PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited)
Description     Shares   Value
Long-Term Investments 98.3%
Affiliated Exchange-Traded Fund 1.0%          
PGIM AAA CLO ETF 203,465  $10,468,274
(cost $10,436,281)(wa)    
Common Stocks 59.9%
Aerospace & Defense 2.2%
AAR Corp.*       2,000 137,580
Archer Aviation, Inc. (Class A Stock)*(a)       13,200 143,220
Aselsan Elektronik Sanayi Ve Ticaret A/S (Turkey)       123,804 468,831
Astronics Corp.*       1,800 60,264
Bharat Electronics Ltd. (India)       121,085 595,489
Boeing Co. (The)*       11,800 2,472,454
Curtiss-Wright Corp.       3,200 1,563,360
General Dynamics Corp.       6,800 1,983,288
General Electric Co.       14,400 3,706,416
HEICO Corp.       3,600 1,180,800
HEICO Corp. (Class A Stock)       1,800 465,750
Howmet Aerospace, Inc.       1,300 241,969
Kongsberg Gruppen ASA (Norway)       23,765 921,653
Leonardo DRS, Inc.       400 18,592
Leonardo SpA (Italy)       1,449 81,762
Lockheed Martin Corp.       6,600 3,056,724
Mercury Systems, Inc.*       3,500 188,510
Moog, Inc. (Class A Stock)       100 18,097
Northrop Grumman Corp.       3,300 1,649,934
Rheinmetall AG (Germany)       409 866,139
Rocket Lab Corp.*(a)       8,200 293,314
Rolls-Royce Holdings PLC (United Kingdom)       98,409 1,304,180
Singapore Technologies Engineering Ltd. (Singapore)       77,200 473,366
V2X, Inc.*       4,400 213,620
          22,105,312
Air Freight & Logistics 0.1%
FedEx Corp.       6,550 1,488,881
Automobile Components 0.3%
Adient PLC*       7,000 136,220
Aptiv PLC (United Kingdom)*       14,600 996,012
Cie Generale des Etablissements Michelin SCA (France)       20,577 765,345
Dana, Inc.       4,500 77,175
Dorman Products, Inc.*       900 110,403
Hyundai Mobis Co. Ltd. (South Korea)       3,358 712,394
Standard Motor Products, Inc.       2,600 79,872
Sumitomo Electric Industries Ltd. (Japan)       6,100 130,805
          3,008,226
Automobiles 1.0%
BYD Co. Ltd. (China) (Class H Stock)       37,500 583,876
Ford Motor Co.       88,800 963,480
Geely Automobile Holdings Ltd. (China)       212,000 432,735
General Motors Co.       64,200 3,159,282
Kia Corp. (South Korea)       3,024 216,381
Mercedes-Benz Group AG (Germany)       12,840 748,061
Suzuki Motor Corp. (Japan)       39,800 479,838
Tesla, Inc.*       11,450 3,637,207
Toyota Motor Corp. (Japan)       3,670 63,208
Winnebago Industries, Inc.       6,100 176,900
          10,460,968
1
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Banks 3.1%
ABN AMRO Bank NV (Netherlands), 144A, CVA       12,565  $343,099
AIB Group PLC (Ireland)       16,700 137,823
Al Rajhi Bank (Saudi Arabia)       5,607 141,425
Amerant Bancorp, Inc.       1,400 25,522
Ameris Bancorp       4,300 278,210
Associated Banc-Corp.       10,900 265,851
Banc of California, Inc.       900 12,645
Banco Bilbao Vizcaya Argentaria SA (Spain)       54,036 832,061
Banco Santander Chile (Chile)       915,625 57,505
Banco Santander SA (Spain)       75,484 625,074
Bank Hapoalim BM (Israel)       23,650 454,271
Bank Leumi Le-Israel BM (Israel)       31,396 584,140
Bank of Marin Bancorp       6,100 139,324
Bank of Shanghai Co. Ltd. (China) (Class A Stock)       64,500 95,612
Bank Polska Kasa Opieki SA (Poland)       8,672 446,647
BankUnited, Inc.       6,500 231,335
Barclays PLC (United Kingdom)       57,022 263,486
BAWAG Group AG (Austria), 144A*       1,330 170,082
Berkshire Hills Bancorp, Inc.       6,500 162,760
BNP Paribas SA (France)       6,433 577,051
BOC Hong Kong Holdings Ltd. (China)       48,000 208,956
CaixaBank SA (Spain)       2,970 25,734
Canadian Imperial Bank of Commerce (Canada)       12,200 865,983
Capitec Bank Holdings Ltd. (South Africa)       770 153,958
Citigroup, Inc.       8,600 732,032
Civista Bancshares, Inc.       1,050 24,360
Columbia Banking System, Inc.(a)       5,700 133,266
ConnectOne Bancorp, Inc.       3,300 76,428
Credit Agricole SA (France)       32,194 609,055
Customers Bancorp, Inc.*       2,600 152,724
Danske Bank A/S (Denmark)       1,525 62,287
Dime Community Bancshares, Inc.       7,000 188,580
DNB Bank ASA (Norway)       11,772 325,550
Eastern Bankshares, Inc.       8,000 122,160
Eurobank Ergasias Services & Holdings SA (Greece)       26,600 91,618
First BanCorp. (Puerto Rico)       4,600 95,818
First Commonwealth Financial Corp.       4,800 77,904
First Financial Bancorp       7,700 186,802
First Foundation, Inc.       7,800 39,780
Flushing Financial Corp.       5,900 70,092
Fulton Financial Corp.       8,500 153,340
Hana Financial Group, Inc. (South Korea)       13,636 868,586
Hang Seng Bank Ltd. (Hong Kong)       3,200 48,020
Hanmi Financial Corp.       600 14,808
Hilltop Holdings, Inc.       700 21,245
HSBC Holdings PLC (United Kingdom)       131,804 1,594,326
Huntington Bancshares, Inc.       74,000 1,240,240
Independent Bank Corp.       1,800 113,193
Industrial & Commercial Bank of China Ltd. (China) (Class H Stock)       477,000 378,765
Intesa Sanpaolo SpA (Italy)       200,420 1,154,501
JPMorgan Chase & Co.       9,274 2,688,625
KB Financial Group, Inc. (South Korea)       11,252 924,647
Lion Finance Group PLC (Georgia)       6,191 603,021
Lloyds Banking Group PLC (United Kingdom)       216,161 227,297
Metropolitan Bank Holding Corp.*       2,300 161,000
Mid Penn Bancorp, Inc.       700 19,740
Midland States Bancorp, Inc.       5,200 90,064
MVB Financial Corp.       2,800 63,084
NatWest Group PLC (United Kingdom)       141,200 991,641
Nordea Bank Abp (Finland)       37,551 557,171
Pathward Financial, Inc.       1,200 94,944
Peapack-Gladstone Financial Corp.       5,400 152,550
2
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Banks (cont’d.)
Powszechna Kasa Oszczednosci Bank Polski SA (Poland)       36,430  $761,198
Primis Financial Corp.       9,330 101,231
Regions Financial Corp.       6,300 148,176
Renasant Corp.       400 14,372
Riyad Bank (Saudi Arabia)       28,415 217,675
Royal Bank of Canada (Canada)       1,500 197,690
Saudi Awwal Bank (Saudi Arabia)       6,350 57,041
Sberbank of Russia PJSC (Russia)^       202,510 —
Senshu Ikeda Holdings, Inc. (Japan)       14,500 57,365
Shanghai Pudong Development Bank Co. Ltd. (China) (Class A Stock)       19,200 37,249
Shinhan Financial Group Co. Ltd. (South Korea)       19,279 874,049
Societe Generale SA (France)       2,603 148,903
SouthState Corp.       1,000 92,030
Standard Chartered PLC (United Kingdom)       36,880 610,310
Svenska Handelsbanken AB (Sweden) (Class A Stock)       22,504 301,268
Swedbank AB (Sweden) (Class A Stock)       12,991 344,084
Texas Capital Bancshares, Inc.*       600 47,640
Truist Financial Corp.       82,400 3,542,376
Trustmark Corp.       1,500 54,690
U.S. Bancorp       27,600 1,248,900
UMB Financial Corp.       400 42,064
UniCredit SpA (Italy)       6,502 436,176
United Community Banks, Inc.       1,800 53,622
Valley National Bancorp       13,500 120,555
Woori Financial Group, Inc. (South Korea)       6,514 108,388
          31,864,870
Beverages 0.1%
Ambev SA (Brazil)       21,600 52,836
Anheuser-Busch InBev SA/NV (Belgium)       2,816 193,742
Boston Beer Co., Inc. (The) (Class A Stock)*       4,800 915,888
Eastroc Beverage Group Co. Ltd. (China) (Class A Stock)       4,000 175,518
National Beverage Corp.*       500 21,620
          1,359,604
Biotechnology 1.6%
AbbVie, Inc.       22,330 4,144,895
ACADIA Pharmaceuticals, Inc.*       6,300 135,891
ADMA Biologics, Inc.*       7,500 136,575
Agios Pharmaceuticals, Inc.*       3,600 119,736
Akebia Therapeutics, Inc.*       16,400 59,696
Akero Therapeutics, Inc.*       2,900 154,744
Alkermes PLC*       5,500 157,355
Amgen, Inc.(a)       11,600 3,238,836
Ardelyx, Inc.*       21,800 85,456
Aurinia Pharmaceuticals, Inc. (Canada)*       3,600 30,492
Avidity Biosciences, Inc.*       4,100 116,440
BioCryst Pharmaceuticals, Inc.*       11,100 99,456
Biogen, Inc.*       13,700 1,720,583
Blueprint Medicines Corp.*       1,400 179,452
Bridgebio Pharma, Inc.*       3,700 159,766
CareDx, Inc.*       1,800 35,172
Catalyst Pharmaceuticals, Inc.*       5,500 119,350
Day One Biopharmaceuticals, Inc.*       1,900 12,350
Exelixis, Inc.*(a)       35,600 1,569,070
Gilead Sciences, Inc.       24,900 2,760,663
Halozyme Therapeutics, Inc.*       3,500 182,070
Insmed, Inc.*       2,100 211,344
Madrigal Pharmaceuticals, Inc.*       110 33,290
MiMedx Group, Inc.*       14,400 87,984
3
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Biotechnology (cont’d.)
Mineralys Therapeutics, Inc.*       4,000  $54,120
Mirum Pharmaceuticals, Inc.*       700 35,623
Myriad Genetics, Inc.*       13,800 73,278
Precigen, Inc.*(a)       9,600 13,632
Protagonist Therapeutics, Inc.*       700 38,689
PTC Therapeutics, Inc.*       2,900 141,636
Relay Therapeutics, Inc.*       16,400 56,744
Revolution Medicines, Inc.*       1,000 36,790
TG Therapeutics, Inc.*       1,000 35,990
Vanda Pharmaceuticals, Inc.*       10,677 50,395
Vaxcyte, Inc.*       400 13,004
Veracyte, Inc.*       500 13,515
Vir Biotechnology, Inc.*       16,400 82,656
Zymeworks, Inc.*       2,000 25,100
          16,221,838
Broadline Retail 1.6%
Alibaba Group Holding Ltd. (China)       27,500 389,289
Amazon.com, Inc.*       61,790 13,556,108
Dollarama, Inc. (Canada)       3,800 535,419
JD.com, Inc. (China) (Class A Stock)       46,800 764,352
Next PLC (United Kingdom)       3,578 611,101
Prosus NV (China)*       11,758 659,700
          16,515,969
Building Products 0.6%
Belimo Holding AG (Switzerland)       98 99,892
Carrier Global Corp.       19,700 1,441,843
Cie de Saint-Gobain SA (France)       6,205 728,934
Geberit AG (Switzerland)       138 108,681
Gibraltar Industries, Inc.*       300 17,700
Masterbrand, Inc.*       5,300 57,929
Resideo Technologies, Inc.*       143,900 3,174,434
          5,629,413
Capital Markets 1.9%
3i Group PLC (United Kingdom)       17,633 997,891
B3 SA - Brasil Bolsa Balcao (Brazil)       54,000 144,514
Bank of New York Mellon Corp. (The)       34,050 3,102,296
BGC Group, Inc. (Class A Stock)       9,000 92,070
BSE Ltd. (India)       12,047 389,740
Deutsche Bank AG (Germany)       35,392 1,049,211
Intercontinental Exchange, Inc.       12,100 2,219,987
Invesco Ltd.       30,700 484,139
Is Yatirim Menkul Degerler A/S (Turkey)       57,050 52,296
JAFCO Group Co. Ltd. (Japan)       8,300 142,005
Janus Henderson Group PLC       71,400 2,773,176
Nasdaq, Inc.       30,100 2,691,542
Nomura Holdings, Inc. (Japan)       46,800 308,398
Piper Sandler Cos.       1,010 280,719
Plus500 Ltd. (Israel)       2,800 130,658
Raymond James Financial, Inc.       4,200 644,154
S&P Global, Inc.       5,200 2,741,908
Samsung Securities Co. Ltd. (South Korea)       3,594 195,471
StepStone Group, Inc. (Class A Stock)       2,600 144,300
StoneX Group, Inc.*       1,100 100,254
Victory Capital Holdings, Inc. (Class A Stock)       2,300 146,441
Virtus Investment Partners, Inc.       540 97,956
4
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Capital Markets (cont’d.)
WisdomTree, Inc.       20,300  $233,653
XP, Inc. (Brazil) (Class A Stock)       1,500 30,300
          19,193,079
Chemicals 0.3%
AdvanSix, Inc.       5,550 131,813
Chugoku Marine Paints Ltd. (Japan)       3,400 63,809
Coromandel International Ltd. (India)       2,075 60,650
Daicel Corp. (Japan)       20,400 171,017
DuPont de Nemours, Inc.       13,500 925,965
Ecolab, Inc.       3,100 835,264
Ecovyst, Inc.*       11,900 97,937
Nippon Shokubai Co. Ltd. (Japan)       15,600 177,905
Nutrien Ltd. (Canada)       500 29,135
Satellite Chemical Co. Ltd. (China) (Class A Stock)       24,300 58,892
Saudi Aramco Base Oil Co. (Saudi Arabia)       2,150 58,597
Takasago International Corp. (Japan)       1,200 58,050
Valhi, Inc.       1,750 28,280
Yunnan Yuntianhua Co. Ltd. (China) (Class A Stock)       42,500 130,478
          2,827,792
Commercial Services & Supplies 0.2%
ABM Industries, Inc.       5,000 236,050
ACCO Brands Corp.       22,300 79,834
Brambles Ltd. (Australia)       35,812 553,073
CoreCivic, Inc.*       7,200 151,704
Deluxe Corp.       12,250 194,897
Interface, Inc.       10,600 221,858
Parkin Co. PJSC (United Arab Emirates)       33,650 59,552
Pitney Bowes, Inc.       22,500 245,475
Quad/Graphics, Inc.       2,400 13,560
          1,756,003
Communications Equipment 1.1%
Accton Technology Corp. (Taiwan)       4,000 99,975
Arista Networks, Inc.*       21,400 2,189,434
Calix, Inc.*       3,700 196,803
Cisco Systems, Inc.       94,700 6,570,286
CommScope Holding Co., Inc.*       10,800 89,424
Extreme Networks, Inc.*       1,200 21,540
NETGEAR, Inc.*       2,000 58,140
NetScout Systems, Inc.*       9,900 245,619
Nokia OYJ (Finland)       149,136 773,811
Telefonaktiebolaget LM Ericsson (Sweden) (Class B Stock)       28,430 242,944
Viavi Solutions, Inc.*       20,400 205,428
          10,693,404
Construction & Engineering 0.3%
Argan, Inc.       670 147,722
COMSYS Holdings Corp. (Japan)       5,600 129,493
Construction Partners, Inc. (Class A Stock)*       1,600 170,048
Granite Construction, Inc.       1,200 112,212
Koninklijke BAM Groep NV (Netherlands)       15,400 137,373
Matrix Service Co.*       3,600 48,636
MYR Group, Inc.*       400 72,580
Nippon Densetsu Kogyo Co. Ltd. (Japan)       2,400 42,689
Primoris Services Corp.       3,900 303,966
Sanki Engineering Co. Ltd. (Japan)       2,100 58,963
5
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Construction & Engineering (cont’d.)
Stantec, Inc. (Canada)       5,400  $587,566
Sterling Infrastructure, Inc.*       1,200 276,876
Tokyu Construction Co. Ltd. (Japan)       11,900 87,306
Tutor Perini Corp.*       5,700 266,646
Vinci SA (France)       2,976 438,872
          2,880,948
Construction Materials 0.2%
Buzzi SpA (Italy)       1,380 76,535
CRH PLC       3,800 348,840
Heidelberg Materials AG (Germany)       4,225 994,974
JK Cement Ltd. (India)       5,134 368,281
          1,788,630
Consumer Finance 0.3%
Bread Financial Holdings, Inc.       3,100 177,072
Capital One Financial Corp.       10,100 2,148,876
Enova International, Inc.*       2,700 301,104
Green Dot Corp. (Class A Stock)*       23,000 247,940
NerdWallet, Inc. (Class A Stock)*       2,200 24,134
Qifu Technology, Inc. (China), ADR       2,600 112,736
Synchrony Financial       4,500 300,330
Upstart Holdings, Inc.*       2,800 181,104
          3,493,296
Consumer Staples Distribution & Retail 0.9%
Coles Group Ltd. (Australia)       21,513 294,989
Costco Wholesale Corp.       1,725 1,707,646
Dollar Tree, Inc.*       10,500 1,039,920
George Weston Ltd. (Canada)       1,400 280,781
Koninklijke Ahold Delhaize NV (Netherlands)       19,685 822,173
Loblaw Cos. Ltd. (Canada)       3,700 612,025
Metro, Inc. (Canada)       2,500 196,383
Sprouts Farmers Market, Inc.*       1,600 263,424
Target Corp.(a)       20,300 2,002,595
Tesco PLC (United Kingdom)       104,260 574,840
United Natural Foods, Inc.*       6,300 146,853
US Foods Holding Corp.*       8,700 669,987
Walmart, Inc.       5,125 501,123
          9,112,739
Containers & Packaging 0.0%
O-I Glass, Inc.*       11,650 171,721
Distributors 0.0%
Zhejiang China Commodities City Group Co. Ltd. (China) (Class A Stock)       11,000 31,810
Diversified Consumer Services 0.1%
Adtalem Global Education, Inc.*       2,100 267,183
American Public Education, Inc.*       700 21,322
Frontdoor, Inc.*       5,300 312,382
Graham Holdings Co. (Class B Stock)       60 56,770
Laureate Education, Inc. (Class A Stock)*       5,300 123,914
Perdoceo Education Corp.       7,200 235,368
Stride, Inc.*       400 58,076
Universal Technical Institute, Inc.*       1,000 33,890
          1,108,905
6
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Diversified REITs 0.0%
Sekisui House REIT, Inc. (Japan)       88  $46,409
Diversified Telecommunication Services 0.8%
AT&T, Inc.       69,400 2,008,436
Deutsche Telekom AG (Germany)       26,060 953,890
IDT Corp. (Class B Stock)       800 54,656
Koninklijke KPN NV (Netherlands)       144,291 703,879
Liberty Latin America Ltd. (Puerto Rico) (Class A Stock)*       10,300 62,830
Liberty Latin America Ltd. (Puerto Rico) (Class C Stock)*       10,650 66,243
NOS SGPS SA (Portugal)       25,093 114,533
Ooredoo QPSC (Qatar)       134,810 473,805
Saudi Telecom Co. (Saudi Arabia)       43,735 496,106
Telia Co. AB (Sweden)       30,675 110,333
Verizon Communications, Inc.       68,290 2,954,908
          7,999,619
Electric Utilities 0.6%
Centrais Eletricas Brasileiras SA (Brazil)       5,400 40,045
CPFL Energia SA (Brazil)       18,900 141,582
Enel Americas SA (Chile)       616,325 60,036
Enel SpA (Italy)       87,390 829,393
Fortum OYJ (Finland)       1,911 35,835
Hokkaido Electric Power Co., Inc. (Japan)       12,500 65,230
Inter RAO UES PJSC (Russia)*^       4,433,000 6
Kansai Electric Power Co., Inc. (The) (Japan)       9,600 113,854
NextEra Energy, Inc.       4,100 284,622
NRG Energy, Inc.       23,000 3,693,340
Otter Tail Corp.       2,000 154,180
Portland General Electric Co.       6,200 251,906
TXNM Energy, Inc.       1,500 84,480
          5,754,509
Electrical Equipment 1.0%
ABB Ltd. (Switzerland)       12,720 762,295
American Superconductor Corp.*       1,900 69,711
Bloom Energy Corp. (Class A Stock)*       2,500 59,800
Contemporary Amperex Technology Co. Ltd. (China) (Class A Stock)       2,600 91,749
Eaton Corp. PLC       2,700 963,873
Emerson Electric Co.(a)       17,700 2,359,941
EnerSys       2,950 253,021
GE Vernova, Inc.       4,300 2,275,345
Mitsubishi Electric Corp. (Japan)       20,400 438,783
NEXTracker, Inc. (Class A Stock)*       3,500 190,295
NuScale Power Corp.*       400 15,824
nVent Electric PLC       2,500 183,125
Rockwell Automation, Inc.       2,800 930,076
Sensata Technologies Holding PLC       28,000 843,080
Siemens Energy AG (Germany)*       6,719 785,323
          10,222,241
Electronic Equipment, Instruments & Components 0.5%
Azbil Corp. (Japan)       22,400 212,411
Badger Meter, Inc.       90 22,045
Belden, Inc.       2,350 272,130
Celestica, Inc. (Canada)*       4,500 703,081
Hon Hai Precision Industry Co. Ltd. (Taiwan)       70,000 386,213
Keysight Technologies, Inc.*       7,700 1,261,722
Methode Electronics, Inc.       10,500 99,855
Mycronic AB (Sweden)       1,686 36,018
7
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
Oki Electric Industry Co. Ltd. (Japan)       27,400  $305,569
Ouster, Inc.*       900 21,825
Plexus Corp.*       700 94,717
Redington Ltd. (India)       19,224 72,952
Sanmina Corp.*       3,300 322,839
ScanSource, Inc.*       500 20,905
TTM Technologies, Inc.*       6,000 244,920
Zebra Technologies Corp. (Class A Stock)*       1,600 493,376
          4,570,578
Energy Equipment & Services 0.1%
Aker Solutions ASA (Norway)       30,472 105,162
DMC Global, Inc.*       7,200 58,032
Helix Energy Solutions Group, Inc.*       14,700 91,728
Modec, Inc. (Japan)       3,500 150,020
Oil States International, Inc.*       29,200 156,512
ProPetro Holding Corp.*       13,700 81,789
Technip Energies NV (France)       1,071 45,060
Transocean Ltd.*       17,500 45,325
          733,628
Entertainment 1.3%
Anycolor, Inc. (Japan)       2,600 93,909
Konami Group Corp. (Japan)       4,000 632,407
NetEase, Inc. (China)       28,600 770,752
Netflix, Inc.*       4,150 5,557,390
Sea Ltd. (Singapore), ADR*       5,800 927,652
Spotify Technology SA*       300 230,202
Tencent Music Entertainment Group (China), ADR       7,800 152,022
Walt Disney Co. (The)       39,100 4,848,791
          13,213,125
Financial Services 2.2%
Berkshire Hathaway, Inc. (Class B Stock)*       7,349 3,569,924
Compass Diversified Holdings, MLP       1,100 6,908
Enact Holdings, Inc.       3,200 118,880
EVERTEC, Inc. (Puerto Rico)       1,800 64,890
Global Payments, Inc.       3,900 312,156
Helia Group Ltd. (Australia)       158,018 585,801
Jackson Financial, Inc. (Class A Stock)       3,100 275,249
Marqeta, Inc. (Class A Stock)*       21,600 125,928
Mastercard, Inc. (Class A Stock)       14,475 8,134,082
NewtekOne, Inc.       1,900 21,432
NMI Holdings, Inc.*       500 21,095
Paragon Banking Group PLC (United Kingdom)       8,225 106,704
PayPal Holdings, Inc.*       34,400 2,556,608
Priority Technology Holdings, Inc.*       4,800 37,344
Remitly Global, Inc.*       7,400 138,898
Visa, Inc. (Class A Stock)       17,605 6,250,655
          22,326,554
Food Products 0.6%
Ajinomoto Co., Inc. (Japan)       8,600 233,259
Calavo Growers, Inc.       1,200 31,908
Conagra Brands, Inc.       54,800 1,121,756
Daesang Corp. (South Korea)       2,755 44,590
First Pacific Co. Ltd. (Indonesia)       308,000 218,317
General Mills, Inc.       20,200 1,046,562
8
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Food Products (cont’d.)
Hain Celestial Group, Inc. (The)*       36,700  $55,784
Hormel Foods Corp.       20,800 629,200
Indofood Sukses Makmur Tbk PT (Indonesia)       106,800 53,478
Inghams Group Ltd. (Australia)       17,850 41,709
Ingredion, Inc.       15,300 2,074,986
Maple Leaf Foods, Inc. (Canada)       5,800 120,834
Mission Produce, Inc.*       1,300 15,236
Nestle SA       4,601 457,461
Orion Corp. (South Korea)       1,124 90,441
Saudia Dairy & Foodstuff Co. (Saudi Arabia)       702 51,206
WH Group Ltd. (Hong Kong), 144A       135,000 130,112
Wilmar International Ltd. (China)       64,200 144,917
          6,561,756
Gas Utilities 0.1%
GAIL India Ltd. (India)       25,600 56,992
Italgas SpA (Italy)       7,025 59,591
National Fuel Gas Co.       4,100 347,311
New Jersey Resources Corp.       4,200 188,244
Northwest Natural Holding Co.       3,500 139,020
Southwest Gas Holdings, Inc.       3,500 260,365
Superior Plus Corp. (Canada)       21,900 128,336
          1,179,859
Ground Transportation 0.9%
Central Japan Railway Co. (Japan)       18,800 420,266
Ryder System, Inc.       1,000 159,000
Uber Technologies, Inc.*       58,100 5,420,730
Union Pacific Corp.       14,200 3,267,136
          9,267,132
Health Care Equipment & Supplies 0.7%
Abbott Laboratories       23,945 3,256,759
Avanos Medical, Inc.*       9,050 110,772
Axogen, Inc.*       1,300 14,105
Bioventus, Inc. (Class A Stock)*       7,000 46,340
DENTSPLY SIRONA, Inc.       29,100 462,108
Dexcom, Inc.*       16,500 1,440,285
Eckert & Ziegler SE (Germany)       750 60,355
ICU Medical, Inc.*       1,100 145,365
Inogen, Inc.*       13,400 94,202
Insulet Corp.*       2,600 816,868
iRhythm Technologies, Inc.*       1,800 277,128
Japan Lifeline Co. Ltd. (Japan)       9,600 99,450
Omnicell, Inc.*       900 26,460
Orthofix Medical, Inc.*       1,100 12,265
Varex Imaging Corp.*       9,000 78,030
          6,940,492
Health Care Providers & Services 1.3%
AdaptHealth Corp.*       2,500 23,575
Alignment Healthcare, Inc.*       11,900 166,600
Ardent Health, Inc.*       8,500 116,110
Cardinal Health, Inc.       23,400 3,931,200
Centene Corp.*       20,000 1,085,600
Cigna Group (The)       7,000 2,314,060
CVS Health Corp.       4,100 282,818
Extendicare, Inc. (Canada)       19,800 205,597
9
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Health Care Providers & Services (cont’d.)
GeneDx Holdings Corp.*       200  $18,462
Guardant Health, Inc.*       6,800 353,872
Hims & Hers Health, Inc.*(a)       2,100 104,685
Humana, Inc.       3,000 733,440
Labcorp Holdings, Inc.       1,500 393,765
Life Healthcare Group Holdings Ltd. (South Africa)       60,050 48,437
McKesson Corp.       1,000 732,780
Medipal Holdings Corp. (Japan)       23,200 376,257
Odontoprev SA (Brazil)       42,100 91,203
Option Care Health, Inc.*       8,200 266,336
Pediatrix Medical Group, Inc.*       10,850 155,698
Progyny, Inc.*       1,800 39,600
Tenet Healthcare Corp.*       3,300 580,800
UnitedHealth Group, Inc.       2,060 642,658
          12,663,553
Health Care REITs 0.1%
American Healthcare REIT, Inc.       2,600 95,524
CareTrust REIT, Inc.       9,600 293,760
Diversified Healthcare Trust       68,250 244,335
          633,619
Health Care Technology 0.0%
Waystar Holding Corp.*       3,300 134,871
Hotel & Resort REITs 0.0%
RLJ Lodging Trust       6,100 44,408
Service Properties Trust       10,300 24,617
          69,025
Hotels, Restaurants & Leisure 1.4%
Aristocrat Leisure Ltd. (Australia)       8,724 373,778
Bloomin’ Brands, Inc.       171,100 1,473,171
Booking Holdings, Inc.       730 4,226,145
Brinker International, Inc.*       1,100 198,363
Darden Restaurants, Inc.       12,700 2,768,219
Expedia Group, Inc.       3,000 506,040
Food & Life Cos. Ltd. (Japan)       4,800 233,411
Hiday Hidaka Corp. (Japan)       2,400 55,053
Hilton Grand Vacations, Inc.*       2,900 120,437
Indian Hotels Co. Ltd. (The) (India)       7,170 63,585
Kangwon Land, Inc. (South Korea)       2,616 35,412
Life Time Group Holdings, Inc.*       8,800 266,904
Lindblad Expeditions Holdings, Inc.*       1,300 15,171
Marriott Vacations Worldwide Corp.(a)       10,200 737,562
Meituan (China) (Class B Stock), 144A*       11,700 188,207
Metaplanet, Inc. (Japan)*       31,600 360,822
Potbelly Corp.*       1,100 13,475
Yum! Brands, Inc.       16,900 2,504,242
          14,139,997
Household Durables 0.2%
Gree Electric Appliances, Inc. of Zhuhai (China) (Class A Stock)       30,000 188,341
Iida Group Holdings Co. Ltd. (Japan)       15,700 221,154
KB Home       2,100 111,237
M/I Homes, Inc.*       400 44,848
Meritage Homes Corp.       980 65,631
Open House Group Co. Ltd. (Japan)       600 27,133
10
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Household Durables (cont’d.)
Sony Group Corp. (Japan)       23,300  $605,808
Taylor Morrison Home Corp.*       4,500 276,390
          1,540,542
Household Products 0.2%
Colgate-Palmolive Co.       2,825 256,793
Energizer Holdings, Inc.       2,500 50,400
Essity AB (Sweden) (Class B Stock)       26,172 724,673
Henkel AG & Co. KGaA (Germany)       448 32,491
Kimberly-Clark Corp.       1,100 141,812
Reckitt Benckiser Group PLC (United Kingdom)       11,682 795,860
          2,002,029
Independent Power & Renewable Electricity Producers 0.1%
Clearway Energy, Inc. (Class C Stock)       14,200 454,400
Drax Group PLC (United Kingdom)       7,425 70,767
Electric Power Development Co. Ltd. (Japan)       19,500 332,723
          857,890
Industrial Conglomerates 0.4%
3M Co.       13,650 2,078,076
Sekisui Chemical Co. Ltd. (Japan)       3,300 59,765
Siemens AG (Germany)       5,006 1,285,832
Smiths Group PLC (United Kingdom)       7,125 219,766
          3,643,439
Industrial REITs 0.1%
GLP J-REIT (Japan)       68 61,241
LXP Industrial Trust       3,600 29,736
Prologis, Inc.       6,200 651,744
          742,721
Insurance 1.7%
AIA Group Ltd. (Hong Kong)       125,200 1,134,117
Allianz SE (Germany)       574 232,949
Allstate Corp. (The)       12,800 2,576,768
American International Group, Inc.       8,400 718,956
AXA SA (France)       20,091 986,569
BB Seguridade Participacoes SA (Brazil)       14,600 96,391
Dai-ichi Life Holdings, Inc. (Japan)       3,800 28,890
Fairfax Financial Holdings Ltd. (Canada)       200 361,006
First American Financial Corp.       7,700 472,703
Genworth Financial, Inc. (Class A Stock)*       41,400 322,092
Great-West Lifeco, Inc. (Canada)       8,200 311,862
Hamilton Insurance Group Ltd. (Bermuda) (Class B Stock)*       600 12,972
Heritage Insurance Holdings, Inc.*       8,800 219,472
Hippo Holdings, Inc.*       6,400 178,752
iA Financial Corp., Inc. (Canada)       2,500 274,078
Kemper Corp.       7,200 464,688
Mercury General Corp.       1,400 94,276
MetLife, Inc.       27,700 2,227,634
New China Life Insurance Co. Ltd. (China) (Class H Stock)       17,200 94,183
Ping An Insurance Group Co. of China Ltd. (China) (Class H Stock)       47,000 300,016
Poste Italiane SpA (Italy), 144A       13,875 298,116
Power Corp. of Canada (Canada)       19,400 757,765
Powszechny Zaklad Ubezpieczen SA (Poland)       4,525 79,129
Progressive Corp. (The)       8,400 2,241,624
11
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Insurance (cont’d.)
QBE Insurance Group Ltd. (Australia)       45,590  $702,046
Sanlam Ltd. (South Africa)       25,500 127,746
Skyward Specialty Insurance Group, Inc.*       4,300 248,497
Talanx AG (Germany)       3,924 508,714
Travelers Cos., Inc. (The)       2,100 561,834
United Fire Group, Inc.       1,500 43,050
Universal Insurance Holdings, Inc.       800 22,184
          16,699,079
Interactive Media & Services 3.2%
Alphabet, Inc. (Class A Stock)       51,300 9,040,599
Alphabet, Inc. (Class C Stock)       42,040 7,457,476
Cargurus, Inc.*       600 20,082
Diamond Sports Group LLC*       5,129 70,524
EverQuote, Inc. (Class A Stock)*       2,300 55,614
Hello Group, Inc. (China), ADR       2,800 23,632
Meta Platforms, Inc. (Class A Stock)       18,769 13,853,211
NAVER Corp. (South Korea)       1,214 235,741
REA Group Ltd. (Australia)       375 59,384
Tencent Holdings Ltd. (China)       21,900 1,411,140
Ziff Davis, Inc.*       1,600 48,432
          32,275,835
IT Services 1.0%
Accenture PLC (Ireland) (Class A Stock)       500 149,445
Arabian Internet & Communications Services Co. (Saudi Arabia)       702 49,851
ASGN, Inc.*       3,600 179,748
BIPROGY, Inc. (Japan)       4,700 196,514
CGI, Inc. (Canada)       6,400 672,123
Cognizant Technology Solutions Corp. (Class A Stock)       39,500 3,082,185
Fujitsu Ltd. (Japan)       32,100 778,726
Indra Sistemas SA (Spain)       3,575 155,106
Infosys Ltd. (India)       3,024 56,497
NEC Corp. (Japan)       25,300 738,129
Persistent Systems Ltd. (India)       950 66,961
SCSK Corp. (Japan)       1,900 57,243
Simplex Holdings, Inc. (Japan)       5,200 140,693
Snowflake, Inc. (Class A Stock)*       12,800 2,864,256
Wipro Ltd. (India)       88,854 275,695
Wix.com Ltd. (Israel)*       500 79,230
Zensar Technologies Ltd. (India)       6,975 68,526
          9,610,928
Leisure Products 0.0%
Games Workshop Group PLC (United Kingdom)       143 31,829
Technogym SpA (Italy), 144A       6,291 90,137
          121,966
Life Sciences Tools & Services 0.2%
Adaptive Biotechnologies Corp.*       16,200 188,730
Danaher Corp.       6,300 1,244,502
Divi’s Laboratories Ltd. (India)       1,650 131,090
Niagen Bioscience, Inc.*       4,600 66,286
          1,630,608
Machinery 0.7%
Allison Transmission Holdings, Inc.       3,900 370,461
12
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Machinery (cont’d.)
Astec Industries, Inc.       900  $37,521
Atlas Copco AB (Sweden) (Class B Stock)       6,717 95,600
Chart Industries, Inc.*       400 65,860
Columbus McKinnon Corp.       7,600 116,052
Crane Co.       2,300 436,747
Cummins India Ltd. (India)       4,697 186,286
Douglas Dynamics, Inc.       4,500 132,615
Dover Corp.       4,800 879,504
Enpro, Inc.       600 114,930
Epiroc AB (Sweden) (Class B Stock)       1,729 33,149
ESCO Technologies, Inc.       1,600 306,992
Flowserve Corp.       21,100 1,104,585
HD Hyundai Heavy Industries Co. Ltd. (South Korea)*       220 69,440
Hillenbrand, Inc.       8,600 172,602
Komatsu Ltd. (Japan)       2,600 85,783
Konecranes OYJ (Finland)       6,342 503,946
Mitsubishi Heavy Industries Ltd. (Japan)       13,400 335,327
Mueller Industries, Inc.       400 31,788
Mueller Water Products, Inc. (Class A Stock)       3,200 76,928
NGK Insulators Ltd. (Japan)       4,700 58,993
REV Group, Inc.       2,500 118,975
Schindler Holding AG (Switzerland)       100 36,329
Shandong Himile Mechanical Science & Technology Co. Ltd. (China) (Class A Stock)       21,400 177,086
Shyft Group, Inc. (The)       2,600 32,604
SPX Technologies, Inc.*       400 67,072
Tennant Co.       2,300 178,204
Terex Corp.       5,900 275,471
Tsubakimoto Chain Co. (Japan)       4,700 58,519
Wartsila OYJ Abp (Finland)       18,016 425,797
Worthington Enterprises, Inc.       1,300 82,732
Yutong Bus Co. Ltd. (China) (Class A Stock)       47,700 165,715
          6,833,613
Marine Transportation 0.0%
AP Moller - Maersk A/S (Denmark) (Class B Stock)       35 65,090
COSCO SHIPPING Holdings Co. Ltd. (China) (Class H Stock)       20,000 34,818
Evergreen Marine Corp. Taiwan Ltd. (Taiwan)       12,000 81,716
Matson, Inc.       1,200 133,620
Yang Ming Marine Transport Corp. (Taiwan)       34,000 82,652
          397,896
Media 0.2%
AMC Networks, Inc. (Class A Stock)*       3,500 21,945
Cable One, Inc.       200 27,162
Comcast Corp. (Class A Stock)       50,400 1,798,776
Fuji Media Holdings, Inc. (Japan)       10,800 249,149
Gray Media, Inc.       5,900 26,727
Stagwell, Inc.*       5,100 22,950
          2,146,709
Metals & Mining 0.6%
Agnico Eagle Mines Ltd. (Canada)       7,100 845,900
ARE Holdings, Inc. (Japan)       9,200 115,016
Barrick Mining Corp. (Canada)       29,300 609,991
BHP Group Ltd. (Australia)       15,246 366,782
Boliden AB (Sweden)*       4,271 133,466
Carpenter Technology Corp.       670 185,175
Centerra Gold, Inc. (Canada)       8,700 62,675
China Gold International Resources Corp. Ltd. (China)       9,000 82,080
13
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Metals & Mining (cont’d.)
China Hongqiao Group Ltd. (China)       58,000  $133,551
Coeur Mining, Inc.*       31,200 276,432
Commercial Metals Co.       5,750 281,233
Dundee Precious Metals, Inc. (Canada)       4,600 73,911
Fortescue Ltd. (Australia)       45,303 455,396
Harmony Gold Mining Co. Ltd. (South Africa)       7,923 110,240
Hindalco Industries Ltd. (India)       80,616 652,218
Kinross Gold Corp. (Canada)       44,800 700,087
Materion Corp.       200 15,874
Metallus, Inc.*       8,000 123,280
Mitsui Mining & Smelting Co. Ltd. (Japan)       7,800 271,954
Northern Star Resources Ltd. (Australia)       1,772 21,888
Olympic Steel, Inc.       700 22,813
Polyus PJSC (Russia)*^       37,040 —
Rio Tinto Ltd. (Australia)       1,610 113,972
Vedanta Ltd. (India)       30,877 166,259
West African Resources Ltd. (Australia)*       311,346 472,934
Western Mining Co. Ltd. (China) (Class A Stock)       52,200 121,405
Yunnan Aluminium Co. Ltd. (China) (Class A Stock)       40,200 89,829
          6,504,361
Mortgage Real Estate Investment Trusts (REITs) 0.0%
AG Mortgage Investment Trust, Inc.       1,700 12,835
Apollo Commercial Real Estate Finance, Inc.       5,300 51,304
Ares Commercial Real Estate Corp.       3,000 14,310
Claros Mortgage Trust, Inc.       9,200 26,220
KKR Real Estate Finance Trust, Inc.       4,000 35,080
          139,749
Multi-Utilities 0.5%
AGL Energy Ltd. (Australia)       7,375 47,292
Avista Corp.       3,300 125,235
Black Hills Corp.       4,450 249,645
CMS Energy Corp.       11,900 824,432
DTE Energy Co.       5,500 728,530
Engie SA (France)       43,747 1,028,177
NiSource, Inc.       59,800 2,412,332
Northwestern Energy Group, Inc.       1,100 56,430
          5,472,073
Office REITs 0.0%
Hudson Pacific Properties, Inc.*       68,600 187,964
Paramount Group, Inc.       16,700 101,870
          289,834
Oil, Gas & Consumable Fuels 1.8%
Berry Corp.       7,000 19,390
Bharat Petroleum Corp. Ltd. (India)       22,500 87,128
BKV Corp. (Thailand)*       3,600 86,832
BW LPG Ltd. (Singapore), 144A       9,331 109,796
California Resources Corp.       1,500 68,505
Chevron Corp.       22,425 3,211,036
Coal India Ltd. (India)       38,595 176,489
Core Natural Resources, Inc.       1,400 97,636
Devon Energy Corp.       11,800 375,358
ENEOS Holdings, Inc. (Japan)       100,700 499,153
EOG Resources, Inc.       38,600 4,616,946
Excelerate Energy, Inc. (Class A Stock)       600 17,592
14
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Exxon Mobil Corp.       37,325  $4,023,635
Friedrich Vorwerk Group SE (Germany)       875 60,462
Granite Ridge Resources, Inc.       6,200 39,494
Hafnia Ltd. (Singapore)       27,682 139,325
Hallador Energy Co.*       8,000 126,640
Idemitsu Kosan Co. Ltd. (Japan)       29,100 176,473
Indo Tambangraya Megah Tbk PT (Indonesia)       33,800 45,798
LUKOIL PJSC (Russia)*^       10,297 —
Murphy Oil Corp.       6,950 156,375
Oil & Natural Gas Corp. Ltd. (India)       85,477 243,450
Paramount Resources Ltd. (Canada) (Class A Stock)       3,600 57,288
PBF Energy, Inc. (Class A Stock)       5,800 125,686
Peabody Energy Corp.       16,350 219,417
Petroleo Brasileiro SA (Brazil)       16,600 103,882
Phillips 66       2,400 286,320
Riley Exploration Permian, Inc.       2,000 52,460
Rosneft Oil Co. PJSC (Russia)^       31,520 —
Secure Waste Infrastructure Corp. (Canada)       19,600 224,103
Shell PLC       19,143 667,891
SM Energy Co.       5,700 140,847
Suncor Energy, Inc. (Canada)       21,200 794,134
Talos Energy, Inc.*       1,400 11,872
United Tractors Tbk PT (Indonesia)       33,800 44,653
Valero Energy Corp.       1,100 147,862
Williams Cos., Inc. (The)       20,300 1,275,043
World Kinect Corp.       3,249 92,109
          18,621,080
Paper & Forest Products 0.0%
Sylvamo Corp.       3,000 150,300
Passenger Airlines 0.1%
Eva Airways Corp. (Taiwan)       208,000 283,907
InterGlobe Aviation Ltd. (India), 144A*       1,715 119,611
Pegasus Hava Tasimaciligi A/S (Turkey)*       46,000 297,012
Qantas Airways Ltd. (Australia)       54,173 382,709
SkyWest, Inc.*       1,360 140,040
Turk Hava Yollari AO (Turkey)       18,200 129,661
          1,352,940
Personal Care Products 0.0%
Edgewell Personal Care Co.       800 18,728
Gillette India Ltd. (India)       475 60,426
Nu Skin Enterprises, Inc. (Class A Stock)       4,900 39,151
          118,305
Pharmaceuticals 2.5%
Amneal Pharmaceuticals, Inc.*       29,900 241,891
AstraZeneca PLC (United Kingdom)       2,183 303,806
Axsome Therapeutics, Inc.*       800 83,512
Bristol-Myers Squibb Co.       60,900 2,819,061
Cipla Ltd. (India)       17,375 305,234
Elanco Animal Health, Inc.*       100,700 1,437,996
Eli Lilly & Co.       5,750 4,482,297
GSK PLC       44,245 843,596
H. Lundbeck A/S (Denmark)       20,125 115,610
Harmony Biosciences Holdings, Inc.*       6,800 214,880
Hikma Pharmaceuticals PLC (United Kingdom)       5,567 151,918
Jiangsu Hengrui Pharmaceuticals Co. Ltd. (China) (Class A Stock)       22,500 163,155
15
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Pharmaceuticals (cont’d.)
Johnson & Johnson       7,519  $1,148,527
Lupin Ltd. (India)       12,306 278,302
Merck & Co., Inc.       60,525 4,791,159
Novartis AG       14,341 1,740,669
Novo Nordisk A/S (Denmark) (Class B Stock)       4,369 302,746
Orion OYJ (Finland) (Class B Stock)       3,185 239,619
Otsuka Holdings Co. Ltd. (Japan)       1,700 84,285
Pfizer, Inc.       84,900 2,057,976
Phibro Animal Health Corp. (Class A Stock)       1,100 28,094
Prestige Consumer Healthcare, Inc.*       1,010 80,648
Roche Holding AG       5,298 1,729,373
Sanofi SA       1,498 145,027
Strides Pharma Science Ltd. (India)       5,736 60,197
Sun Pharmaceutical Industries Ltd. (India)       28,330 553,798
Takeda Pharmaceutical Co. Ltd. (Japan)       27,600 852,095
Tarsus Pharmaceuticals, Inc.*(a)       600 24,306
Trevi Therapeutics, Inc.*       7,400 40,478
Xeris Biopharma Holdings, Inc.*       45,400 212,018
Zoetis, Inc.       900 140,355
Zydus Lifesciences Ltd. (India)       10,925 126,189
          25,798,817
Professional Services 0.1%
Alight, Inc. (Class A Stock)       35,200 199,232
Computershare Ltd. (Australia)       17,839 467,990
Conduent, Inc.*       72,041 190,188
ExlService Holdings, Inc.*       6,400 280,256
JAC Recruitment Co. Ltd. (Japan)       11,400 80,006
TrueBlue, Inc.*       6,850 44,388
TTEC Holdings, Inc.*       11,150 53,632
          1,315,692
Real Estate Management & Development 0.4%
Anywhere Real Estate, Inc.*       9,750 35,295
Arabian Centres Co. (Saudi Arabia), 144A       4,697 24,320
Compass, Inc. (Class A Stock)*       3,600 22,608
Cushman & Wakefield PLC*       21,600 239,112
Daito Trust Construction Co. Ltd. (Japan)       800 87,135
DLF Ltd. (India)       52,895 517,097
Emaar Properties PJSC (United Arab Emirates)       249,827 926,768
Jones Lang LaSalle, Inc.*       7,100 1,816,038
Katitas Co. Ltd. (Japan)       2,600 45,056
Mitsubishi Estate Co. Ltd. (Japan)       3,200 59,991
Oberoi Realty Ltd. (India)       1,025 22,790
Tokyu Fudosan Holdings Corp. (Japan)       7,800 55,741
          3,851,951
Residential REITs 0.0%
Elme Communities       7,500 119,250
Retail REITs 0.1%
InvenTrust Properties Corp.       3,200 87,680
Kite Realty Group Trust       2,500 56,625
Klepierre SA (France)       19,453 769,158
SITE Centers Corp.       10,100 114,231
          1,027,694
16
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Semiconductors & Semiconductor Equipment 6.3%
Analog Devices, Inc.       15,300  $3,641,706
ASML Holding NV (Netherlands)       736 589,784
Broadcom, Inc.       55,950 15,422,617
MediaTek, Inc. (Taiwan)       17,000 728,427
Micron Technology, Inc.       1,600 197,200
NVIDIA Corp.       219,000 34,599,810
Photronics, Inc.*       8,400 158,172
QUALCOMM, Inc.       11,100 1,767,786
Rambus, Inc.*       5,300 339,306
Silicon Laboratories, Inc.*       1,800 265,248
SiTime Corp.*       630 134,240
SK Hynix, Inc. (South Korea)       5,512 1,187,735
Synaptics, Inc.*       3,700 239,834
Taiwan Semiconductor Manufacturing Co. Ltd. (Taiwan)       118,000 4,315,184
Tokyo Electron Ltd. (Japan)       2,000 383,019
Ultra Clean Holdings, Inc.*       2,700 60,939
          64,031,007
Software 6.0%
A10 Networks, Inc.       8,400 162,540
ACI Worldwide, Inc.*       6,500 298,415
Adeia, Inc.       4,050 57,267
Adobe, Inc.*       1,900 735,072
Blackbaud, Inc.*       200 12,842
Blend Labs, Inc. (Class A Stock)*       5,800 19,140
Box, Inc. (Class A Stock)*       8,150 278,486
Commvault Systems, Inc.*       1,950 339,943
Core Scientific, Inc.*(a)       10,400 177,528
D-Wave Quantum, Inc. (Canada)*       800 11,712
Freshworks, Inc. (Class A Stock)*       1,800 26,838
Intapp, Inc.*       4,800 247,776
Intuit, Inc.       6,400 5,040,832
Microsoft Corp.       72,516 36,070,184
Mitek Systems, Inc.*       19,200 190,080
Nutanix, Inc. (Class A Stock)*       3,400 259,896
Olo, Inc. (Class A Stock)*       19,400 172,660
Oracle Corp.       20,100 4,394,463
Palantir Technologies, Inc. (Class A Stock)*       7,300 995,136
Progress Software Corp.       1,700 108,528
Rakus Co. Ltd. (Japan)       5,800 92,968
Red Violet, Inc.       1,600 78,720
Salesforce, Inc.       16,200 4,417,578
Sansan, Inc. (Japan)*       1,800 26,620
SAP SE (Germany)       2,328 711,855
ServiceNow, Inc.*       1,950 2,004,756
Technology One Ltd. (Australia)       6,850 184,646
Teradata Corp.*       28,500 635,835
Verint Systems, Inc.*       120,100 2,362,367
Xero Ltd. (New Zealand)*       605 71,589
Yext, Inc.*       5,500 46,750
Zoom Communications, Inc. (Class A Stock)*       6,900 538,062
          60,771,084
Specialized REITs 0.3%
Equinix, Inc.       3,100 2,465,957
Iron Mountain, Inc.       6,300 646,191
PotlatchDeltic Corp.       5,500 211,035
17
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Specialized REITs (cont’d.)
Safehold, Inc.       2,600  $40,456
Uniti Group, Inc.       24,000 103,680
          3,467,319
Specialty Retail 1.0%
Bic Camera, Inc. (Japan)       5,400 61,903
Fast Retailing Co. Ltd. (Japan)       500 171,432
Group 1 Automotive, Inc.       440 192,153
Home Depot, Inc. (The)       10,858 3,980,977
JB Hi-Fi Ltd. (Australia)       6,898 501,252
Lowe’s Cos., Inc.       8,975 1,991,283
National Vision Holdings, Inc.*       500 11,505
ODP Corp. (The)*       4,100 74,333
Pop Mart International Group Ltd. (China), 144A       27,400 933,496
Sally Beauty Holdings, Inc.*       4,300 39,818
ThredUp, Inc. (Class A Stock)*       20,300 152,047
Ulta Beauty, Inc.*       2,400 1,122,768
Urban Outfitters, Inc.*       4,300 311,922
Yellow Hat Ltd. (Japan)       5,400 57,715
          9,602,604
Technology Hardware, Storage & Peripherals 2.7%
Apple, Inc.       125,554 25,759,914
Asustek Computer, Inc. (Taiwan)       3,000 66,322
Diebold Nixdorf, Inc.*       3,600 199,440
HP, Inc.       14,600 357,116
Samsung Electronics Co. Ltd. (South Korea)       4,402 194,664
Xiaomi Corp. (China) (Class B Stock), 144A*       141,600 1,089,999
          27,667,455
Textiles, Apparel & Luxury Goods 0.2%
adidas AG (Germany)       2,365 552,062
Amer Sports, Inc. (Finland)*       17,400 674,424
G-III Apparel Group Ltd.*       4,300 96,320
Kontoor Brands, Inc.       1,700 112,149
LVMH Moet Hennessy Louis Vuitton SE (France)       98 51,291
Page Industries Ltd. (India)       200 115,235
Wolverine World Wide, Inc.       2,300 41,584
          1,643,065
Tobacco 0.9%
Altria Group, Inc.       20,800 1,219,504
British American Tobacco PLC (United Kingdom)       3,537 168,172
Imperial Brands PLC (United Kingdom)       22,111 873,609
KT&G Corp. (South Korea)       1,060 100,050
Philip Morris International, Inc.       35,900 6,538,467
Scandinavian Tobacco Group A/S (Denmark), 144A       16,512 219,146
Turning Point Brands, Inc.       400 30,308
Universal Corp.       2,900 168,896
          9,318,152
Trading Companies & Distributors 0.3%
AerCap Holdings NV (Ireland)       1,700 198,900
BlueLinx Holdings, Inc.*       200 14,876
Finning International, Inc. (Canada)       1,900 81,232
Herc Holdings, Inc.       400 52,676
MRC Global, Inc.*       14,000 191,940
18
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Shares   Value
Common Stocks (Continued)
Trading Companies & Distributors (cont’d.)
NPK International, Inc.*       12,500  $106,375
Sumitomo Corp. (Japan)       2,700 69,678
Titan Machinery, Inc.*       700 13,867
Toyota Tsusho Corp. (Japan)       29,600 670,477
WESCO International, Inc.       8,600 1,592,720
          2,992,741
Transportation Infrastructure 0.0%
Grupo Aeroportuario del Centro Norte SAB de CV (Mexico)       4,800 63,132
Water Utilities 0.1%
American Water Works Co., Inc.       9,400 1,307,634
California Water Service Group       500 22,740
          1,330,374
Wireless Telecommunication Services 0.5%
Advanced Info Service PCL (Thailand)       15,800 135,424
America Movil SAB de CV (Mexico) (Class B Stock)       67,500 60,433
Bharti Airtel Ltd. (India)       15,370 360,335
Digicel International Finance Ltd. (Jamaica)*(x)       11,557 80,899
Etihad Etisalat Co. (Saudi Arabia)       7,865 124,355
Freenet AG (Germany)       2,185 71,230
Intelsat Emergence SA (Luxembourg)*       4,226 183,409
Telephone & Data Systems, Inc.       6,900 245,502
T-Mobile US, Inc.       12,800 3,049,728
Turkcell Iletisim Hizmetleri A/S (Turkey)       96,900 234,389
          4,545,704
     
 
Total Common Stocks
(cost $402,626,103) 		606,868,313
Preferred Stocks 0.2%
Banks 0.1%
Citigroup Capital XIII, 10.911%(c), 3 Month SOFR + 6.632%, Maturing 10/30/40       3,000 88,260
Itau Unibanco Holding SA (Brazil)(PRFC)       123,310 836,804
          925,064
Capital Markets 0.0%
State Street Corp., 5.350%(ff), Series G, Maturing 03/15/26(oo)       5,000 108,600
Household Products 0.0%
Henkel AG & Co. KGaA (Germany) (PRFC)       748 58,781
Oil, Gas & Consumable Fuels 0.1%
Petroleo Brasileiro SA (Brazil) (PRFC)       115,600 667,459
Technology Hardware, Storage & Peripherals 0.0%
Samsung Electronics Co. Ltd. (South Korea) (PRFC)       3,708 136,028
Wireless Telecommunication Services 0.0%
Digicel International Finance Ltd. (Jamaica)*^(x)       751 8,834
     
 
Total Preferred Stocks
(cost $1,649,531) 		1,904,766
    
19
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description     Units Value
Warrants* 0.0%
Interactive Media & Services 
Diamond Sports Group LLC, expiring 06/30/26
(cost $0) 		      9,592  $2,129
    
  Interest
Rate 		  Maturity
Date 		Principal
Amount
(000)# 		 
Asset-Backed Securities 4.5%
Automobiles 0.4%
Avis Budget Rental Car Funding AESOP LLC,
Series 2024-01A, Class A, 144A 		5.360 %   06/20/30   400 410,416
Ford Credit Auto Owner Trust,            
Series 2021-01, Class C, 144A 1.910   10/17/33   180 175,702
Series 2021-02, Class D, 144A 2.600   05/15/34   300 290,082
Series 2023-01, Class C, 144A 5.580   08/15/35   500 510,466
OneMain Direct Auto Receivables Trust,            
Series 2019-01A, Class A, 144A 3.630   09/14/27   210 209,117
Series 2021-01A, Class C, 144A 1.420   07/14/28   500 491,570
Series 2023-01A, Class B, 144A 5.810   02/14/31   1,000 1,024,133
Series 2023-01A, Class C, 144A 6.140   02/14/31   400 413,103
       
 
Santander Bank Auto Credit-Linked Notes,
Series 2022-C, Class E, 144A 		11.366   12/15/32   10 10,065
            3,534,654
Collateralized Loan Obligations 2.8%
Carlyle CLO Ltd. (Cayman Islands),
Series C17A, Class A1AR, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 0.000%) 		5.571(c)   04/30/31   231 231,388
CVC Cordatus Loan Fund DAC (Ireland),            
Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%) 2.910(c)   05/22/32 EUR 1,319 1,551,961
Series 14A, Class A2R, 144A 1.250   05/22/32 EUR 1,319 1,504,294
       
 
Elmwood CLO Ltd. (Cayman Islands),
Series 2024-12RA, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) 		5.969(c)   10/20/37   2,000 2,004,185
Madison Park Funding Ltd. (Cayman Islands),
Series 2018-28A, Class BR, 144A, 3 Month SOFR + 1.700% (Cap N/A, Floor 1.700%) 		5.956(c)   01/15/38   1,750 1,753,996
Monument CLO DAC (Ireland),
Series 01A, Class A, 144A, 3 Month EURIBOR + 1.590% (Cap N/A, Floor 1.590%) 		3.733(c)   05/15/37 EUR 2,500 2,954,793
OZLM Ltd. (Cayman Islands),
Series 2018-20A, Class A1, 144A, 3 Month SOFR + 1.312% (Cap N/A, Floor 1.050%) 		5.581(c)   04/20/31   168 168,071
Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),
Series 2019-02A, Class A1R, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%) 		5.698(c)   10/15/34   3,500 3,503,752
Sixth Street CLO Ltd. (Cayman Islands),
Series 2021-19A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%) 		5.631(c)   07/20/34   4,000 4,010,582
St. Paul’s CLO DAC (Ireland),
Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%) 		3.036(c)   04/22/35 EUR 3,323 3,906,289
THL Credit Wind River CLO Ltd. (Cayman Islands),
Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.570% (Cap N/A, Floor 1.570%) 		5.839(c)   07/20/37   2,000 2,008,394
Toro European CLO DAC (Ireland),
Series 09A, Class A, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%) 		3.929(c)   04/15/37 EUR 1,750 2,066,383
Wellfleet CLO Ltd. (Cayman Islands),
Series 2020-01A, Class A1AR, 144A, 3 Month SOFR + 1.200% (Cap N/A, Floor 1.200%) 		5.456(c)   04/15/33   2,500 2,504,574
            28,168,662
Consumer Loans 0.6%
Affirm Master Trust,            
Series 2025-01A, Class A, 144A 4.990   02/15/33   1,000 1,007,680
Series 2025-02A, Class C, 144A 5.260   07/15/33   1,200 1,204,007
       
 
GreenSky Home Improvement Trust,
Series 2024-01, Class A4, 144A 		5.670   06/25/59   52 53,496
20
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Consumer Loans (cont’d.)
     
Lending Funding Trust,
Series 2020-02A, Class A, 144A 		2.320 % 04/21/31   100  $97,415
Lendmark Funding Trust,
Series 2021-01A, Class A, 144A 		1.900 11/20/31   700 670,810
Onemain Financial Issuance Trust,
Series 2025-01A, Class C, 144A 		5.200 07/14/38   400 401,000
OneMain Financial Issuance Trust,          
Series 2020-02A, Class A, 144A 1.750 09/14/35   400 389,983
Series 2022-02A, Class D, 144A 6.550 10/14/34   800 804,174
Series 2023-02A, Class C, 144A 6.740 09/15/36   200 206,116
Series 2023-02A, Class D, 144A 7.520 09/15/36   200 205,871
     
 
Regional Management Issuance Trust,
Series 2022-01, Class A, 144A 		3.070 03/15/32   229 227,648
Stream Innovations Issuer Trust,
Series 2025-01A, Class A, 144A 		5.050 09/15/45   500 503,594
          5,771,794
Equipment 0.0%
MMAF Equipment Finance LLC,
Series 2017-B, Class A5, 144A 		2.720 06/15/40   23 22,967
Home Equity Loans 0.4%
BRAVO Residential Funding Trust,          
Series 2024-CES01, Class A1A, 144A 6.377(cc) 04/25/54   377 380,751
Series 2025-CES01, Class A1A, 144A 5.703(cc) 02/25/55   145 145,998
     
 
JPMorgan Mortgage Trust,
Series 2023-HE02, Class A1, 144A, 30 Day Average SOFR + 1.700% (Cap N/A, Floor 0.000%) 		6.002(c) 03/20/54   165 165,746
RCKT Mortgage Trust,
Series 2025-CES02, Class A1A, 144A 		5.503(cc) 02/25/55   522 524,539
Towd Point Mortgage Trust,          
Series 2023-CES02, Class A1A, 144A 7.294(cc) 10/25/63   191 194,476
Series 2024-CES01, Class A1A, 144A 5.848(cc) 01/25/64   69 69,699
Series 2024-CES02, Class A1A, 144A 6.125(cc) 02/25/64   68 68,778
Series 2024-CES03, Class A1, 144A 6.290(cc) 05/25/64   227 229,353
Series 2024-CES05, Class A1, 144A 5.167(cc) 09/25/64   630 627,643
Series 2024-CES05, Class A2, 144A 5.202(cc) 09/25/64   500 498,264
Series 2025-CES02, Class A1, 144A 5.348(cc) 07/25/65   500 499,996
Series 2025-CRM01, Class A1, 144A 5.799(cc) 01/25/65   465 468,791
          3,874,034
Other 0.3%
Capital Street Master Trust,
Series 2024-01, Class A, 144A, 30 Day Average SOFR + 1.350% (Cap N/A, Floor 1.350%) 		5.654(c) 10/16/28   600 599,678
Invitation Homes Trust,
Series 2024-SFR01, Class C, 144A 		4.250 09/17/41   700 672,510
OBX Trust,
Series 2025-HE01, Class A1, 144A, 30 Day Average SOFR + 1.600% (Cap N/A, Floor 1.600%) 		5.905(c) 02/25/55   666 667,280
PMT Issuer Trust - FMSR,
Series 2024-FT01, Class A, 144A, 1 Month SOFR + 2.750% (Cap N/A, Floor 2.750%) 		7.069(c) 12/25/27   600 604,070
Tricon Residential Trust,
Series 2025-SFR01, Class A, 144A, 1 Month SOFR + 1.100% (Cap N/A, Floor 1.100%) 		5.412(c) 03/17/42   699 698,907
          3,242,445
21
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Asset-Backed Securities (Continued)
Student Loans 0.0%
Laurel Road Prime Student Loan Trust,
Series 2019-A, Class A2FX, 144A 		2.730 % 10/25/48   5  $5,395
Navient Private Education Refi Loan Trust,
Series 2019-CA, Class A2, 144A 		3.130 02/15/68   44 43,192
SoFi Professional Loan Program LLC,          
Series 2019-B, Class A2FX, 144A 3.090 08/17/48   68 66,687
Series 2019-C, Class A2FX, 144A 2.370 11/16/48   147 140,675
SoFi Professional Loan Program Trust,          
Series 2018-B, Class A2FX, 144A 3.340 08/25/47   15 14,588
Series 2020-A, Class A2FX, 144A 2.540 05/15/46   201 193,572
          464,109
     
 
Total Asset-Backed Securities
(cost $44,332,895) 		45,078,665
Commercial Mortgage-Backed Securities 5.0%
BANK,          
Series 2017-BNK04, Class A3 3.362 05/15/50   995 979,377
Series 2020-BN26, Class A3 2.155 03/15/63   1,800 1,617,810
     
 
Bank of America Merrill Lynch Commercial Mortgage Trust,
Series 2017-BNK03, Class XB, IO 		0.727(cc) 02/15/50   40,575 327,225
Barclays Commercial Mortgage Securities Trust,          
Series 2018-C02, Class A4 4.047 12/15/51   1,351 1,319,285
Series 2020-C07, Class XB, IO 1.083(cc) 04/15/53   4,900 209,383
Series 2023-05C23, Class A3 6.675(cc) 12/15/56   2,500 2,651,086
Benchmark Mortgage Trust,          
Series 2018-B02, Class A4 3.615 02/15/51   1,400 1,372,626
Series 2019-B13, Class A3 2.701 08/15/57   1,800 1,681,108
Series 2019-B15, Class A2 2.914 12/15/72   371 351,550
Series 2020-B17, Class A4 2.042 03/15/53   650 573,208
Series 2023-V02, Class A3 5.812(cc) 05/15/55   1,400 1,444,438
     
 
BMO Mortgage Trust,
Series 2023-C07, Class A2 		6.770 12/15/56   1,800 1,901,800
BX Commercial Mortgage Trust,          
Series 2021-ACNT, Class E, 144A, 1 Month SOFR + 2.311% (Cap N/A, Floor 2.197%) 6.623(c) 11/15/38   857 855,691
Series 2024-AIRC, Class A, 144A, 1 Month SOFR + 1.691% (Cap N/A, Floor 1.691%) 6.003(c) 08/15/39   777 779,488
     
 
BX Trust,
Series 2021-LGCY, Class F, 144A, 1 Month SOFR + 2.063% (Cap N/A, Floor 1.949%) 		6.375(c) 10/15/36   1,350 1,346,625
BXMT Ltd.,
Series 2025-FL05, Class A, 144A, 1 Month SOFR + 1.639% (Cap N/A, Floor 1.639%) 		5.953(c) 10/18/42   415 411,929
CENT Trust,
Series 2023-CITY, Class A, 144A, 1 Month SOFR + 2.620% (Cap N/A, Floor 2.620%) 		6.932(c) 09/15/38   750 750,932
CFK Trust,
Series 2020-MF02, Class B, 144A 		2.792 03/15/39   1,200 1,094,370
Citigroup Commercial Mortgage Trust,          
Series 2019-GC41, Class A4 2.620 08/10/56   3,600 3,351,674
Series 2020-GC46, Class A4 2.477 02/15/53   1,400 1,274,325
Commercial Mortgage Trust,          
Series 2024-277P, Class A, 144A 6.338 08/10/44   200 210,804
Series 2024-277P, Class X, IO, 144A 0.894(cc) 08/10/44   1,000 27,215
     
 
Credit Suisse Mortgage Trust,
Series 2014-USA, Class A2, 144A 		3.953 09/15/37   1,600 1,476,000
CSAIL Commercial Mortgage Trust,
Series 2017-C08, Class A3 		3.127 06/15/50   723 702,339
Deutsche Bank Commercial Mortgage Trust,
Series 2016-C01, Class A3A 		3.015 05/10/49   705 698,578
FHLMC Multifamily Structured Pass-Through Certificates,
Series K055, Class X1, IO 		1.464(cc) 03/25/26   1,988 13,928
22
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Commercial Mortgage-Backed Securities (Continued)
     
GS Mortgage Securities Corp. Trust,
Series 2024-RVR, Class A, 144A 		5.372 %(cc) 08/10/41   1,100  $1,112,222
GS Mortgage Securities Trust,
Series 2021-GSA03, Class XB, IO 		0.736(cc) 12/15/54   35,000 1,240,676
JPMorgan Chase Commercial Mortgage Securities Trust,          
Series 2018-AON, Class E, 144A 4.767(cc) 07/05/31   450 105,750
Series 2019-BKWD, Class A, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.000%) 5.926(c) 09/15/29   270 260,901
Morgan Stanley Capital I Trust,          
Series 2016-UB11, Class A3 2.531 08/15/49   1,269 1,242,300
Series 2019-H06, Class A3 3.158 06/15/52   1,250 1,209,471
Series 2020-L04, Class A2 2.449 02/15/53   3,600 3,297,588
     
 
MTN Commercial Mortgage Trust,
Series 2022-LPFL, Class E, 144A, 1 Month SOFR + 4.289% (Cap N/A, Floor 4.289%) 		8.609(c) 03/15/39   500 498,338
NJ Trust,
Series 2023-GSP, Class A, 144A 		6.697(cc) 01/06/29   500 525,883
ROCK Trust,          
Series 2024-CNTR, Class A, 144A 5.388 11/13/41   900 920,687
Series 2024-CNTR, Class C, 144A 6.471 11/13/41   275 284,833
Series 2024-CNTR, Class D, 144A 7.109 11/13/41   610 637,054
UBS Commercial Mortgage Trust,          
Series 2017-C05, Class A4 3.212 11/15/50   1,422 1,382,751
Series 2018-C08, Class A4 3.983 02/15/51   1,650 1,620,881
Series 2018-C09, Class A3 3.854 03/15/51   350 344,339
Series 2018-C14, Class A3 4.180 12/15/51   735 725,446
Wells Fargo Commercial Mortgage Trust,          
Series 2016-C33, Class A3 3.162 03/15/59   780 772,388
Series 2016-C34, Class A3 2.834 06/15/49   800 790,894
Series 2016-C35, Class A3 2.674 07/15/48   944 929,071
Series 2016-NXS06, Class A3 2.642 11/15/49   1,493 1,473,962
Series 2017-C38, Class A4 3.190 07/15/50   621 607,926
Series 2018-C46, Class A3 3.888 08/15/51   1,050 1,036,532
Series 2018-C48, Class A4 4.037 01/15/52   1,622 1,601,428
Series 2019-C52, Class A3 2.631 08/15/52   161 158,515
     
 
Total Commercial Mortgage-Backed Securities
(cost $52,603,977) 		50,202,630
Corporate Bonds 13.6%
Aerospace & Defense 0.4%
Boeing Co. (The),          
Sr. Unsec’d. Notes 2.196 02/04/26   1,860 1,831,294
Sr. Unsec’d. Notes 3.625 03/01/48   555 382,614
Sr. Unsec’d. Notes 5.705 05/01/40   175 172,601
Sr. Unsec’d. Notes 5.930 05/01/60   280 266,015
Bombardier, Inc. (Canada),          
Sr. Unsec’d. Notes, 144A 6.000 02/15/28   500 502,010
Sr. Unsec’d. Notes, 144A 6.750 06/15/33   35 36,269
Sr. Unsec’d. Notes, 144A 7.125 06/15/26   50 49,968
Sr. Unsec’d. Notes, 144A 7.500 02/01/29   30 31,436
Sr. Unsec’d. Notes, 144A 7.875 04/15/27   38 38,239
     
 
RTX Corp.,
Sr. Unsec’d. Notes 		4.125 11/16/28   235 234,144
          3,544,590
Agriculture 0.2%
BAT Capital Corp. (United Kingdom),          
Gtd. Notes 3.557 08/15/27   108 106,164
Gtd. Notes 6.343 08/02/30   100 107,470
23
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Agriculture (cont’d.)
BAT International Finance PLC (United Kingdom),          
Gtd. Notes 4.448 % 03/16/28   1,410  $1,411,967
Gtd. Notes 5.931 02/02/29   30 31,438
     
 
Philip Morris International, Inc.,
Sr. Unsec’d. Notes 		4.750 02/12/27   750 756,611
          2,413,650
Airlines 0.1%
American Airlines 2016-1 Class AA Pass-Through Trust,
Pass-Through Certificates 		3.575 07/15/29   125 121,156
American Airlines, Inc./AAdvantage Loyalty IP Ltd.,
Sr. Sec’d. Notes, 144A 		5.750 04/20/29   150 149,697
Southwest Airlines Co.,
Sr. Unsec’d. Notes 		5.125 06/15/27   260 262,343
United Airlines 2014-1 Class A Pass-Through Trust,
Pass-Through Certificates(a) 		4.000 10/11/27   41 40,616
United Airlines, Inc.,          
Sr. Sec’d. Notes, 144A 4.375 04/15/26   260 258,152
Sr. Sec’d. Notes, 144A 4.625 04/15/29   60 58,257
          890,221
Auto Manufacturers 0.4%
Ford Motor Co.,
Sr. Unsec’d. Notes 		4.750 01/15/43   125 96,155
Ford Motor Credit Co. LLC,          
Sr. Unsec’d. Notes 2.700 08/10/26   200 194,741
Sr. Unsec’d. Notes 2.900 02/16/28   425 398,566
Sr. Unsec’d. Notes 4.125 08/17/27   200 195,420
Sr. Unsec’d. Notes 7.350 03/06/30   385 406,291
     
 
General Motors Co.,
Sr. Unsec’d. Notes 		6.600 04/01/36   80 84,583
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes 		2.400 10/15/28   2,305 2,143,434
Hyundai Capital America,
Sr. Unsec’d. Notes, 144A 		5.400 06/23/32   480 485,948
          4,005,138
Auto Parts & Equipment 0.1%
Aptiv Swiss Holdings Ltd.,
Gtd. Notes 		5.150 09/13/34   400 385,546
Clarios Global LP/Clarios US Finance Co.,
Sr. Sec’d. Notes, 144A 		6.750 02/15/30   25 25,942
Dana, Inc.,
Sr. Unsec’d. Notes 		5.375 11/15/27   250 250,170
Phinia, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/15/29   75 77,339
Tenneco, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 11/17/28   650 642,738
          1,381,735
Banks 3.2%
Banco do Brasil SA (Brazil),
Sr. Unsec’d. Notes, 144A(a) 		4.875 01/11/29   200 197,375
Bank of America Corp.,          
Sr. Unsec’d. Notes 2.299(ff) 07/21/32   665 579,426
Sr. Unsec’d. Notes 5.288(ff) 04/25/34   415 423,453
24
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Bank of America Corp., (cont’d.)          
Sr. Unsec’d. Notes, GMTN 3.593 %(ff) 07/21/28   160  $157,527
Sr. Unsec’d. Notes, MTN 3.194(ff) 07/23/30   215 204,677
Sr. Unsec’d. Notes, MTN 3.824(ff) 01/20/28   1,835 1,819,354
Sr. Unsec’d. Notes, MTN 3.974(ff) 02/07/30   115 113,237
Sr. Unsec’d. Notes, MTN 4.271(ff) 07/23/29   350 349,030
Sr. Unsec’d. Notes, Series N 2.651(ff) 03/11/32   2,290 2,053,746
Barclays PLC (United Kingdom),          
Sr. Unsec’d. Notes 4.837(ff) 09/10/28   610 614,168
Sr. Unsec’d. Notes(a) 5.367(ff) 02/25/31   1,075 1,095,733
BNP Paribas SA (France),          
Sr. Non-Preferred Notes, 144A 1.904(ff) 09/30/28   750 706,739
Sr. Non-Preferred Notes, 144A 2.871(ff) 04/19/32   685 613,201
     
 
Capital One NA,
Sr. Unsec’d. Notes 		4.250 03/13/26   315 314,214
Cassa Depositi e Prestiti SpA (Italy),          
Sr. Unsec’d. Notes, 144A 5.750 05/05/26   200 201,898
Sr. Unsec’d. Notes, 144A 5.875 04/30/29   400 415,448
Citigroup, Inc.,          
Sr. Unsec’d. Notes 2.561(ff) 05/01/32   185 163,889
Sr. Unsec’d. Notes 2.572(ff) 06/03/31   880 797,997
Sr. Unsec’d. Notes 3.057(ff) 01/25/33   280 250,340
Sr. Unsec’d. Notes 3.668(ff) 07/24/28   290 285,472
Sr. Unsec’d. Notes 3.700 01/12/26   200 199,063
Sr. Unsec’d. Notes 3.887(ff) 01/10/28   1,500 1,486,418
Sr. Unsec’d. Notes 4.650 07/23/48   55 47,439
Sub. Notes 4.450 09/29/27   195 195,125
     
 
Comerica, Inc.,
Sr. Unsec’d. Notes 		5.982(ff) 01/30/30   860 880,741
Deutsche Bank AG (Germany),
Sub. Notes 		7.079(ff) 02/10/34   250 265,603
Freedom Mortgage Corp.,
Sr. Unsec’d. Notes, 144A(x) 		12.000 10/01/28   50 53,767
Goldman Sachs Group, Inc. (The),          
Jr. Sub. Notes, Series U 3.650(ff) 08/10/26(oo)   290 283,988
Jr. Sub. Notes, Series V 4.125(ff) 11/10/26(oo)   395 387,669
Sr. Unsec’d. Notes 2.383(ff) 07/21/32   465 406,106
Sr. Unsec’d. Notes 2.615(ff) 04/22/32   1,405 1,249,731
Sr. Unsec’d. Notes 3.750 02/25/26   50 49,757
Sr. Unsec’d. Notes 3.814(ff) 04/23/29   190 186,883
Sr. Unsec’d. Notes 3.850 01/26/27   410 407,322
Sr. Unsec’d. Notes 4.223(ff) 05/01/29   95 94,467
Sub. Notes 6.750 10/01/37   275 301,755
JPMorgan Chase & Co.,          
Sr. Unsec’d. Notes 1.578(ff) 04/22/27   1,005 981,784
Sr. Unsec’d. Notes 2.580(ff) 04/22/32   375 334,911
Sr. Unsec’d. Notes 2.947(ff) 02/24/28   110 107,498
Sr. Unsec’d. Notes 2.963(ff) 01/25/33   495 444,759
Sr. Unsec’d. Notes 3.702(ff) 05/06/30   145 141,166
Sr. Unsec’d. Notes 3.782(ff) 02/01/28   1,591 1,577,097
Sr. Unsec’d. Notes 4.323(ff) 04/26/28   85 84,942
Sr. Unsec’d. Notes 4.452(ff) 12/05/29   250 250,497
Sr. Unsec’d. Notes 5.299(ff) 07/24/29   460 472,298
Morgan Stanley,          
Sr. Unsec’d. Notes 5.449(ff) 07/20/29   230 236,509
Sr. Unsec’d. Notes, GMTN 2.239(ff) 07/21/32   1,005 870,407
Sr. Unsec’d. Notes, GMTN 3.772(ff) 01/24/29   1,173 1,155,019
Sr. Unsec’d. Notes, GMTN 4.431(ff) 01/23/30   240 239,450
Sr. Unsec’d. Notes, MTN 2.511(ff) 10/20/32   215 188,364
25
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Banks (cont’d.)
Morgan Stanley, (cont’d.)          
Sr. Unsec’d. Notes, MTN 2.943 %(ff) 01/21/33   485   $432,835
     
 
Societe Generale SA (France),
Sr. Non-Preferred Notes, 144A 		1.488(ff) 12/14/26   1,000 985,450
Sumitomo Mitsui Financial Group, Inc. (Japan),
Sr. Unsec’d. Notes 		4.954 07/08/33   1,095 1,095,000
Sumitomo Mitsui Trust Bank Ltd. (Japan),
Sr. Unsec’d. Notes, 144A, MTN 		5.650 03/09/26   250 251,889
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes, 144A 		3.091(ff) 05/14/32   495 449,108
UniCredit SpA (Italy),
Sr. Preferred Notes, 144A 		3.127(ff) 06/03/32   405 366,567
Wells Fargo & Co.,          
Sr. Unsec’d. Notes 6.303(ff) 10/23/29   715 755,793
Sr. Unsec’d. Notes, MTN 2.393(ff) 06/02/28   2,500 2,409,230
Sr. Unsec’d. Notes, MTN 2.572(ff) 02/11/31   1,025 938,508
          32,621,839
Beverages 0.1%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),          
Gtd. Notes 4.700 02/01/36   150 146,319
Gtd. Notes 4.900 02/01/46   403 366,752
          513,071
Biotechnology 0.0%
Amgen, Inc.,
Sr. Unsec’d. Notes 		5.600 03/02/43   355 352,095
Building Materials 0.1%
Griffon Corp.,
Gtd. Notes(a) 		5.750 03/01/28   425 424,567
JELD-WEN, Inc.,
Gtd. Notes, 144A 		4.875 12/15/27   200 186,139
Quikrete Holdings, Inc.,          
Sr. Sec’d. Notes, 144A 6.375 03/01/32   140 144,050
Sr. Unsec’d. Notes, 144A 6.750 03/01/33   40 41,261
     
 
Standard Industries, Inc.,
Sr. Unsec’d. Notes, 144A 		4.375 07/15/30   300 283,938
          1,079,955
Chemicals 0.2%
Ashland, Inc.,
Sr. Unsec’d. Notes, 144A 		3.375 09/01/31   225 199,819
Braskem Netherlands Finance BV (Brazil),
Gtd. Notes, 144A 		8.500 01/12/31   604 526,084
CF Industries, Inc.,
Gtd. Notes 		5.375 03/15/44   50 46,445
Dow Chemical Co. (The),          
Sr. Unsec’d. Notes 4.375 11/15/42   20 16,283
Sr. Unsec’d. Notes 9.400 05/15/39   31 40,614
     
 
FMC Corp.,
Sr. Unsec’d. Notes(a) 		5.650 05/18/33   400 395,576
Huntsman International LLC,
Sr. Unsec’d. Notes 		4.500 05/01/29   60 56,890
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes 		4.900 03/27/28   245 248,215
26
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Chemicals (cont’d.)
     
OCP SA (Morocco),
Sr. Unsec’d. Notes, 144A 		6.750 % 05/02/34   413  $427,265
Sasol Financing USA LLC (South Africa),          
Gtd. Notes 4.375 09/18/26   200 196,000
Gtd. Notes 6.500 09/27/28   200 189,800
          2,342,991
Commercial Services 0.2%
Adtalem Global Education, Inc.,
Sr. Sec’d. Notes, 144A 		5.500 03/01/28   132 130,990
DCLI Bidco LLC,
Second Mortgage, 144A 		7.750 11/15/29   220 222,790
DP World Ltd. (United Arab Emirates),
Sr. Unsec’d. Notes, 144A 		2.375 09/25/26 EUR 185 216,695
ERAC USA Finance LLC,
Gtd. Notes, 144A 		7.000 10/15/37   20 22,941
Johns Hopkins University,
Sr. Unsec’d. Notes, Series A 		2.813 01/01/60   100 58,999
President & Fellows of Harvard College,
Unsec’d. Notes 		3.300 07/15/56   270 184,523
RELX Capital, Inc. (United Kingdom),
Gtd. Notes 		4.750 05/20/32   210 210,736
Service Corp. International,
Sr. Unsec’d. Notes 		5.750 10/15/32   80 80,880
Trustees of Boston College,
Unsec’d. Notes 		3.129 07/01/52   279 188,572
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes 		3.610 02/15/2119   55 34,942
United Rentals North America, Inc.,          
Gtd. Notes 3.750 01/15/32   200 183,726
Gtd. Notes 3.875 02/15/31   62 58,285
     
 
Yale University,
Unsec’d. Notes, Series 2020 		1.482 04/15/30   595 526,980
          2,121,059
Computers 0.0%
McAfee Corp.,
Sr. Unsec’d. Notes, 144A 		7.375 02/15/30   200 188,802
NCR Atleos Corp.,
Sr. Sec’d. Notes, 144A 		9.500 04/01/29   131 143,392
          332,194
Diversified Financial Services 0.2%
Cantor Fitzgerald LP,
Sr. Unsec’d. Notes, 144A 		7.200 12/12/28   320 339,831
Nationstar Mortgage Holdings, Inc.,          
Gtd. Notes, 144A 5.500 08/15/28   120 119,862
Gtd. Notes, 144A 6.000 01/15/27   400 400,436
     
 
OneMain Finance Corp.,
Gtd. Notes 		3.875 09/15/28   350 335,345
PennyMac Financial Services, Inc.,
Gtd. Notes, 144A 		4.250 02/15/29   325 311,906
Power Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN(a) 		6.150 12/06/28   200 208,180
          1,715,560
27
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric 1.2%
Algonquin Power & Utilities Corp. (Canada),
Sr. Unsec’d. Notes 		5.365 % 06/15/26   335  $336,743
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes 		5.950 05/15/37   120 127,825
Calpine Corp.,          
Sr. Sec’d. Notes, 144A(a) 3.750 03/01/31   100 94,860
Sr. Sec’d. Notes, 144A 4.500 02/15/28   175 173,406
Sr. Unsec’d. Notes, 144A 4.625 02/01/29   150 148,017
Sr. Unsec’d. Notes, 144A 5.000 02/01/31   225 222,488
CenterPoint Energy Houston Electric LLC,          
General Ref. Mortgage, Series K2 6.950 03/15/33   120 135,411
General Ref. Mortgage, Series Z 2.400 09/01/26   170 166,239
     
 
Comision Federal de Electricidad (Mexico),
Gtd. Notes, 144A 		4.688 05/15/29   440 428,560
Commonwealth Edison Co.,
First Mortgage, Series 123 		3.750 08/15/47   754 571,608
DTE Electric Co.,
General Ref. Mortgage 		3.750 08/15/47   622 473,109
Duke Energy Carolinas LLC,
First Mortgage 		6.050 04/15/38   55 58,731
Duke Energy Corp.,
Sr. Unsec’d. Notes 		2.650 09/01/26   210 206,069
El Paso Electric Co.,
Sr. Unsec’d. Notes 		6.000 05/15/35   135 139,411
Emera US Finance LP (Canada),
Gtd. Notes 		3.550 06/15/26   385 380,519
Enel Finance International NV (Italy),
Gtd. Notes, 144A 		2.500 07/12/31   1,190 1,043,104
Eskom Holdings SOC Ltd. (South Africa),          
Gov’t. Gtd. Notes, 144A, MTN 6.350 08/10/28   200 202,250
Sr. Unsec’d. Notes, MTN 8.450 08/10/28   450 471,375
     
 
Eversource Energy,
Sr. Unsec’d. Notes, Series O 		4.250 04/01/29   315 312,255
Florida Power & Light Co.,
First Mortgage 		5.950 10/01/33   60 64,423
Iberdrola International BV (Spain),
Gtd. Notes 		6.750 09/15/33   30 32,970
Interstate Power & Light Co.,
Sr. Unsec’d. Notes 		2.300 06/01/30   315 283,806
Israel Electric Corp. Ltd. (Israel),
Sr. Sec’d. Notes, 144A, GMTN 		4.250 08/14/28   235 228,006
NRG Energy, Inc.,          
Gtd. Notes 5.750 01/15/28   50 50,255
Gtd. Notes, 144A 3.375 02/15/29   50 47,182
Gtd. Notes, 144A 3.625 02/15/31   125 115,084
Gtd. Notes, 144A 3.875 02/15/32   275 252,952
Gtd. Notes, 144A 5.250 06/15/29   225 223,878
Jr. Sub. Notes, 144A 10.250(ff) 03/15/28(oo)   75 83,087
Ohio Power Co.,          
Sr. Unsec’d. Notes 4.000 06/01/49   160 121,046
Sr. Unsec’d. Notes 4.150 04/01/48   175 135,168
Pacific Gas & Electric Co.,          
First Mortgage 3.950 12/01/47   260 183,055
Sr. Sec’d. Notes 3.250 06/01/31   510 458,266
     
 
PG&E Corp.,
Jr. Sub. Notes 		7.375(ff) 03/15/55   125 118,559
Public Service Co. of Colorado,
First Mortgage 		4.300 03/15/44   35 28,809
28
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Electric (cont’d.)
     
Public Service Electric & Gas Co.,
Sr. Sec’d. Notes, MTN 		5.800 % 05/01/37   125  $132,526
San Diego Gas & Electric Co.,
First Mortgage 		4.150 05/15/48   230 178,610
Southern California Edison Co.,
First Mortgage 		5.300 03/01/28   490 496,256
Southwestern Public Service Co.,
First Mortgage 		3.700 08/15/47   250 183,114
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A 		2.875 07/15/29   1,135 1,077,238
Vistra Corp.,          
Jr. Sub. Notes, 144A 7.000(ff) 12/15/26(oo)   200 202,407
Jr. Sub. Notes, 144A 8.000(ff) 10/15/26(oo)   650 665,369
     
 
Vistra Operations Co. LLC,
Gtd. Notes, 144A 		5.625 02/15/27   550 549,803
Xcel Energy, Inc.,
Sr. Unsec’d. Notes 		4.800 09/15/41   105 92,193
          11,696,042
Engineering & Construction 0.2%
Cellnex Finance Co. SA (Spain),
Gtd. Notes, EMTN 		2.000 02/15/33 EUR 300 313,665
Cellnex Telecom SA (Spain),
Sr. Unsec’d. Notes, EMTN 		1.750 10/23/30 EUR 300 328,376
MasTec, Inc.,
Sr. Unsec’d. Notes 		5.900 06/15/29   85 88,035
Mexico City Airport Trust (Mexico),          
Sr. Sec’d. Notes 5.500 07/31/47   200 164,835
Sr. Sec’d. Notes, 144A 4.250 10/31/26   200 198,500
Sr. Sec’d. Notes, 144A 5.500 10/31/46   200 165,175
Sr. Sec’d. Notes, 144A 5.500 07/31/47   400 329,670
     
 
TopBuild Corp.,
Gtd. Notes, 144A(a) 		4.125 02/15/32   80 74,218
          1,662,474
Entertainment 0.1%
Caesars Entertainment, Inc.,
Sr. Sec’d. Notes, 144A 		7.000 02/15/30   125 129,512
International Game Technology PLC,
Sr. Sec’d. Notes, 144A 		6.250 01/15/27   200 202,240
Warnermedia Holdings, Inc.,          
Gtd. Notes 5.050 03/15/42   50 33,600
Gtd. Notes 5.141 03/15/52   54 33,310
     
 
Wynn Resorts Finance LLC/Wynn Resorts Capital Corp.,
Gtd. Notes, 144A(a) 		7.125 02/15/31   140 149,171
          547,833
Environmental Control 0.0%
GFL Environmental, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 01/15/31   80 83,595
Foods 0.3%
B&G Foods, Inc.,
Gtd. Notes 		5.250 09/15/27   325 295,748
Bellis Acquisition Co. PLC (United Kingdom),
Sr. Sec’d. Notes 		8.125 05/14/30 GBP 750 966,431
29
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Foods (cont’d.)
Bellis Finco PLC (United Kingdom),
Sr. Unsec’d. Notes, 144A 		4.000 % 02/16/27 GBP 500  $682,619
JBS USA Holding Lux Sarl/JBS USA Food Co./JBS Lux Co. Sarl,
Gtd. Notes 		6.500 12/01/52   260 268,605
JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group,
Gtd. Notes, 144A 		6.375 02/25/55   266 272,044
Lamb Weston Holdings, Inc.,          
Gtd. Notes, 144A 4.125 01/31/30   75 71,509
Gtd. Notes, 144A 4.375 01/31/32   200 187,198
          2,744,154
Gas 0.2%
AmeriGas Partners LP/AmeriGas Finance Corp.,
Sr. Unsec’d. Notes(a) 		5.750 05/20/27   350 347,274
NiSource, Inc.,          
Sr. Unsec’d. Notes 3.490 05/15/27   548 539,784
Sr. Unsec’d. Notes 4.800 02/15/44   40 35,361
     
 
Piedmont Natural Gas Co., Inc.,
Sr. Unsec’d. Notes 		3.500 06/01/29   740 717,059
          1,639,478
Healthcare-Products 0.0%
Medline Borrower LP,
Sr. Sec’d. Notes, 144A 		3.875 04/01/29   400 384,056
Healthcare-Services 0.6%
Cigna Group (The),
Gtd. Notes 		4.500 02/25/26   631 630,509
DaVita, Inc.,
Gtd. Notes, 144A 		4.625 06/01/30   200 191,663
Duke University Health System, Inc.,
Sr. Unsec’d. Notes, Series 2017 		3.920 06/01/47   95 75,180
Elevance Health, Inc.,          
Sr. Unsec’d. Notes 4.625 05/15/42   45 39,420
Sr. Unsec’d. Notes 4.650 01/15/43   30 26,277
     
 
HCA, Inc.,
Gtd. Notes, MTN 		7.750 07/15/36   400 457,932
Health Care Service Corp. A Mutual Legal Reserve Co.,
Sr. Unsec’d. Notes, 144A 		2.200 06/01/30   360 322,494
Kaiser Foundation Hospitals,          
Gtd. Notes 4.150 05/01/47   140 114,700
Unsec’d. Notes, Series 2021 2.810 06/01/41   495 354,041
     
 
Laboratory Corp. of America Holdings,
Gtd. Notes 		4.350 04/01/30   1,110 1,102,402
MyMichigan Health,
Sec’d. Notes, Series 2020 		3.409 06/01/50   155 108,635
OhioHealth Corp.,
Sec’d. Notes 		2.297 11/15/31   1,155 1,021,184
Providence St. Joseph Health Obligated Group,          
Unsec’d. Notes, Series 19A 2.532 10/01/29   190 175,600
Unsec’d. Notes, Series H 2.746 10/01/26   50 48,895
     
 
Tenet Healthcare Corp.,
Sr. Sec’d. Notes 		4.375 01/15/30   450 436,036
30
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Healthcare-Services (cont’d.)
UnitedHealth Group, Inc.,          
Sr. Unsec’d. Notes 5.200 % 04/15/63   1,475  $1,312,465
Sr. Unsec’d. Notes 5.300 06/15/35   75 76,434
          6,493,867
Holding Companies-Diversified 0.1%
Clue Opco LLC,
Sr. Sec’d. Notes, 144A 		9.500 10/15/31   790 837,348
Home Builders 0.2%
Brookfield Residential Properties, Inc./Brookfield Residential US LLC (Canada),
Gtd. Notes, 144A 		4.875 02/15/30   600 537,966
M/I Homes, Inc.,
Gtd. Notes 		4.950 02/01/28   150 149,024
Mattamy Group Corp. (Canada),
Sr. Unsec’d. Notes, 144A 		4.625 03/01/30   675 648,844
Taylor Morrison Communities, Inc.,          
Gtd. Notes, 144A 5.750 01/15/28   500 506,770
Gtd. Notes, 144A 5.875 06/15/27   90 91,439
          1,934,043
Housewares 0.0%
Newell Brands, Inc.,          
Sr. Unsec’d. Notes 6.375 05/15/30   60 58,348
Sr. Unsec’d. Notes 6.625 05/15/32   25 23,914
     
 
Scotts Miracle-Gro Co. (The),
Gtd. Notes 		4.375 02/01/32   225 206,552
          288,814
Insurance 0.2%
CNA Financial Corp.,
Sr. Unsec’d. Notes 		5.125 02/15/34   150 150,185
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes 		6.000 12/07/33   875 907,539
Liberty Mutual Group, Inc.,          
Gtd. Notes, 144A 3.950 05/15/60   115 77,069
Gtd. Notes, 144A 3.951 10/15/50   180 131,813
Gtd. Notes, 144A 4.569 02/01/29   350 350,386
     
 
Lincoln National Corp.,
Sr. Unsec’d. Notes 		6.300 10/09/37   110 114,997
Markel Group, Inc.,
Sr. Unsec’d. Notes 		5.000 03/30/43   25 22,341
New York Life Insurance Co.,
Sub. Notes, 144A 		6.750 11/15/39   110 123,388
Principal Financial Group, Inc.,
Gtd. Notes 		4.625 09/15/42   15 13,320
Teachers Insurance & Annuity Association of America,          
Sub. Notes, 144A 4.270 05/15/47   240 194,789
Sub. Notes, 144A 6.850 12/16/39   22 24,807
          2,110,634
Internet 0.0%
Gen Digital, Inc.,
Gtd. Notes, 144A 		6.250 04/01/33   66 67,848
31
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Iron/Steel 0.0%
Champion Iron Canada, Inc. (Canada),
Gtd. Notes, 144A 		7.875 % 07/15/32   125  $126,406
Cleveland-Cliffs, Inc.,          
Gtd. Notes, 144A(a) 6.875 11/01/29   95 93,548
Gtd. Notes, 144A 7.375 05/01/33   55 51,618
          271,572
Leisure Time 0.1%
Carnival Corp.,
Sr. Sec’d. Notes, 144A 		4.000 08/01/28   250 243,737
NCL Corp. Ltd.,
Gtd. Notes, 144A 		5.875 03/15/26   43 43,054
NCL Finance Ltd.,
Gtd. Notes, 144A 		6.125 03/15/28   125 126,723
Viking Cruises Ltd.,
Gtd. Notes, 144A 		5.875 09/15/27   225 224,269
          637,783
Lodging 0.2%
Hilton Domestic Operating Co., Inc.,
Gtd. Notes, 144A 		3.625 02/15/32   300 271,606
Marriott International, Inc.,          
Sr. Unsec’d. Notes, Series R 3.125 06/15/26   561 554,207
Sr. Unsec’d. Notes, Series X 4.000 04/15/28   830 822,341
     
 
MGM Resorts International,
Gtd. Notes 		6.500 04/15/32   220 223,545
          1,871,699
Machinery-Diversified 0.0%
Chart Industries, Inc.,
Sr. Sec’d. Notes, 144A 		7.500 01/01/30   50 52,370
Maxim Crane Works Holdings Capital LLC,
Sec’d. Notes, 144A 		11.500 09/01/28   125 131,947
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes 		4.700 09/15/28   89 89,505
          273,822
Media 0.5%
CCO Holdings LLC/CCO Holdings Capital Corp.,          
Sr. Unsec’d. Notes, 144A 4.250 02/01/31   100 93,317
Sr. Unsec’d. Notes, 144A 5.375 06/01/29   375 373,571
Charter Communications Operating LLC/Charter Communications Operating Capital,          
Sr. Sec’d. Notes 5.375 05/01/47   120 104,064
Sr. Sec’d. Notes 6.384 10/23/35   110 115,545
Sr. Sec’d. Notes 6.484 10/23/45   172 170,411
Comcast Corp.,          
Gtd. Notes 3.969 11/01/47   19 14,602
Gtd. Notes 5.500 05/15/64   700 651,649
     
 
Cox Communications, Inc.,
Gtd. Notes, 144A 		5.450 09/01/34   1,380 1,360,989
DISH DBS Corp.,          
Gtd. Notes 5.125 06/01/29(d)   100 66,645
Gtd. Notes 7.375 07/01/28   100 72,215
Gtd. Notes 7.750 07/01/26   400 355,328
     
 
32
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Media (cont’d.)
     
DISH Network Corp.,
Sr. Sec’d. Notes, 144A 		11.750 % 11/15/27   400  $411,838
Time Warner Cable LLC,          
Sr. Sec’d. Notes 4.500 09/15/42   320 254,737
Sr. Sec’d. Notes 5.500 09/01/41   140 127,235
     
 
Univision Communications, Inc.,
Sr. Sec’d. Notes, 144A 		8.000 08/15/28   220 223,266
Virgin Media Secured Finance PLC (United Kingdom),
Sr. Sec’d. Notes 		4.250 01/15/30 GBP 300 374,651
          4,770,063
Mining 0.1%
Barrick North America Finance LLC (Canada),
Gtd. Notes 		5.750 05/01/43   280 282,030
Capstone Copper Corp. (Canada),
Gtd. Notes, 144A 		6.750 03/31/33   75 76,501
Freeport Indonesia PT (Indonesia),
Sr. Unsec’d. Notes, 144A, MTN 		5.315 04/14/32   200 199,927
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes 		5.350 03/15/34   445 456,753
Novelis Corp.,
Gtd. Notes, 144A 		3.250 11/15/26   200 196,726
Southern Copper Corp. (Mexico),
Sr. Unsec’d. Notes 		7.500 07/27/35   95 108,971
          1,320,908
Miscellaneous Manufacturing 0.0%
Pentair Finance Sarl,
Gtd. Notes 		4.500 07/01/29   450 448,900
Multi-National 0.0%
Corp. Andina de Fomento (Supranational Bank),
Sr. Unsec’d. Notes 		5.000 01/24/29   50 51,163
Oil & Gas 0.8%
Aker BP ASA (Norway),
Gtd. Notes, 144A 		3.100 07/15/31   450 401,119
Ascent Resources Utica Holdings LLC/ARU Finance Corp.,
Gtd. Notes, 144A 		9.000 11/01/27   79 96,463
BP Capital Markets PLC,
Gtd. Notes 		4.375(ff) 09/22/25(oo)   156 155,610
Canadian Natural Resources Ltd. (Canada),
Sr. Unsec’d. Notes 		6.500 02/15/37   950 999,173
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes 		5.400 06/15/47   190 168,282
Civitas Resources, Inc.,          
Gtd. Notes, 144A 8.375 07/01/28   75 76,886
Gtd. Notes, 144A 8.625 11/01/30   25 25,374
     
 
ConocoPhillips Co.,
Gtd. Notes 		3.758 03/15/42   150 120,017
Crescent Energy Finance LLC,
Gtd. Notes, 144A 		7.625 04/01/32   105 102,559
Devon Energy Corp.,
Sr. Unsec’d. Notes 		5.600 07/15/41   35 32,342
Ecopetrol SA (Colombia),          
Sr. Unsec’d. Notes 4.625 11/02/31   104 87,516
Sr. Unsec’d. Notes 6.875 04/29/30   68 67,184
33
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Oil & Gas (cont’d.)
Ecopetrol SA (Colombia), (cont’d.)          
Sr. Unsec’d. Notes 7.750 % 02/01/32   275  $269,844
Sr. Unsec’d. Notes 8.625 01/19/29   525 554,600
     
 
EOG Resources, Inc.,
Sr. Unsec’d. Notes 		3.900 04/01/35   120 109,794
Expand Energy Corp.,          
Gtd. Notes 4.750 02/01/32   200 194,208
Gtd. Notes, 144A 5.875 02/01/29   125 125,544
Hilcorp Energy I LP/Hilcorp Finance Co.,          
Sr. Unsec’d. Notes, 144A 5.750 02/01/29   50 49,361
Sr. Unsec’d. Notes, 144A 6.000 04/15/30   100 97,399
Sr. Unsec’d. Notes, 144A 6.000 02/01/31   50 48,366
Sr. Unsec’d. Notes, 144A 6.250 04/15/32   150 143,407
New Generation Gas Gathering LLC,          
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.030(c) 09/30/29   54 53,243
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.030(c) 09/30/29   65 63,891
Sr. Sec’d. Notes, 144A, 3 Month SOFR + 5.750% (Cap N/A, Floor 2.000%)^ 10.076(c) 09/30/29   54 53,243
     
 
Permian Resources Operating LLC,
Gtd. Notes, 144A 		8.000 04/15/27   175 178,789
Petrobras Global Finance BV (Brazil),
Gtd. Notes 		6.625 01/16/34 GBP 330 447,086
Petroleos Mexicanos (Mexico),          
Gtd. Notes 5.350 02/12/28   49 47,082
Gtd. Notes 6.500 03/13/27   883 876,819
Gtd. Notes 6.700 02/16/32   10 9,284
Gtd. Notes, EMTN 2.750 04/21/27 EUR 200 224,253
Gtd. Notes, EMTN 4.875 02/21/28 EUR 240 275,818
Gtd. Notes, MTN 6.875 08/04/26   800 799,624
Gtd. Notes, MTN 8.750 06/02/29   180 186,044
     
 
Phillips 66 Co.,
Gtd. Notes 		3.550 10/01/26   360 356,128
Transocean, Inc.,
Gtd. Notes, 144A 		8.250 05/15/29   70 64,520
Var Energi ASA (Norway),
Sr. Unsec’d. Notes, 144A 		5.000 05/18/27   870 874,837
          8,435,709
Oil & Gas Services 0.0%
Schlumberger Holdings Corp.,
Sr. Unsec’d. Notes, 144A 		3.900 05/17/28   336 332,431
Packaging & Containers 0.1%
AptarGroup, Inc.,
Sr. Unsec’d. Notes 		3.600 03/15/32   780 718,890
Ball Corp.,          
Gtd. Notes 2.875 08/15/30   175 157,755
Gtd. Notes 6.000 06/15/29   250 256,695
     
 
Clydesdale Acquisition Holdings, Inc.,
Sr. Sec’d. Notes, 144A 		6.750 04/15/32   75 76,866
Sealed Air Corp./Sealed Air Corp. US,
Gtd. Notes, 144A 		6.125 02/01/28   25 25,346
          1,235,552
Pharmaceuticals 0.4%
AbbVie, Inc.,          
Sr. Unsec’d. Notes 4.550 03/15/35   430 417,544
Sr. Unsec’d. Notes 4.700 05/14/45   740 662,730
34
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pharmaceuticals (cont’d.)
     
 
AdaptHealth LLC,
Gtd. Notes, 144A 		6.125 % 08/01/28   125  $125,076
Bausch Health Cos., Inc.,          
Gtd. Notes, 144A 5.000 01/30/28   150 123,469
Gtd. Notes, 144A 5.000 02/15/29   75 52,500
Gtd. Notes, 144A 5.250 01/30/30   50 31,407
Gtd. Notes, 144A 5.250 02/15/31   350 206,062
Gtd. Notes, 144A 6.250 02/15/29   50 35,278
Gtd. Notes, 144A 7.000 01/15/28   250 209,750
Sr. Sec’d. Notes, 144A 4.875 06/01/28   50 42,356
CVS Health Corp.,          
Sr. Unsec’d. Notes 3.250 08/15/29   800 760,162
Sr. Unsec’d. Notes 4.300 03/25/28   359 357,483
Sr. Unsec’d. Notes 5.125 07/20/45   357 315,751
Sr. Unsec’d. Notes 5.300 12/05/43   45 40,910
     
 
Organon & Co./Organon Foreign Debt Co-Issuer BV,
Sr. Unsec’d. Notes, 144A(a) 		5.125 04/30/31   200 173,632
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes 		3.025 07/09/40   250 186,066
Utah Acquisition Sub, Inc.,
Gtd. Notes 		5.250 06/15/46   800 647,441
Viatris, Inc.,
Gtd. Notes 		4.000 06/22/50   40 26,649
          4,414,266
Pipelines 0.7%
Antero Midstream Partners LP/Antero Midstream Finance Corp.,          
Gtd. Notes, 144A 5.750 03/01/27   350 349,705
Gtd. Notes, 144A 6.625 02/01/32   70 72,306
     
 
Columbia Pipelines Operating Co. LLC,
Sr. Unsec’d. Notes, 144A 		6.036 11/15/33   325 341,202
Eastern Gas Transmission & Storage, Inc.,
Sr. Unsec’d. Notes 		4.600 12/15/44   10 8,455
Energy Transfer LP,          
Jr. Sub. Notes, Series H 6.500(ff) 11/15/26(oo)   610 613,024
Sr. Unsec’d. Notes 4.950 06/15/28   210 213,036
Sr. Unsec’d. Notes 5.000 05/15/50   170 142,242
Sr. Unsec’d. Notes 5.300 04/15/47   500 440,430
Sr. Unsec’d. Notes 6.400 12/01/30   150 161,790
Sr. Unsec’d. Notes 6.550 12/01/33   80 86,796
     
 
Enterprise Products Operating LLC,
Gtd. Notes 		4.850 03/15/44   185 166,921
Florida Gas Transmission Co. LLC,
Sr. Unsec’d. Notes, 144A 		2.550 07/01/30   350 317,399
Kinder Morgan, Inc.,
Gtd. Notes 		3.250 08/01/50   220 142,419
MPLX LP,          
Sr. Unsec’d. Notes 2.650 08/15/30   630 570,329
Sr. Unsec’d. Notes 4.500 04/15/38   175 154,937
Sr. Unsec’d. Notes 4.700 04/15/48   195 158,183
Sr. Unsec’d. Notes 5.200 03/01/47   20 17,474
     
 
ONEOK Partners LP,
Gtd. Notes 		6.200 09/15/43   205 204,112
ONEOK, Inc.,
Gtd. Notes 		4.500 03/15/50   250 192,679
Spectra Energy Partners LP,
Gtd. Notes 		3.375 10/15/26   165 162,709
35
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Pipelines (cont’d.)
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.,          
Gtd. Notes, 144A 5.500 % 01/15/28   275  $273,398
Gtd. Notes, 144A 6.000 12/31/30   125 122,739
Venture Global Calcasieu Pass LLC,          
Sr. Sec’d. Notes, 144A 3.875 08/15/29   30 28,307
Sr. Sec’d. Notes, 144A 4.125 08/15/31   30 27,788
     
 
Venture Global LNG, Inc.,
Jr. Sub. Notes, 144A 		9.000(ff) 09/30/29(oo)   245 238,789
Western Midstream Operating LP,          
Sr. Unsec’d. Notes 4.050 02/01/30   1,180 1,135,406
Sr. Unsec’d. Notes 5.300 03/01/48   20 16,732
Williams Cos., Inc. (The),          
Sr. Unsec’d. Notes 4.900 01/15/45   220 193,175
Sr. Unsec’d. Notes 5.150 03/15/34   340 339,603
Sr. Unsec’d. Notes 5.400 03/02/26   430 432,325
Sr. Unsec’d. Notes 5.400 03/04/44   175 164,422
          7,488,832
Real Estate 0.1%
Howard Hughes Corp. (The),          
Gtd. Notes, 144A 4.125 02/01/29   350 333,121
Gtd. Notes, 144A 5.375 08/01/28   275 273,159
          606,280
Real Estate Investment Trusts (REITs) 0.7%
American Tower Corp.,
Sr. Unsec’d. Notes 		5.200 02/15/29   855 875,466
Brandywine Operating Partnership LP,
Gtd. Notes(a) 		4.550 10/01/29   450 425,410
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes 		4.050 07/01/30   345 334,903
Diversified Healthcare Trust,          
Gtd. Notes 4.375 03/01/31   50 42,198
Sr. Unsec’d. Notes 4.750 02/15/28   350 324,067
     
 
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes 		5.375 04/15/26   175 175,156
Healthpeak OP LLC,          
Gtd. Notes 2.875 01/15/31   315 287,283
Gtd. Notes 5.250 12/15/32   950 965,789
     
 
MPT Operating Partnership LP/MPT Finance Corp.,
Sr. Sec’d. Notes, 144A 		8.500 02/15/32   25 26,179
Realty Income Corp.,
Sr. Unsec’d. Notes 		3.400 01/15/28   800 784,607
RHP Hotel Properties LP/RHP Finance Corp.,
Gtd. Notes, 144A 		6.500 04/01/32   205 210,802
SBA Communications Corp.,
Sr. Unsec’d. Notes(a) 		3.125 02/01/29   350 330,578
Sun Communities Operating LP,
Gtd. Notes 		2.700 07/15/31   1,395 1,235,777
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC,
Sr. Sec’d. Notes, 144A 		10.500 02/15/28   432 457,720
WP Carey, Inc.,
Sr. Unsec’d. Notes 		2.250 04/01/33   545 443,925
          6,919,860
36
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Retail 0.3%
1011778 BC ULC/New Red Finance, Inc. (Canada),
Sr. Sec’d. Notes, 144A 		6.125 % 06/15/29   100  $102,625
AutoZone, Inc.,
Sr. Unsec’d. Notes 		1.650 01/15/31   185 158,432
Carvana Co.,          
Sr. Sec’d. Notes, 144A, Cash coupon 9.000% or PIK 12.000% 9.000 12/01/28   107 110,238
Sr. Sec’d. Notes, 144A, Cash coupon 11.000% or PIK 13.000% 9.000 06/01/30   225 236,616
eG Global Finance PLC (United Kingdom),          
Sr. Sec’d. Notes, 144A 11.000 11/30/28 EUR 500 648,185
Sr. Sec’d. Notes, 144A 12.000 11/30/28   400 440,500
     
 
Ferguson Enterprises, Inc.,
Gtd. Notes 		5.000 10/03/34   345 342,330
Lithia Motors, Inc.,
Sr. Unsec’d. Notes, 144A 		3.875 06/01/29   225 214,734
Sally Holdings LLC/Sally Capital, Inc.,
Gtd. Notes(a) 		6.750 03/01/32   100 102,688
Suburban Propane Partners LP/Suburban Energy Finance Corp.,
Sr. Unsec’d. Notes 		5.875 03/01/27   325 325,058
          2,681,406
Semiconductors 0.2%
Broadcom, Inc.,
Sr. Unsec’d. Notes, 144A 		3.419 04/15/33   1,750 1,585,085
Software 0.1%
CoreWeave, Inc.,
Gtd. Notes, 144A 		9.250 06/01/30   55 56,231
Fiserv, Inc.,
Sr. Unsec’d. Notes 		5.450 03/02/28   620 637,096
          693,327
Telecommunications 0.8%
AT&T, Inc.,          
Sr. Unsec’d. Notes 2.250 02/01/32   1,240 1,067,642
Sr. Unsec’d. Notes 2.550 12/01/33   129 107,986
Sr. Unsec’d. Notes 3.550 09/15/55   115 77,572
Sr. Unsec’d. Notes 4.500 05/15/35   125 119,099
Digicel Group Holdings Ltd. (Jamaica),          
Sr. Sec’d. Notes, Series 1B14, 144A(x) 0.000 12/31/30   42 4
Sr. Sec’d. Notes, Series 3B14, 144A^(x) 0.000 12/31/30   30 —
     
 
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica),
Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 2.250%(x) 		11.250 05/25/27   240 242,395
Digicel Midco Ltd./DIFL US II LLC (Jamaica),
Sr. Unsec’d. Notes, PIK 10.500%(x) 		10.500 11/25/28   31 31,278
EchoStar Corp.,
Sr. Sec’d. Notes 		10.750 11/30/29(d)   125 128,511
Iliad Holding SASU (France),
Sr. Sec’d. Notes, 144A 		7.000 10/15/28   200 203,658
Intelsat Jackson Holdings SA (Luxembourg),
Sr. Sec’d. Notes, 144A(a) 		6.500 03/15/30   625 637,500
Level 3 Financing, Inc.,          
Sec’d. Notes, 144A 10.000 10/15/32   350 353,857
Sr. Sec’d. Notes, 144A 6.875 06/30/33   140 142,443
Sr. Sec’d. Notes, 144A(a) 10.750 12/15/30   200 226,700
Sr. Sec’d. Notes, 144A 11.000 11/15/29   447 514,527
     
 
Rogers Communications, Inc. (Canada),
Gtd. Notes(a) 		5.300 02/15/34   1,065 1,064,754
37
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Corporate Bonds (Continued)
Telecommunications (cont’d.)
     
Sprint Capital Corp.,
Gtd. Notes 		8.750 % 03/15/32   300  $363,953
TalkTalk Telecom Group Ltd. (United Kingdom),
Sec’d. Notes, 144A, Cash coupon 11.750 or PIK N/A 		11.750 03/01/28 GBP 113 16,256
T-Mobile USA, Inc.,          
Gtd. Notes 2.550 02/15/31   1,910 1,711,107
Gtd. Notes 2.625 02/15/29   275 258,236
Gtd. Notes 3.750 04/15/27   75 74,244
     
 
Verizon Communications, Inc.,
Sr. Unsec’d. Notes, 144A 		5.401 07/02/37   4 4,361
Vmed O2 UK Financing I PLC (United Kingdom),
Sr. Sec’d. Notes 		4.000 01/31/29 GBP 300 381,610
Windstream Services LLC/Windstream Escrow Finance Corp.,
Sr. Sec’d. Notes, 144A 		8.250 10/01/31   60 62,840
          7,790,533
Transportation 0.1%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes 		6.700 08/01/28   135 144,460
CSX Corp.,
Sr. Unsec’d. Notes 		6.150 05/01/37   170 184,308
Indian Railway Finance Corp. Ltd. (India),
Sr. Unsec’d. Notes, 144A, MTN 		3.570 01/21/32   200 184,202
Star Leasing Co. LLC,
Sec’d. Notes, 144A 		7.625 02/15/30   105 104,095
XPO, Inc.,          
Gtd. Notes, 144A 7.125 06/01/31   25 26,085
Gtd. Notes, 144A 7.125 02/01/32   80 83,789
          726,939
Trucking & Leasing 0.1%
Penske Truck Leasing Co. LP/PTL Finance Corp.,
Sr. Unsec’d. Notes, 144A 		5.550 05/01/28   785 806,468
     
 
Total Corporate Bonds
(cost $141,969,403) 		137,166,882
Floating Rate and Other Loans 0.1%
Auto Parts & Equipment 0.0%
Clarios Global LP,
Amendment No. 6 Dollar Term Loan, 1 Month SOFR + 2.750% 		7.077(c) 01/28/32   100 99,844
Internet 0.0%
Diamond Sports Net LLC,
First Lien Exit Term Loan 		15.000 01/02/28   35 31,675
Leisure Time 0.1%
International Park Holdings BV (Netherlands),
2025 Facility B, 6 Month EURIBOR + 5.500%^ 		8.099(c) 01/30/32 EUR 375 439,320
Metal Fabricate/Hardware 0.0%
Doncasters US Finance LLC (United Kingdom),
2025 Term Loan, 3 Month SOFR + 6.500%^ 		10.796(c) 04/23/30   200 197,006
38
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Floating Rate and Other Loans (Continued)
Telecommunications 0.0%
Digicel International Finance Ltd. (Jamaica),
Initial Term Loan, 3 Month SOFR + 7.500% 		11.780 %(c) 05/25/27   355  $352,661
     
 
Total Floating Rate and Other Loans
(cost $1,048,151) 		1,120,506
Municipal Bonds 0.2%
Alabama 0.0%
Alabama Economic Settlement Authority,
Taxable, Revenue Bonds, Series B 		4.263 09/15/32   35 34,517
California 0.1%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2 		6.263 04/01/49   220 231,279
State of California,          
General Obligation Unlimited, BABs 7.300 10/01/39   210 242,839
General Obligation Unlimited, Taxable, BABs 7.500 04/01/34   15 17,395
          491,513
Illinois 0.0%
Chicago O’Hare International Airport,
Revenue Bonds, BABs, Series B 		6.395 01/01/40   160 176,901
State of Illinois,
General Obligation Unlimited, Taxable 		5.100 06/01/33   87 87,456
          264,357
Michigan 0.1%
Michigan State University,
Taxable, Revenue Bonds, Series A 		4.165 08/15/22   435 316,082
University of Michigan,          
Taxable, Revenue Bonds, Series A 4.454 04/01/2122   440 347,502
Taxable, Revenue Bonds, Series B 2.437 04/01/40   215 156,998
          820,582
New Jersey 0.0%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F 		7.414 01/01/40   165 196,984
Ohio 0.0%
Ohio State University (The),
Taxable, Revenue Bonds, BABs, Series C 		4.910 06/01/40   65 63,375
Pennsylvania 0.0%
Pennsylvania Turnpike Commission,
Revenue Bonds, BABs, Series B 		5.511 12/01/45   80 79,213
Virginia 0.0%
University of Virginia,
Taxable, Revenue Bonds, Series C 		4.179 09/01/2117   80 59,736
     
 
Total Municipal Bonds
(cost $2,227,913) 		2,010,277
39
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Residential Mortgage-Backed Securities 2.2%
ATLX Trust,
Series 2024-RPL02, Class A1, 144A 		3.850 %(cc) 04/25/63   945  $906,314
Banc of America Mortgage Trust,
Series 2005-A, Class 2A1 		5.118(cc) 02/25/35   4 3,790
Bellemeade Re Ltd.,          
Series 2022-01, Class M1B, 144A, 30 Day Average SOFR + 2.150% (Cap N/A, Floor 2.150%) 6.455(c) 01/26/32   61 60,825
Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) 8.005(c) 01/26/32   360 370,511
     
 
Chase Mortgage Finance Trust,
Series 2007-A01, Class 1A5 		6.550(cc) 02/25/37   7 6,929
CIM Trust,
Series 2025-I01, Class A1, 144A 		5.655(cc) 10/25/69   446 449,723
Citigroup Mortgage Loan Trust,
Series 2022-A, Class A1, 144A 		6.170(cc) 09/25/62   231 230,837
COLT Mortgage Loan Trust,
Series 2025-INV02, Class A1, 144A 		5.601(cc) 02/25/70   481 483,828
Connecticut Avenue Securities Trust,          
Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%) 10.555(c) 03/25/42   105 113,660
Series 2022-R04, Class 1B1, 144A, 30 Day Average SOFR + 5.250% (Cap N/A, Floor 0.000%) 9.555(c) 03/25/42   90 95,815
     
 
COOPR Residential Mortgage Trust,
Series 2025-CES02, Class A1A, 144A 		5.502(cc) 06/25/60   800 803,996
Credit Suisse Mortgage Trust,          
Series 2018-RPL09, Class A, 144A 3.850(cc) 09/25/57   154 149,178
Series 2022-RPL04, Class A1, 144A 3.904(cc) 04/25/62   302 286,941
     
 
Eagle Re Ltd.,
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 3.450% (Cap N/A, Floor 3.450%) 		7.755(c) 04/25/34   160 161,471
EFMT,          
Series 2025-CES01, Class A1A, 144A 5.726(cc) 01/25/60   383 386,000
Series 2025-NQM02, Class A1, 144A 5.596(cc) 06/25/70   800 803,502
     
 
Fannie Mae Connecticut Avenue Securities,
Series 2021-R02, Class 2M2, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 0.000%) 		6.305(c) 11/25/41   89 90,055
Fannie Mae REMIC,
Series 2014-11, Class VB 		4.500 04/25/42   486 483,653
FHLMC Structured Agency Credit Risk REMIC Trust,          
Series 2020-HQA05, Class B1, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 0.000%) 8.305(c) 11/25/50   250 276,555
Series 2021-DNA05, Class M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 0.000%) 5.955(c) 01/25/34   39 39,255
Series 2021-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%) 7.705(c) 10/25/41   200 205,389
Series 2021-HQA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%) 6.405(c) 09/25/41   300 302,423
Series 2021-HQA04, Class M2, 144A, 30 Day Average SOFR + 2.350% (Cap N/A, Floor 0.000%) 6.655(c) 12/25/41   200 202,238
Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%) 7.205(c) 04/25/42   100 103,000
Freddie Mac REMIC,          
Series 5559, Class JF, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) 6.000(c) 07/25/55   1,205 1,206,397
Series 5560, Class FA, 30 Day Average SOFR + 1.930% (Cap 6.000%, Floor 1.930%) 6.000(c) 06/25/55   700 700,617
     
 
GS Mortgage-Backed Securities Trust,
Series 2025-NQM02, Class A1, 144A 		5.648(cc) 06/25/65   500 501,644
Home Re Ltd.,
Series 2021-02, Class M1C, 144A, 30 Day Average SOFR + 2.800% (Cap N/A, Floor 0.000%) 		7.105(c) 01/25/34   52 51,800
JPMorgan Mortgage Trust,          
Series 2007-A01, Class 4A1 6.813(cc) 07/25/35   1 1,458
Series 2025-CES01, Class A1, 144A 5.666(cc) 05/25/55   356 357,511
     
 
Kinbane DAC (Ireland),
Series 2024-RPL02A, Class A, 144A, 1 Month EURIBOR + 1.100% (Cap N/A, Floor 0.000%) 		3.188(c) 01/24/63 EUR 273 322,234
Legacy Mortgage Asset Trust,          
Series 2021-GS01, Class A1, 144A 5.892(cc) 10/25/66   108 108,451
Series 2025-PR01, Class A1, 144A 6.000(cc) 01/25/61   994 990,954
LHOME Mortgage Trust,          
Series 2024-RTL04, Class A1, 144A 5.921(cc) 07/25/39   250 251,311
Series 2025-RTL01, Class A1, 144A 5.652(cc) 01/25/40   600 601,827
     
 
Lincoln Senior Participation Trust^,
Series 2024-01, Class A1X, 144A, 1 Month SOFR + 3.000% 		7.070 08/04/25   548 548,246
Lugo Funding DAC (Spain),
Series 2024-01A, Class A, 144A, 3 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) 		3.049(c) 05/26/66 EUR 366 430,538
40
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Residential Mortgage-Backed Securities (Continued)
     
Mill City Mortgage Loan Trust,
Series 2018-01, Class A1, 144A 		3.250 %(cc) 05/25/62   11  $11,040
New Residential Mortgage Loan Trust,
Series 2018-04A, Class A1S, 144A, 1 Month SOFR + 0.864% (Cap N/A, Floor 0.750%) 		5.184(c) 01/25/48   40 38,831
Oaktown Re VII Ltd.,
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%) 		7.205(c) 04/25/34   153 154,150
OBX Trust,          
Series 2018-01, Class A2, 144A, 1 Month SOFR + 0.764% (Cap N/A, Floor 0.000%) 5.084(c) 06/25/57   35 34,481
Series 2025-NQM10, Class A1, 144A 5.453(cc) 05/25/65   298 299,568
Series 2025-NQM11, Class A1, 144A 5.418(cc) 05/25/65   600 600,751
PMT Credit Risk Transfer Trust,          
Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%) 7.805(c) 05/25/33   981 1,004,621
Series 2024-02R, Class A, 144A, 30 Day Average SOFR + 3.350% (Cap N/A, Floor 0.000%) 7.658(c) 03/29/27   628 642,078
     
 
PRET Trust,
Series 2024-RPL02, Class A1, 144A 		4.075(cc) 06/25/64   458 437,065
PRPM LLC,          
Series 2024-06, Class A1, 144A 5.699(cc) 11/25/29   557 557,878
Series 2024-RCF06, Class A1, 144A 4.000(cc) 10/25/54   719 701,547
Series 2025-RCF02, Class A1, 144A 4.000(cc) 10/25/64   633 615,362
Radnor Re Ltd.,          
Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%) 8.005(c) 11/25/31   156 158,138
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%) 7.005(c) 07/25/33   81 81,401
RCKT Mortgage Trust,          
Series 2024-CES05, Class A1A, 144A 5.846(cc) 08/25/44   203 204,403
Series 2024-CES07, Class A1A, 144A 5.158(cc) 10/25/44   425 423,453
Series 2024-CES09, Class A1A, 144A 5.582(cc) 12/25/44   369 370,163
Series 2025-CES01, Class A1A, 144A 5.653(cc) 01/25/45   466 468,755
Series 2025-CES06, Class A1A, 144A 5.472(cc) 06/25/55   900 905,090
     
 
Santander Mortgage Asset Receivable Trust,
Series 2025-NQM02, Class A1, 144A 		5.732(cc) 02/25/65   584 588,572
Shamrock Residential (Ireland),
Series 2023-01A, Class A, 144A, 1 Month EURIBOR + 1.000% (Cap N/A, Floor 0.000%) 		2.899(c) 06/24/71 EUR 90 106,254
Structured Adjustable Rate Mortgage Loan Trust,
Series 2004-01, Class 4A3 		6.525(cc) 02/25/34   6 6,298
Towd Point Mortgage Trust,          
Series 2024-CES06, Class A1, 144A 5.725(cc) 11/25/64   355 356,837
Series 2025-CES01, Class A1, 144A 5.705(cc) 02/25/55   390 391,613
     
 
Total Residential Mortgage-Backed Securities
(cost $22,048,315) 		22,247,225
Sovereign Bonds 0.7%
Bermuda Government International Bond (Bermuda),
Sr. Unsec’d. Notes, 144A 		2.375 08/20/30   200 177,187
Colombia Government International Bond (Colombia),
Sr. Unsec’d. Notes 		7.375 04/25/30   270 279,315
Dominican Republic International Bond (Dominican Republic),
Sr. Unsec’d. Notes, 144A 		5.500 02/22/29   440 438,020
Export-Import Bank of India (India),
Sr. Unsec’d. Notes, 144A 		3.875 02/01/28   200 196,402
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes 		3.500 01/11/28   370 363,895
Ivory Coast Government International Bond (Ivory Coast),          
Sr. Unsec’d. Notes 4.875 01/30/32 EUR 300 316,612
Sr. Unsec’d. Notes 5.250 03/22/30 EUR 200 225,357
Sr. Unsec’d. Notes 5.875 10/17/31 EUR 703 782,295
     
 
Panama Government International Bond (Panama),
Sr. Unsec’d. Notes 		6.700 01/26/36   200 198,800
Province of Manitoba (Canada),
Sr. Unsec’d. Notes 		2.125 06/22/26   100 98,025
41
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
Sovereign Bonds (Continued)
     
Republic of Italy Government International Bond (Italy),
Sr. Unsec’d. Notes, Series 10Y 		2.875 % 10/17/29   2,000  $1,878,911
Serbia International Bond (Serbia),          
Sr. Unsec’d. Notes 1.500 06/26/29 EUR 684 733,824
Sr. Unsec’d. Notes 1.650 03/03/33 EUR 100 96,555
Sr. Unsec’d. Notes 3.125 05/15/27 EUR 397 465,454
Sr. Unsec’d. Notes 6.250 05/26/28   200 206,500
Sr. Unsec’d. Notes, 144A 3.125 05/15/27 EUR 100 117,243
Sr. Unsec’d. Notes, 144A 6.000 06/12/34   397 400,126
Sr. Unsec’d. Notes, 144A 6.250 05/26/28   200 206,500
     
 
Total Sovereign Bonds
(cost $6,980,468) 		7,181,021
U.S. Government Agency Obligations 8.7%
Federal Home Loan Bank 5.500 07/15/36   135 146,964
Federal Home Loan Mortgage Corp. 1.500 10/01/36   1,344 1,194,378
Federal Home Loan Mortgage Corp. 2.000 12/01/50   441 351,717
Federal Home Loan Mortgage Corp. 2.000 04/01/51   300 238,885
Federal Home Loan Mortgage Corp. 2.500 09/01/46   328 278,343
Federal Home Loan Mortgage Corp. 2.500 08/01/50   466 390,721
Federal Home Loan Mortgage Corp. 2.500 03/01/51   1,690 1,408,446
Federal Home Loan Mortgage Corp. 2.500 05/01/51   456 381,204
Federal Home Loan Mortgage Corp. 2.500 05/01/51   1,463 1,214,457
Federal Home Loan Mortgage Corp. 2.500 07/01/51   724 603,304
Federal Home Loan Mortgage Corp. 2.500 07/01/51   932 776,849
Federal Home Loan Mortgage Corp. 2.500 08/01/51   540 455,293
Federal Home Loan Mortgage Corp. 2.500 01/01/52   457 384,977
Federal Home Loan Mortgage Corp. 2.500 04/01/52   469 394,393
Federal Home Loan Mortgage Corp. 3.000 11/01/51   490 426,173
Federal Home Loan Mortgage Corp. 3.000 01/01/52   1,062 932,700
Federal Home Loan Mortgage Corp. 3.000 01/01/52   1,673 1,452,506
Federal Home Loan Mortgage Corp. 3.000 02/01/52   1,571 1,361,663
Federal Home Loan Mortgage Corp. 3.500 03/01/52   766 693,902
Federal Home Loan Mortgage Corp. 3.500 05/01/52   1,679 1,514,062
Federal Home Loan Mortgage Corp. 4.000 05/01/52   305 283,825
Federal Home Loan Mortgage Corp. 4.500 10/01/39   48 48,205
Federal Home Loan Mortgage Corp. 4.500 06/01/52   947 907,460
Federal Home Loan Mortgage Corp. 4.500 09/01/52   265 253,673
Federal Home Loan Mortgage Corp. 5.000 04/01/34   4 4,226
Federal Home Loan Mortgage Corp. 5.000 05/01/34   9 9,137
Federal Home Loan Mortgage Corp. 5.000 10/01/35   13 12,713
Federal Home Loan Mortgage Corp. 5.000 11/01/41   105 106,203
Federal Home Loan Mortgage Corp. 5.500 12/01/33   9 8,676
Federal Home Loan Mortgage Corp. 5.500 05/01/34   1 1,416
Federal Home Loan Mortgage Corp. 5.500 07/01/34   20 20,378
Federal Home Loan Mortgage Corp. 5.500 05/01/37   3 3,599
Federal Home Loan Mortgage Corp. 5.500 10/01/37   6 6,615
Federal Home Loan Mortgage Corp. 5.500 04/01/55   1,000 1,000,469
Federal Home Loan Mortgage Corp. 5.500 05/01/55   500 500,550
Federal Home Loan Mortgage Corp. 6.000 01/01/34   11 10,970
Federal Home Loan Mortgage Corp. 6.000 12/01/52   497 506,782
Federal Home Loan Mortgage Corp. 6.000 12/01/54   1,706 1,734,243
Federal Home Loan Mortgage Corp. 7.000 10/01/31   —(r) 16
Federal Home Loan Mortgage Corp. 7.000 05/01/32   3 3,004
Federal National Mortgage Assoc. 1.500 02/01/51   926 696,495
Federal National Mortgage Assoc. 1.500 03/01/51   1,453 1,093,371
Federal National Mortgage Assoc. 1.500 06/01/51   883 664,018
Federal National Mortgage Assoc. 2.000 TBA   4,500 3,561,244
Federal National Mortgage Assoc. 2.000 06/01/50   1,543 1,233,450
Federal National Mortgage Assoc. 2.000 11/01/50   2,589 2,066,898
Federal National Mortgage Assoc. 2.000 12/01/50   1,143 911,637
42
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 2.000 % 04/01/51   3,655  $2,908,061
Federal National Mortgage Assoc. 2.500 TBA   2,000 1,657,941
Federal National Mortgage Assoc. 2.500 06/01/50   434 364,739
Federal National Mortgage Assoc. 2.500 10/01/50   1,739 1,449,608
Federal National Mortgage Assoc. 2.500 01/01/51   1,411 1,179,346
Federal National Mortgage Assoc. 2.500 02/01/51   469 391,284
Federal National Mortgage Assoc. 2.500 03/01/51   388 323,960
Federal National Mortgage Assoc. 2.500 07/01/51   2,040 1,700,174
Federal National Mortgage Assoc. 2.500 02/01/52   425 358,134
Federal National Mortgage Assoc. 2.500 03/01/52   570 479,478
Federal National Mortgage Assoc. 3.000 02/01/47   836 755,191
Federal National Mortgage Assoc. 3.000 12/01/51   1,199 1,044,773
Federal National Mortgage Assoc. 3.000 02/01/52   379 328,860
Federal National Mortgage Assoc.(k) 3.000 03/01/52   2,356 2,042,898
Federal National Mortgage Assoc. 3.500 11/01/42   1,041 976,991
Federal National Mortgage Assoc. 3.500 07/01/47   97 91,302
Federal National Mortgage Assoc. 3.500 01/01/52   343 310,942
Federal National Mortgage Assoc. 3.500 02/01/52   1,042 945,261
Federal National Mortgage Assoc. 3.500 04/01/52   1,395 1,258,691
Federal National Mortgage Assoc. 3.500 06/01/52   311 281,781
Federal National Mortgage Assoc. 4.000 04/01/52   1,505 1,399,707
Federal National Mortgage Assoc. 4.000 05/01/52   3,053 2,845,140
Federal National Mortgage Assoc. 4.000 06/01/52   642 598,105
Federal National Mortgage Assoc. 4.500 09/01/39   37 37,186
Federal National Mortgage Assoc. 4.500 08/01/40   34 33,940
Federal National Mortgage Assoc. 4.500 02/01/44   47 46,742
Federal National Mortgage Assoc. 4.500 08/01/44   107 104,833
Federal National Mortgage Assoc. 4.500 01/01/45   89 87,651
Federal National Mortgage Assoc. 4.500 05/01/52   405 387,813
Federal National Mortgage Assoc. 4.500 06/01/52   1,328 1,272,304
Federal National Mortgage Assoc. 5.000 TBA   4,000 3,919,601
Federal National Mortgage Assoc. 5.000 07/01/35   8 8,475
Federal National Mortgage Assoc. 5.000 02/01/36   18 18,591
Federal National Mortgage Assoc. 5.000 06/01/52   362 356,625
Federal National Mortgage Assoc. 5.000 07/01/52   1,974 1,944,605
Federal National Mortgage Assoc. 5.500 TBA   2,500 2,499,428
Federal National Mortgage Assoc. 5.500 06/01/33   3 3,298
Federal National Mortgage Assoc. 5.500 08/01/33   8 8,158
Federal National Mortgage Assoc. 5.500 09/01/33   6 5,997
Federal National Mortgage Assoc. 5.500 09/01/33   16 16,272
Federal National Mortgage Assoc. 5.500 01/01/34   6 6,013
Federal National Mortgage Assoc. 5.500 01/01/34   8 7,732
Federal National Mortgage Assoc. 5.500 07/01/34   14 14,338
Federal National Mortgage Assoc. 5.500 08/01/52   249 249,463
Federal National Mortgage Assoc. 5.500 11/01/52   3,279 3,298,567
Federal National Mortgage Assoc. 5.500 07/01/55   1,001 1,000,807
Federal National Mortgage Assoc. 6.000 01/01/34   3 2,645
Federal National Mortgage Assoc. 6.000 01/01/34   56 58,092
Federal National Mortgage Assoc. 6.000 02/01/34   4 3,952
Federal National Mortgage Assoc. 6.000 10/01/34   3 3,597
Federal National Mortgage Assoc. 6.000 11/01/34   7 6,816
Federal National Mortgage Assoc. 6.000 11/01/34   13 13,196
Federal National Mortgage Assoc. 6.000 11/01/34   17 17,519
Federal National Mortgage Assoc. 6.000 01/01/35   29 29,307
Federal National Mortgage Assoc. 6.000 02/01/35   17 17,991
Federal National Mortgage Assoc. 6.000 08/01/36   4 4,413
Federal National Mortgage Assoc. 6.000 08/01/38   2 1,747
Federal National Mortgage Assoc. 6.000 11/01/52   814 830,114
Federal National Mortgage Assoc. 6.000 12/01/52   177 180,608
Federal National Mortgage Assoc. 6.000 04/01/53   367 374,394
Federal National Mortgage Assoc. 6.000 12/01/54   279 283,640
43
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Government Agency Obligations (Continued)
Federal National Mortgage Assoc. 6.500 % 07/01/29   1  $778
Federal National Mortgage Assoc. 6.500 07/01/32   6 6,651
Federal National Mortgage Assoc. 6.500 04/01/33   4 3,759
Federal National Mortgage Assoc. 6.500 01/01/34   3 3,460
Federal National Mortgage Assoc. 6.500 10/01/36   6 6,606
Federal National Mortgage Assoc. 6.500 09/01/37   27 28,166
Federal National Mortgage Assoc. 6.500 10/01/37   25 26,104
Federal National Mortgage Assoc. 6.500 01/01/53   83 85,821
Federal National Mortgage Assoc.(k) 6.625 11/15/30   200 226,019
Federal National Mortgage Assoc. 7.000 06/01/32   3 3,306
Federal National Mortgage Assoc.(k) 7.125 01/15/30   452 513,563
Federal National Mortgage Assoc. 7.500 09/01/30   —(r) 281
Federal National Mortgage Assoc. 8.500 02/01/28   —(r) 114
Government National Mortgage Assoc. 2.000 12/20/50   1,019 829,921
Government National Mortgage Assoc. 2.000 02/20/51   477 388,765
Government National Mortgage Assoc. 2.500 09/20/50   836 711,573
Government National Mortgage Assoc. 2.500 03/20/51   468 398,366
Government National Mortgage Assoc. 3.000 09/20/43   78 70,869
Government National Mortgage Assoc. 3.000 01/20/44   24 22,058
Government National Mortgage Assoc. 3.000 03/15/45   51 45,265
Government National Mortgage Assoc. 3.000 05/20/45   74 66,366
Government National Mortgage Assoc. 3.000 08/20/45   138 124,042
Government National Mortgage Assoc. 3.000 06/20/46   147 132,130
Government National Mortgage Assoc. 3.000 03/20/47   84 74,946
Government National Mortgage Assoc. 3.000 12/20/48   421 376,841
Government National Mortgage Assoc. 3.000 06/20/51   487 430,847
Government National Mortgage Assoc. 3.000 08/20/51   1,534 1,358,703
Government National Mortgage Assoc.(k) 3.500 12/20/51   1,869 1,707,516
Government National Mortgage Assoc. 3.500 01/20/52   864 788,831
Government National Mortgage Assoc. 3.500 03/20/52   487 444,639
Government National Mortgage Assoc. 3.500 04/20/52   528 482,011
Government National Mortgage Assoc. 4.000 03/20/52   93 87,012
Government National Mortgage Assoc. 4.000 04/20/52   707 659,890
Government National Mortgage Assoc. 4.000 08/20/52   872 814,993
Government National Mortgage Assoc. 4.500 08/20/52   2,577 2,487,447
Government National Mortgage Assoc. 5.000 10/20/37   7 6,718
Government National Mortgage Assoc. 5.000 04/20/45   37 37,538
Government National Mortgage Assoc. 5.000 09/20/52   409 404,173
Government National Mortgage Assoc. 5.500 TBA   500 500,246
Government National Mortgage Assoc. 5.500 07/15/33   7 6,770
Government National Mortgage Assoc. 5.500 12/15/33   3 2,635
Government National Mortgage Assoc. 5.500 09/15/34   66 66,111
Government National Mortgage Assoc. 5.500 01/15/36   24 25,111
Government National Mortgage Assoc. 5.500 11/20/52   435 439,728
Government National Mortgage Assoc. 6.000 02/20/53   376 383,824
Government National Mortgage Assoc. 6.000 06/20/53   337 344,399
Government National Mortgage Assoc. 6.500 07/15/32   1 645
Government National Mortgage Assoc. 6.500 08/15/32   —(r) 155
Government National Mortgage Assoc. 6.500 08/15/32   —(r) 472
Government National Mortgage Assoc. 6.500 08/15/32   1 840
Government National Mortgage Assoc. 6.500 08/15/32   4 4,331
Government National Mortgage Assoc. 6.500 07/20/54   1,125 1,156,532
Government National Mortgage Assoc. 7.000 05/15/31   2 1,700
Tennessee Valley Authority, Sr. Unsec’d. Notes 7.125 05/01/30   90 102,781
     
 
Total U.S. Government Agency Obligations
(cost $89,470,359) 		87,991,415
U.S. Treasury Obligations 2.2%
U.S. Treasury Bonds 1.625 11/15/50   2,455 1,293,862
U.S. Treasury Bonds 1.875 02/15/51   370 207,894
U.S. Treasury Bonds 2.375 02/15/42   7,770 5,650,247
44
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Description Interest
Rate 		Maturity
Date 		Principal
Amount
(000)# 		Value
U.S. Treasury Obligations (Continued)
U.S. Treasury Bonds 3.000 % 11/15/44   460  $354,128
U.S. Treasury Bonds(h) 3.000 02/15/49   10,405 7,668,810
U.S. Treasury Bonds 3.250 05/15/42   2,335 1,931,483
U.S. Treasury Bonds(k) 4.750 11/15/43   685 684,251
U.S. Treasury Bonds 4.750 05/15/55   90 89,508
U.S. Treasury Strips Coupon 2.165(s) 11/15/43   5,955 2,370,114
U.S. Treasury Strips Coupon 2.374(s) 05/15/43   550 224,983
U.S. Treasury Strips Coupon 2.450(s) 02/15/45   90 33,549
U.S. Treasury Strips Coupon 3.934(s) 11/15/41   645 287,810
U.S. Treasury Strips Coupon 4.002(s) 05/15/41   30 13,808
U.S. Treasury Strips Coupon 4.608(s) 11/15/48   60 18,618
U.S. Treasury Strips Coupon 4.684(s) 11/15/42   735 309,589
U.S. Treasury Strips Coupon 4.686(s) 11/15/40   2,835 1,341,520
U.S. Treasury Strips Coupon 4.924(s) 02/15/49   170 52,115
U.S. Treasury Strips Coupon 4.928(s) 11/15/45   55 19,769
     
 
Total U.S. Treasury Obligations
(cost $24,754,945) 		22,552,058
 
Total Long-Term Investments
(cost $800,148,341) 		994,794,161
    
      Shares  
Short-Term Investments 4.2%  
Affiliated Mutual Funds 4.1%  
PGIM Core Government Money Market Fund (7-day effective yield 4.508%)(wa)       26,181,511 26,181,511
PGIM Institutional Money Market Fund (7-day effective yield 4.532%)
(cost $15,305,365; includes $15,181,808 of cash collateral for securities on loan)(b)(wa) 		      15,317,619 15,306,897
     
 
Total Affiliated Mutual Funds
(cost $41,486,876) 		  41,488,408
    
  Interest
Rate 		  Maturity
Date 		Principal
Amount
(000)# 		 
U.S. Treasury Obligation(k)(n) 0.1%  
U.S. Treasury Bills
(cost $1,109,629) 		4.268 %   09/18/25   1,120 1,109,632
    
         
Options Purchased*~ 0.0%  
(cost $37,851)   29,853
     
 
   
Total Short-Term Investments
(cost $42,634,356) 		  42,627,893
     
 
TOTAL INVESTMENTS, BEFORE OPTIONS WRITTEN 102.5%
(cost $842,782,697) 		  1,037,422,054
    
         
OPTIONS Written*~ (0.0)%
(premiums received $155,776) (162,563)
 
TOTAL INVESTMENTS, NET OF OPTIONS WRITTEN 102.5%
(cost $842,626,921) 		        1,037,259,491
Liabilities in excess of other assets(z) (2.5)% (24,957,367)
 
Net Assets 100.0% $1,012,302,124
45
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Below is a list of the abbreviation(s) used in the quarterly schedule of portfolio holdings:
    
  BRL—Brazilian Real
  CLP—Chilean Peso
  CNH—Chinese Renminbi
  COP—Colombian Peso
  CZK—Czech Koruna
  EUR—Euro
  GBP—British Pound
  HUF—Hungarian Forint
  IDR—Indonesian Rupiah
  INR—Indian Rupee
  JPY—Japanese Yen
  KRW—South Korean Won
  MXN—Mexican Peso
  PEN—Peruvian Nuevo Sol
  PHP—Philippine Peso
  PLN—Polish Zloty
  SGD—Singapore Dollar
  THB—Thai Baht
  TRY—Turkish Lira
  TWD—New Taiwanese Dollar
  USD—US Dollar
  ZAR—South African Rand
    
  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
  ADR—American Depositary Receipt
  BABs—Build America Bonds
  BARC—Barclays Bank PLC
  BNP—BNP Paribas S.A.
  BOA—Bank of America, N.A.
  CA—Credit Agricole Securities Inc.
  CDX—Credit Derivative Index
  CITI—Citibank, N.A.
  CLO—Collateralized Loan Obligation
  CVA—Certificate Van Aandelen (Bearer)
  DAC—Designated Activity Company
  DB—Deutsche Bank AG
  EAFE—Europe, Australasia, Far East
  EMTN—Euro Medium Term Note
  ETF—Exchange-Traded Fund
  EURIBOR—Euro Interbank Offered Rate
  FHLMC—Federal Home Loan Mortgage Corporation
  GMTN—Global Medium Term Note
  GSI—Goldman Sachs International
  HSBC—HSBC Bank PLC
  IO—Interest Only (Principal amount represents notional)
  JPM—JPMorgan Chase Bank N.A.
  LP—Limited Partnership
  M—Monthly payment frequency for swaps
  MLP—Master Limited Partnership
  MSCI—Morgan Stanley Capital International
  MSI—Morgan Stanley & Co International PLC
  MTN—Medium Term Note
  N/A—Not Applicable
  OTC—Over-the-counter
  PIK—Payment-in-Kind
  PJSC—Public Joint-Stock Company
  PRFC—Preference Shares
  Q—Quarterly payment frequency for swaps
  REITs—Real Estate Investment Trust
  REMIC—Real Estate Mortgage Investment Conduit
  S&P—Standard & Poor’s
  SCB—Standard Chartered Bank
  SOFR—Secured Overnight Financing Rate
  SONIA—Sterling Overnight Index Average
  SSB—State Street Bank & Trust Company
  T—Swap payment upon termination
  TBA—To Be Announced
46
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
  TD—The Toronto-Dominion Bank
  UAG—UBS AG
  USOIS—United States Overnight Index Swap
    
* Non-income producing security.
# Principal or notional amount is shown in U.S. dollars unless otherwise stated.
~ See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.
^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $1,368,984 and 0.1% of net assets. 
(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $14,898,694; cash collateral of $15,181,808 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.
(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes dividend reinvestment.
(c) Variable rate instrument. The interest rate shown reflects the rate in effect at June 30, 2025.
(cc) Variable rate instrument. The rate shown is based on the latest available information as of June 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.
(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.
(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified date. Rate shown is the rate in effect as of period end.
(h) Represents security, or a portion thereof, segregated as collateral for OTC derivatives.
(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.
(n) Rate shown reflects yield to maturity at purchased date.
(oo) Perpetual security. Maturity date represents next call date.
(p) Represents a security with a delayed settlement and therefore the interest rate is not available until settlement which is after the period end.
(r) Principal or notional amount is less than $500 par.
(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.
(wa) Represents investments in Funds affiliated with the Manager.
(x) The following represents restricted securities that are acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law.
(x) Restricted Securities:
Issuer Description   Acquisition
Date 		  Original
Cost 		  Market
Value 		  Percentage
of
Net Assets
Digicel Group Holdings Ltd. (Jamaica), Sr. Sec’d. Notes, Series 1B14, 144A, 0.000%, 12/31/30   11/14/23    $4    $4   0.0 %
Digicel Group Holdings Ltd. (Jamaica), Sr. Sec’d. Notes, Series 3B14, 144A, 0.000%, 12/31/30^   11/14/23   3   —   0.0
Digicel Intermediate Holdings Ltd./Digicel International Finance Ltd./DIFL US LLC (Jamaica), Sr. Sec’d. Notes, Cash coupon 9.000% and PIK 2.250%, 11.250%, 05/25/27   01/30/24-05/15/25   220,040   242,395   0.0
Digicel International Finance Ltd. (Jamaica)*^   01/26/24-01/29/24   2,640   8,834   0.0
Digicel International Finance Ltd. (Jamaica)*   01/29/24-03/12/25   13,986   80,899   0.0
Digicel Midco Ltd./DIFL US II LLC (Jamaica), Sr. Unsec’d. Notes, PIK 10.500%, 10.500%, 11/25/28   01/30/24-05/15/25   21,717   31,278   0.0
Freedom Mortgage Corp., Sr. Unsec’d. Notes, 144A, 12.000%, 10/01/28   09/14/23   49,000   53,767   0.0
Total       $307,390   $417,177   0.0%
(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the Schedule of Investments:
Unfunded corporate bond commitment outstanding at June 30, 2025:
Issuer   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
New Generation Gas Gathering LLC, Sr. Sec’d. Notes, 144A, —%(p), Maturity Date 09/30/29 (cost $26,622)^    27   $26,622   $—   $—
Unfunded loan commitment outstanding at June 30, 2025:
Borrower   Principal
Amount
(000)# 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
Doncasters US Finance LLC, 2025 Delayed Draw Term Loan, —%(p), Maturity Date 04/01/30 (cost $300,000)^    300   $301,125   $1,125   $—
47
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Forward Commitment Contracts:                      
U.S. Government Agency Obligations   Interest
Rate 		  Maturity
Date 		  Settlement
Date 		  Principal
Amount
(000)# 		  Value
Federal National Mortgage Assoc.   4.500%   TBA   08/13/25      $(1,500)  $(1,434,163)  
Government National Mortgage Assoc.   4.000%   TBA   07/21/25     (500) (464,810)  
TOTAL FORWARD COMMITMENT CONTRACTS
(proceeds receivable $1,887,031) 		                  $(1,898,973)  
Options Purchased:
Exchange Traded  
Description Call/
Put 		  Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
3 Month SOFR Call   12/12/25     $99.75   36       90  $225  
(cost $507)                              
    
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option EUR vs MXN   Call   MSI   07/30/25     26.00   —   EUR   200  $20
Currency Option EUR vs PLN   Call   CITI   07/21/25     5.00   —   EUR   201 1
Currency Option EUR vs TRY   Call   JPM   07/14/25     80.00   —   EUR   199 45
Currency Option EUR vs TRY   Call   JPM   07/24/25     90.00   —   EUR   202 134
Currency Option USD vs BRL   Call   MSI   07/02/25     6.70   —       231 —
Currency Option USD vs BRL   Call   MSI   07/24/25     6.50   —       140 9
Currency Option USD vs CLP   Call   MSI   07/07/25     1,100.00   —       232 —
Currency Option USD vs CNH   Call   DB   09/24/25     7.95   —       2,790 149
Currency Option USD vs COP   Call   MSI   07/10/25     5,000.00   —       230 —
Currency Option USD vs JPY   Call   CITI   07/14/25     155.00   —       231 1
Currency Option USD vs KRW   Call   MSI   07/10/25     1,550.00   —       230 —
Currency Option USD vs KRW   Call   JPM   09/25/25     1,750.00   —       653 9
Currency Option USD vs MXN   Call   CITI   07/08/25     22.00   —       231 1
Currency Option USD vs TRY   Call   JPM   07/03/25     70.00   —       115 —
Currency Option USD vs TRY   Call   CITI   07/18/25     99.00   —       116 68
Currency Option USD vs TWD   Call   CITI   07/29/25     32.00   —       467 10
Currency Option USD vs ZAR   Call   CITI   07/03/25     21.00   —       115 —
Currency Option EUR vs USD   Put   MSI   07/03/25     1.00   —   EUR   198 —
Currency Option EUR vs USD   Put   CITI   07/07/25     1.05   —   EUR   101 —
Currency Option EUR vs USD   Put   MSI   07/17/25     1.05   —   EUR   270 —
Currency Option USD vs BRL   Put   MSI   07/07/25     4.90   —       677 —
Currency Option USD vs BRL   Put   MSI   07/10/25     5.00   —       115 —
Currency Option USD vs CNH   Put   DB   09/24/25     7.00   —       2,790 9,019
Currency Option USD vs INR   Put   JPM   01/08/26     75.00   —       1,447 191
Currency Option USD vs INR   Put   JPM   01/08/26     75.00   —       400 53
Currency Option USD vs KRW   Put   JPM   09/25/25     1,331.00   —       653 9,788
Currency Option USD vs TWD   Put   MSI   08/27/25     21.00   —       234 20
Currency Option USD vs TWD   Put   MSI   08/27/25     21.00   —       234 20
Currency Option USD vs ZAR   Put   CITI   07/29/25     16.00   —       140 3
Total OTC Traded (cost $19,954)                       $19,541  
    
OTC Swaptions    
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
3-Year Interest Rate Swap, 07/29/28   Call   JPM   07/25/25   2.90%   2.90%(A)   1 Day SOFR(A)/ 4.450%     3,200    $592
CDX.NA.IG.44.V1, 06/20/30   Put   JPM   09/17/25   0.60%   CDX.NA.IG.44.V1(Q)   1.00%(Q)     5,310   5,831
CDX.NA.IG.44.V1, 06/20/30   Put   JPM   09/17/25   0.63%   CDX.NA.IG.44.V1(Q)   1.00%(Q)     3,950   3,664
Total OTC Swaptions (cost $17,390)       $10,087
Total Options Purchased (cost $37,851)       $29,853
48
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Options Written:
Exchange Traded
Description   Call/
Put 		  Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
3 Month SOFR   Call   12/12/25     $96.25   20       50  $(12,500)
3 Month SOFR   Put   12/12/25     $96.25   20       50 (8,500)
Total Exchange Traded (premiums received $38,873)                       $(21,000)  
    
OTC Traded
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike Contracts   Notional
Amount
(000)# 		  Value
Currency Option EUR vs MXN   Call   MSI   07/30/25     22.35 —   EUR 200    $(1,979)
Currency Option EUR vs PLN   Call   CITI   07/21/25     4.28 —   EUR 201   (658)
Currency Option EUR vs TRY   Call   JPM   07/14/25     48.00 —   EUR 199   (1,961)
Currency Option EUR vs TRY   Call   JPM   07/24/25     49.50 —   EUR 202   (2,333)
Currency Option USD vs BRL   Call   MSI   07/02/25     5.70 —     231   —
Currency Option USD vs BRL   Call   MSI   07/24/25     5.65 —     140   (454)
Currency Option USD vs CLP   Call   MSI   07/07/25     940.00 —     232   (757)
Currency Option USD vs CNH   Call   DB   09/24/25     7.25 —     2,790   (6,424)
Currency Option USD vs COP   Call   MSI   07/10/25     4,300.00 —     230   (114)
Currency Option USD vs JPY   Call   CITI   07/14/25     145.00 —     231   (1,030)
Currency Option USD vs KRW   Call   MSI   07/10/25     1,390.00 —     230   (140)
Currency Option USD vs KRW   Call   JPM   09/25/25     1,385.00 —     653   (6,279)
Currency Option USD vs MXN   Call   CITI   07/08/25     19.40 —     231   (125)
Currency Option USD vs TRY   Call   JPM   07/03/25     41.00 —     115   (39)
Currency Option USD vs TRY   Call   CITI   07/18/25     42.00 —     116   (592)
Currency Option USD vs TWD   Call   CITI   07/29/25     29.15 —     467   (3,790)
Currency Option USD vs ZAR   Call   CITI   07/03/25     18.20 —     115   (8)
Currency Option EUR vs USD   Put   MSI   07/03/25     1.14 —   EUR 198   —
Currency Option EUR vs USD   Put   CITI   07/07/25     1.14 —   EUR 101   (4)
Currency Option EUR vs USD   Put   MSI   07/17/25     1.14 —   EUR 270   (114)
Currency Option USD vs BRL   Put   MSI   07/07/25     6.00 —     677   (70,356)
Currency Option USD vs BRL   Put   MSI   07/10/25     5.50 —     115   (1,649)
Currency Option USD vs INR   Put   JPM   01/08/26     87.00 —     927   (16,096)
Currency Option USD vs TWD   Put   MSI   07/29/25     27.70 —     117   (354)
Currency Option USD vs TWD   Put   MSI   07/29/25     27.70 —     117   (354)
Currency Option USD vs TWD   Put   MSI   08/27/25     27.70 —     117   (840)
Currency Option USD vs TWD   Put   MSI   08/27/25     27.70 —     117   (840)
Currency Option USD vs ZAR   Put   CITI   07/29/25     17.70 —     140   (1,636)
Total OTC Traded (premiums received $89,640)                     $(118,926)
    
OTC Swaptions
Description   Call/
Put 		  Counterparty   Expiration
Date 		  Strike   Receive   Pay   Notional
Amount
(000)# 		  Value
3-Year Interest Rate Swap, 07/29/28   Call   JPM   07/25/25   3.05%   1 Day SOFR(A)/ 4.450%   3.05%(A)     3,200    $(1,500)
CDX.NA.IG.44.V1, 06/20/30   Call   JPM   09/17/25   0.53%   CDX.NA.IG.44.V1(Q)   1.00%(Q)     5,310   (8,307)
CDX.NA.IG.44.V1, 06/20/30   Call   JPM   09/17/25   0.55%   CDX.NA.IG.44.V1(Q)   1.00%(Q)     3,950   (8,915)
CDX.NA.HY.44.V1, 06/20/30   Put   GSI   07/16/25   $99.00   5.00%(Q)   CDX.NA.HY.44.V1(Q)     650   (237)
CDX.NA.IG.44.V1, 06/20/30   Put   GSI   07/16/25   0.80%   1.00%(Q)   CDX.NA.IG.44.V1(Q)     3,250   (250)
CDX.NA.IG.44.V1, 06/20/30   Put   JPM   09/17/25   0.80%   1.00%(Q)   CDX.NA.IG.44.V1(Q)     5,310   (2,157)
CDX.NA.IG.44.V1, 06/20/30   Put   JPM   09/17/25   0.88%   1.00%(Q)   CDX.NA.IG.44.V1(Q)     3,950   (1,271)
Total OTC Swaptions (premiums received $27,263)       $(22,637)
Total Options Written (premiums received $155,776)       $(162,563)
49
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Futures contracts outstanding at June 30, 2025:
Number
of
Contracts 		  Type   Expiration
Date 		  Current
Notional
Amount 		  Value /
Unrealized
Appreciation
(Depreciation)
Long Positions:
43   2 Year U.S. Treasury Notes   Sep. 2025    $8,945,008    $31,682
171   5 Year U.S. Treasury Notes   Sep. 2025   18,639,000   186,460
181   10 Year U.S. Treasury Notes   Sep. 2025   20,294,625   348,461
173   10 Year U.S. Ultra Treasury Notes   Sep. 2025   19,767,954   408,153
182   20 Year U.S. Treasury Bonds   Sep. 2025   21,015,313   654,613
64   30 Year U.S. Ultra Treasury Bonds   Sep. 2025   7,624,000   229,116
8   Mini MSCI EAFE Index   Sep. 2025   1,072,680   8,114
9   Mini MSCI Emerging Markets Index   Sep. 2025   555,075   8,391
1   Russell 2000 E-Mini Index   Sep. 2025   109,585   188
24   S&P 500 E-Mini Index   Sep. 2025   7,504,500   191,513
                2,066,691
Short Positions:
14   5 Year Euro-Bobl   Sep. 2025   1,940,696   5,392
6   10 Year Euro-Bund   Sep. 2025   919,861   4,753
3   Euro Schatz Index   Sep. 2025   379,005   545
                10,690
                $2,077,381
Forward foreign currency exchange contracts outstanding at June 30, 2025:
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 07/02/25   GSI   BRL 9,231    $1,620,363    $1,698,254    $77,891    $—
Expiring 08/04/25   GSI   BRL 7,981   1,439,650   1,456,243   16,593   —
Chilean Peso,
Expiring 09/17/25   DB   CLP 130,060   140,000   139,582   —   (418)
Euro,
Expiring 07/22/25   BOA   EUR 100   114,000   117,695   3,695   —
Expiring 07/22/25   CITI   EUR 204   230,749   240,671   9,922   —
Expiring 07/22/25   CITI   EUR 200   231,000   236,516   5,516   —
Expiring 07/22/25   CITI   EUR 101   115,397   119,156   3,759   —
Expiring 07/22/25   DB   EUR 203   232,000   239,917   7,917   —
Expiring 07/22/25   DB   EUR 100   115,000   117,825   2,825   —
Expiring 07/22/25   MSI   EUR 1,018   1,156,580   1,201,063   44,483   —
Expiring 07/22/25   MSI   EUR 204   231,430   240,670   9,240   —
Hungarian Forint,
Expiring 07/22/25   BARC   HUF 49,069   136,040   144,462   8,422   —
Indian Rupee,
Expiring 08/29/25   HSBC   INR 39,903   463,500   464,255   755   —
Expiring 09/17/25   UAG   INR 97,286   1,132,734   1,130,958   —   (1,776)
Indonesian Rupiah,
Expiring 09/17/25   CITI   IDR 761,277   46,000   47,007   1,007   —
Expiring 09/17/25   HSBC   IDR 25,404,442   1,555,644   1,568,653   13,009   —
Expiring 09/17/25   HSBC   IDR 7,176,620   440,000   443,136   3,136   —
Japanese Yen,
Expiring 07/22/25   HSBC   JPY 20,964   147,000   145,959   —   (1,041)
Expiring 07/22/25   SCB   JPY 47,792   338,196   332,741   —   (5,455)
Mexican Peso,
Expiring 09/17/25   HSBC   MXN 9,415   484,560   497,602   13,042   —
New Taiwanese Dollar,
Expiring 09/17/25   MSI   TWD 10,398   360,000   363,970   3,970   —
Peruvian Nuevo Sol,
Expiring 09/17/25   CITI   PEN 547   152,701   154,005   1,304   —
Expiring 09/17/25   CITI   PEN 290   80,273   81,551   1,278   —
Expiring 09/17/25   CITI   PEN 288   80,640   81,111   471   —
50
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):
Purchase
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Peruvian Nuevo Sol (cont’d.),
Expiring 09/17/25   CITI   PEN 272    $76,058    $76,695    $637    $—
Expiring 09/17/25   MSI   PEN 919   251,940   258,846   6,906   —
Expiring 09/17/25   SCB   PEN 751   208,500   211,590   3,090   —
Philippine Peso,
Expiring 09/17/25   BOA   PHP 13,932   243,180   246,970   3,790   —
Expiring 09/17/25   BOA   PHP 11,097   193,000   196,716   3,716   —
Expiring 09/17/25   HSBC   PHP 36,239   647,583   642,396   —   (5,187)
Expiring 09/17/25   HSBC   PHP 19,374   335,820   343,443   7,623   —
Polish Zloty,
Expiring 07/22/25   HSBC   PLN 371   97,726   102,749   5,023   —
South African Rand,
Expiring 09/17/25   BARC   ZAR 7,644   428,750   429,298   548   —
South Korean Won,
Expiring 09/17/25   SCB   KRW 1,048,144   771,000   778,430   7,430   —
Thai Baht,
Expiring 09/17/25   UAG   THB 4,247   130,000   131,419   1,419   —
Turkish Lira,
Expiring 07/09/25   HSBC   TRY 29,031   712,470   723,593   11,123   —
Expiring 07/23/25   HSBC   TRY 4,712   115,000   116,032   1,032   —
Expiring 07/23/25   UAG   TRY 8,598   210,000   211,735   1,735   —
Expiring 07/30/25   BARC   TRY 6,031   146,408   147,490   1,082   —
              $15,610,892   $15,880,404   283,389   (13,877)
    
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts:
Brazilian Real,
Expiring 07/02/25   GSI   BRL 7,981    $1,450,587    $1,468,253    $—    $(17,666)
Expiring 07/02/25   HSBC   BRL 1,250   225,000   230,000   —   (5,000)
British Pound,
Expiring 07/22/25   DB   GBP 2,390   3,162,234   3,281,076   —   (118,842)
Chinese Renminbi,
Expiring 09/17/25   HSBC   CNH 20,125   2,822,645   2,829,185   —   (6,540)
Czech Koruna,
Expiring 07/22/25   CITI   CZK 11,155   507,846   531,795   —   (23,949)
Expiring 07/22/25   MSI   CZK 5,295   236,000   252,426   —   (16,426)
Euro,
Expiring 07/22/25   GSI   EUR 172   193,000   202,705   —   (9,705)
Expiring 07/22/25   HSBC   EUR 5,010   5,513,018   5,910,982   —   (397,964)
Expiring 07/22/25   HSBC   EUR 156   178,000   183,874   —   (5,874)
Expiring 07/22/25   JPM   EUR 393   443,000   463,527   —   (20,527)
Expiring 07/22/25   MSI   EUR 971   1,090,249   1,145,546   —   (55,297)
Expiring 07/22/25   SSB   EUR 5,299   6,067,962   6,251,522   —   (183,560)
Expiring 07/22/25   TD   EUR 5,175   5,914,310   6,105,328   —   (191,018)
Indian Rupee,
Expiring 09/17/25   JPM   INR 52,347   601,000   608,543   —   (7,543)
Japanese Yen,
Expiring 07/22/25   CITI   JPY 14,246   100,000   99,185   815   —
Mexican Peso,
Expiring 09/17/25   BOA   MXN 3,448   177,450   182,210   —   (4,760)
Expiring 09/17/25   DB   MXN 3,444   177,450   182,010   —   (4,560)
Expiring 09/17/25   DB   MXN 2,922   152,100   154,450   —   (2,350)
Expiring 09/17/25   MSI   MXN 2,185   114,000   115,486   —   (1,486)
New Taiwanese Dollar,
Expiring 09/17/25   CA   TWD 42,544   1,447,185   1,489,258   —   (42,073)
51
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Forward foreign currency exchange contracts outstanding at June 30, 2025 (continued):
Sale
Contracts 		  Counterparty   Notional
Amount
(000) 		  Value at
Settlement
Date 		  Current
Value 		  Unrealized
Appreciation 		  Unrealized
Depreciation
OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Singapore Dollar,
Expiring 09/17/25   BOA   SGD 1,300    $1,018,350    $1,028,007    $—    $(9,657)
Expiring 09/17/25   GSI   SGD 1,057   827,450   836,174   —   (8,724)
Expiring 09/17/25   MSI   SGD 524   407,550   414,671   —   (7,121)
South African Rand,
Expiring 09/17/25   GSI   ZAR 2,861   158,000   160,702   —   (2,702)
South Korean Won,
Expiring 09/17/25   MSI   KRW 2,090,231   1,554,318   1,552,363   1,955   —
Thai Baht,
Expiring 09/17/25   HSBC   THB 44,183   1,367,230   1,367,219   11   —
              $35,905,934   $37,046,497   2,781   (1,143,344)
                      $286,170   $(1,157,221)
Cross currency exchange contracts outstanding at June 30, 2025:
Settlement   Type   Notional
Amount
(000) 		  In Exchange
For (000) 		  Unrealized
Appreciation 		  Unrealized
Depreciation 		  Counterparty
OTC Cross Currency Exchange Contracts:
07/22/25   Buy   EUR 75   JPY 12,083    $4,755    $—   MSI
07/22/25   Buy   EUR 264   PLN 1,129   —   (1,534)   CITI
07/22/25   Buy   JPY 12,145   EUR 75   —   (4,324)   CITI
07/22/25   Buy   JPY 24,313   EUR 151   —   (8,487)   MSI
07/22/25   Buy   PLN 1,004   EUR 232   4,420   —   BNP
                    $9,175   $(14,345)    
Credit default swap agreements outstanding at June 30, 2025:
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
June 30,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:
GS_24-PCA   08/02/27   1.650%(M)     1,050   *    $1,403   $(274)   $1,677   GSI
    
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreement on corporate and/or sovereign issues - Buy Protection(1):
Republic of Italy   12/20/27   1.000%(Q)   EUR 685    $(18,864)    $(12,571)    $(6,293)   BARC
    
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
June 30,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2):
Bank of America Corp.   12/20/25   1.000%(Q)     470   0.239%    $1,834    $1,593    $241   GSI
Citigroup, Inc.   12/20/25   1.000%(Q)     470   0.252%   1,805   1,615   190   GSI
Hellenic Republic   06/20/27   1.000%(Q)     100   0.192%   1,578   1,375   203   BARC
Hellenic Republic   12/20/27   1.000%(Q)     75   0.251%   1,361   1,173   188   BARC
Morgan Stanley   12/20/25   1.000%(Q)     470   0.241%   1,829   1,593   236   GSI
Petroleos Mexicanos   12/24/25   3.750%(M)     350   3.104%   1,340   —   1,340   GSI
52
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Credit default swap agreements outstanding at June 30, 2025 (continued):
Reference
Entity/
Obligation 		  Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied
Credit
Spread at
June 30,
2025(4) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation) 		  Counterparty
OTC Credit Default Swap Agreements on corporate and/or sovereign issues - Sell Protection(2)(cont’d.):
Petroleos Mexicanos^   03/23/26   4.100%(M)     390   *    $2,667    $—    $2,667   GSI
SoftBank Group Corp.   06/20/26   1.000%(Q)     345   1.490%   (1,507)   (1,650)   143   GSI
UnitedHealth Group, Inc.   06/20/26   1.000%(Q)     185   0.223%   1,436   1,293   143   GSI
                      $12,343   $6,992   $5,351    
    
Reference
Entity/
Obligation 		Termination
Date 		  Fixed
Rate 		  Notional
Amount
(000)#(3) 		  Implied Credit
Spread at
June 30,
2025(4) 		  Value at
Trade Date 		  Value at
June 30,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Credit Default Swap Agreement on credit indices - Sell Protection(2):
CDX.NA.IG.44.V1 06/20/30   1.000%(Q)     11,370   0.510%   $230,933   $255,292   $24,359
The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.
(1) If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(2) If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.
(3) Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.
(4) Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
* When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.
Interest rate swap agreements outstanding at June 30, 2025:
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
June 30,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements:
GBP 928   05/08/26   1.000%(A)   1 Day SONIA(1)(A)/ 4.217%    $(34,697)    $36,098    $70,795
GBP 2,000   05/08/27   1.050%(A)   1 Day SONIA(1)(A)/ 4.217%   237,353   138,015   (99,338)
GBP 190   05/08/31   1.150%(A)   1 Day SONIA(1)(A)/ 4.217%   (8,272)   35,785   44,057
  20,450   08/19/25   4.395%(T)   1 Day SOFR(2)(T)/ 4.450%   281   (45,892)   (46,173)
53
PGIM Balanced Fund
Schedule of Investments as of June 30, 2025 (unaudited) (continued)
Interest rate swap agreements outstanding at June 30, 2025 (continued):
Notional
Amount
(000)# 		  Termination
Date 		  Fixed
Rate 		  Floating
Rate 		  Value at
Trade Date 		  Value at
June 30,
2025 		  Unrealized
Appreciation
(Depreciation)
Centrally Cleared Interest Rate Swap Agreements (cont’d.):
  11,110   08/31/25   4.805%(A)   1 Day SOFR(1)(A)/ 4.450%    $—    $(24,844)    $(24,844)
  11,000   05/11/26   4.750%(A)   1 Day SOFR(2)(A)/ 4.450%   46,464   79,098   32,634
  14,015   05/17/26   4.669%(A)   1 Day SOFR(1)(A)/ 4.450%   —   (92,462)   (92,462)
  2,590   09/25/26   4.699%(A)   1 Day SOFR(1)(A)/ 4.450%   479   (32,713)   (33,192)
  5,435   05/13/27   4.497%(A)   1 Day SOFR(2)(A)/ 4.450%   1,262   96,055   94,793
  3,385   05/13/29   4.253%(A)   1 Day SOFR(1)(A)/ 4.450%   (3,599)   (104,160)   (100,561)
  3,760   12/20/44   3.995%(A)   1 Day SOFR(2)(A)/ 4.450%   —   7,677   7,677
  3,010   12/16/49   3.805%(A)   1 Day SOFR(2)(A)/ 4.450%   (21,271)   (83,548)   (62,277)
  635   05/11/54   1.350%(A)   1 Day SOFR(1)(A)/ 4.450%   289,857   285,094   (4,763)
  3,555   12/14/54   3.136%(A)   1 Day SOFR(1)(A)/ 4.450%   51,991   82,145   30,154
  2,665   12/16/54   3.719%(A)   1 Day SOFR(1)(A)/ 4.450%   20,643   102,190   81,547
  2,865   12/20/54   3.825%(A)   1 Day SOFR(1)(A)/ 4.450%   —   54,816   54,816
                    $580,491   $533,354   $(47,137)
    
(1) The Fund pays the fixed rate and receives the floating rate.
(2) The Fund pays the floating rate and receives the fixed rate.
    
Total return swap agreement outstanding at June 30, 2025:
Reference Entity   Financing
Rate 		  Counterparty   Termination
Date 		  Long (Short)
Notional
Amount
(000)#(1) 		  Fair
Value 		  Upfront
Premiums
Paid
(Received) 		  Unrealized
Appreciation
(Depreciation)(2)
OTC Total Return Swap Agreement:
Total Return Benchmark Bond Index(T)   1 Day USOIS -40bps(T)/ 3.930%   GSI   09/19/25   (6,166)   $18,986   $—   $18,986
(1) On a long total return swap, the Fund receives payments for any positive return on the reference entity (makes payments for any negative return) and pays the financing rate. On a short total return swap, the Fund makes payments for any positive return on the reference entity (receives payments for any negative return) and receives the financing rate.
(2) Upfront/recurring fees or commissions, as applicable, are included in the net unrealized appreciation (depreciation).
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).
54