PGIM Conservative Retirement Spending Fund
Schedule of Investments (unaudited) as of June 30, 2025
Description     Shares   Value
Long-Term Investments 86.5%
Affiliated Exchange-Traded Fund 2.0%          
PGIM Active High Yield Bond ETF 3,002  $106,541
(cost $103,533)(wa)    
Affiliated Mutual Funds — 81.0%
Domestic Equity — 24.8%
PGIM Quant Solutions Large-Cap Index Fund (Class R6) 16,017 748,486
PGIM Quant Solutions Mid-Cap Index Fund (Class R6) 11,208 106,475
PGIM US Real Estate Fund (Class R6) 30,350 468,599
          1,323,560
Fixed Income — 43.4%
PGIM Core Conservative Bond Fund (Class R6) 160,608 1,387,650
PGIM Quant Solutions Commodity Strategies Fund (Class R6) 19,184 131,984
PGIM TIPS Fund (Class R6) 95,091 799,718
          2,319,352
International Equity — 12.8%
PGIM Jennison Global Infrastructure Fund (Class R6) 25,852 468,701
PGIM Quant Solutions International Developed Markets Index Fund (Class R6) 13,396 213,264
          681,965
     
 
Total Affiliated Mutual Funds
(cost $4,059,191)(wa)
4,324,877
Unaffiliated Exchange-Traded Fund 3.5%
Vanguard Long-Term Bond ETF
(cost $188,878)
      2,702 187,897
     
 
 
Total Long-Term Investments
(cost $4,351,602)
4,619,315
 
Short-Term Investment 13.6%
Affiliated Mutual Fund 
PGIM Core Ultra Short Bond Fund
(cost $728,770)(wa)
    728,770 728,770
 
TOTAL INVESTMENTS100.1%
(cost $5,080,372)
        5,348,085
Liabilities in excess of other assets (0.1)% (6,563)
 
Net Assets 100.0% $5,341,522

Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
ETF—Exchange-Traded Fund
TIPS—Treasury Inflation-Protected Securities
    
(wa) Represents investments in Funds affiliated with the Manager.
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).
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PGIM Conservative Retirement Spending Fund