Notes		Sep. 2024			26,835,000			326,073
183	10 Year U.S. Ultra Treasury Notes		Sep. 2024			21,150,798			317,876
177	30 Year U.S. Ultra Treasury Bonds		Sep. 2024			22,650,469			678,824

									2,461,140

Short Positions:
112	3 Month CME SOFR		Sep. 2024			26,495,700			18,695
286	20 Year U.S. Treasury Bonds		Sep. 2024			34,543,438			(820,170	)

									(801,475	)

								$	1,659,665

Credit default swap agreements outstanding at July 31, 2024:


Reference Entity/ Obligation	Termination Date		Fixed Rate	Notional Amount (000)#(3)			Fair Value				Upfront Premiums Paid (Received)				Unrealized Appreciation (Depreciation)				Counterparty

OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Buy Protection(1):
U.S. Treasury Notes		06/20/25	0.250%(Q)		EUR	3,530		$	(3,332	)		$	(1,698	)		$	(1,634	)		BARC
U.S. Treasury Notes		06/20/25	0.250%(Q)		EUR	1,175			(1,110	)			(564	)			(546	)		BARC

								$	(4,442	)		$	(2,262	)		$	(2,180	)

See Notes to Financial Statements.

PGIM Core Bond Fund 53

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Credit default swap agreements outstanding at July 31, 2024 (continued):


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at July 31, 2024(4)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)		Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
U.S. Treasury Notes		12/20/24		0.250%(Q)	EUR	3,530		0.087%	$	3,536	$	2,251	$	1,285	BARC
U.S. Treasury Notes		12/20/24		0.250%(Q)	EUR	1,230		0.087%		1,232		1,046		186	DB
U.S. Treasury Notes		12/20/24		0.250%(Q)	EUR	1,175		0.087%		1,177		747		430	BARC

									$	5,945	$	4,044	$	1,901


Reference Entity/ Obligation	Termination Date		Fixed Rate		Notional Amount (000)#(3)		Implied Credit Spread at July 31, 2024(4)			Value at Trade Date			Value at July 31, 2024			Unrealized Appreciation (Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.IG.42.V1		06/20/29		1.000%(Q)		37,280		0.517	%		$	795,957		$	835,970		$	40,013

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.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

(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.

Interest rate swap agreements outstanding at July 31, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at July 31, 2024			Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	79,125		08/31/24		5.384%(T)	1 Day SOFR(2)(T)/ 5.380%	$	—		$	(66,121	)	$	(66,121	)
	10,388		03/08/25		4.946%(A)	1 Day SOFR(2)(A)/ 5.380%		—			(27,729	)		(27,729	)
	13,356		03/09/25		5.110%(A)	1 Day SOFR(2)(A)/ 5.380%		—			(13,676	)		(13,676	)
	30,246		03/10/25		5.088%(A)	1 Day SOFR(2)(A)/ 5.380%		—			(37,272	)		(37,272	)
	52,635		05/17/25		5.113%(T)	1 Day SOFR(2)(T)/ 5.380%		—			55,705			55,705
	40,800		08/31/25		4.805%(A)	1 Day SOFR(1)(A)/ 5.380%		—			189,474			189,474
	26,965		05/17/26		4.669%(A)	1 Day SOFR(1)(A)/ 5.380%		—			(142,003	)		(142,003	)
	2,245		09/25/26		4.699%(A)	1 Day SOFR(1)(A)/ 5.380%		415			(11,122	)		(11,537	)
	48,850		05/13/27		4.497%(A)	1 Day SOFR(2)(A)/ 5.380%		16,904			570,761			553,857
	30,400		05/13/29		4.253%(A)	1 Day SOFR(1)(A)/ 5.380%		(32,323	)		(608,811	)		(576,488	)
	2,800		05/11/54		1.350%(A)	1 Day SOFR(1)(A)/ 5.380%		1,278,108			1,152,536			(125,572	)

							$	1,263,104		$	1,061,742		$	(201,362	)

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

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

Total return swap agreements outstanding at July 31, 2024:


Reference Entity	Financing Rate	Counterparty	Termination Date	Long (Short) Notional Amount (000)#(1)			Fair Value			Upfront Premiums Paid (Received)	Unrealized Appreciation (Depreciation)(2)

OTC Total Return Swap Agreements:
Total Return Benchmark Bond Index(T)	1 Day USOIS -54bps(T)/ 4.790%	JPM	09/20/24		(8,073	)	$	16,690		$—	$ 16,690
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%	JPM	08/05/24		16,665			(554,914	)	—	(554,914)
U.S. Treasury Bond(T)	1 Day USOIS +21bps(T)/ 5.540%	BOA	09/10/24		29,165			(996,784	)	—	(996,784)

See Notes to Financial Statements.

PGIM Core Bond Fund 55

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Total return swap agreements outstanding at July 31, 2024 (continued):


Reference Entity	Financing Rate	Counterparty	Termination Date		Long (Short) Notional Amount (000)#(1)		Fair Value		Upfront Premiums Paid (Received)		Unrealized Appreciation (Depreciation)(2)
OTC Total Return Swap Agreements (cont’d.):
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%	JPM		10/28/24		40,665	$	1,658,151	$	—	$	1,658,151
U.S. Treasury Bond(T)	1 Day USOIS +20bps(T)/ 5.530%	JPM		12/04/24		19,925		592,444		—		592,444
U.S. Treasury Bond(T)	1 Day USOIS +17bps(T)/ 5.500%	GSI		01/10/25		40,595		648,693		—		648,693
U.S. Treasury Bond(T)	1 Day USOIS +23bps(T)/ 5.560%	GSI		02/03/25		22,845		110,308		—		110,308

							$	1,474,588	$	—	$	1,474,588

(1)

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

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

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


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$4,044	$(2,262)	$3,028,187	$(1,553,878)

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

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


Broker	Cash and/or Foreign Currency		Securities Market Value
CGM		$—		$4,265,848

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.

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

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, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	91,805,413			$—
Collateralized Loan Obligations		—			267,307,343			—
Consumer Loans		—			20,439,927			—
Credit Cards		—			2,058,644			—
Equipment		—			1,809,610			—
Home Equity Loans		—			5,504,137			—
Other		—			978,120			—
Student Loans		—			5,308,950			—
Commercial Mortgage-Backed Securities		—			269,332,643			—
Corporate Bonds		—			610,460,126			—
Municipal Bonds		—			6,400,542			—
Residential Mortgage-Backed Securities		—			42,296,661			—
Sovereign Bonds		—			5,947,461			—
U.S. Government Agency Obligations		—			503,782,187			—
U.S. Treasury Obligations		—			120,520,276			—
Affiliated Exchange-Traded Fund		9,052,665			—			—
Short-Term Investments
Affiliated Mutual Funds		73,884,486			—			—

Total	$	82,937,151		$	1,953,952,040			$—


Other Financial Instruments*
Assets
Futures Contracts	$	2,479,835		$	—			$—
Centrally Cleared Credit Default Swap Agreement		—			40,013			—
OTC Credit Default Swap Agreements		—			5,945			—
Centrally Cleared Interest Rate Swap Agreements		—			799,036			—
OTC Total Return Swap Agreements		—			3,026,286			—

Total	$	2,479,835		$	3,871,280			$—


Liabilities
Forward Commitment Contract	$	—		$	(2,416,288	)		$—
Futures Contracts		(820,170	)		—			—
OTC Credit Default Swap Agreements		—			(4,442	)		—

See Notes to Financial Statements.

PGIM Core Bond Fund 57

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


	Level 1			Level 2			Level 3
Other Financial Instruments* (continued)
Liabilities (continued)
Centrally Cleared Interest Rate Swap Agreements	$	—		$	(1,000,398	)		$—
OTC Total Return Swap Agreements		—			(1,551,698	)		—

Total	$	(820,170	)	$	(4,972,826	)		$—

Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2024 were as follows:


U.S. Government Agency Obligations	25.7	%
Commercial Mortgage-Backed Securities	13.8
Collateralized Loan Obligations	13.7
Banks	10.1
U.S. Treasury Obligations	6.1
Automobiles	4.7
Affiliated Mutual Funds (0.7% represents investments purchased with collateral from securities on loan)	3.8
Electric	2.6
Residential Mortgage-Backed Securities	2.2
Pipelines	1.8
Telecommunications	1.7
Oil & Gas	1.5
Pharmaceuticals	1.4
Real Estate Investment Trusts (REITs)	1.4
Healthcare-Services	1.2
Consumer Loans	1.0
Auto Manufacturers	0.9
Agriculture	0.8
Mining	0.8
Media	0.7
Diversified Financial Services	0.7
Aerospace & Defense	0.7
Insurance	0.6
Affiliated Exchange-Traded Fund	0.5
Packaging & Containers	0.4
Municipal Bonds	0.3


Sovereign Bonds	0.3	%
Home Equity Loans	0.3
Semiconductors	0.3
Beverages	0.3
Student Loans	0.3
Iron/Steel	0.3
Commercial Services	0.2
Software	0.2
Foods	0.2
Engineering & Construction	0.2
Computers	0.2
Real Estate	0.2
Chemicals	0.2
Biotechnology	0.2
Entertainment	0.2
Retail	0.2
Miscellaneous Manufacturing	0.2
Office/Business Equipment	0.1
Trucking & Leasing	0.1
Lodging	0.1
Credit Cards	0.1
Machinery-Diversified	0.1
Gas	0.1
Equipment	0.1
Transportation	0.1
Multi-National	0.1
Airlines	0.1

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Industry Classification (continued):


Forest Products & Paper	0.0	*%
Other	0.0	*
Building Materials	0.0	*
Oil & Gas Services	0.0	*
Healthcare-Products	0.0	*
Water	0.0	*


	104.1
Liabilities in excess of other assets	(4.1	)


	100.0	%

*	Less than 0.05%

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

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

Fair values of derivative instruments as of July 31, 2024 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

Due from/to broker-variation margin swaps

40,013

—

Credit contracts

Premiums paid for OTC swap agreements

4,044

Premiums received for OTC swap agreements

2,262

Credit contracts

Unrealized appreciation on OTC swap agreements

1,901

Unrealized depreciation on OTC swap agreements

2,180

Interest rate contracts

Due from/to broker-variation margin futures

2,479,835

Due from/to broker-variation margin futures

820,170

Interest rate contracts

Due from/to broker-variation margin swaps

799,036

Due from/to broker-variation margin swaps

1,000,398

See Notes to Financial Statements.

PGIM Core Bond Fund 59

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


	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	Unrealized appreciation on OTC swap agreements	$	3,026,286	Unrealized depreciation on OTC swap agreements	$	1,551,698


		$	6,351,115		$	3,376,708

*	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, 2024 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)				Futures				Swaps

Credit contracts		$	—			$	—			$	393,677

Interest rate contracts			(849	)			(3,516,480	)			(8,130,579	)


Total		$	(849	)		$	(3,516,480	)		$	(7,736,902	)

(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 Written			Futures			Swaps

Credit contracts		$	96		$	—		$	(41,542	)

Interest rate contracts			—			2,929,581			2,991,693


Total		$	96		$	2,929,581		$	2,950,151

For the year ended July 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*

Options Purchased (1)		$ 170
Options Written (2)		11,032,000
Futures Contracts - Long Positions (2)		227,735,189
Futures Contracts - Short Positions (2)		69,893,719
Interest Rate Swap Agreements (2)		184,616,000
Credit Default Swap Agreements - Buy Protection (2)		1,018,397
Credit Default Swap Agreements - Sell Protection (2)		37,912,242

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Derivative Contract Type		Average Volume of Derivative Activities*


Total Return Swap Agreements (2)		$153,634,051

*	Average volume is based on average quarter end balances for the year ended July 31, 2024.

(1)

Cost.

(2)	Notional Amount in USD.

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

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

13,759,221

(13,759,221

)

$—

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
BARC		$	4,713		$	(4,442	)		$	271			$	—			$	271
BOA			—			(996,784	)			(996,784	)			996,784				—
DB			1,232			—				1,232				—				1,232
GSI			759,001			—				759,001				—				759,001
JPM			2,267,285			(554,914	)			1,712,371				(1,229,709	)			482,662

		$	3,032,231		$	(1,556,140	)		$	1,476,091			$	(232,925	)		$	1,243,166

(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 61

PGIM Core Bond Fund

Statement of Assets & Liabilities

as of July 31, 2024



Assets
Investments at value, including securities on loan of $13,759,221:
Unaffiliated investments (cost $2,058,428,567)	$	1,953,952,040
Affiliated investments (cost $82,899,520)		82,937,151
Foreign currency, at value (cost $35,296)		35,244
Receivable for investments sold		25,930,344
Dividends and interest receivable		11,281,099
Unrealized appreciation on OTC swap agreements		3,028,187
Receivable for Fund shares sold		2,567,319
Due from broker—variation margin futures		180,711
Premiums paid for OTC swap agreements		4,044
Prepaid expenses and other assets		67,471


Total Assets		2,079,983,610


Liabilities
Payable for investments purchased		101,116,780
Payable to broker for collateral for securities on loan		13,989,453
Payable for Fund shares purchased		3,604,830
Forward commitment contracts, at value (proceeds receivable $2,396,250)		2,416,288
Unrealized depreciation on OTC swap agreements		1,553,878
Accrued expenses and other liabilities		414,299
Management fee payable		413,140
Dividends payable		53,478
Distribution fee payable		38,018
Affiliated transfer agent fee payable		5,256
Due to broker—variation margin swaps		3,671
Premiums received for OTC swap agreements		2,262
Trustees’ fees payable		2,247


Total Liabilities		123,613,600


Net Assets	$	1,956,370,010



Net assets were comprised of:
Shares of beneficial interest, at par	$	223,380
Paid-in capital in excess of par		2,182,835,121
Total distributable earnings (loss)		(226,688,491	)


Net assets, July 31, 2024	$	1,956,370,010

See Notes to Financial Statements.

PGIM Core Bond Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2024



Class A
Net asset value and redemption price per share, ($160,304,786 ÷ 18,307,752 shares of beneficial interest issued and outstanding)	$	8.76
Maximum sales charge (3.25% of offering price)		0.29


Maximum offering price to public	$	9.05


Class C
Net asset value, offering price and redemption price per share, ($5,723,741 ÷ 653,360 shares of beneficial interest issued and outstanding)	$	8.76


Class R
Net asset value, offering price and redemption price per share, ($21,022 ÷ 2,401 shares of beneficial interest issued and outstanding)	$	8.75


Class Z
Net asset value, offering price and redemption price per share, ($399,522,220 ÷ 45,619,448 shares of beneficial interest issued and outstanding)	$	8.76


Class R6
Net asset value, offering price and redemption price per share, ($1,390,798,241 ÷ 158,797,109 shares of beneficial interest issued and outstanding)	$	8.76


Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Core Bond Fund 63

PGIM Core Bond Fund

Statement of Operations

Year Ended July 31, 2024


Net Investment Income (Loss)
Income
Interest income	$	73,774,833
Affiliated dividend income		2,933,292
Affiliated income from securities lending, net		30,689


Total income		76,738,814

Expenses
Management fee		5,397,965
Distribution fee(a)		426,843
Transfer agent’s fees and expenses (including affiliated expense of $26,517)(a)		516,830
Shareholders’ reports		131,923
Registration fees(a)		126,205
Custodian and accounting fees		116,116
Audit fee		68,900
Professional fees		54,032
Trustees’ fees		32,849
SEC registration fees		21,748
Miscellaneous		62,182


Total expenses		6,955,593
Less: Fee waiver and/or expense reimbursement(a)		(960,387	)
Distribution fee waiver(a)		(47	)


Net expenses		5,995,159

Net investment income (loss)		70,743,655

Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(1,544))		(18,915,738	)
Futures transactions		(3,516,480	)
Swap agreement transactions		(7,736,902	)
Foreign currency transactions		(37	)


		(30,169,157	)

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $33,354)		60,334,639
Futures		2,929,581
Options written		96
Swap agreements		2,950,151
Foreign currencies		(543	)


		66,213,924

Net gain (loss) on investment and foreign currency transactions		36,044,767


Net Increase (Decrease) In Net Assets Resulting From Operations	$	106,788,422

See Notes to Financial Statements.

PGIM Core Bond Fund

Statement of Operations (continued)

Year Ended July 31, 2024

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


	Class A			Class C			Class R			Class Z			Class R6

Distribution fee		367,708			58,994			141			—			—

Transfer agent’s fees and expenses		93,621			6,544			98			390,875			25,692

Registration fees		25,141			14,480			7,139			25,796			53,649

Fee waiver and/or expense reimbursement		(42,147	)		(15,049	)		(7,215	)		(489,517	)		(406,459	)

Distribution fee waiver		—			—			(47	)		—			—

See Notes to Financial Statements.

PGIM Core Bond Fund 65

PGIM Core Bond Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2024			2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	70,743,655		$	49,064,942
Net realized gain (loss) on investment and foreign currency transactions		(30,169,157	)		(40,154,083	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		66,213,924			(49,476,958	)

Net increase (decrease) in net assets resulting from operations		106,788,422			(40,566,099	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(6,186,905	)		(4,715,077	)
Class C		(201,101	)		(148,157	)
Class R		(731	)		(523	)
Class Z		(17,769,219	)		(11,466,521	)
Class R6		(51,641,576	)		(36,832,538	)

		(75,799,532	)		(53,162,816	)

Tax return of capital distributions
Class A		—			(10,434	)
Class C		—			(328	)
Class R		—			(1	)
Class Z		—			(25,374	)
Class R6		—			(81,507	)

		—			(117,644	)

Total dividends and distributions		(75,799,532	)		(53,280,460	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		755,194,198			578,723,552
Net asset value of shares issued in reinvestment of dividends and distributions		75,165,046			52,915,340
Cost of shares purchased		(479,036,206	)		(434,744,501	)

Net increase (decrease) in net assets from Fund share transactions		351,323,038			196,894,391

Total increase (decrease)		382,311,928			103,047,832

Net Assets:
Beginning of year		1,574,058,082			1,471,010,250

End of year	$	1,956,370,010		$	1,574,058,082

See Notes to Financial Statements.

PGIM Core Bond Fund

Financial Highlights



Class A Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$8.62			$9.21			$10.53			$10.78			$10.09
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.27			0.16			0.15			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.17			(0.57	)		(1.29	)		(0.13	)		0.74
Total from investment operations		0.50			(0.30	)		(1.13	)		0.02			0.95
Less Dividends and Distributions:
Dividends from net investment income		(0.36	)		(0.29	)		(0.19	)		(0.20	)		(0.26	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			-			-			(0.07	)		(-	)^(b)
Total dividends and distributions		(0.36	)		(0.29	)		(0.19	)		(0.27	)		(0.26	)
Net asset value, end of year		$8.76			$8.62			$9.21			$10.53			$10.78
Total Return^(c):		5.97	%		(3.20	)%		(10.81	)%		0.17	%		9.50	%



Ratios/Supplemental Data:
Net assets, end of year (000)	$	160,305		$	141,074		$	148,963		$	216,235		$	181,510
Average net assets (000)	$	147,083		$	140,822		$	180,069		$	202,963		$	119,286
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.65	%		0.65	%		0.65	%		0.66	%		0.70	%
Expenses before waivers and/or expense reimbursement		0.68	%		0.68	%		0.68	%		0.69	%		0.75	%
Net investment income (loss)		3.90	%		3.07	%		1.62	%		1.42	%		2.01	%
Portfolio turnover rate^(e)(f)		125	%		207	%		141	%		117	%		90	%

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

(b)	Amount rounds to zero.

(c)

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

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 67

PGIM Core Bond Fund

Financial Highlights (continued)



Class C Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$8.63			$9.21			$10.53			$10.79			$10.10
Income (loss) from investment operations:
Net investment income (loss)		0.26			0.20			0.08			0.07			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.16			(0.56	)		(1.29	)		(0.15	)		0.74
Total from investment operations		0.42			(0.36	)		(1.21	)		(0.08	)		0.87
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.22	)		(0.11	)		(0.11	)		(0.18	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			-			-			(0.07	)		(-	)^(b)
Total dividends and distributions		(0.29	)		(0.22	)		(0.11	)		(0.18	)		(0.18	)
Net asset value, end of year		$8.76			$8.63			$9.21			$10.53			$10.79
Total Return^(c):		5.01	%		(3.87	)%		(11.52	)%		(0.71	)%		8.68	%



Ratios/Supplemental Data:
Net assets, end of year (000)		$5,724			$5,920			$5,692			$7,664			$8,596
Average net assets (000)		$5,899			$5,784			$6,519			$8,268			$6,244
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.45	%		1.45	%		1.45	%		1.45	%		1.45	%
Expenses before waivers and/or expense reimbursement		1.71	%		1.74	%		1.64	%		1.60	%		1.78	%
Net investment income (loss)		3.10	%		2.28	%		0.84	%		0.64	%		1.25	%
Portfolio turnover rate^(e)(f)		125	%		207	%		141	%		117	%		90	%

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

(b)	Amount rounds to zero.

(c)

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

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund

Financial Highlights (continued)



Class R Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$8.62			$9.20			$10.52			$10.78			$10.09
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.24			0.13			0.12			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.15			(0.56	)		(1.29	)		(0.14	)		0.73
Total from investment operations		0.46			(0.32	)		(1.16	)		(0.02	)		0.92
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.26	)		(0.16	)		(0.17	)		(0.23	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			-			-			(0.07	)		(-	)^(b)
Total dividends and distributions		(0.33	)		(0.26	)		(0.16	)		(0.24	)		(0.23	)
Net asset value, end of year		$8.75			$8.62			$9.20			$10.52			$10.78
Total Return^(c):		5.53	%		(3.39	)%		(11.10	)%		(0.22	)%		9.23	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$21			$18			$18			$21			$18
Average net assets (000)		$19			$17			$19			$18			$17
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses before waivers and/or expense reimbursement		39.64	%		39.10	%		38.21	%		55.36	%		102.99	%
Net investment income (loss)		3.60	%		2.77	%		1.34	%		1.13	%		1.80	%
Portfolio turnover rate^(e)(f)		125	%		207	%		141	%		117	%		90	%

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

(b)	Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 69

PGIM Core Bond Fund

Financial Highlights (continued)



Class Z Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$8.62			$9.21			$10.53			$10.78			$10.09
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.30			0.20			0.19			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.17			(0.57	)		(1.30	)		(0.14	)		0.73
Total from investment operations		0.53			(0.27	)		(1.10	)		0.05			0.98
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.32	)		(0.22	)		(0.23	)		(0.29	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			-			-			(0.07	)		(-	)^(b)
Total dividends and distributions		(0.39	)		(0.32	)		(0.22	)		(0.30	)		(0.29	)
Net asset value, end of year		$8.76			$8.62			$9.21			$10.53			$10.78
Total Return^(c):		6.18	%		(2.78	)%		(10.53	)%		0.41	%		9.98	%


Ratios/Supplemental Data:
Net assets, end of year (000)	$	399,522		$	363,763		$	291,666		$	276,537		$	282,256
Average net assets (000)	$	392,772		$	311,324		$	279,332		$	285,073		$	220,426
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.33	%		0.33	%		0.33	%		0.33	%		0.35	%
Expenses before waivers and/or expense reimbursement		0.45	%		0.47	%		0.47	%		0.46	%		0.49	%
Net investment income (loss)		4.22	%		3.40	%		1.99	%		1.76	%		2.38	%
Portfolio turnover rate^(e)(f)		125	%		207	%		141	%		117	%		90	%

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

(b)	Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$8.62			$9.21			$10.53			$10.79			$10.10
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.30			0.20			0.19			0.25
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.17			(0.57	)		(1.30	)		(0.15	)		0.73
Total from investment operations		0.53			(0.27	)		(1.10	)		0.04			0.98
Less Dividends and Distributions:
Dividends from net investment income		(0.39	)		(0.32	)		(0.22	)		(0.23	)		(0.29	)
Tax return of capital distributions		-			(-	)^(b)		-			-			-
Distributions from net realized gains		-			-			-			(0.07	)		(-	)^(b)
Total dividends and distributions		(0.39	)		(0.32	)		(0.22	)		(0.30	)		(0.29	)
Net asset value, end of year		$8.76			$8.62			$9.21			$10.53			$10.79
Total Return^(c):		6.20	%		(2.77	)%		(10.52	)%		0.42	%		10.00	%


Ratios/Supplemental Data:
Net assets, end of year (000)	$	1,390,798		$	1,063,282		$	1,024,671		$	944,968		$	716,750
Average net assets (000)	$	1,141,091		$	1,000,004		$	1,045,549		$	836,649		$	595,755
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.32	%		0.32	%		0.32	%		0.32	%		0.33	%
Expenses before waivers and/or expense reimbursement		0.36	%		0.35	%		0.35	%		0.36	%		0.38	%
Net investment income (loss)		4.23	%		3.40	%		1.98	%		1.76	%		2.39	%
Portfolio turnover rate^(e)(f)		125	%		207	%		141	%		117	%		90	%

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

(b)	Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

PGIM Core Bond Fund 71

PGIM Corporate Bond Fund

Schedule of Investments

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 97.6%

COMMERCIAL MORTGAGE-BACKED SECURITIES 7.5%
BANK,
Series 2019-BN16, Class A3		3.741%		02/15/52		200	$	191,268
Benchmark Mortgage Trust,
Series 2019-B09, Class A4		3.751		03/15/52		200		189,464
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3		3.283(cc)		11/15/50		250		238,616
CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A2		3.585		12/10/54		264		252,640
Citigroup Commercial Mortgage Trust,
Series 2016-GC37, Class A3		3.050		04/10/49		137		133,290
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3		3.269		06/10/50		60		59,723
JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP06, Class A4		3.224		07/15/50		100		94,909
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2016-C29, Class A3		3.058		05/15/49		179		173,756
Series 2016-C31, Class A4		2.840		11/15/49		273		260,713
Wells Fargo Commercial Mortgage Trust,
Series 2017-C40, Class A3		3.317		10/15/50		200		191,229


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $1,863,033)								1,785,608


CORPORATE BONDS 89.7%

Aerospace & Defense 0.9%

Boeing Co. (The),
Sr. Unsec’d. Notes		3.200		03/01/29		30		27,226
Sr. Unsec’d. Notes		5.930		05/01/60		145		133,459
HEICO Corp.,
Gtd. Notes		5.350		08/01/33		50		50,630


								211,315

Agriculture 2.6%

BAT Capital Corp. (United Kingdom),
Gtd. Notes		2.259		03/25/28		100		91,042
Gtd. Notes		4.700		04/02/27		200		199,096
Imperial Brands Finance PLC (United Kingdom),
Gtd. Notes, 144A, MTN		5.500		02/01/30		200		201,464

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Agriculture (cont’d.)

Philip Morris International, Inc.,
Sr. Unsec’d. Notes		5.125%		02/13/31		30	$	30,419
Sr. Unsec’d. Notes		5.375		02/15/33		100		101,958


								623,979

Airlines 0.6%

Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		80		80,378
United Airlines, Inc.,
Sr. Sec’d. Notes, 144A		4.375		04/15/26		40		38,993
Sr. Sec’d. Notes, 144A		4.625		04/15/29		25		23,636


								143,007

Auto Manufacturers 2.3%

Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.950		05/28/27		200		197,433
General Motors Co.,
Sr. Unsec’d. Notes		5.400		04/01/48		40		36,379
Sr. Unsec’d. Notes		6.125		10/01/25		50		50,502
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes		5.350		07/15/27		30		30,312
Sr. Unsec’d. Notes		5.400		05/08/27		60		60,654
Stellantis Finance US, Inc.,
Gtd. Notes, 144A		2.691		09/15/31		205		171,690


								546,970

Banks 23.4%

Banco Santander SA (Spain),
Sr. Non-Preferred Notes		3.800		02/23/28		200		191,519
Bank of America Corp.,
Sr. Unsec’d. Notes		2.572(ff)		10/20/32		320		272,132
Sr. Unsec’d. Notes, MTN		1.898(ff)		07/23/31		305		256,938
Sr. Unsec’d. Notes, MTN		2.087(ff)		06/14/29		75		67,734
Sr. Unsec’d. Notes, MTN		4.271(ff)		07/23/29		240		234,963
BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A		2.159(ff)		09/15/29		200		178,057

See Notes to Financial Statements.

PGIM Corporate Bond Fund 73

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

BPCE SA (France),

Sr. Non-Preferred Notes, 144A

2.375%

01/14/25

250

246,339

Citigroup, Inc.,

Jr. Sub. Notes, Series V

4.700(ff)

01/30/25(oo)

24,644

Sr. Unsec’d. Notes

2.561(ff)

05/01/32

155

132,171

Sr. Unsec’d. Notes

4.412(ff)

03/31/31

300

291,308

Sub. Notes

4.450

09/29/27

100

98,648

Comerica, Inc.,

Sr. Unsec’d. Notes

5.982(ff)

01/30/30

57,104

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.992(ff)

01/27/32

53,914

Sr. Unsec’d. Notes

3.210(ff)

04/22/42

195

147,941

Sr. Unsec’d. Notes

3.814(ff)

04/23/29

19,240

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

5.709(ff)

02/02/35

40,420

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

109

113,267

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

300

250,269

Sr. Unsec’d. Notes

2.522(ff)

04/22/31

150

132,600

Sr. Unsec’d. Notes

2.545(ff)

11/08/32

76,741

Sr. Unsec’d. Notes

3.882(ff)

07/24/38

30,782

Sr. Unsec’d. Notes

4.452(ff)

12/05/29

350

344,954

Sr. Unsec’d. Notes

5.336(ff)

01/23/35

25,415

Morgan Stanley,

Sr. Unsec’d. Notes, GMTN

2.239(ff)

07/21/32

515

430,124

Sr. Unsec’d. Notes, GMTN

4.431(ff)

01/23/30

225

220,940

Sr. Unsec’d. Notes, MTN

5.831(ff)

04/19/35

67,943

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

6.875(ff)

10/20/34

27,833

Societe Generale SA (France),

Gtd. Notes, 144A

2.797(ff)

01/19/28

255

239,299

Sr. Non-Preferred Notes, 144A

1.488(ff)

12/14/26

200

189,355

Sr. Non-Preferred Notes, 144A, MTN

2.625

01/22/25

200

197,161

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.711(ff)

01/24/35

25,547

Sr. Unsec’d. Notes, MTN

7.161(ff)

10/30/29

32,312

UBS Group AG (Switzerland),

Sr. Unsec’d. Notes, 144A

1.305(ff)

02/02/27

250

235,312

Wells Fargo & Co.,

Sr. Unsec’d. Notes

6.491(ff)

10/23/34

38,121

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Wells Fargo & Co., (cont’d.)
Sr. Unsec’d. Notes, MTN		2.393%(ff)		06/02/28		240	$	223,929
Sr. Unsec’d. Notes, MTN		2.572(ff)		02/11/31		410		362,946


								5,577,922

Beverages 1.3%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), Gtd. Notes		4.900		02/01/46		185		174,204
Bacardi Ltd. (Bermuda),
Gtd. Notes, 144A		2.750		07/15/26		100		95,311
Constellation Brands, Inc.,
Sr. Unsec’d. Notes		2.875		05/01/30		30		27,066


								296,581

Biotechnology 0.4%

Amgen, Inc.,
Sr. Unsec’d. Notes		5.600		03/02/43		70		70,549
Sr. Unsec’d. Notes		5.750		03/02/63		30		30,152


								100,701

Chemicals 1.2%

Dow Chemical Co. (The),
Sr. Unsec’d. Notes		5.250		11/15/41		30		28,550
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes		5.419		11/15/48		5		5,278
FMC Corp.,
Sr. Unsec’d. Notes		5.650		05/18/33		100		100,982
Huntsman International LLC,
Sr. Unsec’d. Notes		2.950		06/15/31		75		62,943
LYB International Finance III LLC,
Gtd. Notes		3.375		10/01/40		50		37,724
Yara International ASA (Brazil),
Sr. Unsec’d. Notes, 144A		3.148		06/04/30		20		17,710
Sr. Unsec’d. Notes, 144A		4.750		06/01/28		40		39,213


								292,400

See Notes to Financial Statements.

PGIM Corporate Bond Fund 75

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Commercial Services 1.6%

California Institute of Technology,
Sr. Unsec’d. Notes		4.700%		11/01/2111		50	$	44,241
ERAC USA Finance LLC,
Gtd. Notes, 144A		4.900		05/01/33		150		149,460
Massachusetts Institute of Technology,
Unsec’d. Notes		3.885		07/01/2116		100		75,979
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		160		112,620


								382,300

Computers 0.3%

Leidos, Inc.,
Gtd. Notes		2.300		02/15/31		35		29,625
Gtd. Notes		4.375		05/15/30		30		28,888


								58,513

Distribution/Wholesale 0.3%

LKQ Corp.,
Gtd. Notes		6.250		06/15/33		75		77,793

Diversified Financial Services 1.3%

Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A		7.200		12/12/28		20		21,012
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		2.625		10/15/31		100		83,371
LPL Holdings, Inc.,
Gtd. Notes		6.750		11/17/28		30		31,686
Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes		2.172		07/14/28		200		179,446


								315,515

Electric 9.4%

AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.450		05/15/51		65		44,017
Commonwealth Edison Co.,
First Mortgage		4.700		01/15/44		100		90,531

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

Dominion Energy South Carolina, Inc.,
First Mortgage		4.600%		06/15/43		150	$	134,569
Duke Energy Carolinas LLC,
First Mortgage		3.450		04/15/51		50		36,123
FirstEnergy Transmission LLC,
Sr. Unsec’d. Notes, 144A		5.450		07/15/44		100		95,668
Florida Power & Light Co.,
First Mortgage		5.600		06/15/54		55		57,334
Liberty Utilities Finance GP 1,
Gtd. Notes, 144A		2.050		09/15/30		230		192,962
MidAmerican Energy Co.,
First Mortgage		3.950		08/01/47		20		16,054
Mississippi Power Co.,
Sr. Unsec’d. Notes, Series 12-A		4.250		03/15/42		140		117,382
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.250		06/01/30		22		19,172
NRG Energy, Inc.,
Sr. Sec’d. Notes, 144A		2.000		12/02/25		35		33,434
Pacific Gas & Electric Co.,
First Mortgage		3.950		12/01/47		100		73,959
First Mortgage		4.000		12/01/46		100		74,487
First Mortgage		4.950		07/01/50		20		17,034
PacifiCorp,
First Mortgage		4.125		01/15/49		100		78,654
PPL Electric Utilities Corp.,
First Mortgage		4.750		07/15/43		100		92,106
Progress Energy, Inc.,
Sr. Unsec’d. Notes		7.000		10/30/31		190		211,917
Public Service Co. of Colorado,
First Mortgage		5.750		05/15/54		40		40,819
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN		3.650		09/01/42		75		60,397
Puget Energy, Inc.,
Sr. Sec’d. Notes		3.650		05/15/25		400		393,838
Puget Sound Energy, Inc.,
First Mortgage		2.893		09/15/51		20		12,769
San Diego Gas & Electric Co.,
First Mortgage		4.300		04/01/42		75		65,059
Southern California Edison Co.,
First Ref. Mortgage		5.500		03/15/40		200		200,488

See Notes to Financial Statements.

PGIM Corporate Bond Fund 77

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

Virginia Electric & Power Co.,
Sr. Unsec’d. Notes		3.300%		12/01/49		65	$	45,077
Vistra Operations Co. LLC,
Sr. Sec’d. Notes, 144A		3.700		01/30/27		45		43,477


								2,247,327

Electronics 0.4%

Honeywell International, Inc.,
Sr. Unsec’d. Notes		5.250		03/01/54		50		49,610
Sr. Unsec’d. Notes		5.350		03/01/64		50		49,805


								99,415

Engineering & Construction 0.7%

Mexico City Airport Trust (Mexico),
Sr. Sec’d. Notes, 144A		5.500		07/31/47		200		168,250

Entertainment 0.6%

Warnermedia Holdings, Inc.,
Gtd. Notes		5.050		03/15/42		45		35,498
Gtd. Notes		5.141		03/15/52		130		96,681


								132,179

Foods 1.2%

JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes		3.000		02/02/29		35		31,758
Gtd. Notes		3.000		05/15/32		55		46,005
Smithfield Foods, Inc.,
Sr. Unsec’d. Notes, 144A		2.625		09/13/31		205		167,497
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		5.700		03/15/34		35		35,818


								281,078

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024


Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Gas 0.2%

CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes
		5.400%		07/01/34		40	$	40,445

Hand/Machine Tools 0.1%

Regal Rexnord Corp.,
Gtd. Notes
		6.050		02/15/26		30		30,242

Healthcare-Services 2.9%

AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021		2.780		07/01/51		30		19,642
Elevance Health, Inc.,
Sr. Unsec’d. Notes		4.625		05/15/42		100		90,449
HCA, Inc.,
Gtd. Notes		3.125		03/15/27		40		38,302
Mayo Clinic,
Unsec’d. Notes		3.774		11/15/43		85		71,092
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042		2.719		01/01/42		55		39,359
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021		2.927		11/01/51		100		67,928
Texas Health Resources,
Sec’d. Notes		4.330		11/15/55		130		113,154
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.050		05/15/41		80		60,465
Sr. Unsec’d. Notes		3.250		05/15/51		90		63,397
Sr. Unsec’d. Notes		4.750		05/15/52		45		40,680
Sr. Unsec’d. Notes		5.750		07/15/64		25		25,680
Sr. Unsec’d. Notes		6.875		02/15/38		55		64,441


								694,589

Housewares 0.4%

Newell Brands, Inc.,
Sr. Unsec’d. Notes
		4.000		12/01/24		100		99,490

See Notes to Financial Statements.

PGIM Corporate Bond Fund 79

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Insurance 2.5%

Arch Capital Finance LLC,
Gtd. Notes		5.031%		12/15/46		50	$	46,377
Chubb INA Holdings LLC,
Gtd. Notes		3.050		12/15/61		55		35,917
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.900		05/01/29		80		77,060
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes		3.650		04/05/27		45		43,624
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.125		10/15/52		95		60,108
Sr. Unsec’d. Notes		3.500		10/15/50		60		41,189
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes		5.625		08/16/32		90		90,986
Sr. Unsec’d. Notes, 144A		6.000		12/07/33		37		38,388
Sr. Unsec’d. Notes, 144A		6.350		03/22/54		25		25,606
Liberty Mutual Group, Inc.,
Gtd. Notes, 144A		5.500		06/15/52		50		47,317
MetLife, Inc.,
Sr. Unsec’d. Notes		5.000		07/15/52		30		28,041
Unum Group,
Sr. Unsec’d. Notes		6.000		06/15/54		55		54,257


								588,870

Machinery-Diversified 0.3%

Flowserve Corp.,
Sr. Unsec’d. Notes		2.800		01/15/32		55		46,578
Ingersoll Rand, Inc.,
Sr. Unsec’d. Notes		5.700		08/14/33		10		10,473
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		5.611		03/11/34		20		20,597


								77,648

Media 1.9%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		3.500		03/01/42		15		10,247
Sr. Sec’d. Notes		5.125		07/01/49		20		15,776
Sr. Sec’d. Notes		6.384		10/23/35		180		180,056

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Media (cont’d.)

Comcast Corp.,
Gtd. Notes		5.500%		05/15/64		130	$	127,788
Cox Communications, Inc.,
Gtd. Notes, 144A		2.950		10/01/50		35		21,503
Gtd. Notes, 144A		5.700		06/15/33		25		25,417
Sr. Unsec’d. Notes, 144A		2.600		06/15/31		60		50,664
Discovery Communications LLC,
Gtd. Notes		3.950		06/15/25		28		27,546


								458,997

Mining 1.7%

Barrick North America Finance LLC (Canada),
Gtd. Notes		7.500		09/15/38		75		88,281
Freeport-McMoRan, Inc.,
Gtd. Notes		4.375		08/01/28		200		195,451
Newmont Corp.,
Gtd. Notes		2.800		10/01/29		75		68,785
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A		5.350		03/15/34		45		46,071


								398,588

Miscellaneous Manufacturing 0.3%

Pentair Finance Sarl,
Gtd. Notes
		4.500		07/01/29		65		63,774

Office/Business Equipment 0.6%

CDW LLC/CDW Finance Corp.,
Gtd. Notes
		5.500		12/01/24		150		149,646

Oil & Gas 2.7%

Aker BP ASA (Norway),
Sr. Unsec’d. Notes, 144A		3.750		01/15/30		150		140,241
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes		5.850		02/01/35		10		10,196
Sr. Unsec’d. Notes		6.250		03/15/38		50		52,815

See Notes to Financial Statements.

PGIM Corporate Bond Fund 81

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		2.650%		01/15/32		40	$	33,782
Sr. Unsec’d. Notes		5.250		06/15/37		21		20,536
Sr. Unsec’d. Notes		5.400		06/15/47		9		8,486
ConocoPhillips Co.,
Gtd. Notes		4.300		11/15/44		55		47,516
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.000		06/15/45		55		48,243
Diamondback Energy, Inc.,
Gtd. Notes		4.400		03/24/51		45		36,919
Gtd. Notes		6.250		03/15/33		75		80,089
Helmerich & Payne, Inc.,
Sr. Unsec’d. Notes		2.900		09/29/31		90		76,849
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		5.550		10/01/34		25		25,216
Permian Resources Operating LLC,
Sr. Unsec’d. Notes, 144A		6.250		02/01/33		25		25,174
Petroleos Mexicanos (Mexico),
Gtd. Notes		6.350		02/12/48		60		39,225


								645,287

Packaging & Containers 1.2%

AptarGroup, Inc.,
Sr. Unsec’d. Notes		3.600		03/15/32		20		17,831
Berry Global, Inc.,
Sr. Sec’d. Notes		1.570		01/15/26		130		123,491
Graphic Packaging International LLC,
Sr. Sec’d. Notes, 144A		1.512		04/15/26		75		70,200
Sealed Air Corp.,
Sr. Sec’d. Notes, 144A		1.573		10/15/26		85		78,465


								289,987

Pharmaceuticals 1.9%

AbbVie, Inc.,
Sr. Unsec’d. Notes		4.050		11/21/39		95		84,878
Sr. Unsec’d. Notes		4.250		11/21/49		20		17,089
Sr. Unsec’d. Notes		4.400		11/06/42		60		54,083

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Cigna Group (The),
Gtd. Notes		4.900%		12/15/48		100	$	89,806
Eli Lilly & Co.,
Sr. Unsec’d. Notes		5.000		02/09/54		25		24,356
Mylan, Inc.,
Gtd. Notes		5.200		04/15/48		20		16,837
Utah Acquisition Sub, Inc.,
Gtd. Notes		3.950		06/15/26		140		137,250
Viatris, Inc.,
Gtd. Notes		3.850		06/22/40		25		18,845


								443,144

Pipelines 8.1%

Boardwalk Pipelines LP,
Gtd. Notes		3.400		02/15/31		100		89,360
Colonial Enterprises, Inc.,
Gtd. Notes, 144A		3.250		05/15/30		90		82,436
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A		6.036		11/15/33		70		73,197
DCP Midstream Operating LP,
Gtd. Notes		5.125		05/15/29		310		313,352
El Paso Natural Gas Co. LLC,
Gtd. Notes, 144A		3.500		02/15/32		95		82,376
Energy Transfer LP,
Sr. Unsec’d. Notes		5.400		10/01/47		150		138,185
Sr. Unsec’d. Notes		6.250		04/15/49		60		61,443
Sr. Unsec’d. Notes		6.550		12/01/33		55		59,537
Sr. Unsec’d. Notes, Series 20Y		5.800		06/15/38		15		15,215
Enterprise Products Operating LLC,
Gtd. Notes		4.800		02/01/49		40		36,385
Gtd. Notes		4.850		03/15/44		100		92,458
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A		2.300		10/01/31		100		83,276
Kinder Morgan, Inc.,
Sr. Unsec’d. Notes		5.100		08/01/29		140		141,484
MPLX LP,
Sr. Unsec’d. Notes		4.000		03/15/28		45		43,729
Sr. Unsec’d. Notes		4.950		03/14/52		80		69,703
Sr. Unsec’d. Notes		5.200		12/01/47		75		68,140

See Notes to Financial Statements.

PGIM Corporate Bond Fund 83

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

ONEOK, Inc.,
Gtd. Notes		3.100%		03/15/30		45	$	41,102
Gtd. Notes		4.350		03/15/29		2		1,959
Gtd. Notes		4.500		03/15/50		30		24,497
Gtd. Notes		4.950		07/13/47		50		43,846
Gtd. Notes		5.650		11/01/28		10		10,312
Gtd. Notes		6.625		09/01/53		40		43,716
Targa Resources Corp.,
Gtd. Notes		4.950		04/15/52		20		17,506
Gtd. Notes		6.125		03/15/33		40		42,065
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.950		05/15/50		80		61,891
Western Midstream Operating LP,
Sr. Unsec’d. Notes		6.350		01/15/29		65		68,135
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		4.650		08/15/32		105		102,092
Sr. Unsec’d. Notes		5.300		08/15/52		30		28,488


								1,935,885

Real Estate 0.8%

Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),
Sr. Unsec’d. Notes, 144A
		4.125		02/01/29		200		192,620

Real Estate Investment Trusts (REITs) 7.7%

Alexandria Real Estate Equities, Inc.,
Gtd. Notes		5.250		05/15/36		20		19,713
American Tower Corp.,
Sr. Unsec’d. Notes		3.550		07/15/27		40		38,530
Sr. Unsec’d. Notes		5.200		02/15/29		85		86,142
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		4.050		07/01/30		15		14,239
Sr. Unsec’d. Notes		4.125		06/15/26		200		196,643
Broadstone Net Lease LLC,
Gtd. Notes		2.600		09/15/31		160		131,315
Crown Castle, Inc.,
Sr. Unsec’d. Notes		4.800		09/01/28		100		99,547
Sr. Unsec’d. Notes		5.600		06/01/29		30		30,820

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

CubeSmart LP,
Gtd. Notes		2.250%		12/15/28		50	$	44,904
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		3.350		09/01/24		100		99,756
Gtd. Notes		4.000		01/15/31		170		155,579
Gtd. Notes		5.250		06/01/25		60		59,737
Phillips Edison Grocery Center Operating Partnership I LP,
Gtd. Notes		2.625		11/15/31		115		95,939
Prologis LP,
Sr. Unsec’d. Notes		1.750		02/01/31		100		83,076
Sr. Unsec’d. Notes		5.250		03/15/54		35		33,851
SITE Centers Corp.,
Sr. Unsec’d. Notes		3.625		02/01/25		306		302,730
Sun Communities Operating LP,
Gtd. Notes		2.300		11/01/28		85		76,023
Gtd. Notes		5.500		01/15/29		25		25,373
VICI Properties LP,
Sr. Unsec’d. Notes		4.750		02/15/28		110		108,921
Welltower OP LLC,
Gtd. Notes		2.800		06/01/31		100		87,493
WP Carey, Inc.,
Sr. Unsec’d. Notes		2.250		04/01/33		65		51,843


								1,842,174

Retail 0.8%

Alimentation Couche-Tard, Inc. (Canada),
Gtd. Notes, 144A		3.625		05/13/51		60		44,197
Gtd. Notes, 144A		5.267		02/12/34		10		10,070
AutoNation, Inc.,
Sr. Unsec’d. Notes		4.750		06/01/30		100		97,818
Home Depot, Inc. (The),
Sr. Unsec’d. Notes		4.950		06/25/34		45		45,430


								197,515

Semiconductors 1.5%

Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		303		267,830

See Notes to Financial Statements.

PGIM Corporate Bond Fund 85

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Semiconductors (cont’d.)

Intel Corp.,
Sr. Unsec’d. Notes		5.600%		02/21/54		60	$	59,606
Sr. Unsec’d. Notes		5.700		02/10/53		31		31,259


								358,695

Shipbuilding 0.4%

Huntington Ingalls Industries, Inc.,
Gtd. Notes
		3.483		12/01/27		100		95,518

Software 0.8%

Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		3.100		03/01/41		35		25,773
Oracle Corp.,
Sr. Unsec’d. Notes		3.600		04/01/50		90		64,585
Sr. Unsec’d. Notes		3.900		05/15/35		45		40,003
Sr. Unsec’d. Notes		4.000		07/15/46		60		47,205
Sr. Unsec’d. Notes		6.900		11/09/52		20		22,911


								200,477

Telecommunications 3.9%

AT&T, Inc.,
Sr. Unsec’d. Notes		3.500		06/01/41		240		188,834
Sr. Unsec’d. Notes		3.800		12/01/57		105		75,487
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes		2.750		05/24/31		150		130,544
Rogers Communications, Inc. (Canada),
Gtd. Notes		5.300		02/15/34		50		50,106
T-Mobile USA, Inc.,
Gtd. Notes		2.050		02/15/28		110		100,315
Gtd. Notes		3.875		04/15/30		210		200,290
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.355		03/15/32		80		66,930
Sr. Unsec’d. Notes		2.650		11/20/40		175		123,605


								936,111

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Trucking & Leasing 0.5%

Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A		1.700%		06/15/26		90	$	84,496
Sr. Unsec’d. Notes, 144A		5.250		07/01/29		30		30,350


								114,846


TOTAL CORPORATE BONDS (cost $23,310,346)								21,409,793


MUNICIPAL BONDS 0.4%

California 0.2%

Regents of the University of California Medical Center Pooled Revenue,
Taxable, Revenue Bonds, Series Q		4.563		05/15/53		60		54,565

Michigan 0.2%

University of Michigan,
Taxable, Revenue Bonds, Series A		4.454		04/01/2122		60		51,239


TOTAL MUNICIPAL BONDS (cost $113,439)								105,804


TOTAL LONG-TERM INVESTMENTS (cost $25,286,818)								23,301,205


					Shares

SHORT-TERM INVESTMENT 0.5%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.561%) (cost $114,686)(wb)						114,686		114,686


TOTAL INVESTMENTS 98.1% (cost $25,401,504)								23,415,891
Other assets in excess of liabilities(z) 1.9%								461,248


NET ASSETS 100.0%							$	23,877,139

See Notes to Financial Statements.

PGIM Corporate Bond Fund 87

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

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

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

(cc)

(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.

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

(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, 2024:


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Positions:
4	2 Year U.S. Treasury Notes		Sep. 2024	$	821,469	$	5,394
1	5 Year U.S. Treasury Notes		Sep. 2024		107,891		2,046
9	10 Year U.S. Ultra Treasury Notes		Sep. 2024		1,040,203		21,572
1	20 Year U.S. Treasury Bonds		Sep. 2024		120,781		3,850
4	30 Year U.S. Ultra Treasury Bonds		Sep. 2024		511,875		17,616

							50,478

Short Position:
13	10 Year U.S. Treasury Notes		Sep. 2024		1,453,563		(28,604	)

						$	21,874

Interest rate swap agreements outstanding at July 31, 2024:


Notional Amount (000)#		Termination Date		Fixed Rate		Floating Rate	Value at Trade Date			Value at July 31, 2024			Unrealized Appreciation (Depreciation)

	Centrally Cleared Interest Rate Swap Agreements:
	340		05/13/27		4.497%(A)	1 Day SOFR(2)(A)/ 5.380%	$	118		$	3,973		$	3,855
	210		05/13/29		4.253%(A)	1 Day SOFR(1)(A)/ 5.380%		(223	)		(4,205	)		(3,982	)

							$	(105	)	$	(232	)	$	(127	)

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

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Interest rate swap agreements outstanding at July 31, 2024 (continued):

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


Broker	Cash and/or Foreign Currency			Securities Market Value

CGM		$	350,000		$	—

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.

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, 2024 in valuing such portfolio securities:


	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Commercial Mortgage-Backed Securities	$	—		$	1,785,608		$—
Corporate Bonds		—			21,409,793		—
Municipal Bonds		—			105,804		—
Short-Term Investment
Affiliated Mutual Fund		114,686			—		—


Total	$	114,686		$	23,301,205		$—


Other Financial Instruments*
Assets
Futures Contracts	$	50,478		$	—		$—
Centrally Cleared Interest Rate Swap Agreement		—			3,855		—


Total	$	50,478		$	3,855		$—


Liabilities
Futures Contracts	$	(28,604	)	$	—		$—
Centrally Cleared Interest Rate Swap Agreement		—			(3,982	)	—


Total	$	(28,604	)	$	(3,982	)	$—

See Notes to Financial Statements.

PGIM Corporate Bond Fund 89

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

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 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, 2024 were as follows:


Banks	23.4	%
Electric	9.4
Pipelines	8.1
Real Estate Investment Trusts (REITs)	7.7
Commercial Mortgage-Backed Securities	7.5
Telecommunications	3.9
Healthcare-Services	2.9
Oil & Gas	2.7
Agriculture	2.6
Insurance	2.5
Auto Manufacturers	2.3
Media	1.9
Pharmaceuticals	1.9
Mining	1.7
Commercial Services	1.6
Semiconductors	1.5
Diversified Financial Services	1.3
Beverages	1.3
Chemicals	1.2
Packaging & Containers	1.2
Foods	1.2
Aerospace & Defense	0.9
Software	0.8
Retail	0.8


Real Estate	0.8	%
Engineering & Construction	0.7
Office/Business Equipment	0.6
Airlines	0.6
Entertainment	0.6
Trucking & Leasing	0.5
Affiliated Mutual Fund	0.5
Municipal Bonds	0.4
Biotechnology	0.4
Housewares	0.4
Electronics	0.4
Shipbuilding	0.4
Distribution/Wholesale	0.3
Machinery-Diversified	0.3
Miscellaneous Manufacturing	0.3
Computers	0.3
Gas	0.2
Hand/Machine Tools	0.1


	98.1
Other assets in excess of liabilities	1.9


	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 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, 2024 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

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

50,478

Due from/to
broker-variation margin
futures

28,604

Interest rate contracts

Due from/to broker-variation
margin swaps

3,855

Due from/to
broker-variation margin
swaps

3,982

54,333

32,586

*	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, 2024 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			Swaps

Interest rate contracts	$	(51,197	)	$	666


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income

Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Swaps

Interest rate contracts	$	50,880	$	(127	)

For the year ended July 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*


Futures Contracts - Long Positions (1)		$1,804,005

Futures Contracts - Short Positions (1)		964,041

Interest Rate Swap Agreements (1)		110,000

*	Average volume is based on average quarter end balances for the year ended July 31, 2024.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Corporate Bond Fund 91

PGIM Corporate Bond Fund

Statement of Assets & Liabilities

as of July 31, 2024



Assets

Investments at value:
Unaffiliated investments (cost $25,286,818)	$	23,301,205
Affiliated investments (cost $114,686)		114,686
Deposit with broker for centrally cleared/exchange-traded derivatives		350,000
Dividends and interest receivable		236,182
Receivable for Fund shares sold		19,672
Due from Manager		17,407
Due from broker—variation margin futures		3,859
Prepaid expenses		73


Total Assets		24,043,084


Liabilities

Audit fee payable		42,400
Payable for Fund shares purchased		33,928
Dividends payable		30,664
Payable for investments purchased		25,000
Shareholders’ reports payable		11,627
Custodian and accounting fee payable		7,728
Accrued expenses and other liabilities		7,630
Professional fees payable		3,733
Distribution fee payable		1,538
Affiliated transfer agent fee payable		835
Trustees’ fees payable		827
Due to broker—variation margin swaps		35


Total Liabilities		165,945


Net Assets	$	23,877,139




Net assets were comprised of:
Shares of beneficial interest, at par	$	2,389
Paid-in capital in excess of par		28,802,049
Total distributable earnings (loss)		(4,927,299	)


Net assets, July 31, 2024	$	23,877,139

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2024


Class A
Net asset value and redemption price per share, ($4,551,262 ÷ 454,453 shares of beneficial interest issued and outstanding)	$	10.01
Maximum sales charge (3.25% of offering price)		0.34

Maximum offering price to public	$	10.35

Class C
Net asset value, offering price and redemption price per share, ($681,644 ÷ 68,232 shares of beneficial interest issued and outstanding)	$	9.99

Class R
Net asset value, offering price and redemption price per share, ($12,008 ÷ 1,202 shares of beneficial interest issued and outstanding)	$	9.99

Class Z
Net asset value, offering price and redemption price per share, ($9,573,546 ÷ 958,062 shares of beneficial interest issued and outstanding)	$	9.99

Class R6
Net asset value, offering price and redemption price per share, ($9,058,679 ÷ 906,870 shares of beneficial interest issued and outstanding)	$	9.99

See Notes to Financial Statements.

PGIM Corporate Bond Fund 93

PGIM Corporate Bond Fund

Statement of Operations

Year Ended July 31, 2024


Net Investment Income (Loss)
Income
Interest income	$	998,161
Affiliated dividend income		9,986

Total income		1,008,147


Expenses
Management fee		108,951
Distribution fee(a)		18,698
Registration fees(a)		43,174
Audit fee		42,400
Professional fees		40,934
Custodian and accounting fees		32,540
Shareholders’ reports		26,287
Transfer agent’s fees and expenses (including affiliated expense of $ 5,214)(a)		18,859
Fund data services		17,826
Trustees’ fees		10,000
Miscellaneous		11,485

Total expenses		371,154
Less: Fee waiver and/or expense reimbursement(a)		(216,923	)
Distribution fee waiver(a)		(29	)

Net expenses		154,202

Net investment income (loss)		853,945

Realized And Unrealized Gain (Loss) On Investment Transactions

Net realized gain (loss) on:
Investment transactions		(661,422	)
Futures transactions		(51,197	)
Swap agreement transactions		666

		(711,953	)

Net change in unrealized appreciation (depreciation) on:
Investments		1,439,409
Futures		50,880
Swap agreements		(127	)

		1,490,162

Net gain (loss) on investment transactions		778,209

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,632,154

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Statement of Operations (continued)

Year Ended July 31, 2024

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


	Class A			Class C			Class R			Class Z			Class R6
Distribution fee		11,610			7,002			86			—			—
Registration fees		10,731			6,792			5,542			13,617			6,492
Transfer agent’s fees and expenses		6,102			1,185			45			11,309			218
Fee waiver and/or expense reimbursement		(46,554	)		(12,458	)		(5,657	)		(89,406	)		(62,848	)
Distribution fee waiver		—			—			(29	)		—			—

See Notes to Financial Statements.

PGIM Corporate Bond Fund 95

PGIM Corporate Bond Fund

Statements of Changes in Net Assets



	Year Ended July 31,


	2024			2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	853,945		$	932,568
Net realized gain (loss) on investment transactions		(711,953	)		(1,671,423	)
Net change in unrealized appreciation (depreciation) on investments		1,490,162			180,865


Net increase (decrease) in net assets resulting from operations		1,632,154			(557,990	)


Dividends and Distributions
Distributions from distributable earnings
Class A		(167,622	)		(236,373	)
Class C		(19,996	)		(24,332	)
Class R		(383	)		(365	)
Class Z		(389,470	)		(428,432	)
Class R6		(338,026	)		(384,705	)

		(915,497	)		(1,074,207	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold		2,640,628			4,594,297
Net asset value of shares issued in reinvestment of dividends and distributions		710,943			1,066,194
Cost of shares purchased		(5,822,098	)		(14,051,216	)

Net increase (decrease) in net assets from Fund share transactions		(2,470,527	)		(8,390,725	)

Total increase (decrease)		(1,753,870	)		(10,022,922	)

Net Assets:

Beginning of year		25,631,009			35,653,931

End of year	$	23,877,139		$	25,631,009

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Financial Highlights



Class A Shares
	Year Ended July 31,

	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$9.72			$10.18			$12.33			$12.34			$11.48
Income (loss) from investment operations:
Net investment income (loss)		0.33			0.30			0.26			0.26			0.31
Net realized and unrealized gain (loss) on investment transactions		0.31			(0.41	)		(1.88)			0.03			0.89
Total from investment operations		0.64			(0.11	)		(1.62	)		0.29			1.20
Less Dividends and Distributions:
Dividends from net investment income		(0.35	)		(0.35	)		(0.30	)		(0.30	)		(0.34	)
Distributions from net realized gains		-			-			(0.23	)		-			-
Total dividends and distributions		(0.35	)		(0.35	)		(0.53	)		(0.30	)		(0.34	)
Net asset value, end of year		$10.01			$9.72			$10.18			$12.33			$12.34
Total Return^(b):		6.75	%		(1.05	)%		(13.55	)%		2.42	%		10.59	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$4,551			$5,077			$7,622			$6,980			$5,021
Average net assets (000)		$4,644			$6,618			$7,559			$6,654			$3,260
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.81	%^(d)		0.80	%		0.80	%		0.80	%		0.80	%
Expenses before waivers and/or expense reimbursement		1.81	%		1.56	%		1.38	%		1.37	%		1.89	%
Net investment income (loss)		3.36	%		3.07	%		2.32	%		2.17	%		2.66	%
Portfolio turnover rate^(e)		17	%		19	%		26	%		61	%		50	%

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

(b)

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

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 97

PGIM Corporate Bond Fund

Financial Highlights (continued)



Class C Shares
	Year Ended July 31,

	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$9.69			$10.15			$12.30			$12.31			$11.45
Income (loss) from investment operations:
Net investment income (loss)		0.25	^(b)		0.22			0.17			0.17			0.23
Net realized and unrealized gain (loss) on investment transactions		0.33	^(c)		(0.41	)		(1.88)			0.03			0.88
Total from investment operations		0.58			(0.19	)		(1.71	)		0.20			1.11
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.27	)		(0.21	)		(0.21	)		(0.25	)
Distributions from net realized gains		-			-			(0.23	)		-			-
Total dividends and distributions		(0.28	)		(0.27	)		(0.44	)		(0.21	)		(0.25	)
Net asset value, end of year		$9.99			$9.69			$10.15			$12.30			$12.31
Total Return^(d):		6.08	%		(1.80	)%		(14.23	)%		1.66	%		9.79	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$682			$681			$945			$1,667			$1,783
Average net assets (000)		$700			$865			$1,265			$1,741			$1,627
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.56	%^(f)		1.55	%		1.55	%		1.55	%		1.55	%
Expenses before waivers and/or expense reimbursement		3.34	%		2.94	%		2.82	%		2.45	%		3.03	%
Net investment income (loss)		2.60	%		2.32	%		1.51	%		1.43	%		1.92	%
Portfolio turnover rate^(g)		17	%		19	%		26	%		61	%		50	%

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

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)

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

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund

Financial Highlights (continued)



Class R Shares
	Year Ended July 31,

	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$9.69			$10.15			$12.30			$12.31			$11.45
Income (loss) from investment operations:
Net investment income (loss)		0.30	^(b)		0.27			0.23			0.23			0.29
Net realized and unrealized gain (loss) on investment transactions		0.32	^(c)		(0.41	)		(1.88)			0.03			0.87
Total from investment operations		0.62			(0.14	)		(1.65	)		0.26			1.16
Less Dividends and Distributions:
Dividends from net investment income		(0.32	)		(0.32	)		(0.27	)		(0.27	)		(0.30	)
Distributions from net realized gains		-			-			(0.23	)		-			-
Total dividends and distributions		(0.32	)		(0.32	)		(0.50	)		(0.27	)		(0.30	)
Net asset value, end of year		$9.99			$9.69			$10.15			$12.30			$12.31
Total Return^(d):		6.60	%		(1.31	)%		(13.80	)%		2.17	%		10.34	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$12			$11			$11			$13			$13
Average net assets (000)		$11			$11			$12			$13			$19
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.06	%^(f)		1.05	%		1.05	%		1.05	%		1.05	%
Expenses before waivers and/or expense reimbursement		50.80	%		46.23	%		45.50	%		67.05	%		81.14	%
Net investment income (loss)		3.10	%		2.82	%		2.04	%		1.93	%		2.45	%
Portfolio turnover rate^(g)		17	%		19	%		26	%		61	%		50	%

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

(b)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(c)	The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d)	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.

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

(f)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 99

PGIM Corporate Bond Fund

Financial Highlights (continued)



Class Z Shares
	Year Ended July 31,

	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$9.69			$10.16			$12.30			$12.31			$11.45
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.32			0.28			0.29			0.34
Net realized and unrealized gain (loss) on investment transactions		0.32			(0.42	)		(1.87)			0.03			0.88
Total from investment operations		0.67			(0.10	)		(1.59	)		0.32			1.22
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.37	)		(0.32	)		(0.33	)		(0.36	)
Distributions from net realized gains		-			-			(0.23	)		-			-
Total dividends and distributions		(0.37	)		(0.37	)		(0.55	)		(0.33	)		(0.36	)
Net asset value, end of year		$9.99			$9.69			$10.16			$12.30			$12.31
Total Return^(b):		7.14	%		(0.91	)%		(13.29	)%		2.68	%		10.89	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$9,574			$11,184			$14,150			$18,965			$26,655
Average net assets (000)		$10,091			$11,280			$16,421			$24,059			$21,000
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.56	%^(d)		0.55	%		0.55	%		0.55	%		0.55	%
Expenses before waivers and/or expense reimbursement		1.45	%		1.31	%		1.02	%		1.02	%		1.18	%
Net investment income (loss)		3.61	%		3.32	%		2.50	%		2.43	%		2.91	%
Portfolio turnover rate^(e)		17	%		19	%		26	%		61	%		50	%

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

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

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

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the year ended July 31, 2024.

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

See Notes to Financial Statements.

100

PGIM Corporate Bond Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2024			2023			2022			2021			2020
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$9.69			$10.15			$12.30			$12.31			$11.45
Income (loss) from investment operations:
Net investment income (loss)		0.35			0.32			0.28			0.29			0.34
Net realized and unrealized gain (loss) on investment transactions		0.32			(0.41	)		(1.88)			0.03			0.88
Total from investment operations		0.67			(0.09	)		(1.60	)		0.32			1.22
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.37	)		(0.32	)		(0.33	)		(0.36	)
Distributions from net realized gains		-			-			(0.23	)		-			-
Total dividends and distributions		(0.37	)		(0.37	)		(0.55	)		(0.33	)		(0.36	)
Net asset value, end of year		$9.99			$9.69			$10.15			$12.30			$12.31
Total Return^(b):		7.14	%		(0.81	)%		(13.37	)%		2.68	%		10.89	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$9,059			$8,678			$12,925			$15,567			$9,730
Average net assets (000)		$8,765			$10,103			$14,287			$10,732			$9,091
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.56	%^(d)		0.55	%		0.55	%		0.55	%		0.55	%
Expenses before waivers and/or expense reimbursement		1.28	%		1.13	%		0.90	%		0.91	%		1.17	%
Net investment income (loss)		3.60	%		3.31	%		2.53	%		2.42	%		2.93	%
Portfolio turnover rate^(e)		17	%		19	%		26	%		61	%		50	%

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

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

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

(d)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the year ended July 31, 2024.

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

See Notes to Financial Statements.

PGIM Corporate Bond Fund 101

Notes to Financial Statements

1.	Organization

The Target Portfolio Trust (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate to the following series of the RIC: PGIM Core Bond Fund and PGIM Corporate Bond Fund (each, a “Fund” and collectively, the “Funds”). The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:



Fund				Investment Objective(s)
PGIM Core Bond Fund				Total return
(“Core Bond”)
PGIM Corporate Bond Fund (“Corporate Bond”)				High current income consistent with the preservation of principal

2.	Accounting Policies

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

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

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received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

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

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

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Notes to Financial Statements (continued)

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

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

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

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

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

Options: The Funds may purchase and/or write 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 Funds currently own or intend to purchase. The Funds may also use options to gain additional market exposure. The Funds’ principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Funds purchase an option, they pay a premium and an amount equal to that premium is recorded as an asset. When the Funds write an option, they receive 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 Funds realize 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 Funds have 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 Funds, 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 Funds bear the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Funds, as purchaser of an OTC option, bear 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 Funds since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Funds write an option on a swap, an amount equal to any premium received by the Funds 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 Funds become 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 Funds become 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

105

Notes to Financial Statements (continued)

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

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

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Funds are subject to interest rate risk

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exposure in the normal course of pursuing their investment objective. The Funds used interest rate swaps to maintain their ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Funds’ maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

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

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

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

The maximum amount of the payment that the Funds, 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 Funds entered into for the same referenced entity or index. As a buyer of protection, the Funds generally receive 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 Funds are 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

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Notes to Financial Statements (continued)

particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

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

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

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

Master Netting Arrangements: The RIC, on behalf of each Fund, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of each Fund. A master netting arrangement between each Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts

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to be received and by the receipt of collateral from the counterparty by each Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of each Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to each Fund is held in a segregated account by 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 each 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 each 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.

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Notes to Financial Statements (continued)

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 Funds may purchase or sell securities on a when-issued or delayed-delivery and forward commitment basis, including TBA securities. These transactions involve a commitment by the Funds 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 Funds 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 Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Funds 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 Funds forfeit their eligibility to realize future gains (losses) with respect to the security.

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

The Funds recognize income, net of any rebate and securities lending agent fees, for lending their securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Funds also continue to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the

110

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 Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

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

Taxes: It is the Funds’ 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.

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Notes to Financial Statements (continued)

dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Monthly

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

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

3.	Agreements

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

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

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended July 31, 2024, the contractual and effective management fee rates were as follows:


Fund	Management Fee	Effective Management Fee, before any waiver and/or expense reimbursements

Core Bond	0.32% of average daily net assets up to $10 billion; 0.31% of average daily net assets over $10 billion.	0.32%

Corporate Bond	0.45% of average daily net assets up to and including $5 billion; 0.425% of average daily net assets exceeding $5 billion.	0.45

The Manager has contractually agreed, through November 30, 2025, to limit total annual operating expenses, after fee waivers and/or expense reimbursements. This contractual

112

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.


Fund	Class Expense Limitation

Core Bond - Class A		0.70	%

Core Bond - Class C		1.45

Core Bond - Class R		0.95

Core Bond - Class Z		0.33

Core Bond - Class R6		0.32

Corporate Bond - Class A		0.80

Corporate Bond - Class C		1.55

Corporate Bond - Class R		1.05

Corporate Bond - Class Z		0.55

Corporate Bond - Class R6		0.55

The RIC, on behalf of each Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class R, Class Z and Class R6 shares of the Fund. Each 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, each Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through November 30, 2025 to limit such fees on certain classes based on daily net assets. The distribution fees are accrued daily and payable monthly.

The Funds’ annual gross and net distribution rates, where applicable, are as follows:


Fund	Gross Distribution Fee			Net Distribution Fee

Core Bond - Class A		0.25	%		0.25	%

Core Bond - Class C		1.00			1.00

Core Bond - Class R		0.75			0.50

Core Bond - Class Z		N/A			N/A

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Notes to Financial Statements (continued)


Fund	Gross Distribution Fee	Net Distribution Fee

Core Bond - Class R6	N/A%	N/A%

Corporate Bond - Class A	0.25	0.25

Corporate Bond - Class C	1.00	1.00

Corporate Bond - Class R	0.75	0.50

Corporate Bond - Class Z	N/A	N/A
Corporate Bond - Class R6	N/A	N/A

For the year ended July 31, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:


Fund	FESL		CDSC

Core Bond - Class A		$228,716		$2,908
Core Bond - Class C		—		367

Corporate Bond - Class A		4,373		—
Corporate Bond - Class C		—		—

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

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the “Core Government Fund”), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”). The Core Fund and the Money Market Fund are 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 “Affiliated income from securities lending, net”, respectively.

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The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended July 31, 2024, no Rule 17a-7 transactions were entered into by the Funds.

5. Portfolio Securities


Fund	Cost of Purchases		Proceeds from Sales

Core Bond		$2,378,868,520		$2,067,611,985
Corporate Bond		3,899,478		6,540,151

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the year ended July 31, 2024, is presented as follows:

Core Bond :


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

	Long-Term Investments - Affiliated Exchange-Traded Fund^(wa):

	PGIM AAA CLO ETF
	$—		$	9,018,747		$	—		$	33,918			$	—			$	9,052,665		177,000		$	27,095

	Short-Term Investments - Affiliated Mutual Funds:

	PGIM Core Government Money Market Fund (7-day effective yield 5.561%)^(1)(wa)

	66,476,191			577,330,207			583,996,220			—				—				59,810,178		59,810,178			2,906,197

	PGIM Institutional Money Market Fund (7-day effective yield 5.606%)^(1)(b)(wa)
	12,756,348			148,453,170			147,133,102			(564	)			(1,544	)			14,074,308		14,082,758			30,689	⁽²⁾
	$79,232,539		$	725,783,377		$	731,129,322		$	(564	)		$	(1,544	)		$	73,884,486				$	2,936,886
	$79,232,539		$	734,802,124		$	731,129,322		$	33,354			$	(1,544	)		$	82,937,151				$	2,963,981

115

Notes to Financial Statements (continued)

Corporate Bond:


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 Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.561%)^(1)(wb)
$90,430	$5,447,678	$5,423,422	$—	$—	$114,686	114,686	$9,986

(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)	Represents investments in Funds affiliated with the Manager.

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

6.	Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the year ended July 31, 2024, the adjustments were as follows:


Fund	Total Distributable Earnings (Loss)				Paid-in Capital in Excess of Par
Core Bond (a)		$	(117,644	)		$	117,644
Corporate Bond			—				—

(a)	Prior year post financial statement adjustments.

For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Fund	Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
Core Bond	$75,799,532	$—	$—		$75,799,532
Corporate Bond	915,497	—	—		915,497

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For the year ended July 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Fund	Ordinary Income	Long-Term Capital Gains	Tax Return of Capital	Total Dividends and Distributions
Core Bond	$53,162,816	$—	$117,644		$53,280,460
Corporate Bond	1,074,207	—	—		1,074,207

For the year ended July 31, 2024, the Funds had the following amounts of accumulated undistributed earnings on a tax basis:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
Core Bond		$1,709,792		$—
Corporate Bond		58,899		—

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation/(depreciation) as of July 31, 2024 were as follows:


Fund	Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net Unrealized Depreciation
Core Bond	$2,147,080,795	$23,249,227	$(132,882,712)	$(109,633,485)
Corporate Bond	25,754,031	149,027	(2,465,419)	(2,316,392)

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.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2024 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.


Fund	Capital Loss Carryforward		Capital Loss Carryforward Utilized
Core Bond		$118,508,000		$—
Corporate Bond		2,639,000		—

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2024 are subject to such review.

7.	Capital and Ownership

The Funds offer 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

117

Notes to Financial Statements (continued)

more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (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 each Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

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

As of July 31, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:



Fund	Number of Shares		Percentage of Outstanding Shares
Core Bond –Class R		1,260		52.5%
Core Bond –Class Z		43,987		0.1
Corporate Bond–Class R		1,202		100.0
Corporate Bond–Class Z		17,877		1.9
Corporate Bond–Class R6		900,323		99.3

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



Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
Core Bond		—		—	%
Corporate Bond		1		37.6
Unaffiliated:
Core Bond		4		80.5
Corporate Bond		2		39.4

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Transactions in shares of beneficial interest were as follows:

Core Bond :



Share Class	Shares			Amount

Class A

Year ended July 31, 2024:

Shares sold		6,388,354		$	54,750,016

Shares issued in reinvestment of dividends and distributions		722,105			6,181,768

Shares purchased		(5,148,016	)		(43,944,435	)

Net increase (decrease) in shares outstanding before conversion		1,962,443			16,987,349

Shares issued upon conversion from other share class(es)		192,308			1,647,689

Shares purchased upon conversion into other share class(es)		(207,610	)		(1,776,332	)

Net increase (decrease) in shares outstanding		1,947,141		$	16,858,706

Year ended July 31, 2023:

Shares sold		4,454,426		$	38,877,990

Shares issued in reinvestment of dividends and distributions		543,967			4,719,467

Shares purchased		(4,751,908	)		(41,265,671	)

Net increase (decrease) in shares outstanding before conversion		246,485			2,331,786

Shares issued upon conversion from other share class(es)		237,188			2,064,917

Shares purchased upon conversion into other share class(es)		(303,211	)		(2,641,748	)

Net increase (decrease) in shares outstanding		180,462		$	1,754,955

Class C

Year ended July 31, 2024:

Shares sold		292,857		$	2,509,304

Shares issued in reinvestment of dividends and distributions		23,369			200,144

Shares purchased		(293,768	)		(2,516,548	)

Net increase (decrease) in shares outstanding before conversion		22,458			192,900

Shares purchased upon conversion into other share class(es)		(55,306	)		(473,308	)

Net increase (decrease) in shares outstanding		(32,848	)	$	(280,408	)

Year ended July 31, 2023:

Shares sold		365,621		$	3,188,839

Shares issued in reinvestment of dividends and distributions		17,022			147,786

Shares purchased		(230,949	)		(2,003,937	)

Net increase (decrease) in shares outstanding before conversion		151,694			1,332,688

Shares purchased upon conversion into other share class(es)		(83,439	)		(724,384	)

Net increase (decrease) in shares outstanding		68,255		$	608,304

Class R

Year ended July 31, 2024:

Shares sold		195		$	1,679

Shares issued in reinvestment of dividends and distributions		85			731

Shares purchased		(2	)		(18	)

Net increase (decrease) in shares outstanding		278		$	2,392

119

Notes to Financial Statements (continued)

Core Bond (cont’d.):



Share Class	Shares			Amount

Year ended July 31, 2023:

Shares sold		155		$	1,344

Shares issued in reinvestment of dividends and distributions		60			524

Shares purchased		(2	)		(15	)

Net increase (decrease) in shares outstanding		213		$	1,853

Class Z

Year ended July 31, 2024:

Shares sold		27,501,670		$	233,482,297

Shares issued in reinvestment of dividends and distributions		2,072,843			17,745,140

Shares purchased		(26,134,941	)		(222,179,026	)

Net increase (decrease) in shares outstanding before conversion		3,439,572			29,048,411

Shares issued upon conversion from other share class(es)		174,814			1,496,182

Shares purchased upon conversion into other share class(es)		(172,078	)		(1,471,350	)

Net increase (decrease) in shares outstanding		3,442,308		$	29,073,243

Year ended July 31, 2023:

Shares sold		33,451,668		$	290,003,200

Shares issued in reinvestment of dividends and distributions		1,317,293			11,434,447

Shares purchased		(23,744,306	)		(206,503,055	)

Net increase (decrease) in shares outstanding before conversion		11,024,655			94,934,592

Shares issued upon conversion from other share class(es)		457,223			3,999,408

Shares purchased upon conversion into other share class(es)		(980,541	)		(8,482,654	)

Net increase (decrease) in shares outstanding		10,501,337		$	90,451,346

Class R6

Year ended July 31, 2024:

Shares sold		54,123,326		$	464,450,902

Shares issued in reinvestment of dividends and distributions		5,959,819			51,037,263

Shares purchased		(24,636,558	)		(210,396,179	)

Net increase (decrease) in shares outstanding before conversion		35,446,587			305,091,986

Shares issued upon conversion from other share class(es)		211,509			1,807,178

Shares purchased upon conversion into other share class(es)		(143,604	)		(1,230,059	)

Net increase (decrease) in shares outstanding		35,514,492		$	305,669,105

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Core Bond (cont’d.):



Share Class	Shares			Amount

Year ended July 31, 2023:

Shares sold		28,365,083		$	246,652,179

Shares issued in reinvestment of dividends and distributions		4,218,707			36,613,116

Shares purchased		(21,247,214	)		(184,971,823	)

Net increase (decrease) in shares outstanding before conversion		11,336,576			98,293,472

Shares issued upon conversion from other share class(es)		955,008			8,257,160

Shares purchased upon conversion into other share class(es)		(282,113	)		(2,472,699	)

Net increase (decrease) in shares outstanding		12,009,471		$	104,077,933

Corporate Bond:



Share Class	Shares			Amount

Class A

Year ended July 31, 2024:

Shares sold		60,676		$	583,092

Shares issued in reinvestment of dividends and distributions		16,703			162,271

Shares purchased		(148,996	)		(1,428,615	)

Net increase (decrease) in shares outstanding before conversion		(71,617	)		(683,252	)

Shares issued upon conversion from other share class(es)		6,307			61,527

Shares purchased upon conversion into other share class(es)		(2,746	)		(26,558	)

Net increase (decrease) in shares outstanding		(68,056	)	$	(648,283	)

Year ended July 31, 2023:

Shares sold		101,271		$	986,984

Shares issued in reinvestment of dividends and distributions		23,845			229,878

Shares purchased		(361,339	)		(3,484,124	)

Net increase (decrease) in shares outstanding before conversion		(236,223	)		(2,267,262	)

Shares issued upon conversion from other share class(es)		9,834			96,762

Net increase (decrease) in shares outstanding		(226,389	)	$	(2,170,500	)

Class C

Year ended July 31, 2024:

Shares sold		10,892		$	104,193

Shares issued in reinvestment of dividends and distributions		2,062			19,996

Shares purchased		(8,636	)		(83,497	)

Net increase (decrease) in shares outstanding before conversion		4,318			40,692

Shares purchased upon conversion into other share class(es)		(6,306	)		(61,332	)

Net increase (decrease) in shares outstanding		(1,988	)	$	(20,640	)

121

Notes to Financial Statements (continued)

Corporate Bond (cont’d.):



Share Class	Shares			Amount

Year ended July 31, 2023:

Shares sold		15,505		$	147,719

Shares issued in reinvestment of dividends and distributions		2,523			24,294

Shares purchased		(36,799	)		(355,230	)

Net increase (decrease) in shares outstanding before conversion		(18,771	)		(183,217	)

Shares purchased upon conversion into other share class(es)		(4,096	)		(39,925	)

Net increase (decrease) in shares outstanding		(22,867	)	$	(223,142	)

Class R

Year ended July 31, 2024:

Shares issued in reinvestment of dividends and distributions		40		$	383

Net increase (decrease) in shares outstanding		40		$	383

Year ended July 31, 2023:

Shares issued in reinvestment of dividends and distributions		38		$	365

Net increase (decrease) in shares outstanding		38		$	365

Class Z

Year ended July 31, 2024:

Shares sold		202,480		$	1,946,121

Shares issued in reinvestment of dividends and distributions		40,081			388,333

Shares purchased		(440,931	)		(4,269,968	)

Net increase (decrease) in shares outstanding before conversion		(198,370	)		(1,935,514	)

Shares issued upon conversion from other share class(es)		2,752			26,558

Shares purchased upon conversion into other share class(es)		(20	)		(195	)

Net increase (decrease) in shares outstanding		(195,638	)	$	(1,909,151	)

Year ended July 31, 2023:

Shares sold		324,339		$	3,155,681

Shares issued in reinvestment of dividends and distributions		44,355			426,971

Shares purchased		(602,494	)		(5,879,382	)

Net increase (decrease) in shares outstanding before conversion		(233,800	)		(2,296,730	)

Shares purchased upon conversion into other share class(es)		(5,761	)		(56,837	)

Net increase (decrease) in shares outstanding		(239,561	)	$	(2,353,567	)

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Corporate Bond (cont’d.):



Share Class	Shares			Amount

Class R6

Year ended July 31, 2024:

Shares sold		755		$	7,222

Shares issued in reinvestment of dividends and distributions		14,710			139,960

Shares purchased		(4,165	)		(40,018	)

Net increase (decrease) in shares outstanding		11,300		$	107,164

Year ended July 31, 2023:

Shares sold		30,691		$	303,913

Shares issued in reinvestment of dividends and distributions		40,052			384,686

Shares purchased		(448,301	)		(4,332,480	)

Net increase (decrease) in shares outstanding		(377,558	)	$	(3,643,881	)

8.	Borrowings

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


	Current SCA	Prior SCA
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

The Funds did not utilize the SCA during the year ended July 31, 2024.

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Notes to Financial Statements (continued)

9.	Risks of Investing in the Funds

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


Risks	Core Bond	Corporate Bond
Active Trading	X	–
Credit	X	X
Debt Obligations	X	X
Derivatives	X	X
Economic and Market Events	X	X
Emerging Markets	–	X
Foreign Securities	X	X
Increase in Expenses	X	X
Interest Rate	X	X
Junk Bonds	–	X
Large Shareholder and Large Scale Redemption	X	X
Liquidity	–	X
Management	X	X
Market Disruption and Geopolitical	X	X
Market	X	X
Mortgage-Backed and Asset-Backed Securities	X	X
U.S. Government and Agency Securities	X	X
Yankee Obligations	—	X

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.

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

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related

124

reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund. and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal

125

Notes to Financial Statements (continued)

system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. 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.

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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.

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

127

Notes to Financial Statements (continued)

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. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

Yankee Obligations Risk: Foreign markets, economies and political systems, particularly those in developing countries, may not be as stable as those in the US. In addition, Yankee Obligations may be less liquid than US debt obligations. Differences in foreign laws, accounting standards, public information, custody and settlement practices may result in less reliable information on foreign investments and involve more risk. Investments in emerging markets securities are subject to greater volatility and price declines.

128

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Core Bond Fund and PGIM Corporate Bond Fund (two of the funds constituting The Target Portfolio Trust, referred to hereafter as the “Funds”) as of July 31, 2024, the related statements of operations for the year ended July 31, 2024, the statements of changes in net assets for each of the two years in the period ended July 31, 2024, including the related notes, and the financial highlights for each of the four years in the period ended July 31, 2024 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Funds as of July 31, 2024, the results each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended July 31, 2024 and each of the financial highlights for each of the four years in the period ended July 31, 2024 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended July 31, 2020 and the financial highlights for the year ended July 31, 2020 (not presented herein, other than 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 Opinions

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

September 20, 2024

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

129

Other Information

Form N-CSR Item 8 - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

Form N-CSR Item 9 - Proxy Disclosures for Open-End Management Investment Companies- None.

Form N-CSR Item 10 - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies – Included as part of the financial statements filed under Item 7 of this Form.

Form N-CSR Item 11 - Statement Regarding Basis for Approval of Investment Advisory Contract.

Approval of Advisory Agreements

PGIM Core Bond Fund

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 five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”), the Fund’s subadvisory agreement with PGIM, Inc. (“PGIM”) on behalf of its PGIM Fixed Income unit, and PGIM Limited (“PGIML”). In considering the renewal of the agreements, the Board, including all the Independent Trustees, met on May 28 and June 4-6, 2024 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2025, 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

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

PGIM Core Bond Fund

Approval of Advisory Agreements (continued)

decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between the Fund and PGIM Investments, which serves as the Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIML and PGIM, through its PGIM Fixed Income unit, which serve as the Fund’s subadvisers pursuant to the terms of a subadvisory agreement with PGIM 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 Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the 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 accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as administrator for the Fund’s liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadviser and, 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 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, as well as PGIM Investments’ recommendation, based on its review of the subadviser, to renew the subadvisory agreement.

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

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

Costs of Services and Profits Realized by PGIM Investments

Economies of Scale

PGIM Core Bond Fund

Approval of Advisory Agreements (continued)

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.

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 mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider fees and expenses, were objectively

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


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

●	The Board noted that the Fund outperformed its benchmark index over the one- and five- year periods and underperformed its benchmark index over the other periods.

●	The Board also considered that a portfolio manager was added to the investment team in 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 0.70% 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, 2024.

●

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

Approval of Advisory Agreements

PGIM Corporate Bond Fund

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 five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent 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 May 28 and June 4-6, 2024 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2025, 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 subadvisers, 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

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

Visit our website at pgim.com/investments

any single factor which alone was responsible for the Board’s decision to approve an agreement with respect to the Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The 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, PGIML and PGIM, through its PGIM Fixed Income unit, which serve as the Fund’s subadvisers pursuant to the terms of a subadvisory agreement with PGIM 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 Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

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

Nature, Quality, and Extent of Services

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

PGIM Corporate Bond Fund

Approval of Advisory Agreements (continued)

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 and PGIML’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 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 of direct and indirect costs, and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments for the year ended December 31, 2023 exceeded the management fees received by PGIM Investments, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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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.

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 those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, 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

PGIM Corporate Bond Fund

Approval of Advisory Agreements (continued)

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).


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

●	The Board noted that the Fund outperformed its benchmark index over the one-year period and underperformed over the other periods.

●	The Board considered that the Fund outperformed its benchmark index over the last quarter of 2023, the first quarter of 2024 and over the one-, five-, and ten-year periods ended March 31, 2024.

●

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, 2024.

●

●	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.

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●	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

Item 12 –

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 –

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

Item 14 –

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 15 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 16 –

Controls and Procedures

(a)

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

(b)

There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17 –

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 –

Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 –

Exhibits

(a)(1)

Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(a)(2)

Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3)

Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.

(a)(3)(1)

Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2)

Change in the registrant’s independent public accountant – Not applicable.

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.

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, 2024

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, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		September 20, 2024

PGIM Quant Solutions Small-Cap Value Fund

Notes to Financial Statements

Other Information - Form N-CSR Items 8-11