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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n	\n
Investment Company Act file number:		811-07064
\n
Exact name of registrant as specified in charter:		The Target Portfolio Trust
\n
Address of principal executive offices:		655 Broad Street, 6 th Floor
\n
\n		Newark, New Jersey 07102
\n
Name and address of agent for service:		Andrew R. French
\n
\n		655 Broad Street, 6 th Floor
\n
\n		Newark, New Jersey 07102
\n
Registrant’s telephone number, including area code:		800-225-1852
\n
Date of fiscal year end:		7/31/2026
\n
Date of reporting period:		7/31/2026

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule

30e-1

under the Act (17 CFR 270.30e-1).

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class A:

TSVAX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

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

$129

1.06%

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

■

Small-cap stocks rebounded strongly after several years of lagging larger companies, as improving earnings, easing interest rate pressures,

and attractive valuations renewed investor interest in the small-cap space. U.S. small-cap stocks (as measured by the Russell 2000 Index)

gained more than 34%, outpacing the large-cap Russell 1000 Index’s nearly 19%

gain

. Among small-cap stocks, the Russell 2000 Value Index

surged by over 40%, significantly outpacing the Russell 2000 Growth Index’s gain of more than 28%.

■

The Fund’s

emphasis

on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell

2000 Value Index in seven of the 11 sectors.

■

The most substantial positive contributions came from

stock

selection across multiple industries in the financials, industrials, and real estate

sectors, as well as an underweight to homebuilders within the consumer discretionary sector.

■

The

most

significant detractors came from information technology and health care. Underweights to select AI-related semiconductor and

software companies weighed on results as AI infrastructure spending continued to support strong performance, while an underweight to

biotechnology detracted amid broad industry strength.

MF232EA

\n $\"$

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/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	35.01%	9.21%	9.11%
Class A without sales charges	42.87%	10.46%	9.73%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 2000 Value Index	40.53%	9.03%	10.31%
Russell 2000 Index	34.18%	7.11%	10.64%

*The Fund

compares

its performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$ 2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	A
NASDAQ	TSVAX
CUSIP	875921785

MF232EA

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class C:

TRACX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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)

\n\n\n\n\n\n\n\n

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

$377

3.14%

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

■

Small-cap stocks rebounded strongly after several years of lagging larger companies, as improving earnings, easing interest rate pressures,

and attractive valuations renewed investor interest in the small-cap space. U.S. small-cap stocks (as measured by the Russell 2000 Index)

gained more than 34%, outpacing the large-cap Russell 1000 Index’s nearly 19% gain. Among small-cap stocks, the Russell 2000 Value Index

surged by over 40%, significantly outpacing the Russell 2000 Growth Index’s gain of more than 28%.

■

The Fund’s emphasis on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell

2000 Value Index in seven of the 11 sectors.

■

The most substantial positive contributions came from stock selection across multiple industries in the financials, industrials, and real estate

sectors, as well as an underweight to homebuilders within the consumer discretionary sector.

■

The most significant detractors came from information technology and health care. Underweights to select AI-related semiconductor and

software companies weighed on results as AI infrastructure spending continued to support strong performance, while an underweight to

biotechnology detracted amid broad industry strength.

MF232EC

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	38.91%	8.77%	8.38%
Class C without sales charges	39.91%	8.77%	8.38%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 2000 Value Index	40.53%	9.03%	10.31%
Russell 2000 Index	34.18%	7.11%	10.64%

*The Fund compares its performance against

this b

road-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

For the year ended July 31, 2026, total annual Fund operating expenses for Class C shares, after waivers and/or expense reimbursement, increased from 2.76% in the year ended July 31, 2025 to 3.14% primarily due to a decrease in Fund's net assets.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	C
NASDAQ	TRACX
CUSIP	875921710

MF232EC

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class R:

TSVRX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

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

$155

1.28%

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

■

Small-cap stocks rebounded strongly after several years of lagging larger companies, as improving earnings, easing interest rate pressures,

and attractive valuations renewed investor interest in the small-cap space. U.S. small-cap stocks (as measured by the Russell 2000 Index)

gained more than 34%, outpacing the large-cap Russell 1000 Index’s nearly 19% gain. Among small-cap stocks, the Russell 2000 Value Index

surged by over 40%, significantly outpacing the Russell 2000 Growth Index’s gain of more than 28%.

■

The Fund’s emphasis on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell

2000 Value Index in seven of the 11 sectors.

■

The most substantial positive contributions came from stock selection across multiple industries in the financials, industrials, and real estate

sectors, as well as an underweight to homebuilders within the consumer discretionary sector.

■

The most significant detractors came from information technology and health care. Underweights to select AI-related semiconductor and

software companies weighed on results as AI infrastructure spending continued to support strong performance, while an underweight to

biotechnology detracted amid broad industry strength.

MF232ER

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class R	42.55%	10.24%	9.51%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 2000 Value Index	40.53%	9.03%	10.31%
Russell 2000 Index	34.18%	7.11%	10.64%

*The Fund compares i

performance against this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$ 2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R
NASDAQ	TSVRX
CUSIP	875921843

MF232ER

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class Z:

TASVX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

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

$97

0.80%

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

■

Small-cap stocks rebounded strongly after several years of lagging larger companies, as improving earnings, easing interest rate pressures,

and attractive valuations renewed investor interest in the small-cap space. U.S. small-cap stocks (as measured by the Russell 2000 Index)

gained more than 34%, outpacing the large-cap Russell 1000 Index’s nearly 19% gain. Among small-cap stocks, the Russell 2000 Value Index

surged by over 40%, significantly outpacing the Russell 2000 Growth Index’s gain of more than 28%.

■

The Fund’s emphasis on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell

2000 Value Index in seven of the 11 sectors.

■

The most substantial positive contributions came from stock selection across multiple industries in the financials, industrials, and real estate

sectors, as well as an underweight to homebuilders within the consumer discretionary sector.

■

The most significant detractors came from information technology and health care. Underweights to select AI-related semiconductor and

software companies weighed on results as AI infrastructure spending continued to support strong performance, while an underweight to

biotechnology detracted amid broad industry strength.

MF232EZ

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	43.29%	10.78%	10.09%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 2000 Value Index	40.53%	9.03%	10.31%
Russell 2000 Index	34.18%	7.11%	10.64%

*The Fund compares its performance

against

this broad-based index in response to regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	Z
NASDAQ	TASVX
CUSIP	875921306

MF232EZ

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class R2:

PSVDX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

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

$138

1.14%

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

■

Small-cap stocks rebounded strongly after several years of lagging larger companies, as improving earnings, easing interest rate pressures,

and attractive valuations renewed investor interest in the small-cap space. U.S. small-cap stocks (as measured by the Russell 2000 Index)

gained more than 34%, outpacing the large-cap Russell 1000 Index’s nearly 19% gain. Among small-cap stocks, the Russell 2000 Value Index

surged by over 40%, significantly outpacing the Russell 2000 Growth Index’s gain of more than 28%.

■

The Fund’s emphasis on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell

2000 Value Index in seven of the 11 sectors.

■

The most substantial positive contributions came from stock selection across multiple industries in the financials, industrials, and real estate

sectors, as well as an underweight to homebuilders within the consumer discretionary sector.

■

The most significant detractors came from information technology and health care. Underweights to select AI-related semiconductor and

software companies weighed on results as AI infrastructure spending continued to support strong performance, while an underweight to

biotechnology detracted amid broad industry strength.

MF232ER2

\n $\"$

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/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

\n\n

Cumulative Performance: December 28, 2017 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R2	42.72%	10.41%	8.04% (12/28/2017)
S&P 500 Index*	19.56%	12.86%	14.58%
Russell 2000 Value Index	40.53%	9.03%	9.03%
Russell 2000 Index	34.18%	7.11%	9.27%

*The

Fund

compares its performance against this broad-based index in response to regulatory requirements.

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.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$ 2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R2
NASDAQ	PSVDX
CUSIP	875921611

MF232ER2

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class R4:

PSVKX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

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

$108

0.89%

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

■

Small-cap stocks rebounded strongly after several years of lagging larger companies, as improving earnings, easing interest rate pressures, and attractive valuations renewed investor interest in the small-cap space. U.S. small-cap stocks (as measured by the Russell 2000 Index) gained more than 34%, outpacing the large-cap Russell 1000 Index’s nearly 19% gain. Among small-cap stocks, the Russell 2000 Value Index surged by over 40%, significantly outpacing the Russell 2000 Growth Index’s gain of more than 28%.

■

The Fund’s emphasis on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell 2000 Value Index in seven of the 11 sectors.

■

The most substantial positive contributions came from stock selection across multiple industries in the financials, industrials, and real estate sectors, as well as an underweight to homebuilders within the consumer discretionary sector.

■

The most significant detractors came from information technology and health care. Underweights to select AI-related semiconductor and software companies weighed on results as AI infrastructure spending continued to support strong performance, while an underweight to biotechnology detracted amid broad industry strength.

MF232ER4

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: December 28, 2017 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Since Inception (%)
Class R4	43.14%	10.68%	8.32% (12/28/2017)
S&P 500 Index*	19.56%	12.86%	14.58%
Russell 2000 Value Index	40.53%	9.03%	9.03%
Russell 2000 Index	34.18%	7.11%	9.27%

*The

Fund

compares its performance against this broad-based index in response to regulatory requirements.

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.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$ 2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R4
NASDAQ	PSVKX
CUSIP	875921595

MF232ER4

\n $\"$

PGIM Quant Solutions Small-Cap Value Fund

Class R6:

TSVQX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

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

$83

0.68%

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

■

The Fund’s emphasis on attractively valued companies with solid business prospects drove outperformance, as the Fund outpaced the Russell 2000 Value Index in seven of the 11 sectors.

■

MF232ER6

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class R6	43.45%	10.92%	10.20%
S&P 500 Index*	19.56%	12.86%	15.08%
Russell 2000 Value Index	40.53%	9.03%	10.31%
Russell 2000 Index	34.18%	7.11%	10.64%

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

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 434,459,777
Number of fund holdings	424
Total advisory fees paid for the year	$ 2,316,408
Portfolio turnover rate for the year	120%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Banks	17.4%
Oil, Gas & Consumable Fuels	4.9%
Machinery	4.2%
Insurance	3.8%
Software	3.7%
Biotechnology	3.6%
Hotel & Resort REITs	3.5%
Health Care Providers & Services	3.2%
Electronic Equipment, Instruments & Components	2.8%
Consumer Finance	2.7%
Chemicals	2.6%
Specialty Retail	2.5%
Pharmaceuticals	2.4%
Retail REITs	2.2%
Gas Utilities	2.1%
Professional Services	2.0%
Financial Services	2.0%
Commercial Services & Supplies	1.9%
Energy Equipment & Services	1.6%
Electric Utilities	1.6%
Real Estate Management & Development	1.4%
Textiles, Apparel & Luxury Goods	1.4%
Metals & Mining	1.3%
Semiconductors & Semiconductor Equipment	1.3%
Automobile Components	1.2%
Hotels, Restaurants & Leisure	1.2%
Electrical Equipment	1.2%
Health Care Equipment & Supplies	1.2%

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Industry Classification	% of Net Assets
Marine Transportation	1.2%
Building Products	1.1%
Diversified Consumer Services	1.1%
Communications Equipment	1.0%
Consumer Staples Distribution & Retail	1.0%
Interactive Media & Services	1.0%
Diversified REITs	1.0%
Passenger Airlines	0.9%
Aerospace & Defense	0.9%
Construction & Engineering	0.9%
Specialized REITs	0.8%
Life Sciences Tools & Services	0.7%
Multi-Utilities	0.7%
Household Products	0.6%
Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan)	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Household Durables	0.5%
Containers & Packaging	0.5%
Trading Companies & Distributors	0.5%
Others*	3.9%
	100.4%
Liabilities in excess of other assets	(0.4)%
	100.0%

\n\n\n

*	Consists of Industries that each make up less than 0.5% of the Fund's net assets

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Quant Solutions Small-Cap Value Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R6
NASDAQ	TSVQX
CUSIP	875921777

MF232ER6

\n $\"$

PGIM Core Bond Fund

Class A:

TPCAX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM Core Bond Fund—Class A

$65

0.64%

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

■

During the reporting period, fixed income credit spreads proved resilient and generally ended in historically tight ranges, supported by strong earnings despite heavy AI-related issuance and headline-driven volatility. Inflation moderated in the second half of 2025, allowing the U.S. Federal Reserve (“Fed”) to cut rates by 25 basis points in September, October, and December; however, inflation concerns resurfaced in the first half of 2026 amid the war with Iran and concerns about the impact of the closure of the Strait of Hormuz on oil supply. That stated, U.S. economic activity remained supported by AI-related investment, stronger-than expected consumption, and a labor market that showed signs of stabilization. Although more hawkish Fed communication led markets to reprice expectations toward a potential rate hike rather than a cut ahead of the July 2026 meeting, the Federal Open Market Committee (“FOMC”) held rates steady at a 3.50%–3.75% target range, and the long end of the U.S. Treasury curve steepened meaningfully as investors sought to reconcile inflation expectations with Fed policy.

■

The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Aggregate Bond Index (the “Index”) during the period: overweights to the AAA collateralized loan obligation (CLO), AAA non-agency commercial mortgage-backed securities (CMBS), mortgage-backed securities (MBS), asset-backed securities (ABS), U.S. high-yield corporates, and emerging-markets high yield sectors, along with an underweight to the U.S. investment-grade corporate sector; security selection in U.S. investment-grade corporates, ABS, non-agency MBS, and U.S. Treasuries; credit positioning in technology, media & entertainment, and midstream energy; and duration positioning.

■

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

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the 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

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class A with sales charges	-0.72%	-1.27%	0.91%
Class A without sales charges	2.62%	-0.61%	1.25%
Bloomberg US Aggregate Bond Index	2.71%	-0.40%	1.35%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 2,442,053,198
Number of fund holdings	1,323
Total advisory fees paid for the year	$ 5,823,221
Portfolio turnover rate for the year	117%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
AAA	36.3
AA	33.8
A	10.0
BBB	12.3
BB	1.5
B	0.4
NR	5.0
Cash/Cash Equivalents	0.7
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 (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	A
NASDAQ	TPCAX
CUSIP	875921769

MF226EA

\n $\"$

PGIM Core Bond Fund

Class C:

TPCCX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM Core Bond Fund—Class C

$146

1.45%

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

■

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

■

MF226EC

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class C with sales charges	0.70%	-1.41%	0.46%
Class C without sales charges	1.69%	-1.41%	0.46%
Bloomberg US Aggregate Bond Index	2.71%	-0.40%	1.35%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 2,442,053,198
Number of fund holdings	1,323
Total advisory fees paid for the year	$ 5,823,221
Portfolio turnover rate for the year	117%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
AAA	36.3
AA	33.8
A	10.0
BBB	12.3
BB	1.5
B	0.4
NR	5.0
Cash/Cash Equivalents	0.7
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	C
NASDAQ	TPCCX
CUSIP	875921751

MF226EC

\n $\"$

PGIM Core Bond Fund

Class R:

TPCRX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM Core Bond Fund—Class R

$96

0.95%

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

■

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

■

MF226ER

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class R	2.19%	-0.92%	0.95%
Bloomberg US Aggregate Bond Index	2.71%	-0.40%	1.35%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 2,442,053,198
Number of fund holdings	1,323
Total advisory fees paid for the year	$ 5,823,221
Portfolio turnover rate for the year	117%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
AAA	36.3
AA	33.8
A	10.0
BBB	12.3
BB	1.5
B	0.4
NR	5.0
Cash/Cash Equivalents	0.7
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R
NASDAQ	TPCRX
CUSIP	875921736

MF226ER

\n $\"$

PGIM Core Bond Fund

Class Z:

TAIBX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM Core Bond Fund—Class Z

$33

0.33%

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

■

During the reporting period, fixed income credit spreads proved resilient and generally ended in historically tight ranges, supported by strong earnings despite heavy AI-related issuance and headline-driven volatility. Inflation moderated in the second half of 2025, allowing the U.S. Federal Reserve (“Fed”) to cut rates by 25 basis points in September, October, and December; however, inflation concerns resurfaced in the first half of 2026 given new rounds of tariffs and upward pressure on energy costs due to elevated geopolitical tensions in the Middle East. That stated, U.S. economic activity remained supported by AI-related investment, stronger-than expected consumption, and a labor market that showed signs of stabilization. Although more hawkish Fed communication led markets to reprice expectations toward a potential rate hike rather than a cut ahead of the July 2026 meeting, the Federal Open Market Committee (“FOMC”) held rates steady at a 3.50%–3.75% target range, and the long end of the U.S. Treasury curve steepened meaningfully.

■

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

■

MF226EZ

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class Z	2.95%	-0.30%	1.55%
Bloomberg US Aggregate Bond Index	2.71%	-0.40%	1.35%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 2,442,053,198
Number of fund holdings	1,323
Total advisory fees paid for the year	$ 5,823,221
Portfolio turnover rate for the year	117%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
AAA	36.3
AA	33.8
A	10.0
BBB	12.3
BB	1.5
B	0.4
NR	5.0
Cash/Cash Equivalents	0.7
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	Z
NASDAQ	TAIBX
CUSIP	875921801

MF226EZ

\n $\"$

PGIM Core Bond Fund

Class R6:

TPCQX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

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, 2025 to July 31, 2026.You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

\n\n\n\n\n\n\n\n

Costs of a

$10,000 investment

Costs paid as a percentage

of a $10,000 investment

PGIM Core Bond Fund—Class R6

$32

0.32%

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

■

During the reporting period, fixed income credit spreads proved resilient and generally ended in historically tight ranges, supported by strong

earnings despite heavy AI-related issuance and headline-driven volatility. Inflation moderated in the second half of 2025, allowing the

U.S. Federal Reserve (“Fed”) to cut rates by 25 basis points in September, October, and December; however, inflation concerns resurfaced in

the first half of 2026 amid the war with Iran and concerns about the impact of the closure of the Strait of Hormuz on oil supply. That stated,

U.S. economic activity remained supported by AI-related investment, stronger-than expected consumption, and a labor market that showed

signs of stabilization. Although more hawkish Fed communication led markets to reprice expectations toward a potential rate hike rather than a

cut ahead of the July 2026 meeting, the Federal Open Market Committee (“FOMC”) held rates steady at a 3.50%–3.75% target range, and the

long end of the U.S. Treasury curve steepened meaningfully as investors sought to reconcile inflation expectations with Fed policy.

■

The following strategies contributed most to the Fund’s performance relative to the Bloomberg US Aggregate Bond Index (the “Index”) during

the period: overweights to the AAA collateralized loan obligation (CLO), AAA non-agency commercial mortgage-backed securities (CMBS),

mortgage-backed securities (MBS), asset-backed securities (ABS), U.S. high-yield corporates, and emerging-markets high yield sectors, along

with an underweight to the U.S. investment-grade corporate sector; security selection in U.S. investment-grade corporates, ABS, non-agency

MBS, and U.S. Treasuries; credit positioning in technology, media & entertainment, and midstream energy; and duration positioning.

■

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

and credit positioning in chemicals.

■

The Fund uses derivatives to facilitate the implementation of the overall investment approach. During the 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

\n $\"$

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

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

have been lower.

\n\n

Cumulative Performance: July 31, 2016 to July 31, 2026

Initial Investment of $10,000

\n $\"$

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Average Annual Total Returns as of 7/31/2026
	One Year (%)	Five Years (%)	Ten Years (%)
Class R6	2.84%	-0.29%	1.58%
Bloomberg US Aggregate Bond Index	2.71%	-0.40%	1.35%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n

Fund’s net assets	$ 2,442,053,198
Number of fund holdings	1,323
Total advisory fees paid for the year	$ 5,823,221
Portfolio turnover rate for the year	117%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
AAA	36.3
AA	33.8
A	10.0
BBB	12.3
BB	1.5
B	0.4
NR	5.0
Cash/Cash Equivalents	0.7
Total	100.0

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund’s prospectus,

financial information, Fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the U.S.

\n $\"$

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Core Bond Fund

\n\n\n\n\n\n\n\n\n

SHARE CLASS	R6
NASDAQ	TPCQX
CUSIP	875921744

MF226ER6

\n $\"$

\n\n\n\n

(b)

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

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

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

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant at 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, a member of the Board’s Audit Committee, is an “audit committee financial expert” and is “independent” for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

\n\n\n\n

(a)

Audit Fees

For the fiscal years ended July 31, 2026 and July 31, 2025, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $104,319 and $100,307, 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.

\n\n\n\n

(b)

Audit-Related Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

\n\n\n\n

(c)

Tax Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

\n\n\n\n

(d)

All Other Fees

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

\n\n\n\n

(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:

\n\n\n\n\n

•

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

\n\n\n\n\n

•

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

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

Annual Fund financial statement audits

\n\n\n\n\n

•

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

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

Accounting consultations

\n\n\n\n\n

•

Fund merger support services

\n\n\n\n\n

•

Agreed Upon Procedure Reports

\n\n\n\n\n

•

Attestation Reports

\n\n\n\n\n

•

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:

\n\n\n\n\n

•

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

\n\n\n\n\n

•

Federal, state and local income tax compliance; and,

\n\n\n\n\n

•

Sales and use tax compliance

\n\n\n\n\n

•

Timely RIC qualification reviews

\n\n\n\n\n

•

Tax distribution analysis and planning

\n\n\n\n\n

•

Tax authority examination services

\n\n\n\n\n

•

Tax appeals support services

\n\n\n\n\n

•

Accounting methods studies

\n\n\n\n\n

•

Fund merger support services

\n\n\n\n\n

•

Tax consulting services and related project

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

Other Non-Audit Services

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

Proscribed Services

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

\n\n\n\n\n

•

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

\n\n\n\n\n

•

Financial information systems design and implementation

\n\n\n\n\n

•

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

\n\n\n\n\n

•

Actuarial services

\n\n\n\n\n

•

Internal audit outsourcing services

\n\n\n\n\n

•

Management functions or human resources

\n\n\n\n\n

•

Broker or dealer, investment adviser, or investment banking services

\n\n\n\n\n

•

Legal services and expert services unrelated to the audit

\n\n\n\n\n

•

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.

\n\n\n\n

(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 –

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
\n		Fiscal Year Ended July 31, 2026		Fiscal Year Ended July 31, 2025
4(b)		Not applicable.		Not applicable.
4(c)		Not applicable.		Not applicable.
4(d)		Not applicable.		Not applicable.

\n\n\n\n

(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, 2026 and July 31, 2025 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(s) below)

\n\n\n $\"LOGO\"$ \n

THE TARGET PORTFOLIO TRUST

PGIM Quant Solutions Small-Cap Value Fund

PGIM Core Bond Fund

\n\n\n\n\n\n\n\n\n\n

FINANCIAL STATEMENTS AND OTHER INFORMATION

JULY 31, 2026

\n\n\n $\"LOGO\"$ \n

\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n\n	\n
Table of Contents		Financial Statements and Other Information		July 31, 2026

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

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n
Glossary		1
PGIM Quant Solutions Small-Cap Value Fund		2
PGIM Core Bond Fund		27
Notes to Financial Statements		77

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

BNP—BNP Paribas S.A.

BOA—Bank of America, N.A.

CDX—Credit Derivative Index

CGM—Citigroup Global Markets, Inc.

CITI—Citibank, N.A.

CLO—Collateralized Loan Obligation

CMT—Constant Maturity Treasury

COFI—Cost of Funds Index

CPI—Consumer Price 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

MSI—Morgan Stanley & Co. International PLC

MTN—Medium Term Note

N/A—Not Applicable

NSA—Non-Seasonally Adjusted

OTC—Over-the-counter

PJSC—Public Joint-Stock Company

Q—Quarterly payment frequency for swaps

REITs—Real Estate Investment Trust

REMIC—Real Estate Mortgage Investment Conduit

SOFR—Secured Overnight Financing Rate

T—Swap payment upon termination

TBA—To Be Announced

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
LONG-TERM INVESTMENTS 99.8%		\n	\n	\n		\n	\n
\n	\n
COMMON STOCKS 99.5%		\n	\n	\n		\n	\n
\n	\n
Aerospace & Defense 0.9%
\n	\n
AerSale Corp.*			94,600			$	586,520
Leonardo DRS, Inc.			1,000				46,050
V2X, Inc.*			37,100				3,347,904
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			3,980,474
\n	\n
Automobile Components 1.2%
\n	\n
Adient PLC*			46,200				972,048
Garrett Motion, Inc. (Switzerland)			66,400				2,068,360
Phinia, Inc.			8,500				625,515
Versigent PLC*			40,900				1,691,215
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,357,138
\n	\n
Automobiles 0.1%
\n	\n
Harley-Davidson, Inc.			18,500				453,990
Winnebago Industries, Inc.			3,200				96,896
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			550,886
\n	\n
Banks 17.3%
\n	\n
1st Source Corp.			4,500				403,830
Amalgamated Financial Corp.			26,100				1,288,818
Associated Banc-Corp.			121,400				3,748,832
Bank of NT Butterfield & Son Ltd. (The) (Bermuda)			44,100				2,702,889
Bank7 Corp.			1,100				55,308
Bankwell Financial Group, Inc.			3,900				265,785
Banner Corp.			7,800				549,198
BayCom Corp.			10,300				310,854
Business First Bancshares, Inc.			35,400				1,126,428
California BanCorp			51,900				1,105,470
Capital Bancorp, Inc.			16,600				619,678
Carter Bankshares, Inc.			67,400				2,330,692
Cathay General Bancorp			51,900				3,279,561
ChoiceOne Financial Services, Inc.			24,400				830,332
Citizens Community Bancorp, Inc.			12,500				275,000
Civista Bancshares, Inc.			57,300				1,665,138
Commercial Bancgroup, Inc.			2,000				68,480
Eagle Bancorp Montana, Inc.			41,600				974,688
Enterprise Financial Services Corp.			24,400				1,617,964
Farmers & Merchants Bancorp, Inc.			6,800				226,848
Financial Institutions, Inc.			60,000				2,487,600
First BanCorp. (Puerto Rico)			1,900				54,967
First Bank			11,700				216,801
First Business Financial Services, Inc.			6,000				421,260
First Financial Bancorp			38,700				1,309,221
First Financial Corp.			16,659				1,341,882
First Mid Bancshares, Inc.			23,500				1,224,115
First United Corp.			6,100				269,254
FS Bancorp, Inc.			2,400				102,984
Fulton Financial Corp.			146,700				3,569,211
Hanmi Financial Corp.			68,978				2,199,019
Home Bancorp, Inc.			900				64,206
Independent Bank Corp.			51,200				1,955,840
MainStreet Bancshares, Inc.			2,600				59,956
Metropolitan Bank Holding Corp.			13,000				1,202,240
Midland States Bancorp, Inc.			13,500				454,545
Northeast Community Bancorp, Inc.			48,800				1,302,960
OFG Bancorp (Puerto Rico)			55,200				2,917,872

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Banks (cont’d.)
\n	\n
OP Bancorp			53,800			$	839,280
Orrstown Financial Services, Inc.			10,300				440,119
Parke Bancorp, Inc.			43,200				1,475,280
PCB Bancorp			16,500				459,855
Peapack-Gladstone Financial Corp.			4,600				211,508
Peoples Bancorp, Inc.			42,600				1,774,716
Peoples Financial Services Corp.			2,200				154,792
Popular, Inc. (Puerto Rico)			400				70,084
Preferred Bank			23,500				2,454,340
Provident Financial Services, Inc.			72,100				1,779,428
RBB Bancorp			85,600				2,257,272
Shore Bancshares, Inc.			123,300				3,020,850
Sierra Bancorp			8,600				350,536
Southside Bancshares, Inc.			5,300				172,303
Third Coast Bancshares, Inc.*			57,900				2,538,336
Trustmark Corp.			43,800				2,078,310
UMB Financial Corp.			3,800				553,774
Unity Bancorp, Inc.			6,700				394,563
Univest Financial Corp.			65,300				2,888,872
Valley National Bancorp			235,300				3,362,437
WSFS Financial Corp.			41,500				3,328,300
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			75,204,681
\n	\n
Biotechnology 3.6%
\n	\n
Agenus, Inc.*(a)			39,500				296,250
Alkermes PLC*			3,400				166,566
AnaptysBio, Inc.*			3,600				192,096
Anika Therapeutics, Inc.*			10,000				192,800
Aurinia Pharmaceuticals, Inc. (Canada)*			69,500				1,034,160
CareDx, Inc.*			26,200				1,145,202
Climb Bio, Inc.*			32,100				381,990
CRISPR Therapeutics AG (Switzerland)*			9,000				431,910
Cytokinetics, Inc.*			25,200				1,943,676
Denali Therapeutics, Inc.*			11,700				269,334
Dyne Therapeutics, Inc.*			2,200				55,396
Emergent BioSolutions, Inc.*			140,700				1,015,854
Enanta Pharmaceuticals, Inc.*			33,700				424,620
Exelixis, Inc.*			19,300				1,023,479
GRAIL, Inc.*			8,000				548,480
Ideaya Biosciences, Inc.*			3,000				106,500
Iovance Biotherapeutics, Inc.*			51,100				207,977
Ironwood Pharmaceuticals, Inc.*			241,300				1,020,699
Kiniksa Pharmaceuticals International PLC*			3,800				282,492
MiMedx Group, Inc.*			24,800				102,424
Myriad Genetics, Inc.*			14,000				40,040
Neurocrine Biosciences, Inc.*			6,000				1,000,800
PTC Therapeutics, Inc.*			9,900				673,299
Puma Biotechnology, Inc.*			139,000				1,102,270
Rigel Pharmaceuticals, Inc.*			3,300				121,473
Sarepta Therapeutics, Inc.*			55,700				827,702
Veracyte, Inc.*			24,400				1,130,208
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			15,737,697
\n	\n
Broadline Retail 0.4%
\n	\n
Kohl’s Corp.			88,300				1,690,062
\n	\n
Building Products 1.1%
\n	\n
Apogee Enterprises, Inc.			47,600				1,884,960

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 3

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Building Products (cont’d.)
\n	\n
Griffon Corp.			13,900			$	1,197,763
Janus International Group, Inc.*			129,200				662,796
UFP Industries, Inc.			12,500				1,084,250
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,829,769
\n	\n
Capital Markets 0.4%
Marex Group Ltd. (Bermuda)			24,100				1,564,572
Virtus Investment Partners, Inc.			1,700				270,895
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			1,835,467
\n	\n
Chemicals 2.6%
\n	\n
Avient Corp.			79,700				2,894,704
Cabot Corp.			14,500				1,276,290
Core Molding Technologies, Inc.*			21,000				494,760
Ecovyst, Inc.*			72,800				877,968
HB Fuller Co.			11,800				652,540
Koppers Holdings, Inc.			5,100				250,002
LSB Industries, Inc.*			73,900				804,032
Mativ Holdings, Inc.			161,200				1,407,276
Minerals Technologies, Inc.			36,600				2,790,384
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			11,447,956
\n	\n
Commercial Services & Supplies 1.9%
\n	\n
ACCO Brands Corp.			138,700				585,314
Cimpress PLC (Ireland)*			13,400				1,322,580
Deluxe Corp.			47,000				1,215,890
GEO Group, Inc. (The)*			2,600				80,314
Healthcare Services Group, Inc.*			41,300				962,290
Interface, Inc.			52,200				1,788,372
OPENLANE, Inc.*			4,400				174,944
Pitney Bowes, Inc.			103,200				1,809,096
Vestis Corp.*			16,600				240,036
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			8,178,836
\n	\n
Communications Equipment 1.0%
\n	\n
NetScout Systems, Inc.*			65,600				2,667,952
Ribbon Communications, Inc.*			68,300				146,162
Viasat, Inc.*			18,000				1,384,740
Vistance Networks, Inc.*			18,800				220,712
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,419,566
\n	\n
Construction & Engineering 0.9%
\n	\n
Concrete Pumping Holdings, Inc.*			57,000				554,610
Fluor Corp.*			20,100				1,008,417
NWPX Infrastructure, Inc.*			13,800				1,698,504
Tutor Perini Corp.			7,300				611,375
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			3,872,906
\n	\n
Consumer Finance 2.7%
\n	\n
Atlanticus Holdings Corp.*			5,500				580,195
Bread Financial Holdings, Inc.			40,400				4,366,028
Encore Capital Group, Inc.*			24,400				2,295,552
Happen, Inc.*			84,100				1,609,674
Jefferson Capital, Inc.			9,600				193,056
LendingTree, Inc.*			9,800				312,228

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Consumer Finance (cont’d.)
\n	\n
Oportun Financial Corp.*			64,000			$	354,560
PROG Holdings, Inc.			45,900				2,020,518
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			11,731,811
\n	\n
Consumer Staples Distribution & Retail 1.0%
Andersons, Inc. (The)			8,900				629,942
Ingles Markets, Inc. (Class A Stock)			1,300				117,013
United Natural Foods, Inc.*			18,800				955,604
Village Super Market, Inc. (Class A Stock)			40,400				1,775,176
Weis Markets, Inc.			11,700				901,485
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,379,220
\n	\n
Containers & Packaging 0.5%
Ardagh Metal Packaging SA			35,900				169,807
Crown Holdings, Inc.			9,100				1,072,435
Myers Industries, Inc.			14,700				502,152
TriMas Corp.			8,500				339,405
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			2,083,799
\n	\n
Distributors 0.4%
GigaCloud Technology, Inc. (Class A Stock)*			35,900				1,570,266
\n	\n
Diversified Consumer Services 1.1%
Perdoceo Education Corp.			64,800				2,061,288
Phoenix Education Partners, Inc.			5,900				168,681
Strategic Education, Inc.			31,600				2,591,200
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,821,169
\n	\n
Diversified REITs 1.0%
American Assets Trust, Inc.			68,400				1,613,556
CTO Realty Growth, Inc.			33,000				725,010
Global Net Lease, Inc.			205,900				1,795,448
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,134,014
\n	\n
Diversified Telecommunication Services 0.2%
ATN International, Inc.			3,800				90,478
IDT Corp. (Class B Stock)			3,200				210,752
Lumen Technologies, Inc.*			120,700				770,066
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			1,071,296
\n	\n
Electric Utilities 1.6%
Hawaiian Electric Industries, Inc.*			120,400				1,555,568
Otter Tail Corp.			25,800				2,281,236
Portland General Electric Co.			64,000				3,157,120
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			6,993,924
\n	\n
Electrical Equipment 1.2%
Acuity, Inc.			1,040				341,526
Atkore, Inc.			17,600				1,284,096
EnerSys			11,800				2,195,390
Sensata Technologies Holding PLC			15,600				722,124
Sunrun, Inc.*			61,700				605,277
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,148,413

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 5

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Electronic Equipment, Instruments & Components 2.8%
\n	\n
Benchmark Electronics, Inc.			28,300			$	2,257,491
CTS Corp.			11,200				718,144
ePlus, Inc.			5,500				508,255
Ingram Micro Holding Corp.			12,500				352,625
Insight Enterprises, Inc.*			9,600				1,237,728
Kimball Electronics, Inc.*			74,400				1,839,912
Knowles Corp.*			2,800				102,452
PC Connection, Inc.			11,000				920,920
Rogers Corp.*			4,300				530,921
ScanSource, Inc.*			45,200				2,559,224
Vishay Intertechnology, Inc.			27,600				944,472
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			11,972,144
\n	\n
Energy Equipment & Services 1.6%
\n	\n
Bristow Group, Inc.			18,200				824,824
Helix Energy Solutions Group, Inc.*			134,200				1,276,242
Nabors Industries Ltd.*			28,600				2,450,162
National Energy Services Reunited Corp.*			7,300				196,808
Patterson-UTI Energy, Inc.			229,900				2,409,352
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			7,157,388
\n	\n
Entertainment 0.0%
Playtika Holding Corp.			11,700				46,683
\n	\n
Financial Services 2.0%
\n	\n
Essent Group Ltd.			33,200				2,189,872
Jackson Financial, Inc. (Class A Stock)			6,300				770,364
NMI Holdings, Inc.*			4,200				186,060
Pagseguro Digital Ltd. (Brazil) (Class A Stock)			166,500				1,605,060
Priority Technology Holdings, Inc.*			33,600				218,400
Radian Group, Inc.			92,266				3,597,451
StoneCo Ltd. (Brazil) (Class A Stock)			28,600				325,325
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			8,892,532
\n	\n
Food Products 0.3%
Seneca Foods Corp. (Class A Stock)*			7,300				1,208,077
\n	\n
Gas Utilities 2.1%
\n	\n
Brookfield Infrastructure Corp. (Canada) (Class A Stock)			35,800				1,514,340
New Jersey Resources Corp.			65,800				3,809,162
Northwest Natural Holding Co.			21,400				1,046,888
Southwest Gas Holdings, Inc.			20,800				1,859,520
Spire, Inc.			9,200				734,712
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			8,964,622
\n	\n
Ground Transportation 0.1%
\n	\n
ArcBest Corp.			2,800				404,180
Heartland Express, Inc.			10,800				132,084
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			536,264
\n	\n
Health Care Equipment & Supplies 1.2%
Bioventus, Inc. (Class A Stock)*			13,600				179,112
CONMED Corp.			3,700				171,310
Embecta Corp.			82,400				299,936
LivaNova PLC*			23,400				1,875,276

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Health Care Equipment & Supplies (cont’d.)
\n	\n
Omnicell, Inc.*			15,700			$	555,309
Tactile Systems Technology, Inc.*			71,800				2,022,606
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,103,549
\n	\n
Health Care Providers & Services 3.2%
\n	\n
Acadia Healthcare Co., Inc.*			8,000				236,960
Addus HomeCare Corp.*			8,000				923,840
AMN Healthcare Services, Inc.*			32,300				1,086,249
Ardent Health, Inc.*			34,600				369,182
Aveanna Healthcare Holdings, Inc.*			278,900				2,618,871
Innovage Holding Corp.*			41,900				475,984
LifeStance Health Group, Inc.*			21,800				228,464
National HealthCare Corp.			15,700				3,548,671
PACS Group, Inc.*			11,900				547,519
Pediatrix Medical Group, Inc.*			112,800				2,990,328
Tenet Healthcare Corp.*			3,400				866,252
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			13,892,320
\n	\n
Health Care Technology 0.1%
\n	\n
Teladoc Health, Inc.*			11,800				79,178
Waystar Holding Corp.*			10,900				230,099
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			309,277
\n	\n
Hotel & Resort REITs 3.5%
\n	\n
Apple Hospitality REIT, Inc.			221,200				3,652,012
Braemar Hotels & Resorts, Inc.			88,700				201,349
Chatham Lodging Trust			63,500				846,455
DiamondRock Hospitality Co.			250,400				3,315,296
Host Hotels & Resorts, Inc.			44,700				1,123,311
Park Hotels & Resorts, Inc.			34,500				519,570
Pebblebrook Hotel Trust			53,900				1,029,490
RLJ Lodging Trust			140,200				1,717,450
Xenia Hotels & Resorts, Inc.			133,500				2,747,430
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			15,152,363
\n	\n
Hotels, Restaurants & Leisure 1.2%
\n	\n
BJ’s Restaurants, Inc.*			10,700				723,427
Bloomin’ Brands, Inc.			96,400				834,824
Churchill Downs, Inc.			8,400				708,120
El Pollo Loco Holdings, Inc.*			68,200				1,122,572
Life Time Group Holdings, Inc.*			7,100				320,210
Penn Entertainment, Inc.*			74,600				1,531,538
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,240,691
\n	\n
Household Durables 0.5%
\n	\n
Century Communities, Inc.			2,200				147,752
Cricut, Inc. (Class A Stock)			29,100				136,479
Flexsteel Industries, Inc.			7,500				555,225
Hamilton Beach Brands Holding Co. (Class A Stock)			5,300				121,847
La-Z-Boy, Inc.			2,900				114,202
M/I Homes, Inc.*			3,300				482,229
Newell Brands, Inc.			112,700				631,120
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			2,188,854

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 7

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Household Products 0.6%
\n	\n
Central Garden & Pet Co. (Class A Stock)*			66,900			$	2,536,179
Spectrum Brands Holdings, Inc.			3,200				284,064
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			2,820,243
\n	\n
Independent Power & Renewable Electricity Producers 0.0%
\n	\n
Talen Energy Corp.*			200				66,820
\n	\n
Industrial REITs 0.3%
\n	\n
Innovative Industrial Properties, Inc.			21,600				1,270,296
\n	\n
Insurance 3.8%
\n	\n
CNO Financial Group, Inc.			26,200				1,443,358
Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)			101,500				3,649,940
HCI Group, Inc.			1,000				175,010
Heritage Insurance Holdings, Inc.*			42,600				1,251,162
Mercury General Corp.			17,900				1,917,448
Pelagos Insurance Capital Ltd. (United Kingdom)			65,300				1,651,437
SiriusPoint Ltd.*			74,900				1,771,385
Slide Insurance Holdings, Inc.*			85,500				1,707,435
United Fire Group, Inc.			18,300				939,888
Universal Insurance Holdings, Inc.			48,500				2,119,935
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			16,626,998
\n	\n
Interactive Media & Services 1.0%
\n	\n
Angi, Inc.*			32,900				186,543
EverQuote, Inc. (Class A Stock)*			62,900				1,586,338
Taboola.com Ltd. (Israel)*			461,800				2,313,618
Ziff Davis, Inc.*			2,000				106,160
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,192,659
\n	\n
IT Services 0.3%
\n	\n
Everforth, Inc.*			18,300				520,452
Globant SA*(a)			8,400				307,440
Information Services Group, Inc.			165,900				690,144
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			1,518,036
\n	\n
Leisure Products 0.3%
\n	\n
MasterCraft Boat Holdings, Inc.*			32,100				767,832
Mattel, Inc.*			22,700				342,543
Peloton Interactive, Inc. (Class A Stock)*			13,900				88,821
Smith & Wesson Brands, Inc.			14,100				205,155
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			1,404,351
\n	\n
Life Sciences Tools & Services 0.7%
\n	\n
Adaptive Biotechnologies Corp.*			5,900				133,163
CryoPort, Inc.*			76,700				1,157,403
Fortrea Holdings, Inc.*			55,400				1,062,018
Maravai LifeSciences Holdings, Inc. (Class A Stock)*			123,500				811,395
Mesa Laboratories, Inc.			400				40,324
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			3,204,303
\n	\n
Machinery 4.2%
\n	\n
3D Systems Corp.*			122,200				322,608
Aebi Schmidt Holding AG (Switzerland)			23,200				299,048
AGCO Corp.			4,800				490,368

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Machinery (cont’d.)
\n	\n
Blue Bird Corp.*			11,800			$	877,802
Commercial Vehicle Group, Inc.*			37,700				170,781
Douglas Dynamics, Inc.			38,200				1,685,766
Enpro, Inc.			1,620				508,550
Helios Technologies, Inc.			28,900				2,251,599
JBT Marel Corp.			12,800				1,772,416
Kennametal, Inc.			51,800				1,759,646
L.B. Foster Co. (Class A Stock)*			32,600				1,340,838
Mueller Industries, Inc.			18,800				1,248,508
Park-Ohio Holdings Corp.			2,500				99,825
Proto Labs, Inc.*			18,200				1,365,910
Terex Corp.			24,400				1,533,296
Toro Co. (The)			11,400				1,047,318
Trinity Industries, Inc.			41,800				1,305,832
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			18,080,111
\n	\n
Marine Transportation 1.2%
\n	\n
Costamare, Inc. (Monaco)			106,100				1,653,038
Matson, Inc.			12,700				2,572,893
Pangaea Logistics Solutions Ltd.			102,800				782,308
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,008,239
\n	\n
Media 0.3%
\n	\n
AMC Global Media, Inc.*(a)			33,700				377,440
EW Scripps Co. (The) (Class A Stock)*			84,600				237,726
John Wiley & Sons, Inc. (Class A Stock)			9,800				511,560
Sinclair, Inc.			5,200				71,448
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			1,198,174
\n	\n
Metals & Mining 1.3%
\n	\n
Alpha Metallurgical Resources, Inc.*			2,900				397,764
Caledonia Mining Corp. PLC (South Africa)			39,900				733,761
Commercial Metals Co.			26,400				1,814,208
Constellium SE*			7,900				219,462
SSR Mining, Inc. (Canada)*			90,700				2,323,734
Tredegar Corp.*			13,900				105,501
Worthington Steel, Inc.			6,800				244,868
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,839,298
\n	\n
Mortgage Real Estate Investment Trusts (REITs) 0.6%
\n	\n
Adamas Trust, Inc.			154,300				1,399,501
Nexpoint Real Estate Finance, Inc.			7,000				118,720
TPG Mortgage Investment Trust, Inc.			141,900				989,043
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			2,507,264
\n	\n
Multi-Utilities 0.7%
\n	\n
Avista Corp.			76,300				3,086,335
\n	\n
Oil, Gas & Consumable Fuels 4.9%
\n	\n
APA Corp.			18,500				690,420
CNX Resources Corp.*			76,800				2,749,440
Core Natural Resources, Inc.			13,200				1,053,888
Crescent Energy Co. (Class A Stock)			11,600				133,052
Diversified Energy Co.			8,800				118,448
Dorian LPG Ltd.			6,300				298,746
Green Plains, Inc.*			49,100				827,335

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 9

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Oil, Gas & Consumable Fuels (cont’d.)
\n	\n
Gulfport Energy Corp.*			400			$	64,548
HF Sinclair Corp.			3,400				310,998
International Seaways, Inc.			15,500				1,490,790
Murphy Oil Corp.			20,400				810,696
Navigator Holdings Ltd.			7,000				156,450
Par Pacific Holdings, Inc.*			18,800				1,617,364
PBF Energy, Inc. (Class A Stock)			31,100				2,247,908
Peabody Energy Corp.			22,500				479,700
Riley Exploration Permian, Inc.			55,000				1,884,850
SandRidge Energy, Inc.			84,700				1,179,024
Scorpio Tankers, Inc. (Monaco)			16,100				1,253,546
SM Energy Co.			30,600				995,112
Talos Energy, Inc.*			23,600				358,248
Teekay Corp. Ltd. (Bermuda)			33,400				389,110
Teekay Tankers Ltd. (Canada) (Class A Stock)			19,800				1,571,526
World Kinect Corp.			15,900				633,774
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			21,314,973
\n	\n
Passenger Airlines 0.9%
\n	\n
Allegiant Travel Co.*			19,300				1,892,944
SkyWest, Inc.*			20,168				2,157,371
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			4,050,315
\n	\n
Personal Care Products 0.1%
\n	\n
BellRing Brands, Inc.*			3,800				47,082
Nature’s Sunshine Products, Inc.*			21,700				437,255
USANA Health Sciences, Inc.*			3,100				68,541
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			552,878
\n	\n
Pharmaceuticals 2.4%
\n	\n
Collegium Pharmaceutical, Inc.*			20,200				714,878
Corcept Therapeutics, Inc.*			6,000				686,940
Elanco Animal Health, Inc.*			16,800				443,016
Harmony Biosciences Holdings, Inc.*			24,000				845,760
Indivior Pharmaceuticals, Inc.*			58,800				2,352,588
Innoviva, Inc.*			94,700				1,985,859
Jazz Pharmaceuticals PLC*			2,100				531,006
Omeros Corp.*(a)			30,400				359,936
Pacira BioSciences, Inc.*			37,100				979,811
Phibro Animal Health Corp. (Class A Stock)			7,600				276,108
Prestige Consumer Healthcare, Inc.*			4,400				220,968
Rapport Therapeutics, Inc.*			1,400				57,372
Septerna, Inc.*			2,200				75,790
SIGA Technologies, Inc.			97,200				317,844
Supernus Pharmaceuticals, Inc.*			7,500				334,725
WaVe Life Sciences Ltd.*			35,900				197,809
Zevra Therapeutics, Inc.*			23,700				225,387
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			10,605,797
\n	\n
Professional Services 2.1%
\n	\n
CBIZ, Inc.*			12,500				688,500
Clarivate PLC*			290,600				575,388
ExlService Holdings, Inc.*			15,600				529,308
First Advantage Corp.*			10,600				210,304
Genpact Ltd.			35,300				1,241,501
IBEX Holdings Ltd.*			41,200				1,456,008
Kforce, Inc.			7,200				408,744

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Professional Services (cont’d.)
\n	\n
ManpowerGroup, Inc.			15,600			$	817,752
Maximus, Inc.			38,600				2,325,650
TriNet Group, Inc.			2,400				157,992
Upwork, Inc.*			54,000				494,640
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			8,905,787
\n	\n
Real Estate Management & Development 1.4%
\n	\n
Cushman & Wakefield Ltd.*			134,100				1,799,622
Forestar Group, Inc.*			27,200				765,680
Jones Lang LaSalle, Inc.*			1,760				624,853
Newmark Group, Inc. (Class A Stock)			160,200				2,402,199
RE/MAX Holdings, Inc. (Class A Stock)*			48,100				435,786
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			6,028,140
\n	\n
Retail REITs 2.2%
\n	\n
CBL & Associates Properties, Inc.			25,300				1,485,363
Kite Realty Group Trust			133,000				3,806,460
Phillips Edison & Co., Inc.			44,200				1,878,058
SITE Centers Corp.			346,000				1,480,880
Urban Edge Properties			32,600				738,716
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			9,389,477
\n	\n
Semiconductors & Semiconductor Equipment 1.3%
\n	\n
Amkor Technology, Inc.			4,000				199,480
Cirrus Logic, Inc.*			5,900				763,165
Cohu, Inc.*			1,500				71,985
Diodes, Inc.*			22,500				1,852,200
FormFactor, Inc.*			1,600				169,920
Ichor Holdings Ltd.*			4,900				368,823
MKS, Inc.			600				178,470
Photronics, Inc.*			68,500				2,074,865
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,678,908
\n	\n
Software 3.7%
\n	\n
8x8, Inc.*			334,800				636,120
Adeia, Inc.			20,800				554,320
Consensus Cloud Solutions, Inc.*			57,400				2,089,360
Digital Turbine, Inc.*			12,200				98,332
Dropbox, Inc. (Class A Stock)*			7,400				240,944
eGain Corp.*			173,100				1,180,542
Five9, Inc.*			27,900				767,529
Freshworks, Inc. (Class A Stock)*			240,300				2,728,607
Hut 8 Corp.*			1,500				161,445
NCR Voyix Corp.*			17,700				146,379
PagerDuty, Inc.*			182,700				1,932,966
Progress Software Corp.*			24,800				1,006,632
RingCentral, Inc. (Class A Stock)			21,600				1,201,392
Sprinklr, Inc. (Class A Stock)*			42,000				267,120
SPS Commerce, Inc.*			17,600				1,291,664
Telos Corp.*			85,100				377,844
Teradata Corp.*			45,200				1,400,748
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			16,081,944
\n	\n
Specialized REITs 0.8%
\n	\n
EPR Properties			13,000				806,910
Millrose Properties, Inc.			9,700				271,406

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 11

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
COMMON STOCKS (Continued)		\n	\n	\n		\n	\n
\n	\n
Specialized REITs (cont’d.)
\n	\n
Outfront Media, Inc.			41,700			$	1,328,979
Safehold, Inc.			53,395				863,931
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			3,271,226
\n		\n	\n	\n		\n	\n
\n	\n
Specialty Retail 2.5%
\n	\n
Academy Sports & Outdoors, Inc.			8,800				417,560
American Eagle Outfitters, Inc.			84,100				1,444,838
Asbury Automotive Group, Inc.*			4,900				1,135,330
Bath & Body Works, Inc.			51,200				1,030,144
Caleres, Inc.			62,200				798,648
Designer Brands, Inc. (Class A Stock)			46,300				279,652
Genesco, Inc.*			5,800				221,676
Group 1 Automotive, Inc.			1,000				286,770
Petco Health & Wellness Co., Inc.*			296,400				826,956
Sally Beauty Holdings, Inc.*			22,800				341,316
Signet Jewelers Ltd.			13,800				1,282,020
Urban Outfitters, Inc.*			33,800				2,507,284
Zumiez, Inc.*			20,000				393,400
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			10,965,594
\n		\n	\n	\n		\n	\n
\n	\n
Technology Hardware, Storage & Peripherals 0.2%
\n	\n
Corsair Gaming, Inc.*			86,400				916,704
\n	\n
Textiles, Apparel & Luxury Goods 1.4%
\n	\n
Carter’s, Inc.			23,700				914,109
G-III Apparel Group Ltd.			62,200				2,264,702
Movado Group, Inc.			16,400				626,152
Rocky Brands, Inc.			26,900				1,313,796
Wolverine World Wide, Inc.			38,400				755,712
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			5,874,471
\n		\n	\n	\n		\n	\n
\n	\n
Trading Companies & Distributors 0.5%
\n	\n
Boise Cascade Co.			16,800				1,283,184
Custom Truck One Source, Inc.*			24,100				244,615
Hudson Technologies, Inc.*			38,600				233,144
Rush Enterprises, Inc. (Class A Stock)			1,300				103,727
Willis Lease Finance Corp.			1,500				106,995
\n		\n	\n	\n
\n	\n
\n		\n	\n	\n			1,971,665
\n		\n	\n	\n		\n	\n
\n	\n
Wireless Telecommunication Services 0.1%
\n	\n
Telephone & Data Systems, Inc.			9,400				315,652
\n		\n	\n	\n
\n	\n
TOTAL COMMON STOCKS (cost $356,085,063)		\n	\n	\n			432,450,772
\n		\n	\n	\n
\n	\n
UNAFFILIATED EXCHANGE-TRADED FUND 0.3%		\n	\n	\n		\n	\n
iShares Russell 2000 Value ETF (cost $1,191,268)			5,900				1,305,316
\n		\n	\n	\n
\n	\n
TOTAL LONG-TERM INVESTMENTS (cost $357,276,331)		\n	\n	\n			433,756,088
\n		\n	\n	\n
\n	\n
SHORT-TERM INVESTMENTS 0.6%		\n	\n	\n		\n	\n
\n	\n
AFFILIATED MUTUAL FUNDS		\n	\n	\n		\n	\n
PGIM Core Government Money Market Fund (7-day effective yield 3.777%)(wb)			1,500,204				1,500,204

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Description		Shares			Value
\n	\n
AFFILIATED MUTUAL FUNDS (Continued)		\n	\n	\n		\n	\n
PGIM Institutional Money Market Fund (7-day effective yield 3.854%) (cost $1,048,112; includes $1,044,850 of cash collateral for securities on loan)(b)(wb)			1,048,936			$	1,048,097
\n		\n	\n	\n
\n	\n
TOTAL SHORT-TERM INVESTMENTS (cost $2,548,316)		\n	\n	\n			2,548,301
\n		\n	\n	\n
\n	\n
TOTAL INVESTMENTS 100.4% (cost $359,824,647)		\n	\n	\n			436,304,389
\n	\n
Liabilities in excess of other assets (0.4)%		\n	\n	\n			(1,844,612	)
\n		\n	\n	\n
\n	\n
NET ASSETS 100.0%		\n	\n	\n		$	434,459,777
\n		\n	\n	\n

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

\n\n\n

*	Non-income producing security.

\n\n\n

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,063,532; cash collateral of $1,044,850 (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.

\n\n\n

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

\n\n\n

(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, 2026 in valuing such portfolio securities:

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
		Level 1			Level 2			Level 3
Investments in Securities		\n	\n	\n		\n	\n	\n		\n	\n
Assets		\n	\n	\n		\n	\n	\n		\n	\n
Long-Term Investments		\n	\n	\n		\n	\n	\n		\n	\n
Common Stocks		\n	\n	\n		\n	\n	\n		\n	\n
Aerospace & Defense			$ 3,980,474				$—				$—
Automobile Components			5,357,138				—				—
Automobiles			550,886				—				—
Banks			75,204,681				—				—
Biotechnology			15,737,697				—				—
Broadline Retail			1,690,062				—				—
Building Products			4,829,769				—				—
Capital Markets			1,835,467				—				—
Chemicals			11,447,956				—				—
Commercial Services & Supplies			8,178,836				—				—
Communications Equipment			4,419,566				—				—
Construction & Engineering			3,872,906				—				—
Consumer Finance			11,731,811				—				—
Consumer Staples Distribution & Retail			4,379,220				—				—
Containers & Packaging			2,083,799				—				—
Distributors			1,570,266				—				—
Diversified Consumer Services			4,821,169				—				—
Diversified REITs			4,134,014				—				—
Diversified Telecommunication Services			1,071,296				—				—
Electric Utilities			6,993,924				—				—
Electrical Equipment			5,148,413				—				—
Electronic Equipment, Instruments & Components			11,972,144				—				—
Energy Equipment & Services			7,157,388				—				—
Entertainment			46,683				—				—
Financial Services			8,892,532				—				—
Food Products			1,208,077				—				—

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 13

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
		Level 1			Level 2			Level 3
Investments in Securities (continued)		\n	\n	\n		\n	\n	\n		\n	\n
Assets (continued)		\n	\n	\n		\n	\n	\n		\n	\n
Long-Term Investments (continued)		\n	\n	\n		\n	\n	\n		\n	\n
Common Stocks (continued)		\n	\n	\n		\n	\n	\n		\n	\n
Gas Utilities			$ 8,964,622				$—				$—
Ground Transportation			536,264				—				—
Health Care Equipment & Supplies			5,103,549				—				—
Health Care Providers & Services			13,892,320				—				—
Health Care Technology			309,277				—				—
Hotel & Resort REITs			15,152,363				—				—
Hotels, Restaurants & Leisure			5,240,691				—				—
Household Durables			2,188,854				—				—
Household Products			2,820,243				—				—
Independent Power & Renewable Electricity Producers			66,820				—				—
Industrial REITs			1,270,296				—				—
Insurance			16,626,998				—				—
Interactive Media & Services			4,192,659				—				—
IT Services			1,518,036				—				—
Leisure Products			1,404,351				—				—
Life Sciences Tools & Services			3,204,303				—				—
Machinery			18,080,111				—				—
Marine Transportation			5,008,239				—				—
Media			1,198,174				—				—
Metals & Mining			5,839,298				—				—
Mortgage Real Estate Investment Trusts (REITs)			2,507,264				—				—
Multi-Utilities			3,086,335				—				—
Oil, Gas & Consumable Fuels			21,314,973				—				—
Passenger Airlines			4,050,315				—				—
Personal Care Products			552,878				—				—
Pharmaceuticals			10,605,797				—				—
Professional Services			8,905,787				—				—
Real Estate Management & Development			6,028,140				—				—
Retail REITs			9,389,477				—				—
Semiconductors & Semiconductor Equipment			5,678,908				—				—
Software			16,081,944				—				—
Specialized REITs			3,271,226				—				—
Specialty Retail			10,965,594				—				—
Technology Hardware, Storage & Peripherals			916,704				—				—
Textiles, Apparel & Luxury Goods			5,874,471				—				—
Trading Companies & Distributors			1,971,665				—				—
Wireless Telecommunication Services			315,652				—				—
Unaffiliated Exchange-Traded Fund			1,305,316				—				—
Short-Term Investments		\n	\n	\n		\n	\n	\n		\n	\n
Affiliated Mutual Funds			2,548,301				—				—
\n
\n	\n	\n
Total			$436,304,389				$—				$—
\n

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, 2026 were as follows:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n
Banks			17.3	%
Oil, Gas & Consumable Fuels			4.9
Machinery			4.2
Insurance			3.8
Software			3.7
Biotechnology			3.6
Hotel & Resort REITs			3.5
Health Care Providers & Services			3.2
Electronic Equipment, Instruments & Components			2.8
Consumer Finance			2.7
Chemicals			2.6
Specialty Retail			2.5

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n	\n	\n	\n
Pharmaceuticals			2.4	%
Retail REITs			2.2
Gas Utilities			2.1
Professional Services			2.1
Financial Services			2.0
Commercial Services & Supplies			1.9
Energy Equipment & Services			1.6
Electric Utilities			1.6
Real Estate Management & Development			1.4
Textiles, Apparel & Luxury Goods			1.4
Metals & Mining			1.3
Semiconductors & Semiconductor Equipment			1.3

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Schedule of Investments (continued)

as of July 31, 2026

Industry Classification (continued):

\n\n	\n	\n	\n
Automobile Components			1.2	%
Hotels, Restaurants & Leisure			1.2
Electrical Equipment			1.2
Health Care Equipment & Supplies			1.2
Marine Transportation			1.2
Building Products			1.1
Diversified Consumer Services			1.1
Communications Equipment			1.0
Consumer Staples Distribution & Retail			1.0
Interactive Media & Services			1.0
Diversified REITs			1.0
Passenger Airlines			0.9
Aerospace & Defense			0.9
Construction & Engineering			0.9
Specialized REITs			0.8
Life Sciences Tools & Services			0.7
Multi-Utilities			0.7
Household Products			0.6
Mortgage Real Estate Investment Trusts (REITs)			0.6
Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan)			0.6
Household Durables			0.5
Containers & Packaging			0.5
Trading Companies & Distributors			0.5
Capital Markets			0.4

\n\n	\n	\n	\n
Broadline Retail			0.4	%
Distributors			0.4
IT Services			0.3
Leisure Products			0.3
Industrial REITs			0.3
Food Products			0.3
Media			0.3
Unaffiliated Exchange-Traded Fund			0.3
Diversified Telecommunication Services			0.2
Technology Hardware, Storage & Peripherals			0.2
Personal Care Products			0.1
Automobiles			0.1
Ground Transportation			0.1
Wireless Telecommunication Services			0.1
Health Care Technology			0.1
Independent Power & Renewable Electricity Producers			0.0	*
Entertainment			0.0	*
\n
\n			100.4
Liabilities in excess of other assets			(0.4	)
\n
\n
\n			100.0	%
\n
		\n	\n
* Less than 0.05%		\n	\n

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:

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

Description

Gross Market

Value of

Recognized

Assets/(Liabilities)

Collateral

Pledged/(Received)(1)

Net

Amount

Securities on Loan

$1,063,532

$(1,044,850)

$18,682

\n\n\n

(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 15

PGIM Quant Solutions Small-Cap Value Fund

Statement of Assets & Liabilities

as of July 31, 2026

\n\n	\n	\n	\n
Assets
Investments at value, including securities on loan of $1,063,532:		\n	\n
Unaffiliated investments (cost $357,276,331)		$	433,756,088
Affiliated investments (cost $2,548,316)			2,548,301
Dividends receivable			151,399
Receivable for Fund shares sold			59,825
Tax reclaim receivable			6,182
Prepaid expenses			621
\n
Total Assets			436,522,416
\n
\n
Liabilities
Payable to broker for collateral for securities on loan			1,044,850
Payable for dividend in advance			346,000
Payable for Fund shares purchased			250,577
Management fee payable			217,348
Distribution fee payable			65,930
Accrued expenses and other liabilities			64,585
Transfer agent fee payable			37,931
Shareholders’ reports fee payable			29,258
Affiliated transfer agent fee payable			5,027
Trustees’ fees payable			1,133
\n
Total Liabilities			2,062,639
\n
\n
Net Assets		$	434,459,777
\n
\n

Net assets were comprised of:		\n	\n
Shares of beneficial interest, at par		$	18,652
Paid-in capital in excess of par			293,376,947
Total distributable earnings (loss)			141,064,178
\n
\n
Net assets, July 31, 2026		$	434,459,777
\n

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Statement of Assets & Liabilities (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n
Class A
\n	\n
Net asset value, redemption price per share, ($108,162,707 ÷ 4,619,212 shares of beneficial interest issued and outstanding)		$	23.42			\n	\n
\n	\n
Maximum sales charge (5.50% of offering price)			1.36			\n	\n
\n						\n	\n
\n	\n
Maximum offering price to public		$	24.78			\n	\n
\n						\n	\n
\n	\n
Class C
\n	\n
Net asset value, offering price and redemption price per share, ($745,825 ÷ 32,736 shares of beneficial interest issued and outstanding)		$	22.78			\n	\n
\n						\n	\n
\n	\n
Class R
\n	\n
Net asset value, offering price and redemption price per share, ($100,509,076 ÷ 4,396,391 shares of beneficial interest issued and outstanding)		$	22.86			\n	\n
\n						\n	\n
\n	\n
Class Z
\n	\n
Net asset value, offering price and redemption price per share, ($167,603,546 ÷ 7,157,015 shares of beneficial interest issued and outstanding)		$	23.42			\n	\n
\n						\n	\n
\n	\n
Class R2
\n	\n
Net asset value, offering price and redemption price per share, ($90,639 ÷ 3,882 shares of beneficial interest issued and outstanding)		$	23.35			\n	\n
\n						\n	\n
\n	\n
Class R4
\n	\n
Net asset value, offering price and redemption price per share, ($19,861 ÷ 847 shares of beneficial interest issued and outstanding)		$	23.46			\n	\n
\n						\n	\n
\n	\n
Class R6
\n	\n
Net asset value, offering price and redemption price per share, ($57,328,123 ÷ 2,441,886 shares of beneficial interest issued and outstanding)		$	23.48			\n	\n
\n						\n	\n

Net asset value per share may not recalculate due to rounding.

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 17

PGIM Quant Solutions Small-Cap Value Fund

Statement of Operations

Year Ended July 31, 2026

\n\n	\n	\n	\n
Net Investment Income (Loss)
\n
Income		\n	\n
Unaffiliated dividend income (net of $24,477 foreign withholding tax)		$	7,293,781
Affiliated dividend income			31,266
Income from securities lending, net (including affiliated income of $15,110)			17,676
\n
\n
Total income			7,342,723
\n
\n
Expenses		\n	\n
Management fee			2,364,706
Distribution fee(a)			1,025,476
Shareholder servicing fees(a)			41
Transfer agent’s fees and expenses (including affiliated expense of $53,352)(a)			453,856
Custodian and accounting fees			64,076
Registration fees(a)			63,117
Shareholders’ reports			55,493
Professional fees			38,534
Audit fee			28,560
Trustees’ fees			14,480
Miscellaneous			52,780
\n
\n
Total expenses			4,161,119
Less: Fee waiver and/or expense reimbursement(a)			(48,298	)
Distribution fee waiver(a)			(290,328	)
\n
\n
Net expenses			3,822,493
\n
\n
Net investment income (loss)			3,520,230
\n
\n
Realized And Unrealized Gain (Loss) On Investments
\n
Net realized gain (loss) on investment transactions (including affiliated of $2,336)			76,989,175
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(583))			59,431,707
\n
\n
Net gain (loss) on investment transactions			136,420,882
\n
\n
Net Increase (Decrease) In Net Assets Resulting From Operations		$	139,941,112
\n

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

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
		Class A			Class C			Class R			Class Z			Class R2			Class R4			Class R6
Distribution fee			292,183				8,190				724,892				—				211				—				—
Shareholder servicing fees			—				—				—				—				41				—				—
Transfer agent’s fees and expenses			137,487				4,836				115,225				192,583				323				65				3,337
Registration fees			12,586				7,311				7,499				17,065				5,135				5,136				8,385
Fee waiver and/or expense reimbursement			(9,740)				(82)				(9,665)				(14,723)				(5,309)				(5,159)				(3,620)
Distribution fee waiver			(48,697)				—				(241,631)				—				—				—				—

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund

Statements of Changes in Net Assets

\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n
		Year Ended July 31,
\n
\n	\n
		2026			2025
Increase (Decrease) in Net Assets
\n	\n
Operations		\n	\n	\n		\n	\n
Net investment income (loss)		$	3,520,230			$	4,077,658
Net realized gain (loss) on investment transactions			76,989,175				5,509,708
Net change in unrealized appreciation (depreciation) on investments			59,431,707				(37,821,574	)
\n
\n	\n
Net increase (decrease) in net assets resulting from operations			139,941,112				(28,234,208	)
\n
\n	\n
Dividends and Distributions		\n	\n	\n		\n	\n
Distributions from distributable earnings		\n	\n	\n		\n	\n
Class A			(964,180	)			(11,799,589	)
Class C			(3,091	)			(149,933	)
Class R			(811,752	)			(12,225,022	)
Class Z			(1,819,863	)			(16,913,464	)
Class R2			(814	)			(24,829	)
Class R4			(189	)			(1,745	)
Class R6			(694,123	)			(6,511,303	)
\n
\n	\n
\n			(4,294,012	)			(47,625,885	)
\n
Fund share transactions (Net of share conversions)		\n	\n	\n		\n	\n
Net proceeds from shares sold			34,110,770				97,348,825
Net asset value of shares issued in reinvestment of dividends and distributions			4,242,661				46,980,708
Cost of shares purchased			(89,479,897	)			(149,378,187	)
\n
\n	\n
Net increase (decrease) in net assets from Fund share transactions			(51,126,466	)			(5,048,654	)
\n
\n	\n
Total increase (decrease)			84,520,634				(80,908,747	)
\n	\n
Net Assets:
\n	\n
Beginning of year			349,939,143				430,847,890
\n
\n	\n
End of year		$	434,459,777			$	349,939,143
\n

See Notes to Financial Statements.

PGIM Quant Solutions Small-Cap Value Fund 19

PGIM Quant Solutions Small-Cap Value Fund

Financial Highlights

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class A Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.55				$20.06				$17.66				$21.09				$20.70
Income (loss) from investment operations:
Net investment income (loss)			0.16				0.17				0.28				0.33				0.27
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.91				(1.35	)			2.69				(0.25	)			0.38
Total from investment operations			7.07				(1.18	)			2.97				0.08				0.65
Less Dividends and Distributions:
Dividends from net investment income			(0.13	)			(0.23	)			(0.41	)			(0.39	)			(0.26	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.20	)			(2.33	)			(0.57	)			(3.51	)			(0.26	)
Net asset value, end of year			$23.42				$16.55				$20.06				$17.66				$21.09
Total Return^(b):			42.87	%			(6.73	)%			17.23	%			2.02	%			3.17	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$108,163				$85,339				$106,910				$103,703				$117,179
Average net assets (000)			$97,394				$92,356				$97,614				$103,993				$123,533
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			1.06	%			1.09	%			1.10	%			1.13	%			1.09	%
Expenses before waivers and/or expense reimbursement			1.12	%			1.15	%			1.16	%			1.19	%			1.15	%
Net investment income (loss)			0.80	%			1.00	%			1.63	%			1.91	%			1.25	%
Portfolio turnover rate^(d)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

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

\n\n\n

(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

Financial Highlights (continued)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class C Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.34				$19.90				$17.56				$21.00				$20.63
Income (loss) from investment operations:
Net investment income (loss)			(0.23	)^(b)			(0.11	)^(b)			0.05				0.11	^(b)			(-	)^(b)(c)
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.74				(1.35	)			2.64				(0.27	)^(d)			0.39
Total from investment operations			6.51				(1.46	)			2.69				(0.16	)			0.39
Less Dividends and Distributions:
Dividends from net investment income			-				-				(0.19	)			(0.16	)			(0.02	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.07	)			(2.10	)			(0.35	)			(3.28	)			(0.02	)
Net asset value, end of year			$22.78				$16.34				$19.90				$17.56				$21.00
Total Return^(e):			39.91	%			(8.23	)%			15.56	%			0.70	%			1.89	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$746				$875				$1,612				$2,057				$2,685
Average net assets (000)			$819				$1,188				$1,659				$2,311				$3,025
Ratios to average net assets^(f):
Expenses after waivers and/or expense reimbursement			3.14	%			2.76	%			2.49	%			2.46	%			2.36	%
Expenses before waivers and/or expense reimbursement			3.15	%			2.77	%			2.50	%			2.47	%			2.37	%
Net investment income (loss)			(1.20	)%			(0.65	)%			0.30	%			0.61	%			(0.01	)%
Portfolio turnover rate^(g)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

(c)	Amount rounds to zero.

\n\n\n

(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.

\n\n\n

(e)

\n\n\n

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

\n\n\n

(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 21

PGIM Quant Solutions Small-Cap Value Fund

Financial Highlights (continued)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class R Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.17				$19.66				$17.32				$20.75				$20.37
Income (loss) from investment operations:
Net investment income (loss)			0.12				0.13				0.25				0.30				0.22
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.73				(1.32	)			2.64				(0.26	)			0.38
Total from investment operations			6.85				(1.19	)			2.89				0.04				0.60
Less Dividends and Distributions:
Dividends from net investment income			(0.09	)			(0.20	)			(0.39	)			(0.35	)			(0.22	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.16	)			(2.30	)			(0.55	)			(3.47	)			(0.22	)
Net asset value, end of year			$22.86				$16.17				$19.66				$17.32				$20.75
Total Return^(b):			42.55	%			(6.92	)%			17.06	%			1.83	%			2.93	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$100,509				$93,381				$114,603				$112,225				$113,963
Average net assets (000)			$96,652				$97,057				$101,985				$104,012				$131,067
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			1.28	%			1.32	%			1.26	%			1.30	%			1.29	%
Expenses before waivers and/or expense reimbursement			1.54	%			1.58	%			1.52	%			1.56	%			1.55	%
Net investment income (loss)			0.61	%			0.77	%			1.46	%			1.73	%			1.05	%
Portfolio turnover rate^(d)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

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

\n\n\n

(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

Financial Highlights (continued)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class Z Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.55				$20.06				$17.66				$21.09				$20.70
Income (loss) from investment operations:
Net investment income (loss)			0.21				0.21				0.34				0.40				0.33
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.91				(1.33	)			2.69				(0.26	)			0.38
Total from investment operations			7.12				(1.12	)			3.03				0.14				0.71
Less Dividends and Distributions:
Dividends from net investment income			(0.18	)			(0.29	)			(0.47	)			(0.45	)			(0.32	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.25	)			(2.39	)			(0.63	)			(3.57	)			(0.32	)
Net asset value, end of year			$23.42				$16.55				$20.06				$17.66				$21.09
Total Return^(b):			43.29	%			(6.45	)%			17.56	%			2.38	%			3.42	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$167,604				$125,198				$89,854				$99,147				$136,495
Average net assets (000)			$147,232				$112,447				$87,277				$110,217				$165,086
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.80	%			0.80	%			0.79	%			0.82	%			0.79	%
Expenses before waivers and/or expense reimbursement			0.81	%			0.81	%			0.80	%			0.83	%			0.80	%
Net investment income (loss)			1.06	%			1.23	%			1.96	%			2.25	%			1.56	%
Portfolio turnover rate^(d)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

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

\n\n\n

(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 23

PGIM Quant Solutions Small-Cap Value Fund

Financial Highlights (continued)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class R2 Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.52				$20.01				$17.63				$21.05				$20.65
Income (loss) from investment operations:
Net investment income (loss)			0.15				0.19				0.26				0.19				0.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.87				(1.36	)			2.69				(0.11	)			0.37
Total from investment operations			7.02				(1.17	)			2.95				0.08				0.65
Less Dividends and Distributions:
Dividends from net investment income			(0.12	)			(0.22	)			(0.41	)			(0.38	)			(0.25	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.19	)			(2.32	)			(0.57	)			(3.50	)			(0.25	)
Net asset value, end of year			$23.35				$16.52				$20.01				$17.63				$21.05
Total Return^(b):			42.72	%			(6.71	)%			17.13	%			2.03	%			3.11	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$91				$79				$168				$102				$73
Average net assets (000)			$84				$128				$108				$88				$154
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			1.14	%			1.14	%			1.14	%			1.14	%			1.14	%
Expenses before waivers and/or expense reimbursement			7.44	%			5.21	%			5.95	%			6.57	%			5.21	%
Net investment income (loss)			0.73	%			1.08	%			1.48	%			1.12	%			1.30	%
Portfolio turnover rate^(d)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

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

\n\n\n

(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

Financial Highlights (continued)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class R4 Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.58				$20.08				$17.68				$21.10				$20.71
Income (loss) from investment operations:
Net investment income (loss)			0.19				0.21				0.32				0.37				0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.92				(1.35	)			2.69				(0.24	)			0.32
Total from investment operations			7.11				(1.14	)			3.01				0.13				0.69
Less Dividends and Distributions:
Dividends from net investment income			(0.16	)			(0.26	)			(0.45	)			(0.43	)			(0.30	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.23	)			(2.36	)			(0.61	)			(3.55	)			(0.30	)
Net asset value, end of year			$23.46				$16.58				$20.08				$17.68				$21.10
Total Return^(b):			43.14	%			(6.52	)%			17.44	%			2.31	%			3.29	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$20				$14				$18				$15				$14
Average net assets (000)			$17				$14				$15				$13				$41
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			31.41	%			35.92	%			34.32	%			36.45	%			15.86	%
Net investment income (loss)			0.94	%			1.20	%			1.81	%			2.10	%			1.78	%
Portfolio turnover rate^(d)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

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

\n\n\n

(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 25

PGIM Quant Solutions Small-Cap Value Fund

Financial Highlights (continued)

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
	\n	\n	\n	\n
Class R6 Shares
		Year Ended July 31,
		2026			2025			2024			2023			2022
	\n	\n	\n	\n
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year			$16.59				$20.09				$17.69				$21.13				$20.73
Income (loss) from investment operations:
Net investment income (loss)			0.23				0.27				0.35				0.41				0.37
Net realized and unrealized gain (loss) on investment and foreign currency transactions			6.92				(1.37	)			2.70				(0.26	)			0.38
Total from investment operations			7.15				(1.10	)			3.05				0.15				0.75
Less Dividends and Distributions:
Dividends from net investment income			(0.19	)			(0.30	)			(0.49	)			(0.47	)			(0.35	)
Distributions from net realized gains			(0.07	)			(2.10	)			(0.16	)			(3.12	)			-
Total dividends and distributions			(0.26	)			(2.40	)			(0.65	)			(3.59	)			(0.35	)
Net asset value, end of year			$23.48				$16.59				$20.09				$17.69				$21.13
Total Return^(b):			43.45	%			(6.31	)%			17.67	%			2.48	%			3.58	%

Ratios/Supplemental Data:
Net assets, end of year (000)			$57,328				$45,053				$117,684				$101,918				$123,662
Average net assets (000)			$51,918				$68,136				$105,401				$99,623				$143,522
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement			0.68	%			0.68	%			0.68	%			0.68	%			0.67	%
Expenses before waivers and/or expense reimbursement			0.69	%			0.69	%			0.69	%			0.69	%			0.67	%
Net investment income (loss)			1.18	%			1.50	%			2.02	%			2.35	%			1.74	%
Portfolio turnover rate^(d)			120	%			122	%			78	%			75	%			62	%

\n\n\n

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

\n\n\n

(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.

\n\n\n

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

\n\n\n

(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 Core Bond Fund

Schedule of Investments

as of July 31, 2026

\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

LONG-TERM INVESTMENTS 98.8%

ASSET-BACKED SECURITIES 14.7%

Automobiles 5.6%

AmeriCredit Automobile Receivables Trust,

Series 2023-01, Class C

5.800%

12/18/28

2,100

2,117,351

Series 2023-02, Class C

6.000

07/18/29

900

914,185

ARI Fleet Lease Trust,

Series 2025-B, Class A2, 144A

4.590

03/15/34

5,480

5,488,715

Avis Budget Rental Car Funding AESOP LLC,

Series 2021-02A, Class A, 144A

1.660

02/20/28

1,900

1,882,410

Series 2022-01A, Class A, 144A

3.830

08/21/28

4,700

4,669,209

Series 2023-01A, Class A, 144A

5.250

04/20/29

5,200

5,239,412

Series 2023-02A, Class A, 144A

5.200

10/20/27

900

901,389

Series 2024-01A, Class A, 144A

5.360

06/20/30

1,900

1,920,085

Series 2024-03A, Class A, 144A

5.230

12/20/30

1,800

1,812,403

BOF VII AL Funding Trust I,

Series 2023-CAR03, Class A2, 144A

6.291

07/26/32

586

592,807

Series 2023-CAR03, Class B, 144A

6.632

07/26/32

228

229,988

Chesapeake Funding II LLC,

Series 2024-01A, Class A1, 144A

5.520

05/15/36

508

510,424

Enterprise Fleet Financing LLC,

Series 2025-03, Class A2, 144A

4.500

04/20/28

1,720

1,722,225

Series 2025-04, Class A2, 144A

4.050

08/20/28

3,763

3,754,175

Ford Credit Auto Owner Trust,

Series 2021-02, Class B, 144A

1.910

05/15/34

600

595,811

Series 2023-01, Class A, 144A

4.850

08/15/35

2,000

2,009,405

Series 2023-02, Class A, 144A

5.280

02/15/36

2,800

2,837,336

Series 2025-02, Class A, 144A

4.370(cc)

02/15/38

11,182

11,028,848

Ford Credit Floorplan Master Owner Trust,

Series 2024-03, Class A1, 144A

4.300

09/15/29

7,700

7,690,832

Series 2025-01, Class A1

4.630

04/15/30

5,700

5,714,907

GM Financial Consumer Automobile Receivables Trust,

Series 2023-04, Class B

6.160

04/16/29

1,100

1,115,673

Series 2023-04, Class C

6.410

05/16/29

700

710,888

GM Financial Revolving Receivables Trust,

Series 2021-01, Class B, 144A

1.490

06/12/34

200

199,314

Series 2023-02, Class A, 144A

5.770

08/11/36

500

512,306

Series 2024-01, Class A, 144A

4.980

12/11/36

2,600

2,621,120

Series 2024-02, Class A, 144A

4.520

03/11/37

5,000

4,973,709

GMF Floorplan Owner Revolving Trust,

Series 2024-04A, Class A1, 144A

4.730

11/15/29

1,700

1,705,738

OneMain Direct Auto Receivables Trust,

Series 2023-01A, Class A, 144A

5.410

11/14/29

3,176

3,191,032

Series 2025-01A, Class A, 144A

5.360

04/16/35

8,200

8,290,567

Series 2026-01A, Class A, 144A

4.490

12/14/33

8,700

8,582,532

Santander Drive Auto Receivables Trust, Series 2023-01, Class C

5.090

05/15/30

466

468,100

Series 2023-03, Class C

5.770

11/15/30

1,455

1,467,291

Series 2023-04, Class C

6.040

12/15/31

2,500

2,539,937

Series 2023-06, Class B

5.980

04/16/29

847

851,813

Series 2024-02, Class C

5.840

06/17/30

1,000

1,010,662

Series 2024-04, Class C

4.950

04/15/30

3,400

3,412,804

Series 2024-05, Class C

4.780

01/15/31

3,000

3,004,811

Series 2025-01, Class C

5.040

03/17/31

6,500

6,530,716

Series 2025-03, Class C

4.680

09/15/31

3,800

3,778,122

SFS Auto Receivables Securitization Trust,

Series 2023-01A, Class B, 144A

5.710

01/22/30

300

303,125

Series 2023-01A, Class C, 144A

5.970

02/20/31

500

507,168

Toyota Auto Loan Extended Note Trust,

Series 2025-01A, Class A, 144A

4.650

05/25/38

5,400

5,384,268

See Notes to Financial Statements.

PGIM Core Bond Fund 27

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Automobiles (cont’d.)

Toyota Auto Loan Extended Note Trust, (cont’d.)

Series 2026-01A, Class A, 144A

4.580%

04/25/39

5,000

4,946,801

Westlake Automobile Receivables Trust,

Series 2025-02A, Class B, 144A

4.630

01/15/31

2,400

2,402,173

Wheels Fleet Lease Funding LLC,

Series 2023-01A, Class A, 144A

5.800

04/18/38

495

496,320

Series 2024-01A, Class A1, 144A

5.490

02/18/39

1,215

1,223,198

Series 2025-02A, Class A1, 144A

4.410

05/18/40

5,109

5,099,065

136,961,170

Collateralized Loan Obligations 5.3%

Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2019-11A, Class AR2, 144A, 3 Month SOFR + 1.530% (Cap N/A, Floor 1.530%)

5.263(c)

07/22/37

10,000

10,000,000

Ares Loan Funding Ltd. (Cayman Islands),
Series 2025-ALF09A, Class A1, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%)

4.933(c)

03/31/38

10,500

10,488,115

Carlyle US CLO Ltd. (Cayman Islands),

Series 2021-05A, Class A1R, 144A, 3 Month SOFR + 1.320% (Cap N/A, Floor 1.320%)

5.049(c)

03/31/38

7,000

7,015,813

CIFC Funding Ltd. (Cayman Islands),
Series 2018-02A, Class A1R, 144A, 3 Month SOFR + 1.370% (Cap N/A, Floor 1.370%)

5.099(c)

10/20/37

14,750

14,775,075

Elmwood CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1RR, 144A, 3 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)

5.079(c)

10/20/37

14,750

14,767,808

Kennedy Lewis CLO Ltd. (Cayman Islands),
Series 08A, Class A1R2, 144A, 3 Month SOFR + 1.380% (Cap N/A, Floor 1.380%)

5.109(c)

01/20/38

14,750

14,767,380

Madison Park Funding Ltd. (Cayman Islands),
Series 2018-29A, Class A1R2, 144A, 3 Month SOFR + 1.180% (Cap N/A, Floor 1.180%)

4.909(c)

03/25/38

11,230

11,214,862

Marble Point CLO Ltd. (Cayman Islands),
Series 2022-02A, Class A1RR, 144A, 3 Month SOFR + 1.190% (Cap N/A, Floor 1.190%)

4.919(c)

10/20/36

11,750

11,741,832

Octagon Alto Ltd. (Cayman Islands),
Series 2023-01A, Class A1R, 144A, 3 Month SOFR + 1.140% (Cap N/A, Floor 1.140%)

4.869(c)

10/20/36

11,750

11,745,488

Park Blue CLO Ltd. (United Kingdom),
Series 2023-04A, Class A1R, 144A, 3 Month SOFR + 1.250% (Cap N/A, Floor 1.250%)

5.060(c)

01/25/39

11,000

11,007,820

Sound Point CLO Ltd. (Cayman Islands),
Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

5.185(c)

07/15/34

2,200

2,201,282

Tikehau US CLO Ltd. (Bermuda),
Series 2025-01A, Class A1, 144A, 3 Month SOFR + 1.220% (Cap N/A, Floor 1.220%)

5.030(c)

02/25/38

10,500

10,496,304

130,221,779

Consumer Loans 2.0%

Affirm Asset Securitization Trust,

Series 2026-X01, Class A, 144A

4.270

04/15/31

2,385

2,384,818

Affirm Master Trust,

Series 2025-02A, Class A, 144A

4.670

07/15/33

4,100

4,106,600

Series 2026-02A, Class A, 144A

4.670

04/16/35

4,200

4,166,345

Series 2026-03A, Class A, 144A

4.780

08/15/34

5,900

5,903,503

GreenSky Home Improvement Issuer Trust,

Series 2026-REV01, Class A, 144A

4.930

05/15/41

4,600

4,586,492

OneMain Financial Issuance Trust,

Series 2020-02A, Class A, 144A

1.750

09/14/35

990

980,373

Series 2021-01A, Class A2, 144A, 30 Day Average SOFR + 0.760% (Cap N/A, Floor 0.000%)

4.392(c)

06/16/36

2,446

2,447,774

Series 2023-02A, Class A1, 144A

5.840

09/15/36

5,300

5,347,893

Series 2025-01A, Class A, 144A

4.820

07/14/38

9,100

9,070,920

Reach ABS Trust,

Series 2026-02A, Class A, 144A

4.340

02/15/35

2,741

2,738,597

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Consumer Loans (cont’d.)

SoFi Consumer Loan Program,

Series 2026-03, Class A, 144A

4.460%

06/25/35

3,500

3,499,489

SoFi Consumer Loan Program Trust,

Series 2026-02, Class A, 144A

4.270

03/25/36

4,395

4,389,658

49,622,462

Credit Cards 0.0%

Robinhood Credit Card Trust,

Series 2026-01A, Class A, 144A

4.800

07/21/31

1,000

998,019

Equipment 0.4%

CCG Receivables Trust,

Series 2025-02, Class A2, 144A

4.140

08/15/34

2,990

2,981,019

Dell Equipment Finance Trust,

Series 2025-02, Class A3, 144A

4.120

03/24/31

1,250

1,243,613

Post Road Equipment Finance LLC,

Series 2026-01A, Class A2, 144A

4.470

01/18/33

6,700

6,677,007

10,901,639

Home Equity Loans 1.2%

BRAVO Residential Funding Trust,

Series 2025-CES02, Class A1, 144A

4.960(cc)

07/26/55

2,145

2,124,390

COOPR Residential Mortgage Trust,

Series 2025-CES02, Class A1A, 144A

5.502(cc)

06/25/60

3,402

3,398,062

EFMT,

Series 2024-CES01, Class A1, 144A

5.522(cc)

01/26/60

2,697

2,694,096

JPMorgan Mortgage Trust,

Series 2024-HE03, Class A1, 144A, 30 Day Average SOFR + 1.200% (Cap N/A, Floor 0.000%)

4.821(c)

02/25/55

1,856

1,859,732

Series 2025-CES02, Class A1, 144A

5.592(cc)

06/25/55

1,928

1,929,531

RCKT Mortgage Trust,

Series 2024-CES03, Class A1A, 144A

6.591(cc)

05/25/44

462

465,074

Series 2024-CES06, Class A1A, 144A

5.344(cc)

09/25/44

2,549

2,545,443

Series 2026-CES05, Class A1A, 144A

5.248(cc)

05/25/56

3,333

3,312,291

Series 2026-CES06, Class A1A, 144A

5.321(cc)

06/25/56

2,376

2,368,317

Santander Mortgage Asset Receivable Trust,

Series 2025-CES01, Class A1A, 144A

5.036(cc)

09/25/55

2,015

1,991,711

Towd Point Mortgage Trust,

Series 2023-CES02, Class A1A, 144A

7.294(cc)

10/25/63

512

512,910

Series 2024-CES01, Class A1A, 144A

5.848(cc)

01/25/64

131

130,846

Series 2024-CES03, Class A1, 144A

6.290(cc)

05/25/64

1,263

1,268,992

Series 2024-CES04, Class A1, 144A

5.122(cc)

09/25/64

1,625

1,618,156

Series 2025-CES01, Class A1, 144A

5.705(cc)

02/25/55

1,784

1,786,921

28,006,472

Other 0.1%

GreenSky Home Improvement Trust,

Series 2024-01, Class A4, 144A

5.670

06/25/59

537

542,694

Home Partners of America Trust,

Series 2021-03, Class A, 144A

2.200

01/17/41

964

902,140

1,444,834

Student Loans 0.1%

ELFI Graduate Loan Program LLC,

Series 2020-A, Class A, 144A

1.730

08/25/45

581

530,497

Navient Private Education Refi Loan Trust,

Series 2019-CA, Class A2, 144A

3.130

02/15/68

50,504

See Notes to Financial Statements.

PGIM Core Bond Fund 29

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Student Loans (cont’d.)

Navient Private Education Refi Loan Trust, (cont’d.)

Series 2020-BA, Class A2, 144A

2.120%

01/15/69

220

210,227

Series 2020-DA, Class A, 144A

1.690

05/15/69

158

150,141

SoFi Professional Loan Program LLC,

Series 2019-A, Class A2FX, 144A

3.690

06/15/48

78,217

Series 2019-C, Class A2FX, 144A

2.370

11/16/48

165

160,685

SoFi Professional Loan Program Trust,

Series 2020-A, Class A2FX, 144A

2.540

05/15/46

356

343,144

Series 2020-C, Class AFX, 144A

1.950

02/15/46

219

204,824

1,728,239

TOTAL ASSET-BACKED SECURITIES
(cost $360,088,079)

359,884,614

COMMERCIAL MORTGAGE-BACKED SECURITIES 8.6%

Arbor Multifamily Mortgage Securities Trust,
Series 2021-MF02, Class A4, 144A

2.252

06/15/54

8,900

7,879,175

ARES Commercial Mortgage Trust,

Series 2026-AZURE, Class A, 144A, 1 Month SOFR + 1.350% (Cap N/A, Floor 1.350%)

5.026

(c)

03/15/38

5,000

4,999,993

ARES Trust,

Series 2026-TRON, Class A, 144A, 1 Month SOFR + 1.420% (Cap N/A, Floor 1.420%)

5.096

(c)

05/15/43

5,800

5,812,695

BANK,

Series 2019-BN17, Class A3

3.456

04/15/52

4,116

3,974,569

Series 2019-BN20, Class A2

2.758

09/15/62

5,504

5,161,364

Series 2019-BN23, Class A2

2.669

12/15/52

2,188

2,039,262

Series 2020-BN25, Class A4

2.399

01/15/63

6,200

5,733,010

Series 2020-BN26, Class A3

2.155

03/15/63

5,000

4,587,957

Series 2020-BN27, Class A4

1.901

04/15/63

4,700

4,178,416

Series 2020-BN29, Class A3

1.742

11/15/53

2,185

1,922,770

Series 2021-BN32, Class A4

2.349

04/15/54

9,000

8,107,512

Series 2021-BN34, Class A4

2.156

06/15/63

7,000

6,220,806

Series 2021-BN38, Class A4

2.275

12/15/64

5,700

4,947,493

Barclays Commercial Mortgage Securities Trust,

Series 2020-C07, Class A4

1.786

04/15/53

5,700

5,103,104

Series 2023-C21, Class A2

6.296

(cc)

09/15/56

3,308

3,361,661

Series 2023-C22, Class A2

6.728

11/15/56

4,002

3,992,615

Benchmark Mortgage Trust,

Series 2018-B01, Class A4

3.402

01/15/51

75,192

Series 2018-B03, Class A4

3.761

04/10/51

4,437

4,378,837

Series 2019-B10, Class A3

3.455

03/15/62

5,913

5,717,275

Series 2020-B17, Class A4

2.042

03/15/53

1,800

1,626,061

Series 2020-B21, Class A4

1.704

12/17/53

2,600

2,311,162

Series 2021-B24, Class A3

2.010

03/15/54

2,600

2,365,980

Series 2023-B38, Class A2

5.626

04/15/56

6,000

6,028,624

Series 2023-B39, Class A2

6.572

(cc)

07/15/56

7,000

7,126,330

Series 2025-V13, Class A4

5.815

(cc)

02/15/58

8,500

8,683,386

BMO Mortgage Trust,

Series 2023-05C1, Class A3

6.534

(cc)

08/15/56

7,200

7,364,961

Series 2023-05C2, Class A3

7.055

(cc)

11/15/56

9,000

9,346,624

BX Trust,

Series 2026-ORBT, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%)

5.076

(c)

07/15/43

7,000

7,013,134

Cantor Commercial Real Estate Lending,

Series 2019-CF03, Class A3

2.752

01/15/53

2,900

2,679,196

CD Mortgage Trust,

Series 2019-CD08, Class A3

2.657

08/15/57

2,577

2,434,655

CF Mortgage Trust,

Series 2020-P01, Class A1, 144A

2.840

(cc)

04/15/52

2,774

2,757,857

CFCRE Commercial Mortgage Trust,

Series 2016-C07, Class A2

3.585

12/10/54

1,653

1,647,221

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

CIP Commercial Mortgage Trust,
Series 2025-SBAY, Class A, 144A, 1 Month SOFR + 1.400% (Cap N/A, Floor 1.400%)

5.076

%(c)

10/15/37

5,000

5,012,490

Citigroup Commercial Mortgage Trust,

Series 2015-GC31, Class A4

3.762

06/10/48

375

366,147

Series 2016-C03, Class A3

2.896

11/15/49

52,523

Series 2017-P08, Class A3

3.203

09/15/50

1,700

1,678,906

Series 2019-C07, Class A3

2.860

12/15/72

788

739,166

Series 2019-GC41, Class A4

2.620

08/10/56

3,000

2,806,662

CSAIL Commercial Mortgage Trust,
Series 2021-C20, Class A2

2.486

03/15/54

5,322

4,890,671

Deutsche Bank Commercial Mortgage Trust,
Series 2020-C09, Class A4

1.644

08/15/53

5,800

5,268,682

Fannie Mae-Aces,

Series 2019-M21, Class 3A1

2.100

06/25/34

47,382

FHLMC Multifamily Structured Pass-Through Certificates,
Series KW08, Class A2

3.600

01/25/29

4,500

4,391,495

JPMCC Commercial Mortgage Securities Trust,
Series 2017-JP05, Class A4

3.457

03/15/50

102

101,706

JPMDB Commercial Mortgage Securities Trust,
Series 2017-C05, Class A4

3.414

03/15/50

307

305,456

Ladder Capital Commercial Mortgage Securities Trust,
Series 2017-LC26, Class A3, 144A

3.289

07/12/50

1,135

1,127,195

Morgan Stanley Capital I Trust,

Series 2016-BNK02, Class A3

2.791

11/15/49

724

721,404

SCG Trust,

Series 2025-SNIP, Class A, 144A, 1 Month SOFR + 1.500% (Cap N/A, Floor 1.500%)

5.176

(c)

09/15/42

5,550

5,560,395

UBS Commercial Mortgage Trust,

Series 2017-C05, Class A4

3.212

11/15/50

973

957,965

Series 2018-C09, Class A3

3.854

03/15/51

657

645,176

Series 2018-C14, Class A3

4.180

12/15/51

826

816,716

Series 2019-C18, Class A3

2.782

12/15/52

4,400

4,116,591

Wells Fargo Commercial Mortgage Trust,

Series 2017-C38, Class A4

3.190

07/15/50

697

690,629

Series 2017-RB01, Class A4

3.374

03/15/50

899

892,957

Series 2018-C46, Class A3

3.888

08/15/51

2,000

1,965,106

Series 2019-C50, Class A4

3.466

05/15/52

6,119

5,922,452

Series 2020-C57, Class A3

1.864

08/15/53

5,300

4,765,894

Series 2021-C59, Class A3

1.958

04/15/54

5,921

5,463,027

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES

(cost $219,248,881)

208,885,690

CORPORATE BONDS 27.6%

Aerospace & Defense 0.6%

BAE Systems PLC (United Kingdom),

Sr. Unsec’d. Notes, 144A

3.400

04/15/30

335

318,145

Sr. Unsec’d. Notes, 144A

5.125

03/26/29

2,570

2,592,525

Boeing Co. (The),

Sr. Unsec’d. Notes

3.375

06/15/46

3,557

2,399,787

Sr. Unsec’d. Notes

3.550

03/01/38

495

402,879

Sr. Unsec’d. Notes

3.600

05/01/34

1,160

1,026,654

Sr. Unsec’d. Notes

3.850

11/01/48

455

322,063

Sr. Unsec’d. Notes

3.900

05/01/49

1,405

1,000,049

Sr. Unsec’d. Notes

5.705

05/01/40

190

187,588

Sr. Unsec’d. Notes

5.930

05/01/60

1,950

1,817,325

Bombardier, Inc. (Canada),

Sr. Unsec’d. Notes, 144A(a)

7.250

07/01/31

1,050

1,093,313

HEICO Corp.,
Gtd. Notes

5.250

08/01/28

725

732,581

See Notes to Financial Statements.

PGIM Core Bond Fund 31

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

CORPORATE BONDS (Continued)

Aerospace & Defense (cont’d.)

Honeywell Aerospace, Inc.,
Gtd. Notes, 144A

4.600

03/16/33

1,116

1,078,252

Gtd. Notes, 144A

4.950

03/16/36

760

732,622

13,703,783

Agriculture 0.5%

Altria Group, Inc.,
Gtd. Notes

3.400

05/06/30

630

596,846

BAT Capital Corp. (United Kingdom),

Gtd. Notes

2.259

03/25/28

1,910

1,837,360

Gtd. Notes

2.726

03/25/31

2,180

1,973,607

Gtd. Notes

3.557

08/15/27

120

118,837

Gtd. Notes

4.390

08/15/37

5,500

4,911,606

Gtd. Notes

6.343

08/02/30

710

744,127

BAT International Finance PLC (United Kingdom),
Gtd. Notes

5.931

02/02/29

1,295

1,328,155

11,510,538

Airlines 0.1%

American Airlines 2015-1 Class A Pass-Through Trust,
Pass-Through Certificates

3.375

11/01/28

46,651

Delta Air Lines 2020-1 Class AA Pass-Through Trust,
Pass-Through Certificates

2.000

12/10/29

442

426,972

United Airlines 2016-2 Class AA Pass-Through Trust,
Pass-Through Certificates

2.875

04/07/30

232

223,976

United Airlines 2019-2 Class AA Pass-Through Trust,
Pass-Through Certificates

2.700

11/01/33

318

287,780

United Airlines Holdings, Inc.,
Gtd. Notes

4.875

03/01/29

1,155

1,137,619

2,122,998

Auto Manufacturers 1.1%

Ford Motor Co.,

Sr. Unsec’d. Notes

4.750

01/15/43

205

157,081

Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes

2.900

02/10/29

4,250

3,993,147

Sr. Unsec’d. Notes

5.800

03/08/29

3,200

3,220,513

Sr. Unsec’d. Notes

5.875

11/07/29

575

579,581

General Motors Co.,
Sr. Unsec’d. Notes

5.200

04/01/45

950

811,588

Sr. Unsec’d. Notes

5.350

04/15/28

3,038

3,064,572

General Motors Financial Co., Inc.,

Gtd. Notes

3.850

01/05/28

490

484,404

Sr. Unsec’d. Notes

2.400

10/15/28

1,385

1,315,279

Sr. Unsec’d. Notes

2.700

08/20/27

375

367,766

Hyundai Capital America,
Sr. Unsec’d. Notes, 144A, MTN

2.000

06/15/28

2,550

2,420,752

Sr. Unsec’d. Notes, 144A, MTN

5.300

01/08/30

4,560

4,588,531

Toyota Motor Credit Corp.,
Sr. Unsec’d. Notes, MTN

4.800

01/05/34

1,376

1,342,351

Volkswagen Group of America Finance LLC (Germany),

Gtd. Notes, 144A(a)

5.250

03/22/29

2,840

2,848,187

Gtd. Notes, 144A

5.350

03/27/30

2,370

2,376,624

27,570,376

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

CORPORATE BONDS (Continued)

Auto Parts & Equipment 0.1%

Clarios Global LP/Clarios US Finance Co.,

Sr. Sec’d. Notes, 144A

6.750

02/15/30

1,050

1,076,208

Tenneco, Inc.,
Sr. Sec’d. Notes, 144A

8.000

11/17/28

875

877,330

1,953,538

Banks 6.9%

Banco Santander SA (Spain),

Sr. Non-Preferred Notes

5.538

(ff)

03/14/30

1,000

1,014,021

Bank of America Corp.,
Sr. Unsec’d. Notes

2.687

(ff)

04/22/32

12,960

11,625,814

Sr. Unsec’d. Notes

4.477

(ff)

04/23/30

125

123,638

Sr. Unsec’d. Notes

5.288

(ff)

04/25/34

1,530

1,526,328

Sr. Unsec’d. Notes, GMTN

3.593

(ff)

07/21/28

1,595

1,579,725

Sr. Unsec’d. Notes, MTN

2.496

(ff)

02/13/31

2,705

2,485,016

Sr. Unsec’d. Notes, MTN

2.972

(ff)

02/04/33

1,555

1,387,930

Sr. Unsec’d. Notes, MTN

3.824

(ff)

01/20/28

1,720

1,715,186

Sr. Unsec’d. Notes, MTN

4.271

(ff)

07/23/29

190

188,388

Sr. Unsec’d. Notes, Series N

2.651

(ff)

03/11/32

4,500

4,041,724

Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes

2.279

(ff)

11/24/27

4,370

4,339,580

Sr. Unsec’d. Notes

4.837

(ff)

09/10/28

400

400,156

Sr. Unsec’d. Notes

5.207

(ff)

02/24/37

3,490

3,311,137

Sr. Unsec’d. Notes

5.586

(ff)

06/26/37

845

824,117

BNP Paribas SA (France),
Sr. Non-Preferred Notes, 144A

1.904

(ff)

09/30/28

1,385

1,342,160

Sr. Non-Preferred Notes, 144A

3.132

(ff)

01/20/33

475

424,561

Sr. Preferred Notes, 144A

5.176

(ff)

01/09/30

465

467,535

BPCE SA (France),

Sr. Preferred Notes, 144A, MTN

3.250

01/11/28

625

612,825

Cassa Depositi e Prestiti SpA (Italy),
Sr. Unsec’d. Notes, 144A

4.375

10/01/30

1,000

979,218

Sr. Unsec’d. Notes, 144A

5.875

04/30/29

800

822,254

Citigroup, Inc.,

Sr. Unsec’d. Notes

2.561

(ff)

05/01/32

1,415

1,260,593

Sr. Unsec’d. Notes

2.666

(ff)

01/29/31

1,510

1,394,739

Sr. Unsec’d. Notes

3.668

(ff)

07/24/28

490

485,361

Sr. Unsec’d. Notes

3.887

(ff)

01/10/28

670

668,041

Sub. Notes

4.450

09/29/27

840

837,862

Sub. Notes

5.827

(ff)

02/13/35

865

865,031

Sub. Notes

6.020

(ff)

01/24/36

6,708

6,748,696

Credit Agricole SA (France),

Sr. Non-Preferred Notes, 144A, MTN

5.222

(ff)

05/27/31

1,080

1,081,395

Danske Bank A/S (Denmark),

Sr. Non-Preferred Notes, 144A

4.613

(ff)

10/02/30

2,255

2,225,663

Deutsche Bank AG (Germany),
Sr. Non-Preferred Notes

4.950

(ff)

08/04/31

1,230

1,213,696

Sr. Non-Preferred Notes

5.373

(ff)

01/10/29

525

528,558

Sr. Preferred Notes(a)

4.469

(ff)

12/10/31

3,215

3,134,735

Fifth Third Bancorp,
Sr. Unsec’d. Notes

6.339

(ff)

07/27/29

1,310

1,346,814

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.542

(ff)

09/10/27

3,405

3,394,539

Sr. Unsec’d. Notes

3.814

(ff)

04/23/29

1,585

1,559,202

Sr. Unsec’d. Notes

3.850

01/26/27

475

474,024

Sr. Unsec’d. Notes

4.017

(ff)

10/31/38

1,600

1,362,686

Sr. Unsec’d. Notes

4.223

(ff)

05/01/29

125

123,723

Sr. Unsec’d. Notes

4.411

(ff)

04/23/39

600

526,407

See Notes to Financial Statements.

PGIM Core Bond Fund 33

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

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

5.094

%(ff)

04/20/34

570

557,636

Sr. Unsec’d. Notes

5.727

(ff)

04/25/30

6,135

6,245,467

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

5.709

(ff)

02/02/35

1,240

1,244,872

Sr. Unsec’d. Notes

6.208

(ff)

08/21/29

630

646,380

Intesa Sanpaolo SpA (Italy),
Sr. Preferred Notes, Series XR, 144A, MTN

4.000

09/23/29

1,790

1,739,666

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series II, 3 Month SOFR + 2.745%

6.470

(c)

10/01/26

(oo)

2,725

2,732,038

Sr. Unsec’d. Notes

2.522

(ff)

04/22/31

1,281

1,174,425

Sr. Unsec’d. Notes

2.580

(ff)

04/22/32

2,565

2,291,743

Sr. Unsec’d. Notes

2.739

(ff)

10/15/30

7,000

6,546,061

Sr. Unsec’d. Notes

2.947

(ff)

02/24/28

215

213,083

Sr. Unsec’d. Notes

3.964

(ff)

11/15/48

355

267,215

Sr. Unsec’d. Notes

4.323

(ff)

04/26/28

165

164,663

Sr. Unsec’d. Notes

4.408

(ff)

04/23/30

3,380

3,334,918

Sr. Unsec’d. Notes

4.898

(ff)

01/22/37

250

238,394

Sr. Unsec’d. Notes

5.140

(ff)

01/24/31

5,605

5,626,215

KeyCorp,

Sr. Unsec’d. Notes

6.401

(ff)

03/06/35

3,120

3,256,474

Morgan Stanley,

Sr. Unsec’d. Notes

4.238

(ff)

01/09/30

1,200

1,179,959

Sr. Unsec’d. Notes

4.493

(ff)

01/16/32

4,785

4,645,007

Sr. Unsec’d. Notes

5.296

(ff)

04/10/37

2,695

2,617,256

Sr. Unsec’d. Notes

5.449

(ff)

07/20/29

545

550,930

Sr. Unsec’d. Notes, GMTN

2.239

(ff)

07/21/32

6,460

5,612,812

Sr. Unsec’d. Notes, GMTN

3.772

(ff)

01/24/29

760

749,502

Sr. Unsec’d. Notes, GMTN

4.431

(ff)

01/23/30

1,200

1,186,830

Sr. Unsec’d. Notes, MTN

1.928

(ff)

04/28/32

4,245

3,658,896

Sr. Unsec’d. Notes, MTN

3.591

(cc)

07/22/28

310

306,680

Sr. Unsec’d. Notes, MTN

5.831

(ff)

04/19/35

505

514,405

Sub. Notes, GMTN

4.350

09/08/26

3,800

3,798,339

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

5.582

(ff)

06/12/29

2,655

2,694,111

Santander UK Group Holdings PLC (United Kingdom),

Sr. Unsec’d. Notes

4.320

(ff)

09/22/29

1,035

1,021,552

Societe Generale SA (France),

Gtd. Notes, 144A, MTN

5.439

(ff)

10/03/36

6,020

5,796,285

Sr. Non-Preferred Notes, 144A, MTN

5.400

(ff)

08/08/34

200

195,321

Sr. Non-Preferred Notes, 144A, MTN

6.691

(ff)

01/10/34

605

634,219

Sumitomo Mitsui Financial Group, Inc. (Japan),

Sr. Unsec’d. Notes

4.954

(ff)

07/08/33

6,400

6,281,304

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.867

(ff)

06/08/34

330

337,055

UBS Group AG (Switzerland),

Sr. Unsec’d. Notes, 144A

3.126

(ff)

08/13/30

1,180

1,116,123

Sr. Unsec’d. Notes, 144A(a)

3.869

(ff)

01/12/29

870

860,420

Sr. Unsec’d. Notes, 144A, MTN

2.095

(ff)

02/11/32

250

218,685

Wells Fargo & Co.,

Sr. Unsec’d. Notes

5.244

(ff)

01/24/31

1,680

1,691,646

Sr. Unsec’d. Notes

5.389

(ff)

04/24/34

4,350

4,352,063

Sr. Unsec’d. Notes

6.491

(ff)

10/23/34

1,245

1,322,540

Sr. Unsec’d. Notes, MTN

2.572

(ff)

02/11/31

5,425

4,996,433

Sr. Unsec’d. Notes, MTN

5.013

(ff)

04/04/51

2,300

1,973,590

Sr. Unsec’d. Notes, MTN

5.574

(ff)

07/25/29

5,045

5,121,157

168,155,448

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

CORPORATE BONDS (Continued)

Beverages 0.2%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),

Gtd. Notes

4.700

02/01/36

150

142,526

Gtd. Notes

4.900

02/01/46

1,551

1,356,320

Constellation Brands, Inc.,

Gtd. Notes

4.650

11/15/28

450

449,043

Sr. Unsec’d. Notes

2.250

08/01/31

1,030

901,067

Diageo Capital PLC (United Kingdom),

Gtd. Notes

2.125

04/29/32

1,665

1,422,510

4,271,466

Biotechnology 0.0%

Amgen, Inc.,

Sr. Unsec’d. Notes

5.150

11/15/41

910

842,562

Building Materials 0.3%

CRH SMW Finance DAC,

Gtd. Notes

5.125

01/09/30

2,650

2,666,185

Martin Marietta Materials, Inc.,

Sr. Unsec’d. Notes

2.400

07/15/31

715

629,270

Sr. Unsec’d. Notes

5.150

12/01/34

2,510

2,457,596

Standard Industries, Inc.,

Sr. Unsec’d. Notes, 144A

3.375

01/15/31

800

719,012

6,472,063

Chemicals 0.2%

DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes, 144A

4.725

11/15/28

1,292

1,288,814

Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes

5.350

05/29/36

350

341,623

OCP SA (Morocco),

Sr. Unsec’d. Notes, 144A

6.100

04/30/30

1,485

1,498,707

Sr. Unsec’d. Notes, 144A

6.750

05/02/34

1,858

1,904,636

Qnity Electronics, Inc.,

Gtd. Notes, 144A

6.250

08/15/33

80,406

Sr. Sec’d. Notes, 144A

5.750

08/15/32

130

129,257

Sasol Financing USA LLC (South Africa),
Gtd. Notes

6.500

09/27/28

400

403,256

5,646,699

Commercial Services 0.3%

Carrix, Inc.,
Sr. Sec’d. Notes, 144A

6.125

08/01/33

765

761,622

Experian Finance PLC,
Gtd. Notes, 144A

2.750

03/08/30

1,735

1,606,148

Freeport Terminal Malta PLC (Malta),
Gov’t. Gtd. Notes

7.250

05/15/28

1,000

1,025,949

Herc Holdings, Inc.,
Gtd. Notes, 144A(a)

6.625

06/15/29

1,100

1,119,759

Massachusetts Institute of Technology,
Unsec’d. Notes

3.885

07/01/2116

700

453,923

President & Fellows of Harvard College,
Unsec’d. Notes

3.300

07/15/56

160

103,426

Trustees of Boston College,
Unsec’d. Notes

3.129

07/01/52

637

415,822

See Notes to Financial Statements.

PGIM Core Bond Fund 35

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

University of Notre Dame du Lac,
Unsec’d. Notes, Series 2017

3.394

02/15/48

365

260,380

Verisk Analytics, Inc.,
Sr. Unsec’d. Notes

4.125

03/15/29

1,185

1,165,851

6,912,880

Computers 0.3%

Accenture Capital, Inc.,
Gtd. Notes

4.500

10/04/34

1,865

1,749,585

Booz Allen Hamilton, Inc.,
Gtd. Notes(a)

5.950

08/04/33

2,320

2,309,386

Leidos, Inc.,
Gtd. Notes

5.000

03/15/36

1,480

1,399,112

NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A

9.500

04/01/29

2,000

2,123,310

7,581,393

Diversified Financial Services 0.8%

Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A

7.200

12/12/28

1,155

1,194,594

Cboe Global Markets, Inc.,
Sr. Unsec’d. Notes

1.625

12/15/30

2,900

2,508,208

Charles Schwab Corp. (The),
Sr. Unsec’d. Notes(a)

1.650

03/11/31

2,970

2,573,770

Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes

2.625

10/15/31

82,268

Sr. Unsec’d. Notes

5.125

04/28/31

4,750

4,650,871

Sr. Unsec’d. Notes

5.875

07/21/28

1,210

1,231,945

LPL Holdings, Inc.,
Gtd. Notes

5.700

05/20/27

1,295

1,302,677

Nomura Holdings, Inc. (Japan),
Sr. Unsec’d. Notes

2.608

07/14/31

565

499,327

Sr. Unsec’d. Notes

6.070

07/12/28

3,905

3,991,114

OneMain Finance Corp.,
Gtd. Notes

3.875

09/15/28

1,175

1,135,482

Rocket Cos., Inc.,
Gtd. Notes, 144A

6.125

08/01/30

1,325

1,335,541

20,505,797

Electric 2.0%

Abu Dhabi National Energy Co. PJSC (United Arab Emirates),
Sr. Unsec’d. Notes, 144A, MTN(a)

2.000

04/29/28

515

489,688

AEP Transmission Co. LLC,
Sr. Unsec’d. Notes

4.250

09/15/48

830

645,415

Alfa Desarrollo SpA (Chile),
Sr. Sec’d. Notes, 144A

4.550

09/27/51

647

504,173

Ameren Illinois Co.,
First Mortgage

3.700

12/01/47

625

450,942

Arizona Public Service Co.,
Sr. Unsec’d. Notes

2.200

12/15/31

2,875

2,481,020

Sr. Unsec’d. Notes

3.350

05/15/50

485

312,453

CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage, Series Z

2.400

09/01/26

190

189,690

Cleco Corporate Holdings LLC,
Sr. Unsec’d. Notes

3.375

09/15/29

305

286,745

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n	\n	\n
Description		Interest Rate			Maturity Date			Principal Amount (000)#			Value
\n	\n	\n	\n
CORPORATE BONDS (Continued)		\n	\n	\n		\n	\n	\n		\n	\n	\n		\n	\n
\n	\n	\n	\n
Electric (cont’d.)
Comision Federal de Electricidad (Mexico), Gtd. Notes, 144A(a)			4.688	%			05/15/29				1,600			$	1,562,400
Sr. Unsec’d. Notes, 144A			6.045				01/28/34				3,995				3,853,417
Commonwealth Edison Co., First Mortgage			3.700				03/01/45				40				29,542
First Mortgage			4.000				03/01/48				115				86,110
First Mortgage, Series 123			3.750				08/15/47				775				559,393
First Mortgage, Series 130			3.125				03/15/51				95				59,328
Consolidated Edison Co. of New York, Inc., Sr. Unsec’d. Notes, Series 2017			3.875				06/15/47				805				588,388
Sr. Unsec’d. Notes, Series C			4.300				12/01/56				40				29,737
Delmarva Power & Light Co., First Mortgage			4.150				05/15/45				60				47,227
Dominion Energy, Inc., Sr. Unsec’d. Notes, Series D			2.850				08/15/26				55				54,970
DTE Electric Co., General Ref. Mortgage, Series A			4.050				05/15/48				370				281,638
DTE Energy Co., Sr. Unsec’d. Notes			2.850				10/01/26				350				349,107
Duke Energy Corp., Sr. Unsec’d. Notes			2.650				09/01/26				145				144,813
Sr. Unsec’d. Notes			3.950				08/15/47				185				134,661
Duke Energy Florida LLC, First Mortgage			3.400				10/01/46				185				128,120
First Mortgage			4.200				07/15/48				205				157,619
Duke Energy Indiana LLC, First Mortgage			2.750				04/01/50				1,825				1,067,956
Duke Energy Progress LLC, First Mortgage			3.700				10/15/46				75				54,242
ENEL Finance International NV (Italy), Gtd. Notes, 144A			3.500				04/06/28				475				465,033
Entergy Arkansas LLC, First Mortgage			2.650				06/15/51				2,220				1,245,611
Entergy Louisiana LLC, Collateral Trust Bond			4.000				03/15/33				170				158,419
Entergy Texas, Inc., First Mortgage			4.500				03/30/39				1,000				885,177
Eversource Energy, Sr. Unsec’d. Notes, Series M			3.300				01/15/28				335				328,400
FirstEnergy Pennsylvania Electric Co., Sr. Unsec’d. Notes, 144A			3.600				06/01/29				1,435				1,387,378
Sr. Unsec’d. Notes, 144A			5.200				04/01/28				865				871,715
Fortis, Inc. (Canada), Sr. Unsec’d. Notes			3.055				10/04/26				217				216,451
Georgia Power Co., Sr. Unsec’d. Notes, Series B			2.650				09/15/29				1,005				944,930
IPALCO Enterprises, Inc., Sr. Sec’d. Notes			4.250				05/01/30				240				232,514
Israel Electric Corp. Ltd. (Israel), Sr. Sec’d. Notes, 144A, GMTN			4.250				08/14/28				235				229,741
MidAmerican Energy Co., First Mortgage			3.950				08/01/47				225				168,377
First Mortgage			4.250				07/15/49				350				271,172
Narragansett Electric Co. (The), Sr. Unsec’d. Notes, 144A			3.395				04/09/30				915				868,040
NextEra Energy Capital Holdings, Inc., Gtd. Notes			4.900				02/28/28				3,870				3,886,530
NRG Energy, Inc., Sr. Sec’d. Notes, 144A			2.700				12/02/27				1,215				1,179,740

See Notes to Financial Statements.

PGIM Core Bond Fund 37

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

NSTAR Electric Co.,
Sr. Unsec’d. Notes

5.400

06/01/34

1,130

1,133,020

Ohio Power Co.,
Sr. Unsec’d. Notes

4.150

04/01/48

250

187,602

Pacific Gas & Electric Co.,
First Mortgage

4.500

07/01/40

3,000

2,522,005

First Mortgage

4.950

07/01/50

1,460

1,177,496

PacifiCorp,
First Mortgage

2.700

09/15/30

890

810,314

PECO Energy Co.,
First Mortgage

3.000

09/15/49

180

111,371

First Mortgage

3.050

03/15/51

1,540

947,634

PPL Electric Utilities Corp.,
First Mortgage

3.000

10/01/49

235

147,083

Public Service Co. of Colorado,
First Mortgage

4.100

06/15/48

235

179,527

First Mortgage, Series 34

3.200

03/01/50

720

459,993

Public Service Electric & Gas Co.,
First Mortgage, MTN(a)

2.250

09/15/26

370

369,116

First Mortgage, MTN

2.700

05/01/50

390

228,429

First Mortgage, MTN

3.200

05/15/29

1,265

1,219,431

First Mortgage, MTN

3.600

12/01/47

67,277

First Mortgage, MTN

3.700

05/01/28

590

582,537

Sec’d. Notes, MTN

4.650

03/15/33

2,105

2,055,368

Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes

1.600

08/15/30

1,155

1,010,618

San Diego Gas & Electric Co.,
First Mortgage

4.150

05/15/48

420

318,761

Southern California Edison Co.,
First Mortgage

3.650

02/01/50

290

191,820

Southwestern Electric Power Co.,
Sr. Unsec’d. Notes, Series K

2.750

10/01/26

675

673,407

Southwestern Public Service Co.,
First Mortgage

3.700

08/15/47

355

255,087

SP PowerAssets Ltd. (Singapore),
Sr. Unsec’d. Notes, 144A, MTN(a)

3.000

09/26/27

465

456,667

Tucson Electric Power Co.,
Sr. Unsec’d. Notes(a)

4.000

06/15/50

1,315

966,131

Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A

3.500

03/15/27

185

184,024

Sr. Unsec’d. Notes, Series A

3.800

04/01/28

290

286,262

Vistra Corp.,
Jr. Sub. Notes, 144A

8.000

(ff)

10/15/26

(oo)

1,075

1,077,979

Vistra Operations Co. LLC,
Gtd. Notes, 144A

5.000

07/31/27

3,000

3,000,334

Wisconsin Power & Light Co.,
Sr. Unsec’d. Notes

3.050

10/15/27

535

525,680

Xcel Energy, Inc.,
Sr. Unsec’d. Notes

3.350

12/01/26

510

508,127

49,541,122

Electrical Components & Equipment 0.0%

WESCO Distribution, Inc.,
Gtd. Notes, 144A

5.250

04/15/31

200

196,781

Gtd. Notes, 144A

5.500

04/15/34

220

214,208

410,989

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Engineering & Construction 0.2%

AECOM,

Gtd. Notes, 144A

6.000%

08/01/33

225

223,765

Mexico City Airport Trust (Mexico),

Sr. Sec’d. Notes, 144A

3.875

04/30/28

1,018

990,565

Sr. Sec’d. Notes, 144A

4.250

10/31/26

1,972

1,964,576

Sr. Sec’d. Notes, 144A

5.500

07/31/47

1,800

1,512,810

4,691,716

Entertainment 0.1%

Caesars Entertainment, Inc.,

Gtd. Notes, 144A

4.625

10/15/29

1,100

1,046,817

Midwest Gaming Borrower LLC/Midwest Gaming Finance Corp.,

Sr. Sec’d. Notes, 144A

4.875

05/01/29

1,150

1,116,520

2,163,337

Foods 0.3%

Campbell’s Co. (The),

Sr. Unsec’d. Notes(a)

2.375

04/24/30

1,935

1,747,515

JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings,

Sr. Unsec’d. Notes

5.750

04/01/33

1,900

1,927,390

Sr. Unsec’d. Notes, 144A

6.400

05/10/57

2,790

2,642,010

Kroger Co. (The),

Sr. Unsec’d. Notes

3.875

10/15/46

47,324

6,364,239

Gas 0.1%

Atmos Energy Corp.,

Sr. Unsec’d. Notes

3.375

09/15/49

1,200

803,282

NiSource, Inc.,

Sr. Unsec’d. Notes

1.700

02/15/31

785

680,078

Piedmont Natural Gas Co., Inc.,

Sr. Unsec’d. Notes

3.500

06/01/29

440

425,351

1,908,711

Healthcare-Products 0.0%

Medline Borrower LP,

Sr. Sec’d. Notes, 144A

3.875

04/01/29

1,175

1,137,512

Healthcare-Services 1.1%

Aetna, Inc.,

Sr. Unsec’d. Notes

4.500

05/15/42

1,000

832,073

Sr. Unsec’d. Notes

6.750

12/15/37

170

181,331

AHS Hospital Corp.,

Unsec’d. Notes

5.024

07/01/45

200

179,760

Ascension Health,

Sr. Unsec’d. Notes, Series B

3.106

11/15/39

265

203,171

Cigna Group (The),

Gtd. Notes

3.400

03/01/27

325

323,144

Gtd. Notes

4.375

10/15/28

1,100

1,092,577

Sr. Unsec’d. Notes

2.375

03/15/31

3,336

2,981,271

Sr. Unsec’d. Notes

2.400

03/15/30

1,681

1,542,703

CommonSpirit Health,

Sr. Sec’d. Notes

5.318

12/01/34

4,510

4,433,642

Kaiser Foundation Hospitals,

Unsec’d. Notes, Series 2021

2.810

06/01/41

2,410

1,724,144

See Notes to Financial Statements.

PGIM Core Bond Fund 39

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

Laboratory Corp. of America Holdings,

Gtd. Notes

2.950%

12/01/29

595

560,811

Gtd. Notes(a)

4.800

10/01/34

4,810

4,611,195

MyMichigan Health,

Sec’d. Notes, Series 2020

3.409

06/01/50

740

497,946

OhioHealth Corp.,

Unsec’d. Notes, Series 2020

3.042

11/15/50

795

520,342

Piedmont Healthcare, Inc.,

Sec’d. Notes, Series 2032

2.044

01/01/32

2,670

2,284,688

Providence St. Joseph Health Obligated Group,

Unsec’d. Notes, Series 19A

2.532

10/01/29

420

391,097

Unsec’d. Notes, Series H

2.746

10/01/26

39,877

Quest Diagnostics, Inc.,

Sr. Unsec’d. Notes

2.950

06/30/30

1,910

1,777,734

Stanford Health Care,

Unsec’d. Notes, Series 2018

3.795

11/15/48

450

332,272

UnitedHealth Group, Inc.,

Sr. Unsec’d. Notes

3.050

05/15/41

1,150

841,613

Sr. Unsec’d. Notes

4.500

04/15/33

500

480,861

Sr. Unsec’d. Notes

4.750

05/15/52

665

546,492

Sr. Unsec’d. Notes

5.500

04/15/64

865

768,430

Sr. Unsec’d. Notes

5.750

07/15/64

670

619,696

27,766,870

Holding Companies-Diversified 0.1%

Clue Opco LLC,

Sr. Sec’d. Notes, 144A

9.500

10/15/31

1,965

1,929,572

Home Builders 0.0%

Mattamy Group Corp. (Canada),

Sr. Unsec’d. Notes, 144A

4.625

03/01/30

1,150

1,098,664

Housewares 0.0%

Newell Brands, Inc.,

Sr. Unsec’d. Notes, 144A

8.500

06/01/28

1,075

1,122,348

Insurance 0.7%

Arthur J Gallagher & Co.,

Sr. Unsec’d. Notes

5.000

02/15/32

1,680

1,665,666

Berkshire Hathaway Finance Corp.,

Gtd. Notes

2.850

10/15/50

1,175

706,072

Fairfax Financial Holdings Ltd. (Canada),

Sr. Unsec’d. Notes

6.000

12/07/33

5,900

6,057,334

Liberty Mutual Group, Inc.,

Gtd. Notes, 144A

3.950

05/15/60

185

122,942

Gtd. Notes, 144A

3.951

10/15/50

450

318,812

Lincoln National Corp.,

Sr. Unsec’d. Notes

6.300

10/09/37

115

118,265

Markel Group, Inc.,

Sr. Unsec’d. Notes

3.350

09/17/29

1,625

1,551,993

Sr. Unsec’d. Notes

5.000

04/05/46

217

186,449

Marsh & McLennan Cos., Inc.,

Sr. Unsec’d. Notes

4.650

03/15/30

6,335

6,292,490

Principal Financial Group, Inc.,

Gtd. Notes

3.100

11/15/26

105

104,627

Gtd. Notes

4.350

05/15/43

16,325

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Teachers Insurance & Annuity Association of America,

Sub. Notes, 144A

4.900%

09/15/44

55,233

Unum Group,

Sr. Unsec’d. Notes

6.000

06/15/54

505

472,063

W.R. Berkley Corp.,

Sr. Unsec’d. Notes

4.000

05/12/50

545

400,712

18,068,983

Internet 1.2%

Alphabet, Inc.,

Sr. Unsec’d. Notes

4.400

02/15/33

525

503,382

Sr. Unsec’d. Notes

4.700

11/15/35

705

671,336

Amazon.com, Inc.,

Sr. Unsec’d. Notes

4.550

03/13/33

2,275

2,195,357

Sr. Unsec’d. Notes(a)

4.875

03/13/36

1,868

1,784,043

Sr. Unsec’d. Notes

6.000

07/09/46

2,020

1,964,602

Sr. Unsec’d. Notes

6.100

07/09/56

2,050

1,966,490

Sr. Unsec’d. Notes

6.250

07/09/66

2,325

2,226,439

Beignet Investor LLC,

Sr. Sec’d. Notes, 144A

6.581

05/30/49

4,721

4,565,364

Meta Platforms, Inc.,

Sr. Unsec’d. Notes

4.600

11/15/32

135

129,967

Sr. Unsec’d. Notes

4.875

05/15/33

740

717,889

Sr. Unsec’d. Notes

5.250

05/15/36

763

731,518

Sr. Unsec’d. Notes

6.200

05/15/46

2,410

2,264,784

Sr. Unsec’d. Notes

6.300

05/15/56

585

536,606

Sr. Unsec’d. Notes

6.450

05/15/66

1,730

1,583,650

Netflix, Inc.,

Sr. Unsec’d. Notes

5.250

08/15/36

3,445

3,395,510

Sopaipilla Investor LLC,

Sr. Sec’d. Notes, 144A

7.534

11/30/48

3,705

3,841,542

29,078,479

Iron/Steel 0.3%

Champion Iron Canada, Inc. (Canada),

Gtd. Notes, 144A

7.875

07/15/32

635

650,875

Mineral Resources Ltd. (Australia),

Sr. Unsec’d. Notes, 144A

6.000

05/01/32

400

392,032

Sr. Unsec’d. Notes, 144A

6.250

05/01/34

245

238,262

Sr. Unsec’d. Notes, 144A

9.250

10/01/28

143

147,027

Steel Dynamics, Inc.,

Sr. Unsec’d. Notes

3.450

04/15/30

5,710

5,418,995

6,847,191

Lodging 0.3%

Hyatt Hotels Corp.,

Sr. Unsec’d. Notes

5.250

06/30/29

1,460

1,471,024

Sr. Unsec’d. Notes

5.750

01/30/27

730

732,994

Sr. Unsec’d. Notes

5.750

04/23/30

3,290

3,350,079

Marriott International, Inc.,

Sr. Unsec’d. Notes

4.900

04/15/29

510

511,545

MGM Resorts International,

Gtd. Notes

6.125

09/15/29

1,100

1,106,981

7,172,623

See Notes to Financial Statements.

PGIM Core Bond Fund 41

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Media 0.7%

Charter Communications Operating LLC/Charter Communications Operating Capital,

Sr. Sec’d. Notes

2.300%

02/01/32

190

157,943

Sr. Sec’d. Notes

3.500

03/01/42

440

291,740

Sr. Sec’d. Notes

5.050

03/30/29

2,160

2,136,512

Sr. Sec’d. Notes

5.375

05/01/47

530

401,174

Sr. Sec’d. Notes

6.484

10/23/45

275

238,368

Sr. Sec’d. Notes

6.550

06/01/34

180

177,932

Cox Communications, Inc.,

Gtd. Notes, 144A

5.450

09/01/34

2,750

2,547,870

Sr. Unsec’d. Notes, 144A

2.600

06/15/31

3,535

3,071,031

Sr. Unsec’d. Notes, 144A

3.500

08/15/27

2,000

1,974,998

News Corp.,

Gtd. Notes, 144A

5.125

02/15/32

1,520

1,462,277

Space Exploration Technologies Corp.,

Sr. Unsec’d. Notes, 144A

5.350

07/15/31

3,570

3,475,721

Time Warner Cable LLC,

Sr. Sec’d. Notes

5.500

09/01/41

2,180

1,800,445

17,736,011

Metal Fabricate/Hardware 0.0%

Advanced Drainage Systems, Inc.,

Gtd. Notes, 144A

5.375

03/01/34

345

334,580

Mining 0.6%

Barrick North America Finance LLC (Canada),

Gtd. Notes

5.750

05/01/43

190

184,148

BHP Billiton Finance USA Ltd. (Australia),

Gtd. Notes

5.250

09/08/33

4,245

4,256,312

Gtd. Notes

5.300

02/21/35

430

428,962

Freeport Indonesia PT (Indonesia),

Sr. Unsec’d. Notes, 144A, MTN

4.763

04/14/27

225

224,156

Newmont Corp./Newcrest Finance Pty Ltd.,

Gtd. Notes

5.350

03/15/34

6,205

6,233,398

Rio Tinto Finance USA PLC (Australia),

Gtd. Notes

5.250

03/14/35

320

318,679

Yamana Gold, Inc. (Canada),

Gtd. Notes

2.630

08/15/31

3,120

2,733,150

14,378,805

Multi-National 0.1%

Corp. Andina de Fomento (Supranational Bank),

Sr. Unsec’d. Notes

5.000

01/24/29

1,290

1,301,920

Office/Business Equipment 0.2%

CDW LLC/CDW Finance Corp.,

Gtd. Notes

2.670

12/01/26

3,145

3,124,579

Gtd. Notes

5.100

03/01/30

765

757,173

3,881,752

Oil & Gas 1.7%

Aker BP ASA (Norway),

Gtd. Notes, 144A

3.100

07/15/31

770

697,009

Sr. Unsec’d. Notes, 144A

3.750

01/15/30

3,695

3,543,213

Canadian Natural Resources Ltd. (Canada),

Sr. Unsec’d. Notes

5.000

12/15/29

1,955

1,964,523

Sr. Unsec’d. Notes

6.250

03/15/38

175

181,276

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Cenovus Energy, Inc. (Canada),

Sr. Unsec’d. Notes

3.750%

02/15/52

1,520

1,043,129

Sr. Unsec’d. Notes

5.400

06/15/47

229

202,955

Sr. Unsec’d. Notes

6.750

11/15/39

4,115

4,433,505

Continental Resources, Inc.,

Gtd. Notes, 144A

2.268

11/15/26

330

327,636

Diamondback Energy, Inc.,

Gtd. Notes

6.250

03/15/33

6,065

6,359,222

Ecopetrol SA (Colombia),

Sr. Unsec’d. Notes

8.625

01/19/29

2,105

2,221,827

Equinor ASA (Norway),

Gtd. Notes

2.375

05/22/30

1,110

1,016,973

Hilcorp Energy I LP/Hilcorp Finance Co.,

Sr. Unsec’d. Notes, 144A

6.000

02/01/31

1,150

1,121,342

Korea National Oil Corp. (South Korea),

Sr. Unsec’d. Notes, 144A

4.875

04/03/28

530

531,245

Marathon Petroleum Corp.,

Sr. Unsec’d. Notes

3.800

04/01/28

380

374,732

Occidental Petroleum Corp.,

Sr. Unsec’d. Notes

7.500

05/01/31

100

109,504

Sr. Unsec’d. Notes

7.875

09/15/31

250

278,963

Petroleos Mexicanos (Mexico),

Gtd. Notes

5.950

01/28/31

177

173,646

Gtd. Notes

6.625

06/15/38

42,136

Gtd. Notes

6.700

02/16/32

2,200

2,196,260

Gtd. Notes, MTN

6.750

09/21/47

1,113

913,161

Phillips 66 Co.,

Gtd. Notes

3.150

12/15/29

5,000

4,743,584

Gtd. Notes

3.550

10/01/26

310

309,565

QatarEnergy (Qatar),

Sr. Unsec’d. Notes, 144A

1.375

09/12/26

500

498,210

Sr. Unsec’d. Notes, 144A

2.250

07/12/31

1,090

955,527

Santos Finance Ltd. (Australia),

Gtd. Notes, 144A

6.875

09/19/33

1,010

1,077,331

Sunoco LP/Sunoco Finance Corp.,

Gtd. Notes, 144A

7.000

09/15/28

1,075

1,093,615

Var Energi ASA (Norway),

Sr. Unsec’d. Notes, 144A

5.875

05/22/30

4,461

4,550,578

40,960,667

Packaging & Containers 0.0%

Ball Corp.,

Gtd. Notes

5.500

09/15/33

735

730,705

Pharmaceuticals 0.5%

AbbVie, Inc.,

Sr. Unsec’d. Notes

4.050

11/21/39

285

243,575

Sr. Unsec’d. Notes

4.550

03/15/35

360

341,736

Sr. Unsec’d. Notes

4.700

05/14/45

1,170

1,001,851

Sr. Unsec’d. Notes

4.750

03/15/45

1,008

868,339

CVS Health Corp.,

Sr. Unsec’d. Notes

1.750

08/21/30

3,215

2,834,210

Sr. Unsec’d. Notes

5.125

07/20/45

465

404,240

Sr. Unsec’d. Notes

5.300

12/05/43

155

139,027

Eli Lilly & Co.,

Sr. Unsec’d. Notes

5.000

02/09/54

1,455

1,272,006

Johnson & Johnson,

Sr. Unsec’d. Notes(h)

3.625

03/03/37

3,205

2,817,234

See Notes to Financial Statements.

PGIM Core Bond Fund 43

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

Mylan, Inc.,

Gtd. Notes

5.200%

04/15/48

625

500,644

Gtd. Notes

5.400

11/29/43

860

730,566

Shire Acquisitions Investments Ireland DAC,

Gtd. Notes

3.200

09/23/26

27,942

Utah Acquisition Sub, Inc.,

Gtd. Notes

5.250

06/15/46

730

593,588

Viatris, Inc.,

Gtd. Notes

3.850

06/22/40

920

703,586

12,478,544

Pipelines 1.8%

Antero Midstream Partners LP/Antero Midstream Finance Corp.,

Gtd. Notes, 144A

5.750

07/01/34

400

391,554

Boardwalk Pipelines LP,

Gtd. Notes(a)

3.400

02/15/31

1,300

1,205,129

Colonial Enterprises, Inc.,

Gtd. Notes, 144A

3.250

05/15/30

1,730

1,608,701

Colorado Interstate Gas Co. LLC/Colorado Interstate Issuing Corp.,

Gtd. Notes, 144A

4.150

08/15/26

555

554,780

Columbia Pipelines Operating Co. LLC,

Sr. Unsec’d. Notes, 144A

5.927

08/15/30

935

965,092

Energy Transfer LP,

Sr. Unsec’d. Notes

4.950

06/15/28

430

431,512

Sr. Unsec’d. Notes

5.000

05/15/50

565

457,371

Sr. Unsec’d. Notes

5.400

10/01/47

1,800

1,568,770

Sr. Unsec’d. Notes

6.250

04/15/49

910

875,212

Sr. Unsec’d. Notes

6.400

12/01/30

110

115,431

Sr. Unsec’d. Notes

6.550

12/01/33

2,285

2,433,617

Enterprise Products Operating LLC,

Gtd. Notes

3.700

01/31/51

445

311,889

Gtd. Notes

4.200

01/31/50

555

426,684

Green Palm Bidco Sarl (Saudi Arabia),

Sr. Sec’d. Notes, 144A, MTN

6.462

06/30/46

1,950

1,896,434

Greensaif Pipelines Bidco Sarl (Saudi Arabia),

Sr. Sec’d. Notes, 144A

6.510

02/23/42

725

736,201

MPLX LP,

Sr. Unsec’d. Notes

2.650

08/15/30

4,920

4,499,044

Sr. Unsec’d. Notes

4.500

04/15/38

270

238,995

Sr. Unsec’d. Notes

5.200

03/01/47

4,314

Sr. Unsec’d. Notes

5.500

06/01/34

3,340

3,327,121

Sr. Unsec’d. Notes

5.500

02/15/49

210

185,680

ONEOK Partners LP,

Gtd. Notes

6.125

02/01/41

300

300,649

ONEOK, Inc.,

Gtd. Notes

3.100

03/15/30

2,415

2,262,343

Gtd. Notes

4.200

03/15/45

275

206,124

Gtd. Notes

6.050

09/01/33

2,510

2,588,057

Gtd. Notes(a)

6.250

10/15/55

2,085

1,993,587

Plains All American Pipeline LP/PAA Finance Corp.,

Sr. Unsec’d. Notes

3.550

12/15/29

350

335,660

Spectra Energy Partners LP,

Gtd. Notes

3.375

10/15/26

140

139,660

Targa Resources Corp.,

Gtd. Notes

4.350

04/15/31

105

101,694

Gtd. Notes

4.900

09/15/30

330

328,375

Gtd. Notes

5.500

02/15/35

1,192

1,180,138

Gtd. Notes

6.125

03/15/33

1,240

1,287,830

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Targa Resources Corp., (cont’d.)

Gtd. Notes

6.250%

07/01/52

1,305

1,269,747

Gtd. Notes

6.500

03/30/34

930

984,982

Texas Eastern Transmission LP,

Sr. Unsec’d. Notes, 144A

3.500

01/15/28

300

294,426

Transcontinental Gas Pipe Line Co. LLC,

Sr. Unsec’d. Notes

3.950

05/15/50

625

456,940

Sr. Unsec’d. Notes

4.600

03/15/48

500

404,447

Venture Global Calcasieu Pass LLC,

Sr. Sec’d. Notes, 144A

4.125

08/15/31

1,200

1,112,993

Venture Global Plaquemines LNG LLC,

Sr. Sec’d. Notes, 144A

6.500

01/15/34

700

722,520

Sr. Sec’d. Notes, 144A

6.750

01/15/36

700

732,865

Sr. Sec’d. Notes, 144A

7.750

05/01/35

1,000

1,107,080

Western Midstream Operating LP,

Sr. Unsec’d. Notes

5.300

03/01/48

320

267,503

Williams Cos., Inc. (The), Sr. Unsec’d. Notes

5.150

03/15/34

88,313

Sr. Unsec’d. Notes

5.400

03/04/44

400

363,945

Sr. Unsec’d. Notes

5.600

03/15/35

3,765

3,770,048

44,533,457

Real Estate 0.2%

Ontario Teachers’ Cadillac Fairview Properties Trust (Canada),

Sr. Unsec’d. Notes, 144A

4.125

02/01/29

4,190

4,110,087

Real Estate Investment Trusts (REITs) 1.2%

Alexandria Real Estate Equities, Inc.,

Gtd. Notes

2.000

05/18/32

1,645

1,371,828

Gtd. Notes

4.750

04/15/35

425

395,668

American Tower Corp.,

Sr. Unsec’d. Notes

2.900

01/15/30

1,040

971,299

Brixmor Operating Partnership LP,

Sr. Unsec’d. Notes

4.050

07/01/30

3,665

3,537,038

Sr. Unsec’d. Notes

5.500

02/15/34

895

895,498

COPT Defense Properties LP,

Gtd. Notes

2.900

12/01/33

1,400

1,176,606

CubeSmart LP,

Gtd. Notes

2.250

12/15/28

3,360

3,173,324

Healthpeak OP LLC,

Gtd. Notes

2.875

01/15/31

630

574,485

Invitation Homes Operating Partnership LP,

Gtd. Notes

4.875

02/01/35

4,715

4,492,501

Prologis LP,

Sr. Unsec’d. Notes

1.750

02/01/31

2,660

2,319,816

Realty Income Corp.,

Sr. Unsec’d. Notes

1.800

03/15/33

325

264,840

Sr. Unsec’d. Notes

3.250

01/15/31

985

918,407

RHP Hotel Properties LP/RHP Finance Corp.,

Gtd. Notes, 144A

5.750

03/15/34

495

484,831

Starwood Property Trust, Inc.,

Sr. Unsec’d. Notes, 144A

5.875

08/15/29

895

897,578

Sun Communities Operating LP,

Gtd. Notes

2.300

11/01/28

1,095

1,037,545

Gtd. Notes

2.700

07/15/31

2,228

1,983,864

See Notes to Financial Statements.

PGIM Core Bond Fund 45

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

VICI Properties LP/VICI Note Co., Inc.,

Gtd. Notes, 144A

5.750%

02/01/27

4,680

4,690,393

Welltower OP LLC,

Gtd. Notes

2.700

02/15/27

775

768,376

29,953,897

Retail 0.2%

1011778 BC ULC/New Red Finance, Inc. (Canada),

Sec’d. Notes, 144A

4.000

10/15/30

1,200

1,128,564

Alimentation Couche-Tard, Inc. (Canada),

Gtd. Notes, 144A

3.550

07/26/27

940

931,589

AutoZone, Inc.,

Sr. Unsec’d. Notes(a)

1.650

01/15/31

620

536,862

Ferguson Enterprises, Inc.,

Gtd. Notes

5.000

10/03/34

1,805

1,752,810

Gap, Inc. (The),

Gtd. Notes, 144A

3.875

10/01/31

1,250

1,133,310

QXO Building Products, Inc.,

Gtd. Notes, 144A

6.500

07/15/31

235

235,885

5,719,020

Semiconductors 0.4%

Broadcom, Inc.,

Sr. Unsec’d. Notes

3.137

11/15/35

287

233,100

Sr. Unsec’d. Notes

3.187

11/15/36

1,000

796,403

Sr. Unsec’d. Notes

3.419

04/15/33

4,847

4,282,140

Sr. Unsec’d. Notes

4.900

07/15/32

2,600

2,541,129

NVIDIA Corp.,

Sr. Unsec’d. Notes(a)

4.950

06/15/36

640

611,492

8,464,264

Shipbuilding 0.2%

Huntington Ingalls Industries, Inc.,

Gtd. Notes

4.200

05/01/30

5,328

5,172,652

Software 0.4%

Fidelity National Information Services, Inc.,

Sr. Unsec’d. Notes

4.800

03/10/31

2,705

2,655,370

Oracle Corp.,

Sr. Unsec’d. Notes

3.800

11/15/37

465

350,697

Sr. Unsec’d. Notes

6.550

02/04/46

630

559,083

Sr. Unsec’d. Notes(a)

6.700

02/04/56

555

489,902

Sr. Unsec’d. Notes

6.850

02/04/66

790

694,203

Salesforce, Inc.,

Sr. Unsec’d. Notes

6.550

03/15/56

695

663,718

Sr. Unsec’d. Notes

6.700

03/15/66

580

555,322

SS&C Technologies, Inc.,

Gtd. Notes, 144A

5.500

09/30/27

1,325

1,324,510

Workday, Inc.,

Sr. Unsec’d. Notes(a)

3.800

04/01/32

2,435

2,255,537

9,548,342

Telecommunications 1.4%

AT&T, Inc.,

Sr. Unsec’d. Notes

2.250

02/01/32

6,900

5,924,046

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

CORPORATE BONDS (Continued)

Telecommunications (cont’d.)

AT&T, Inc., (cont’d.)

Sr. Unsec’d. Notes

3.500%

09/15/53

1,734

1,047,377

Sr. Unsec’d. Notes

3.650

09/15/59

1,717

1,018,788

Sr. Unsec’d. Notes

3.800

12/01/57

1,128

697,557

Sr. Unsec’d. Notes

4.500

05/15/35

205

188,139

Black Pearl Compute LLC,

Sr. Sec’d. Notes, 144A

6.125

02/15/31

1,250

1,247,711

HUT 8 DC LLC,

Sr. Sec’d. Notes, 144A

6.192

11/15/42

525

509,531

Meridian Arc Holdco LLC,

Sr. Sec’d. Notes, 144A

6.250

04/30/31

1,395

1,340,951

Motorola Solutions, Inc.,

Sr. Unsec’d. Notes

5.400

04/15/34

2,020

2,003,281

Rogers Communications, Inc. (Canada),

Gtd. Notes

5.300

02/15/34

3,365

3,261,411

SV RNO Property Owner 1 LLC,

Sr. Sec’d. Notes, 144A

5.875

03/01/31

1,040

967,009

T-Mobile USA, Inc.,

Gtd. Notes

2.550

02/15/31

1,635

1,466,991

Gtd. Notes

3.000

02/15/41

640

450,675

Gtd. Notes

3.750

04/15/27

970

964,992

Gtd. Notes

3.875

04/15/30

4,780

4,592,359

Gtd. Notes

4.375

04/15/40

380

320,577

Verizon Communications, Inc.,

Sr. Unsec’d. Notes

2.355

03/15/32

6,135

5,311,951

Sr. Unsec’d. Notes(a)

2.550

03/21/31

2,729

2,453,380

Sr. Unsec’d. Notes

5.401

07/02/37

147

142,182

33,908,908

Transportation 0.2%

Burlington Northern Santa Fe LLC,

Sr. Unsec’d. Notes

3.300

09/15/51

875

569,752

Canadian Pacific Railway Co. (Canada),

Gtd. Notes

3.500

05/01/50

920

623,989

Norfolk Southern Corp.,

Sr. Unsec’d. Notes

3.050

05/15/50

665

412,674

Star Leasing Co. LLC,

Sec’d. Notes, 144A

7.625

02/15/30

2,200

2,141,975

3,748,390

Water 0.0%

American Water Capital Corp.,

Sr. Unsec’d. Notes(a)

4.000

12/01/46

145

110,115

TOTAL CORPORATE BONDS
(cost $705,797,425)

673,624,013

MUNICIPAL BONDS 0.4%

Alabama 0.0%

Alabama Economic Settlement Authority,

Taxable, Revenue Bonds, Series B

4.263

09/15/32

39,241

California 0.0%

City of Los Angeles Department of Airports,

Taxable, Revenue Bonds, BABs

6.582

05/15/39

230

241,059

See Notes to Financial Statements.

PGIM Core Bond Fund 47

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount

(000)#

Value

MUNICIPAL BONDS (Continued)

California (cont’d.)

University of California,

Taxable, Revenue Bonds, Series AP

3.931%

05/15/45

27,108

Taxable, Revenue Bonds, Series J

4.131

05/15/45

26,435

294,602

Maryland 0.1%

Maryland Economic Development Corp.,

Taxable, Revenue Bonds

5.433

05/31/56

1,445

1,348,005

New Jersey 0.0%

New Jersey Turnpike Authority,

Taxable, Revenue Bonds, BABs, Series A

7.102

01/01/41

250

278,526

New York 0.1%

City of New York,

Taxable, General Obligation Unlimited, Series D-1

5.094

10/01/49

725

649,142

Taxable, General Obligation Unlimited, Series D-1

5.114

10/01/54

1,155

1,016,438

Port Authority of New York & New Jersey,

Revenue Bonds

5.072

07/15/53

1,240

1,122,704

2,788,284

Pennsylvania 0.0%

Pennsylvania State University (The),

Taxable, Revenue Bonds, Series D

2.840

09/01/50

745

481,527

Pennsylvania Turnpike Commission,

Revenue Bonds, BABs

6.105

12/01/39

71,266

Revenue Bonds, BABs, Series B

5.511

12/01/45

150

144,276

697,069

Texas 0.1%

Grand Parkway Transportation Corp.,

Taxable, Revenue Bonds, Series E

5.184

10/01/42

775

752,240

Permanent University Fund - University of Texas System,

Taxable, Revenue Bonds, Series A

3.376

07/01/47

555

400,419

Texas Private Activity Bond Surface Transportation Corp.,

Taxable, Revenue Bonds, Series B

3.922

12/31/49

340

261,109

1,413,768

Virginia 0.1%

University of Virginia,

Taxable, Revenue Bonds

2.256

09/01/50

3,850

2,108,724

Taxable, Revenue Bonds, Series C

4.179

09/01/2117

130

90,669

2,199,393

TOTAL MUNICIPAL BONDS
(cost $10,708,682)

9,058,888

RESIDENTIAL MORTGAGE-BACKED SECURITIES 2.7%

Alternative Loan Trust,
Series 2003-J03, Class 2A1

6.250

12/25/33

1,417

Angel Oak Mortgage Trust,

Series 2025-10, Class A1, 144A

4.960(cc)

09/25/70

2,952

2,919,035

Series 2025-11, Class A1, 144A

4.975(cc)

10/25/70

2,005

1,984,669

ATLX Trust,

Series 2024-RPL02, Class A1, 144A

3.850(cc)

04/25/63

4,436

4,291,707

BCAP LLC Trust,

Series 2011-RR04, Class 7A1, 144A

5.250

04/26/37

49,357

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

BRAVO Residential Funding Trust,

Series 2023-RPL01, Class A1, 144A

5.000%(cc)

05/25/63

2,394

2,356,626

Series 2025-NQM06, Class A1, 144A

5.333(cc)

06/25/65

1,545

1,538,322

Chase Home Lending Mortgage Trust,

Series 2023-RPL01, Class A1, 144A

3.500(cc)

06/25/62

1,485

1,337,730

Series 2024-RPL03, Class A1A, 144A

3.250(cc)

09/25/64

1,271

1,103,596

CIM Trust,

Series 2024-R01, Class A1, 144A

4.750(cc)

06/25/64

1,924

1,874,375

Connecticut Avenue Securities Trust,

Series 2023-R08, Class 1M1, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)

5.116(c)

10/25/43

183

182,806

Series 2025-R04, Class 1A1, 144A, 30 Day Average SOFR + 1.000% (Cap N/A, Floor 0.000%)

4.616(c)

05/25/45

1,382

1,383,124

Series 2026-R01, Class 2A1, 144A, 30 Day Average SOFR + 0.850% (Cap N/A, Floor 0.000%)

4.466(c)

01/25/46

2,703

2,701,473

Credit Suisse First Boston Mortgage Securities Corp.,

Series 2003-08, Class 5A1

6.500

04/25/33

552

Credit Suisse Mortgage Trust,

Series 2022-RPL04, Class A1, 144A

3.904(cc)

04/25/62

853

804,569

Cross Mortgage Trust,

Series 2026-NQM09, Class A1, 144A

5.726(cc)

08/25/71

3,300

3,303,665

Fannie Mae Interest Strips,

Series 430, Class C56, IO

3.000

08/25/52

1,415

246,687

Fannie Mae REMIC,

Series 2014-11, Class VB

4.500

04/25/42

437

434,970

Series 2020-024, Class SP, IO, 30 Day Average SOFR x (1) + 5.936% (Cap 6.050%, Floor 0.000%)

2.319(c)

04/25/50

979

96,854

Series 2020-101, Class AI, IO

3.500

01/25/51

5,124

941,674

Series 2025-06, Class FC, 30 Day Average SOFR + 1.600% (Cap 6.000%, Floor 1.600%)

5.216(c)

02/25/55

925

932,626

Series 2026-08, Class BS, IO, 30 Day Average SOFR x (1) + 4.300% (Cap 4.300%, Floor 0.000%)

0.684(c)

02/25/56

21,461

319,432

Series 2026-18, Class SB, IO, 30 Day Average SOFR x (1) + 4.150% (Cap 4.150%, Floor 0.000%)

0.534(c)

04/25/56

10,417

119,931

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%)

5.266(c)

01/25/34

38,647

Series 2025-DNA01, Class A1, 144A, 30 Day Average SOFR + 0.950% (Cap N/A, Floor 0.000%)

4.566(c)

01/25/45

3,787

3,789,321

FHLMC Structured Pass-Through Certificates,

Series T-59, Class 1A2

7.000

10/25/43

46,353

Freddie Mac REMIC,

Series 4249, Class GW

3.500

10/15/41

573

533,023

Series 4978, Class MI, IO

4.000

05/25/40

1,411

203,601

Series 5019, Class IP, IO

3.000

10/25/50

688

121,643

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

3,077

45,547

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

364

3,801

Freddie Mac Strips,

Series 405, Class C20, IO

4.000

05/25/53

5,076

1,138,354

Government National Mortgage Assoc.,

Series 2013-99, Class AX

3.000(cc)

07/20/43

434

392,193

Series 2016-46, Class JE

2.500

11/20/45

89,565

Series 2018-121, Class KS, IO, 1 Month SOFR x (1) + 3.746% (Cap 3.860%, Floor 0.000%)

0.076(c)

09/20/48

1,348

14,713

Series 2018-148, Class DS, IO, 1 Month SOFR x (1) + 3.726% (Cap 3.840%, Floor 0.000%)

0.056(c)

10/20/48

1,694

17,744

Series 2018-151, Class SL, IO, 1 Month SOFR x (1) + 3.686% (Cap 3.800%, Floor 0.000%)

0.016(c)

11/20/48

1,576

20,770

Series 2019-023, Class SW, IO, 1 Month SOFR x (1) + 6.086% (Cap 6.200%, Floor 0.000%)

2.380(c)

07/16/43

2,768

150,304

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

5,403

44,862

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

2,729

23,780

Series 2020-126, Class BI, IO

3.000

08/20/50

2,616

440,860

Series 2021-114, Class TI, IO

3.000

06/20/51

3,406

450,540

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

624

101

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

4,254

39,893

Series 2022-066, Class SB, IO, 30 Day Average SOFR x (1) + 3.850% (Cap 3.850%, Floor 0.000%)

0.229(c)

04/20/52

1,622

Series 2022-093, Class IO, IO

3.000

08/20/51

9,526

962,872

Series 2022-125, Class CS, IO, 30 Day Average SOFR x (1) + 5.990% (Cap 5.990%, Floor 0.000%)

2.369(c)

07/20/52

2,413

170,914

Series 2022-126, Class CS, IO, 30 Day Average SOFR x (1) + 3.760% (Cap 3.760%, Floor 0.000%)

0.139(c)

07/20/52

4,935

47,979

Series 2022-129, Class SA, IO, 30 Day Average SOFR x (1) + 3.950% (Cap 3.950%, Floor 0.000%)

0.329(c)

07/20/52

13,329

171,277

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

1,907

15,915

Series 2022-178, Class SA, IO, 30 Day Average SOFR x (1) + 4.900% (Cap 4.900%, Floor 0.000%)

1.279(c)

10/20/52

19,703

656,321

See Notes to Financial Statements.

PGIM Core Bond Fund 49

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

GS Mortgage-Backed Securities Corp. Trust,

Series 2025-NQM06, Class A1, 144A

5.021%(cc)

02/25/66

1,445

1,429,558

HOMES Trust,

Series 2026-NQM01, Class A1, 144A

4.800(cc)

09/25/70

1,915

1,889,231

Legacy Mortgage Asset Trust,

Series 2021-GS01, Class A1, 144A

5.892(cc)

10/25/66

166

165,580

MFA Trust,

Series 2021-RPL01, Class A1, 144A

1.131(cc)

07/25/60

1,380

1,262,037

New Residential Mortgage Loan Trust,

Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%)

4.589(c)

01/25/48

29,967

OBX Trust,

Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%)

4.489(c)

06/25/57

66,823

Series 2025-NQM21, Class A1FC, 144A

4.917(cc)

10/25/65

3,245

3,221,613

Series 2026-NQM07, Class A1, 144A

5.220(cc)

04/25/66

2,734

2,717,099

Series 2026-NQM10, Class A1, 144A

5.425(cc)

06/25/66

4,600

4,590,833

PRPM LLC,

Series 2024-RPL04, Class A1, 144A

4.000(cc)

12/25/54

3,470

3,372,835

Sequoia Mortgage Trust,

Series 10, Class 2A11 Month SOFR + 0.874% (Cap 11.750%, Floor 0.760%)

4.544(c)

10/20/27

—(r

)

268

Structured Asset Mortgage Investments II Trust,

Series 2005-AR05, Class A11 Month SOFR + 0.614% (Cap 11.000%, Floor 0.500%)

4.284(c)

07/19/35

10,845

Towd Point Mortgage Trust,

Series 2019-HY03, Class A1A, 144A, 1 Month SOFR + 1.114% (Cap N/A, Floor 1.000%)

4.839(c)

10/25/59

50,849

Series 2020-04, Class A1, 144A

1.750

10/25/60

414

374,477

Series 2021-SJ01, Class A1, 144A

2.250(cc)

07/25/68

605

589,207

Series 2021-SJ02, Class A1A, 144A

2.250(cc)

12/25/61

903

885,778

Verus Securitization Trust,

Series 2026-05, Class A1, 144A

5.362(cc)

05/25/71

4,129

4,117,566

Series 2026-06, Class A1, 144A

5.513(cc)

07/27/71

3,600

3,596,249

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%)

4.804(c)

06/25/42

13,644

Series 2002-AR09, Class 1A, Federal Reserve US 12 Month Cumulative Avg 1 Year CMT + 1.400% (Cap N/A, Floor 1.400%)

4.804(c)

08/25/42

770

Series 2005-AR13, Class A1A1, 1 Month SOFR + 0.694% (Cap 10.500%, Floor 0.580%)

4.419(c)

10/25/45

107

102,622

TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES

(cost $68,276,500)

67,045,563

SOVEREIGN BONDS 1.9%

Angolan Government International Bond (Angola),

Sr. Unsec’d. Notes, 144A, MTN

8.000

11/26/29

2,285

2,333,556

Bermuda Government International Bond (Bermuda),

Sr. Unsec’d. Notes, 144A

2.375

08/20/30

555

497,877

El Salvador Government International Bond (El Salvador),

Sr. Unsec’d. Notes, 144A

9.250

04/17/30

2,250

2,411,415

Export-Import Bank of India (India),

Sr. Unsec’d. Notes, 144A

3.875

02/01/28

290

285,694

Hungary Government International Bond (Hungary),

Sr. Unsec’d. Notes, 144A

5.375

09/26/30

2,190

2,198,760

Israel Government International Bond (Israel),

Sr. Unsec’d. Notes, Series 05Y

5.375

02/19/30

4,014

4,029,333

Ivory Coast Government International Bond (Ivory Coast),

Sr. Unsec’d. Notes, 144A

6.750

02/25/41

1,815

1,707,316

Mexico Government International Bond (Mexico),

Sr. Unsec’d. Notes

3.500

02/12/34

970

812,375

Sr. Unsec’d. Notes

6.000

05/07/36

1,527

1,487,741

Sr. Unsec’d. Notes

6.875

05/13/37

3,290

3,370,079

Panama Government International Bond (Panama),

Sr. Unsec’d. Notes

4.500

04/16/50

200

151,753

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n	\n	\n\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n	\n	\n
Description		Interest Rate			Maturity Date		Principal Amount (000)#			Value
\n	\n	\n	\n
SOVEREIGN BONDS (Continued)		\n	\n	\n		\n		\n	\n	\n		\n	\n
Peruvian Government International Bond (Peru),		\n	\n	\n		\n		\n	\n	\n		\n	\n
Sr. Unsec’d. Notes			2.783%			01/23/31			701			$	640,910
Province of Alberta (Canada),		\n	\n	\n		\n		\n	\n	\n		\n	\n
Sr. Unsec’d. Notes(a)			1.300			07/22/30			175				155,190
Sr. Unsec’d. Notes			3.300			03/15/28			70				68,877
Republic of Italy Government International Bond (Italy), Sr. Unsec’d. Notes, 144A			5.125			07/14/36			6,200				6,040,609
Republic of Poland Government International Bond (Poland), Bonds, Series 10Y			5.375			02/12/35			2,955				2,946,105
Sr. Unsec’d. Notes, Series 10Y			5.375			04/14/36			3,980				3,925,036
Romanian Government International Bond (Romania), Sr. Unsec’d. Notes, 144A			5.750			09/16/30			7,960				7,946,269
Saudi Government International Bond (Saudi Arabia), Sr. Unsec’d. Notes, 144A			5.125			01/13/28			3,440				3,451,868
Serbia International Bond (Serbia),		\n	\n	\n		\n		\n	\n	\n		\n	\n
Sr. Unsec’d. Notes, 144A			5.500			05/06/36			2,140				2,040,939
\n		\n	\n	\n		\n		\n	\n	\n
\n	\n	\n	\n
TOTAL SOVEREIGN BONDS (cost $46,954,220)		\n	\n	\n		\n		\n	\n	\n			46,501,702
\n		\n	\n	\n		\n		\n	\n	\n
\n	\n	\n	\n
U.S. GOVERNMENT AGENCY OBLIGATIONS 25.2%		\n	\n	\n		\n		\n	\n	\n		\n	\n
Federal Home Loan Mortgage Corp.			1.500			10/01/35			2,313				2,058,355
Federal Home Loan Mortgage Corp.			1.500			02/01/36			613				543,669
Federal Home Loan Mortgage Corp.			1.500			11/01/50			1,526				1,137,441
Federal Home Loan Mortgage Corp.			2.000			01/01/32			152				143,717
Federal Home Loan Mortgage Corp.			2.000			02/01/36			2,357				2,134,099
Federal Home Loan Mortgage Corp.			2.000			12/01/36			835				755,384
Federal Home Loan Mortgage Corp.			2.000			10/01/40			301				259,816
Federal Home Loan Mortgage Corp.			2.000			05/01/50			481				380,207
Federal Home Loan Mortgage Corp.			2.000			09/01/50			10,355				8,167,372
Federal Home Loan Mortgage Corp.			2.000			11/01/50			473				373,559
Federal Home Loan Mortgage Corp.			2.000			12/01/50			2,250				1,774,200
Federal Home Loan Mortgage Corp.			2.000			03/01/51			396				312,289
Federal Home Loan Mortgage Corp.			2.000			03/01/51			2,058				1,620,414
Federal Home Loan Mortgage Corp.			2.000			04/01/51			2,580				2,028,171
Federal Home Loan Mortgage Corp.			2.000			05/01/51			4,764				3,747,409
Federal Home Loan Mortgage Corp.			2.000			06/01/51			6,499				5,098,738
Federal Home Loan Mortgage Corp.			2.000			07/01/51			3,622				2,842,771
Federal Home Loan Mortgage Corp.			2.000			11/01/51			2,596				2,032,609
Federal Home Loan Mortgage Corp.			2.000			03/01/52			4,901				3,841,894
Federal Home Loan Mortgage Corp.			2.500			01/01/29			50				48,897
Federal Home Loan Mortgage Corp.			2.500			10/01/32			178				168,975
Federal Home Loan Mortgage Corp.			2.500			12/01/32			351				335,064
Federal Home Loan Mortgage Corp.			2.500			10/01/35			1,576				1,469,114
Federal Home Loan Mortgage Corp.			2.500			09/01/46			124				104,553
Federal Home Loan Mortgage Corp.			2.500			11/01/46			388				327,033
Federal Home Loan Mortgage Corp.			2.500			11/01/49			675				560,996
Federal Home Loan Mortgage Corp.			2.500			07/01/50			2,205				1,820,142
Federal Home Loan Mortgage Corp.			2.500			11/01/50			1,977				1,643,880
Federal Home Loan Mortgage Corp.			2.500			04/01/51			9,000				7,405,110
Federal Home Loan Mortgage Corp.			2.500			05/01/51			3,272				2,691,565
Federal Home Loan Mortgage Corp.			2.500			07/01/51			3,223				2,652,327
Federal Home Loan Mortgage Corp.			2.500			08/01/51			743				611,590
Federal Home Loan Mortgage Corp.			2.500			10/01/51			59				48,259
Federal Home Loan Mortgage Corp.			2.500			10/01/51			245				204,063
Federal Home Loan Mortgage Corp.			2.500			11/01/51			2,419				2,023,656
Federal Home Loan Mortgage Corp.			2.500			11/01/51			4,889				4,017,140
Federal Home Loan Mortgage Corp.			2.500			12/01/51			2,564				2,107,538
Federal Home Loan Mortgage Corp.			2.500			01/01/52			391				321,486
Federal Home Loan Mortgage Corp.			2.500			04/01/52			2,776				2,277,475
Federal Home Loan Mortgage Corp.			2.500			04/01/52			4,326				3,581,285

See Notes to Financial Statements.

PGIM Core Bond Fund 51

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n	\n	\n
Description		Interest Rate		Maturity Date		Principal Amount (000)#			Value
\n	\n	\n	\n
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)		\n		\n		\n	\n	\n		\n	\n
Federal Home Loan Mortgage Corp.		3.000%		02/01/32			314			$	303,271
Federal Home Loan Mortgage Corp.		3.000		01/01/37			94				87,448
Federal Home Loan Mortgage Corp.		3.000		12/01/37			37				34,567
Federal Home Loan Mortgage Corp.		3.000		06/01/43			1,061				950,616
Federal Home Loan Mortgage Corp.		3.000		07/01/43			180				160,732
Federal Home Loan Mortgage Corp.		3.000		06/01/46			302				265,204
Federal Home Loan Mortgage Corp.		3.000		09/01/46			6,765				5,957,012
Federal Home Loan Mortgage Corp.		3.000		12/01/46			6,283				5,494,500
Federal Home Loan Mortgage Corp.		3.000		01/01/47			318				278,231
Federal Home Loan Mortgage Corp.		3.000		02/01/50			1,668				1,438,154
Federal Home Loan Mortgage Corp.		3.000		02/01/50			1,998				1,726,429
Federal Home Loan Mortgage Corp.		3.000		03/01/50			1,017				876,907
Federal Home Loan Mortgage Corp.		3.000		04/01/52			18,795				16,099,539
Federal Home Loan Mortgage Corp.		3.000		05/01/52			3,424				2,930,461
Federal Home Loan Mortgage Corp.		3.000		06/01/52			881				753,989
Federal Home Loan Mortgage Corp.		3.000		08/01/52			3,077				2,684,067
Federal Home Loan Mortgage Corp.		3.000		08/01/52			4,878				4,175,633
Federal Home Loan Mortgage Corp.		3.500		06/01/37			450				423,893
Federal Home Loan Mortgage Corp.		3.500		11/01/37			86				81,402
Federal Home Loan Mortgage Corp.		3.500		06/01/42			130				120,644
Federal Home Loan Mortgage Corp.		3.500		06/01/42			137				127,660
Federal Home Loan Mortgage Corp.		3.500		07/01/42			135				125,230
Federal Home Loan Mortgage Corp.		3.500		09/01/42			172				159,747
Federal Home Loan Mortgage Corp.		3.500		10/01/42			211				196,161
Federal Home Loan Mortgage Corp.		3.500		06/01/43			93				86,163
Federal Home Loan Mortgage Corp.		3.500		05/01/45			116				105,333
Federal Home Loan Mortgage Corp.		3.500		01/01/47			86				78,203
Federal Home Loan Mortgage Corp.		3.500		02/01/47			194				175,852
Federal Home Loan Mortgage Corp.		3.500		11/01/47			129				115,915
Federal Home Loan Mortgage Corp.		3.500		03/01/48			2,734				2,477,656
Federal Home Loan Mortgage Corp.		3.500		08/01/48			51				45,686
Federal Home Loan Mortgage Corp.		3.500		10/01/48			195				175,039
Federal Home Loan Mortgage Corp.		3.500		10/01/49			325				290,562
Federal Home Loan Mortgage Corp.		3.500		01/01/50			1,128				1,023,048
Federal Home Loan Mortgage Corp.		3.500		01/01/52			116				103,177
Federal Home Loan Mortgage Corp.		3.500		05/01/52			5,126				4,550,401
Federal Home Loan Mortgage Corp.		4.000		09/01/37			1,166				1,119,707
Federal Home Loan Mortgage Corp.		4.000		12/01/40			34				32,184
Federal Home Loan Mortgage Corp.		4.000		01/01/41			142				135,018
Federal Home Loan Mortgage Corp.		4.000		04/01/42			112				106,500
Federal Home Loan Mortgage Corp.		4.000		10/01/45			72				67,738
Federal Home Loan Mortgage Corp.		4.000		02/01/46			997				945,859
Federal Home Loan Mortgage Corp.		4.000		05/01/46			64				60,262
Federal Home Loan Mortgage Corp.		4.000		08/01/46			107				100,250
Federal Home Loan Mortgage Corp.		4.000		11/01/47			65				61,021
Federal Home Loan Mortgage Corp.		4.000		04/01/48			102				94,570
Federal Home Loan Mortgage Corp.		4.000		05/01/48			114				105,829
Federal Home Loan Mortgage Corp.		4.000		07/01/48			202				188,158
Federal Home Loan Mortgage Corp.		4.000		07/01/49			284				264,039
Federal Home Loan Mortgage Corp.		4.000		04/01/52			1,190				1,096,158
Federal Home Loan Mortgage Corp.		4.000		05/01/52			1,999				1,831,354
Federal Home Loan Mortgage Corp.		4.000		10/01/52			4,111				3,772,166
Federal Home Loan Mortgage Corp.		4.000		04/01/53			10,635				9,714,217
Federal Home Loan Mortgage Corp.		4.500		06/01/42			45				43,324
Federal Home Loan Mortgage Corp.		4.500		09/01/44			59				56,569
Federal Home Loan Mortgage Corp.		4.500		07/01/45			138				134,074
Federal Home Loan Mortgage Corp.		4.500		04/01/47			539				517,272
Federal Home Loan Mortgage Corp.		4.500		07/01/47			63				60,195
Federal Home Loan Mortgage Corp.		4.500		07/01/47			148				141,878
Federal Home Loan Mortgage Corp.		4.500		11/01/47			245				235,055
Federal Home Loan Mortgage Corp.		4.500		02/01/48			66				63,546

See Notes to Financial Statements.

PGIM Core Bond Fund

Schedule of Investments (continued)

as of July 31, 2026

\n\n	\n	\n\n	\n	\n\n	\n	\n	\n	\n\n	\n	\n	\n
\n	\n	\n	\n
Description		Interest Rate		Maturity Date		Principal Amount (000)#			Value
\n	\n	\n	\n
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)		\n		\n		\n	\n	\n		\n	\n
Federal Home Loan Mortgage Corp.		4.500%		07/01/48			158			$	150,915
Federal Home Loan Mortgage Corp.		4.500		05/01/52			335				317,063
Federal Home Loan Mortgage Corp.		4.500		06/01/52			5,353				5,064,548
Federal Home Loan Mortgage Corp.		4.500		07/01/52			3,179				3,008,957
Federal Home Loan Mortgage Corp.		4.500		08/01/52			2,955				2,794,287
Federal Home Loan Mortgage Corp.		4.500		09/01/52			18,295				17,298,983
Federal Home Loan Mortgage Corp.		4.500		10/01/52			3,406				3,222,913
Federal Home Loan Mortgage Corp.		4.500		07/01/53			1,368				1,294,803
Federal Home Loan Mortgage Corp.		5.000		08/01/40			139				138,164
Federal Home Loan Mortgage Corp.		5.000		12/01/47			89				86,878
Federal Home Loan Mortgage Corp.		5.000		02/01/48			157				154,484
Federal Home Loan Mortgage Corp.		5.000		10/01/52			3,731				3,633,086
Federal Home Loan Mortgage Corp.		5.000		11/01/52			1,481				1,443,337
Federal Home Loan Mortgage Corp.		5.000		01/01/53			7,512				7,302,903
Federal Home Loan Mortgage Corp.		5.000		11/01/53			1,488				1,447,484
Federal Home Loan Mortgage Corp.		5.500		02/01/53			11,647				11,597,051
Federal Home Loan Mortgage Corp.		5.500		04/01/53			11,138				11,074,847
Federal Home Loan Mortgage Corp.		6.000		12/01/53			1,712				1,736,375
Federal Home Loan Mortgage Corp.		6.500		07/01/54			569				587,149
Federal Home Loan Mortgage Corp.		6.500		07/01/54			619				638,205
Federal Home Loan Mortgage Corp.		6.500		07/01/54			739				762,859
Federal National Mortgage Assoc.		0.875		08/05/30			235				204,678
Federal National Mortgage Assoc.		1.500		01/01/36			1,603				1,423,143
Federal National Mortgage Assoc.		1.500		04/01/36			676				597,563
Federal National Mortgage Assoc.		1.500		06/01/36			2,561				2,262,898
Federal National Mortgage Assoc.		1.500		09/01/36			2,304				2,035,960
Federal National Mortgage Assoc.		1.500		10/01/36			2,360				2,085,307
Federal National Mortgage Assoc.		1.500		02/01/42			375				311,386
Federal National Mortgage Assoc.		1.500		10/01/50			318				237,006
Federal National Mortgage Assoc.		1.500		11/01/50			900				670,871
Federal National Mortgage Assoc.		1.500		12/01/50			6,882				5,131,231
Federal National Mortgage Assoc.		1.500		01/01/51			3,364				2,511,383
Federal National Mortgage Assoc.		1.500		06/01/51			595				443,659
Federal National Mortgage Assoc.		1.500		07/01/51			705				525,812
Federal National Mortgage Assoc.		2.000		03/01/31			695				662,683
Federal National Mortgage Assoc.		2.000		01/01/32			1,501				1,413,659
Federal National Mortgage Assoc.		2.000		08/01/40			1,529				1,319,064
Federal National Mortgage Assoc.		2.000		02/01/41			1,452				1,249,231
Federal National Mortgage Assoc.		2.000		05/01/41			2,915				2,504,121
Federal National Mortgage Assoc.		2.000		10/01/50			10,204				8,054,102
Federal National Mortgage Assoc.		2.000		11/01/50			311				245,205
Federal National Mortgage Assoc.		2.000		12/01/50			33				26,066
Federal National Mortgage Assoc.		2.000		01/01/51			3,037				2,391,444
Federal National Mortgage Assoc.		2.000		02/01/51			3,198				2,516,375
Federal National Mortgage Assoc.		2.000		02/01/51			6,889				5,429,578
Federal National Mortgage Assoc.		2.000		03/01/51			4,731				3,722,518
Federal National Mortgage Assoc.		2.000		04/01/51			3,654				2,874,517
Federal National Mortgage Assoc.		2.000		05/01/51			15,150				11,924,073
Federal National Mortgage Assoc.		2.000		07/01/51			1,766				1,386,918
Federal National