NPORT-EX 2 PIPDLS0_PR4.30.25.htm
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Long-Term Investments 98.7%
Asset-Backed Securities 0.4%
Credit Cards 
Chase Issuance Trust,
Series 2024-A02, Class A 		4.630 % 01/15/31   100  $101,562
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7 		3.960 10/13/30   100 99,253
     
 
Total Asset-Backed Securities
(cost $206,837) 		200,815
Commercial Mortgage-Backed Securities 4.1%
3650R Commercial Mortgage Trust,
Series 2021-PF01, Class A4 		2.253 11/15/54   100 86,786
BANK,
Series 2020-BN29, Class A3 		1.742 11/15/53   100 86,019
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4 		2.661 08/15/52   87 81,539
Benchmark Mortgage Trust,          
Series 2020-B19, Class A3 1.787 09/15/53   175 165,859
Series 2020-B21, Class A4 1.704 12/17/53   100 86,219
Series 2021-B23, Class A4A1 1.823 02/15/54   200 171,090
Series 2021-B30, Class A4 2.329 11/15/54   150 129,368
     
 
BMO Mortgage Trust,
Series 2022-C01, Class A4 		3.119 02/17/55   150 134,862
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3 		3.283(cc) 11/15/50   90 86,805
CD Mortgage Trust,
Series 2017-CD06, Class A3 		3.104 11/13/50   15 15,043
Citigroup Commercial Mortgage Trust,
Series 2017-P08, Class A3 		3.203 09/15/50   75 73,110
Commercial Mortgage Trust,
Series 2016-DC02, Class A5 		3.765 02/10/49   25 24,779
CSAIL Commercial Mortgage Trust,
Series 2016-C07, Class A4 		3.210 11/15/49   39 38,740
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3 		3.269 06/10/50   9 9,095
GS Mortgage Securities Trust,
Series 2020-GC47, Class A4 		2.125 05/12/53   100 89,358
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A3 		3.763 03/10/52   125 120,798
JPMorgan Chase Commercial Mortgage Securities Trust,          
Series 2016-JP02, Class A3 2.559 08/15/49   12 12,063
1
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust, (cont’d.)          
Series 2016-JP04, Class A3 3.393 % 12/15/49   125  $122,994
Morgan Stanley Capital I Trust,          
Series 2016-UB12, Class A3 3.337 12/15/49   116 113,455
Series 2021-L06, Class A3 2.196(cc) 06/15/54   225 196,150
     
 
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3 		3.720 02/15/51   160 156,964
Wells Fargo Commercial Mortgage Trust,          
Series 2016-LC25, Class A3 3.374 12/15/59   121 119,072
Series 2017-C39, Class A3 2.878 09/15/50   100 97,456
Series 2020-C55, Class A4 2.474 02/15/53   125 113,516
     
 
Total Commercial Mortgage-Backed Securities
(cost $2,558,462) 		2,331,140
Corporate Bonds 26.9%
Aerospace & Defense 0.7%
Boeing Co. (The),          
Sr. Unsec’d. Notes 2.196 02/04/26   75 73,479
Sr. Unsec’d. Notes 2.700 02/01/27   20 19,322
Sr. Unsec’d. Notes 3.100 05/01/26   10 9,836
Sr. Unsec’d. Notes 3.250 02/01/35   25 20,572
Sr. Unsec’d. Notes 5.930 05/01/60   60 55,578
Sr. Unsec’d. Notes 6.298 05/01/29   90 94,710
     
 
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes 		5.400 01/15/27   50 50,779
Northrop Grumman Corp.,
Sr. Unsec’d. Notes 		4.750 06/01/43   20 17,751
RTX Corp.,          
Sr. Unsec’d. Notes 4.125 11/16/28   10 9,920
Sr. Unsec’d. Notes 4.875 10/15/40   20 18,508
          370,455
Agriculture 0.8%
BAT Capital Corp. (United Kingdom),          
Gtd. Notes 4.390 08/15/37   70 61,462
Gtd. Notes 4.700 04/02/27   95 95,236
Gtd. Notes 5.350 08/15/32   30 30,190
Gtd. Notes 5.834 02/20/31   15 15,576
     
 
2
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Agriculture (cont’d.)
     
JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group,
Gtd. Notes, 144A 		5.950 % 04/20/35   25  $25,794
Philip Morris International, Inc.,          
Sr. Unsec’d. Notes 4.875 02/15/28   85 86,516
Sr. Unsec’d. Notes 5.125 02/15/30   100 102,636
Sr. Unsec’d. Notes 5.125 02/13/31   30 30,734
          448,144
Airlines 0.1%
Southwest Airlines Co.,
Sr. Unsec’d. Notes 		5.125 06/15/27   30 30,082
Auto Manufacturers 0.4%
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes 		4.000 11/13/30   100 88,999
General Motors Co.,
Sr. Unsec’d. Notes 		6.250 10/02/43   30 28,296
General Motors Financial Co., Inc.,          
Sr. Unsec’d. Notes 5.050 04/04/28   56 56,163
Sr. Unsec’d. Notes 5.400 05/08/27   20 20,203
Sr. Unsec’d. Notes 5.550 07/15/29   30 30,259
Sr. Unsec’d. Notes 5.800 01/07/29   10 10,217
          234,137
Banks 6.0%
Bank of America Corp.,          
Sr. Unsec’d. Notes 2.687(ff) 04/22/32   325 287,370
Sr. Unsec’d. Notes 3.419(ff) 12/20/28   125 121,596
Sr. Unsec’d. Notes, MTN 2.496(ff) 02/13/31   95 85,972
     
 
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes 		2.894(ff) 11/24/32   135 117,059
Citigroup, Inc.,          
Sr. Unsec’d. Notes 2.666(ff) 01/29/31   90 81,691
Sr. Unsec’d. Notes 2.904(ff) 11/03/42   30 20,688
Sr. Unsec’d. Notes 2.976(ff) 11/05/30   135 125,200
Sr. Unsec’d. Notes 3.668(ff) 07/24/28   205 201,127
     
 
3
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
     
Comerica, Inc.,
Sr. Unsec’d. Notes 		5.982 %(ff) 01/30/30   130  $131,573
Discover Bank,
Sr. Unsec’d. Notes 		4.650 09/13/28   15 14,963
Fifth Third Bancorp,
Sr. Unsec’d. Notes 		6.339(ff) 07/27/29   10 10,480
First Horizon Corp.,
Sr. Unsec’d. Notes 		5.514(ff) 03/07/31   25 25,118
Goldman Sachs Group, Inc. (The),          
Sr. Unsec’d. Notes 1.992(ff) 01/27/32   115 98,005
Sr. Unsec’d. Notes 4.223(ff) 05/01/29   200 198,083
Sr. Unsec’d. Notes 5.851(ff) 04/25/35   10 10,304
     
 
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes 		2.013(ff) 09/22/28   105 98,528
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes 		6.208(ff) 08/21/29   29 30,135
JPMorgan Chase & Co.,          
Sr. Unsec’d. Notes 1.953(ff) 02/04/32   20 17,170
Sr. Unsec’d. Notes 2.522(ff) 04/22/31   170 153,927
Sr. Unsec’d. Notes 2.580(ff) 04/22/32   75 66,463
Sr. Unsec’d. Notes 2.739(ff) 10/15/30   25 23,142
Sr. Unsec’d. Notes 3.509(ff) 01/23/29   210 204,742
Sr. Unsec’d. Notes 3.882(ff) 07/24/38   80 69,187
Sr. Unsec’d. Notes 4.452(ff) 12/05/29   44 43,953
Sr. Unsec’d. Notes 4.946(ff) 10/22/35   25 24,413
Sr. Unsec’d. Notes 5.766(ff) 04/22/35   10 10,358
     
 
KeyCorp,
Sr. Unsec’d. Notes 		6.401(ff) 03/06/35   15 15,713
Morgan Stanley,          
Sr. Unsec’d. Notes 5.123(ff) 02/01/29   95 96,505
Sr. Unsec’d. Notes 5.587(ff) 01/18/36   15 15,221
Sr. Unsec’d. Notes, GMTN 2.239(ff) 07/21/32   65 55,386
Sr. Unsec’d. Notes, MTN 1.794(ff) 02/13/32   150 126,388
Sr. Unsec’d. Notes, MTN 1.928(ff) 04/28/32   195 164,270
     
 
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes 		6.615(ff) 10/20/27   30 30,895
Truist Financial Corp.,          
Sr. Unsec’d. Notes, MTN 5.435(ff) 01/24/30   35 35,755
Sr. Unsec’d. Notes, MTN 5.867(ff) 06/08/34   15 15,358
     
 
4
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
     
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes 		4.550 % 04/17/26   100  $99,995
Wells Fargo & Co.,          
Sr. Unsec’d. Notes 3.000 10/23/26   55 53,978
Sr. Unsec’d. Notes 5.389(ff) 04/24/34   70 70,333
Sr. Unsec’d. Notes, MTN 2.572(ff) 02/11/31   70 63,334
Sr. Unsec’d. Notes, MTN 2.879(ff) 10/30/30   235 217,797
Sr. Unsec’d. Notes, MTN 5.707(ff) 04/22/28   95 97,120
          3,429,295
Beverages 0.4%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes 		4.700 02/01/36   185 178,904
Constellation Brands, Inc.,          
Gtd. Notes 3.700 12/06/26   5 4,941
Sr. Unsec’d. Notes 2.250 08/01/31   45 38,441
          222,286
Biotechnology 0.2%
Amgen, Inc.,          
Sr. Unsec’d. Notes 2.600 08/19/26   105 102,851
Sr. Unsec’d. Notes 5.250 03/02/30   15 15,423
Sr. Unsec’d. Notes 5.750 03/02/63   20 19,055
          137,329
Building Materials 0.3%
Carrier Global Corp.,
Sr. Unsec’d. Notes 		5.900 03/15/34   38 39,944
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes 		5.150 12/01/34   45 44,695
Owens Corning,
Sr. Unsec’d. Notes 		3.950 08/15/29   50 48,600
Vulcan Materials Co.,
Sr. Unsec’d. Notes 		4.500 06/15/47   5 4,130
          137,369
5
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals 0.6%
DuPont de Nemours, Inc.,          
Sr. Unsec’d. Notes 4.725 % 11/15/28   90  $90,911
Sr. Unsec’d. Notes 5.319 11/15/38   3 3,072
Sr. Unsec’d. Notes 5.419 11/15/48   5 4,882
     
 
FMC Corp.,
Sr. Unsec’d. Notes 		4.500 10/01/49   10 7,184
LYB International Finance BV,
Gtd. Notes 		4.875 03/15/44   10 8,246
LYB International Finance III LLC,
Gtd. Notes 		3.375 10/01/40   5 3,590
Nutrien Ltd. (Canada),          
Sr. Unsec’d. Notes 4.900 03/27/28   60 60,843
Sr. Unsec’d. Notes 5.200 06/21/27   140 142,008
Sr. Unsec’d. Notes 5.250 01/15/45   10 9,116
          329,852
Commercial Services 0.3%
California Institute of Technology,
Sr. Unsec’d. Notes 		3.650 09/01/2119   15 9,324
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F 		2.989 07/01/50   15 9,945
President & Fellows of Harvard College,
Unsec’d. Notes 		3.150 07/15/46   9 6,373
Quanta Services, Inc.,
Sr. Unsec’d. Notes 		4.750 08/09/27   20 20,096
RELX Capital, Inc. (United Kingdom),
Gtd. Notes 		5.250 03/27/35   70 70,369
Trustees of the University of Pennsylvania (The),          
Sr. Unsec’d. Notes 3.610 02/15/2119   5 3,228
Unsec’d. Notes, Series 2020 2.396 10/01/50   15 8,686
University of Southern California,          
Sr. Unsec’d. Notes 4.976 10/01/53   7 6,452
Unsec’d. Notes, Series 2017 3.841 10/01/47   10 7,883
     
 
Washington University (The),
Sr. Unsec’d. Notes, Series 2022 		3.524 04/15/54   25 17,919
Yale University,
Unsec’d. Notes, Series 2020 		2.402 04/15/50   45 26,461
          186,736
6
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Computers 0.3%
Accenture Capital, Inc.,
Gtd. Notes 		4.250 % 10/04/31   65  $64,292
Genpact Luxembourg Sarl/Genpact USA, Inc.,          
Gtd. Notes 1.750 04/10/26   35 33,870
Gtd. Notes 6.000 06/04/29   25 25,897
     
 
Teledyne FLIR LLC,
Sr. Unsec’d. Notes 		2.500 08/01/30   55 49,010
          173,069
Diversified Financial Services 0.2%
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes 		2.750 10/15/32   55 45,042
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP 		1.400 07/15/28   45 41,536
          86,578
Electric 2.8%
AEP Texas, Inc.,
Sr. Unsec’d. Notes, Series I 		2.100 07/01/30   65 56,917
Alabama Power Co.,
Sr. Unsec’d. Notes 		3.850 12/01/42   10 7,935
Ameren Illinois Co.,
Sr. Sec’d. Notes 		4.150 03/15/46   35 28,492
Arizona Public Service Co.,          
Sr. Unsec’d. Notes 2.200 12/15/31   35 29,611
Sr. Unsec’d. Notes 3.750 05/15/46   15 11,117
Sr. Unsec’d. Notes 6.350 12/15/32   30 31,901
     
 
Atlantic City Electric Co.,
First Mortgage 		2.300 03/15/31   10 8,779
Commonwealth Edison Co.,
First Mortgage 		4.600 08/15/43   45 38,994
Dominion Energy South Carolina, Inc.,
First Mortgage 		5.450 02/01/41   20 19,340
DTE Electric Co.,
First Mortgage 		5.200 04/01/33   55 55,796
DTE Energy Co.,
Sr. Unsec’d. Notes 		4.950 07/01/27   35 35,363
7
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
     
Duke Energy Carolinas LLC,
First Mortgage 		4.250 % 12/15/41   15  $12,719
Duke Energy Florida LLC,          
First Mortgage 5.875 11/15/33   90 95,254
First Mortgage 6.350 09/15/37   31 34,015
     
 
Entergy Texas, Inc.,
First Mortgage 		1.750 03/15/31   30 25,635
FirstEnergy Corp.,          
Sr. Unsec’d. Notes, Series B 3.900 07/15/27   155 153,251
Sr. Unsec’d. Notes, Series C 4.850 07/15/47   40 33,367
Florida Power & Light Co.,          
First Mortgage 3.800 12/15/42   30 23,882
First Mortgage 5.150 06/15/29   65 67,336
First Mortgage 5.250 02/01/41   25 24,282
First Mortgage 5.800 03/15/65   10 10,126
     
 
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes 		3.055 10/04/26   7 6,847
Nevada Power Co.,          
General Ref. Mortgage, Series N 6.650 04/01/36   30 32,805
General Ref. Mortgage, Series R 6.750 07/01/37   10 11,114
     
 
Northern States Power Co.,
First Mortgage 		3.600 09/15/47   55 40,433
Pacific Gas & Electric Co.,          
First Mortgage 4.000 12/01/46   50 35,700
First Mortgage 4.500 07/01/40   100 83,031
PacifiCorp,          
First Mortgage 2.700 09/15/30   25 22,491
First Mortgage 4.125 01/15/49   70 52,876
First Mortgage 5.250 06/15/35   45 44,828
First Mortgage 6.350 07/15/38   15 15,723
PPL Electric Utilities Corp.,          
First Mortgage 4.125 06/15/44   50 41,696
First Mortgage 4.150 10/01/45   20 16,571
First Mortgage 4.850 02/15/34   5 4,951
First Mortgage 6.250 05/15/39   20 21,957
     
 
Public Service Co. of New Hampshire,
First Mortgage 		5.350 10/01/33   60 61,250
Public Service Electric & Gas Co.,          
First Ref. Mortgage, MTN 3.950 05/01/42   10 8,188
8
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
Public Service Electric & Gas Co., (cont’d.)          
Sec’d. Notes, MTN 4.650 % 03/15/33   35   $34,613
     
 
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes 		2.450 11/15/31   30 26,050
Puget Energy, Inc.,
Sr. Sec’d. Notes 		4.100 06/15/30   45 42,916
San Diego Gas & Electric Co.,
First Mortgage, Series RRR 		3.750 06/01/47   5 3,632
Sempra,
Sr. Unsec’d. Notes 		4.000 02/01/48   15 10,898
Southern California Edison Co.,          
First Ref. Mortgage 4.000 04/01/47   25 17,863
First Ref. Mortgage 4.650 10/01/43   50 40,489
Virginia Electric & Power Co.,          
Sr. Unsec’d. Notes 5.050 08/15/34   8 7,924
Sr. Unsec’d. Notes, Series A 6.000 05/15/37   20 20,856
     
 
Wisconsin Public Service Corp.,
Sr. Unsec’d. Notes 		4.550 12/01/29   60 60,546
          1,570,360
Electronics 0.0%
Amphenol Corp.,
Sr. Unsec’d. Notes 		2.800 02/15/30   25 23,328
Entertainment 0.1%
Warnermedia Holdings, Inc.,          
Gtd. Notes 5.050 03/15/42   50 37,627
Gtd. Notes 5.141 03/15/52   20 13,728
          51,355
Foods 0.2%
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes 		5.125 02/01/28   50 50,631
Kraft Heinz Foods Co.,
Gtd. Notes 		4.375 06/01/46   25 20,225
Mondelez International, Inc.,
Sr. Unsec’d. Notes 		2.750 04/13/30   10 9,208
9
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
Tyson Foods, Inc.,          
Sr. Unsec’d. Notes 3.550 % 06/02/27   10  $9,841
Sr. Unsec’d. Notes 4.350 03/01/29   15 14,872
          104,777
Gas 0.5%
NiSource, Inc.,
Sr. Unsec’d. Notes 		5.250 02/15/43   15 13,856
Southern California Gas Co.,          
First Mortgage 5.050 09/01/34   25 24,745
Sr. Unsec’d. Notes 2.950 04/15/27   255 248,481
          287,082
Healthcare-Products 0.1%
Agilent Technologies, Inc.,
Sr. Unsec’d. Notes 		2.300 03/12/31   20 17,458
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes 		2.800 10/15/41   10 7,044
          24,502
Healthcare-Services 1.7%
Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes 		3.387 10/15/49   15 10,532
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021 		2.780 07/01/51   10 6,082
Ascension Health,
Sr. Unsec’d. Notes, Series B 		2.532 11/15/29   15 13,845
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021 		1.777 11/15/30   30 26,014
Children’s Health System of Texas,
Unsec’d. Notes 		2.511 08/15/50   10 5,818
Children’s Hospital Corp. (The),
Gtd. Notes, Series 2017 		4.115 01/01/47   10 8,202
Cigna Group (The),          
Gtd. Notes 4.375 10/15/28   55 54,883
Gtd. Notes 4.900 12/15/48   15 12,929
     
 
10
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
     
CommonSpirit Health,
Sr. Sec’d. Notes 		5.205 % 12/01/31   50  $50,668
Elevance Health, Inc.,          
Sr. Unsec’d. Notes 3.650 12/01/27   40 39,343
Sr. Unsec’d. Notes 4.625 05/15/42   60 51,990
Sr. Unsec’d. Notes 5.150 06/15/29   25 25,612
     
 
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021 		2.810 06/01/41   50 35,150
Memorial Sloan-Kettering Cancer Center,          
Sr. Unsec’d. Notes 5.000 07/01/42   30 28,471
Unsec’d. Notes, Series 2020 2.955 01/01/50   10 6,457
     
 
Methodist Hospital (The),
Unsec’d. Notes, Series 20A 		2.705 12/01/50   25 15,114
Mount Sinai Hospital (The),
Sec’d. Notes, Series 2019 		3.737 07/01/49   10 6,564
New York & Presbyterian Hospital (The),
Unsec’d. Notes 		4.024 08/01/45   45 36,450
NYU Langone Hospitals,
Sec’d. Notes 		4.368 07/01/47   15 12,683
OhioHealth Corp.,
Sec’d. Notes 		2.297 11/15/31   30 26,304
Orlando Health Obligated Group,
Sr. Unsec’d. Notes 		5.475 10/01/35   75 76,865
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020 		1.375 11/15/25   5 4,896
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042 		2.719 01/01/42   15 10,349
Providence St. Joseph Health Obligated Group,          
Unsec’d. Notes, Series 19A 2.532 10/01/29   10 9,154
Unsec’d. Notes, Series H 2.746 10/01/26   30 29,338
     
 
Sentara Health,
Sr. Unsec’d. Notes, Series 2021 		2.927 11/01/51   15 9,499
Stanford Health Care,          
Unsec’d. Notes 3.027 08/15/51   30 19,444
Unsec’d. Notes, Series 2018 3.795 11/15/48   15 11,323
     
 
Sutter Health,
Unsec’d. Notes, Series 2018 		4.091 08/15/48   15 11,797
UnitedHealth Group, Inc.,          
Sr. Unsec’d. Notes 2.750 05/15/40   30 21,377
11
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
UnitedHealth Group, Inc., (cont’d.)          
Sr. Unsec’d. Notes 3.050 % 05/15/41   35  $25,350
Sr. Unsec’d. Notes 3.500 08/15/39   25 20,039
Sr. Unsec’d. Notes 4.500 04/15/33   120 115,981
Sr. Unsec’d. Notes 4.800 01/15/30   90 91,519
Sr. Unsec’d. Notes 5.200 04/15/63   5 4,409
     
 
UPMC,
Sec’d. Notes 		5.035 05/15/33   25 24,835
          959,286
Home Builders 0.2%
Toll Brothers Finance Corp.,
Gtd. Notes 		4.875 03/15/27   135 135,146
Insurance 1.4%
Arch Capital Finance LLC,
Gtd. Notes 		4.011 12/15/26   260 257,899
Arch Capital Group US, Inc.,
Gtd. Notes 		5.144 11/01/43   20 18,282
Chubb Corp. (The),
Gtd. Notes 		6.000 05/11/37   15 16,022
CNA Financial Corp.,          
Sr. Unsec’d. Notes 3.900 05/01/29   25 24,355
Sr. Unsec’d. Notes 5.125 02/15/34   5 4,926
     
 
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes 		3.900 04/05/32   90 82,798
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes 		3.500 10/15/50   60 39,671
Fairfax Financial Holdings Ltd. (Canada),          
Sr. Unsec’d. Notes 4.850 04/17/28   65 65,381
Sr. Unsec’d. Notes 6.350 03/22/54   55 55,293
Lincoln National Corp.,          
Sr. Unsec’d. Notes 3.050 01/15/30   5 4,643
Sr. Unsec’d. Notes(a) 3.400 01/15/31   80 73,645
     
 
Loews Corp.,
Sr. Unsec’d. Notes 		3.200 05/15/30   15 14,058
Markel Group, Inc.,
Sr. Unsec’d. Notes 		4.300 11/01/47   15 11,862
12
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Insurance (cont’d.)
Unum Group,          
Sr. Unsec’d. Notes 4.000 % 06/15/29   130  $127,127
Sr. Unsec’d. Notes 5.750 08/15/42   20 19,182
          815,144
Iron/Steel 0.1%
Nucor Corp.,
Sr. Unsec’d. Notes 		3.950 05/01/28   25 24,747
Lodging 0.2%
Marriott International, Inc.,          
Sr. Unsec’d. Notes 5.350 03/15/35   5 4,918
Sr. Unsec’d. Notes 5.500 04/15/37   65 63,403
Sr. Unsec’d. Notes, Series R 3.125 06/15/26   30 29,550
          97,871
Machinery-Diversified 0.2%
Flowserve Corp.,
Sr. Unsec’d. Notes 		2.800 01/15/32   10 8,481
IDEX Corp.,
Sr. Unsec’d. Notes 		4.950 09/01/29   45 45,437
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes 		3.450 11/15/26   75 73,868
          127,786
Media 0.2%
Charter Communications Operating LLC/Charter
Communications Operating Capital, 		         
Sr. Sec’d. Notes 5.375 04/01/38   20 18,046
Sr. Sec’d. Notes 6.484 10/23/45   35 32,622
     
 
Comcast Corp.,
Gtd. Notes 		5.500 05/15/64   55 50,670
Discovery Communications LLC,
Gtd. Notes 		4.125 05/15/29   20 18,693
          120,031
13
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Mining 0.9%
Barrick North America Finance LLC (Canada),
Gtd. Notes 		5.700 % 05/30/41   65  $63,773
BHP Billiton Finance USA Ltd. (Australia),          
Gtd. Notes 5.000 02/21/30   40 40,771
Gtd. Notes 5.125 02/21/32   10 10,111
Gtd. Notes 5.250 09/08/33   90 90,826
Gtd. Notes 5.300 02/21/35   25 24,989
Freeport-McMoRan, Inc.,          
Gtd. Notes 4.125 03/01/28   20 19,662
Gtd. Notes 4.375 08/01/28   50 49,449
Kinross Gold Corp. (Canada),          
Gtd. Notes 4.500 07/15/27   60 59,821
Sr. Unsec’d. Notes 6.250 07/15/33   50 52,520
Newmont Corp.,          
Gtd. Notes 2.800 10/01/29   70 65,740
Gtd. Notes 5.450 06/09/44   25 23,945
     
 
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes 		5.350 03/15/34   25 25,393
          527,000
Miscellaneous Manufacturing 0.4%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes 		2.200 03/01/32   50 41,419
Pentair Finance Sarl,
Gtd. Notes 		4.500 07/01/29   100 99,353
Textron, Inc.,          
Sr. Unsec’d. Notes 2.450 03/15/31   65 56,608
Sr. Unsec’d. Notes 3.000 06/01/30   25 22,858
          220,238
Office/Business Equipment 0.1%
CDW LLC/CDW Finance Corp.,          
Gtd. Notes 3.276 12/01/28   30 28,285
Gtd. Notes 5.100 03/01/30   25 24,993
          53,278
14
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas 0.7%
Canadian Natural Resources Ltd. (Canada),          
Sr. Unsec’d. Notes 3.850 % 06/01/27   50  $49,300
Sr. Unsec’d. Notes, 144A 5.000 12/15/29   85 84,940
Cenovus Energy, Inc. (Canada),          
Sr. Unsec’d. Notes 2.650 01/15/32   90 75,098
Sr. Unsec’d. Notes 3.750 02/15/52   15 9,681
     
 
ConocoPhillips Co.,
Gtd. Notes 		4.700 01/15/30   25 25,211
Diamondback Energy, Inc.,          
Gtd. Notes 5.400 04/18/34   20 19,551
Gtd. Notes 6.250 03/15/33   80 83,573
     
 
Equinor ASA (Norway),
Gtd. Notes 		3.700 04/06/50   20 14,617
Exxon Mobil Corp.,
Sr. Unsec’d. Notes 		4.114 03/01/46   15 12,173
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes 		6.625 09/01/30   5 5,180
Phillips 66 Co.,
Gtd. Notes 		4.900 10/01/46   25 20,610
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes 		1.900 08/15/30   20 17,559
          417,493
Packaging & Containers 0.1%
Berry Global, Inc.,          
Sr. Sec’d. Notes 1.570 01/15/26   25 24,376
Sr. Sec’d. Notes 5.500 04/15/28   35 35,753
          60,129
Pharmaceuticals 0.9%
AbbVie, Inc.,          
Sr. Unsec’d. Notes 4.050 11/21/39   75 65,028
Sr. Unsec’d. Notes 4.700 05/14/45   45 39,790
CVS Health Corp.,          
Sr. Unsec’d. Notes 1.875 02/28/31   60 50,552
Sr. Unsec’d. Notes 4.780 03/25/38   45 40,586
Sr. Unsec’d. Notes 5.125 07/20/45   15 12,986
     
 
15
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
     
Eli Lilly & Co.,
Sr. Unsec’d. Notes 		4.600 % 08/14/34   85  $83,799
Utah Acquisition Sub, Inc.,
Gtd. Notes 		3.950 06/15/26   43 42,398
Viatris, Inc.,          
Gtd. Notes 2.300 06/22/27   160 150,724
Gtd. Notes 3.850 06/22/40   60 42,146
          528,009
Pipelines 1.9%
Energy Transfer LP,          
Sr. Unsec’d. Notes 3.900 07/15/26   55 54,470
Sr. Unsec’d. Notes 4.200 04/15/27   85 84,375
Sr. Unsec’d. Notes 4.750 01/15/26   40 39,943
Sr. Unsec’d. Notes 6.125 12/15/45   70 66,343
Sr. Unsec’d. Notes 6.550 12/01/33   20 21,061
Sr. Unsec’d. Notes 6.625 10/15/36   10 10,444
     
 
Enterprise Products Operating LLC,
Gtd. Notes 		4.850 03/15/44   20 17,709
MPLX LP,          
Sr. Unsec’d. Notes 2.650 08/15/30   175 156,595
Sr. Unsec’d. Notes 4.500 04/15/38   30 25,810
     
 
Northwest Pipeline LLC,
Sr. Unsec’d. Notes 		4.000 04/01/27   25 24,798
ONEOK, Inc.,          
Gtd. Notes 3.400 09/01/29   75 70,760
Gtd. Notes 6.050 09/01/33   105 107,803
Targa Resources Corp.,          
Gtd. Notes 4.200 02/01/33   35 31,981
Gtd. Notes 4.950 04/15/52   5 4,032
Gtd. Notes 5.550 08/15/35   30 29,387
Gtd. Notes 6.125 03/15/33   25 25,693
Gtd. Notes 6.150 03/01/29   90 93,897
Transcontinental Gas Pipe Line Co. LLC,          
Sr. Unsec’d. Notes 3.250 05/15/30   100 93,419
Sr. Unsec’d. Notes 4.600 03/15/48   10 8,244
Williams Cos., Inc. (The),          
Sr. Unsec’d. Notes 3.750 06/15/27   50 49,251
Sr. Unsec’d. Notes 4.800 11/15/29   55 55,363
16
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
Williams Cos., Inc. (The), (cont’d.)          
Sr. Unsec’d. Notes 5.100 % 09/15/45   10  $8,770
Sr. Unsec’d. Notes 5.800 11/15/43   20 19,247
          1,099,395
Real Estate Investment Trusts (REITs) 1.7%
Alexandria Real Estate Equities, Inc.,          
Gtd. Notes 3.550 03/15/52   30 19,876
Gtd. Notes 4.700 07/01/30   60 59,271
Gtd. Notes 4.850 04/15/49   10 8,294
     
 
American Tower Corp.,
Sr. Unsec’d. Notes 		2.900 01/15/30   20 18,504
Brixmor Operating Partnership LP,          
Sr. Unsec’d. Notes 2.250 04/01/28   155 144,708
Sr. Unsec’d. Notes 2.500 08/16/31   45 38,832
Sr. Unsec’d. Notes 3.900 03/15/27   25 24,680
Sr. Unsec’d. Notes 4.125 06/15/26   50 49,696
Sr. Unsec’d. Notes 5.750 02/15/35   5 5,059
     
 
COPT Defense Properties LP,
Gtd. Notes 		2.900 12/01/33   30 24,137
CubeSmart LP,
Gtd. Notes 		2.250 12/15/28   20 18,377
Essex Portfolio LP,
Gtd. Notes 		1.700 03/01/28   15 13,895
GLP Capital LP/GLP Financing II, Inc.,          
Gtd. Notes 3.250 01/15/32   10 8,620
Gtd. Notes 5.750 06/01/28   35 35,495
     
 
Healthpeak OP LLC,
Gtd. Notes 		3.000 01/15/30   20 18,511
Host Hotels & Resorts LP,          
Sr. Unsec’d. Notes 5.700 07/01/34   10 9,847
Sr. Unsec’d. Notes, Series J 2.900 12/15/31   15 12,824
Kimco Realty OP LLC,          
Gtd. Notes 1.900 03/01/28   60 56,009
Gtd. Notes 3.200 04/01/32   45 39,971
Realty Income Corp.,          
Sr. Unsec’d. Notes 2.700 02/15/32   40 34,559
Sr. Unsec’d. Notes 3.100 12/15/29   85 79,594
Sr. Unsec’d. Notes 3.400 01/15/28   20 19,503
17
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
     
 
Simon Property Group LP,
Sr. Unsec’d. Notes 		2.450 % 09/13/29   20  $18,389
Sun Communities Operating LP,
Gtd. Notes 		5.500 01/15/29   150 154,050
VICI Properties LP,          
Sr. Unsec’d. Notes 4.750 04/01/28   15 15,020
Sr. Unsec’d. Notes 4.950 02/15/30   10 9,943
     
 
Welltower OP LLC,
Gtd. Notes 		2.700 02/15/27   10 9,740
WP Carey, Inc.,
Sr. Unsec’d. Notes 		2.400 02/01/31   35 30,525
          977,929
Retail 0.3%
AutoZone, Inc.,
Sr. Unsec’d. Notes 		6.250 11/01/28   60 63,534
Ferguson Enterprises, Inc.,
Gtd. Notes 		5.000 10/03/34   15 14,516
Genuine Parts Co.,
Sr. Unsec’d. Notes 		4.950 08/15/29   65 65,401
Home Depot, Inc. (The),
Sr. Unsec’d. Notes 		3.900 06/15/47   20 15,559
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes 		3.100 05/03/27   20 19,538
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes 		1.750 03/15/31   15 12,649
          191,197
Semiconductors 0.6%
Broadcom, Inc.,          
Gtd. Notes, 144A 3.500 02/15/41   10 7,728
Sr. Unsec’d. Notes 4.150 02/15/28   40 39,858
Sr. Unsec’d. Notes 4.800 04/15/28   30 30,449
Sr. Unsec’d. Notes 5.050 07/12/27   20 20,317
Sr. Unsec’d. Notes 5.050 04/15/30   40 40,759
Sr. Unsec’d. Notes, 144A 3.419 04/15/33   87 77,469
Sr. Unsec’d. Notes, 144A 3.469 04/15/34   60 52,671
Sr. Unsec’d. Notes, 144A 4.000 04/15/29   75 73,488
18
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Semiconductors (cont’d.)
     
 
Intel Corp.,
Sr. Unsec’d. Notes 		5.050 % 08/05/62   10  $7,857
          350,596
Shipbuilding 0.0%
Huntington Ingalls Industries, Inc.,
Gtd. Notes 		5.353 01/15/30   15 15,295
Software 0.3%
Intuit, Inc.,
Sr. Unsec’d. Notes 		1.350 07/15/27   5 4,726
Oracle Corp.,          
Sr. Unsec’d. Notes 2.800 04/01/27   90 87,547
Sr. Unsec’d. Notes 3.600 04/01/50   5 3,400
     
 
ServiceNow, Inc.,
Sr. Unsec’d. Notes 		1.400 09/01/30   25 21,444
Workday, Inc.,          
Sr. Unsec’d. Notes 3.500 04/01/27   10 9,824
Sr. Unsec’d. Notes 3.700 04/01/29   25 24,188
          151,129
Telecommunications 0.9%
AT&T, Inc.,          
Sr. Unsec’d. Notes 2.550 12/01/33   40 33,026
Sr. Unsec’d. Notes 3.500 06/01/41   110 84,258
Sr. Unsec’d. Notes 3.550 09/15/55   55 36,711
Motorola Solutions, Inc.,          
Sr. Unsec’d. Notes 4.600 02/23/28   25 25,119
Sr. Unsec’d. Notes 5.400 04/15/34   35 35,367
Rogers Communications, Inc. (Canada),          
Gtd. Notes 4.500 03/15/42   10 8,346
Gtd. Notes 5.300 02/15/34   75 73,796
T-Mobile USA, Inc.,          
Gtd. Notes 3.000 02/15/41   30 21,474
Gtd. Notes 3.875 04/15/30   90 86,874
19
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
Verizon Communications, Inc.,          
Sr. Unsec’d. Notes 2.355 % 03/15/32   90  $76,788
Sr. Unsec’d. Notes 4.016 12/03/29   45 44,172
          525,931
Transportation 0.1%
CSX Corp.,
Sr. Unsec’d. Notes 		4.100 03/15/44   10 8,222
Norfolk Southern Corp.,
Sr. Unsec’d. Notes 		5.950 03/15/64   15 15,150
Union Pacific Corp.,          
Sr. Unsec’d. Notes 3.000 04/15/27   15 14,691
Sr. Unsec’d. Notes 3.600 09/15/37   10 8,592
          46,655
     
 
Total Corporate Bonds
(cost $15,806,348) 		15,291,021
Municipal Bonds 0.6%
Arizona 0.1%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs 		4.839 01/01/41   35 32,936
California 0.2%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2 		6.263 04/01/49   35 36,917
Regents of the University of California Medical Center Pooled Revenue,
Taxable, Revenue Bonds, Series Q 		4.563 05/15/53   15 12,676
State of California,
General Obligation Unlimited, Taxable, BABs 		7.550 04/01/39   30 36,217
          85,810
Illinois 0.0%
State of Illinois,
General Obligation Unlimited, Taxable 		5.100 06/01/33   24 23,519
20
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Municipal Bonds (Continued)
Michigan 0.1%
Michigan Finance Authority,
Taxable, Revenue Bonds 		3.384 % 12/01/40   15  $12,315
Michigan State University,
Taxable, Revenue Bonds, Series A 		4.165 08/15/2122   15 10,648
University of Michigan,
Taxable, Revenue Bonds, Sustainability Bond, Series B 		3.504 04/01/52   15 11,080
          34,043
New Jersey 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F 		7.414 01/01/40   45 54,157
New York 0.0%
City of New York,
Taxable, General Obligation Unlimited, Series D-1 		5.114 10/01/54   15 13,937
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174 		4.458 10/01/62   15 12,579
          26,516
Ohio 0.1%
JobsOhio Beverage System,
Taxable, Revenue Bonds, Series A 		2.833 01/01/38   5 4,116
Ohio State University (The),          
Taxable, Revenue Bonds, Series A 4.800 06/01/2111   15 12,826
Taxable, Revenue Bonds, BABs, Series C 4.910 06/01/40   10 9,828
          26,770
Virginia 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series B 		2.584 11/01/51   40 24,267
     
 
Total Municipal Bonds
(cost $376,891) 		308,018
Sovereign Bonds 2.2%
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes, Series 30Y 		7.625 03/29/41   40 44,200
21
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes 		3.500 % 01/11/28   200  $195,600
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes, Series 05Y 		5.375 02/19/30   200 201,514
Mexico Government International Bond (Mexico),          
Sr. Unsec’d. Notes 4.500 04/22/29   200 195,825
Sr. Unsec’d. Notes 6.000 05/13/30   200 205,425
Sr. Unsec’d. Notes, MTN 4.750 03/08/44   26 19,643
Peruvian Government International Bond (Peru),          
Sr. Unsec’d. Notes 1.862 12/01/32   50 39,412
Sr. Unsec’d. Notes 2.783 01/23/31   32 28,384
     
 
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes 		5.500 02/04/35   200 205,800
Republic of Poland Government International Bond
(Poland), 		         
Bonds 5.375 02/12/35   85 86,020
Sr. Unsec’d. Notes 5.500 03/18/54   40 37,320
     
 
Total Sovereign Bonds
(cost $1,280,636) 		1,259,143
U.S. Government Agency Obligations 26.4%
Federal Farm Credit Bank 1.480 11/26/32   30 24,205
Federal Farm Credit Bank 2.350 03/10/36   30 23,592
Federal Home Loan Bank 1.250 07/23/30   60 51,536
Federal Home Loan Bank 2.090 02/22/36   30 22,855
Federal Home Loan Bank 4.250 09/10/32   20 20,027
Federal Home Loan Mortgage Corp. 1.500 09/01/36   48 42,300
Federal Home Loan Mortgage Corp. 1.500 01/01/37   23 20,613
Federal Home Loan Mortgage Corp. 1.500 10/01/50   184 138,851
Federal Home Loan Mortgage Corp. 2.000 01/01/32   18 17,346
Federal Home Loan Mortgage Corp. 2.000 12/01/50   346 277,096
Federal Home Loan Mortgage Corp. 2.000 05/01/51   408 325,451
Federal Home Loan Mortgage Corp. 2.500 10/01/51   272 229,165
Federal Home Loan Mortgage Corp. 2.500 11/01/51   330 275,316
Federal Home Loan Mortgage Corp. 3.000 02/01/32   14 13,657
Federal Home Loan Mortgage Corp. 3.000 02/01/32   15 14,359
Federal Home Loan Mortgage Corp. 3.000 01/01/37   6 6,013
Federal Home Loan Mortgage Corp. 3.000 12/01/37   9 8,390
Federal Home Loan Mortgage Corp. 3.000 12/01/42   63 57,426
Federal Home Loan Mortgage Corp. 3.000 11/01/46   19 17,026
Federal Home Loan Mortgage Corp. 3.000 01/01/47   124 110,090
22
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal Home Loan Mortgage Corp. 3.000 % 03/01/47   85  $75,592
Federal Home Loan Mortgage Corp. 3.000 12/01/47   48 42,086
Federal Home Loan Mortgage Corp. 3.500 11/01/37   10 9,903
Federal Home Loan Mortgage Corp. 3.500 06/01/42   17 15,735
Federal Home Loan Mortgage Corp. 3.500 04/01/46   21 19,114
Federal Home Loan Mortgage Corp. 3.500 11/01/47   29 26,544
Federal Home Loan Mortgage Corp. 3.500 11/01/47   36 32,795
Federal Home Loan Mortgage Corp. 3.500 02/01/48   101 92,732
Federal Home Loan Mortgage Corp. 3.500 05/01/52   242 218,454
Federal Home Loan Mortgage Corp. 4.000 10/01/45   18 17,534
Federal Home Loan Mortgage Corp. 4.000 05/01/46   37 35,115
Federal Home Loan Mortgage Corp. 4.000 03/01/47   18 17,116
Federal Home Loan Mortgage Corp. 4.000 01/01/48   26 24,580
Federal Home Loan Mortgage Corp. 4.000 06/01/52   279 260,113
Federal Home Loan Mortgage Corp. 4.500 07/01/47   38 36,810
Federal Home Loan Mortgage Corp. 4.500 12/01/48   9 8,890
Federal Home Loan Mortgage Corp. 6.000 01/01/53   225 228,820
Federal Home Loan Mortgage Corp. 6.750 03/15/31   25 28,682
Federal Home Loan Mortgage Corp., MTN 1.220 08/19/30   25 21,387
Federal National Mortgage Assoc. 0.500 06/17/25   50 49,754
Federal National Mortgage Assoc. 0.500 11/07/25   30 29,446
Federal National Mortgage Assoc. 0.875 08/05/30   10 8,583
Federal National Mortgage Assoc. 1.500 10/01/50   194 146,584
Federal National Mortgage Assoc. 1.500 11/01/50   197 148,420
Federal National Mortgage Assoc. 2.000 05/01/36   401 365,642
Federal National Mortgage Assoc. 2.000 07/01/40   142 121,821
Federal National Mortgage Assoc. 2.000 01/01/41   334 287,880
Federal National Mortgage Assoc. 2.000 05/01/41   344 296,242
Federal National Mortgage Assoc. 2.000 09/01/50   260 208,394
Federal National Mortgage Assoc. 2.000 12/01/50   137 110,369
Federal National Mortgage Assoc. 2.000 01/01/51   247 197,735
Federal National Mortgage Assoc. 2.000 03/01/51   113 89,996
Federal National Mortgage Assoc. 2.000 05/01/51   138 110,004
Federal National Mortgage Assoc. 2.500 TBA   250 207,871
Federal National Mortgage Assoc. 2.500 06/01/28   24 23,482
Federal National Mortgage Assoc. 2.500 09/01/35   43 40,518
Federal National Mortgage Assoc. 2.500 02/01/43   26 22,770
Federal National Mortgage Assoc. 2.500 09/01/46   26 22,427
Federal National Mortgage Assoc. 2.500 09/01/46   45 38,518
Federal National Mortgage Assoc. 2.500 05/01/50   145 122,625
Federal National Mortgage Assoc. 2.500 08/01/50   179 150,217
Federal National Mortgage Assoc. 2.500 10/01/50   466 389,662
23
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 2.500 % 04/01/51   338  $282,812
Federal National Mortgage Assoc. 2.500 05/01/51   199 165,936
Federal National Mortgage Assoc. 2.500 08/01/51   86 72,156
Federal National Mortgage Assoc. 2.500 11/01/51   367 306,586
Federal National Mortgage Assoc. 3.000 TBA   500 433,929
Federal National Mortgage Assoc. 3.000 11/01/28   17 16,622
Federal National Mortgage Assoc. 3.000 01/01/30   42 40,994
Federal National Mortgage Assoc. 3.000 12/01/36   19 18,292
Federal National Mortgage Assoc. 3.000 10/01/42   12 10,645
Federal National Mortgage Assoc. 3.000 12/01/42   74 67,813
Federal National Mortgage Assoc. 3.000 02/01/43   144 131,229
Federal National Mortgage Assoc. 3.000 04/01/43   38 34,385
Federal National Mortgage Assoc. 3.000 08/01/43   110 99,335
Federal National Mortgage Assoc. 3.000 01/01/47   128 113,223
Federal National Mortgage Assoc. 3.000 02/01/47   87 76,518
Federal National Mortgage Assoc. 3.000 01/01/50   242 212,379
Federal National Mortgage Assoc. 3.000 11/01/50   92 81,157
Federal National Mortgage Assoc. 3.500 08/01/31   18 17,708
Federal National Mortgage Assoc. 3.500 10/01/32   8 7,530
Federal National Mortgage Assoc. 3.500 06/01/33   11 11,093
Federal National Mortgage Assoc. 3.500 01/01/42   51 47,513
Federal National Mortgage Assoc. 3.500 03/01/42   54 50,871
Federal National Mortgage Assoc. 3.500 10/01/42   149 139,495
Federal National Mortgage Assoc. 3.500 11/01/42   36 34,084
Federal National Mortgage Assoc. 3.500 08/01/43   49 45,431
Federal National Mortgage Assoc. 3.500 03/01/45   82 76,112
Federal National Mortgage Assoc. 3.500 01/01/46   15 14,294
Federal National Mortgage Assoc. 3.500 12/01/46   162 149,075
Federal National Mortgage Assoc. 3.500 01/01/47   33 30,922
Federal National Mortgage Assoc. 3.500 09/01/47   51 47,235
Federal National Mortgage Assoc. 4.000 01/01/41   94 90,653
Federal National Mortgage Assoc. 4.000 04/01/41   48 46,250
Federal National Mortgage Assoc. 4.000 02/01/47   47 44,278
Federal National Mortgage Assoc. 4.000 04/01/48   85 80,462
Federal National Mortgage Assoc. 4.000 03/01/49   163 153,833
Federal National Mortgage Assoc. 4.000 04/01/52   186 173,048
Federal National Mortgage Assoc. 4.336(s) 03/17/31   50 39,008
Federal National Mortgage Assoc. 4.500 TBA   250 239,063
Federal National Mortgage Assoc. 4.500 03/01/41   48 47,067
Federal National Mortgage Assoc. 4.500 02/01/44   42 41,254
Federal National Mortgage Assoc. 4.500 01/01/45   45 44,299
Federal National Mortgage Assoc. 4.500 04/01/48   25 24,064
24
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 4.500 % 05/01/48   8  $7,489
Federal National Mortgage Assoc. 4.500 08/01/48   9 9,201
Federal National Mortgage Assoc. 4.500 02/01/49   8 7,543
Federal National Mortgage Assoc. 4.500 06/01/52   92 88,579
Federal National Mortgage Assoc. 4.500 09/01/52   480 459,649
Federal National Mortgage Assoc. 5.000 TBA   250 244,597
Federal National Mortgage Assoc. 5.000 11/01/35   56 56,516
Federal National Mortgage Assoc. 5.000 06/01/40   11 10,690
Federal National Mortgage Assoc. 5.000 03/01/42   24 24,003
Federal National Mortgage Assoc. 5.500 TBA   250 249,460
Federal National Mortgage Assoc. 5.500 11/01/52   304 305,372
Federal National Mortgage Assoc. 5.500 02/01/53   233 233,475
Federal National Mortgage Assoc. 6.000 08/01/53   71 71,857
Federal National Mortgage Assoc. 6.625 11/15/30   40 45,431
Government National Mortgage Assoc. 2.000 12/20/50   431 352,085
Government National Mortgage Assoc. 2.500 03/20/43   6 5,138
Government National Mortgage Assoc. 2.500 12/20/46   10 8,916
Government National Mortgage Assoc. 2.500 05/20/51   424 361,252
Government National Mortgage Assoc. 2.500 10/20/51   74 63,057
Government National Mortgage Assoc. 3.000 01/20/43   53 48,372
Government National Mortgage Assoc. 3.000 04/20/45   21 18,903
Government National Mortgage Assoc. 3.000 07/20/46   37 33,385
Government National Mortgage Assoc. 3.000 09/20/46   38 33,974
Government National Mortgage Assoc. 3.000 03/20/49   44 39,061
Government National Mortgage Assoc. 3.000 06/20/51   74 65,131
Government National Mortgage Assoc. 3.000 08/20/51   187 165,813
Government National Mortgage Assoc. 3.500 12/20/42   106 98,657
Government National Mortgage Assoc. 3.500 01/20/44   29 27,032
Government National Mortgage Assoc. 3.500 04/20/45   15 14,212
Government National Mortgage Assoc. 3.500 07/20/46   67 61,708
Government National Mortgage Assoc. 3.500 08/20/46   103 94,299
Government National Mortgage Assoc. 3.500 09/20/46   16 14,466
Government National Mortgage Assoc. 3.500 07/20/47   43 39,504
Government National Mortgage Assoc. 3.500 11/20/47   28 26,038
Government National Mortgage Assoc. 4.000 12/20/45   46 43,691
Government National Mortgage Assoc. 4.000 10/20/46   3 2,523
Government National Mortgage Assoc. 4.000 03/20/47   21 20,173
Government National Mortgage Assoc. 4.000 07/20/47   27 25,249
Government National Mortgage Assoc. 4.000 09/20/47   70 66,399
Government National Mortgage Assoc. 4.000 03/20/49   11 10,269
Government National Mortgage Assoc. 4.000 03/20/52   136 126,893
Government National Mortgage Assoc. 4.500 04/20/41   9 9,216
25
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Government National Mortgage Assoc. 4.500 % 03/20/44   25  $24,363
Government National Mortgage Assoc. 4.500 12/20/44   22 21,857
Government National Mortgage Assoc. 4.500 11/20/46   11 11,244
Government National Mortgage Assoc. 4.500 01/20/47   4 3,551
Government National Mortgage Assoc. 4.500 08/20/52   241 232,236
Government National Mortgage Assoc. 5.000 TBA   250 245,212
Government National Mortgage Assoc. 5.000 04/20/45   17 17,546
Government National Mortgage Assoc. 5.500 12/15/33   6 6,192
Government National Mortgage Assoc. 5.500 05/20/53   1 1,045
Government National Mortgage Assoc. 6.000 08/20/54   606 613,774
Israel Government, USAID Bond, Gov’t. Gtd. Notes, Series 30Y 5.500 09/18/33   55 58,748
Tennessee Valley Authority, Sr. Unsec’d. Notes 0.750 05/15/25   25 24,967
Tennessee Valley Authority, Sr. Unsec’d. Notes 5.250 02/01/55   60 58,629
Tennessee Valley Authority Generic Strips, Bonds 4.724(s) 07/15/34   5 3,181
     
 
Total U.S. Government Agency Obligations
(cost $16,297,816) 		14,966,752
U.S. Treasury Obligations 38.1%
U.S. Treasury Bonds 1.750 08/15/41   70 46,711
U.S. Treasury Bonds 2.000 11/15/41   585 405,752
U.S. Treasury Bonds 2.000 02/15/50   155 92,080
U.S. Treasury Bonds 2.250 08/15/49   1,810 1,147,370
U.S. Treasury Bonds 2.375 05/15/51   225 144,387
U.S. Treasury Bonds 3.000 11/15/44   870 676,561
U.S. Treasury Bonds 3.625 08/15/43   720 625,387
U.S. Treasury Bonds 4.000 11/15/52   985 874,034
U.S. Treasury Bonds 4.500 11/15/54   55 53,273
U.S. Treasury Bonds 4.625 05/15/54   723 713,511
U.S. Treasury Bonds 4.750 02/15/45   100 100,719
U.S. Treasury Bonds 4.750 11/15/53   797 801,732
U.S. Treasury Notes 0.500 10/31/27   1,390 1,287,922
U.S. Treasury Notes 0.750 05/31/26   630 609,254
U.S. Treasury Notes 1.250 11/30/26   1,730 1,665,666
U.S. Treasury Notes 1.500 11/30/28   1,906 1,770,329
U.S. Treasury Notes 2.750 07/31/27   605 593,987
U.S. Treasury Notes 2.750 08/15/32   950 877,414
U.S. Treasury Notes 2.875 05/15/28   330 323,168
U.S. Treasury Notes 3.125 08/31/29   870 850,765
U.S. Treasury Notes 3.875 03/31/27   655 658,147
U.S. Treasury Notes 3.875 03/15/28   410 413,427
26
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Notes 3.875 % 04/30/30   795  $800,838
U.S. Treasury Notes 3.875 08/15/33   855 844,179
U.S. Treasury Notes 4.000 01/15/27   265 266,470
U.S. Treasury Notes 4.000 04/30/32   675 678,059
U.S. Treasury Notes 4.125 11/15/27   470 476,059
U.S. Treasury Notes 4.250 02/28/31   1,335 1,364,203
U.S. Treasury Notes 4.375 07/15/27   740 752,083
U.S. Treasury Notes 4.625 10/15/26   1,025 1,037,933
U.S. Treasury Notes 4.625 02/15/35   426 442,041
U.S. Treasury Strips Coupon 1.394(s) 11/15/41   20 8,957
U.S. Treasury Strips Coupon 2.271(s) 08/15/39   185 94,108
U.S. Treasury Strips Coupon 3.277(s) 08/15/41   35 15,896
U.S. Treasury Strips Coupon 3.621(s) 05/15/44   295 115,276
U.S. Treasury Strips Coupon 5.498(s) 08/15/42   10 4,289
     
 
Total U.S. Treasury Obligations
(cost $21,613,128) 		21,631,987
 
Total Long-Term Investments
(cost $58,140,118) 		55,988,876
    
      Shares  
Short-Term Investments 4.1%
Affiliated Mutual Funds           
PGIM Core Government Money Market Fund (7-day effective yield 4.478%)(wb)     2,273,581 2,273,581
PGIM Institutional Money Market Fund (7-day effective yield 4.540%)
(cost $72,716; includes $72,207 of cash collateral for securities on loan)(b)(wb) 		    72,774 72,723
     
 
 
Total Short-Term Investments
(cost $2,346,297) 		2,346,304
 
TOTAL INVESTMENTS 102.8%
(cost $60,486,415) 		58,335,180
Liabilities in excess of other assets (2.8)% (1,571,371)
 
Net Assets 100.0% $56,763,809
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  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.
27
PGIM Core Conservative Bond Fund
PGIM Core Conservative Bond Fund
Schedule of Investments (unaudited) (continued)
as of April 30, 2025
  BABs—Build America Bonds
  GMTN—Global Medium Term Note
  LP—Limited Partnership
  MTN—Medium Term Note
  REITs—Real Estate Investment Trust
  TBA—To Be Announced
  USAID—United States Agency for International Development
    
# Principal amount is shown in U.S. dollars unless otherwise stated.
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $70,625; cash collateral of $72,207 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of April 30, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wb) Represents an investment in a Fund affiliated with the Manager. 
Forward Commitment Contracts:                      
U.S. Government Agency Obligations   Interest
Rate 		  Maturity
Date 		  Settlement
Date 		  Principal
Amount
(000)# 		  Value
Government National Mortgage Assoc.
(proceeds receivable $244,746) 		  5.000%   TBA   06/23/25     $(250)  $(245,085)  
Other information regarding the Fund is available in the Fund’s most recent Report to Shareholders. This information is available on the Securities and Exchange Commission’s website (www.sec.gov).
28