WHAT AFFECTED FUND’S PERFORMANCE DURING THE REPORTING PERIOD?

■

Market gains continued to be fueled by large-cap stocks, which small-cap names by over 17% during the reporting period. US

small-cap stocks (as measured by the Russell 2000 Index) declined 0.55%, while large-cap stocks (as measured by the Russell 1000 Index)

gained 16.54%. Additionally, growth stocks continued to outpace value stocks. Although this gap was most significant among large-caps, the

Russell 2000 Value Index (-4.27%) trailed the Russell 2000 Growth Index (3.15%) by over 7%.

■

PGIM Quantitative Solutions’ focus on stocks with valuations and attractive business prospects drove underperformance, as the Fund

lagged the Russell 2000 Value Index in seven of the 11 economic sectors.

■

The most significant detractors relative to the Russell 2000 Index were positions across multiple industries in the materials,

communication services, and information technology sectors.

■

The most substantial positive contributions from financials, driven by PGIM Quantitative Solutions’ positioning among insurance and

financial services companies.

THE

■

Market gains continued to be fueled by large-cap stocks, which outperformed small-cap names by over 17% during the reporting period. US

small-cap stocks (as measured by the Russell 2000 Index) declined 0.55%, while -cap stocks (as measured by the Russell 1000 Index)

gained 16.54%. Additionally, growth stocks continued to outpace value stocks. Although this gap was most significant among large-caps, the

Russell 2000 Value Index (-4.27%) trailed the Russell 2000 Growth Index (3.15%) by over 7%.

■

PGIM Quantitative Solutions’ focus on stocks low valuations and attractive business prospects drove underperformance, as the Fund

lagged the Russell 2000 Value Index in seven of the 11 economic sectors.

■

The most significant detractors relative to the Russell 2000 Value were positions across multiple industries in the materials,

communication services, and information technology sectors.

■

The most substantial positive contributions came financials, driven by PGIM Quantitative Solutions’ positioning among insurance and

financial services companies.

WHAT ARE SOME CHARACTERISTICS THE FUND’S HOLDINGS AS OF 7/31/2025?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

For the year ended July 31, 2025, the Class C shares total annual Fund operating expenses after waivers and/or expense reimbursement

increased from 2.49% in the year ended July 31, 2024 to 2.76% primarily due to a decrease in Fund's net assets.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 29, 2025 at

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

WHAT AFFECTED THE FUND’S PERFORMANCE DURING REPORTING PERIOD?

■

Market gains continued to be fueled by large-cap stocks, which small-cap names by over 17% during the reporting period. US

small-cap stocks (as measured by the Russell 2000 Index) declined 0.55%, while large-cap stocks (as measured by the Russell 1000 Index)

gained 16.54%. Additionally, growth stocks continued to outpace value stocks. Although this gap was most significant among large-caps, the

Russell 2000 Value Index (-4.27%) trailed the Russell 2000 Growth Index (3.15%) by over 7%.

■

PGIM Quantitative Solutions’ focus on stocks with low and attractive business prospects drove underperformance, as the Fund

lagged the Russell 2000 Value Index in seven of the 11 economic sectors.

■

The most significant detractors relative to Russell 2000 Value Index were positions across multiple industries in the materials,

communication services, and information technology sectors.

■

The most substantial positive contributions came from financials, by PGIM Quantitative Solutions’ positioning among insurance and

financial services companies.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

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

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2025?

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

■

Market gains continued to be fueled by large-cap stocks, which outperformed small-cap names by over 17% during the reporting period. US

small-cap stocks (as measured by the Russell 2000 Index) declined 0.55%, while large-cap stocks (as measured by the Russell 1000 Index)

gained 16.54%. Additionally, growth stocks continued to outpace value stocks. Although this gap was most significant among large-caps, the

Russell 2000 Value Index (-4.27%) trailed the Russell 2000 Growth Index (3.15%) by over 7%.

■

PGIM Quantitative Solutions’ focus on stocks with low valuations and attractive business prospects drove underperformance, as the Fund

lagged the Russell 2000 Value Index in seven of the 11 economic sectors.

■

The most significant detractors relative to the Russell 2000 Value Index were positions across multiple industries in the materials,

communication services, and information technology sectors.

■

The most substantial positive contributions came from financials, driven by PGIM Quantitative Solutions’ positioning among insurance and

financial services companies.

ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2025?

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

■

Market gains continued to be fueled by large-cap stocks, which outperformed small-cap names by over 17% during the reporting period. US

small-cap stocks (as measured by the Russell 2000 Index) declined 0.55%, while large-cap stocks (as measured by the Russell 1000 Index)

gained 16.54%. Additionally, growth stocks continued to outpace value stocks. Although this gap was most significant among large-caps, the

Russell 2000 Value Index (-4.27%) trailed the Russell 2000 Growth Index (3.15%) by over 7%.

■

PGIM Quantitative Solutions’ focus on stocks with low valuations and attractive business prospects drove underperformance, as the Fund

lagged the Russell 2000 Value Index in seven of the 11 economic sectors.

■

The most significant detractors relative to the Russell 2000 Value Index were positions across multiple industries in the materials,

communication services, and information technology sectors.

■

The most substantial positive contributions came from financials, driven by PGIM Quantitative Solutions’ positioning among insurance and

financial services companies.

T

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

■

Market gains continued to be fueled by large-cap stocks, which outperformed small-cap names by over 17% during the reporting period. US

small-cap stocks (as measured by the Russell 2000 Index) declined 0.55%, while large-cap stocks (as measured by the Russell 1000 Index)

gained 16.54%. Additionally, growth stocks continued to outpace value stocks. Although this gap was most significant among large-caps, the

Russell 2000 Value Index (-4.27%) trailed the Russell 2000 Growth Index (3.15%) by over 7%.

■

PGIM Quantitative Solutions’ focus on stocks with low valuations and attractive business prospects drove underperformance, as the Fund

lagged the Russell 2000 Value Index in seven of the 11 economic sectors.

■

The most significant detractors relative to the Russell 2000 Value Index were positions across multiple industries in the materials,

communication services, and information technology sectors.

■

The most substantial positive contributions came from financials, driven by PGIM Quantitative Solutions’ positioning among insurance and

financial services companies.

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

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened, recovering from the US

administration’s announcement of reciprocal tariffs on April 2, 2025. The US Federal Reserve's easing cycle, which began with three rate cuts

in the second half of 2024, was paused in the first half of 2025 amid increased uncertainty over the impact of US policy changes on the

domestic labor market and inflation. Indeed, Core PCE came in higher than expected for the reporting period. In addition, revisions to the

non-farm payroll report in July 2025 revealed a weaker labor market than previously indicated, causing investors to reprice their expectations

for a September rate cut and a steepening of the US Treasury yield curve. (A yield curve is a line graph that illustrates the relationship between

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

■

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

non-agency commercial mortgage-backed securities (CMBS), AAA collateralized loan obligations (CLO), and US investment-grade corporate

sectors; security selection in AAA CLOs, AAA non-agency CMBS, US Treasuries, asset-backed securities (ABS), and US investment-grade

corporates; credit positioning in banking, aerospace & defense, and technology.

■

The following strategies detracted from performance during the period: duration positioning and security selection in MBS.

■

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

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

from performance.

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2025?

 

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

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

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

100.0% due to rounding.

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Effective April 7, 2025, the Fund’s investment strategy was revised to clarify that the Fund may invest up to 5% of its investable assets in below

investment-grade securities. At this time, the Fund's principal risk disclosure was revised to include

“

Junk Bonds Risk

”

as a principal risk of the

Fund.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 29, 2025 at

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

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

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened, recovering from the US

administration’s announcement of reciprocal tariffs on April 2, 2025. The US Federal Reserve's easing cycle, which began with three rate cuts

in the second half of 2024, was paused in the first half of 2025 amid increased uncertainty over the impact of US policy changes on the

domestic labor market and inflation. Indeed, Core PCE came in higher than expected for the reporting period. In addition, revisions to the

non-farm payroll report in July 2025 revealed a weaker labor market than previously indicated, causing investors to reprice their expectations

for a September rate cut and a steepening of the US Treasury yield curve. (A yield curve is a line graph that illustrates the relationship between

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

■

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

non-agency commercial mortgage-backed securities (CMBS), AAA collateralized loan obligations (CLO), and US investment-grade corporate

sectors; security selection in AAA CLOs, AAA non-agency CMBS, US Treasuries, asset-backed securities (ABS), and US investment-grade

corporates; credit positioning in banking, aerospace & defense, and technology.

■

The following strategies detracted from performance during the period: duration positioning and security selection in MBS.

■

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

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

from performance.

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2025?

 

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

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

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

100.0% due to rounding.

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Effective April 7, 2025, the Fund’s investment strategy was revised to clarify that the Fund may invest up to 5% of its investable assets in below

investment-grade securities. At this time, the Fund's principal risk disclosure was revised to include

“

Junk Bonds Risk

”

as a principal risk of the

Fund.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 29, 2025 at

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

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

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

■

During the reporting period, credit spreads across a broad spectrum of fixed income asset classes generally tightened, recovering from the US

administration’s announcement of reciprocal tariffs on April 2, 2025. The US Federal Reserve's easing cycle, which began with three rate cuts

in the second half of 2024, was paused in the first half of 2025 amid increased uncertainty over the impact of US policy changes on the

domestic labor market and inflation. Indeed, Core PCE came in higher than expected for the reporting period. In addition, revisions to the

non-farm payroll report in July 2025 revealed a weaker labor market than previously indicated, causing investors to reprice their expectations

for a September rate cut and a steepening of the US Treasury yield curve. (A yield curve is a line graph that illustrates the relationship between

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

■

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

non-agency commercial mortgage-backed securities (CMBS), AAA collateralized loan obligations (CLO), and US investment-grade corporate

sectors; security selection in AAA CLOs, AAA non-agency CMBS, US Treasuries, asset-backed securities (ABS), and US investment-grade

corporates; credit positioning in banking, aerospace & defense, and technology.

■

The following strategies detracted from performance during the period: duration positioning and security selection in MBS.

■

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

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

from performance.

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2025?

 

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

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

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

100.0% due to rounding.

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2024:

■

Effective April 7, 2025, the Fund’s investment strategy was revised to clarify that the Fund may invest up to 5% of its investable assets in below

investment-grade securities. At this time, the Fund's principal risk disclosure was revised to include

“

Junk Bonds Risk

”

as a principal risk of the

Fund.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 29, 2025 at

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