PGIM Core Bond Fund
Target Portfolio Trust · 5 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
PGIM Core Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
Fund profile
As filed in the prospectus · 2025 Q3
The investment objective of the Fund is total return .
The fund invests at least 80% of its assets in bonds—including government, corporate, mortgage-related, and asset-backed securities—selected by its subadviser using top-down economic analysis, bottom-up credit research, and quantitative models to identify relative value and total return opportunities. The subadviser may trade actively and use derivatives to manage duration and currency exposure. Because security selection depends on the subadviser's analysis and outlook on individual issuers, fund performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| TAIBX | 0.46% | 0.34% |
| TPCAX | 0.68% | 0.66% |
| TPCCX | 1.74% | 1.46% |
| TPCQX | 0.36% | 0.33% |
| TPCRX | — | 0.96% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 121.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 51.59% |
| Bonds | 44.86% |
| Cash & short-term | 2.44% |
| Derivatives | -0.13% |
Look-through blends 3 underlying funds; 0.0% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Securitized | 50.8% |
| Government | 13.9% |
| Other | 10.6% |
| Financials | 7.8% |
| 12 smaller | 16.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: FEDERAL NATIONAL MORTGAGE ASSOCIATION ×3, (PIPA070) PGIM Core Government Money Market Fund, PRUDENTIAL INVESTMENT PORTFOLIOS 9, UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT ×2, FEDERAL HOME LOAN MORTGAGE CORP
Largest exited: PGIM Institutional Money Market Fund - D, (PIPA070) PGIM Core Government Money Market Fund, Fannie Mae or Freddie Mac ×2, Government National Mortgage A, Tikehau US CLO Ltd, Freddie Mac ×2
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.51% | +12.90% | +1.59% | 3.52% | -5.65% | |
| +4.18% | +11.83% | -0.03% | 3.52% | -5.91% | |
| +3.23% | +9.08% | -3.99% | 3.68% | -6.28% | |
| +4.52% | +12.95% | +1.67% | 3.63% | -5.64% | |
| +3.86% | +10.80% | -1.52% | 3.64% | -6.06% |
These classes hold the same portfolio, so the 5.66pp spread over 5 years is the cost difference between them — roughly 1.13pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 84.0% |
| Floating rate | 14.7% |
| Zero-coupon or unclassified | 1.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.6% |
| 1-3y | 6.5% |
| 3-5y | 11.6% |
| 5-10y | 15.9% |
| 10y+ | 64.2% |
| Unknown | 0.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying nearly as much.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Interest rates | 58% |
| Credit spreads | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| Investment grade | +3.69 yr |
| High yield | +0.06 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.61 yr | 12% |
| 5 yr | 1.60 yr | 30% |
| 10 yr | 2.11 yr | 40% |
| 30 yr | 0.92 yr | 17% |
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.46 yr | 12% |
| 5 yr | 2.25 yr | 60% |
| 10 yr | 0.94 yr | 25% |
| 30 yr | 0.09 yr | 2% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.04 | +0.01 | +0.00 | $3.0k | $215 |
| 1 yr | +0.61 | +0.44 | +0.02 | $106.2k | $4.3k |
| 5 yr | +1.60 | +2.22 | +0.03 | $537.2k | $7.3k |
| 10 yr | +2.11 | +0.93 | +0.01 | $224.8k | $2.1k |
| 30 yr | +0.92 | +0.09 | +0.00 | $21.0k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| — | PGIM ETF Trust | 3.02% | $51.29 | $72.93M | 1.4M |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.00% · due 2052-11-15 | 2.24% | — | $54.09M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT3.38% · due 2042-08-15 | 1.31% | — | $31.78M | — |
| — | PGIM ETF Trust | 1.19% | $50.04 | $28.77M | 575.0K |
| — | (PIPA070) PGIM Core Government Money Market Fund | 1.14% | — | $27.59M | — |
| — | PRUDENTIAL INVESTMENT PORTFOLIOS 9 | 1.04% | — | $25.12M | — |
| — | PGIM ETF Trust | 0.93% | $49.99 | $22.50M | 450.0K |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT5.00% · due 2045-05-15 | 0.92% | — | $22.17M | — |
| — | UNITED STATES OF AMERICA - BUREAU OF THE PUBLIC DEBT4.00% · due 2033-01-31 | 0.90% | — | $21.67M | — |
| — | FEDERAL HOME LOAN MORTGAGE CORP4.50% · due 2052-09-01 | 0.75% | — | $18.18M | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
Top 10 positions are 13.44% of net assets, top 25 22.42%, across 516 issuers.
See more of this fund's book
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