# EDGAR Filing Document

**Accession Number:** 0001099692
**File Stem:** 0001193125-23-081758
**Filing Date:** 2023-3
**Character Count:** 507091
**Document Hash:** d0df356110390b48edf8cb6dcea9eeee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-081758.hdr.sgml**: 20230328

**ACCESSION NUMBER**: 0001193125-23-081758

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20230131

**FILED AS OF DATE**: 20230328

**DATE AS OF CHANGE**: 20230328

**EFFECTIVENESS DATE**: 20230328

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 2
- **CENTRAL INDEX KEY:** 0001099692
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09999
- **FILM NUMBER:** 23767296

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** PRUDENTIAL TOWER SOUTH , 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** PRUDENTIAL TOWER SOUTH , 17TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN CORE INVESTMENT FUND
- **DATE OF NAME CHANGE:** 20030721

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL CORE INVESTMENT FUND
- **DATE OF NAME CHANGE:** 20000623

## Series and Classes Contracts Data

### PGIM Quant Solutions Commodity Strategies Fund (Series ID: S000055760)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175582 | Class R6     | PQCMX           |
| C000233225 | Z            | PQCZX           |

### PGIM Core Conservative Bond Fund (Series ID: S000055761)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175583 | Class R6     | PQCNX           |

### PGIM Jennison Small-Cap Core Equity Fund (Series ID: S000055762)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175584 | Class R6     | PQJCX           |

### PGIM Quant Solutions Mid-Cap Core Fund (Series ID: S000055765)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175587 | Class R6     | PQCCX           |

### PGIM Quant Solutions US Broad Market Index Fund (Series ID: S000055766)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175588 | Class R6     | PQBMX           |

### PGIM TIPS Fund (Series ID: S000055767)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000175589 | Class R6     | PQTSX           |

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT** 

**COMPANIES** 

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09999 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 2 |
| ***(This Form N-CSR relates solely to the Registrant's: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Core Fund and PGIM Quant Solutions US Broad Market Index Fund.)*** | ***(This Form N-CSR relates solely to the Registrant's: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Core Fund and PGIM Quant Solutions US Broad Market Index Fund.)*** |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 7/31/2023 |
| Date of reporting period: | 1/31/2023 |

---

------

Item 1 – Reports to Stockholders

------

![LOGO](g439424spp1.jpg)

**PGIM Jennison Small-Cap Core Equity Fund** 

**PGIM Core Conservative Bond Fund** 

**PGIM TIPS Fund** 

**PGIM Quant Solutions Commodity Strategies Fund** 

**PGIM Quant Solutions Mid-Cap Core Fund** 

**PGIM Quant Solutions US Broad Market Index Fund** 

**SEMIANNUAL REPORT** 

**JANUARY 31, 2023**![LOGO](g439424spppp1.jpg)

**To enroll in e-delivery, go to pgim.com/investments/resource/edelivery** 

------

**Table of Contents** 

---

| | |
|:---|:---|
|  [Letter from the President](#edgar439424_1) | &nbsp;&nbsp;&nbsp;&nbsp;3 |
|  [PGIM Jennison Small-Cap Core Equity Fund](#edgar439424_2) | &nbsp;&nbsp;&nbsp;&nbsp;4 |
|  [PGIM Core Conservative Bond Fund](#edgar439424_3) | &nbsp;&nbsp;&nbsp;&nbsp;6 |
|  [PGIM TIPS Fund](#edgar439424_4) | &nbsp;&nbsp;&nbsp;&nbsp;8 |
|  [PGIM Quant Solutions Commodity Strategies Fund](#edgar439424_5) | &nbsp;&nbsp;&nbsp;&nbsp;9 |
|  [PGIM Quant Solutions Mid-Cap Core Fund](#edgar439424_6) | &nbsp;&nbsp;&nbsp;&nbsp;11 |
|  [PGIM Quant Solutions US Broad Market Index Fund](#edgar439424_7) | &nbsp;&nbsp;&nbsp;&nbsp;13 |
|  [Fees and Expenses](#edgar439424_8) | &nbsp;&nbsp;&nbsp;&nbsp;15 |
|  [Holdings and Financial Statements](#edgar439424_9) | &nbsp;&nbsp;&nbsp;&nbsp;19 |

---

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund's portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2023 were not audited and, accordingly, no auditor's opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC a Prudential Financial company and member SIPC. Jennison Associates LLC is a registered investment adviser. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM Quantitative Solutions LLC, is a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company <sup>©</sup> 2023 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2 Visit our website at pgim.com/investments

------

**Letter from the President** 

---

| | |
|:---|:---|
| ![LOGO](g439424sp2a.jpg) | Dear Shareholder:<br>We hope you find this semiannual report for the following funds informative and useful: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Core Fund, and PGIM Quant Solutions US Broad Market Index Fund. This report covers performance for the six-month period ended January 31, 2023. |

---

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world's 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

![LOGO](g439424sp2b.jpg)

**Stuart S. Parker, President and CEO** 

PGIM Investments LLC

March 15, 2023

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23**<br> **(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Fund | 6.97 | -6.90 | 8.47 | &nbsp;&nbsp;&nbsp;&nbsp;10.91 (11/15/2016) |
| &nbsp;&nbsp; Russell 2000 Index | &nbsp;&nbsp; Russell 2000 Index |  |  |  |
|  | 3.25 | -3.38 | 5.54 | &nbsp;&nbsp;&nbsp;&nbsp;7.74 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

**Benchmark Definition** 

**Russell 2000 Index**—The Russell 2000<sup>®</sup> Index is an unmanaged index of the 2,000 smallest US companies included in the Russell 3000<sup>®</sup> Index. It gives an indication of how the stock prices of smaller companies have performed.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

4 Visit our website at pgim.com/investments

------

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Line of Business** | **% of Net Assets** |
| &nbsp;&nbsp; PDC Energy, Inc. | Oil, Gas & Consumable Fuels | 2.1% |
| &nbsp;&nbsp; Trinity Industries, Inc. | Machinery | 2.0% |
| &nbsp;&nbsp; elf Beauty, Inc. | Personal Products | 2.0% |
| &nbsp;&nbsp; Performance Food Group Co. | Food & Staples Retailing | 1.9% |
| &nbsp;&nbsp; Chord Energy Corp. | Oil, Gas & Consumable Fuels | 1.9% |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | Insurance | 1.8% |
| &nbsp;&nbsp; Summit Materials, Inc. (Class A Stock) | Construction Materials | 1.8% |
| &nbsp;&nbsp; Cactus, Inc. (Class A Stock) | Energy Equipment & Services | 1.6% |
| &nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock) | IT Services | 1.6% |
| &nbsp;&nbsp; Patterson-UTI Energy, Inc. | Energy Equipment & Services | 1.5% |

---

Holdings reflect only long-term investments and are subject to change.

------

**PGIM Core Conservative Bond Fund** 

**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Fund | -2.41 | -8.87 | 0.41 | &nbsp;&nbsp;&nbsp;&nbsp;0.50 (11/15/2016) |
| &nbsp;&nbsp; Bloomberg US Aggregate Bond Index | &nbsp;&nbsp; Bloomberg US Aggregate Bond Index |  |  |  |
|  | -2.37 | -8.36 | 0.86 | &nbsp;&nbsp;&nbsp;&nbsp;1.10 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

**Benchmark Definition** 

**Bloomberg US Aggregate Bond Index**—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and US dollar denominated. It covers the US investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

6 Visit our website at pgim.com/investments

------

---

| | |
|:---|:---|
| **Credit Quality expressed as a percentage of total investments as of 1/31/23 (%)** | |
| &nbsp;&nbsp;&nbsp;&nbsp; AAA | 74.1 |
| &nbsp;&nbsp;&nbsp;&nbsp; AA | 5.0 |
| &nbsp;&nbsp;&nbsp;&nbsp; A | 7.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; BBB | 12.8 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash/Cash Equivalents | 0.3 |
| &nbsp;&nbsp;&nbsp;Total | 100.0 |

---

*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. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.* 

------

**PGIM TIPS Fund** 

**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Fund | -5.50 | -8.43 | 2.31 | &nbsp;&nbsp;&nbsp;&nbsp;2.03 (11/15/2016) |
| &nbsp;&nbsp; Bloomberg US Treasury Inflation-Protected (TIPS) Index | &nbsp;&nbsp; Bloomberg US Treasury Inflation-Protected (TIPS) Index |  |  |  |
|  | -5.55 | -8.38 | 2.66 | &nbsp;&nbsp;&nbsp;&nbsp;2.48 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

**Benchmark Definition** 

**Bloomberg US Treasury Inflation-Protected (TIPS) Index—**The Bloomberg US Treasury Inflation-Protected (TIPS) Index is an unmanaged index that consists of inflation-protected securities issued by the US Treasury.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

---

| | |
|:---|:---|
| **Credit Quality expressed as a percentage of total investments as of 1/31/23 (%)** | **Credit Quality expressed as a percentage of total investments as of 1/31/23 (%)** |
| &nbsp;&nbsp;&nbsp;&nbsp; AAA | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cash/Cash Equivalents | 1 |
| &nbsp;&nbsp;&nbsp;Total | 100 |

---

*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. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.* 

8 Visit our website at pgim.com/investments

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Class R6 | -7.57 | 7.55 | 6.97 | &nbsp;&nbsp;&nbsp;&nbsp;7.10 (11/15/2016) |
| &nbsp;&nbsp; Class Z | -7.64 | 7.47 | N/A | 19.60 (12/14/2021) |
| &nbsp;&nbsp; Bloomberg Commodity Index |  |  |  |  |
|  | -6.45 | 6.20 | 5.92 |  |

---

---

| | | |
|:---|:---|:---|
| **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** | **Average Annual Total Returns as of 1/31/23 Since Inception (%)** |
|  | **Class R6** | **Class Z** |
|  | **(11/15/2016)** | **(12/14/2021)** |
| &nbsp;&nbsp; Bloomberg Commodity Index | 5.70 | 16.58 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

**Benchmark Definition** 

**Bloomberg Commodity Index**—The Bloomberg Commodity Index is a diversified benchmark for the commodity futures market. It is composed of futures contracts on 23 physical commodities traded on US exchanges, with the exception of aluminum, nickel, and zinc, which trade on the London Metal Exchange (LME).

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | |
|:---|:---|
| <br> &nbsp;&nbsp;&nbsp;&nbsp;**Ten Largest Commodities Future Exposure Holdings** | <br> **% of Net Assets**  |
| &nbsp;&nbsp; Gold 100 OZ | 14.0% |
| &nbsp;&nbsp; WTI Crude | 8.4% |
| &nbsp;&nbsp; Brent Crude | 7.5% |
| &nbsp;&nbsp; Soybean | 6.7% |
| &nbsp;&nbsp; Corn | 5.9% |
| &nbsp;&nbsp; Copper | 5.5% |
| &nbsp;&nbsp; Natural Gas | 5.5% |
| &nbsp;&nbsp; LME Zinc | 5.4% |
| &nbsp;&nbsp; Soybean Oil | 5.0% |
| &nbsp;&nbsp; LME PRI Aluminum | 4.2% |

---

10 Visit our website at pgim.com/investments

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23<br>(with sales charges)** | **Average Annual Total Returns as of 1/31/23<br>(with sales charges)** | **Average Annual Total Returns as of 1/31/23<br>(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Fund | 7.54 | 4.15 | 5.86 | &nbsp;&nbsp;&nbsp;&nbsp;8.43 (11/17/2016) |
| &nbsp;&nbsp; S&P MidCap 400 Index |  |  |  |  |
|  | 6.47 | 2.34 | 7.99 | &nbsp;&nbsp;&nbsp;&nbsp;9.95 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

**Benchmark Definition** 

**S&P MidCap 400 Index**\*—The S&P MidCap 400 Index is an unmanaged index of 400 domestic stocks chosen for market capitalization, liquidity and industry representation. It gives a broad look at how US mid-cap stock prices have performed.

\*The S&P MidCap 400 Index ("Index") is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright <sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices, please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Line of Business** | **% of Net Assets** |
| &nbsp;&nbsp; iShares Core S&P Mid-Cap ETF | Exchange-Traded Funds | 1.9% |
| &nbsp;&nbsp; United Therapeutics Corp. | Biotechnology | 1.2% |
| &nbsp;&nbsp; Reinsurance Group of America, Inc. | Insurance | 1.2% |
| &nbsp;&nbsp; Reliance Steel & Aluminum Co. | Metals & Mining | 1.1% |
| &nbsp;&nbsp; Jabil, Inc. | Electronic Equipment, Instruments & Components | 1.1% |
| &nbsp;&nbsp; UGI Corp. | Gas Utilities | 1.1% |
| &nbsp;&nbsp; Toll Brothers, Inc. | Household Durables | 1.0% |
| &nbsp;&nbsp; Hubbell, Inc. | Electrical Equipment | 1.0% |
| &nbsp;&nbsp; PVH Corp. | Textiles, Apparel & Luxury Goods | 1.0% |
| &nbsp;&nbsp; Macy's, Inc. | Multiline Retail | 1.0% |

---

12 Visit our website at pgim.com/investments

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Your Fund's Performance** 

**Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Total Returns as of 1/31/23<br>(without sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** | **Average Annual Total Returns as of 1/31/23**<br> **(with sales charges)** |
|  | **Six Months\* (%)** | **One Year (%)** | **Five Years (%)** | **Since Inception (%)** |
| &nbsp;&nbsp; Fund | 0.07 | -7.51 | 9.25 | &nbsp;&nbsp;&nbsp;&nbsp;12.15 (11/17/2016) |
| &nbsp;&nbsp; S&P Composite 1500 Index |  |  |  |  |
|  | 0.04 | -7.46 | 9.38 | &nbsp;&nbsp;&nbsp;&nbsp;12.26 |

---

\*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class's inception date.

**Benchmark Definition** 

**S&P Composite 1500 Index**\*—The S&P Composite 1500<sup>®</sup> Index is an unmanaged index of the stocks of 1,500 US companies, with market capitalizations ranging from small to large. The S&P Composite 1500 Index is a combination of three leading US stock indices: The S&P 500 Index (which measures the performance of US large cap stocks), the S&P MidCap 400 Index (which measures the performance of mid cap stocks) and the S&P 600 Index (which measures the performance of US small cap stocks) and gives an indication of how the broad US stock market has performed.

\*The S&P Composite 1500 Index (the Index) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright<sup>©</sup> 2023 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC's indices please visit www.spdji.com. S&P<sup>®</sup> is a registered trademark of S&P Global and Dow Jones<sup>®</sup> is a registered trademark of Dow Jones Trademark Holdings LLC.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Your Fund's Performance** (continued)

**Presentation of Fund Holdings** as of 1/31/23

---

| | | |
|:---|:---|:---|
| **Ten Largest Holdings** | **Line of Business** | **% of Net Assets** |
| &nbsp;&nbsp; Apple, Inc. | Technology Hardware, Storage & Peripherals | 5.6% |
| &nbsp;&nbsp; Microsoft Corp. | Software | 4.8% |
| &nbsp;&nbsp; Amazon.com, Inc. | Internet & Direct Marketing Retail | 2.4% |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock) | Interactive Media & Services | 1.5% |
| &nbsp;&nbsp; iShares Core S&P 500 ETF | Exchange-Traded Funds | 1.5% |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock) | Diversified Financial Services | 1.4% |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock) | Interactive Media & Services | 1.4% |
| &nbsp;&nbsp; NVIDIA Corp. | Semiconductors & Semiconductor Equipment | 1.3% |
| &nbsp;&nbsp; Exxon Mobil Corp. | Oil, Gas & Consumable Fuels | 1.2% |
| &nbsp;&nbsp; UnitedHealth Group, Inc. | Health Care Providers & Services | 1.2% |

---

Holdings reflect only long-term investments and are subject to change.

14 Visit our website at pgim.com/investments

------

**Fees and Expenses** 

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2023. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

*Actual Expenses* 

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading "Expenses Paid During the Six-Month Period" to estimate the expenses you paid on your account during this period.

*Hypothetical Example for Comparison Purposes* 

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund's transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information

------

**Fees and Expenses** (continued)

provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Jennison Small-Cap Core**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Fund** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Jennison Small-Cap Core**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Equity Fund** | **Beginning**<br> **Account Value<br> August 1, 2022**  | **Ending**<br> **Account Value<br> January 31, 2023**  | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period**  | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
|  **Class R6** | Actual | $1000.00 | $1069.70 | 0.95% | $4.96 |
|  | Hypothetical | $1000.00 | $1020.42 | 0.95% | $4.84 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Core Conservative Bond**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Core Conservative Bond**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | **Beginning**<br> **Account Value**<br> **August 1, 2022** | **Ending**<br> **Account Value**<br> **January 31, 2023** | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> **Six-Month Period\*** |
|  **Class R6** | Actual | $1000.00 | $975.90 | 0.50% | $2.49 |
|  | Hypothetical | $1000.00 | $1022.68 | 0.50% | $2.55 |
| &nbsp;&nbsp;&nbsp; **PGIM TIPS Fund** | &nbsp;&nbsp;&nbsp; **PGIM TIPS Fund** | **Beginning**<br> **Account Value**<br> **August 1, 2022** | **Ending**<br> **Account Value**<br> **January 31, 2023** | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> **Six-Month Period\*** |
|  **Class R6** | Actual | $1000.00 | $945.00 | 0.38% | $1.86 |
|  | Hypothetical | $1000.00 | $1023.29 | 0.38% | $1.94 |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Quant Solutions**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commodity Strategies Fund** | &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**PGIM Quant Solutions**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Commodity Strategies Fund** | **Beginning**<br> **Account Value**<br> **August 1, 2022** | **Ending**<br> **Account Value**<br> **January 31, 2023** | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> **Six-Month Period** | **Expenses Paid**<br> **During the**<br> **Six-Month Period\*** |
|  **Class Z** | Actual | $1000.00 | $923.60 | 0.72% | $3.49 |
|  | Hypothetical | $1000.00 | $1021.58 | 0.72% | $3.67 |
|  **Class R6** | Actual | $1000.00 | $924.30 | 0.59% | $2.86 |
|  | Hypothetical | $1000.00 | $1022.23 | 0.59% | $3.01 |

---

16 Visit our website at pgim.com/investments

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **PGIM Quant Solutions Mid-Cap**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fund**  | &nbsp;&nbsp;&nbsp; **PGIM Quant Solutions Mid-Cap**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Fund**  | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023**  | **Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period**  | **Expenses Paid**<br> **During the**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Six-Month Period\***  |
|  **Class R6** | Actual | $1000.00 | $1075.40 | 0.81% | $4.24 |
|  | Hypothetical | $1000.00 | $1021.12 | 0.81% | $4.13 |
| &nbsp;&nbsp;&nbsp; **PGIM Quant Solutions US**<br> **Broad Market Index Fund** | &nbsp;&nbsp;&nbsp; **PGIM Quant Solutions US**<br> **Broad Market Index Fund** | **Beginning**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**August 1, 2022**  | **Ending**<br> **Account Value**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**January 31, 2023**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Annualized**<br> **Expense**<br> **Ratio Based on**<br> **the**<br> **Six-Month Period** | **Expenses Paid<br>During the<br> Six-Month Period\*** |
|  **Class R6** | Actual | $1000.00 | $1000.70 | 0.20% | $1.01 |
|  | Hypothetical | $1000.00 | $1024.20 | 0.20% | $1.02 |

---

*\*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2023, and divided by the 365 days in the Fund's fiscal year ending July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which each Fund may invest.* 

------

This Page Intentionally Left Blank

------

***Glossary***

The following abbreviations are used in the Funds' descriptions:

USD—US Dollar

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.

ADR—American Depositary Receipt

BABs—Build America Bonds

CLO—Collateralized Loan Obligation

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

LME—London Metal Exchange

LP—Limited Partnership

MSC—Morgan Stanley & Co. LLC

MTN—Medium Term Note

PRI—Primary Rate Interface

RBOB—Reformulated Gasoline Blendstock for Oxygen Blending

REITs—Real Estate Investment Trust

S&P—Standard & Poor's

SAN—Santander Bank, N.A.

SOFR—Secured Overnight Financing Rate

SPAC—Special Purpose Acquisition Company

STRIPs—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

TIPS—Treasury Inflation-Protected Securities

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.4%**<br>&nbsp;&nbsp; **COMMON STOCKS**<br>&nbsp;&nbsp; **Aerospace & Defense 1.2%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Hexcel Corp. | 1571 | $110881 |
| &nbsp;&nbsp; Spirit AeroSystems Holdings, Inc. (Class A Stock) | 6219 | 224817 |
|  |  | 335698 |
| &nbsp;&nbsp; **Airlines 0.7%** |  |  |
| &nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 10179 | 190042 |
| &nbsp;&nbsp; **Banks 7.8%** |  |  |
| &nbsp;&nbsp; Atlantic Union Bankshares Corp. | 3077 | 119049 |
| &nbsp;&nbsp; BankUnited, Inc. | 6001 | 225878 |
| &nbsp;&nbsp; Brookline Bancorp, Inc. | 10781 | 141015 |
| &nbsp;&nbsp; Eastern Bankshares, Inc. | 12762 | 206361 |
| &nbsp;&nbsp; Enterprise Financial Services Corp. | 6934 | 369721 |
| &nbsp;&nbsp; First Bancorp | 7028 | 280066 |
| &nbsp;&nbsp; First Foundation, Inc. | 7380 | 114611 |
| &nbsp;&nbsp; Hilltop Holdings, Inc. | 5554 | 181616 |
| &nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 4927 | 387903 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 2408 | 220260 |
|  |  | 2246480 |
| &nbsp;&nbsp; **Biotechnology 4.6%** |  |  |
| &nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 6658 | 351076 |
| &nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 3311 | 54863 |
| &nbsp;&nbsp; Avid Bioservices, Inc.\* | 15395 | 243703 |
| &nbsp;&nbsp; Celldex Therapeutics, Inc.\* | 4521 | 199195 |
| &nbsp;&nbsp; ImmunoGen, Inc.\* | 25124 | 115571 |
| &nbsp;&nbsp; Syndax Pharmaceuticals, Inc.\* | 7236 | 207673 |
| &nbsp;&nbsp; Vaxcyte, Inc.\* | 3123 | 141628 |
|  |  | 1313709 |
| &nbsp;&nbsp; **Building Products 0.9%** |  |  |
| &nbsp;&nbsp; Armstrong World Industries, Inc. | 1740 | 134693 |
| &nbsp;&nbsp; Hayward Holdings, Inc.\* | 830 | 11197 |
| &nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 5462 | 119399 |
|  |  | 265289 |
| &nbsp;&nbsp; **Capital Markets 4.7%** |  |  |
| &nbsp;&nbsp; AssetMark Financial Holdings, Inc.\* | 3476 | 92253 |

---

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Capital Markets (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Bridge Investment Group Holdings, Inc. (Class A Stock) | 13005 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;193644 |
| &nbsp;&nbsp; Brightsphere Investment Group, Inc. | 4236 | 99334 |
| &nbsp;&nbsp; Focus Financial Partners, Inc. (Class A Stock)\* | 2033 | 91790 |
| &nbsp;&nbsp; Hamilton Lane, Inc. (Class A Stock) | 3059 | 238174 |
| &nbsp;&nbsp; Houlihan Lokey, Inc. | 3982 | 394497 |
| &nbsp;&nbsp; Lazard Ltd. (Class A Stock) | 2240 | 89779 |
| &nbsp;&nbsp; Moelis & Co. (Class A Stock) | 2344 | 109582 |
| &nbsp;&nbsp; Open Lending Corp. (Class A Stock)\* | 5793 | 50805 |
|  |  | 1359858 |
| &nbsp;&nbsp; **Chemicals 0.7%** |  |  |
| &nbsp;&nbsp; Avient Corp. | 4746 | 192308 |
| &nbsp;&nbsp; **Commercial Services & Supplies 1.4%** |  |  |
| &nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 14515 | 142247 |
| &nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 3108 | 249013 |
|  |  | 391260 |
| &nbsp;&nbsp; **Construction & Engineering 1.8%** |  |  |
| &nbsp;&nbsp; Concrete Pumping Holdings, Inc.\* | 18392 | 149711 |
| &nbsp;&nbsp; Construction Partners, Inc. (Class A Stock)\* | 3882 | 109822 |
| &nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 20240 | 139251 |
| &nbsp;&nbsp; WillScot Mobile Mini Holdings Corp.\* | 2419 | 117225 |
|  |  | 516009 |
| &nbsp;&nbsp; **Construction Materials 1.8%** |  |  |
| &nbsp;&nbsp; Summit Materials, Inc. (Class A Stock)\* | 15486 | 508870 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.6%** |  |  |
| &nbsp;&nbsp; Cogent Communications Holdings, Inc. | 2365 | 162168 |
| &nbsp;&nbsp; **Electric Utilities 0.7%** |  |  |
| &nbsp;&nbsp; PNM Resources, Inc. | 4227 | 209152 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.9%** |  |  |
| &nbsp;&nbsp; Littelfuse, Inc. | 1063 | 272861 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Energy Equipment & Services 3.0%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 8426 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455931 |
| &nbsp;&nbsp; Patterson-UTI Energy, Inc. | 25066 | 421109 |
|  |  | 877040 |
| &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) 6.8%** |  |  |
| &nbsp;&nbsp; American Assets Trust, Inc. | 6339 | 180408 |
| &nbsp;&nbsp; Cousins Properties, Inc. | 4349 | 119249 |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 16765 | 315685 |
| &nbsp;&nbsp; National Storage Affiliates Trust | 8087 | 329950 |
| &nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 10637 | 238056 |
| &nbsp;&nbsp; Retail Opportunity Investments Corp. | 14646 | 231846 |
| &nbsp;&nbsp; Summit Hotel Properties, Inc. | 33080 | 281842 |
| &nbsp;&nbsp; UMH Properties, Inc. | 15062 | 269911 |
|  |  | 1966947 |
| &nbsp;&nbsp; **Food & Staples Retailing 1.9%** |  |  |
| &nbsp;&nbsp; Performance Food Group Co.\* | 9010 | 552493 |
| &nbsp;&nbsp; **Food Products 2.3%** |  |  |
| &nbsp;&nbsp; Adecoagro SA (Brazil) | 21776 | 184007 |
| &nbsp;&nbsp; Freshpet, Inc.\* | 2471 | 156489 |
| &nbsp;&nbsp; Utz Brands, Inc. | 18549 | 309026 |
|  |  | 649522 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 5.0%** |  |  |
| &nbsp;&nbsp; CONMED Corp. | 2592 | 248210 |
| &nbsp;&nbsp; Inari Medical, Inc.\* | 3004 | 171378 |
| &nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 1433 | 362635 |
| &nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 3665 | 210005 |
| &nbsp;&nbsp; Nevro Corp.\* | 2082 | 76451 |
| &nbsp;&nbsp; Outset Medical, Inc.\* | 5988 | 168383 |
| &nbsp;&nbsp; Silk Road Medical, Inc.\* | 3968 | 215700 |
|  |  | 1452762 |
| &nbsp;&nbsp; **Health Care Providers & Services 2.2%** |  |  |
| &nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 4088 | 343474 |
| &nbsp;&nbsp; Progyny, Inc.\* | 8106 | 278765 |
|  |  | 622239 |

---

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Health Care Technology 1.1%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Definitive Healthcare Corp.\* | 8326 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;103076 |
| &nbsp;&nbsp; Phreesia, Inc.\* | 5307 | 198959 |
| &nbsp;&nbsp; Sophia Genetics SA (Switzerland)\* | 4006 | 12018 |
|  |  | 314053 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.6%** |  |  |
| &nbsp;&nbsp; Bloomin' Brands, Inc. | 14318 | 347211 |
| &nbsp;&nbsp; Rush Street Interactive, Inc.\* | 9237 | 39627 |
| &nbsp;&nbsp; Sweetgreen, Inc. (Class A Stock)\* | 3865 | 40080 |
| &nbsp;&nbsp; Wingstop, Inc. | 2017 | 319634 |
|  |  | 746552 |
| &nbsp;&nbsp; **Household Durables 1.2%** |  |  |
| &nbsp;&nbsp; Century Communities, Inc. | 5876 | 359611 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 1.4%** |  |  |
| &nbsp;&nbsp; NextEra Energy Partners LP | 5527 | 405129 |
| &nbsp;&nbsp; **Insurance 2.5%** |  |  |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | 8323 | 520770 |
| &nbsp;&nbsp; James River Group Holdings Ltd. | 7272 | 164784 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 2016 | 37316 |
|  |  | 722870 |
| &nbsp;&nbsp; **IT Services 2.9%** |  |  |
| &nbsp;&nbsp; Evo Payments, Inc. (Class A Stock)\* | 2466 | 83524 |
| &nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 23552 | 294871 |
| &nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\* | 6981 | 447063 |
|  |  | 825458 |
| &nbsp;&nbsp; **Leisure Products 1.1%** |  |  |
| &nbsp;&nbsp; Brunswick Corp. | 3843 | 324080 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.4%** |  |  |
| &nbsp;&nbsp; Azenta, Inc.\* | 2241 | 125272 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Life Sciences Tools & Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; BioLife Solutions, Inc.\* | 6135 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;143805 |
| &nbsp;&nbsp; Olink Holding AB (Sweden), ADR\*(a) | 7454 | 145949 |
|  |  | 415026 |
| &nbsp;&nbsp; **Machinery 3.7%** |  |  |
| &nbsp;&nbsp; Energy Recovery, Inc.\* | 5815 | 128686 |
| &nbsp;&nbsp; Enerpac Tool Group Corp. | 7989 | 212028 |
| &nbsp;&nbsp; EnPro Industries, Inc. | 1205 | 145889 |
| &nbsp;&nbsp; Trinity Industries, Inc. | 20305 | 584175 |
|  |  | 1070778 |
| &nbsp;&nbsp; **Marine 1.2%** |  |  |
| &nbsp;&nbsp; Kirby Corp.\* | 4920 | 348238 |
| &nbsp;&nbsp; **Metals & Mining 0.8%** |  |  |
| &nbsp;&nbsp; B2Gold Corp. (Canada) | 20986 | 83314 |
| &nbsp;&nbsp; ERO Copper Corp. (Brazil)\* | 9138 | 149772 |
|  |  | 233086 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.8%** |  |  |
| &nbsp;&nbsp; Ladder Capital Corp. | 19966 | 223619 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 4.0%** |  |  |
| &nbsp;&nbsp; Chord Energy Corp. | 3799 | 544511 |
| &nbsp;&nbsp; PDC Energy, Inc. | 8808 | 596566 |
|  |  | 1141077 |
| &nbsp;&nbsp; **Personal Products 2.0%** | 10005 | 575788 |
| &nbsp;&nbsp; elf Beauty, Inc.\* |  |  |
| &nbsp;&nbsp; **Pharmaceuticals 3.0%** |  |  |
| &nbsp;&nbsp; Pacira BioSciences, Inc.\* | 4205 | 165130 |
| &nbsp;&nbsp; Pliant Therapeutics, Inc.\* | 3752 | 131470 |
| &nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 4286 | 281848 |
| &nbsp;&nbsp; Revance Therapeutics, Inc.\* | 8657 | 300225 |
|  |  | 878673 |

---

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Professional Services 1.9%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; ASGN, Inc.\* | 1639 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;149067 |
| &nbsp;&nbsp; HireRight Holdings Corp.\* | 7276 | 83237 |
| &nbsp;&nbsp; Huron Consulting Group, Inc.\* | 4574 | 311215 |
|  |  | 543519 |
| &nbsp;&nbsp; **Road & Rail 0.9%** |  |  |
| &nbsp;&nbsp; Saia, Inc.\* | 1001 | 273053 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 3.7%** |  |  |
| &nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 3651 | 244690 |
| &nbsp;&nbsp; MaxLinear, Inc.\* | 7130 | 293756 |
| &nbsp;&nbsp; Tower Semiconductor Ltd. (Israel)\* | 9810 | 409960 |
| &nbsp;&nbsp; Universal Display Corp. | 925 | 122590 |
|  |  | 1070996 |
| &nbsp;&nbsp; **Software 6.6%** |  |  |
| &nbsp;&nbsp; Clear Secure, Inc. (Class A Stock) | 8727 | 273940 |
| &nbsp;&nbsp; Descartes Systems Group, Inc. (The) (Canada)\* | 1740 | 127055 |
| &nbsp;&nbsp; Intapp, Inc.\* | 6028 | 174691 |
| &nbsp;&nbsp; KnowBe4, Inc. (Class A Stock)\* | 3365 | 83755 |
| &nbsp;&nbsp; PagerDuty, Inc.\* | 7686 | 228966 |
| &nbsp;&nbsp; Paycor HCM, Inc.\* | 8262 | 207459 |
| &nbsp;&nbsp; Q2 Holdings, Inc.\* | 4819 | 157678 |
| &nbsp;&nbsp; Sprout Social, Inc. (Class A Stock)\* | 6362 | 406977 |
| &nbsp;&nbsp; Varonis Systems, Inc.\* | 7732 | 199795 |
| &nbsp;&nbsp; Verint Systems, Inc.\* | 1532 | 58170 |
|  |  | 1918486 |
| &nbsp;&nbsp; **Specialty Retail 1.9%** |  |  |
| &nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 1974 | 164809 |
| &nbsp;&nbsp; Citi Trends, Inc.\* | 2654 | 83548 |
| &nbsp;&nbsp; Foot Locker, Inc. | 3421 | 148848 |
| &nbsp;&nbsp; National Vision Holdings, Inc.\* | 4023 | 165345 |
|  |  | 562550 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 1.8%** | **Shares**<br>| **Value**<br>|
|  &nbsp;&nbsp;&nbsp;&nbsp;Kontoor Brands, Inc. | 8591 | $410306 |
|  &nbsp;&nbsp;&nbsp;&nbsp;On Holding AG (Switzerland) (Class A Stock)\* | 4630 | 107416 |
|  |  | 517722 |
| &nbsp;&nbsp; **Thrifts & Mortgage Finance 0.6%** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;WSFS Financial Corp. | 3635 | 175607 |
| &nbsp;&nbsp; **Trading Companies & Distributors 1.3%** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Core & Main, Inc. (Class A Stock)\* | 5422 | 119664 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Herc Holdings, Inc. | 1317 | 204556 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Rush Enterprises, Inc. (Class A Stock) | 1128 | 60698 |
|  |  | 384918 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** <br> (cost $22,997,468) |  | 28115596 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 0.2%** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;PGIM Institutional Money Market Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $75,824; includes $75,502 of cash collateral for securities on loan)(b)(we) | 75903 | 75887 |
| &nbsp;&nbsp; **UNAFFILIATED FUND 3.3%** |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management (Institutional Shares)<br> (cost $942,182) | 942182 | 942182 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br> (cost $1,018,006) |  | 1018069 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.9%** <br> (cost $24,015,474) |  | 29133665 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Liabilities in excess of other assets (0.9)% |  | (267611) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28866054 |

---

------

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending
settlement, is $74,404; cash collateral of $75,502 (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.

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**<u>Fair Value Measurements:</u>** 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $335698 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 190042 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 2246480 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 1313709 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 265289 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 1359858 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 192308 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 391260 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 516009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 508870 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 162168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 209152 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 272861 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 877040 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 1966947 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 552493 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 649522 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1452762 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 622239 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 314053 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 746552 |  |  |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | $359611 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 405129 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 722870 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 825458 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 324080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 415026 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 1070778 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine | 348238 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 233086 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 223619 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 1141077 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 575788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 878673 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 543519 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 273053 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1070996 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 1918486 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 562550 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 517722 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 175607 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 384918 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | 75887 |  |  |
|  Unaffiliated Fund | 942182 | <u> </u><u>—</u><u> </u> | <u>—</u><u> </u> |
|  **Total** | $**29133665** | **$—** | **$—** |

---

**<u>Industry Classification:</u>** 

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Banks | 7.8 |
|  Equity Real Estate Investment Trusts (REITs) | 6.8 |
|  Software | 6.6 |
|  Health Care Equipment & Supplies | 5.0 |
|  Capital Markets | 4.7 |
|  Biotechnology | 4.6 |
|  Oil, Gas & Consumable Fuels | 4.0 |
|  Semiconductors & Semiconductor Equipment | 3.7 |
|  Machinery | 3.7 |

---

---

| | |
|:---|:---|
|  Unaffiliated Fund | 3.3 |
|  Pharmaceuticals | 3.0 |
|  Energy Equipment & Services | 3.0 |
|  IT Services | 2.9 |
|  Hotels, Restaurants & Leisure | 2.6 |
|  Insurance | 2.5 |
|  Food Products | 2.3 |
|  Health Care Providers & Services | 2.2 |
|  Personal Products | 2.0 |

---

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Industry Classification (continued):</u>** 

---

| | |
|:---|:---|
|  Specialty Retail | 1.9 |
|  Food & Staples Retailing | 1.9 |
|  Professional Services | 1.9 |
|  Textiles, Apparel & Luxury Goods | 1.8 |
|  Construction & Engineering | 1.8 |
|  Construction Materials | 1.8 |
|  Life Sciences Tools & Services | 1.4 |
|  Independent Power & Renewable Electricity Producers | 1.4 |
|  Commercial Services & Supplies | 1.4 |
|  Trading Companies & Distributors | 1.3 |
|  Household Durables | 1.2 |
|  Marine | 1.2 |
|  Aerospace & Defense | 1.2 |
|  Leisure Products | 1.1 |
|  Health Care Technology | 1.1 |
|  Road & Rail | 0.9 |

---

---

| | |
|:---|:---|
|  Electronic Equipment, Instruments & Components | 0.9% |
|  Building Products | 0.9 |
|  Metals & Mining | 0.8 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.8 |
|  Electric Utilities | 0.7 |
|  Chemicals | 0.7 |
|  Airlines | 0.7 |
|  Thrifts & Mortgage Finance | 0.6 |
|  Diversified Telecommunication Services | 0.6 |
|  Affiliated Mutual Fund (0.3% represents investments purchased with collateral from securities on loan) | 0.2 |
|  | 100.9 |
|  Liabilities in excess of other assets | (0.9) |
|  | 100.0% |

---

**<u>Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:</u>** 

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

**Offsetting of financial instrument/transaction assets and liabilities:** 

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Assets/(Liabilities)**  | **Collateral**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Pledged/(Received)(1)**  | **Net**<br> **Amount**  |
|  Securities on Loan | $74404 | $(74404) | $— |

---

(1) Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions.

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Investments at value, including securities on loan of $74,404: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $23,939,650) | $29057778 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $75,824) | 75887 |
| &nbsp;&nbsp; Receivable for investments sold | 46773 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 26429 |
| &nbsp;&nbsp; Dividends receivable | 2983 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1088 |
| &nbsp;&nbsp; **Total Assets** | 29210938 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 188461 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 75502 |
| &nbsp;&nbsp; Payable for investments purchased | 33547 |
| &nbsp;&nbsp; Audit fees payable | 12225 |
| &nbsp;&nbsp; Management fee payable | 11939 |
| &nbsp;&nbsp; Custodian & accounting fee payable | 11300 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 11045 |
| &nbsp;&nbsp; Trustees' fees payable | 745 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 120 |
| &nbsp;&nbsp; **Total Liabilities** | 344884 |
| &nbsp;&nbsp; **Net Assets** | $28866054 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $25829271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3036783 |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $28866054 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($28,866,054 ÷ 2,208,131 shares of beneficial interest issued and outstanding) | $13.07 |

---

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $572 foreign withholding tax) | $199092 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $456) | 576 |
| &nbsp;&nbsp; **Total income** | 199668 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 108491 |
| &nbsp;&nbsp; Custodian and accounting fees | 21706 |
| &nbsp;&nbsp; Audit fee | 12225 |
| &nbsp;&nbsp; Professional fees | 9967 |
| &nbsp;&nbsp; Trustees' fees | 4892 |
| &nbsp;&nbsp; Shareholders' reports | 3621 |
| &nbsp;&nbsp; Registration fees | 994 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $356) | 455 |
| &nbsp;&nbsp; SEC registration fees | 113 |
| &nbsp;&nbsp; Miscellaneous | 8125 |
| &nbsp;&nbsp; **Total expenses** | 170589 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (33168) |
| &nbsp;&nbsp; **Net expenses** | 137421 |
| &nbsp;&nbsp; Net investment income (loss) | 62247 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $10) | (550963) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $58) | 2343049 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1792086 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1854333 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended**<br> **January 31, 2023**<br> | **Year Ended**<br> **July 31, 2022** <br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $62247 | $37372 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (550963) | (212325) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2343049 | (7143004) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1854333 | (7317957) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (144680) | (6812364) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (98,618 and 818,250 shares, respectively) | 1198751 | 12157522 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (12,047 and 454,158 shares, respectively) | 144680 | 6812364 |
| &nbsp;&nbsp; Cost of shares purchased (317,725 and 543,115 shares, respectively) | (3836628) | (7955174) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (2493197) | 11014712 |
| &nbsp;&nbsp; Total increase (decrease) | (783544) | (3115609) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 29649598 | 32765207 |
| &nbsp;&nbsp; End of period | $28866054 | $29649598 |

---

See Notes to Financial Statements.

------

**PGIM Jennison Small-Cap Core Equity Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** | | | | | | |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $12.28 | $19.43 | $12.48 | $11.82 | $13.04 | $11.27 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.03 | 0.02 | (0.06) | (-)<sup>(b)</sup> | 0.01 | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.82 | (2.98) | 7.65 | 0.66 | (0.53) | 1.97 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.85 | (2.96) | 7.59 | 0.66 | (0.52) | 1.97 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.04) | - | - | - | (0.04) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions | - | - | - | - | (0.01) | - |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.02) | (4.19) | (0.64) | - | (0.65) | (0.20) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.06) | (4.19) | (0.64) | - | (0.70) | (0.20) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $13.07 | $12.28 | $19.43 | $12.48 | $11.82 | $13.04 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 6.97% | (19.13)% | 62.10% | 5.50% | (3.26)% | 17.75% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $28866 | $29650 | $32765 | $21439 | $17371 | $16158 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $28695 | $32596 | $28667 | $17831 | $16167 | $14370 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.95 %<sup>(e)</sup> | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.18 %<sup>(e)</sup> | 1.15% | 1.19% | 1.52% | 1.64% | 1.68% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.43 %<sup>(e)</sup> | 0.11% | (0.39)% | (0.03)% | 0.07% | - %<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 17% | 49% | 67% | 54% | 36% | 39% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.1%**<br>&nbsp;&nbsp; **ASSET-BACKED SECURITY 0.2%**<br>&nbsp;&nbsp; **Credit Cards** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $112,811) | 3.960% | 10/13/30 | 100 | $98817 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 5.9%** |  |  |  |  |
| &nbsp;&nbsp; 37 Capital CLO, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A4 | 2.253 | 11/15/54 | 100 | 82629 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 | 100 | 81358 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | 2.661 | 08/15/52 | 100 | 89825 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-B03, Class A3 | 3.746 | 04/10/51 | 30 | 29266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A3 | 1.787 | 09/15/53 | 175 | 155615 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 100 | 81870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | 1.823 | 02/15/54 | 200 | 163565 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B30, Class A4 | 2.329 | 11/15/54 | 150 | 125328 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C01, Class A4 | 3.119 | 02/17/55 | 150 | 132898 |
| &nbsp;&nbsp; CCUBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.283(cc) | 11/15/50 | 90 | 84256 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A3 | 3.104 | 11/13/50 | 40 | 38461 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-P06, Class A4 | 3.458 | 12/10/49 | 111 | 105577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | 3.203 | 09/15/50 | 75 | 70060 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-PC01, Class A4 | 3.620 | 07/10/50 | 85 | 82419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC02, Class A5 | 3.765 | 02/10/49 | 25 | 24041 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A4 | 3.210 | 11/15/49 | 43 | 41088 |
| &nbsp;&nbsp; Deutsche Bank Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C06, Class A3 | 3.269 | 06/10/50 | 90 | 86911 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | 2.125 | 05/12/53 | 100 | 85029 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A3 | 3.763 | 03/10/52 | 125 | 117271 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | 2.559 | 08/15/49 | 18 | 16653 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** | &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)** |  |  |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP04, Class A3 | 3.393% | 12/15/49 | 125 | $118807 |
| &nbsp;&nbsp; Morgan Stanley Bank of America Merrill Lynch Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2015-C21, Class A3 | 3.077 | 03/15/48 | 61 | 58504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C32, Class A3 | 3.459 | 12/15/49 | 119 | 112533 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | 3.337 | 12/15/49 | 123 | 115258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | 2.196(cc) | 06/15/54 | 225 | 183932 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | 3.720 | 02/15/51 | 160 | 151708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C09, Class ASB | 4.090 | 03/15/51 | 60 | 58544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C13, Class A3 | 4.069 | 10/15/51 | 200 | 193156 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A3 | 3.374 | 12/15/59 | 123 | 117168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A3 | 2.878 | 09/15/50 | 100 | 96720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A4 | 2.474 | 02/15/53 | 125 | 108080 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $3,366,185) |  |  |  | 3008530 |
| &nbsp;&nbsp; **CORPORATE BONDS 23.2%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 100 | 92335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 06/15/26 | 15 | 13762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/01/27 | 20 | 18493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 05/01/26 | 10 | 9514 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 05/01/34 | 30 | 25770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/49 | 10 | 7767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.805 | 05/01/50 | 70 | 71492 |
| &nbsp;&nbsp; General Dynamics Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 04/01/25 | 55 | 53658 |
| &nbsp;&nbsp; Northrop Grumman Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/01/43 | 20 | 19589 |
| &nbsp;&nbsp; Raytheon Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 11/16/28 | 10 | 9820 |
|  |  |  |  | 322200 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Agriculture 0.3%** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Altria Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400% | 02/04/41 | 70 | $49187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.800 | 02/14/29 | 5 | 4946 |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.557 | 08/15/27 | 45 | 41972 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 04/02/27 | 10 | 9804 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 11/17/29 | 15 | 15667 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 11/17/32 | 10 | 10531 |
|  |  |  |  | 132107 |
| &nbsp;&nbsp; **Airlines 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.625 | 02/10/30 | 20 | 17422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 50 | 50539 |
| &nbsp;&nbsp; United Airlines 2012-1 Class A Pass-Through Trust, Pass-Through Certificates | 4.150 | 10/11/25 | 19 | 18278 |
|  |  |  |  | 86239 |
| &nbsp;&nbsp; **Auto Manufacturers 0.4%** |  |  |  |  |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 10/02/43 | 50 | 49812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.600 | 04/01/36 | 10 | 10466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.750 | 04/01/46 | 65 | 67636 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 01/15/25 | 85 | 83155 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;211069 |
| &nbsp;&nbsp; **Auto Parts & Equipment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Aptiv PLC/Aptiv Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 03/01/32 | 20 | 17312 |
| &nbsp;&nbsp; **Banks 5.3%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 165 | 139512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 90 | 76658 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Bank of America Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.970%(ff) | 03/05/29 | 220 | $209807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.083(ff) | 03/20/51 | 55 | 47442 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.645(ff) | 06/24/31 | 160 | 131928 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 105 | 90357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.904(ff) | 11/03/42 | 20 | 14979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101101 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 05/01/26 | 45 | 43333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 60 | 56816 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.980(ff) | 03/20/30 | 30 | 28236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 07/30/45 | 5 | 4696 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.270(ff) | 11/17/33 | 30 | 32661 |
| &nbsp;&nbsp; Credit Suisse Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 04/17/26 | 100 | 92437 |
| &nbsp;&nbsp; Discover Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 09/13/28 | 15 | 14558 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.992(ff) | 01/27/32 | 50 | 40027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.814(ff) | 04/23/29 | 50 | 47230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 170 | 164006 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.583(ff) | 06/19/29 | 85 | 82321 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 75 | 64149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 40 | 33697 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 60 | 52427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.509(ff) | 01/23/29 | 245 | 229569 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.882(ff) | 07/24/38 | 95 | 84185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 19 | 18537 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.875 | 09/10/24 | 60 | 59094 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.217(ff) | 04/22/42 | 65 | 51997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.699(ff) | 01/22/31 | 85 | 73701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 3.772(ff) | 01/24/29 | 90 | 85559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 4.431(ff) | 01/23/30 | 70 | 68150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 80 | 63253 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 90 | 71561 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; NatWest Group PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.269%(ff) | 03/22/25 | 25 | $24661 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.900 | 04/29/24 | 50 | 49528 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 10/23/26 | 55 | 51887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 30 | 25906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.879(ff) | 10/30/30 | 195 | 172509 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2698475 |
| &nbsp;&nbsp; **Beverages 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 02/01/36 | 20 | 19831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 02/01/46 | 135 | 130590 |
| &nbsp;&nbsp; Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.750 | 01/23/29 | 90 | 91295 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 12/06/26 | 5 | 4837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.400 | 11/15/25 | 10 | 9905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 08/01/31 | 45 | 37096 |
|  |  |  |  | 293554 |
| &nbsp;&nbsp; **Biotechnology 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600 | 08/19/26 | 120 | 112817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 08/15/41 | 40 | 29459 |
|  |  |  |  | 142276 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 07/15/31 | 35 | 29153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series CB | 2.500 | 03/15/30 | 30 | 25665 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 12/01/24 | 35 | 34455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 07/15/47 | 35 | 29507 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Building Materials (cont'd.)** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Vulcan Materials Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500% | 06/15/47 | 5 | $4487 |
|  |  |  |  | 123267 |
| &nbsp;&nbsp; **Chemicals 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Dow Chemical Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 10/01/44 | 20 | 18316 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.493 | 11/15/25 | 60 | 59974 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 10/01/29 | 15 | 13799 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 10/01/49 | 15 | 12901 |
| &nbsp;&nbsp; LYB International Finance BV, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/15/44 | 30 | 26961 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/01/40 | 5 | 3842 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/45 | 10 | 9838 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 06/01/47 | 10 | 9012 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;154643 |
| &nbsp;&nbsp; **Commercial Services 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Automatic Data Processing, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.700 | 05/15/28 | 20 | 17827 |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/01/2119 | 15 | 10772 |
| &nbsp;&nbsp; Cintas Corp. No. 2, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 04/01/27 | 20 | 19504 |
| &nbsp;&nbsp; Equifax, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.350 | 09/15/31 | 15 | 12339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600 | 12/01/24 | 30 | 28838 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | 2.989 | 07/01/50 | 35 | 27578 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.150 | 07/15/46 | 9 | 7364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.745 | 11/15/52 | 20 | 17939 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Commercial Services (cont'd.)** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610% | 02/15/2119 | 5 | $3630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.396 | 10/01/50 | 15 | 10241 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.841 | 10/01/47 | 10 | 8776 |
| &nbsp;&nbsp; Washington University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | 3.524 | 04/15/54 | 50 | 42200 |
| &nbsp;&nbsp; Yale University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.402 | 04/15/50 | 45 | 31102 |
|  |  |  |  | 238110 |
| &nbsp;&nbsp; **Computers 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Apple, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/23/26 | 60 | 58292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 08/04/46 | 35 | 31431 |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.750 | 04/10/26 | 35 | 31563 |
| &nbsp;&nbsp; Teledyne FLIR LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 08/01/30 | 5 | 4195 |
|  |  |  |  | 125481 |
| &nbsp;&nbsp; **Diversified Financial Services 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 10/15/32 | 55 | 43897 |
| &nbsp;&nbsp; Private Export Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series KK | 3.550 | 01/15/24 | 25 | 24646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series PP | 1.400 | 07/15/28 | 45 | 39161 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;107704 |
| &nbsp;&nbsp; **Electric 3.0%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 05/15/51 | 20 | 15449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 10/01/47 | 30 | 23605 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 2.100 | 07/01/30 | 70 | 58502 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 12/01/47 | 15 | 12626 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Alabama Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850% | 12/01/42 | 10 | $8509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 05/15/38 | 50 | 56319 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.150 | 03/15/46 | 25 | 22046 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.600 | 08/15/29 | 5 | 4305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 12/01/49 | 20 | 14688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 12/15/32 | 25 | 27391 |
| &nbsp;&nbsp; Atlantic City Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.300 | 03/15/31 | 10 | 8401 |
| &nbsp;&nbsp; Berkshire Hathaway Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 04/01/36 | 60 | 66628 |
| &nbsp;&nbsp; CenterPoint Energy Houston Electric LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.950 | 03/01/48 | 20 | 17513 |
| &nbsp;&nbsp; CenterPoint Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 03/01/30 | 20 | 17761 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.600 | 08/15/43 | 70 | 67354 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.900 | 02/01/33 | 5 | 5158 |
| &nbsp;&nbsp; Connecticut Light & Power Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 01/15/53 | 15 | 16065 |
| &nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.450 | 02/01/41 | 20 | 20867 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage | 3.750 | 08/15/47 | 20 | 16758 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 12/15/41 | 15 | 13764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 09/30/42 | 40 | 35095 |
| &nbsp;&nbsp; Duke Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 09/01/26 | 75 | 70164 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.350 | 09/15/37 | 15 | 17179 |
| &nbsp;&nbsp; Duke Energy Indiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series YYY | 3.250 | 10/01/49 | 20 | 14896 |
| &nbsp;&nbsp; Entergy Louisiana LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Collateral Trust | 4.200 | 04/01/50 | 5 | 4388 |
| &nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 1.750 | 03/15/31 | 45 | 36497 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Evergy Kansas Central, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125% | 03/01/42 | 15 | $13271 |
| &nbsp;&nbsp; Eversource Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 06/27/24 | 35 | 34651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 1.650 | 08/15/30 | 15 | 12055 |
| &nbsp;&nbsp; Exelon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.625 | 06/15/35 | 5 | 5314 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.800 | 12/15/42 | 30 | 26279 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 02/01/41 | 25 | 26224 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 7 | 6560 |
| &nbsp;&nbsp; Hydro-Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Local Gov't. Gtd. Notes, Series IO | 8.050 | 07/07/24 | 10 | 10446 |
| &nbsp;&nbsp; Nevada Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series R | 6.750 | 07/01/37 | 10 | 11587 |
| &nbsp;&nbsp; NextEra Energy Capital Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.750 | 11/01/29 | 25 | 22204 |
| &nbsp;&nbsp; Northern States Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.600 | 09/15/47 | 10 | 8241 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.950 | 12/01/47 | 55 | 39851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 | 15 | 10923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 | 15 | 12346 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 | 25 | 22284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 06/15/35 | 45 | 46894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 12/01/53 | 25 | 26702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.000 | 01/15/39 | 15 | 16425 |
| &nbsp;&nbsp; PECO Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.800 | 06/15/50 | 5 | 3517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.375 | 08/15/52 | 5 | 4752 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125 | 06/15/44 | 15 | 13413 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.150 | 10/01/45 | 20 | 17638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.250 | 05/15/39 | 10 | 11350 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.600 | 12/01/47 | 5 | 4116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 3.650 | 09/01/28 | 25 | 24160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, MTN | 4.900 | 12/15/32 | 15 | 15616 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Electric (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Public Service Electric & Gas Co., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, MTN | 3.950% | 05/01/42 | 10 | $8854 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 11/15/31 | 20 | 16712 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.379 | 06/15/28 | 5 | 4408 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.650 | 05/15/25 | 20 | 19185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.100 | 06/15/30 | 75 | 69451 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | 3.750 | 06/01/47 | 5 | 4150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series UUU | 3.320 | 04/15/50 | 25 | 19144 |
| &nbsp;&nbsp; Sempra Energy, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.300 | 04/01/25 | 60 | 58113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/01/48 | 15 | 12618 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 04/01/47 | 20 | 16784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.650 | 10/01/43 | 40 | 37228 |
| &nbsp;&nbsp; Tampa Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.450 | 06/15/49 | 15 | 13204 |
| &nbsp;&nbsp; Tucson Electric Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/32 | 30 | 26560 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 6.000 | 05/15/37 | 20 | 21950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 6.000 | 01/15/36 | 10 | 10751 |
| &nbsp;&nbsp; WEC Energy Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.800 | 10/15/30 | 20 | 16222 |
| &nbsp;&nbsp; Xcel Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/15/27 | 25 | 22501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 06/15/28 | 70 | 68369 |
|  |  |  |  | 1564951 |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Agilent Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |  |
|  | 2.300 | 03/12/31 | 50 | 41987 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Entertainment 0.0%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A |  |  |  |  |
|  | 5.141% | 03/15/52 | 30 | $24921 |
| &nbsp;&nbsp; **Foods 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Hormel Foods Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 0.650 | 06/03/24 | 30 | 28448 |
| &nbsp;&nbsp; Mondelez International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 04/13/30 | 10 | 8905 |
| &nbsp;&nbsp; Tyson Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 03/01/26 | 60 | 59040 |
|  |  |  |  | 96393 |
| &nbsp;&nbsp; **Gas 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Atmos Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 09/15/49 | 10 | 7829 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/44 | 10 | 9509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 02/15/43 | 30 | 30182 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.750 | 09/15/42 | 10 | 8344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.125 | 11/15/40 | 15 | 15024 |
| &nbsp;&nbsp; Southern Co. Gas Capital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.400 | 06/01/43 | 25 | 21658 |
|  |  |  |  | 92546 |
| &nbsp;&nbsp; **Healthcare-Products 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Danaher Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 12/10/51 | 15 | 10773 |
| &nbsp;&nbsp; Stryker Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 05/15/24 | 10 | 9815 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 11/01/25 | 10 | 9692 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 10/15/41 | 15 | 11777 |
|  |  |  |  | 42057 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Healthcare-Services 1.3%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.387% | 10/15/49 | 15 | $11611 |
| &nbsp;&nbsp; AHS Hospital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.780 | 07/01/51 | 10 | 6725 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.532 | 11/15/29 | 15 | 13202 |
| &nbsp;&nbsp; Baylor Scott & White Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 1.777 | 11/15/30 | 30 | 24295 |
| &nbsp;&nbsp; Children's Health System of Texas, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 2.511 | 08/15/50 | 10 | 6383 |
| &nbsp;&nbsp; Children's Hospital Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | 4.115 | 01/01/47 | 10 | 9030 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 2.760 | 10/01/24 | 20 | 19338 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 12/01/27 | 40 | 38598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.101 | 03/01/28 | 50 | 49054 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/42 | 35 | 33688 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 05/01/47 | 15 | 13767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 | 70 | 54068 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 07/01/42 | 30 | 31099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.955 | 01/01/50 | 10 | 7263 |
| &nbsp;&nbsp; Methodist Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | 2.705 | 12/01/50 | 25 | 16922 |
| &nbsp;&nbsp; Mount Sinai Hospitals Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | 3.737 | 07/01/49 | 10 | 8026 |
| &nbsp;&nbsp; New York & Presbyterian Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.024 | 08/01/45 | 45 | 40010 |
| &nbsp;&nbsp; NYU Langone Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.368 | 07/01/47 | 15 | 13583 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.297 | 11/15/31 | 30 | 25140 |
| &nbsp;&nbsp; PeaceHealth Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2020 | 1.375 | 11/15/25 | 5 | 4542 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | 2.719 | 01/01/42 | 15 | 10893 |
| &nbsp;&nbsp; Providence St. Joseph Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | 2.532 | 10/01/29 | 10 | 8629 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Healthcare-Services (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Providence St. Joseph Health Obligated Group, (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746% | 10/01/26 | 30 | $28335 |
| &nbsp;&nbsp; Sentara Healthcare, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.927 | 11/01/51 | 15 | 10592 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.027 | 08/15/51 | 30 | 21539 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 3.795 | 11/15/48 | 15 | 12812 |
| &nbsp;&nbsp; Sutter Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 4.091 | 08/15/48 | 45 | 38584 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 05/15/41 | 30 | 23980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 07/15/25 | 90 | 88767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 06/15/48 | 15 | 13825 |
|  |  |  |  | 684300 |
| &nbsp;&nbsp; **Insurance 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.011 | 12/15/26 | 70 | 69392 |
| &nbsp;&nbsp; Chubb Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 05/11/37 | 15 | 16848 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/29 | 25 | 23529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 05/15/24 | 35 | 34531 |
| &nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.900 | 04/05/32 | 30 | 27317 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 | 50 | 37263 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.625 | 08/16/32 | 10 | 9686 |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 01/15/30 | 5 | 4347 |
| &nbsp;&nbsp; Loews Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 05/15/30 | 15 | 13725 |
| &nbsp;&nbsp; Markel Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 05/07/52 | 5 | 3661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 11/01/47 | 15 | 12494 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Insurance (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000% | 06/15/29 | 65 | $61067 |
|  |  |  |  | 313860 |
| &nbsp;&nbsp; **Iron/Steel 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Nucor Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 05/23/27 | 15 | 14885 |
| &nbsp;&nbsp; Steel Dynamics, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.450 | 04/15/30 | 60 | 55287 |
| &nbsp;&nbsp; Vale Overseas Ltd. (Brazil), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 08/10/26 | 20 | 20781 |
|  |  |  |  | 90953 |
| &nbsp;&nbsp; **Lodging 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/15/24 | 5 | 4915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 45 | 42765 |
|  |  |  |  | 47680 |
| &nbsp;&nbsp; **Machinery-Diversified 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Flowserve Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 01/15/32 | 10 | 7989 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.450 | 11/15/26 | 60 | 56646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 09/15/28 | 30 | 29746 |
|  |  |  |  | 94381 |
| &nbsp;&nbsp; **Media 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 3.700 | 04/01/51 | 45 | 29782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.800 | 03/01/50 | 15 | 11782 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.375 | 04/01/38 | 45 | 40259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 75 | 73596 |
| &nbsp;&nbsp; Comcast Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.450 | 02/01/50 | 25 | 19820 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Media (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Comcast Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.750% | 04/01/40 | 10 | $8833 |
| &nbsp;&nbsp; Discovery Communications LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 09/15/55 | 66 | 45357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.125 | 05/15/29 | 20 | 18378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 05/15/49 | 25 | 21139 |
| &nbsp;&nbsp; Walt Disney Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 7.300 | 04/30/28 | 35 | 39289 |
|  |  |  |  | 308235 |
| &nbsp;&nbsp; **Mining 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/30/41 | 85 | 91558 |
| &nbsp;&nbsp; Barrick PD Australia Finance Pty Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 10/15/39 | 20 | 21809 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.125 | 03/01/28 | 20 | 18967 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 08/01/28 | 55 | 52554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 11/14/34 | 25 | 24923 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/15/27 | 35 | 34062 |
| &nbsp;&nbsp; Newmont Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 10/01/30 | 45 | 37669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.800 | 10/01/29 | 45 | 39621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450 | 06/09/44 | 25 | 25733 |
|  |  |  |  | 346896 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Carlisle Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 03/01/32 | 50 | 39937 |
| &nbsp;&nbsp; Eaton Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 08/23/52 | 10 | 9739 |
| &nbsp;&nbsp; Pentair Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/29 | 15 | 14165 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Miscellaneous Manufacturing (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Teledyne Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250% | 04/01/28 | 65 | $57742 |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 03/15/31 | 50 | 41853 |
|  |  |  |  | 163436 |
| &nbsp;&nbsp; **Oil & Gas 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 15 | 11384 |
| &nbsp;&nbsp; Chevron Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.078 | 05/11/50 | 5 | 3896 |
| &nbsp;&nbsp; Devon Energy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.600 | 07/15/41 | 10 | 9909 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 12/01/29 | 40 | 36462 |
| &nbsp;&nbsp; EOG Resources, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 04/01/35 | 20 | 18891 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 04/06/50 | 20 | 17024 |
| &nbsp;&nbsp; Exxon Mobil Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.114 | 03/01/46 | 15 | 13676 |
| &nbsp;&nbsp; Phillips 66 Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.750 | 03/01/28 | 10 | 9474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.900 | 10/01/46 | 25 | 23609 |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.900 | 08/15/30 | 40 | 32798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 01/15/31 | 10 | 8287 |
| &nbsp;&nbsp; TotalEnergies Capital International SA (France), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.829 | 01/10/30 | 25 | 22767 |
|  |  |  |  | 208177 |
| &nbsp;&nbsp; **Oil & Gas Services 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Halliburton Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes |  |  |  |  |
|  | 4.750 | 08/01/43 | 10 | 9245 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Packaging & Containers 0.1%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 0.950% | 02/15/24 | 30 | $28679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.570 | 01/15/26 | 45 | 40644 |
|  |  |  |  | 69323 |
| &nbsp;&nbsp; **Pharmaceuticals 1.2%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.250 | 11/21/49 | 40 | 35833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 03/15/35 | 40 | 39276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 40 | 38239 |
| &nbsp;&nbsp; Astrazeneca Finance LLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 05/28/31 | 10 | 8637 |
| &nbsp;&nbsp; Becton, Dickinson & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.734 | 12/15/24 | 9 | 8843 |
| &nbsp;&nbsp; Cigna Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 02/25/26 | 60 | 59803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 12/15/48 | 15 | 14371 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 03/25/28 | 10 | 9834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 03/25/38 | 35 | 33499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 35 | 33685 |
| &nbsp;&nbsp; Johnson & Johnson, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.625 | 03/03/37 | 25 | 23388 |
| &nbsp;&nbsp; Merck & Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 03/07/29 | 10 | 9610 |
| &nbsp;&nbsp; Mylan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.200 | 04/15/48 | 30 | 24610 |
| &nbsp;&nbsp; Takeda Pharmaceutical Co. Ltd. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.050 | 03/31/30 | 135 | 113714 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 20 | 19060 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 45 | 32834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.000 | 06/22/50 | 40 | 27733 |
| &nbsp;&nbsp; Wyeth LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.450 | 02/01/24 | 50 | 50760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.500 | 02/01/34 | 30 | 35078 |
|  |  |  |  | 618807 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Pipelines 1.6%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900% | 07/15/26 | 55 | $52959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 04/15/27 | 30 | 29078 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/26 | 40 | 39712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/15/35 | 30 | 28366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 04/15/47 | 10 | 9062 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 06/15/48 | 15 | 14757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 12/15/45 | 50 | 49979 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 10/15/36 | 10 | 10649 |
| &nbsp;&nbsp; Enterprise Products Operating LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 03/15/44 | 60 | 56995 |
| &nbsp;&nbsp; Magellan Midstream Partners LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 06/01/30 | 10 | 9048 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 90 | 76841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 03/01/27 | 10 | 9702 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 07/15/23 | 20 | 19923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 20 | 18214 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 04/15/48 | 50 | 43193 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.100 | 03/15/30 | 155 | 136898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.450 | 09/01/49 | 20 | 16254 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 07/13/47 | 10 | 8744 |
| &nbsp;&nbsp; Plains All American Pipeline LP/PAA Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 12/15/29 | 25 | 22485 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 02/01/33 | 15 | 13575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 30 | 31294 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/30 | 70 | 63118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 25 | 22613 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 06/15/27 | 30 | 29005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 03/01/48 | 5 | 4560 |
|  |  |  |  | 817024 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 08/16/31 | 50 | 40174 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Corporate Office Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.900% | 12/01/33 | 30 | $21998 |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 12/15/28 | 20 | 17194 |
| &nbsp;&nbsp; Essex Portfolio LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.700 | 03/01/28 | 15 | 12846 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 01/15/32 | 10 | 8324 |
| &nbsp;&nbsp; Healthpeak Properties, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 01/15/30 | 20 | 17770 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | 2.900 | 12/15/31 | 15 | 11991 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.900 | 03/01/28 | 50 | 43219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 04/01/32 | 25 | 21716 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 12/15/29 | 60 | 54555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 01/15/28 | 10 | 9519 |
| &nbsp;&nbsp; Simon Property Group LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 09/13/29 | 55 | 47745 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.375 | 10/01/24 | 70 | 68455 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 09/01/25 | 5 | 4859 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/01/24 | 10 | 9879 |
| &nbsp;&nbsp; Spirit Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/32 | 25 | 19390 |
| &nbsp;&nbsp; Ventas Realty LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 04/01/27 | 10 | 9640 |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 02/15/28 | 25 | 24324 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 | 10 | 9194 |
| &nbsp;&nbsp; Weyerhaeuser Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 04/15/30 | 40 | 37735 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 02/01/31 | 40 | 33601 |
|  |  |  |  | 524128 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Retail 0.4%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.650% | 01/15/31 | 5 | $4012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 04/18/29 | 30 | 28502 |
| &nbsp;&nbsp; Home Depot, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/24 | 85 | 84193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 06/15/47 | 20 | 17668 |
| &nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 05/03/27 | 20 | 18992 |
| &nbsp;&nbsp; McDonald's Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.700 | 12/09/35 | 25 | 25019 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/15/31 | 15 | 12048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 06/15/32 | 20 | 19958 |
|  |  |  |  | 210392 |
| &nbsp;&nbsp; **Semiconductors 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 02/15/41 | 20 | 15294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.419 | 04/15/33 | 47 | 39445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.926 | 05/15/37 | 85 | 78033 |
|  |  |  |  | 132772 |
| &nbsp;&nbsp; **Software 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Fidelity National Information Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 03/01/41 | 10 | 7489 |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 07/01/24 | 5 | 4845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 06/01/25 | 15 | 14669 |
| &nbsp;&nbsp; Intuit, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.350 | 07/15/27 | 5 | 4433 |
| &nbsp;&nbsp; Microsoft Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.921 | 03/17/52 | 22 | 16817 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 04/01/27 | 85 | 78726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 05/15/25 | 75 | 72044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.900 | 11/09/52 | 25 | 28906 |
| &nbsp;&nbsp; ServiceNow, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.400 | 09/01/30 | 30 | 23775 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **CORPORATE BONDS (Continued)**<br>&nbsp;&nbsp; **Software (cont'd.)** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500% | 04/01/27 | 10 | $9570 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 04/01/29 | 25 | 23582 |
|  |  |  |  | 284856 |
| &nbsp;&nbsp; **Telecommunications 0.7%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.700 | 03/25/26 | 10 | 9167 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 10 | 8079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/41 | 100 | 80476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 | 60 | 43992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 12/01/57 | 30 | 22809 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 | 85 | 63341 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 30 | 28094 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 11/20/40 | 10 | 7230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 03/22/41 | 45 | 36231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.016 | 12/03/29 | 45 | 43121 |
|  |  |  |  | 342540 |
| &nbsp;&nbsp; **Transportation 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Burlington Northern Santa Fe LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 04/01/24 | 75 | 74250 |
| &nbsp;&nbsp; CSX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.800 | 03/01/28 | 35 | 34135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 03/15/44 | 10 | 8968 |
| &nbsp;&nbsp; Union Pacific Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 04/15/27 | 15 | 14307 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 09/15/37 | 10 | 8874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.799 | 04/06/71 | 5 | 3975 |
|  |  |  |  | 144509 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $13,620,072) |  |  |  | 11926806 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **MUNICIPAL BONDS 0.9%**<br>&nbsp;&nbsp; **Arizona 0.1%** | **Interest** <br> **Rate**<br>| **Maturity** <br> **Date**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal** <br> **Amount**<br> **(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 4.839% | 01/01/41 | 35 | $36112 |
| &nbsp;&nbsp; **California 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 | 50 | 60875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 2.574 | 04/01/31 | 15 | 13540 |
| &nbsp;&nbsp; Los Angeles Department of Water & Power, Power System Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 5.716 | 07/01/39 | 20 | 22565 |
| &nbsp;&nbsp; State of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.550 | 04/01/39 | 30 | 39820 |
|  |  |  |  | 136800 |
| &nbsp;&nbsp; **Illinois 0.0%** |  |  |  |  |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 25 | 24814 |
| &nbsp;&nbsp; **Michigan 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 3.384 | 12/01/40 | 15 | 12725 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.437 | 04/01/40 | 25 | 19063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 3.504 | 04/01/52 | 30 | 25330 |
|  |  |  |  | 57118 |
| &nbsp;&nbsp; **New Jersey 0.1%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 60 | 78295 |
| &nbsp;&nbsp; **New York 0.1%** |  |  |  |  |
| &nbsp;&nbsp; New York State Dormitory Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series C | 2.202 | 03/15/34 | 30 | 23874 |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | 4.458 | 10/01/62 | 15 | 14428 |
|  |  |  |  | 38302 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **MUNICIPAL BONDS (Continued)**<br>&nbsp;&nbsp; **Ohio 0.1%** | **Interest <br>Rate**<br>| **Maturity <br>Date**<br>| **Principal <br>Amount<br>(000)#**<br>| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**<br>|
| &nbsp;&nbsp; JobsOhio Beverage System, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 2.833% | 01/01/38 | 5 | $4091 |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.048 | 12/01/56 | 12 | 10488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 25 | 22501 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 | 10 | 10350 |
|  |  |  |  | 47430 |
| &nbsp;&nbsp; **Texas 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Texas Private Activity Bond Surface Transportation Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 3.922 | 12/31/49 | 15 | 12230 |
| &nbsp;&nbsp; **Virginia 0.1%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.584 | 11/01/51 | 40 | 28153 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $533,744) |  |  |  | 459254 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Indonesia Government International Bond (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 01/11/28 | 200 | 191037 |
| &nbsp;&nbsp; Israel Government International Bond (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.875 | 03/16/26 | 225 | 214706 |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/22/29 | 200 | 196300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.750 | 03/08/44 | 66 | 56678 |
| &nbsp;&nbsp; Peruvian Government International Bond (Peru), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.783 | 01/23/31 | 32 | 27026 |
| &nbsp;&nbsp; Philippine Government International Bond (Philippines), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 7.750 | 01/14/31 | 100 | 119761 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debentures, Series NN | 7.125 | 02/09/24 | 30 | 30681 |
| &nbsp;&nbsp; Uruguay Government International Bond (Uruguay), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 06/18/50 | 25 | 25238 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $964,272) |  |  |  | 861427 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 31.1%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250% | 09/10/32 | 20 | $20173 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 0.375 | 05/05/23 | 105 | 103824 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 10/01/50 | 209 | 167604 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 29 | 26642 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 399 | 337152 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 470 | 395706 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/31 | 74 | 70421 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 04/01/51 | 251 | 221022 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 359 | 318890 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 21 | 20436 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 26 | 25276 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 8 | 7976 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/37 | 12 | 11263 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/42 | 85 | 79913 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/46 | 23 | 21435 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 149 | 138431 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/47 | 102 | 94829 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/47 | 58 | 53624 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/47 | 90 | 82893 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 14 | 13239 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 20 | 19675 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/46 | 26 | 24745 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 36 | 34194 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 44 | 41699 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/48 | 127 | 121413 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/48 | 254 | 242334 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 08/01/52 | 248 | 232938 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 11/01/37 | 118 | 117353 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/45 | 23 | 22691 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 47 | 46382 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 03/01/47 | 23 | 22211 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/48 | 37 | 36381 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 46 | 46597 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 12/01/48 | 12 | 11987 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 12/01/52 | 499 | 507734 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.250 | 07/15/32 | 45 | 53954 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.750 | 03/15/31 | 25 | 30200 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.500 | 06/17/25 | 50 | 45943 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.500 | 11/07/25 | 30 | 27294 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.875 | 08/05/30 | 60 | 49220 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 223 | 178439 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 225 | 179875 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500% | 02/01/51 | 198 | $158173 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 07/01/40 | 174 | 152501 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/41 | 402 | 349603 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 412 | 362138 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 09/01/50 | 301 | 254317 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 159 | 135515 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 285 | 241271 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 130 | 110153 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 232 | 195960 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/05/24 | 65 | 63527 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/28 | 60 | 57644 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 01/01/32 | 74 | 69879 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 33 | 29194 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 31 | 27715 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 56 | 49474 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 187 | 165293 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 348 | 307732 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 390 | 344323 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 770 | 677999 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/51 | 105 | 92510 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/52 | 123 | 108224 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/28 | 38 | 37201 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/30 | 76 | 74276 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/36 | 26 | 24632 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 15 | 14405 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/42 | 93 | 87673 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 176 | 165165 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 47 | 44061 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 132 | 123873 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 153 | 141317 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/47 | 104 | 96101 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 81 | 74712 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/52 | 241 | 219692 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/31 | 28 | 27473 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/32 | 12 | 11912 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/33 | 17 | 16885 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/42 | 65 | 62543 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/42 | 63 | 60610 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 186 | 179231 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 44 | 42023 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/43 | 59 | 56511 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/45 | 101 | 96988 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500% | 01/01/46 | 20 | $18809 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 189 | 179941 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/47 | 41 | 39473 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/47 | 61 | 58157 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 07/01/52 | 494 | 463494 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 116 | 114417 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/41 | 63 | 62686 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/47 | 61 | 59630 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/48 | 107 | 105226 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 12/01/48 | 96 | 93968 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 203 | 198620 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 234 | 225668 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | TBA | 250 | 246875 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 03/01/41 | 62 | 62989 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/44 | 52 | 52679 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 57 | 57488 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/48 | 32 | 31743 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/48 | 10 | 9715 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/48 | 12 | 12366 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/49 | 10 | 10171 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 112 | 110396 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | TBA | 500 | 501836 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/35 | 77 | 78748 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/40 | 15 | 15900 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/42 | 30 | 30537 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 496 | 504542 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 12/01/52 | 125 | 128715 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.625 | 11/15/30 | 40 | 47959 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/51 | 233 | 201104 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/43 | 7 | 6791 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 13 | 11588 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 05/20/51 | 438 | 392032 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 10/20/51 | 249 | 222309 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/43 | 66 | 62532 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 04/20/45 | 27 | 25079 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 47 | 43589 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/46 | 47 | 44355 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/49 | 59 | 54521 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/51 | 91 | 83850 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/51 | 231 | 213139 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/42 | 134 | 129982 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/44 | 37 | 35619 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500% | 04/20/45 | 19 | $18561 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 84 | 80548 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 08/20/46 | 128 | 122342 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 09/20/46 | 20 | 19051 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/47 | 54 | 51954 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 36 | 34181 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/45 | 57 | 56804 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/46 | 3 | 3276 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/47 | 27 | 26718 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/47 | 34 | 33782 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/47 | 89 | 87497 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/49 | 14 | 13823 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | TBA | 250 | 248203 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 04/20/41 | 12 | 12217 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/44 | 31 | 31527 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/44 | 29 | 29796 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/46 | 15 | 14990 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/47 | 5 | 4755 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 23 | 23736 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 12/15/33 | 9 | 9567 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 0.750 | 05/15/25 | 25 | 23109 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 1.500 | 09/15/31 | 40 | 32649 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $17,381,784) |  |  |  | 15942761 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 36.1%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.375 | 11/15/40 | 1300 | 898828 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.750 | 08/15/41 | 205 | 149088 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.875 | 11/15/51 | 580 | 398116 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 02/15/50 | 105 | 75009 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.250 | 05/15/41 | 1425 | 1135992 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 05/15/51 | 200 | 154969 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.500 | 02/15/46 | 460 | 369581 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.750 | 08/15/47 | 265 | 222641 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 08/15/52 | 111 | 98270 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 08/15/43 | 184 | 180366 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/42 | 360 | 371981 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 6.250 | 08/15/23 | 790 | 795555 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.375 | 04/30/25 | 50 | 46059 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.375 | 01/31/26 | 500 | 451172 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750 | 03/31/26 | 1990 | 1810745 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.750% | 04/30/26 | 870 | $789117 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.875 | 06/30/26 | 1110 | 1007412 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 990 | 902911 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 12/31/26 | 215 | 195784 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.500 | 11/30/28 | 441 | 392114 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.000 | 08/15/25 | 285 | 271329 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.125 | 07/31/24 | 830 | 801598 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.625 | 02/15/29 | 325 | 307811 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 07/31/27 | 1075 | 1034939 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 05/31/29 | 290 | 276293 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.875 | 05/15/32 | 655 | 624194 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.000 | 07/15/25 | 275 | 268533 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.125 | 11/15/28 | 90 | 87715 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 01/31/28 | 760 | 756675 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.500 | 01/31/30 | 400 | 398750 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/32 | 550 | 578875 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 09/30/24 | 2125 | 2120269 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 12/31/24 | 135 | 135005 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.225(s) | 02/15/41 | 15 | 7515 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.371(s) | 05/15/42 | 55 | 25891 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.394(s) | 11/15/41 | 20 | 9659 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.450(s) | 08/15/42 | 15 | 6984 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.463(s) | 11/15/42 | 35 | 16151 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.045(s) | 11/15/36 | 45 | 26789 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.230(s) | 05/15/39 | 50 | 26951 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.271(s) | 08/15/39 | 185 | 98794 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.350(s) | 05/15/44 | 250 | 108857 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.444(s) | 02/15/36 | 65 | 39917 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.277(s) | 08/15/41 | 35 | 17135 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $19,667,267) |  |  |  | 18492339 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $55,646,135) |  |  |  | 50789934 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.5%** |  |  |
| &nbsp;&nbsp; **UNAFFILIATED FUND** |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $1,272,761) | 1272761 | $1272761 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.6%**<br> (cost $56,918,896) |  | 52062695 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (1.6)% |  | (797041) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51265654 |

---

------

Below is a list of the abbreviation(s) used in the semiannual report:

# Principal amount is shown in U.S. dollars unless otherwise stated. 

(cc) Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2023. Certain
variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(ff) Variable rate security. Security may be issued at a fixed coupon rate, which converts to a variable rate at a specified
date. Rate shown is the rate in effect as of period end.

(s) Represents zero coupon bond or principal only security. Rate represents yield to maturity at purchase date.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Schedule of Investments:

**Forward Commitment Contracts:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **U.S. Government Agency Obligations**  | **Interest**<br>**Rate** | **Maturity**<br>**Date** | **Settlement**<br>**Date** | **Principal**<br>**Amount**<br>**(000)#** | **Value** |
|  Federal National Mortgage Assoc. | 3.500% | TBA | 02/13/23 | (250) | $(234438) |
|  Federal National Mortgage Assoc. | 5.500% | TBA | 02/13/23 | (125) | (127022) |
|  **TOTAL FORWARD COMMITMENT CONTRACTS**<br> (proceeds receivable $361,172) |  |  |  |  | $(361460) |

---

**<u>Fair Value Measurements:</u>** 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Security |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Cards | $— | $98817 | $— |
|  Commercial Mortgage-Backed Securities |  | 3008530 |  |
|  Corporate Bonds |  | 11926806 |  |
|  Municipal Bonds |  | 459254 |  |
|  Sovereign Bonds |  | 861427 |  |
|  U.S. Government Agency Obligations |  | 15942761 |  |
|  U.S. Treasury Obligations |  | 18492339 |  |
|  **Short-Term Investment** |  |  |  |
|  Unaffiliated Fund | 1272761 |  |  |
|  **Total** | $**1272761** | $**50789934** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Forward Commitment Contracts | $**—** | $**(361460)** | $**—** |

---

------

\* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value. 

**<u>Industry Classification:</u>** 

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 36.1 |
|  U.S. Government Agency Obligations | 31.1 |
|  Commercial Mortgage-Backed Securities | 5.9 |
|  Banks | 5.3 |
|  Electric | 3 |
|  Unaffiliated Fund | 2.5 |
|  Sovereign Bonds | 1.7 |
|  Pipelines | 1.6 |
|  Healthcare-Services | 1.3 |
|  Pharmaceuticals | 1.2 |
|  Real Estate Investment Trusts (REITs) | 1 |
|  Municipal Bonds | 0.9 |
|  Mining | 0.7 |
|  Telecommunications | 0.7 |

---

---

| | |
|:---|:---|
|  Aerospace & Defense | 0.6 |
|  Insurance | 0.6 |
|  Media | 0.6 |
|  Beverages | 0.6 |
|  Software | 0.5 |
|  Commercial Services | 0.5 |
|  Auto Manufacturers | 0.4 |
|  Retail | 0.4 |
|  Oil & Gas | 0.4 |
|  Miscellaneous Manufacturing | 0.3 |
|  Chemicals | 0.3 |
|  Transportation | 0.3 |
|  Biotechnology | 0.3 |
|  Semiconductors | 0.3 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63

------

**PGIM Core Conservative Bond Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Industry Classification (continued)</u>:** 

---

| | |
|:---|:---|
|  Agriculture | 0.3 |
|  Computers | 0.2 |
|  Building Materials | 0.2 |
|  Diversified Financial Services | 0.2 |
|  Credit Cards | 0.2 |
|  Foods | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Gas | 0.2 |
|  Iron/Steel | 0.2 |
|  Airlines | 0.2 |
|  Packaging & Containers | 0.1 |
|  Lodging | 0.1 |

---

---

| | |
|:---|:---|
|  Healthcare-Products | 0.1% |
|  Electronics | 0.1 |
|  Entertainment | 0.0 \* |
|  Auto Parts & Equipment | 0.0 \* |
|  Oil & Gas Services | 0.0 \* |
|  | 101.6 |
|  Liabilities in excess of other assets | (1.6) |
|  | 100.0% |

---

------

\* Less than +/- 0.05% 

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Unaffiliated investments (cost $56,918,896) | $52062695 |
| &nbsp;&nbsp; Receivable for investments sold | 361693 |
| &nbsp;&nbsp; Dividends and interest receivable | 317122 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 307070 |
| &nbsp;&nbsp; Prepaid expenses | 860 |
| &nbsp;&nbsp; **Total Assets** | 53049440 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1341970 |
| &nbsp;&nbsp; Forward commitment contracts, at value (proceeds receivable $361,172) | 361460 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 53439 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 18544 |
| &nbsp;&nbsp; Management fee payable | 7567 |
| &nbsp;&nbsp; Trustees' fees payable | 706 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 100 |
| &nbsp;&nbsp; **Total Liabilities** | 1783786 |
| &nbsp;&nbsp; **Net Assets** | $51265654 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $58977137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (7711483) |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $51265654 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($51,265,654 ÷ 5,827,808 shares of beneficial interest issued and outstanding) | $8.80 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $698950 |
| &nbsp;&nbsp; Unaffiliated dividend income | 22723 |
| &nbsp;&nbsp; **Total income** | 721673 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 66803 |
| &nbsp;&nbsp; Audit fee | 28003 |
| &nbsp;&nbsp; Custodian and accounting fees | 22817 |
| &nbsp;&nbsp; Professional fees | 9955 |
| &nbsp;&nbsp; Shareholders' reports | 6069 |
| &nbsp;&nbsp; Trustees' fees | 4976 |
| &nbsp;&nbsp; Fund data services | 4008 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $259) | 298 |
| &nbsp;&nbsp; Registration fees | 126 |
| &nbsp;&nbsp; SEC registration fees | 110 |
| &nbsp;&nbsp; Miscellaneous | 5446 |
| &nbsp;&nbsp; **Total expenses** | 148611 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (24902) |
| &nbsp;&nbsp; **Net expenses** | 123709 |
| &nbsp;&nbsp; Net investment income (loss) | 597964 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (971953) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (841511) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (1813464) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(1215500) |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended<br>January 31, 2023**<br> | **Year Ended**<br> **July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $597964 | $870799 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (971953) | (1011792) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (841511) | (6139343) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (1215500) | (6280336) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (710419) | (1404487) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (459,614 and 4,134,711 shares, respectively) | 3946333 | 40966836 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (82,679 and 142,730 shares, respectively) | 710419 | 1388737 |
| &nbsp;&nbsp; Cost of shares purchased (365,358 and 4,666,383 shares, respectively) | (3150600) | (45765768) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1506152 | (3410195) |
| &nbsp;&nbsp; Total increase (decrease) | (419767) | (11095018) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 51685421 | 62780439 |
| &nbsp;&nbsp; End of period | $51265654 | $51685421 |

---

See Notes to Financial Statements.

------

**PGIM Core Conservative Bond Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**January 31,**<br>**2023** |  |  |  |  |  |
|  | **Six Months**<br>**Ended**<br>**January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br>**Ended**<br>**January 31,**<br>**2023** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **Six Months**<br>**Ended**<br>**January 31,**<br>**2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.15 | $10.39 | $10.81 | $10.12 | $9.66 | $10.03 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.11 | 0.15 | 0.13 | 0.22 | 0.25 | 0.21 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.33) | (1.16) | (0.25) | 0.73 | 0.49 | (0.34) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.22) | (1.01) | (0.12) | 0.95 | 0.74 | (0.13) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.20) | (0.21) | (0.26) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | (0.03) | (0.09) | - | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.13) | (0.23) | (0.30) | (0.26) | (0.28) | (0.24) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.80 | $9.15 | $10.39 | $10.81 | $10.12 | $9.66 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (2.41)% | (9.79)% | (1.07)% | 9.50% | 7.74% | (1.31)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $51266 | $51685 | $62780 | $57963 | $46905 | $38592 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $49080 | $58320 | $62768 | $50192 | $42668 | $34737 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.50% <sup>(d)</sup> | 0.50% | 0.50% | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.60% <sup>(d)</sup> | 0.55% | 0.55% | 0.67% | 0.77% | 0.78% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.42% <sup>(d)</sup> | 1.49% | 1.28% | 2.07% | 2.55% | 2.11% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)(f)</sup> | 106% | 171% | 194% | 174% | 107% | 171% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Annualized.

(e) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can
increase its portfolio turnover rate.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.0%** |  |  |  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125% | 01/15/30 | 5242 | $4827296 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/31 | 9955 | 9083639 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 07/15/31 | 222 | 202140 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 02/15/51 | 1344 | 925938 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.250 | 01/15/25 | 15781 | 15228080 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.250 | 02/15/50 | 1042 | 750427 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.375 | 01/15/27 | 4406 | 4211522 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.500 | 04/15/24 | 1045 | 1018423 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.500 | 01/15/28 | 6306 | 6036511 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.625 | 01/15/26 | 10030 | 9707962 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.625 | 02/15/43 | 2033 | 1716186 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 02/15/42 | 3643 | 3174581 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 02/15/45 | 76 | 64481 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.875 | 01/15/29 | 9085 | 8840448 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.875 | 02/15/47 | 129 | 111616 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/46 | 333 | 296938 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/48 | 1473 | 1303924 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/49 | 2609 | 2302421 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.375 | 02/15/44 | 147 | 142224 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.000 | 01/15/26 | 3427 | 3448290 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/40 | 1322 | 1450748 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/41 | 1149 | 1262834 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.375 | 01/15/25 | 987 | 991421 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.375 | 01/15/27 | 650 | 670011 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.500 | 01/15/29 | 1165 | 1238658 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 3.375 | 04/15/32 | 6935 | 8151155 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 3.625 | 04/15/28 | 368 | 408255 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $94,065,288) |  |  |  | 87566129 |

---

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.8%** |  |  |
| &nbsp;&nbsp; **UNAFFILIATED FUND** |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $2,529,733) | 2529733 | $2529733 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.8%**<br> (cost $96,595,021) |  | 90095862 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.8)% |  | (703652) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;89392210 |

---

------

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

**<u>Fair Value Measurements:</u>** 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  U.S. Treasury Obligations | $— | $87566129 | $— |
|  **Short-Term Investment** |  |  |  |
|  Unaffiliated Fund | 2529733 |  | <u>—</u> |
|  **Total** | $**2529733** | $**87566129** | **$—** |

---

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Sector Allocations</u>:** 

The sector allocations of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | | |
|:---|:---|:---|
|  U.S. Treasury Obligations | 98.0 | % |

---

---

| | |
|:---|:---|
|  Unaffiliated Fund | 2.8% |
|  | 100.8 |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Unaffiliated investments (cost $96,595,021) | $90095862 |
| &nbsp;&nbsp; Receivable for investments sold | 1078236 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 785865 |
| &nbsp;&nbsp; Dividends and interest receivable | 167536 |
| &nbsp;&nbsp; Prepaid expenses | 1300 |
| &nbsp;&nbsp; **Total Assets** | 92128799 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 2673111 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 37037 |
| &nbsp;&nbsp; Management fee payable | 17119 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 8540 |
| &nbsp;&nbsp; Trustees' fees payable | 687 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 95 |
| &nbsp;&nbsp; **Total Liabilities** | 2736589 |
| &nbsp;&nbsp; **Net Assets** | $89392210 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $102845797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (13453587) |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $89392210 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($89,392,210 ÷ 10,244,526 shares of beneficial interest issued and outstanding) | $8.73 |

---

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $1622867 |
| &nbsp;&nbsp; Unaffiliated dividend income | 16891 |
| &nbsp;&nbsp; **Total income** | 1639758 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 98611 |
| &nbsp;&nbsp; Custodian and accounting fees | 20043 |
| &nbsp;&nbsp; Audit fee | 16282 |
| &nbsp;&nbsp; Professional fees | 10325 |
| &nbsp;&nbsp; Trustees' fees | 5483 |
| &nbsp;&nbsp; Shareholders' reports | 3314 |
| &nbsp;&nbsp; SEC registration fees | 485 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $244) | 264 |
| &nbsp;&nbsp; Registration fees | 115 |
| &nbsp;&nbsp; Miscellaneous | 8134 |
| &nbsp;&nbsp; **Total expenses** | 163056 |
| &nbsp;&nbsp; Net investment income (loss) | 1476702 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (3263252) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (3053922) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (6317174) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(4840472) |

---

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | |
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | **Year Ended<br>July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1476702 | $5582965 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (3263252) | (842753) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (3053922) | (8085886) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (4840472) | (3345674) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (1859428) | (8160025) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,538,160 and 4,731,082 shares, respectively) | 13351692 | 47044350 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (208,852 and 812,739 shares, respectively) | 1859428 | 8158022 |
| &nbsp;&nbsp; Cost of shares purchased (1,104,767 and 3,680,859 shares, respectively) | (9781089) | (36827372) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 5430031 | 18375000 |
| &nbsp;&nbsp; Total increase (decrease) | (1269869) | 6869301 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 90662079 | 83792778 |
| &nbsp;&nbsp; End of period | $89392210 | $90662079 |

---

See Notes to Financial Statements.

------

**PGIM TIPS Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,** |  | **,** |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,** |  |  |  |  |  |
|  | **Six Months**<br> **Ended**<br> **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.44 | $10.83 | $10.67 | $9.87 | $9.61 | $9.86 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.15 | 0.68 | 0.36 | 0.01 | 0.21 | 0.28 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.67) | (1.08) | 0.32 | 0.94 | 0.30 | (0.19) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.52) | (0.40) | 0.68 | 0.95 | 0.51 | 0.09 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.78) | (0.43) | (0.15) | (0.25) | (0.34) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | - | (0.21) | (0.09) | - | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.19) | (0.99) | (0.52) | (0.15) | (0.25) | (0.34) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.73 | $9.44 | $10.83 | $10.67 | $9.87 | $9.61 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | (5.50)% | (3.91)% | 6.49% | 9.83% | 5.38% | 0.87% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $89392 | $90662 | $83793 | $48736 | $35938 | $23693 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $85050 | $83845 | $79151 | $38800 | $30412 | $19916 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.38% <sup>(d)</sup> | 0.39% | 0.40% | 0.40% | 0.40% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.38% <sup>(d)</sup> | 0.39% | 0.41% | 0.58% | 0.72% | 0.94% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.44% <sup>(d)</sup> | 6.66% | 3.39% | 0.12% | 2.17% | 2.83% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 34% | 73% | 72% | 102% | 40% | 54% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Annualized.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity** <br> **Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 98.2%** | &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 98.2%** |  | | |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(n) 80.6%** |  |  | | |
| &nbsp;&nbsp; U.S. Treasury Bills | 3.137% | 07/13/23 | 23500 | $23016468 |
| &nbsp;&nbsp; U.S. Treasury Bills | 4.492 | 07/13/23(bb)(k) | 10500 | 10283954 |
| &nbsp;&nbsp; U.S. Treasury Bills | 4.677 | 11/02/23 | 36000 | 34773166 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $68,245,906) | &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br>(cost $68,245,906) |  |  | 68073588 |
|  |  |  | **<u>Shares</u>** |  |
| &nbsp;&nbsp; **UNAFFILIATED FUND 17.6%** |  |  |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)(bb)<br>(cost $14,880,178) |  |  | 14880178 | 14880178 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 98.2%**<br>(cost $83,126,084) |  |  |  | 82953766 |
| &nbsp;&nbsp; Other assets in excess of liabilities(z) 1.8% |  |  |  | 1544873 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;84498639 |

---

------

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

(bb) Represents security, or a portion thereof, held in the Cayman Subsidiary.

(k) Represents security, or a portion thereof, segregated as collateral for centrally cleared/exchange-traded derivatives.

(n) Rate shown is the effective yield at purchase date.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Consolidated Schedule of Investments:

**Commodity Futures contracts outstanding at January 31, 2023(1):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date**  | **Current**<br>**Notional**<br> **Amount** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| **Long Positions:** | **Long Positions:** | **Long Positions:** |  |  |
| 74 | Brent Crude | May 2023 | $&nbsp;&nbsp;&nbsp;&nbsp;6302580 | $&nbsp;&nbsp;&nbsp;&nbsp;318689 |
| 33 | Coffee 'C' | Mar. 2023 | 2249156 | 371119 |
| 44 | Copper | Mar. 2023 | 4648600 | 654563 |
| 147 | Corn | Mar. 2023 | 4996162 | (30) |
| 29 | Cotton No. 2 | Mar. 2023 | 1250190 | 80740 |
| 30 | Gasoline RBOB | Mar. 2023 | 3234168 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;460529 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**Commodity Futures contracts outstanding at January 31, 2023(1) (continued):** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number**<br> **of**<br> **Contracts** | **Type** | **Expiration**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Date**  | **Current**<br>**Notional**<br> **Amount** | **Value/<br>Unrealized<br>Appreciation<br>(Depreciation)** |
|  **Long Positions (cont'd):** | **Long Positions (cont'd):** | **Long Positions (cont'd):** |  |  |
| 61 | Gold 100 OZ | Apr. 2023 | $11866330 | $368313 |
| 34 | Hard Red Winter Wheat | Mar. 2023 | 1493875 | (76024) |
| 63 | Lean Hogs | Apr. 2023 | 2177910 | (80703) |
| 16 | Live Cattle | Apr. 2023 | 1043360 | 12675 |
| 14 | LME Lead | Mar. 2023 | 746462 | (15963) |
| 19 | LME Nickel | Mar. 2023 | 3448044 | 110154 |
| 54 | LME PRI Aluminum | Mar. 2023 | 3548475 | 140924 |
| 54 | LME Zinc | Mar. 2023 | 4588326 | 306872 |
| 25 | Low Sulphur Gas Oil | Mar. 2023 | 2249375 | 213351 |
| 173 | Natural Gas | Mar. 2023 | 4643320 | (3336174) |
| 21 | NY Harbor ULSD | Mar. 2023 | 2773714 | 180956 |
| 19 | Silver | Mar. 2023 | 2264420 | 322166 |
| 19 | Soft Red Winter Wheat | Mar. 2023 | 723188 | (52152) |
| 74 | Soybean | Mar. 2023 | 5690600 | 322415 |
| 59 | Soybean Meal | Mar. 2023 | 2856780 | 294115 |
| 113 | Soybean Oil | Mar. 2023 | 4225974 | 11846 |
| 88 | Sugar No. 11 | Mar. 2023 | 2144666 | 275392 |
| 90 | WTI Crude | Mar. 2023 | 7098300 | 334144 |
|  |  |  |  | 1217917 |
|  **Short Positions:** | **Short Positions:** |  |  |  |
| 11 | LME Nickel | Mar. 2023 | 1996236 | (193118) |
| 9 | LME PRI Aluminum | Mar. 2023 | 591413 | (39059) |
| 5 | LME Zinc | Mar. 2023 | 424845 | (23366) |
|  |  |  |  | (255543) |
|  |  |  |  | $962374 |

---

------

(1) Represents positions held in the Cayman Subsidiary.

**<u>Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:</u>** 

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |
| MSC | $286445 | $8814818 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Fair Value Measurements:</u>** 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Unaffiliated Fund | $14880178 | $— | $— |
|  U.S. Treasury Obligations |  | 68073588 | <u>—</u> |
|  **Total** | $**14880178** | $**68073588** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Commodity Futures Contracts | $**4778963** | $**—** | **$—** |
|  **Liabilities** |  |  |  |
|  Commodity Futures Contracts | $**(3816589)** | $**—** | **$—** |

---

------

\* Other financial instruments are derivative instruments not reflected in the Consolidated Schedule of Investments, such as futures, forwards and centrally cleared swap contracts, which are recorded at the unrealized appreciation (depreciation) on the instrument, and OTC swap contracts which are recorded at fair value. 

**<u>Sector Allocation</u>:** 

The sector allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 80.6% |
|  Unaffiliated Fund | 17.6 |
|  | 98.2 |
|  Other assets in excess of liabilities | 1.8 |
|  | 100.0% |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:</u>** 

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is commodity contracts risk. See the Notes to Consolidated Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2023 as presented in the Consolidated Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value**  | **Consolidated**<br> **Statement of**<br> **Assets and**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities Location**  | **Fair**<br>**Value** | **Consolidated**<br> **Statement of**<br> **Assets and**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Liabilities Location**  | **Fair**<br>**Value** |
|  Commodity contracts | Due from/to broker-variation margin futures | $4778963 \* | Due from/to broker-variation margin futures | $3816589 \* |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Consolidated Statement of Assets and Liabilities.

The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended January 31, 2023 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Commodity contracts | $(13723099) |

---

---

| | |
|:---|:---|
| **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** | **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income** |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Commodity contracts | $6614815 |

---

For the six months ended January 31, 2023, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts - Long Positions (1) | $84855702 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts - Short Positions (1) | $3765296 |

---

\* Average volume is based on average quarter end balances as noted for the six months ended January 31, 2023.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Unaffiliated investments (cost $83,126,084) | $82953766 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 661675 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 603995 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 286445 |
| &nbsp;&nbsp; Dividends and interest receivable | 48164 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 23043 |
| &nbsp;&nbsp; **Total Assets** | 84577088 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 26146 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 23055 |
| &nbsp;&nbsp; Audit fee payable | 14266 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 13512 |
| &nbsp;&nbsp; Trustees' fees payable | 677 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 412 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 381 |
| &nbsp;&nbsp; **Total Liabilities** | 78449 |
| &nbsp;&nbsp; **Net Assets** | $&nbsp;&nbsp;&nbsp;&nbsp;84498639 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $97932797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (13434158) |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $84498639 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($9,756,855 ÷ 1,310,520 shares of beneficial interest issued and outstanding) | $7.45 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($74,741,784 ÷ 10,051,662 shares of beneficial interest issued and outstanding) | $7.44 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $1055223 |
| &nbsp;&nbsp; Unaffiliated dividend income | 208065 |
| &nbsp;&nbsp; **Total income** | 1263288 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 188235 |
| &nbsp;&nbsp; Custodian and accounting fees | 20886 |
| &nbsp;&nbsp; Audit fee | 14266 |
| &nbsp;&nbsp; Professional fees | 13172 |
| &nbsp;&nbsp; Registration fees(a) | 9753 |
| &nbsp;&nbsp; Trustees' fees | 5414 |
| &nbsp;&nbsp; Shareholders' reports | 3545 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,095)(a) | 1477 |
| &nbsp;&nbsp; SEC registration fees | 340 |
| &nbsp;&nbsp; Miscellaneous | 7997 |
| &nbsp;&nbsp; **Total expenses** | 265085 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (32303) |
| &nbsp;&nbsp; **Net expenses** | 232782 |
| &nbsp;&nbsp; Net investment income (loss) | 1030506 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | (224405) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (13723099) |
|  | (13947504) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (66970) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 6614815 |
|  | 6547845 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (7399659) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(6369153) |

---

------

(a) Class specific expenses and waivers were as follows:

---

| | | |
|:---|:---|:---|
|  | **Class Z** | **Class R6** |
|  Registration fees | 8380 | 1373 |
|  Transfer agent's fees and expenses | 835 | 642 |
|  Fee waiver and/or expense reimbursement | (7313) | (24990) |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Consolidated Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended**<br> **January 31, 2023**<br> | **Year Ended**<br> **July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1030506 | $(120051) |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (13947504) | 24360060 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 6547845 | (7097037) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (6369153) | 17142972 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class Z | (1647571) |  |
| &nbsp;&nbsp; Class R6 | (17608485) | (19775119) |
| &nbsp;&nbsp; Total dividends and distributions | (19256056) | (19775119) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 23554236 | 38749715 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 19256056 | 19775119 |
| &nbsp;&nbsp; Cost of shares purchased | (13797515) | (36502919) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 29012777 | 22021915 |
| &nbsp;&nbsp; Total increase (decrease) | 3387568 | 19389768 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 81111071 | 61721303 |
| &nbsp;&nbsp; End of period | $84498639 | $81111071 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Financial Highlights** (unaudited)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp; **Class Z Shares** | &nbsp;&nbsp;&nbsp; **Class Z Shares** |
|  | **Six Months** | **December 14, 2021<sup>(a)</sup>** |
|  | **Ended** | **December 14, 2021<sup>(a)</sup>** |
|  | **January 31,** | **through July 31,** |
|  | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.53 | $7.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.01 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.88) | 2.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.76) | 2.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (2.32) | - |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.45 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (7.64)% | 32.62% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $9757 | $532 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $5311 | $424 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70% <sup>(f)</sup> | 0.70 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.97% <sup>(f)</sup> | 9.94 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.66% <sup>(f)</sup> | 0.08 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 0% | 0% |

---

(a) Commencement of offering.

(b) Calculated based on average shares outstanding during the period.

(c) The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement
of Operations due to class specific expenses.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(e) Does not include expenses of the underlying funds in which the Fund invests.

(f) Annualized.

(g) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

**PGIM Quant Solutions Commodity Strategies Fund** 

**Financial Highlights** (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.53 | $12.02 | $8.34 | $9.44 | $10.31 | $10.15 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | (0.02) | (0.05) | 0.01 | 0.14 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | (0.87) | 2.45 | 3.73 | (1.01) | (0.74) | 0.27 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.75) | 2.43 | 3.68 | (1.00) | (0.60) | 0.31 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (2.34) | (3.92) | - | (0.10) | (0.27) | (0.15) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions | - | - | - | (-)<sup>(b)</sup> | - | - |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.34) | (3.92) | - | (0.10) | (0.27) | (0.15) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.44 | $10.53 | $12.02 | $8.34 | $9.44 | $10.31 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (7.57)% | 30.61% | 44.12% | (10.74)% | (5.69)% | 3.09% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $74742 | $80579 | $61721 | $38553 | $21123 | $18187 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $74760 | $67445 | $53974 | $28308 | $19634 | $16136 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.57%<sup>(</sup> <sup>e)</sup> | 0.62% | 0.64% | 0.80% | 0.80% | 0.92% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.64%<sup>(</sup> <sup>e)</sup> | 0.68% | 0.71% | 0.94% | 1.10% | 1.88% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.55%<sup>(</sup> <sup>e)</sup> | (0.18)% | (0.53)% | 0.17% | 1.42% | 0.41% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 0% | 0% | 0% | 0% | 0% | 0% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Amount rounds to zero.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(d) Does not include expenses of the underlying funds in which the Fund invests.

(e) Annualized.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.8%**<br>&nbsp;&nbsp; **COMMON STOCKS 98.9%**<br>&nbsp;&nbsp; **Aerospace & Defense 0.8%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; AerSale Corp.\* | 575 | $10701 |
| &nbsp;&nbsp; Axon Enterprise, Inc.\* | 245 | 47883 |
| &nbsp;&nbsp; Hexcel Corp. | 215 | 15175 |
| &nbsp;&nbsp; Moog, Inc. (Class A Stock) | 60 | 5719 |
| &nbsp;&nbsp; Parsons Corp.\* | 100 | 4352 |
| &nbsp;&nbsp; Woodward, Inc. | 175 | 17895 |
|  |  | 101725 |
| &nbsp;&nbsp; **Airlines 0.8%** |  |  |
| &nbsp;&nbsp; Alaska Air Group, Inc.\* | 1250 | 64175 |
| &nbsp;&nbsp; JetBlue Airways Corp.\* | 5800 | 46400 |
|  |  | 110575 |
| &nbsp;&nbsp; **Auto Components 2.3%** |  |  |
| &nbsp;&nbsp; Adient PLC\* | 871 | 39212 |
| &nbsp;&nbsp; BorgWarner, Inc. | 800 | 37824 |
| &nbsp;&nbsp; Dana, Inc. | 975 | 17687 |
| &nbsp;&nbsp; Gentex Corp. | 2125 | 62709 |
| &nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 4850 | 54562 |
| &nbsp;&nbsp; Lear Corp. | 40 | 5831 |
| &nbsp;&nbsp; Visteon Corp.\* | 515 | 80515 |
|  |  | 298340 |
| &nbsp;&nbsp; **Automobiles 1.3%** |  |  |
| &nbsp;&nbsp; Harley-Davidson, Inc. | 2200 | 101266 |
| &nbsp;&nbsp; Thor Industries, Inc. | 665 | 63394 |
|  |  | 164660 |
| &nbsp;&nbsp; **Banks 6.1%** |  |  |
| &nbsp;&nbsp; Associated Banc-Corp. | 3700 | 82917 |
| &nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 525 | 68397 |
| &nbsp;&nbsp; East West Bancorp, Inc. | 458 | 35962 |
| &nbsp;&nbsp; FNB Corp. | 5281 | 75360 |
| &nbsp;&nbsp; Fulton Financial Corp. | 1325 | 22167 |
| &nbsp;&nbsp; Old National Bancorp | 5350 | 93625 |
| &nbsp;&nbsp; PacWest Bancorp | 812 | 22460 |
| &nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 1190 | 93689 |
| &nbsp;&nbsp; Synovus Financial Corp. | 1640 | 68798 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Valley National Bancorp | 5268 | $62584 |
| &nbsp;&nbsp; Washington Federal, Inc. | 200 | 7092 |
| &nbsp;&nbsp; Webster Financial Corp. | 1025 | 53966 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 1196 | 109398 |
|  |  | 796415 |
| &nbsp;&nbsp; **Beverages 0.4%** |  |  |
| &nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 95 | 48144 |
| &nbsp;&nbsp; **Biotechnology 1.3%** |  |  |
| &nbsp;&nbsp; Exelixis, Inc.\* | 373 | 6572 |
| &nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 145 | 16085 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 580 | 152639 |
|  |  | 175296 |
| &nbsp;&nbsp; **Building Products 1.9%** |  |  |
| &nbsp;&nbsp; Builders FirstSource, Inc.\* | 1400 | 111580 |
| &nbsp;&nbsp; Carlisle Cos., Inc. | 90 | 22577 |
| &nbsp;&nbsp; Owens Corning | 1129 | 109118 |
| &nbsp;&nbsp; UFP Industries, Inc. | 85 | 7952 |
|  |  | 251227 |
| &nbsp;&nbsp; **Capital Markets 2.8%** |  |  |
| &nbsp;&nbsp; Affiliated Managers Group, Inc. | 395 | 68232 |
| &nbsp;&nbsp; BGC Partners, Inc. (Class A Stock) | 5550 | 24143 |
| &nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 72 | 9346 |
| &nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 170 | 13590 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 933 | 24183 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc. | 2871 | 112773 |
| &nbsp;&nbsp; Stifel Financial Corp. | 1718 | 115811 |
|  |  | 368078 |
| &nbsp;&nbsp; **Chemicals 1.9%** |  |  |
| &nbsp;&nbsp; Avient Corp. | 175 | 7091 |
| &nbsp;&nbsp; Cabot Corp. | 356 | 26817 |
| &nbsp;&nbsp; Chemours Co. (The) | 938 | 34134 |
| &nbsp;&nbsp; Ecovyst, Inc.\* | 700 | 7343 |
| &nbsp;&nbsp; Ingevity Corp.\* | 70 | 5771 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Chemicals (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Olin Corp. | 1890 | $122075 |
| &nbsp;&nbsp; Valvoline, Inc. | 1325 | 48575 |
|  |  | 251806 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.7%** |  |  |
| &nbsp;&nbsp; Brink's Co. (The) | 175 | 11480 |
| &nbsp;&nbsp; Clean Harbors, Inc.\* | 313 | 40784 |
| &nbsp;&nbsp; Deluxe Corp. | 200 | 3998 |
| &nbsp;&nbsp; Tetra Tech, Inc. | 250 | 38880 |
|  |  | 95142 |
| &nbsp;&nbsp; **Communications Equipment 0.2%** |  |  |
| &nbsp;&nbsp; Calix, Inc.\* | 625 | 32900 |
| &nbsp;&nbsp; **Construction & Engineering 2.8%** |  |  |
| &nbsp;&nbsp; AECOM | 1429 | 124709 |
| &nbsp;&nbsp; EMCOR Group, Inc. | 823 | 122010 |
| &nbsp;&nbsp; MDU Resources Group, Inc. | 600 | 18546 |
| &nbsp;&nbsp; Valmont Industries, Inc. | 300 | 98919 |
|  |  | 364184 |
| &nbsp;&nbsp; **Construction Materials 0.9%** |  |  |
| &nbsp;&nbsp; Eagle Materials, Inc. | 842 | 122999 |
| &nbsp;&nbsp; **Consumer Finance 0.2%** |  |  |
| &nbsp;&nbsp; Navient Corp. | 1725 | 32723 |
| &nbsp;&nbsp; **Containers & Packaging 1.3%** |  |  |
| &nbsp;&nbsp; Berry Global Group, Inc. | 125 | 7716 |
| &nbsp;&nbsp; Greif, Inc. (Class A Stock) | 1271 | 90788 |
| &nbsp;&nbsp; Westrock Co. | 1850 | 72594 |
|  |  | 171098 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.9%** |  |  |
| &nbsp;&nbsp; Grand Canyon Education, Inc.\* | 211 | 24594 |
| &nbsp;&nbsp; H&R Block, Inc. | 900 | 35082 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Diversified Consumer Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Perdoceo Education Corp.\* | 975 | $14596 |
| &nbsp;&nbsp; Service Corp. International | 510 | 37816 |
|  |  | 112088 |
| &nbsp;&nbsp; **Diversified Financial Services 1.0%** |  |  |
| &nbsp;&nbsp; Cannae Holdings, Inc.\* | 750 | 18330 |
| &nbsp;&nbsp; Voya Financial, Inc. | 1600 | 111632 |
|  |  | 129962 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.1%** |  |  |
| &nbsp;&nbsp; Iridium Communications, Inc.\* | 175 | 10472 |
| &nbsp;&nbsp; Lumen Technologies, Inc. | 1150 | 6038 |
|  |  | 16510 |
| &nbsp;&nbsp; **Electric Utilities 1.0%** |  |  |
| &nbsp;&nbsp; ALLETE, Inc. | 450 | 27837 |
| &nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 2200 | 92994 |
| &nbsp;&nbsp; NRG Energy, Inc. | 400 | 13688 |
|  |  | 134519 |
| &nbsp;&nbsp; **Electrical Equipment 2.8%** |  |  |
| &nbsp;&nbsp; Acuity Brands, Inc. | 554 | 104440 |
| &nbsp;&nbsp; EnerSys | 160 | 13283 |
| &nbsp;&nbsp; Hubbell, Inc. | 585 | 133913 |
| &nbsp;&nbsp; nVent Electric PLC | 2639 | 104900 |
| &nbsp;&nbsp; Sunrun, Inc.\* | 275 | 7227 |
|  |  | 363763 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 3.5%** |  |  |
| &nbsp;&nbsp; Arrow Electronics, Inc.\* | 1010 | 118665 |
| &nbsp;&nbsp; Avnet, Inc. | 800 | 36704 |
| &nbsp;&nbsp; Belden, Inc. | 1005 | 81496 |
| &nbsp;&nbsp; Jabil, Inc. | 1853 | 145701 |
| &nbsp;&nbsp; PC Connection, Inc. | 275 | 13483 |
| &nbsp;&nbsp; TD SYNNEX Corp. | 636 | 64967 |
|  |  | 461016 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Energy Equipment & Services 1.3%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; ChampionX Corp. | 900 | $29718 |
| &nbsp;&nbsp; NOV, Inc. | 4975 | 121589 |
| &nbsp;&nbsp; RPC, Inc. | 425 | 4216 |
| &nbsp;&nbsp; U.S. Silica Holdings, Inc.\* | 1150 | 14076 |
|  |  | 169599 |
| &nbsp;&nbsp; **Entertainment 0.7%** |  |  |
| &nbsp;&nbsp; Lions Gate Entertainment Corp. (Class A Stock)\* | 800 | 6376 |
| &nbsp;&nbsp; Lions Gate Entertainment Corp. (Class B Stock)\* | 800 | 6096 |
| &nbsp;&nbsp; Madison Square Garden Sports Corp. | 185 | 33640 |
| &nbsp;&nbsp; World Wrestling Entertainment, Inc. (Class A Stock) | 474 | 40110 |
|  |  | 86222 |
| &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) 7.2%** |  |  |
| &nbsp;&nbsp; Apple Hospitality REIT, Inc. | 3625 | 64271 |
| &nbsp;&nbsp; Brixmor Property Group, Inc. | 2850 | 67061 |
| &nbsp;&nbsp; City Office REIT, Inc. | 450 | 4428 |
| &nbsp;&nbsp; Cousins Properties, Inc. | 1850 | 50727 |
| &nbsp;&nbsp; DiamondRock Hospitality Co. | 550 | 5297 |
| &nbsp;&nbsp; EPR Properties | 1850 | 78588 |
| &nbsp;&nbsp; Franklin Street Properties Corp. | 6000 | 18480 |
| &nbsp;&nbsp; Hersha Hospitality Trust (Class A Stock) | 1350 | 12420 |
| &nbsp;&nbsp; Hudson Pacific Properties, Inc. | 400 | 4556 |
| &nbsp;&nbsp; Industrial Logistics Properties Trust | 1200 | 5292 |
| &nbsp;&nbsp; iStar, Inc. | 725 | 6728 |
| &nbsp;&nbsp; JBG SMITH Properties | 3525 | 70993 |
| &nbsp;&nbsp; Kilroy Realty Corp. | 1950 | 80028 |
| &nbsp;&nbsp; Kite Realty Group Trust | 4050 | 87885 |
| &nbsp;&nbsp; Lamar Advertising Co. (Class A Stock) | 1221 | 130085 |
| &nbsp;&nbsp; Macerich Co. (The) | 700 | 9618 |
| &nbsp;&nbsp; Medical Properties Trust, Inc. | 3275 | 42411 |
| &nbsp;&nbsp; Park Hotels & Resorts, Inc. | 6450 | 94879 |
| &nbsp;&nbsp; Pebblebrook Hotel Trust | 2850 | 46740 |
| &nbsp;&nbsp; PotlatchDeltic Corp. | 450 | 22028 |
| &nbsp;&nbsp; RPT Realty | 600 | 6288 |
| &nbsp;&nbsp; Vornado Realty Trust | 1600 | 39024 |
|  |  | 947827 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Food & Staples Retailing 1.3%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 1255 | $90950 |
| &nbsp;&nbsp; Casey's General Stores, Inc. | 25 | 5898 |
| &nbsp;&nbsp; Performance Food Group Co.\* | 975 | 59787 |
| &nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 375 | 11981 |
|  |  | 168616 |
| &nbsp;&nbsp; **Food Products 2.2%** |  |  |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 1398 | 92673 |
| &nbsp;&nbsp; Ingredion, Inc. | 597 | 61372 |
| &nbsp;&nbsp; Pilgrim's Pride Corp.\* | 2340 | 56815 |
| &nbsp;&nbsp; Post Holdings, Inc.\* | 780 | 74061 |
|  |  | 284921 |
| &nbsp;&nbsp; **Gas Utilities 2.0%** |  |  |
| &nbsp;&nbsp; National Fuel Gas Co. | 1675 | 97250 |
| &nbsp;&nbsp; New Jersey Resources Corp. | 350 | 17472 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 100 | 6693 |
| &nbsp;&nbsp; UGI Corp. | 3507 | 139684 |
|  |  | 261099 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 3.2%** |  |  |
| &nbsp;&nbsp; Enovis Corp.\* | 975 | 61376 |
| &nbsp;&nbsp; Envista Holdings Corp.\* | 389 | 15167 |
| &nbsp;&nbsp; Haemonetics Corp.\* | 1060 | 89676 |
| &nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 1423 | 81538 |
| &nbsp;&nbsp; Lantheus Holdings, Inc.\* | 1625 | 93437 |
| &nbsp;&nbsp; Shockwave Medical, Inc.\* | 435 | 81750 |
|  |  | 422944 |
| &nbsp;&nbsp; **Health Care Providers & Services 1.6%** |  |  |
| &nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 455 | 38229 |
| &nbsp;&nbsp; Chemed Corp. | 102 | 51524 |
| &nbsp;&nbsp; Encompass Health Corp. | 100 | 6245 |
| &nbsp;&nbsp; Molina Healthcare, Inc.\* | 37 | 11538 |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 200 | 5774 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 1725 | 94616 |
|  |  | 207926 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.4%** | &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.4%** | &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.4%** |
| &nbsp;&nbsp; Boyd Gaming Corp. | 450 | $28039 |
| &nbsp;&nbsp; Century Casinos, Inc.\* | 3169 | 27951 |
| &nbsp;&nbsp; Churchill Downs, Inc. | 155 | 38455 |
| &nbsp;&nbsp; Light & Wonder, Inc.\* | 175 | 11419 |
| &nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 225 | 36009 |
| &nbsp;&nbsp; Texas Roadhouse, Inc. | 730 | 73314 |
| &nbsp;&nbsp; Travel + Leisure Co. | 1275 | 54022 |
| &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 665 | 51544 |
|  |  | 320753 |
| &nbsp;&nbsp; **Household Durables 1.8%** |  |  |
| &nbsp;&nbsp; Taylor Morrison Home Corp.\* | 2725 | 97555 |
| &nbsp;&nbsp; Toll Brothers, Inc. | 2296 | 136589 |
|  |  | 234144 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.6%** |  |  |
| &nbsp;&nbsp; Ormat Technologies, Inc. | 290 | 26840 |
| &nbsp;&nbsp; Vistra Corp. | 2475 | 57073 |
|  |  | 83913 |
| &nbsp;&nbsp; **Insurance 3.4%** |  |  |
| &nbsp;&nbsp; CNO Financial Group, Inc. | 900 | 23184 |
| &nbsp;&nbsp; Employers Holdings, Inc. | 200 | 8774 |
| &nbsp;&nbsp; First American Financial Corp. | 450 | 27842 |
| &nbsp;&nbsp; Old Republic International Corp. | 450 | 11876 |
| &nbsp;&nbsp; Oscar Health, Inc. (Class A Stock)\* | 1700 | 6528 |
| &nbsp;&nbsp; Reinsurance Group of America, Inc. | 998 | 151466 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 60 | 11741 |
| &nbsp;&nbsp; RLI Corp. | 600 | 79470 |
| &nbsp;&nbsp; Unum Group | 3100 | 130293 |
|  |  | 451174 |
| &nbsp;&nbsp; **Interactive Media & Services 0.1%** |  |  |
| &nbsp;&nbsp; IAC, Inc.\* | 140 | 7910 |
| &nbsp;&nbsp; Ziff Davis, Inc.\* | 60 | 5369 |
|  |  | 13279 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **IT Services 2.2%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Concentrix Corp. | 728 | $103238 |
| &nbsp;&nbsp; Euronet Worldwide, Inc.\* | 195 | 21973 |
| &nbsp;&nbsp; ExlService Holdings, Inc.\* | 140 | 23884 |
| &nbsp;&nbsp; Genpact Ltd. | 2300 | 108744 |
| &nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 600 | 8034 |
| &nbsp;&nbsp; WEX, Inc.\* | 85 | 15722 |
|  |  | 281595 |
| &nbsp;&nbsp; **Leisure Products 0.4%** |  |  |
| &nbsp;&nbsp; Brunswick Corp. | 495 | 41743 |
| &nbsp;&nbsp; MasterCraft Boat Holdings, Inc.\* | 275 | 7909 |
| &nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 175 | 4286 |
|  |  | 53938 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.5%** |  |  |
| &nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 1100 | 10197 |
| &nbsp;&nbsp; Sotera Health Co.\* | 6450 | 111198 |
| &nbsp;&nbsp; Syneos Health, Inc.\* | 1933 | 69433 |
|  |  | 190828 |
| &nbsp;&nbsp; **Machinery 5.0%** |  |  |
| &nbsp;&nbsp; AGCO Corp. | 846 | 116858 |
| &nbsp;&nbsp; Donaldson Co., Inc. | 1772 | 110484 |
| &nbsp;&nbsp; Esab Corp. | 725 | 41912 |
| &nbsp;&nbsp; ITT, Inc. | 139 | 12731 |
| &nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 423 | 70586 |
| &nbsp;&nbsp; Proto Labs, Inc.\* | 200 | 6120 |
| &nbsp;&nbsp; Terex Corp. | 1850 | 94295 |
| &nbsp;&nbsp; Timken Co. (The) | 1225 | 100879 |
| &nbsp;&nbsp; Titan International, Inc.\* | 1500 | 25035 |
| &nbsp;&nbsp; Toro Co. (The) | 617 | 68808 |
| &nbsp;&nbsp; Wabash National Corp. | 200 | 5152 |
|  |  | 652860 |
| &nbsp;&nbsp; **Media 0.3%** |  |  |
| &nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 200 | 3702 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Media (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 275 | $9581 |
| &nbsp;&nbsp; TEGNA, Inc. | 1229 | 24494 |
|  |  | 37777 |
| &nbsp;&nbsp; **Metals & Mining 3.0%** |  |  |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 900 | 19215 |
| &nbsp;&nbsp; Commercial Metals Co. | 1750 | 94972 |
| &nbsp;&nbsp; Reliance Steel & Aluminum Co. | 644 | 146478 |
| &nbsp;&nbsp; Steel Dynamics, Inc. | 584 | 70454 |
| &nbsp;&nbsp; United States Steel Corp. | 2025 | 57692 |
|  |  | 388811 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.0%** |  |  |
| &nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 800 | 5344 |
| &nbsp;&nbsp; **Multiline Retail 1.0%** |  |  |
| &nbsp;&nbsp; Macy's, Inc. | 5550 | 131146 |
| &nbsp;&nbsp; **Multi-Utilities 0.2%** |  |  |
| &nbsp;&nbsp; Black Hills Corp. | 275 | 19905 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 3.1%** |  |  |
| &nbsp;&nbsp; Antero Midstream Corp. | 4050 | 44145 |
| &nbsp;&nbsp; Antero Resources Corp.\* | 975 | 28119 |
| &nbsp;&nbsp; Berry Corp. | 1325 | 12190 |
| &nbsp;&nbsp; California Resources Corp. | 275 | 11751 |
| &nbsp;&nbsp; CONSOL Energy, Inc. | 1215 | 70263 |
| &nbsp;&nbsp; HF Sinclair Corp. | 700 | 39830 |
| &nbsp;&nbsp; Murphy Oil Corp. | 2725 | 118837 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 1950 | 81881 |
|  |  | 407016 |
| &nbsp;&nbsp; **Paper & Forest Products 0.3%** |  |  |
| &nbsp;&nbsp; Sylvamo Corp. | 725 | 34459 |
| &nbsp;&nbsp; **Personal Products 0.1%** |  |  |
| &nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 1150 | 11454 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Pharmaceuticals 1.3%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 780 | $122195 |
| &nbsp;&nbsp; Perrigo Co. PLC | 1150 | 43033 |
|  |  | 165228 |
| &nbsp;&nbsp; **Professional Services 1.0%** |  |  |
| &nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 290 | 89346 |
| &nbsp;&nbsp; Insperity, Inc. | 404 | 44662 |
|  |  | 134008 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.4%** |  |  |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 279 | 51579 |
| &nbsp;&nbsp; **Road & Rail 1.3%** |  |  |
| &nbsp;&nbsp; Ryder System, Inc. | 995 | 93938 |
| &nbsp;&nbsp; XPO, Inc.\* | 1950 | 77727 |
|  |  | 171665 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 2.7%** |  |  |
| &nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 1000 | 38170 |
| &nbsp;&nbsp; Amkor Technology, Inc. | 3770 | 110310 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 835 | 75476 |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1685 | 127706 |
|  |  | 351662 |
| &nbsp;&nbsp; **Software 3.9%** |  |  |
| &nbsp;&nbsp; CommVault Systems, Inc.\* | 1225 | 76232 |
| &nbsp;&nbsp; Dynatrace, Inc.\* | 1400 | 53802 |
| &nbsp;&nbsp; Fair Isaac Corp.\* | 125 | 83244 |
| &nbsp;&nbsp; Manhattan Associates, Inc.\* | 784 | 102202 |
| &nbsp;&nbsp; NCR Corp.\* | 900 | 24678 |
| &nbsp;&nbsp; Paylocity Holding Corp.\* | 455 | 94772 |
| &nbsp;&nbsp; Qualys, Inc.\* | 185 | 21341 |
| &nbsp;&nbsp; Teradata Corp.\* | 1275 | 44472 |
| &nbsp;&nbsp; Upland Software, Inc.\* | 975 | 8512 |
|  |  | 509255 |
| &nbsp;&nbsp; **Specialty Retail 2.1%** |  |  |
| &nbsp;&nbsp; AutoNation, Inc.\* | 785 | 99475 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Specialty Retail (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Dick's Sporting Goods, Inc. | 380 | $49689 |
| &nbsp;&nbsp; Five Below, Inc.\* | 205 | 40412 |
| &nbsp;&nbsp; Foot Locker, Inc. | 275 | 11965 |
| &nbsp;&nbsp; Murphy USA, Inc. | 195 | 53046 |
| &nbsp;&nbsp; TravelCenters of America, Inc.\* | 375 | 17070 |
|  |  | 271657 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.5%** |  |  |
| &nbsp;&nbsp; Pure Storage, Inc. (Class A Stock)\* | 200 | 5788 |
| &nbsp;&nbsp; Xerox Holdings Corp. | 3375 | 55283 |
|  |  | 61071 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 2.9%** |  |  |
| &nbsp;&nbsp; Capri Holdings Ltd.\* | 1296 | 86171 |
| &nbsp;&nbsp; Crocs, Inc.\* | 510 | 62103 |
| &nbsp;&nbsp; Deckers Outdoor Corp.\* | 195 | 83359 |
| &nbsp;&nbsp; PVH Corp. | 1475 | 132602 |
| &nbsp;&nbsp; Skechers USA, Inc. (Class A Stock)\* | 200 | 9630 |
|  |  | 373865 |
| &nbsp;&nbsp; **Thrifts & Mortgage Finance 0.3%** |  |  |
| &nbsp;&nbsp; Essent Group Ltd. | 450 | 19814 |
| &nbsp;&nbsp; MGIC Investment Corp. | 1425 | 20121 |
|  |  | 39935 |
| &nbsp;&nbsp; **Trading Companies & Distributors 1.8%** |  |  |
| &nbsp;&nbsp; Boise Cascade Co. | 175 | 13120 |
| &nbsp;&nbsp; GMS, Inc.\* | 725 | 43007 |
| &nbsp;&nbsp; Univar Solutions, Inc.\* | 3362 | 115922 |
| &nbsp;&nbsp; Veritiv Corp. | 383 | 47890 |
| &nbsp;&nbsp; WESCO International, Inc.\* | 95 | 14156 |
|  |  | 234095 |
| &nbsp;&nbsp; **Water Utilities 0.6%** |  |  |
| &nbsp;&nbsp; Essential Utilities, Inc. | 1600 | 74768 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** | &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** |
| &nbsp;&nbsp; Telephone & Data Systems, Inc. | 2025 | $27074 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>(cost $10,673,424) |  | 12936582 |
| &nbsp;&nbsp; **EXCHANGE-TRADED FUND 1.9%** | &nbsp;&nbsp; **EXCHANGE-TRADED FUND 1.9%** | &nbsp;&nbsp; **EXCHANGE-TRADED FUND 1.9%** |
| &nbsp;&nbsp; iShares Core S&P Mid-Cap ETF<br>(cost $234,602) | 953 | 251869 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,908,026) | &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $10,908,026) | 13188451 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 0.2%** |  |  |
| &nbsp;&nbsp; **UNAFFILIATED FUND** |  |  |
| &nbsp;&nbsp; Dreyfus Government Cash Management (Institutional Shares)<br>(cost $30,883) | 30883 | 30883 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.0%**<br>(cost $10,938,909) |  | 13219334 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.0)% |  | (135324) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $13084010 |

---

------

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

**<u>Fair Value Measurements:</u>** 

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101725 | &nbsp;&nbsp;&nbsp;&nbsp;$— | &nbsp;&nbsp;&nbsp;&nbsp;$— |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 110575 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 298340 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 164660 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 796415 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 48144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 175296 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 251227 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 368078 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 251806 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 95142 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 32900 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 364184 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 122999 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 32723 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 171098 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 112088 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 129962 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 16510 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 134519 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 363763 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 461016 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 169599 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 86222 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 947827 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 168616 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 284921 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 261099 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 422944 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 207926 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 320753 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 234144 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 83913 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 451174 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 13279 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 281595 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 53938 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 190828 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 652860 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 37777 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 388811 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | $5344 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 131146 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 19905 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 407016 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 34459 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | 11454 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 165228 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 134008 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 51579 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 171665 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 351662 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 509255 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 271657 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 61071 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 373865 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 39935 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 234095 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 74768 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 27074 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  Exchange-Traded Fund | 251869 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
|  **Short-Term Investment** |  |  |  |
| Unaffiliated Fund | 30883 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— |
|  **Total** | $**13219334** | **$—** | **$—** |

---

**<u>Industry Classification</u>:** 

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2023 were as follows:

---

| | |
|:---|:---|
|  Equity Real Estate Investment Trusts (REITs) | 7.2 |
|  Banks | 6.1 |
|  Machinery | 5.0 |
|  Software | 3.9 |
|  Electronic Equipment, Instruments & Components | 3.5 |
|  Insurance | 3.4 |
|  Health Care Equipment & Supplies | 3.2 |
|  Oil, Gas & Consumable Fuels | 3.1 |
|  Metals & Mining | 3.0 |
|  Textiles, Apparel & Luxury Goods | 2.9 |
|  Capital Markets | 2.8 |

---

---

| | |
|:---|:---|
|  Construction & Engineering | 2.8 |
|  Electrical Equipment | 2.8 |
|  Semiconductors & Semiconductor Equipment | 2.7 |
|  Hotels, Restaurants & Leisure | 2.4 |
|  Auto Components | 2.3 |
|  Food Products | 2.2 |
|  IT Services | 2.2 |
|  Specialty Retail | 2.1 |
|  Gas Utilities | 2.0 |
|  Exchange-Traded Fund | 1.9 |
|  Chemicals | 1.9 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Industry Classification (continued)</u>:** 

---

| | |
|:---|:---|
|  Building Products | 1.9 |
|  Household Durables | 1.8 |
|  Trading Companies & Distributors | 1.8 |
|  Health Care Providers & Services | 1.6 |
|  Life Sciences Tools & Services | 1.5 |
|  Biotechnology | 1.3 |
|  Road & Rail | 1.3 |
|  Containers & Packaging | 1.3 |
|  Energy Equipment & Services | 1.3 |
|  Food & Staples Retailing | 1.3 |
|  Pharmaceuticals | 1.3 |
|  Automobiles | 1.3 |
|  Electric Utilities | 1 |
|  Professional Services | 1 |
|  Multiline Retail | 1 |
|  Diversified Financial Services | 1 |
|  Construction Materials | 0.9 |
|  Diversified Consumer Services | 0.9 |
|  Airlines | 0.8 |
|  Aerospace & Defense | 0.8 |
|  Commercial Services & Supplies | 0.7 |
|  Entertainment | 0.7 |
|  Independent Power & Renewable Electricity Producers | 0.6 |

---

---

| | |
|:---|:---|
|  Water Utilities | 0.6% |
|  Technology Hardware, Storage & Peripherals | 0.5 |
|  Leisure Products | 0.4 |
|  Real Estate Management & Development | 0.4 |
|  Beverages | 0.4 |
|  Thrifts & Mortgage Finance | 0.3 |
|  Media | 0.3 |
|  Paper & Forest Products | 0.3 |
|  Communications Equipment | 0.2 |
|  Consumer Finance | 0.2 |
|  Unaffiliated Fund | 0.2 |
|  Wireless Telecommunication Services | 0.2 |
|  Multi-Utilities | 0.2 |
|  Diversified Telecommunication Services | 0.1 |
|  Interactive Media & Services | 0.1 |
|  Personal Products | 0.1 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.0 \* |
|  | 101.0 |
|  Liabilities in excess of other assets | (1.0) |
|  | 100.0% |

---

------

\* Less than +/- 0.05% 

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Unaffiliated investments (cost $10,938,909) | $13219334 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 30660 |
| &nbsp;&nbsp; Dividends receivable | 4711 |
| &nbsp;&nbsp; Due from Manager | 2240 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1599 |
| &nbsp;&nbsp; **Total Assets** | 13258544 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 136186 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 14536 |
| &nbsp;&nbsp; Audit fee payable | 12225 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 6012 |
| &nbsp;&nbsp; Professional fees payable | 4690 |
| &nbsp;&nbsp; Trustees' fees payable | 790 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 95 |
| &nbsp;&nbsp; **Total Liabilities** | 174534 |
| &nbsp;&nbsp; **Net Assets** | $13084010 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Paid-in capital | $10926858 |
| &nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total distributable earnings (loss) | 2157152 |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $13084010 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($13,084,010 ÷ 1,320,266 shares of beneficial interest issued and outstanding) | $9.91 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $18 foreign withholding tax) | $114862 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 34732 |
| &nbsp;&nbsp; Custodian and accounting fees | 20567 |
| &nbsp;&nbsp; Audit fee | 12225 |
| &nbsp;&nbsp; Professional fees | 9920 |
| &nbsp;&nbsp; Shareholders' reports | 7007 |
| &nbsp;&nbsp; Trustees' fees | 4869 |
| &nbsp;&nbsp; Fund data services | 4861 |
| &nbsp;&nbsp; Commitment Fees | 2161 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $274) | 337 |
| &nbsp;&nbsp; Registration fees | 116 |
| &nbsp;&nbsp; Miscellaneous | 2971 |
| &nbsp;&nbsp; **Total expenses** | 99766 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (43580) |
| &nbsp;&nbsp; **Net expenses** | 56186 |
| &nbsp;&nbsp; Net investment income (loss) | 58676 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 287221 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 535536 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 822757 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $881433 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>January 31, 2023** | |
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | | **Year Ended<br>July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $58676 | $151652 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 287221 | 3248464 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 535536 | (3900167) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 881433 | (500051) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (2029621) | (4709837) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (137,815 and 586,942 shares, respectively) | 1382211 | 6926148 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (217,537 and 413,144 shares, respectively) | 2029621 | 4709837 |
| &nbsp;&nbsp; Cost of shares purchased (406,399 and 1,287,830 shares, respectively) | (3920721) | (15359733) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (508889) | (3723748) |
| &nbsp;&nbsp; Total increase (decrease) | (1657077) | (8933636) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 14741087 | 23674723 |
| &nbsp;&nbsp; End of period | $13084010 | $14741087 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions Mid-Cap Core Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** | &nbsp;&nbsp;&nbsp; **Class R6 Shares** |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $10.75 | $14.27 | $9.72 | $10.84 | $12.08 | $11.16 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.04 | 0.10 | 0.09 | 0.10 | 0.11 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.67 | (0.47) | 4.54 | (1.10) | (0.67) | 1.16 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.71 | (0.37) | 4.63 | (1.00) | (0.56) | 1.25 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | - | (0.13) | (0.08) | (0.12) | (0.09) | (0.07) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.55) | (3.02) | - | - | (0.59) | (0.26) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.55) | (3.15) | (0.08) | (0.12) | (0.68) | (0.33) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $9.91 | $10.75 | $14.27 | $9.72 | $10.84 | $12.08 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.54% | (3.86)% | 47.88% | (9.42)% | (4.08)% | 11.36% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $13084 | $14741 | $23675 | $20814 | $15360 | $12182 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13780 | $18954 | $27862 | $16827 | $13541 | $10251 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.81 %<sup>(d)(e)</sup> | 0.81% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.44 %<sup>(d)</sup> | 1.21% | 0.97% | 1.32% | 1.54% | 1.80% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.84 %<sup>(d)</sup> | 0.80% | 0.73% | 1.02% | 1.03% | 0.78% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 56% | 123% | 135% | 140% | 120% | 113% |

---

(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Annualized.

(e) Includes interest expense on borrowings from the Syndicated Credit Agreement of 0.01% for the six months ended
January 31, 2023.

(f) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.0%**<br>&nbsp;&nbsp; **COMMON STOCKS 96.1%**<br>&nbsp;&nbsp; **Aerospace & Defense 1.7%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; AAR Corp.\* | 34 | $1749 |
| &nbsp;&nbsp; Aerojet Rocketdyne Holdings, Inc.\* | 78 | 4362 |
| &nbsp;&nbsp; AeroVironment, Inc.\* | 32 | 2847 |
| &nbsp;&nbsp; Axon Enterprise, Inc.\* | 76 | 14853 |
| &nbsp;&nbsp; Boeing Co. (The)\* | 604 | 128652 |
| &nbsp;&nbsp; Curtiss-Wright Corp. | 41 | 6798 |
| &nbsp;&nbsp; General Dynamics Corp. | 241 | 56167 |
| &nbsp;&nbsp; Hexcel Corp. | 89 | 6282 |
| &nbsp;&nbsp; Howmet Aerospace, Inc. | 398 | 16195 |
| &nbsp;&nbsp; Huntington Ingalls Industries, Inc. | 39 | 8601 |
| &nbsp;&nbsp; Kaman Corp. | 35 | 883 |
| &nbsp;&nbsp; L3Harris Technologies, Inc. | 204 | 43823 |
| &nbsp;&nbsp; Lockheed Martin Corp. | 249 | 115352 |
| &nbsp;&nbsp; Mercury Systems, Inc.\* | 70 | 3499 |
| &nbsp;&nbsp; Moog, Inc. (Class A Stock) | 30 | 2860 |
| &nbsp;&nbsp; National Presto Industries, Inc. | 6 | 460 |
| &nbsp;&nbsp; Northrop Grumman Corp. | 156 | 69894 |
| &nbsp;&nbsp; Park Aerospace Corp. | 18 | 250 |
| &nbsp;&nbsp; Raytheon Technologies Corp. | 1591 | 158861 |
| &nbsp;&nbsp; Textron, Inc. | 223 | 16246 |
| &nbsp;&nbsp; TransDigm Group, Inc. | 54 | 38758 |
| &nbsp;&nbsp; Triumph Group, Inc.\* | 86 | 980 |
| &nbsp;&nbsp; Woodward, Inc. | 75 | 7669 |
|  |  | 706041 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.6%** |  |  |
| &nbsp;&nbsp; Atlas Air Worldwide Holdings, Inc.\* | 34 | 3475 |
| &nbsp;&nbsp; C.H. Robinson Worldwide, Inc. | 126 | 12621 |
| &nbsp;&nbsp; Expeditors International of Washington, Inc. | 170 | 18385 |
| &nbsp;&nbsp; FedEx Corp. | 258 | 50016 |
| &nbsp;&nbsp; Forward Air Corp. | 24 | 2588 |
| &nbsp;&nbsp; GXO Logistics, Inc.\* | 120 | 6280 |
| &nbsp;&nbsp; Hub Group, Inc. (Class A Stock)\* | 36 | 3070 |
| &nbsp;&nbsp; United Parcel Service, Inc. (Class B Stock) | 786 | 145591 |
|  |  | 242026 |
| &nbsp;&nbsp; **Airlines 0.2%** |  |  |
| &nbsp;&nbsp; Alaska Air Group, Inc.\* | 133 | 6828 |
| &nbsp;&nbsp; Allegiant Travel Co.\* | 20 | 1721 |
| &nbsp;&nbsp; American Airlines Group, Inc.\* | 702 | 11330 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Airlines (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Delta Air Lines, Inc.\* | 690 | $26979 |
| &nbsp;&nbsp; Hawaiian Holdings, Inc.\* | 54 | 665 |
| &nbsp;&nbsp; JetBlue Airways Corp.\* | 424 | 3392 |
| &nbsp;&nbsp; SkyWest, Inc.\* | 68 | 1412 |
| &nbsp;&nbsp; Southwest Airlines Co. | 643 | 23000 |
| &nbsp;&nbsp; Sun Country Airlines Holdings, Inc.\* | 40 | 747 |
| &nbsp;&nbsp; United Airlines Holdings, Inc.\* | 352 | 17234 |
|  |  | 93308 |
| &nbsp;&nbsp; **Auto Components 0.2%** |  |  |
| &nbsp;&nbsp; Adient PLC\* | 122 | 5493 |
| &nbsp;&nbsp; American Axle & Manufacturing Holdings, Inc.\* | 85 | 754 |
| &nbsp;&nbsp; Aptiv PLC\* | 290 | 32796 |
| &nbsp;&nbsp; BorgWarner, Inc. | 267 | 12624 |
| &nbsp;&nbsp; Dana, Inc. | 186 | 3374 |
| &nbsp;&nbsp; Dorman Products, Inc.\* | 29 | 2815 |
| &nbsp;&nbsp; Fox Factory Holding Corp.\* | 42 | 4960 |
| &nbsp;&nbsp; Gentex Corp. | 253 | 7466 |
| &nbsp;&nbsp; Gentherm, Inc.\* | 32 | 2382 |
| &nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 303 | 3409 |
| &nbsp;&nbsp; LCI Industries | 27 | 3030 |
| &nbsp;&nbsp; Lear Corp. | 68 | 9913 |
| &nbsp;&nbsp; Motorcar Parts of America, Inc.\* | 15 | 218 |
| &nbsp;&nbsp; Patrick Industries, Inc. | 31 | 2200 |
| &nbsp;&nbsp; Standard Motor Products, Inc. | 20 | 809 |
| &nbsp;&nbsp; Visteon Corp.\* | 36 | 5628 |
| &nbsp;&nbsp; XPEL, Inc.\* | 20 | 1521 |
|  |  | 99392 |
| &nbsp;&nbsp; **Automobiles 1.5%** |  |  |
| &nbsp;&nbsp; Ford Motor Co. | 4274 | 57742 |
| &nbsp;&nbsp; General Motors Co. | 1537 | 60435 |
| &nbsp;&nbsp; Harley-Davidson, Inc. | 154 | 7088 |
| &nbsp;&nbsp; Tesla, Inc.\* | 2904 | 503031 |
| &nbsp;&nbsp; Thor Industries, Inc. | 63 | 6006 |
| &nbsp;&nbsp; Winnebago Industries, Inc. | 27 | 1719 |
|  |  | 636021 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Banks 4.1%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Ameris Bancorp | 75 | $3537 |
| &nbsp;&nbsp; Associated Banc-Corp. | 193 | 4325 |
| &nbsp;&nbsp; Banc of California, Inc. | 83 | 1446 |
| &nbsp;&nbsp; BancFirst Corp. | 20 | 1723 |
| &nbsp;&nbsp; Bancorp, Inc. (The)\* | 80 | 2714 |
| &nbsp;&nbsp; Bank of America Corp. | 7553 | 267980 |
| &nbsp;&nbsp; Bank of Hawaii Corp. | 52 | 3977 |
| &nbsp;&nbsp; Bank OZK | 118 | 5389 |
| &nbsp;&nbsp; BankUnited, Inc. | 99 | 3726 |
| &nbsp;&nbsp; Banner Corp. | 42 | 2723 |
| &nbsp;&nbsp; Berkshire Hills Bancorp, Inc. | 67 | 2080 |
| &nbsp;&nbsp; Brookline Bancorp, Inc. | 116 | 1517 |
| &nbsp;&nbsp; Cadence Bank | 214 | 5474 |
| &nbsp;&nbsp; Cathay General Bancorp | 76 | 3341 |
| &nbsp;&nbsp; Central Pacific Financial Corp. | 40 | 904 |
| &nbsp;&nbsp; Citigroup, Inc. | 2093 | 109296 |
| &nbsp;&nbsp; Citizens Financial Group, Inc. | 531 | 23003 |
| &nbsp;&nbsp; City Holding Co. | 16 | 1517 |
| &nbsp;&nbsp; Columbia Banking System, Inc. | 102 | 3153 |
| &nbsp;&nbsp; Comerica, Inc. | 140 | 10263 |
| &nbsp;&nbsp; Commerce Bancshares, Inc. | 126 | 8387 |
| &nbsp;&nbsp; Community Bank System, Inc. | 66 | 3809 |
| &nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 70 | 9120 |
| &nbsp;&nbsp; Customers Bancorp, Inc.\* | 40 | 1215 |
| &nbsp;&nbsp; CVB Financial Corp. | 148 | 3585 |
| &nbsp;&nbsp; Dime Community Bancshares, Inc. | 48 | 1431 |
| &nbsp;&nbsp; Eagle Bancorp, Inc. | 39 | 1852 |
| &nbsp;&nbsp; East West Bancorp, Inc. | 162 | 12720 |
| &nbsp;&nbsp; FB Financial Corp. | 45 | 1690 |
| &nbsp;&nbsp; Fifth Third Bancorp | 741 | 26891 |
| &nbsp;&nbsp; First Bancorp | 36 | 1435 |
| &nbsp;&nbsp; First BanCorp. (Puerto Rico) | 200 | 2690 |
| &nbsp;&nbsp; First Commonwealth Financial Corp. | 129 | 1898 |
| &nbsp;&nbsp; First Financial Bancorp | 127 | 3217 |
| &nbsp;&nbsp; First Financial Bankshares, Inc. | 159 | 5664 |
| &nbsp;&nbsp; First Hawaiian, Inc. | 163 | 4473 |
| &nbsp;&nbsp; First Horizon Corp. | 668 | 16520 |
| &nbsp;&nbsp; First Republic Bank | 194 | 27331 |
| &nbsp;&nbsp; FNB Corp. | 379 | 5408 |
| &nbsp;&nbsp; Fulton Financial Corp. | 210 | 3513 |
| &nbsp;&nbsp; Glacier Bancorp, Inc. | 129 | 5881 |
| &nbsp;&nbsp; Hancock Whitney Corp. | 98 | 5045 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Hanmi Financial Corp. | 40 | $932 |
| &nbsp;&nbsp; Heritage Financial Corp. | 27 | 770 |
| &nbsp;&nbsp; Hilltop Holdings, Inc. | 68 | 2224 |
| &nbsp;&nbsp; Home BancShares, Inc. | 194 | 4631 |
| &nbsp;&nbsp; HomeStreet, Inc. | 23 | 634 |
| &nbsp;&nbsp; Hope Bancorp, Inc. | 126 | 1624 |
| &nbsp;&nbsp; Huntington Bancshares, Inc. | 1561 | 23680 |
| &nbsp;&nbsp; Independent Bank Corp. | 56 | 4463 |
| &nbsp;&nbsp; Independent Bank Group, Inc. | 39 | 2391 |
| &nbsp;&nbsp; International Bancshares Corp. | 55 | 2578 |
| &nbsp;&nbsp; JPMorgan Chase & Co. | 3173 | 444093 |
| &nbsp;&nbsp; KeyCorp | 1010 | 19382 |
| &nbsp;&nbsp; Lakeland Financial Corp. | 25 | 1768 |
| &nbsp;&nbsp; M&T Bank Corp. | 185 | 28860 |
| &nbsp;&nbsp; National Bank Holdings Corp. (Class A Stock) | 41 | 1731 |
| &nbsp;&nbsp; NBT Bancorp, Inc. | 44 | 1730 |
| &nbsp;&nbsp; Northwest Bancshares, Inc. | 133 | 1881 |
| &nbsp;&nbsp; OFG Bancorp (Puerto Rico) | 45 | 1274 |
| &nbsp;&nbsp; Old National Bancorp | 314 | 5495 |
| &nbsp;&nbsp; Pacific Premier Bancorp, Inc. | 100 | 3234 |
| &nbsp;&nbsp; PacWest Bancorp | 123 | 3402 |
| &nbsp;&nbsp; Park National Corp. | 8 | 1002 |
| &nbsp;&nbsp; Pathward Financial, Inc. | 28 | 1389 |
| &nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 88 | 6928 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The) | 437 | 72293 |
| &nbsp;&nbsp; Preferred Bank | 15 | 1067 |
| &nbsp;&nbsp; Prosperity Bancshares, Inc. | 101 | 7662 |
| &nbsp;&nbsp; Regions Financial Corp. | 1012 | 23822 |
| &nbsp;&nbsp; Renasant Corp. | 57 | 2028 |
| &nbsp;&nbsp; S&T Bancorp, Inc. | 43 | 1564 |
| &nbsp;&nbsp; Seacoast Banking Corp. of Florida | 88 | 2826 |
| &nbsp;&nbsp; ServisFirst Bancshares, Inc. | 53 | 3613 |
| &nbsp;&nbsp; Signature Bank | 70 | 9026 |
| &nbsp;&nbsp; Simmons First National Corp. (Class A Stock) | 157 | 3503 |
| &nbsp;&nbsp; Southside Bancshares, Inc. | 52 | 1970 |
| &nbsp;&nbsp; Stellar Bancorp, Inc. | 50 | 1405 |
| &nbsp;&nbsp; SVB Financial Group\* | 65 | 19659 |
| &nbsp;&nbsp; Synovus Financial Corp. | 171 | 7173 |
| &nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 53 | 3502 |
| &nbsp;&nbsp; Tompkins Financial Corp. | 15 | 1130 |
| &nbsp;&nbsp; Triumph Financial, Inc.\* | 31 | 1728 |
| &nbsp;&nbsp; Truist Financial Corp. | 1432 | 70726 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Banks (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Trustmark Corp. | 83 | $2417 |
| &nbsp;&nbsp; U.S. Bancorp | 1462 | 72808 |
| &nbsp;&nbsp; UMB Financial Corp. | 42 | 3788 |
| &nbsp;&nbsp; Umpqua Holdings Corp. | 232 | 4222 |
| &nbsp;&nbsp; United Bankshares, Inc. | 155 | 6231 |
| &nbsp;&nbsp; United Community Banks, Inc. | 124 | 4035 |
| &nbsp;&nbsp; Valley National Bancorp | 452 | 5370 |
| &nbsp;&nbsp; Veritex Holdings, Inc. | 54 | 1520 |
| &nbsp;&nbsp; Washington Federal, Inc. | 73 | 2589 |
| &nbsp;&nbsp; Webster Financial Corp. | 182 | 9582 |
| &nbsp;&nbsp; Wells Fargo & Co. | 4122 | 193198 |
| &nbsp;&nbsp; Westamerica BanCorp | 34 | 1889 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 70 | 6403 |
| &nbsp;&nbsp; Zions Bancorp NA | 165 | 8771 |
|  |  | 1735479 |
| &nbsp;&nbsp; **Beverages 1.6%** |  |  |
| &nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 7 | 2720 |
| &nbsp;&nbsp; Brown-Forman Corp. (Class B Stock) | 196 | 13050 |
| &nbsp;&nbsp; Celsius Holdings, Inc.\* | 39 | 3912 |
| &nbsp;&nbsp; Coca-Cola Co. (The) | 4214 | 258402 |
| &nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 9 | 4561 |
| &nbsp;&nbsp; Constellation Brands, Inc. (Class A Stock) | 172 | 39821 |
| &nbsp;&nbsp; Keurig Dr. Pepper, Inc. | 920 | 32458 |
| &nbsp;&nbsp; MGP Ingredients, Inc. | 13 | 1268 |
| &nbsp;&nbsp; Molson Coors Beverage Co. (Class B Stock) | 201 | 10569 |
| &nbsp;&nbsp; Monster Beverage Corp.\* | 411 | 42777 |
| &nbsp;&nbsp; National Beverage Corp.\* | 31 | 1370 |
| &nbsp;&nbsp; PepsiCo, Inc. | 1488 | 254478 |
|  |  | 665386 |
| &nbsp;&nbsp; **Biotechnology 2.2%** |  |  |
| &nbsp;&nbsp; AbbVie, Inc. | 1913 | 282646 |
| &nbsp;&nbsp; Amgen, Inc. | 574 | 144878 |
| &nbsp;&nbsp; Anika Therapeutics, Inc.\* | 17 | 527 |
| &nbsp;&nbsp; Arcus Biosciences, Inc.\* | 50 | 1082 |
| &nbsp;&nbsp; Arrowhead Pharmaceuticals, Inc.\* | 122 | 4269 |
| &nbsp;&nbsp; Avid Bioservices, Inc.\* | 80 | 1266 |
| &nbsp;&nbsp; Biogen, Inc.\* | 156 | 45380 |
| &nbsp;&nbsp; Catalyst Pharmaceuticals, Inc.\* | 100 | 1549 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Biotechnology (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Coherus Biosciences, Inc.\* | 77 | $653 |
| &nbsp;&nbsp; Cytokinetics, Inc.\* | 103 | 4375 |
| &nbsp;&nbsp; Dynavax Technologies Corp.\* | 100 | 1138 |
| &nbsp;&nbsp; Eagle Pharmaceuticals, Inc.\* | 14 | 475 |
| &nbsp;&nbsp; Emergent BioSolutions, Inc.\* | 62 | 818 |
| &nbsp;&nbsp; Enanta Pharmaceuticals, Inc.\* | 20 | 1068 |
| &nbsp;&nbsp; Exelixis, Inc.\* | 347 | 6114 |
| &nbsp;&nbsp; Gilead Sciences, Inc. | 1357 | 113907 |
| &nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 143 | 7403 |
| &nbsp;&nbsp; Incyte Corp.\* | 199 | 16943 |
| &nbsp;&nbsp; Ironwood Pharmaceuticals, Inc.\* | 195 | 2246 |
| &nbsp;&nbsp; iTeos Therapeutics, Inc.\* | 20 | 418 |
| &nbsp;&nbsp; Moderna, Inc.\* | 355 | 62501 |
| &nbsp;&nbsp; Myriad Genetics, Inc.\* | 91 | 1795 |
| &nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 109 | 12091 |
| &nbsp;&nbsp; Organogenesis Holdings, Inc.\* | 85 | 218 |
| &nbsp;&nbsp; Regeneron Pharmaceuticals, Inc.\* | 113 | 85707 |
| &nbsp;&nbsp; REGENXBIO, Inc.\* | 46 | 1068 |
| &nbsp;&nbsp; uniQure NV (Netherlands)\* | 45 | 956 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 47 | 12369 |
| &nbsp;&nbsp; Vanda Pharmaceuticals, Inc.\* | 54 | 415 |
| &nbsp;&nbsp; Vericel Corp.\* | 57 | 1566 |
| &nbsp;&nbsp; Vertex Pharmaceuticals, Inc.\* | 275 | 88852 |
| &nbsp;&nbsp; Vir Biotechnology, Inc.\* | 90 | 2659 |
| &nbsp;&nbsp; Xencor, Inc.\* | 88 | 2897 |
|  |  | 910249 |
| &nbsp;&nbsp; **Building Products 0.6%** |  |  |
| &nbsp;&nbsp; A.O. Smith Corp. | 134 | 9072 |
| &nbsp;&nbsp; AAON, Inc. | 44 | 3358 |
| &nbsp;&nbsp; Allegion PLC | 101 | 11873 |
| &nbsp;&nbsp; American Woodmark Corp.\* | 11 | 630 |
| &nbsp;&nbsp; Apogee Enterprises, Inc. | 28 | 1312 |
| &nbsp;&nbsp; AZZ, Inc. | 34 | 1444 |
| &nbsp;&nbsp; Builders FirstSource, Inc.\* | 155 | 12353 |
| &nbsp;&nbsp; Carlisle Cos., Inc. | 59 | 14801 |
| &nbsp;&nbsp; Carrier Global Corp. | 903 | 41114 |
| &nbsp;&nbsp; Fortune Brands Innovations, Inc. | 146 | 9418 |
| &nbsp;&nbsp; Gibraltar Industries, Inc.\* | 26 | 1393 |
| &nbsp;&nbsp; Griffon Corp. | 68 | 2780 |
| &nbsp;&nbsp; Insteel Industries, Inc. | 29 | 870 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Building Products (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Johnson Controls International PLC | 746 | $51899 |
| &nbsp;&nbsp; Lennox International, Inc. | 34 | 8861 |
| &nbsp;&nbsp; Masco Corp. | 240 | 12768 |
| &nbsp;&nbsp; Masterbrand, Inc.\* | 146 | 1343 |
| &nbsp;&nbsp; Owens Corning | 110 | 10631 |
| &nbsp;&nbsp; PGT Innovations, Inc.\* | 83 | 1801 |
| &nbsp;&nbsp; Quanex Building Products Corp. | 23 | 595 |
| &nbsp;&nbsp; Resideo Technologies, Inc.\* | 190 | 3654 |
| &nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 42 | 4499 |
| &nbsp;&nbsp; Trane Technologies PLC | 246 | 44063 |
| &nbsp;&nbsp; Trex Co., Inc.\* | 129 | 6801 |
| &nbsp;&nbsp; UFP Industries, Inc. | 63 | 5894 |
|  |  | 263227 |
| &nbsp;&nbsp; **Capital Markets 2.9%** |  |  |
| &nbsp;&nbsp; Affiliated Managers Group, Inc. | 42 | 7255 |
| &nbsp;&nbsp; Ameriprise Financial, Inc. | 113 | 39564 |
| &nbsp;&nbsp; Avantax, Inc.\* | 46 | 1340 |
| &nbsp;&nbsp;&nbsp;&nbsp;B. Riley Financial, Inc. | 16 | 684 |
| &nbsp;&nbsp; Bank of New York Mellon Corp. (The) | 796 | 40254 |
| &nbsp;&nbsp; BlackRock, Inc. | 168 | 127547 |
| &nbsp;&nbsp; Brightsphere Investment Group, Inc. | 32 | 750 |
| &nbsp;&nbsp; Cboe Global Markets, Inc. | 115 | 14131 |
| &nbsp;&nbsp; Charles Schwab Corp. (The) | 1651 | 127820 |
| &nbsp;&nbsp; CME Group, Inc. | 389 | 68721 |
| &nbsp;&nbsp; Donnelley Financial Solutions, Inc.\* | 45 | 2052 |
| &nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 44 | 5712 |
| &nbsp;&nbsp; FactSet Research Systems, Inc. | 37 | 15649 |
| &nbsp;&nbsp; Federated Hermes, Inc. | 94 | 3694 |
| &nbsp;&nbsp; Franklin Resources, Inc. | 305 | 9516 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The) | 366 | 133887 |
| &nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 113 | 9033 |
| &nbsp;&nbsp; Intercontinental Exchange, Inc. | 602 | 64745 |
| &nbsp;&nbsp; Invesco Ltd. | 533 | 9866 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 154 | 3992 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc. | 196 | 7699 |
| &nbsp;&nbsp; MarketAxess Holdings, Inc. | 46 | 16737 |
| &nbsp;&nbsp; Moody's Corp. | 167 | 53899 |
| &nbsp;&nbsp; Morgan Stanley | 1427 | 138890 |
| &nbsp;&nbsp; MSCI, Inc. | 82 | 43588 |
| &nbsp;&nbsp; Nasdaq, Inc. | 367 | 22090 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Capital Markets (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Northern Trust Corp. | 224 | $21721 |
| &nbsp;&nbsp; Piper Sandler Cos. | 20 | 2842 |
| &nbsp;&nbsp; Raymond James Financial, Inc. | 207 | 23343 |
| &nbsp;&nbsp; S&P Global, Inc. | 358 | 134229 |
| &nbsp;&nbsp; SEI Investments Co. | 113 | 7055 |
| &nbsp;&nbsp; State Street Corp. | 394 | 35984 |
| &nbsp;&nbsp; Stifel Financial Corp. | 119 | 8022 |
| &nbsp;&nbsp; StoneX Group, Inc.\* | 19 | 1670 |
| &nbsp;&nbsp;&nbsp;&nbsp;T. Rowe Price Group, Inc. | 241 | 28069 |
| &nbsp;&nbsp; Virtus Investment Partners, Inc. | 10 | 2149 |
| &nbsp;&nbsp; WisdomTree, Inc. | 69 | 397 |
|  |  | 1234596 |
| &nbsp;&nbsp; **Chemicals 1.9%** |  |  |
| &nbsp;&nbsp; AdvanSix, Inc. | 44 | 1903 |
| &nbsp;&nbsp; Air Products & Chemicals, Inc. | 238 | 76281 |
| &nbsp;&nbsp; Albemarle Corp. | 131 | 36870 |
| &nbsp;&nbsp; American Vanguard Corp. | 23 | 520 |
| &nbsp;&nbsp; Ashland, Inc. | 61 | 6665 |
| &nbsp;&nbsp; Avient Corp. | 107 | 4336 |
| &nbsp;&nbsp; Balchem Corp. | 29 | 3788 |
| &nbsp;&nbsp; Cabot Corp. | 65 | 4896 |
| &nbsp;&nbsp; Celanese Corp. | 108 | 13306 |
| &nbsp;&nbsp; CF Industries Holdings, Inc. | 210 | 17787 |
| &nbsp;&nbsp; Chemours Co. (The) | 163 | 5932 |
| &nbsp;&nbsp; Corteva, Inc. | 771 | 49691 |
| &nbsp;&nbsp; Dow, Inc. | 761 | 45165 |
| &nbsp;&nbsp; DuPont de Nemours, Inc. | 538 | 39785 |
| &nbsp;&nbsp; Eastman Chemical Co. | 129 | 11374 |
| &nbsp;&nbsp; Ecolab, Inc. | 268 | 41494 |
| &nbsp;&nbsp; FMC Corp. | 143 | 19038 |
| &nbsp;&nbsp; FutureFuel Corp. | 23 | 213 |
| &nbsp;&nbsp; Hawkins, Inc. | 15 | 585 |
| &nbsp;&nbsp; HB Fuller Co. | 55 | 3800 |
| &nbsp;&nbsp; Ingevity Corp.\* | 41 | 3380 |
| &nbsp;&nbsp; Innospec, Inc. | 33 | 3730 |
| &nbsp;&nbsp; International Flavors & Fragrances, Inc. | 272 | 30589 |
| &nbsp;&nbsp; Koppers Holdings, Inc. | 15 | 519 |
| &nbsp;&nbsp; Linde PLC (United Kingdom) | 531 | 175729 |
| &nbsp;&nbsp; Livent Corp.\* | 192 | 4977 |
| &nbsp;&nbsp; LyondellBasell Industries NV (Class A Stock) | 275 | 26590 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Chemicals (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Mativ Holdings, Inc. | 86 | $2370 |
| &nbsp;&nbsp; Minerals Technologies, Inc. | 30 | 2083 |
| &nbsp;&nbsp; Mosaic Co. (The) | 368 | 18231 |
| &nbsp;&nbsp; NewMarket Corp. | 10 | 3445 |
| &nbsp;&nbsp; Olin Corp. | 131 | 8461 |
| &nbsp;&nbsp; PPG Industries, Inc. | 254 | 33106 |
| &nbsp;&nbsp; Quaker Chemical Corp. | 18 | 3544 |
| &nbsp;&nbsp; Rayonier Advanced Materials, Inc.\* | 46 | 319 |
| &nbsp;&nbsp; RPM International, Inc. | 146 | 13127 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 39 | 2815 |
| &nbsp;&nbsp; Sensient Technologies Corp. | 47 | 3557 |
| &nbsp;&nbsp; Sherwin-Williams Co. (The) | 252 | 59621 |
| &nbsp;&nbsp; Stepan Co. | 27 | 2966 |
| &nbsp;&nbsp; Tredegar Corp. | 15 | 182 |
| &nbsp;&nbsp; Trinseo PLC | 49 | 1360 |
| &nbsp;&nbsp; Valvoline, Inc. | 189 | 6929 |
| &nbsp;&nbsp; Westlake Corp. | 40 | 4910 |
|  |  | 795969 |
| &nbsp;&nbsp; **Commercial Services & Supplies 0.5%** |  |  |
| &nbsp;&nbsp; ABM Industries, Inc. | 71 | 3331 |
| &nbsp;&nbsp; Brady Corp. (Class A Stock) | 45 | 2406 |
| &nbsp;&nbsp; Brink's Co. (The) | 57 | 3739 |
| &nbsp;&nbsp; Cintas Corp. | 91 | 40380 |
| &nbsp;&nbsp; Clean Harbors, Inc.\* | 59 | 7688 |
| &nbsp;&nbsp; Copart, Inc.\* | 460 | 30641 |
| &nbsp;&nbsp; CoreCivic, Inc.\* | 103 | 1096 |
| &nbsp;&nbsp; Deluxe Corp. | 54 | 1079 |
| &nbsp;&nbsp; GEO Group, Inc. (The)\* | 120 | 1380 |
| &nbsp;&nbsp; Harsco Corp.\* | 74 | 588 |
| &nbsp;&nbsp; Healthcare Services Group, Inc. | 88 | 1185 |
| &nbsp;&nbsp; HNI Corp. | 52 | 1652 |
| &nbsp;&nbsp; IAA, Inc.\* | 149 | 6218 |
| &nbsp;&nbsp; Interface, Inc. | 46 | 524 |
| &nbsp;&nbsp; KAR Auction Services, Inc.\* | 162 | 2359 |
| &nbsp;&nbsp; Matthews International Corp. (Class A Stock) | 31 | 1148 |
| &nbsp;&nbsp; MillerKnoll, Inc. | 105 | 2507 |
| &nbsp;&nbsp; MSA Safety, Inc. | 34 | 4637 |
| &nbsp;&nbsp; Pitney Bowes, Inc. | 172 | 741 |
| &nbsp;&nbsp; Republic Services, Inc. | 218 | 27211 |
| &nbsp;&nbsp; Rollins, Inc. | 250 | 9100 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Commercial Services & Supplies (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Stericycle, Inc.\* | 101 | $5435 |
| &nbsp;&nbsp; Tetra Tech, Inc. | 58 | 9020 |
| &nbsp;&nbsp; UniFirst Corp. | 21 | 4167 |
| &nbsp;&nbsp; Viad Corp.\* | 23 | 680 |
| &nbsp;&nbsp; Waste Management, Inc. | 401 | 62047 |
|  |  | 230959 |
| &nbsp;&nbsp; **Communications Equipment 0.8%** |  |  |
| &nbsp;&nbsp; ADTRAN Holdings, Inc. | 65 | 1226 |
| &nbsp;&nbsp; Arista Networks, Inc.\* | 268 | 33773 |
| &nbsp;&nbsp; Calix, Inc.\* | 70 | 3685 |
| &nbsp;&nbsp; Ciena Corp.\* | 157 | 8167 |
| &nbsp;&nbsp; Cisco Systems, Inc. | 4443 | 216241 |
| &nbsp;&nbsp; Clearfield, Inc.\* | 10 | 715 |
| &nbsp;&nbsp; Comtech Telecommunications Corp. | 25 | 396 |
| &nbsp;&nbsp; Digi International, Inc.\* | 23 | 782 |
| &nbsp;&nbsp; Extreme Networks, Inc.\* | 173 | 3119 |
| &nbsp;&nbsp; F5, Inc.\* | 61 | 9007 |
| &nbsp;&nbsp; Harmonic, Inc.\* | 139 | 1831 |
| &nbsp;&nbsp; Juniper Networks, Inc. | 368 | 11886 |
| &nbsp;&nbsp; Lumentum Holdings, Inc.\* | 71 | 4273 |
| &nbsp;&nbsp; Motorola Solutions, Inc. | 178 | 45748 |
| &nbsp;&nbsp; NETGEAR, Inc.\* | 39 | 779 |
| &nbsp;&nbsp; NetScout Systems, Inc.\* | 83 | 2664 |
| &nbsp;&nbsp; Viasat, Inc.\* | 84 | 2894 |
| &nbsp;&nbsp; Viavi Solutions, Inc.\* | 303 | 3424 |
|  |  | 350610 |
| &nbsp;&nbsp; **Construction & Engineering 0.2%** |  |  |
| &nbsp;&nbsp; AECOM | 160 | 13963 |
| &nbsp;&nbsp; Arcosa, Inc. | 47 | 2786 |
| &nbsp;&nbsp; Comfort Systems USA, Inc. | 37 | 4478 |
| &nbsp;&nbsp; Dycom Industries, Inc.\* | 30 | 2861 |
| &nbsp;&nbsp; EMCOR Group, Inc. | 58 | 8599 |
| &nbsp;&nbsp; Fluor Corp.\* | 168 | 6174 |
| &nbsp;&nbsp; Granite Construction, Inc. | 47 | 2001 |
| &nbsp;&nbsp; MasTec, Inc.\* | 60 | 5894 |
| &nbsp;&nbsp; MDU Resources Group, Inc. | 216 | 6677 |
| &nbsp;&nbsp; MYR Group, Inc.\* | 24 | 2377 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Construction & Engineering (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Quanta Services, Inc. | 154 | $23437 |
| &nbsp;&nbsp; Valmont Industries, Inc. | 20 | 6595 |
|  |  | 85842 |
| &nbsp;&nbsp; **Construction Materials 0.1%** |  |  |
| &nbsp;&nbsp; Eagle Materials, Inc. | 47 | 6866 |
| &nbsp;&nbsp; Martin Marietta Materials, Inc. | 63 | 22657 |
| &nbsp;&nbsp; Vulcan Materials Co. | 153 | 28050 |
|  |  | 57573 |
| &nbsp;&nbsp; **Consumer Finance 0.6%** |  |  |
| &nbsp;&nbsp; American Express Co. | 645 | 112830 |
| &nbsp;&nbsp; Bread Financial Holdings, Inc. | 69 | 2831 |
| &nbsp;&nbsp; Capital One Financial Corp. | 410 | 48790 |
| &nbsp;&nbsp; Discover Financial Services | 295 | 34435 |
| &nbsp;&nbsp; Encore Capital Group, Inc.\* | 29 | 1616 |
| &nbsp;&nbsp; Enova International, Inc.\* | 39 | 1780 |
| &nbsp;&nbsp; EZCORP, Inc. (Class A Stock)\* | 31 | 283 |
| &nbsp;&nbsp; FirstCash Holdings, Inc. | 38 | 3503 |
| &nbsp;&nbsp; Green Dot Corp. (Class A Stock)\* | 65 | 1175 |
| &nbsp;&nbsp; LendingTree, Inc.\* | 14 | 555 |
| &nbsp;&nbsp; Navient Corp. | 129 | 2447 |
| &nbsp;&nbsp; PRA Group, Inc.\* | 62 | 2495 |
| &nbsp;&nbsp; PROG Holdings, Inc.\* | 61 | 1360 |
| &nbsp;&nbsp; SLM Corp. | 270 | 4744 |
| &nbsp;&nbsp; Synchrony Financial | 488 | 17924 |
| &nbsp;&nbsp; World Acceptance Corp.\* | 8 | 766 |
|  |  | 237534 |
| &nbsp;&nbsp; **Containers & Packaging 0.3%** |  |  |
| &nbsp;&nbsp; Amcor PLC | 1612 | 19441 |
| &nbsp;&nbsp; AptarGroup, Inc. | 73 | 8442 |
| &nbsp;&nbsp; Avery Dennison Corp. | 94 | 17807 |
| &nbsp;&nbsp; Ball Corp. | 340 | 19801 |
| &nbsp;&nbsp; Greif, Inc. (Class A Stock) | 34 | 2429 |
| &nbsp;&nbsp; International Paper Co. | 384 | 16059 |
| &nbsp;&nbsp; Myers Industries, Inc. | 27 | 650 |
| &nbsp;&nbsp; O-I Glass, Inc.\* | 192 | 3696 |
| &nbsp;&nbsp; Packaging Corp. of America | 108 | 15412 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Containers & Packaging (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Sealed Air Corp. | 164 | $8981 |
| &nbsp;&nbsp; Silgan Holdings, Inc. | 88 | 4742 |
| &nbsp;&nbsp; Sonoco Products Co. | 102 | 6233 |
| &nbsp;&nbsp; Westrock Co. | 272 | 10673 |
|  |  | 134366 |
| &nbsp;&nbsp; **Distributors 0.1%** |  |  |
| &nbsp;&nbsp; Genuine Parts Co. | 148 | 24837 |
| &nbsp;&nbsp; LKQ Corp. | 275 | 16214 |
| &nbsp;&nbsp; Pool Corp. | 41 | 15810 |
|  |  | 56861 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.1%** |  |  |
| &nbsp;&nbsp; Adtalem Global Education, Inc.\* | 44 | 1680 |
| &nbsp;&nbsp; Frontdoor, Inc.\* | 100 | 2718 |
| &nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 9 | 5880 |
| &nbsp;&nbsp; Grand Canyon Education, Inc.\* | 37 | 4313 |
| &nbsp;&nbsp; H&R Block, Inc. | 183 | 7133 |
| &nbsp;&nbsp; Mister Car Wash, Inc.\* | 90 | 924 |
| &nbsp;&nbsp; Perdoceo Education Corp.\* | 69 | 1033 |
| &nbsp;&nbsp; Service Corp. International | 163 | 12086 |
| &nbsp;&nbsp; Strategic Education, Inc. | 23 | 2147 |
| &nbsp;&nbsp; Stride, Inc.\* | 50 | 2147 |
| &nbsp;&nbsp; WW International, Inc.\* | 54 | 268 |
|  |  | 40329 |
| &nbsp;&nbsp; **Diversified Financial Services 1.5%** |  |  |
| &nbsp;&nbsp; Berkshire Hathaway, Inc. (Class B Stock)\* | 1950 | 607464 |
| &nbsp;&nbsp; Voya Financial, Inc. | 115 | 8024 |
|  |  | 615488 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.9%** |  |  |
| &nbsp;&nbsp; AT&T, Inc. | 7716 | 157175 |
| &nbsp;&nbsp; ATN International, Inc. | 15 | 733 |
| &nbsp;&nbsp; Cogent Communications Holdings, Inc. | 54 | 3703 |
| &nbsp;&nbsp; Consolidated Communications Holdings, Inc.\* | 46 | 200 |
| &nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 255 | 7551 |
| &nbsp;&nbsp; Iridium Communications, Inc.\* | 128 | 7659 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Diversified Telecommunication Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Lumen Technologies, Inc. | 1141 | $5990 |
| &nbsp;&nbsp; Verizon Communications, Inc. | 4547 | 189019 |
|  |  | 372030 |
| &nbsp;&nbsp; **Electric Utilities 1.7%** |  |  |
| &nbsp;&nbsp; ALLETE, Inc. | 67 | 4145 |
| &nbsp;&nbsp; Alliant Energy Corp. | 269 | 14534 |
| &nbsp;&nbsp; American Electric Power Co., Inc. | 553 | 51960 |
| &nbsp;&nbsp; Constellation Energy Corp. | 352 | 30047 |
| &nbsp;&nbsp; Duke Energy Corp. | 832 | 85238 |
| &nbsp;&nbsp; Edison International | 410 | 28249 |
| &nbsp;&nbsp; Entergy Corp. | 217 | 23497 |
| &nbsp;&nbsp; Evergy, Inc. | 247 | 15474 |
| &nbsp;&nbsp; Eversource Energy | 375 | 30874 |
| &nbsp;&nbsp; Exelon Corp. | 1074 | 45312 |
| &nbsp;&nbsp; FirstEnergy Corp. | 588 | 24078 |
| &nbsp;&nbsp; Hawaiian Electric Industries, Inc. | 115 | 4861 |
| &nbsp;&nbsp; IDACORP, Inc. | 53 | 5608 |
| &nbsp;&nbsp; NextEra Energy, Inc. | 2152 | 160604 |
| &nbsp;&nbsp; NRG Energy, Inc. | 246 | 8418 |
| &nbsp;&nbsp; OGE Energy Corp. | 231 | 9083 |
| &nbsp;&nbsp; PG&E Corp.\* | 1740 | 27666 |
| &nbsp;&nbsp; Pinnacle West Capital Corp. | 132 | 9841 |
| &nbsp;&nbsp; PNM Resources, Inc. | 99 | 4898 |
| &nbsp;&nbsp; Portland General Electric Co. | 100 | 4758 |
| &nbsp;&nbsp; PPL Corp. | 796 | 23562 |
| &nbsp;&nbsp; Southern Co. (The) | 1179 | 79795 |
| &nbsp;&nbsp; Xcel Energy, Inc. | 590 | 40574 |
|  |  | 733076 |
| &nbsp;&nbsp; **Electrical Equipment 0.6%** |  |  |
| &nbsp;&nbsp; Acuity Brands, Inc. | 37 | 6975 |
| &nbsp;&nbsp; AMETEK, Inc. | 248 | 35940 |
| &nbsp;&nbsp; Eaton Corp. PLC | 427 | 69264 |
| &nbsp;&nbsp; Emerson Electric Co. | 638 | 57560 |
| &nbsp;&nbsp; Encore Wire Corp. | 17 | 2744 |
| &nbsp;&nbsp; EnerSys | 48 | 3985 |
| &nbsp;&nbsp; Generac Holdings, Inc.\* | 78 | 9407 |
| &nbsp;&nbsp; Hubbell, Inc. | 62 | 14192 |
| &nbsp;&nbsp; nVent Electric PLC | 177 | 7036 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Electrical Equipment (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Powell Industries, Inc. | 8 | $318 |
| &nbsp;&nbsp; Regal Rexnord Corp. | 69 | 9605 |
| &nbsp;&nbsp; Rockwell Automation, Inc. | 131 | 36946 |
| &nbsp;&nbsp; SunPower Corp.\* | 100 | 1743 |
| &nbsp;&nbsp; Sunrun, Inc.\* | 242 | 6360 |
| &nbsp;&nbsp; Vicor Corp.\* | 29 | 2013 |
|  |  | 264088 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.9%** |  |  |
| &nbsp;&nbsp; Advanced Energy Industries, Inc. | 41 | 3802 |
| &nbsp;&nbsp; Amphenol Corp. (Class A Stock) | 641 | 51132 |
| &nbsp;&nbsp; Arlo Technologies, Inc.\* | 76 | 285 |
| &nbsp;&nbsp; Arrow Electronics, Inc.\* | 71 | 8342 |
| &nbsp;&nbsp; Avnet, Inc. | 95 | 4359 |
| &nbsp;&nbsp; Badger Meter, Inc. | 31 | 3593 |
| &nbsp;&nbsp; Belden, Inc. | 52 | 4217 |
| &nbsp;&nbsp; Benchmark Electronics, Inc. | 39 | 1092 |
| &nbsp;&nbsp; CDW Corp. | 144 | 28228 |
| &nbsp;&nbsp; Cognex Corp. | 181 | 9908 |
| &nbsp;&nbsp; Coherent Corp.\* | 152 | 6597 |
| &nbsp;&nbsp; Corning, Inc. | 823 | 28484 |
| &nbsp;&nbsp; CTS Corp. | 31 | 1380 |
| &nbsp;&nbsp; ePlus, Inc.\* | 36 | 1792 |
| &nbsp;&nbsp; Fabrinet (Thailand)\* | 39 | 5135 |
| &nbsp;&nbsp; FARO Technologies, Inc.\* | 31 | 852 |
| &nbsp;&nbsp; Insight Enterprises, Inc.\* | 39 | 4396 |
| &nbsp;&nbsp; IPG Photonics Corp.\* | 33 | 3699 |
| &nbsp;&nbsp; Itron, Inc.\* | 45 | 2586 |
| &nbsp;&nbsp; Jabil, Inc. | 144 | 11323 |
| &nbsp;&nbsp; Keysight Technologies, Inc.\* | 190 | 34076 |
| &nbsp;&nbsp; Knowles Corp.\* | 100 | 1923 |
| &nbsp;&nbsp; Littelfuse, Inc. | 27 | 6931 |
| &nbsp;&nbsp; Methode Electronics, Inc. | 31 | 1480 |
| &nbsp;&nbsp; National Instruments Corp. | 141 | 7614 |
| &nbsp;&nbsp; Novanta, Inc.\* | 40 | 6459 |
| &nbsp;&nbsp; OSI Systems, Inc.\* | 10 | 947 |
| &nbsp;&nbsp; PC Connection, Inc. | 15 | 735 |
| &nbsp;&nbsp; Plexus Corp.\* | 29 | 2784 |
| &nbsp;&nbsp; Rogers Corp.\* | 27 | 3769 |
| &nbsp;&nbsp; Sanmina Corp.\* | 66 | 4021 |
| &nbsp;&nbsp; ScanSource, Inc.\* | 31 | 1021 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Electronic Equipment, Instruments & Components (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; TD SYNNEX Corp. | 45 | $4597 |
| &nbsp;&nbsp; TE Connectivity Ltd. | 341 | 43358 |
| &nbsp;&nbsp; Teledyne Technologies, Inc.\* | 51 | 21637 |
| &nbsp;&nbsp; Trimble, Inc.\* | 264 | 15328 |
| &nbsp;&nbsp; TTM Technologies, Inc.\* | 116 | 1823 |
| &nbsp;&nbsp; Vishay Intertechnology, Inc. | 166 | 3800 |
| &nbsp;&nbsp; Vontier Corp. | 167 | 3846 |
| &nbsp;&nbsp; Zebra Technologies Corp. (Class A Stock)\* | 56 | 17706 |
|  |  | 365057 |
| &nbsp;&nbsp; **Energy Equipment & Services 0.5%** |  |  |
| &nbsp;&nbsp; Archrock, Inc. | 178 | 1764 |
| &nbsp;&nbsp; Baker Hughes Co. | 1081 | 34311 |
| &nbsp;&nbsp; Bristow Group, Inc.\* | 38 | 1160 |
| &nbsp;&nbsp; ChampionX Corp. | 236 | 7793 |
| &nbsp;&nbsp; Core Laboratories NV | 55 | 1408 |
| &nbsp;&nbsp; DMC Global, Inc.\* | 24 | 546 |
| &nbsp;&nbsp; Dril-Quip, Inc.\* | 39 | 1198 |
| &nbsp;&nbsp; Halliburton Co. | 979 | 40354 |
| &nbsp;&nbsp; Helix Energy Solutions Group, Inc.\* | 108 | 856 |
| &nbsp;&nbsp; Helmerich & Payne, Inc. | 122 | 5910 |
| &nbsp;&nbsp; Nabors Industries Ltd.\* | 14 | 2486 |
| &nbsp;&nbsp; NOV, Inc. | 419 | 10240 |
| &nbsp;&nbsp; Oceaneering International, Inc.\* | 143 | 3053 |
| &nbsp;&nbsp; Oil States International, Inc.\* | 54 | 462 |
| &nbsp;&nbsp; Patterson-UTI Energy, Inc. | 231 | 3881 |
| &nbsp;&nbsp; ProPetro Holding Corp.\* | 66 | 657 |
| &nbsp;&nbsp; RPC, Inc. | 69 | 684 |
| &nbsp;&nbsp; Schlumberger Ltd. | 1535 | 87464 |
| &nbsp;&nbsp; U.S. Silica Holdings, Inc.\* | 62 | 759 |
|  |  | 204986 |
| &nbsp;&nbsp; **Entertainment 1.3%** |  |  |
| &nbsp;&nbsp; Activision Blizzard, Inc. | 770 | 58959 |
| &nbsp;&nbsp; Cinemark Holdings, Inc.\* | 126 | 1504 |
| &nbsp;&nbsp; Electronic Arts, Inc. | 283 | 36416 |
| &nbsp;&nbsp; Live Nation Entertainment, Inc.\* | 159 | 12798 |
| &nbsp;&nbsp; Marcus Corp. (The) | 15 | 227 |
| &nbsp;&nbsp; Netflix, Inc.\* | 482 | 170560 |
| &nbsp;&nbsp; Take-Two Interactive Software, Inc.\* | 168 | 19023 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Entertainment (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Walt Disney Co. (The)\* | 1973 | $214051 |
| &nbsp;&nbsp; Warner Bros Discovery, Inc.\* | 2391 | 35435 |
| &nbsp;&nbsp; World Wrestling Entertainment, Inc. (Class A Stock) | 50 | 4231 |
|  |  | 553204 |
| &nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) 3.1%** |  |  |
| &nbsp;&nbsp; Acadia Realty Trust | 95 | 1475 |
| &nbsp;&nbsp; Agree Realty Corp. | 96 | 7164 |
| &nbsp;&nbsp; Alexander & Baldwin, Inc. | 98 | 1962 |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc. | 167 | 26844 |
| &nbsp;&nbsp; American Assets Trust, Inc. | 74 | 2106 |
| &nbsp;&nbsp; American Tower Corp. | 501 | 111918 |
| &nbsp;&nbsp; Apartment Income REIT Corp. | 171 | 6542 |
| &nbsp;&nbsp; Armada Hoffler Properties, Inc. | 82 | 1040 |
| &nbsp;&nbsp; AvalonBay Communities, Inc. | 148 | 26261 |
| &nbsp;&nbsp; Boston Properties, Inc. | 150 | 11181 |
| &nbsp;&nbsp; Brandywine Realty Trust | 231 | 1515 |
| &nbsp;&nbsp; Brixmor Property Group, Inc. | 346 | 8141 |
| &nbsp;&nbsp; Camden Property Trust | 112 | 13800 |
| &nbsp;&nbsp; CareTrust REIT, Inc. | 109 | 2258 |
| &nbsp;&nbsp; Centerspace | 15 | 1014 |
| &nbsp;&nbsp; Chatham Lodging Trust | 69 | 981 |
| &nbsp;&nbsp; Community Healthcare Trust, Inc. | 21 | 900 |
| &nbsp;&nbsp; Corporate Office Properties Trust | 150 | 4211 |
| &nbsp;&nbsp; Cousins Properties, Inc. | 163 | 4469 |
| &nbsp;&nbsp; Crown Castle, Inc. | 465 | 68871 |
| &nbsp;&nbsp; CubeSmart | 240 | 10990 |
| &nbsp;&nbsp; DiamondRock Hospitality Co. | 284 | 2735 |
| &nbsp;&nbsp; Digital Realty Trust, Inc. | 308 | 35303 |
| &nbsp;&nbsp; Douglas Emmett, Inc. | 210 | 3518 |
| &nbsp;&nbsp; Easterly Government Properties, Inc. | 115 | 1868 |
| &nbsp;&nbsp; EastGroup Properties, Inc. | 41 | 6898 |
| &nbsp;&nbsp; Elme Communities | 100 | 1920 |
| &nbsp;&nbsp; EPR Properties | 91 | 3866 |
| &nbsp;&nbsp; Equinix, Inc. | 98 | 72337 |
| &nbsp;&nbsp; Equity Residential | 364 | 23169 |
| &nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 155 | 3949 |
| &nbsp;&nbsp; Essex Property Trust, Inc. | 80 | 18086 |
| &nbsp;&nbsp; Extra Space Storage, Inc. | 141 | 22254 |
| &nbsp;&nbsp; Federal Realty Investment Trust | 81 | 9034 |
| &nbsp;&nbsp; First Industrial Realty Trust, Inc. | 138 | 7362 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Four Corners Property Trust, Inc. | 86 | $2473 |
| &nbsp;&nbsp; Franklin Street Properties Corp. | 131 | 403 |
| &nbsp;&nbsp; Getty Realty Corp. | 42 | 1530 |
| &nbsp;&nbsp; Global Net Lease, Inc. | 142 | 2123 |
| &nbsp;&nbsp; Healthcare Realty Trust, Inc. | 445 | 9581 |
| &nbsp;&nbsp; Healthpeak Properties, Inc. | 580 | 15938 |
| &nbsp;&nbsp; Hersha Hospitality Trust (Class A Stock) | 15 | 138 |
| &nbsp;&nbsp; Highwoods Properties, Inc. | 125 | 3796 |
| &nbsp;&nbsp; Host Hotels & Resorts, Inc. | 819 | 15438 |
| &nbsp;&nbsp; Hudson Pacific Properties, Inc. | 199 | 2267 |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 273 | 5141 |
| &nbsp;&nbsp; Industrial Logistics Properties Trust | 77 | 340 |
| &nbsp;&nbsp; Innovative Industrial Properties, Inc. | 36 | 3232 |
| &nbsp;&nbsp; Invitation Homes, Inc. | 625 | 20313 |
| &nbsp;&nbsp; Iron Mountain, Inc. | 311 | 16974 |
| &nbsp;&nbsp; iStar, Inc. | 93 | 863 |
| &nbsp;&nbsp; JBG SMITH Properties | 104 | 2095 |
| &nbsp;&nbsp; Kilroy Realty Corp. | 120 | 4925 |
| &nbsp;&nbsp; Kimco Realty Corp. | 665 | 14936 |
| &nbsp;&nbsp; Kite Realty Group Trust | 264 | 5729 |
| &nbsp;&nbsp; Lamar Advertising Co. (Class A Stock) | 99 | 10547 |
| &nbsp;&nbsp; Life Storage, Inc. | 97 | 10480 |
| &nbsp;&nbsp; LTC Properties, Inc. | 46 | 1755 |
| &nbsp;&nbsp; LXP Industrial Trust | 352 | 4066 |
| &nbsp;&nbsp; Macerich Co. (The) | 289 | 3971 |
| &nbsp;&nbsp; Medical Properties Trust, Inc. | 644 | 8340 |
| &nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 121 | 20173 |
| &nbsp;&nbsp; National Retail Properties, Inc. | 189 | 8949 |
| &nbsp;&nbsp; National Storage Affiliates Trust | 103 | 4202 |
| &nbsp;&nbsp; NexPoint Residential Trust, Inc. | 31 | 1566 |
| &nbsp;&nbsp; Office Properties Income Trust | 49 | 841 |
| &nbsp;&nbsp; Omega Healthcare Investors, Inc. | 245 | 7213 |
| &nbsp;&nbsp; Orion Office REIT, Inc. | 73 | 704 |
| &nbsp;&nbsp; Outfront Media, Inc. | 170 | 3383 |
| &nbsp;&nbsp; Park Hotels & Resorts, Inc. | 240 | 3530 |
| &nbsp;&nbsp; Pebblebrook Hotel Trust | 163 | 2673 |
| &nbsp;&nbsp; Physicians Realty Trust | 279 | 4425 |
| &nbsp;&nbsp; PotlatchDeltic Corp. | 83 | 4063 |
| &nbsp;&nbsp; Prologis, Inc. | 996 | 128763 |
| &nbsp;&nbsp; Public Storage | 180 | 54781 |
| &nbsp;&nbsp; Rayonier, Inc. | 158 | 5750 |
| &nbsp;&nbsp; Realty Income Corp. | 677 | 45921 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Equity Real Estate Investment Trusts (REITs) (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Regency Centers Corp. | 176 | $11727 |
| &nbsp;&nbsp; Retail Opportunity Investments Corp. | 133 | 2105 |
| &nbsp;&nbsp; Rexford Industrial Realty, Inc. | 208 | 13202 |
| &nbsp;&nbsp; RPT Realty | 112 | 1174 |
| &nbsp;&nbsp; Sabra Health Care REIT, Inc. | 279 | 3767 |
| &nbsp;&nbsp; Safehold, Inc. | 28 | 979 |
| &nbsp;&nbsp; Saul Centers, Inc. | 8 | 342 |
| &nbsp;&nbsp; SBA Communications Corp. | 121 | 36001 |
| &nbsp;&nbsp; Service Properties Trust | 190 | 1693 |
| &nbsp;&nbsp; Simon Property Group, Inc. | 351 | 45089 |
| &nbsp;&nbsp; SITE Centers Corp. | 223 | 3044 |
| &nbsp;&nbsp; SL Green Realty Corp. | 77 | 3169 |
| &nbsp;&nbsp; Spirit Realty Capital, Inc. | 155 | 6801 |
| &nbsp;&nbsp; STORE Capital Corp. | 325 | 10468 |
| &nbsp;&nbsp; Summit Hotel Properties, Inc. | 143 | 1218 |
| &nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 200 | 2198 |
| &nbsp;&nbsp; Tanger Factory Outlet Centers, Inc. | 115 | 2198 |
| &nbsp;&nbsp; UDR, Inc. | 327 | 13927 |
| &nbsp;&nbsp; Uniti Group, Inc. | 309 | 2036 |
| &nbsp;&nbsp; Universal Health Realty Income Trust | 20 | 1096 |
| &nbsp;&nbsp; Urban Edge Properties | 131 | 2063 |
| &nbsp;&nbsp; Urstadt Biddle Properties, Inc. (Class A Stock) | 15 | 282 |
| &nbsp;&nbsp; Ventas, Inc. | 432 | 22382 |
| &nbsp;&nbsp; Veris Residential, Inc.\* | 100 | 1730 |
| &nbsp;&nbsp; VICI Properties, Inc. | 1040 | 35547 |
| &nbsp;&nbsp; Vornado Realty Trust | 200 | 4878 |
| &nbsp;&nbsp; Welltower, Inc. | 508 | 38120 |
| &nbsp;&nbsp; Weyerhaeuser Co. | 793 | 27303 |
| &nbsp;&nbsp; Whitestone REIT | 23 | 239 |
| &nbsp;&nbsp; Xenia Hotels & Resorts, Inc. | 125 | 1863 |
|  |  | 1286914 |
| &nbsp;&nbsp; **Food & Staples Retailing 1.5%** |  |  |
| &nbsp;&nbsp; Andersons, Inc. (The) | 45 | 1655 |
| &nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 156 | 11305 |
| &nbsp;&nbsp; Casey's General Stores, Inc. | 37 | 8729 |
| &nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 53 | 2026 |
| &nbsp;&nbsp; Costco Wholesale Corp. | 478 | 244325 |
| &nbsp;&nbsp; Grocery Outlet Holding Corp.\* | 109 | 3313 |
| &nbsp;&nbsp; Kroger Co. (The) | 702 | 31330 |
| &nbsp;&nbsp; Performance Food Group Co.\* | 167 | 10240 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Food & Staples Retailing (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; PriceSmart, Inc. | 31 | $2304 |
| &nbsp;&nbsp; SpartanNash Co. | 50 | 1584 |
| &nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 110 | 3515 |
| &nbsp;&nbsp; Sysco Corp. | 548 | 42448 |
| &nbsp;&nbsp; United Natural Foods, Inc.\* | 63 | 2622 |
| &nbsp;&nbsp; Walgreens Boots Alliance, Inc. | 777 | 28640 |
| &nbsp;&nbsp; Walmart, Inc. | 1526 | 219546 |
|  |  | 613582 |
| &nbsp;&nbsp; **Food Products 1.1%** |  |  |
| &nbsp;&nbsp; Archer-Daniels-Midland Co. | 591 | 48964 |
| &nbsp;&nbsp; B&G Foods, Inc. | 90 | 1262 |
| &nbsp;&nbsp; Calavo Growers, Inc. | 23 | 737 |
| &nbsp;&nbsp; Cal-Maine Foods, Inc. | 41 | 2346 |
| &nbsp;&nbsp; Campbell Soup Co. | 227 | 11788 |
| &nbsp;&nbsp; Conagra Brands, Inc. | 517 | 19227 |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 170 | 11269 |
| &nbsp;&nbsp; Flowers Foods, Inc. | 218 | 6037 |
| &nbsp;&nbsp; Fresh Del Monte Produce, Inc. | 39 | 1115 |
| &nbsp;&nbsp; General Mills, Inc. | 641 | 50229 |
| &nbsp;&nbsp; Hain Celestial Group, Inc. (The)\* | 113 | 2319 |
| &nbsp;&nbsp; Hershey Co. (The) | 156 | 35038 |
| &nbsp;&nbsp; Hormel Foods Corp. | 313 | 14182 |
| &nbsp;&nbsp; Hostess Brands, Inc.\* | 155 | 3585 |
| &nbsp;&nbsp; Ingredion, Inc. | 74 | 7607 |
| &nbsp;&nbsp; J & J Snack Foods Corp. | 21 | 3009 |
| &nbsp;&nbsp; J.M. Smucker Co. (The) | 119 | 18183 |
| &nbsp;&nbsp; John B. Sanfilippo & Son, Inc. | 13 | 1099 |
| &nbsp;&nbsp; Kellogg Co. | 274 | 18791 |
| &nbsp;&nbsp; Kraft Heinz Co. (The) | 861 | 34896 |
| &nbsp;&nbsp; Lamb Weston Holdings, Inc. | 162 | 16182 |
| &nbsp;&nbsp; Lancaster Colony Corp. | 15 | 2879 |
| &nbsp;&nbsp; McCormick & Co., Inc. | 267 | 20057 |
| &nbsp;&nbsp; Mondelez International, Inc. (Class A Stock) | 1476 | 96590 |
| &nbsp;&nbsp; Pilgrim's Pride Corp.\* | 62 | 1505 |
| &nbsp;&nbsp; Post Holdings, Inc.\* | 63 | 5982 |
| &nbsp;&nbsp; Seneca Foods Corp. (Class A Stock)\* | 12 | 750 |
| &nbsp;&nbsp; Simply Good Foods Co. (The)\* | 109 | 3957 |
| &nbsp;&nbsp; Tootsie Roll Industries, Inc. | 15 | 671 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Food Products (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; TreeHouse Foods, Inc.\* | 54 | $2615 |
| &nbsp;&nbsp; Tyson Foods, Inc. (Class A Stock) | 313 | 20580 |
|  |  | 463451 |
| &nbsp;&nbsp; **Gas Utilities 0.1%** |  |  |
| &nbsp;&nbsp; Atmos Energy Corp. | 148 | 17396 |
| &nbsp;&nbsp; Chesapeake Utilities Corp. | 14 | 1765 |
| &nbsp;&nbsp; National Fuel Gas Co. | 99 | 5748 |
| &nbsp;&nbsp; New Jersey Resources Corp. | 97 | 4842 |
| &nbsp;&nbsp; Northwest Natural Holding Co. | 43 | 2156 |
| &nbsp;&nbsp; ONE Gas, Inc. | 67 | 5518 |
| &nbsp;&nbsp; South Jersey Industries, Inc. | 132 | 4764 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 77 | 5154 |
| &nbsp;&nbsp; Spire, Inc. | 59 | 4261 |
| &nbsp;&nbsp; UGI Corp. | 244 | 9718 |
|  |  | 61322 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 2.7%** |  |  |
| &nbsp;&nbsp; Abbott Laboratories | 1884 | 208276 |
| &nbsp;&nbsp; Align Technology, Inc.\* | 85 | 22927 |
| &nbsp;&nbsp; AngioDynamics, Inc.\* | 53 | 690 |
| &nbsp;&nbsp; Artivion, Inc.\* | 23 | 300 |
| &nbsp;&nbsp; Avanos Medical, Inc.\* | 62 | 1900 |
| &nbsp;&nbsp; Baxter International, Inc. | 546 | 24947 |
| &nbsp;&nbsp; Becton, Dickinson & Co. | 305 | 76927 |
| &nbsp;&nbsp; Boston Scientific Corp.\* | 1549 | 71641 |
| &nbsp;&nbsp; Cardiovascular Systems, Inc.\* | 44 | 613 |
| &nbsp;&nbsp; CONMED Corp. | 29 | 2777 |
| &nbsp;&nbsp; Cooper Cos., Inc. (The) | 50 | 17447 |
| &nbsp;&nbsp; Cutera, Inc.\* | 18 | 627 |
| &nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 233 | 8581 |
| &nbsp;&nbsp; Dexcom, Inc.\* | 418 | 44764 |
| &nbsp;&nbsp; Edwards Lifesciences Corp.\* | 665 | 51005 |
| &nbsp;&nbsp; Embecta Corp. | 73 | 1926 |
| &nbsp;&nbsp; Enovis Corp.\* | 60 | 3777 |
| &nbsp;&nbsp; Envista Holdings Corp.\* | 175 | 6823 |
| &nbsp;&nbsp; GE HealthCare Technologies, Inc.\* | 394 | 27391 |
| &nbsp;&nbsp; Glaukos Corp.\* | 50 | 2453 |
| &nbsp;&nbsp; Globus Medical, Inc. (Class A Stock)\* | 80 | 6040 |
| &nbsp;&nbsp; Haemonetics Corp.\* | 55 | 4653 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Health Care Equipment & Supplies (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Heska Corp.\* | 16 | $1431 |
| &nbsp;&nbsp; Hologic, Inc.\* | 270 | 21970 |
| &nbsp;&nbsp; ICU Medical, Inc.\* | 14 | 2705 |
| &nbsp;&nbsp; IDEXX Laboratories, Inc.\* | 90 | 43245 |
| &nbsp;&nbsp; Inari Medical, Inc.\* | 55 | 3138 |
| &nbsp;&nbsp; Inogen, Inc.\* | 25 | 583 |
| &nbsp;&nbsp; Integer Holdings Corp.\* | 32 | 2106 |
| &nbsp;&nbsp; Integra LifeSciences Holdings Corp.\* | 85 | 4871 |
| &nbsp;&nbsp; Intuitive Surgical, Inc.\* | 380 | 93362 |
| &nbsp;&nbsp; Lantheus Holdings, Inc.\* | 78 | 4485 |
| &nbsp;&nbsp; LeMaitre Vascular, Inc. | 18 | 849 |
| &nbsp;&nbsp; LivaNova PLC\* | 54 | 3035 |
| &nbsp;&nbsp; Masimo Corp.\* | 55 | 9354 |
| &nbsp;&nbsp; Medtronic PLC | 1438 | 120346 |
| &nbsp;&nbsp; Meridian Bioscience, Inc.\* | 34 | 1156 |
| &nbsp;&nbsp; Merit Medical Systems, Inc.\* | 69 | 4923 |
| &nbsp;&nbsp; Mesa Laboratories, Inc. | 8 | 1556 |
| &nbsp;&nbsp; Neogen Corp.\* | 254 | 5438 |
| &nbsp;&nbsp; NuVasive, Inc.\* | 54 | 2462 |
| &nbsp;&nbsp; Omnicell, Inc.\* | 52 | 2884 |
| &nbsp;&nbsp; OraSure Technologies, Inc.\* | 34 | 190 |
| &nbsp;&nbsp; Orthofix Medical, Inc.\* | 33 | 714 |
| &nbsp;&nbsp; Penumbra, Inc.\* | 48 | 12020 |
| &nbsp;&nbsp; QuidelOrtho Corp.\* | 59 | 5051 |
| &nbsp;&nbsp; ResMed, Inc. | 154 | 35169 |
| &nbsp;&nbsp; Shockwave Medical, Inc.\* | 35 | 6578 |
| &nbsp;&nbsp; STAAR Surgical Co.\* | 50 | 3528 |
| &nbsp;&nbsp; STERIS PLC | 112 | 23129 |
| &nbsp;&nbsp; Stryker Corp. | 362 | 91879 |
| &nbsp;&nbsp; Surmodics, Inc.\* | 15 | 422 |
| &nbsp;&nbsp; Tandem Diabetes Care, Inc.\* | 65 | 2648 |
| &nbsp;&nbsp; Teleflex, Inc. | 54 | 13145 |
| &nbsp;&nbsp; Varex Imaging Corp.\* | 55 | 1182 |
| &nbsp;&nbsp; Zimmer Biomet Holdings, Inc. | 225 | 28652 |
| &nbsp;&nbsp; Zimvie, Inc.\* | 29 | 284 |
| &nbsp;&nbsp; Zynex, Inc.\* | 17 | 240 |
|  |  | 1141215 |
| &nbsp;&nbsp; **Health Care Providers & Services 3.2%** |  |  |
| &nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 98 | 8234 |
| &nbsp;&nbsp; AdaptHealth Corp.\* | 100 | 2143 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Health Care Providers & Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Addus HomeCare Corp.\* | 19 | $2043 |
| &nbsp;&nbsp; Agiliti, Inc.\* | 40 | 738 |
| &nbsp;&nbsp; Amedisys, Inc.\* | 29 | 2803 |
| &nbsp;&nbsp; AmerisourceBergen Corp. | 184 | 31089 |
| &nbsp;&nbsp; AMN Healthcare Services, Inc.\* | 55 | 5271 |
| &nbsp;&nbsp; Apollo Medical Holdings, Inc.\* | 50 | 1782 |
| &nbsp;&nbsp; Cardinal Health, Inc. | 281 | 21707 |
| &nbsp;&nbsp; Centene Corp.\* | 613 | 46735 |
| &nbsp;&nbsp; Chemed Corp. | 14 | 7072 |
| &nbsp;&nbsp; Cigna Corp. | 327 | 103551 |
| &nbsp;&nbsp; Community Health Systems, Inc.\* | 167 | 872 |
| &nbsp;&nbsp; CorVel Corp.\* | 14 | 2494 |
| &nbsp;&nbsp; Cross Country Healthcare, Inc.\* | 23 | 638 |
| &nbsp;&nbsp; CVS Health Corp. | 1419 | 125184 |
| &nbsp;&nbsp; DaVita, Inc.\* | 63 | 5191 |
| &nbsp;&nbsp; Elevance Health, Inc. | 257 | 128497 |
| &nbsp;&nbsp; Encompass Health Corp. | 105 | 6557 |
| &nbsp;&nbsp; Enhabit, Inc.\* | 60 | 922 |
| &nbsp;&nbsp; Ensign Group, Inc. (The) | 68 | 6341 |
| &nbsp;&nbsp; Fulgent Genetics, Inc.\* | 24 | 811 |
| &nbsp;&nbsp; HCA Healthcare, Inc. | 227 | 57901 |
| &nbsp;&nbsp; HealthEquity, Inc.\* | 91 | 5537 |
| &nbsp;&nbsp; Henry Schein, Inc.\* | 143 | 12319 |
| &nbsp;&nbsp; Humana, Inc. | 135 | 69079 |
| &nbsp;&nbsp; Laboratory Corp. of America Holdings | 106 | 26725 |
| &nbsp;&nbsp; LHC Group, Inc.\* | 43 | 6820 |
| &nbsp;&nbsp; McKesson Corp. | 151 | 57181 |
| &nbsp;&nbsp; ModivCare, Inc.\* | 5 | 536 |
| &nbsp;&nbsp; Molina Healthcare, Inc.\* | 55 | 17151 |
| &nbsp;&nbsp; NeoGenomics, Inc.\* | 157 | 1865 |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 180 | 5197 |
| &nbsp;&nbsp; Owens & Minor, Inc.\* | 93 | 1836 |
| &nbsp;&nbsp; Patterson Cos., Inc. | 106 | 3200 |
| &nbsp;&nbsp; Pediatrix Medical Group, Inc.\* | 105 | 1612 |
| &nbsp;&nbsp; Pennant Group, Inc. (The)\* | 29 | 375 |
| &nbsp;&nbsp; Progyny, Inc.\* | 92 | 3164 |
| &nbsp;&nbsp; Quest Diagnostics, Inc. | 120 | 17818 |
| &nbsp;&nbsp; R1 RCM, Inc.\* | 157 | 2247 |
| &nbsp;&nbsp; RadNet, Inc.\* | 46 | 968 |
| &nbsp;&nbsp; Select Medical Holdings Corp. | 110 | 3198 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 110 | 6033 |
| &nbsp;&nbsp; U.S. Physical Therapy, Inc. | 6 | 595 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Health Care Providers & Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; UnitedHealth Group, Inc. | 1011 | $504681 |
| &nbsp;&nbsp; Universal Health Services, Inc. (Class B Stock) | 74 | 10967 |
|  |  | 1327680 |
| &nbsp;&nbsp; **Health Care Technology 0.0%** |  |  |
| &nbsp;&nbsp; Computer Programs & Systems, Inc.\* | 15 | 441 |
| &nbsp;&nbsp; HealthStream, Inc.\* | 15 | 363 |
| &nbsp;&nbsp; NextGen Healthcare, Inc.\* | 80 | 1522 |
| &nbsp;&nbsp; OptimizeRx Corp.\* | 20 | 359 |
| &nbsp;&nbsp; Simulations Plus, Inc. | 23 | 946 |
| &nbsp;&nbsp; Veradigm, Inc.\* | 116 | 2077 |
|  |  | 5708 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.1%** |  |  |
| &nbsp;&nbsp; BJ's Restaurants, Inc.\* | 21 | 663 |
| &nbsp;&nbsp; Bloomin' Brands, Inc. | 100 | 2425 |
| &nbsp;&nbsp; Booking Holdings, Inc.\* | 42 | 102232 |
| &nbsp;&nbsp; Boyd Gaming Corp. | 90 | 5608 |
| &nbsp;&nbsp; Brinker International, Inc.\* | 65 | 2565 |
| &nbsp;&nbsp; Caesars Entertainment, Inc.\* | 225 | 11714 |
| &nbsp;&nbsp; Carnival Corp.\* | 1082 | 11707 |
| &nbsp;&nbsp; Cheesecake Factory, Inc. (The) | 55 | 2159 |
| &nbsp;&nbsp; Chipotle Mexican Grill, Inc.\* | 30 | 49391 |
| &nbsp;&nbsp; Choice Hotels International, Inc. | 29 | 3564 |
| &nbsp;&nbsp; Churchill Downs, Inc. | 34 | 8435 |
| &nbsp;&nbsp; Chuy's Holdings, Inc.\* | 15 | 513 |
| &nbsp;&nbsp; Cracker Barrel Old Country Store, Inc. | 23 | 2566 |
| &nbsp;&nbsp; Darden Restaurants, Inc. | 129 | 19088 |
| &nbsp;&nbsp; Dave & Buster's Entertainment, Inc.\* | 42 | 1821 |
| &nbsp;&nbsp; Dine Brands Global, Inc. | 23 | 1778 |
| &nbsp;&nbsp; Domino's Pizza, Inc. | 38 | 13414 |
| &nbsp;&nbsp; El Pollo Loco Holdings, Inc. | 24 | 294 |
| &nbsp;&nbsp; Expedia Group, Inc.\* | 172 | 19660 |
| &nbsp;&nbsp; Golden Entertainment, Inc.\* | 30 | 1185 |
| &nbsp;&nbsp; Hilton Worldwide Holdings, Inc. | 293 | 42511 |
| &nbsp;&nbsp; Jack in the Box, Inc. | 29 | 2203 |
| &nbsp;&nbsp; Las Vegas Sands Corp.\* | 353 | 20827 |
| &nbsp;&nbsp; Light & Wonder, Inc.\* | 110 | 7178 |
| &nbsp;&nbsp; Marriott International, Inc. (Class A Stock) | 291 | 50686 |
| &nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 49 | 7842 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Hotels, Restaurants & Leisure (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; McDonald's Corp. | 791 | $211513 |
| &nbsp;&nbsp; MGM Resorts International | 343 | 14204 |
| &nbsp;&nbsp; Monarch Casino & Resort, Inc.\* | 15 | 1149 |
| &nbsp;&nbsp; Norwegian Cruise Line Holdings Ltd.\* | 456 | 6936 |
| &nbsp;&nbsp; Papa John's International, Inc. | 34 | 3049 |
| &nbsp;&nbsp; Penn Entertainment, Inc.\* | 160 | 5672 |
| &nbsp;&nbsp; Royal Caribbean Cruises Ltd.\* | 235 | 15261 |
| &nbsp;&nbsp; Ruth's Hospitality Group, Inc. | 23 | 398 |
| &nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 50 | 2844 |
| &nbsp;&nbsp; Six Flags Entertainment Corp.\* | 71 | 1906 |
| &nbsp;&nbsp; Starbucks Corp. | 1240 | 135334 |
| &nbsp;&nbsp; Texas Roadhouse, Inc. | 76 | 7633 |
| &nbsp;&nbsp; Travel + Leisure Co. | 107 | 4534 |
| &nbsp;&nbsp; Wendy's Co. (The) | 182 | 4059 |
| &nbsp;&nbsp; Wingstop, Inc. | 27 | 4279 |
| &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 104 | 8061 |
| &nbsp;&nbsp; Wynn Resorts Ltd.\* | 109 | 11297 |
| &nbsp;&nbsp; Yum! Brands, Inc. | 305 | 39806 |
|  |  | 869964 |
| &nbsp;&nbsp; **Household Durables 0.5%** |  |  |
| &nbsp;&nbsp; Cavco Industries, Inc.\* | 4 | 1064 |
| &nbsp;&nbsp; Century Communities, Inc. | 39 | 2387 |
| &nbsp;&nbsp; D.R. Horton, Inc. | 335 | 33061 |
| &nbsp;&nbsp; Ethan Allen Interiors, Inc. | 15 | 431 |
| &nbsp;&nbsp; Garmin Ltd. | 162 | 16019 |
| &nbsp;&nbsp; Green Brick Partners, Inc.\* | 50 | 1560 |
| &nbsp;&nbsp; Helen of Troy Ltd.\* | 21 | 2375 |
| &nbsp;&nbsp; Installed Building Products, Inc. | 22 | 2422 |
| &nbsp;&nbsp; iRobot Corp.\* | 40 | 1800 |
| &nbsp;&nbsp; KB Home | 87 | 3345 |
| &nbsp;&nbsp; La-Z-Boy, Inc. | 62 | 1763 |
| &nbsp;&nbsp; Leggett & Platt, Inc. | 161 | 5886 |
| &nbsp;&nbsp; Lennar Corp. (Class A Stock) | 272 | 27853 |
| &nbsp;&nbsp; LGI Homes, Inc.\* | 15 | 1708 |
| &nbsp;&nbsp; M/I Homes, Inc.\* | 39 | 2332 |
| &nbsp;&nbsp; MDC Holdings, Inc. | 77 | 2908 |
| &nbsp;&nbsp; Meritage Homes Corp.\* | 39 | 4200 |
| &nbsp;&nbsp; Mohawk Industries, Inc.\* | 66 | 7924 |
| &nbsp;&nbsp; Newell Brands, Inc. | 464 | 7405 |
| &nbsp;&nbsp; NVR, Inc.\* | 3 | 15810 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Household Durables (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; PulteGroup, Inc. | 242 | $13767 |
| &nbsp;&nbsp; Sonos, Inc.\* | 165 | 3043 |
| &nbsp;&nbsp; Taylor Morrison Home Corp.\* | 121 | 4332 |
| &nbsp;&nbsp; Tempur Sealy International, Inc. | 199 | 8109 |
| &nbsp;&nbsp; Toll Brothers, Inc. | 105 | 6246 |
| &nbsp;&nbsp; TopBuild Corp.\* | 31 | 6202 |
| &nbsp;&nbsp; Tri Pointe Homes, Inc.\* | 144 | 3181 |
| &nbsp;&nbsp; Universal Electronics, Inc.\* | 23 | 539 |
| &nbsp;&nbsp; Whirlpool Corp. | 55 | 8558 |
|  |  | 196230 |
| &nbsp;&nbsp; **Household Products 1.3%** |  |  |
| &nbsp;&nbsp; Central Garden & Pet Co.\* | 15 | 629 |
| &nbsp;&nbsp; Central Garden & Pet Co. (Class A Stock)\* | 43 | 1704 |
| &nbsp;&nbsp; Church & Dwight Co., Inc. | 264 | 21347 |
| &nbsp;&nbsp; Clorox Co. (The) | 138 | 19967 |
| &nbsp;&nbsp; Colgate-Palmolive Co. | 902 | 67226 |
| &nbsp;&nbsp; Energizer Holdings, Inc. | 80 | 2968 |
| &nbsp;&nbsp; Kimberly-Clark Corp. | 365 | 47454 |
| &nbsp;&nbsp; Procter & Gamble Co. (The) | 2565 | 365205 |
| &nbsp;&nbsp; WD-40 Co. | 20 | 3491 |
|  |  | 529991 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.1%** |  |  |
| &nbsp;&nbsp; AES Corp. (The) | 723 | 19817 |
| &nbsp;&nbsp; Ormat Technologies, Inc. | 50 | 4628 |
|  |  | 24445 |
| &nbsp;&nbsp; **Industrial Conglomerates 0.7%** |  |  |
| &nbsp;&nbsp; 3M Co. | 594 | 68358 |
| &nbsp;&nbsp; General Electric Co. | 1182 | 95127 |
| &nbsp;&nbsp; Honeywell International, Inc. | 725 | 151148 |
|  |  | 314633 |
| &nbsp;&nbsp; **Insurance 2.4%** |  |  |
| &nbsp;&nbsp; Aflac, Inc. | 613 | 45056 |
| &nbsp;&nbsp; Allstate Corp. (The) | 284 | 36485 |
| &nbsp;&nbsp; Ambac Financial Group, Inc.\* | 42 | 700 |
| &nbsp;&nbsp; American Equity Investment Life Holding Co. | 79 | 3764 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Insurance (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; American Financial Group, Inc. | 77 | $10979 |
| &nbsp;&nbsp; American International Group, Inc. | 800 | 50576 |
| &nbsp;&nbsp; AMERISAFE, Inc. | 26 | 1432 |
| &nbsp;&nbsp; Aon PLC (Class A Stock) | 220 | 70110 |
| &nbsp;&nbsp; Arch Capital Group Ltd.\* | 400 | 25740 |
| &nbsp;&nbsp; Arthur J. Gallagher & Co. | 227 | 44428 |
| &nbsp;&nbsp; Assurant, Inc. | 55 | 7292 |
| &nbsp;&nbsp; Assured Guaranty Ltd. | 66 | 4132 |
| &nbsp;&nbsp; Brighthouse Financial, Inc.\* | 74 | 4164 |
| &nbsp;&nbsp; Brown & Brown, Inc. | 251 | 14699 |
| &nbsp;&nbsp; Chubb Ltd. | 448 | 101916 |
| &nbsp;&nbsp; Cincinnati Financial Corp. | 168 | 19009 |
| &nbsp;&nbsp; CNO Financial Group, Inc. | 144 | 3709 |
| &nbsp;&nbsp; Employers Holdings, Inc. | 28 | 1228 |
| &nbsp;&nbsp; Everest Re Group Ltd. | 36 | 12589 |
| &nbsp;&nbsp; First American Financial Corp. | 110 | 6806 |
| &nbsp;&nbsp; Genworth Financial, Inc. (Class A Stock)\* | 617 | 3406 |
| &nbsp;&nbsp; Globe Life, Inc. | 97 | 11722 |
| &nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 33 | 4441 |
| &nbsp;&nbsp; Hartford Financial Services Group, Inc. (The) | 340 | 26387 |
| &nbsp;&nbsp; HCI Group, Inc. | 11 | 552 |
| &nbsp;&nbsp; Horace Mann Educators Corp. | 47 | 1674 |
| &nbsp;&nbsp; James River Group Holdings Ltd. | 38 | 861 |
| &nbsp;&nbsp; Kemper Corp. | 71 | 4170 |
| &nbsp;&nbsp; Kinsale Capital Group, Inc. | 19 | 5290 |
| &nbsp;&nbsp; Lincoln National Corp. | 158 | 5598 |
| &nbsp;&nbsp; Loews Corp. | 212 | 13034 |
| &nbsp;&nbsp; Marsh & McLennan Cos., Inc. | 535 | 93577 |
| &nbsp;&nbsp; Mercury General Corp. | 34 | 1215 |
| &nbsp;&nbsp; MetLife, Inc. | 713 | 52063 |
| &nbsp;&nbsp; Old Republic International Corp. | 304 | 8023 |
| &nbsp;&nbsp; Palomar Holdings, Inc.\* | 29 | 1482 |
| &nbsp;&nbsp; Primerica, Inc. | 44 | 7117 |
| &nbsp;&nbsp; Principal Financial Group, Inc. | 242 | 22397 |
| &nbsp;&nbsp; ProAssurance Corp. | 69 | 1338 |
| &nbsp;&nbsp; Progressive Corp. (The) | 631 | 86037 |
| &nbsp;&nbsp; Prudential Financial, Inc.(g) | 396 | 41556 |
| &nbsp;&nbsp; Reinsurance Group of America, Inc. | 80 | 12142 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 49 | 9589 |
| &nbsp;&nbsp; RLI Corp. | 37 | 4901 |
| &nbsp;&nbsp; Safety Insurance Group, Inc. | 7 | 591 |
| &nbsp;&nbsp; Selective Insurance Group, Inc. | 65 | 6175 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Insurance (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; SiriusPoint Ltd. (Bermuda)\* | 69 | $524 |
| &nbsp;&nbsp; Stewart Information Services Corp. | 34 | 1624 |
| &nbsp;&nbsp; Travelers Cos., Inc. (The) | 251 | 47971 |
| &nbsp;&nbsp; Trupanion, Inc.\* | 42 | 2479 |
| &nbsp;&nbsp; United Fire Group, Inc. | 27 | 850 |
| &nbsp;&nbsp; Universal Insurance Holdings, Inc. | 39 | 497 |
| &nbsp;&nbsp; Unum Group | 222 | 9331 |
| &nbsp;&nbsp; W.R. Berkley Corp. | 231 | 16202 |
| &nbsp;&nbsp; Willis Towers Watson PLC | 126 | 32028 |
|  |  | 1001658 |
| &nbsp;&nbsp; **Interactive Media & Services 3.8%** |  |  |
| &nbsp;&nbsp; Alphabet, Inc. (Class A Stock)\* | 6465 | 639001 |
| &nbsp;&nbsp; Alphabet, Inc. (Class C Stock)\* | 5730 | 572255 |
| &nbsp;&nbsp; Cars.com, Inc.\* | 80 | 1368 |
| &nbsp;&nbsp; Match Group, Inc.\* | 300 | 16236 |
| &nbsp;&nbsp; Meta Platforms, Inc. (Class A Stock)\* | 2431 | 362146 |
| &nbsp;&nbsp; QuinStreet, Inc.\* | 54 | 828 |
| &nbsp;&nbsp; Shutterstock, Inc. | 24 | 1807 |
| &nbsp;&nbsp; TripAdvisor, Inc.\* | 129 | 3006 |
| &nbsp;&nbsp; Yelp, Inc.\* | 93 | 2930 |
| &nbsp;&nbsp; Ziff Davis, Inc.\* | 55 | 4921 |
|  |  | 1604498 |
| &nbsp;&nbsp; **Internet & Direct Marketing Retail 2.5%** |  |  |
| &nbsp;&nbsp; Amazon.com, Inc.\* | 9610 | 991079 |
| &nbsp;&nbsp; eBay, Inc. | 586 | 29007 |
| &nbsp;&nbsp; Etsy, Inc.\* | 146 | 20087 |
| &nbsp;&nbsp; Liquidity Services, Inc.\* | 39 | 585 |
| &nbsp;&nbsp; PetMed Express, Inc. | 15 | 322 |
|  |  | 1041080 |
| &nbsp;&nbsp; **IT Services 4.1%** |  |  |
| &nbsp;&nbsp; Accenture PLC (Class A Stock) | 681 | 190033 |
| &nbsp;&nbsp; Akamai Technologies, Inc.\* | 168 | 14944 |
| &nbsp;&nbsp; Automatic Data Processing, Inc. | 449 | 101389 |
| &nbsp;&nbsp; Broadridge Financial Solutions, Inc. | 129 | 19396 |
| &nbsp;&nbsp; Cognizant Technology Solutions Corp. (Class A Stock) | 555 | 37046 |
| &nbsp;&nbsp; Concentrix Corp. | 50 | 7091 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **IT Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; CSG Systems International, Inc. | 39 | $2327 |
| &nbsp;&nbsp; DXC Technology Co.\* | 271 | 7786 |
| &nbsp;&nbsp; EPAM Systems, Inc.\* | 55 | 18296 |
| &nbsp;&nbsp; Euronet Worldwide, Inc.\* | 55 | 6197 |
| &nbsp;&nbsp; EVERTEC, Inc. (Puerto Rico) | 62 | 2290 |
| &nbsp;&nbsp; ExlService Holdings, Inc.\* | 30 | 5118 |
| &nbsp;&nbsp; Fidelity National Information Services, Inc. | 640 | 48026 |
| &nbsp;&nbsp; Fiserv, Inc.\* | 684 | 72969 |
| &nbsp;&nbsp; FleetCor Technologies, Inc.\* | 86 | 17958 |
| &nbsp;&nbsp; Gartner, Inc.\* | 79 | 26713 |
| &nbsp;&nbsp; Genpact Ltd. | 180 | 8510 |
| &nbsp;&nbsp; Global Payments, Inc. | 293 | 33027 |
| &nbsp;&nbsp; International Business Machines Corp. | 976 | 131496 |
| &nbsp;&nbsp; Jack Henry & Associates, Inc. | 86 | 15488 |
| &nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 244 | 3267 |
| &nbsp;&nbsp; Mastercard, Inc. (Class A Stock) | 919 | 340581 |
| &nbsp;&nbsp; Maximus, Inc. | 63 | 4716 |
| &nbsp;&nbsp; Paychex, Inc. | 343 | 39740 |
| &nbsp;&nbsp; Payoneer Global, Inc.\* | 200 | 1192 |
| &nbsp;&nbsp; PayPal Holdings, Inc.\* | 1233 | 100477 |
| &nbsp;&nbsp; Perficient, Inc.\* | 36 | 2669 |
| &nbsp;&nbsp; Sabre Corp.\* | 405 | 2758 |
| &nbsp;&nbsp; TTEC Holdings, Inc. | 16 | 813 |
| &nbsp;&nbsp; Unisys Corp.\* | 65 | 352 |
| &nbsp;&nbsp; VeriSign, Inc.\* | 106 | 23113 |
| &nbsp;&nbsp; Visa, Inc. (Class A Stock) | 1769 | 407242 |
| &nbsp;&nbsp; Western Union Co. (The) | 414 | 5866 |
| &nbsp;&nbsp; WEX, Inc.\* | 49 | 9064 |
|  |  | 1707950 |
| &nbsp;&nbsp; **Leisure Products 0.1%** |  |  |
| &nbsp;&nbsp; Brunswick Corp. | 76 | 6409 |
| &nbsp;&nbsp; Hasbro, Inc. | 144 | 8521 |
| &nbsp;&nbsp; Mattel, Inc.\* | 408 | 8348 |
| &nbsp;&nbsp; Polaris, Inc. | 62 | 7120 |
| &nbsp;&nbsp; Sturm Ruger & Co., Inc. | 26 | 1479 |
| &nbsp;&nbsp; Topgolf Callaway Brands Corp.\* | 152 | 3723 |
| &nbsp;&nbsp; Vista Outdoor, Inc.\* | 64 | 1878 |
| &nbsp;&nbsp; YETI Holdings, Inc.\* | 86 | 3849 |
|  |  | 41327 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Life Sciences Tools & Services 1.7%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Agilent Technologies, Inc. | 319 | $48513 |
| &nbsp;&nbsp; Azenta, Inc.\* | 78 | 4360 |
| &nbsp;&nbsp; BioLife Solutions, Inc.\* | 40 | 938 |
| &nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 19 | 8882 |
| &nbsp;&nbsp; Bio-Techne Corp. | 168 | 13383 |
| &nbsp;&nbsp; Bruker Corp. | 115 | 8064 |
| &nbsp;&nbsp; Charles River Laboratories International, Inc.\* | 55 | 13379 |
| &nbsp;&nbsp; Danaher Corp. | 705 | 186388 |
| &nbsp;&nbsp; Illumina, Inc.\* | 168 | 35986 |
| &nbsp;&nbsp; IQVIA Holdings, Inc.\* | 198 | 45423 |
| &nbsp;&nbsp; Medpace Holdings, Inc.\* | 26 | 5748 |
| &nbsp;&nbsp; Mettler-Toledo International, Inc.\* | 23 | 35257 |
| &nbsp;&nbsp; PerkinElmer, Inc. | 134 | 18429 |
| &nbsp;&nbsp; Repligen Corp.\* | 55 | 10191 |
| &nbsp;&nbsp; Sotera Health Co.\* | 125 | 2155 |
| &nbsp;&nbsp; Syneos Health, Inc.\* | 124 | 4454 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc. | 425 | 242390 |
| &nbsp;&nbsp; Waters Corp.\* | 60 | 19715 |
| &nbsp;&nbsp; West Pharmaceutical Services, Inc. | 82 | 21779 |
|  |  | 725434 |
| &nbsp;&nbsp; **Machinery 2.0%** |  |  |
| &nbsp;&nbsp; 3D Systems Corp.\* | 181 | 1966 |
| &nbsp;&nbsp; AGCO Corp. | 68 | 9393 |
| &nbsp;&nbsp; Alamo Group, Inc. | 4 | 626 |
| &nbsp;&nbsp; Albany International Corp. (Class A Stock) | 31 | 3477 |
| &nbsp;&nbsp; Astec Industries, Inc. | 24 | 1059 |
| &nbsp;&nbsp; Barnes Group, Inc. | 64 | 2833 |
| &nbsp;&nbsp; Caterpillar, Inc. | 563 | 142039 |
| &nbsp;&nbsp; Chart Industries, Inc.\* | 43 | 5761 |
| &nbsp;&nbsp; CIRCOR International, Inc.\* | 20 | 553 |
| &nbsp;&nbsp; Crane Holdings Co. | 58 | 6723 |
| &nbsp;&nbsp; Cummins, Inc. | 152 | 37930 |
| &nbsp;&nbsp; Deere & Co. | 293 | 123892 |
| &nbsp;&nbsp; Donaldson Co., Inc. | 141 | 8791 |
| &nbsp;&nbsp; Dover Corp. | 148 | 22471 |
| &nbsp;&nbsp; Enerpac Tool Group Corp. | 60 | 1592 |
| &nbsp;&nbsp; EnPro Industries, Inc. | 16 | 1937 |
| &nbsp;&nbsp; Esab Corp. | 50 | 2890 |
| &nbsp;&nbsp; ESCO Technologies, Inc. | 21 | 2067 |
| &nbsp;&nbsp; Federal Signal Corp. | 58 | 3088 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Machinery (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Flowserve Corp. | 133 | $4578 |
| &nbsp;&nbsp; Fortive Corp. | 379 | 25783 |
| &nbsp;&nbsp; Franklin Electric Co., Inc. | 42 | 3793 |
| &nbsp;&nbsp; Graco, Inc. | 180 | 12298 |
| &nbsp;&nbsp; Greenbrier Cos., Inc. (The) | 37 | 1144 |
| &nbsp;&nbsp; Hillenbrand, Inc. | 82 | 3843 |
| &nbsp;&nbsp; IDEX Corp. | 88 | 21092 |
| &nbsp;&nbsp; Illinois Tool Works, Inc. | 300 | 70812 |
| &nbsp;&nbsp; Ingersoll Rand, Inc. | 435 | 24360 |
| &nbsp;&nbsp; ITT, Inc. | 87 | 7968 |
| &nbsp;&nbsp; John Bean Technologies Corp. | 29 | 3240 |
| &nbsp;&nbsp; Kennametal, Inc. | 101 | 2879 |
| &nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 68 | 11347 |
| &nbsp;&nbsp; Lindsay Corp. | 14 | 2193 |
| &nbsp;&nbsp; Middleby Corp. (The)\* | 63 | 9793 |
| &nbsp;&nbsp; Mueller Industries, Inc. | 60 | 3933 |
| &nbsp;&nbsp; Nordson Corp. | 58 | 14111 |
| &nbsp;&nbsp; Oshkosh Corp. | 79 | 7962 |
| &nbsp;&nbsp; Otis Worldwide Corp. | 451 | 37086 |
| &nbsp;&nbsp; PACCAR, Inc. | 374 | 40882 |
| &nbsp;&nbsp; Parker-Hannifin Corp. | 149 | 48574 |
| &nbsp;&nbsp; Pentair PLC | 175 | 9691 |
| &nbsp;&nbsp; Proto Labs, Inc.\* | 34 | 1040 |
| &nbsp;&nbsp; Snap-on, Inc. | 61 | 15173 |
| &nbsp;&nbsp; SPX Technologies, Inc.\* | 45 | 3375 |
| &nbsp;&nbsp; Standex International Corp. | 19 | 2196 |
| &nbsp;&nbsp; Stanley Black & Decker, Inc. | 158 | 14111 |
| &nbsp;&nbsp; Tennant Co. | 24 | 1683 |
| &nbsp;&nbsp; Terex Corp. | 71 | 3619 |
| &nbsp;&nbsp; Timken Co. (The) | 73 | 6012 |
| &nbsp;&nbsp; Titan International, Inc.\* | 32 | 534 |
| &nbsp;&nbsp; Toro Co. (The) | 115 | 12825 |
| &nbsp;&nbsp; Trinity Industries, Inc. | 108 | 3107 |
| &nbsp;&nbsp; Wabash National Corp. | 70 | 1803 |
| &nbsp;&nbsp; Watts Water Technologies, Inc. (Class A Stock) | 25 | 4088 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp. | 196 | 20347 |
| &nbsp;&nbsp; Xylem, Inc. | 194 | 20178 |
|  |  | 856541 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Marine 0.0%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Kirby Corp.\* | 75 | $5308 |
| &nbsp;&nbsp; Matson, Inc. | 47 | 3108 |
|  |  | 8416 |
| &nbsp;&nbsp; **Media 0.8%** |  |  |
| &nbsp;&nbsp; AMC Networks, Inc. (Class A Stock)\* | 37 | 685 |
| &nbsp;&nbsp; Cable One, Inc. | 6 | 4739 |
| &nbsp;&nbsp; Charter Communications, Inc. (Class A Stock)\* | 116 | 44580 |
| &nbsp;&nbsp; Comcast Corp. (Class A Stock) | 4669 | 183725 |
| &nbsp;&nbsp; DISH Network Corp. (Class A Stock)\* | 301 | 4331 |
| &nbsp;&nbsp; EW Scripps Co. (The) (Class A Stock)\* | 78 | 1166 |
| &nbsp;&nbsp; Fox Corp. (Class A Stock) | 323 | 10963 |
| &nbsp;&nbsp; Fox Corp. (Class B Stock) | 165 | 5231 |
| &nbsp;&nbsp; Gannett Co., Inc.\* | 81 | 183 |
| &nbsp;&nbsp; Interpublic Group of Cos., Inc. (The) | 418 | 15240 |
| &nbsp;&nbsp; John Wiley & Sons, Inc. (Class A Stock) | 57 | 2611 |
| &nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 174 | 6062 |
| &nbsp;&nbsp; News Corp. (Class A Stock) | 413 | 8367 |
| &nbsp;&nbsp; News Corp. (Class B Stock) | 148 | 3025 |
| &nbsp;&nbsp; Nexstar Media Group, Inc. | 40 | 8191 |
| &nbsp;&nbsp; Omnicom Group, Inc. | 220 | 18918 |
| &nbsp;&nbsp; Paramount Global (Class B Stock) | 543 | 12576 |
| &nbsp;&nbsp; Scholastic Corp. | 43 | 1902 |
| &nbsp;&nbsp; TechTarget, Inc.\* | 31 | 1536 |
| &nbsp;&nbsp; TEGNA, Inc. | 239 | 4763 |
| &nbsp;&nbsp; Thryv Holdings, Inc.\* | 20 | 447 |
|  |  | 339241 |
| &nbsp;&nbsp; **Metals & Mining 0.6%** |  |  |
| &nbsp;&nbsp; Alcoa Corp. | 190 | 9926 |
| &nbsp;&nbsp; Arconic Corp.\* | 130 | 3056 |
| &nbsp;&nbsp; ATI, Inc.\* | 154 | 5604 |
| &nbsp;&nbsp; Carpenter Technology Corp. | 62 | 2994 |
| &nbsp;&nbsp; Century Aluminum Co.\* | 71 | 798 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 592 | 12639 |
| &nbsp;&nbsp; Commercial Metals Co. | 127 | 6892 |
| &nbsp;&nbsp; Compass Minerals International, Inc. | 46 | 2146 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc. | 1548 | 69072 |
| &nbsp;&nbsp; Haynes International, Inc. | 12 | 668 |
| &nbsp;&nbsp; Kaiser Aluminum Corp. | 10 | 875 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Metals & Mining (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Materion Corp. | 28 | $2527 |
| &nbsp;&nbsp; MP Materials Corp.\* | 80 | 2601 |
| &nbsp;&nbsp; Newmont Corp. | 855 | 45255 |
| &nbsp;&nbsp; Nucor Corp. | 276 | 46650 |
| &nbsp;&nbsp; Olympic Steel, Inc. | 15 | 664 |
| &nbsp;&nbsp; Reliance Steel & Aluminum Co. | 73 | 16604 |
| &nbsp;&nbsp; Royal Gold, Inc. | 76 | 9654 |
| &nbsp;&nbsp; Steel Dynamics, Inc. | 179 | 21595 |
| &nbsp;&nbsp; SunCoke Energy, Inc. | 31 | 282 |
| &nbsp;&nbsp; TimkenSteel Corp.\* | 23 | 452 |
| &nbsp;&nbsp; United States Steel Corp. | 272 | 7749 |
| &nbsp;&nbsp; Warrior Met Coal, Inc. | 62 | 2349 |
| &nbsp;&nbsp; Worthington Industries, Inc. | 27 | 1536 |
|  |  | 272588 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.1%** |  |  |
| &nbsp;&nbsp; Annaly Capital Management, Inc. | 506 | 11876 |
| &nbsp;&nbsp; Apollo Commercial Real Estate Finance, Inc. | 177 | 2154 |
| &nbsp;&nbsp; ARMOUR Residential REIT, Inc. | 119 | 747 |
| &nbsp;&nbsp; Ellington Financial, Inc. | 75 | 1030 |
| &nbsp;&nbsp; Franklin BSP Realty Trust, Inc. | 60 | 870 |
| &nbsp;&nbsp; Granite Point Mortgage Trust, Inc. | 46 | 307 |
| &nbsp;&nbsp; Invesco Mortgage Capital, Inc. | 18 | 264 |
| &nbsp;&nbsp; KKR Real Estate Finance Trust, Inc. | 31 | 494 |
| &nbsp;&nbsp; New York Mortgage Trust, Inc. | 399 | 1245 |
| &nbsp;&nbsp; PennyMac Mortgage Investment Trust | 108 | 1647 |
| &nbsp;&nbsp; Ready Capital Corp. | 120 | 1588 |
| &nbsp;&nbsp; Redwood Trust, Inc. | 155 | 1296 |
| &nbsp;&nbsp; Two Harbors Investment Corp. | 92 | 1650 |
|  |  | 25168 |
| &nbsp;&nbsp; **Multiline Retail 0.5%** |  |  |
| &nbsp;&nbsp; Big Lots, Inc. | 46 | 753 |
| &nbsp;&nbsp; Dollar General Corp. | 242 | 56531 |
| &nbsp;&nbsp; Dollar Tree, Inc.\* | 225 | 33791 |
| &nbsp;&nbsp; Kohl's Corp. | 125 | 4046 |
| &nbsp;&nbsp; Macy's, Inc. | 289 | 6829 |
| &nbsp;&nbsp; Nordstrom, Inc. | 144 | 2814 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Multiline Retail (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 70 | $3833 |
| &nbsp;&nbsp; Target Corp. | 494 | 85037 |
|  |  | 193634 |
| &nbsp;&nbsp; **Multi-Utilities 0.8%** |  |  |
| &nbsp;&nbsp; Ameren Corp. | 279 | 24237 |
| &nbsp;&nbsp; Avista Corp. | 78 | 3112 |
| &nbsp;&nbsp; Black Hills Corp. | 71 | 5139 |
| &nbsp;&nbsp; CenterPoint Energy, Inc. | 681 | 20512 |
| &nbsp;&nbsp; CMS Energy Corp. | 313 | 19778 |
| &nbsp;&nbsp; Consolidated Edison, Inc. | 380 | 36218 |
| &nbsp;&nbsp; Dominion Energy, Inc. | 900 | 57276 |
| &nbsp;&nbsp; DTE Energy Co. | 210 | 24438 |
| &nbsp;&nbsp; NiSource, Inc. | 440 | 12210 |
| &nbsp;&nbsp; NorthWestern Corp. | 58 | 3294 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc. | 536 | 33194 |
| &nbsp;&nbsp; Sempra Energy | 339 | 54352 |
| &nbsp;&nbsp; Unitil Corp. | 20 | 1043 |
| &nbsp;&nbsp; WEC Energy Group, Inc. | 340 | 31957 |
|  |  | 326760 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 4.3%** |  |  |
| &nbsp;&nbsp; Antero Midstream Corp. | 383 | 4175 |
| &nbsp;&nbsp; Antero Resources Corp.\* | 295 | 8508 |
| &nbsp;&nbsp; APA Corp. | 345 | 15294 |
| &nbsp;&nbsp; Callon Petroleum Co.\* | 54 | 2298 |
| &nbsp;&nbsp; Chevron Corp. | 1925 | 334988 |
| &nbsp;&nbsp; Civitas Resources, Inc. | 58 | 3860 |
| &nbsp;&nbsp; CNX Resources Corp.\* | 193 | 3229 |
| &nbsp;&nbsp; ConocoPhillips | 1346 | 164037 |
| &nbsp;&nbsp; CONSOL Energy, Inc. | 30 | 1735 |
| &nbsp;&nbsp; Coterra Energy, Inc. | 849 | 21250 |
| &nbsp;&nbsp; Devon Energy Corp. | 708 | 44774 |
| &nbsp;&nbsp; Diamondback Energy, Inc. | 187 | 27324 |
| &nbsp;&nbsp; Dorian LPG Ltd. | 31 | 615 |
| &nbsp;&nbsp; DT Midstream, Inc. | 102 | 5575 |
| &nbsp;&nbsp; EOG Resources, Inc. | 632 | 83582 |
| &nbsp;&nbsp; EQT Corp. | 394 | 12872 |
| &nbsp;&nbsp; Equitrans Midstream Corp. | 561 | 4067 |
| &nbsp;&nbsp; Exxon Mobil Corp. | 4458 | 517173 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Green Plains, Inc.\* | 76 | $2643 |
| &nbsp;&nbsp; Hess Corp. | 296 | 44447 |
| &nbsp;&nbsp; HF Sinclair Corp. | 142 | 8080 |
| &nbsp;&nbsp; Kinder Morgan, Inc. | 2140 | 39162 |
| &nbsp;&nbsp; Marathon Oil Corp. | 687 | 18872 |
| &nbsp;&nbsp; Marathon Petroleum Corp. | 505 | 64903 |
| &nbsp;&nbsp; Matador Resources Co. | 126 | 8336 |
| &nbsp;&nbsp; Murphy Oil Corp. | 154 | 6716 |
| &nbsp;&nbsp; Occidental Petroleum Corp. | 786 | 50925 |
| &nbsp;&nbsp; ONEOK, Inc. | 481 | 32939 |
| &nbsp;&nbsp; Par Pacific Holdings, Inc.\* | 65 | 1737 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 112 | 4703 |
| &nbsp;&nbsp; PDC Energy, Inc. | 100 | 6773 |
| &nbsp;&nbsp; Phillips 66 | 508 | 50937 |
| &nbsp;&nbsp; Pioneer Natural Resources Co. | 256 | 58970 |
| &nbsp;&nbsp; Range Resources Corp. | 258 | 6455 |
| &nbsp;&nbsp; Ranger Oil Corp. (Class A Stock) | 15 | 630 |
| &nbsp;&nbsp; REX American Resources Corp.\* | 15 | 491 |
| &nbsp;&nbsp; SM Energy Co. | 139 | 4569 |
| &nbsp;&nbsp; Southwestern Energy Co.\* | 1192 | 6580 |
| &nbsp;&nbsp; Talos Energy, Inc.\* | 78 | 1545 |
| &nbsp;&nbsp; Targa Resources Corp. | 245 | 18380 |
| &nbsp;&nbsp; Valero Energy Corp. | 413 | 57832 |
| &nbsp;&nbsp; Vital Energy, Inc.\* | 11 | 619 |
| &nbsp;&nbsp; Vitesse Energy, Inc.\* | 0 |  |
| &nbsp;&nbsp; Williams Cos., Inc. (The) | 1317 | 42460 |
| &nbsp;&nbsp; World Fuel Services Corp. | 73 | 2066 |
|  |  | 1797126 |
| &nbsp;&nbsp; **Paper & Forest Products 0.0%** |  |  |
| &nbsp;&nbsp; Clearwater Paper Corp.\* | 9 | 347 |
| &nbsp;&nbsp; Louisiana-Pacific Corp. | 75 | 5107 |
| &nbsp;&nbsp; Mercer International, Inc. (Germany) | 46 | 586 |
| &nbsp;&nbsp; Sylvamo Corp. | 29 | 1378 |
|  |  | 7418 |
| &nbsp;&nbsp; **Personal Products 0.2%** |  |  |
| &nbsp;&nbsp; BellRing Brands, Inc.\* | 143 | 4055 |
| &nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 421 | 4193 |
| &nbsp;&nbsp; Edgewell Personal Care Co. | 73 | 3129 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Personal Products (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; elf Beauty, Inc.\* | 62 | $3568 |
| &nbsp;&nbsp; Estee Lauder Cos., Inc. (The) (Class A Stock) | 249 | 68993 |
| &nbsp;&nbsp; Inter Parfums, Inc. | 20 | 2364 |
| &nbsp;&nbsp; Medifast, Inc. | 17 | 1895 |
| &nbsp;&nbsp; Nu Skin Enterprises, Inc. (Class A Stock) | 60 | 2573 |
| &nbsp;&nbsp; USANA Health Sciences, Inc.\* | 13 | 760 |
|  |  | 91530 |
| &nbsp;&nbsp; **Pharmaceuticals 3.9%** |  |  |
| &nbsp;&nbsp; Amphastar Pharmaceuticals, Inc.\* | 50 | 1513 |
| &nbsp;&nbsp; ANI Pharmaceuticals, Inc.\* | 8 | 358 |
| &nbsp;&nbsp; Bristol-Myers Squibb Co. | 2302 | 167240 |
| &nbsp;&nbsp; Cara Therapeutics, Inc.\* | 39 | 456 |
| &nbsp;&nbsp; Catalent, Inc.\* | 192 | 10282 |
| &nbsp;&nbsp; Collegium Pharmaceutical, Inc.\* | 19 | 533 |
| &nbsp;&nbsp; Corcept Therapeutics, Inc.\* | 117 | 2675 |
| &nbsp;&nbsp; Eli Lilly & Co. | 851 | 292872 |
| &nbsp;&nbsp; Harmony Biosciences Holdings, Inc.\* | 30 | 1445 |
| &nbsp;&nbsp; Innoviva, Inc.\* | 54 | 683 |
| &nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 75 | 11749 |
| &nbsp;&nbsp; Johnson & Johnson | 2831 | 462642 |
| &nbsp;&nbsp; Ligand Pharmaceuticals, Inc.\* | 22 | 1533 |
| &nbsp;&nbsp; Merck & Co., Inc. | 2745 | 294840 |
| &nbsp;&nbsp; Nektar Therapeutics\* | 207 | 563 |
| &nbsp;&nbsp; Organon & Co. | 283 | 8527 |
| &nbsp;&nbsp; Pacira BioSciences, Inc.\* | 54 | 2121 |
| &nbsp;&nbsp; Perrigo Co. PLC | 143 | 5351 |
| &nbsp;&nbsp; Pfizer, Inc. | 6075 | 268272 |
| &nbsp;&nbsp; Phibro Animal Health Corp. (Class A Stock) | 15 | 231 |
| &nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 53 | 3485 |
| &nbsp;&nbsp; Supernus Pharmaceuticals, Inc.\* | 54 | 2215 |
| &nbsp;&nbsp; Viatris, Inc. | 1310 | 15930 |
| &nbsp;&nbsp; Zoetis, Inc. | 500 | 82745 |
|  |  | 1638261 |
| &nbsp;&nbsp; **Professional Services 0.5%** |  |  |
| &nbsp;&nbsp; ASGN, Inc.\* | 63 | 5730 |
| &nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 23 | 7086 |
| &nbsp;&nbsp; CoStar Group, Inc.\* | 440 | 34276 |
| &nbsp;&nbsp; Equifax, Inc. | 129 | 28664 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Professional Services (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Exponent, Inc. | 63 | $6460 |
| &nbsp;&nbsp; Forrester Research, Inc.\* | 12 | 445 |
| &nbsp;&nbsp; FTI Consulting, Inc.\* | 39 | 6221 |
| &nbsp;&nbsp; Heidrick & Struggles International, Inc. | 30 | 923 |
| &nbsp;&nbsp; Insperity, Inc. | 39 | 4311 |
| &nbsp;&nbsp; Jacobs Solutions, Inc. | 136 | 16803 |
| &nbsp;&nbsp; KBR, Inc. | 159 | 8146 |
| &nbsp;&nbsp; Kelly Services, Inc. (Class A Stock) | 15 | 272 |
| &nbsp;&nbsp; Korn Ferry | 50 | 2699 |
| &nbsp;&nbsp; Leidos Holdings, Inc. | 144 | 14233 |
| &nbsp;&nbsp; ManpowerGroup, Inc. | 58 | 5055 |
| &nbsp;&nbsp; NV5 Global, Inc.\* | 5 | 666 |
| &nbsp;&nbsp; Resources Connection, Inc. | 23 | 397 |
| &nbsp;&nbsp; Robert Half International, Inc. | 121 | 10159 |
| &nbsp;&nbsp; Science Applications International Corp. | 62 | 6434 |
| &nbsp;&nbsp; TrueBlue, Inc.\* | 49 | 962 |
| &nbsp;&nbsp; Verisk Analytics, Inc. | 168 | 30541 |
|  |  | 190483 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.1%** |  |  |
| &nbsp;&nbsp; Anywhere Real Estate, Inc.\* | 138 | 1170 |
| &nbsp;&nbsp; CBRE Group, Inc. (Class A Stock)\* | 341 | 29159 |
| &nbsp;&nbsp; Cushman & Wakefield PLC\* | 190 | 2742 |
| &nbsp;&nbsp; Douglas Elliman, Inc. | 68 | 317 |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 54 | 9983 |
| &nbsp;&nbsp; Marcus & Millichap, Inc. | 23 | 833 |
| &nbsp;&nbsp; RE/MAX Holdings, Inc. (Class A Stock) | 15 | 342 |
| &nbsp;&nbsp; St. Joe Co. (The) | 37 | 1743 |
|  |  | 46289 |
| &nbsp;&nbsp; **Road & Rail 0.9%** |  |  |
| &nbsp;&nbsp; ArcBest Corp. | 26 | 2170 |
| &nbsp;&nbsp; Avis Budget Group, Inc.\* | 23 | 4601 |
| &nbsp;&nbsp; CSX Corp. | 2273 | 70281 |
| &nbsp;&nbsp; Heartland Express, Inc. | 31 | 521 |
| &nbsp;&nbsp; J.B. Hunt Transport Services, Inc. | 92 | 17393 |
| &nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 184 | 10874 |
| &nbsp;&nbsp; Landstar System, Inc. | 44 | 7605 |
| &nbsp;&nbsp; Marten Transport Ltd. | 83 | 1833 |
| &nbsp;&nbsp; Norfolk Southern Corp. | 249 | 61207 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Road & Rail (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Old Dominion Freight Line, Inc. | 107 | $35657 |
| &nbsp;&nbsp; RXO, Inc.\* | 120 | 2198 |
| &nbsp;&nbsp; Ryder System, Inc. | 63 | 5948 |
| &nbsp;&nbsp; Saia, Inc.\* | 26 | 7092 |
| &nbsp;&nbsp; Union Pacific Corp. | 665 | 135786 |
| &nbsp;&nbsp; Werner Enterprises, Inc. | 79 | 3711 |
| &nbsp;&nbsp; XPO, Inc.\* | 120 | 4783 |
|  |  | 371660 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 5.1%** |  |  |
| &nbsp;&nbsp; Advanced Micro Devices, Inc.\* | 1743 | 130986 |
| &nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 80 | 3054 |
| &nbsp;&nbsp; Alpha & Omega Semiconductor Ltd.\* | 30 | 989 |
| &nbsp;&nbsp; Amkor Technology, Inc. | 124 | 3628 |
| &nbsp;&nbsp; Analog Devices, Inc. | 554 | 94994 |
| &nbsp;&nbsp; Applied Materials, Inc. | 930 | 103686 |
| &nbsp;&nbsp; Axcelis Technologies, Inc.\* | 37 | 4068 |
| &nbsp;&nbsp; Broadcom, Inc. | 435 | 254479 |
| &nbsp;&nbsp; CEVA, Inc.\* | 23 | 762 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 55 | 4971 |
| &nbsp;&nbsp; Cohu, Inc.\* | 51 | 1840 |
| &nbsp;&nbsp; Diodes, Inc.\* | 47 | 4192 |
| &nbsp;&nbsp; Enphase Energy, Inc.\* | 146 | 32322 |
| &nbsp;&nbsp; First Solar, Inc.\* | 107 | 19003 |
| &nbsp;&nbsp; FormFactor, Inc.\* | 95 | 2673 |
| &nbsp;&nbsp; Ichor Holdings Ltd.\* | 34 | 1149 |
| &nbsp;&nbsp; Intel Corp. | 4466 | 126209 |
| &nbsp;&nbsp; KLA Corp. | 149 | 58480 |
| &nbsp;&nbsp; Kulicke & Soffa Industries, Inc. (Singapore) | 60 | 3066 |
| &nbsp;&nbsp; Lam Research Corp. | 146 | 73015 |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 146 | 11065 |
| &nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 50 | 3351 |
| &nbsp;&nbsp; MaxLinear, Inc.\* | 88 | 3626 |
| &nbsp;&nbsp; Microchip Technology, Inc. | 591 | 45873 |
| &nbsp;&nbsp; Micron Technology, Inc. | 1176 | 70913 |
| &nbsp;&nbsp; MKS Instruments, Inc. | 61 | 6242 |
| &nbsp;&nbsp; Monolithic Power Systems, Inc. | 48 | 20475 |
| &nbsp;&nbsp; NVIDIA Corp. | 2694 | 526327 |
| &nbsp;&nbsp; NXP Semiconductors NV (China) | 276 | 50870 |
| &nbsp;&nbsp; ON Semiconductor Corp.\* | 465 | 34154 |
| &nbsp;&nbsp; Onto Innovation, Inc.\* | 58 | 4562 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Semiconductors & Semiconductor Equipment (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; PDF Solutions, Inc.\* | 23 | $731 |
| &nbsp;&nbsp; Photronics, Inc.\* | 46 | 834 |
| &nbsp;&nbsp; Power Integrations, Inc. | 72 | 6199 |
| &nbsp;&nbsp; Qorvo, Inc.\* | 106 | 11518 |
| &nbsp;&nbsp; QUALCOMM, Inc. | 1210 | 161184 |
| &nbsp;&nbsp; Rambus, Inc.\* | 115 | 4654 |
| &nbsp;&nbsp; Semtech Corp.\* | 78 | 2576 |
| &nbsp;&nbsp; Silicon Laboratories, Inc.\* | 45 | 7061 |
| &nbsp;&nbsp; SiTime Corp.\* | 20 | 2305 |
| &nbsp;&nbsp; Skyworks Solutions, Inc. | 173 | 18973 |
| &nbsp;&nbsp; SMART Global Holdings, Inc.\* | 80 | 1375 |
| &nbsp;&nbsp; SolarEdge Technologies, Inc.\* | 62 | 19786 |
| &nbsp;&nbsp; Synaptics, Inc.\* | 49 | 6126 |
| &nbsp;&nbsp; Teradyne, Inc. | 166 | 16882 |
| &nbsp;&nbsp; Texas Instruments, Inc. | 982 | 174020 |
| &nbsp;&nbsp; Ultra Clean Holdings, Inc.\* | 53 | 1783 |
| &nbsp;&nbsp; Universal Display Corp. | 52 | 6892 |
| &nbsp;&nbsp; Veeco Instruments, Inc.\* | 71 | 1410 |
| &nbsp;&nbsp; Wolfspeed, Inc.\* | 143 | 11012 |
|  |  | 2156345 |
| &nbsp;&nbsp; **Software 7.6%** |  |  |
| &nbsp;&nbsp; 8x8, Inc.\* | 130 | 612 |
| &nbsp;&nbsp; A10 Networks, Inc. | 70 | 1084 |
| &nbsp;&nbsp; ACI Worldwide, Inc.\* | 152 | 4245 |
| &nbsp;&nbsp; Adeia, Inc. | 116 | 1270 |
| &nbsp;&nbsp; Adobe, Inc.\* | 502 | 185911 |
| &nbsp;&nbsp; Agilysys, Inc.\* | 31 | 2590 |
| &nbsp;&nbsp; Alarm.com Holdings, Inc.\* | 45 | 2412 |
| &nbsp;&nbsp; ANSYS, Inc.\* | 103 | 27435 |
| &nbsp;&nbsp; Aspen Technology, Inc.\* | 33 | 6559 |
| &nbsp;&nbsp; Autodesk, Inc.\* | 231 | 49702 |
| &nbsp;&nbsp; Blackbaud, Inc.\* | 56 | 3484 |
| &nbsp;&nbsp; Cadence Design Systems, Inc.\* | 296 | 54118 |
| &nbsp;&nbsp; Cerence, Inc.\* | 50 | 1226 |
| &nbsp;&nbsp; Ceridian HCM Holding, Inc.\* | 171 | 12360 |
| &nbsp;&nbsp; CommVault Systems, Inc.\* | 48 | 2987 |
| &nbsp;&nbsp; Consensus Cloud Solutions, Inc.\* | 23 | 1352 |
| &nbsp;&nbsp; Digital Turbine, Inc.\* | 120 | 2083 |
| &nbsp;&nbsp; DoubleVerify Holdings, Inc.\* | 80 | 2175 |
| &nbsp;&nbsp; Dynatrace, Inc.\* | 235 | 9031 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Software (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Ebix, Inc. | 22 | $419 |
| &nbsp;&nbsp; Envestnet, Inc.\* | 60 | 3900 |
| &nbsp;&nbsp; Fair Isaac Corp.\* | 27 | 17981 |
| &nbsp;&nbsp; Fortinet, Inc.\* | 700 | 36638 |
| &nbsp;&nbsp; Gen Digital, Inc. | 627 | 14427 |
| &nbsp;&nbsp; InterDigital, Inc. | 26 | 1819 |
| &nbsp;&nbsp; Intuit, Inc. | 302 | 127646 |
| &nbsp;&nbsp; LivePerson, Inc.\* | 88 | 1133 |
| &nbsp;&nbsp; LiveRamp Holdings, Inc.\* | 63 | 1686 |
| &nbsp;&nbsp; Manhattan Associates, Inc.\* | 73 | 9516 |
| &nbsp;&nbsp; Microsoft Corp. | 8070 | 1999827 |
| &nbsp;&nbsp; NCR Corp.\* | 179 | 4908 |
| &nbsp;&nbsp; OneSpan, Inc.\* | 23 | 318 |
| &nbsp;&nbsp; Oracle Corp. | 1662 | 147020 |
| &nbsp;&nbsp; Paycom Software, Inc.\* | 50 | 16197 |
| &nbsp;&nbsp; Paylocity Holding Corp.\* | 52 | 10831 |
| &nbsp;&nbsp; Progress Software Corp. | 40 | 2122 |
| &nbsp;&nbsp; PTC, Inc.\* | 122 | 16455 |
| &nbsp;&nbsp; Qualys, Inc.\* | 35 | 4038 |
| &nbsp;&nbsp; Roper Technologies, Inc. | 108 | 46089 |
| &nbsp;&nbsp; Salesforce, Inc.\* | 1082 | 181744 |
| &nbsp;&nbsp; ServiceNow, Inc.\* | 217 | 98763 |
| &nbsp;&nbsp; SPS Commerce, Inc.\* | 34 | 4627 |
| &nbsp;&nbsp; Synopsys, Inc.\* | 162 | 57307 |
| &nbsp;&nbsp; Teradata Corp.\* | 107 | 3732 |
| &nbsp;&nbsp; Tyler Technologies, Inc.\* | 41 | 13234 |
| &nbsp;&nbsp; Xperi, Inc.\* | 46 | 476 |
|  |  | 3193489 |
| &nbsp;&nbsp; **Specialty Retail 2.4%** |  |  |
| &nbsp;&nbsp; Aaron's Co., Inc. (The) | 23 | 337 |
| &nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\* | 83 | 2404 |
| &nbsp;&nbsp; Academy Sports & Outdoors, Inc. | 80 | 4674 |
| &nbsp;&nbsp; Advance Auto Parts, Inc. | 74 | 11269 |
| &nbsp;&nbsp; American Eagle Outfitters, Inc. | 184 | 2970 |
| &nbsp;&nbsp; Asbury Automotive Group, Inc.\* | 27 | 5940 |
| &nbsp;&nbsp; AutoNation, Inc.\* | 45 | 5702 |
| &nbsp;&nbsp; AutoZone, Inc.\* | 20 | 48777 |
| &nbsp;&nbsp; Bath & Body Works, Inc. | 246 | 11318 |
| &nbsp;&nbsp; Bed Bath & Beyond, Inc.\* | 131 | 369 |
| &nbsp;&nbsp; Best Buy Co., Inc. | 215 | 19075 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Specialty Retail (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 29 | $2421 |
| &nbsp;&nbsp; Buckle, Inc. (The) | 29 | 1276 |
| &nbsp;&nbsp; Caleres, Inc. | 41 | 1067 |
| &nbsp;&nbsp; CarMax, Inc.\* | 167 | 11765 |
| &nbsp;&nbsp; Chico's FAS, Inc.\* | 85 | 448 |
| &nbsp;&nbsp; Children's Place, Inc. (The)\* | 26 | 1180 |
| &nbsp;&nbsp; Designer Brands, Inc. (Class A Stock) | 69 | 711 |
| &nbsp;&nbsp; Dick's Sporting Goods, Inc. | 61 | 7976 |
| &nbsp;&nbsp; Five Below, Inc.\* | 70 | 13799 |
| &nbsp;&nbsp; Foot Locker, Inc. | 82 | 3568 |
| &nbsp;&nbsp; GameStop Corp. (Class A Stock)\* | 312 | 6823 |
| &nbsp;&nbsp; Gap, Inc. (The) | 259 | 3515 |
| &nbsp;&nbsp; Genesco, Inc.\* | 23 | 1111 |
| &nbsp;&nbsp; Group 1 Automotive, Inc. | 18 | 3849 |
| &nbsp;&nbsp; Guess?, Inc. | 31 | 718 |
| &nbsp;&nbsp; Haverty Furniture Cos., Inc. | 15 | 524 |
| &nbsp;&nbsp; Hibbett, Inc. | 19 | 1261 |
| &nbsp;&nbsp; Home Depot, Inc. (The) | 1108 | 359180 |
| &nbsp;&nbsp; Leslie's, Inc.\* | 200 | 3098 |
| &nbsp;&nbsp; Lithia Motors, Inc. | 36 | 9475 |
| &nbsp;&nbsp; Lowe's Cos., Inc. | 670 | 139528 |
| &nbsp;&nbsp; MarineMax, Inc.\* | 35 | 1094 |
| &nbsp;&nbsp; Monro, Inc. | 44 | 2240 |
| &nbsp;&nbsp; Murphy USA, Inc. | 27 | 7345 |
| &nbsp;&nbsp; National Vision Holdings, Inc.\* | 100 | 4110 |
| &nbsp;&nbsp; ODP Corp. (The)\* | 42 | 2167 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc.\* | 65 | 51503 |
| &nbsp;&nbsp; Rent-A-Center, Inc. | 53 | 1425 |
| &nbsp;&nbsp; RH\* | 21 | 6552 |
| &nbsp;&nbsp; Ross Stores, Inc. | 373 | 44085 |
| &nbsp;&nbsp; Sally Beauty Holdings, Inc.\* | 133 | 2072 |
| &nbsp;&nbsp; Shoe Carnival, Inc. | 15 | 410 |
| &nbsp;&nbsp; Signet Jewelers Ltd. | 48 | 3687 |
| &nbsp;&nbsp; Sleep Number Corp.\* | 19 | 653 |
| &nbsp;&nbsp; Sonic Automotive, Inc. (Class A Stock) | 26 | 1396 |
| &nbsp;&nbsp; TJX Cos., Inc. (The) | 1254 | 102652 |
| &nbsp;&nbsp; Tractor Supply Co. | 126 | 28727 |
| &nbsp;&nbsp; Ulta Beauty, Inc.\* | 53 | 27240 |
| &nbsp;&nbsp; Urban Outfitters, Inc.\* | 78 | 2136 |
| &nbsp;&nbsp; Victoria's Secret & Co.\* | 98 | 4131 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Specialty Retail (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Williams-Sonoma, Inc. | 74 | $9986 |
| &nbsp;&nbsp; Zumiez, Inc.\* | 21 | 542 |
|  |  | 990281 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 5.8%** |  |  |
| &nbsp;&nbsp; Apple, Inc. | 16192 | 2336344 |
| &nbsp;&nbsp; Avid Technology, Inc.\* | 40 | 1212 |
| &nbsp;&nbsp; Corsair Gaming, Inc.\* | 40 | 629 |
| &nbsp;&nbsp; Hewlett Packard Enterprise Co. | 1393 | 22469 |
| &nbsp;&nbsp; HP, Inc. | 958 | 27916 |
| &nbsp;&nbsp; NetApp, Inc. | 233 | 15432 |
| &nbsp;&nbsp; Seagate Technology Holdings PLC | 204 | 13827 |
| &nbsp;&nbsp; Super Micro Computer, Inc.\* | 50 | 3617 |
| &nbsp;&nbsp; Western Digital Corp.\* | 356 | 15646 |
| &nbsp;&nbsp; Xerox Holdings Corp. | 120 | 1966 |
|  |  | 2439058 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.6%** |  |  |
| &nbsp;&nbsp; Capri Holdings Ltd.\* | 135 | 8976 |
| &nbsp;&nbsp; Carter's, Inc. | 44 | 3668 |
| &nbsp;&nbsp; Columbia Sportswear Co. | 39 | 3740 |
| &nbsp;&nbsp; Crocs, Inc.\* | 76 | 9255 |
| &nbsp;&nbsp; Deckers Outdoor Corp.\* | 27 | 11542 |
| &nbsp;&nbsp; G-III Apparel Group Ltd.\* | 46 | 778 |
| &nbsp;&nbsp; Hanesbrands, Inc. | 436 | 3680 |
| &nbsp;&nbsp; Kontoor Brands, Inc. | 66 | 3152 |
| &nbsp;&nbsp; Movado Group, Inc. | 15 | 530 |
| &nbsp;&nbsp; NIKE, Inc. (Class B Stock) | 1361 | 173296 |
| &nbsp;&nbsp; Oxford Industries, Inc. | 23 | 2696 |
| &nbsp;&nbsp; PVH Corp. | 67 | 6023 |
| &nbsp;&nbsp; Ralph Lauren Corp. | 50 | 6192 |
| &nbsp;&nbsp; Skechers USA, Inc. (Class A Stock)\* | 148 | 7126 |
| &nbsp;&nbsp; Steven Madden Ltd. | 76 | 2725 |
| &nbsp;&nbsp; Tapestry, Inc. | 259 | 11803 |
| &nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\* | 243 | 3011 |
| &nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\* | 254 | 2769 |
| &nbsp;&nbsp; VF Corp. | 352 | 10891 |
| &nbsp;&nbsp; Wolverine World Wide, Inc. | 104 | 1678 |
|  |  | 273531 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Thrifts & Mortgage Finance 0.1%** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; Axos Financial, Inc.\* | 63 | $3031 |
| &nbsp;&nbsp; Capitol Federal Financial, Inc. | 173 | 1448 |
| &nbsp;&nbsp; Essent Group Ltd. | 130 | 5724 |
| &nbsp;&nbsp; MGIC Investment Corp. | 317 | 4476 |
| &nbsp;&nbsp; Mr. Cooper Group, Inc.\* | 93 | 4277 |
| &nbsp;&nbsp; New York Community Bancorp, Inc. | 800 | 7992 |
| &nbsp;&nbsp; NMI Holdings, Inc. (Class A Stock)\* | 104 | 2416 |
| &nbsp;&nbsp; Northfield Bancorp, Inc. | 23 | 344 |
| &nbsp;&nbsp; Provident Financial Services, Inc. | 104 | 2440 |
| &nbsp;&nbsp; TrustCo Bank Corp. | 27 | 969 |
| &nbsp;&nbsp; Walker & Dunlop, Inc. | 31 | 2957 |
| &nbsp;&nbsp; WSFS Financial Corp. | 77 | 3720 |
|  |  | 39794 |
| &nbsp;&nbsp; **Tobacco 0.6%** |  |  |
| &nbsp;&nbsp; Altria Group, Inc. | 1936 | 87197 |
| &nbsp;&nbsp; Philip Morris International, Inc. | 1677 | 174811 |
| &nbsp;&nbsp; Universal Corp. | 29 | 1577 |
| &nbsp;&nbsp; Vector Group Ltd. | 137 | 1774 |
|  |  | 265359 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.3%** |  |  |
| &nbsp;&nbsp; Applied Industrial Technologies, Inc. | 39 | 5585 |
| &nbsp;&nbsp; Boise Cascade Co. | 37 | 2774 |
| &nbsp;&nbsp; DXP Enterprises, Inc.\* | 15 | 454 |
| &nbsp;&nbsp; Fastenal Co. | 617 | 31189 |
| &nbsp;&nbsp; GATX Corp. | 44 | 5036 |
| &nbsp;&nbsp; GMS, Inc.\* | 49 | 2907 |
| &nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 52 | 4300 |
| &nbsp;&nbsp; NOW, Inc.\* | 116 | 1629 |
| &nbsp;&nbsp; United Rentals, Inc.\* | 69 | 30426 |
| &nbsp;&nbsp; Univar Solutions, Inc.\* | 172 | 5931 |
| &nbsp;&nbsp; Veritiv Corp. | 10 | 1250 |
| &nbsp;&nbsp; W.W. Grainger, Inc. | 46 | 27116 |
| &nbsp;&nbsp; Watsco, Inc. | 38 | 10920 |
|  |  | 129517 |
| &nbsp;&nbsp; **Water Utilities 0.1%** |  |  |
| &nbsp;&nbsp; American States Water Co. | 39 | 3673 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | |
|:---|:---|:---|
| **Description**<br>&nbsp;&nbsp; **COMMON STOCKS (Continued)**<br>&nbsp;&nbsp; **Water Utilities (cont'd.)** | **Shares**<br>| **Value**<br>|
| &nbsp;&nbsp; American Water Works Co., Inc. | 195 | $30515 |
| &nbsp;&nbsp; California Water Service Group | 53 | 3242 |
| &nbsp;&nbsp; Essential Utilities, Inc. | 268 | 12524 |
| &nbsp;&nbsp; Middlesex Water Co. | 15 | 1258 |
| &nbsp;&nbsp; SJW Group | 35 | 2709 |
|  |  | 53921 |
| &nbsp;&nbsp; **Wireless Telecommunication Services 0.2%** |  |  |
| &nbsp;&nbsp; Gogo, Inc.\* | 80 | 1342 |
| &nbsp;&nbsp; Shenandoah Telecommunications Co. | 47 | 919 |
| &nbsp;&nbsp; Telephone & Data Systems, Inc. | 102 | 1364 |
| &nbsp;&nbsp; T-Mobile US, Inc.\* | 643 | 96006 |
|  |  | 99631 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br>(cost $21,658,723) |  | 40446820 |
| &nbsp;&nbsp; **EXCHANGE-TRADED FUNDS 1.9%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P 500 ETF | 1550 | 632880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P Mid-Cap ETF | 375 | 99109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; iShares Core S&P Small-Cap ETF | 500 | 51820 |
| &nbsp;&nbsp; **TOTAL EXCHANGE-TRADED FUNDS**<br>(cost $671,590) |  | 783809 |
|  | **Units** |  |
| &nbsp;&nbsp; **RIGHTS\* 0.0%** |  |  |
| &nbsp;&nbsp; **Health Care Equipment & Supplies** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABIOMED, Inc., expiring 12/31/23^<br>(cost $0) | 54 |  |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $22,330,313) |  | 41230629 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity <br>Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Principal <br>Amount**<br> **(000)#** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value**  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**SHORT-TERM INVESTMENTS 1.8%** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**U.S. TREASURY OBLIGATION(k)(n) 0.2%** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;U.S. Treasury Bills<br>(cost $79,595) | 4.281% | 03/16/23 | 80 | $79573 |
|  |  |  | **Shares** |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;**UNAFFILIATED FUND 1.6%** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;Dreyfus Government Cash Management (Institutional Shares)<br>(cost $689,696) |  |  | 689696 | 689696 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL SHORT-TERM INVESTMENTS**<br> (cost $769,291) |  |  |  | 769269 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**TOTAL INVESTMENTS 99.8%**<br> (cost $23,099,604) |  |  |  | 41999898 |
|  &nbsp;&nbsp;&nbsp;&nbsp;Other assets in excess of liabilities(z) 0.2% |  |  |  | 97780 |
|  &nbsp;&nbsp;&nbsp;&nbsp;**NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42097678 |

---

------

See the Glossary for a list of the abbreviation(s) used in the semiannual report.

\* Non-income producing security.

# Principal amount is shown in U.S. dollars unless otherwise stated. 

---

| | |
|:---|:---|
| ^ | Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $0 and 0.0% of net assets.  |

---

(g) An affiliated security.

(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.

(z) Includes net unrealized appreciation/(depreciation) and/or market value of the below holdings which are excluded from the
Schedule of Investments:

**Unfunded commitment with a SPAC outstanding at January 31, 2023:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Issuer** | **Shares** | **Unfunded**<br> **commitment**<br> **amount** | **Current**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Value**  | **Unrealized**<br> **Depreciation** |
|  OmniAb, Inc.^ | 8 | $11 | $— | $(11) |
|  OmniAb, Inc.^ | 8 | 12 |  | (12) |
|  |  | $23 | $0 | $(23) |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**Futures contracts outstanding at January 31, 2023:**

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;**Number**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**of**<br> **Contracts** | **Type** | **Expiration**<br> **Date** | **Current**<br>**Notional**<br>**Amount** | **Value /**<br> **Unrealized**<br> **Appreciation**<br> **(Depreciation)** |
| **Long Position:** | **Long Position:** |  |  |  |
| 4 | S&P 500 E-Mini Index | Mar. 2023 | $818000 | $24200 |

---

**<u>Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:</u>**

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker**  | **Cash and/or Foreign Currency** | **Securities Market Value** |
|  MSC | $— | $79573 |

---

**<u>Fair Value Measurements:</u>**

Various inputs are used in determining the value of the Fund's investments. These inputs are summarized in the three broad levels listed below.

Level 1—unadjusted quoted prices generally in active markets for identical securities.

Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.

Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.

The following is a summary of the inputs used as of January 31, 2023 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $706041 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 242026 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Airlines | 93308 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Auto Components | 99392 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 636021 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 1735479 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Beverages | 665386 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 910249 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 263227 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | &nbsp;&nbsp;&nbsp;&nbsp;1234596 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 795969 |  | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | $230959 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 350610 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 85842 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 57573 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 237534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 134366 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributors | 56861 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 40329 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Financial Services | 615488 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 372030 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 733076 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 264088 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 365057 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 204986 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 553204 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Equity Real Estate Investment Trusts (REITs) | 1286914 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food & Staples Retailing | 613582 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 463451 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 61322 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 1140059 | 1156 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 1327680 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 5708 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 869964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 196230 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Products | 529991 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 24445 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Industrial Conglomerates | 314633 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 1001658 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 1604498 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Internet & Direct Marketing Retail | 1041080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | &nbsp;&nbsp;&nbsp;&nbsp;1707950 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 41327 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 725434 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 856541 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine | 8416 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Media | 339241 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 272588 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 25168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multiline Retail | 193634 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 326760 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 1797126 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 7418 |  |  |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Personal Products | $91530 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 1638261 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 190483 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 46289 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Road & Rail | 371660 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 2156345 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 3193489 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 990281 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 2439058 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 273531 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Thrifts & Mortgage Finance | 39794 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tobacco | 265359 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 129517 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 53921 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wireless Telecommunication Services | 99631 |  |  |
|  Exchange-Traded Funds | 783809 |  |  |
|  Rights |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  U.S. Treasury Obligation |  | 79573 |  |
|  Unaffiliated Fund | 689696 |  |  |
|  **Total** | $**41919169** | $**80729** | $**—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $24200 | $— | $— |
|  Unfunded commitment with a SPAC |  |  |  |
|  **Total** | $**24200** | $**—** | $**—** |

---

------

\* Other financial instruments are derivative instruments, with the exception of unfunded commitments with a SPAC, and are not reflected in the Schedule of Investments. Futures, forwards, centrally cleared swaps and unfunded commitments with a SPAC are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. 

<u>**Industry Classification**</u>:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2023 were as follows:

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Industry Classification (continued)</u>:** 

---

| | |
|:---|:---|
|  Software | 7.6 |
|  Technology Hardware, Storage & Peripherals | 5.8 |
|  Semiconductors & Semiconductor Equipment | 5.1 |
|  Oil, Gas & Consumable Fuels | 4.3 |
|  Banks | 4.1 |
|  IT Services | 4.1 |
|  Pharmaceuticals | 3.9 |
|  Interactive Media & Services | 3.8 |
|  Health Care Providers & Services | 3.2 |
|  Equity Real Estate Investment Trusts (REITs) | 3.1 |
|  Capital Markets | 2.9 |
|  Health Care Equipment & Supplies | 2.7 |
|  Internet & Direct Marketing Retail | 2.5 |
|  Insurance | 2.4 |
|  Specialty Retail | 2.4 |
|  Biotechnology | 2.2 |
|  Hotels, Restaurants & Leisure | 2.1 |
|  Machinery | 2.0 |
|  Chemicals | 1.9 |
|  Exchange-Traded Funds | 1.9 |
|  Electric Utilities | 1.7 |
|  Life Sciences Tools & Services | 1.7 |
|  Aerospace & Defense | 1.7 |
|  Unaffiliated Fund | 1.6 |
|  Beverages | 1.6 |
|  Automobiles | 1.5 |
|  Diversified Financial Services | 1.5 |
|  Food & Staples Retailing | 1.5 |
|  Entertainment | 1.3 |
|  Household Products | 1.3 |
|  Food Products | 1.1 |
|  Diversified Telecommunication Services | 0.9 |
|  Road & Rail | 0.9 |
|  Electronic Equipment, Instruments & Components | 0.9 |
|  Communications Equipment | 0.8 |
|  Media | 0.8 |
|  Multi-Utilities | 0.8 |
|  Industrial Conglomerates | 0.7 |
|  Textiles, Apparel & Luxury Goods | 0.6 |
|  Metals & Mining | 0.6 |

---

---

| | |
|:---|:---|
|  Tobacco | 0.6% |
|  Electrical Equipment | 0.6 |
|  Building Products | 0.6 |
|  Air Freight & Logistics | 0.6 |
|  Consumer Finance | 0.6 |
|  Commercial Services & Supplies | 0.5 |
|  Energy Equipment & Services | 0.5 |
|  Household Durables | 0.5 |
|  Multiline Retail | 0.5 |
|  Professional Services | 0.5 |
|  Containers & Packaging | 0.3 |
|  Trading Companies & Distributors | 0.3 |
|  Wireless Telecommunication Services | 0.2 |
|  Auto Components | 0.2 |
|  Airlines | 0.2 |
|  Personal Products | 0.2 |
|  Construction & Engineering | 0.2 |
|  U.S. Treasury Obligation | 0.2 |
|  Gas Utilities | 0.1 |
|  Construction Materials | 0.1 |
|  Distributors | 0.1 |
|  Water Utilities | 0.1 |
|  Real Estate Management & Development | 0.1 |
|  Leisure Products | 0.1 |
|  Diversified Consumer Services | 0.1 |
|  Thrifts & Mortgage Finance | 0.1 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.1 |
|  Independent Power & Renewable Electricity |  |
|  Producers | 0.1 |
|  Marine | 0.0 \* |
|  Paper & Forest Products | 0.0 \* |
|  Health Care Technology | 0.0 \* |
|  | 99.8 |
|  Other assets in excess of liabilities | 0.2 |
|  | 100.0% |

---

------

\* Less than +/- 0.05% 

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Schedule of Investments** (unaudited) (continued)

as of January 31, 2023

**<u>Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:</u>**

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity contracts risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2023 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Asset Derivatives** | **Asset Derivatives** | **Liability Derivatives** | **Liability Derivatives** |
| <br>**Derivatives not accounted for as**<br> **hedging instruments, carried at fair**<br> **value** | **Statement of**<br> **Assets and**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Liabilities Location**  | **Fair<br> Value** | **Statement of**<br>**Assets and**<br> **Liabilities Location** | **Fair**<br>**Value** |
|  Equity contracts | Due from/to broker-variation margin futures | $24200 \* |  | $— |

---

\* Includes cumulative appreciation (depreciation) as reported in the schedule of open futures and centrally cleared swap contracts. Only unsettled variation margin receivable (payable) is reported within the Statement of Assets and Liabilities.

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2023 are as

follows:

**Amount of Realized Gain (Loss) on Derivatives Recognized in Income**<br>

---

| | |
|:---|:---|
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Equity contracts | $48516 |

---

<br> **Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income**<br>

---

| | |
|:---|:---|
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Futures** |
|  Equity contracts | $(81784) |

---

For the six months ended January 31, 2023, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
|  &nbsp;&nbsp;&nbsp;&nbsp;Futures Contracts - Long Positions (1) | $1147383 |

---

\* Average volume is based on average quarter end balances as noted for the six months ended January 31, 2023.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Statement of Assets & Liabilities** (unaudited)

as of January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** | |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $23,070,705) | $41958342 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $28,899) | 41556 |
| &nbsp;&nbsp; Cash | 104 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 179188 |
| &nbsp;&nbsp; Receivable for investments sold | 40329 |
| &nbsp;&nbsp; Dividends receivable | 32849 |
| &nbsp;&nbsp; Due from broker—variation margin futures | 11500 |
| &nbsp;&nbsp; Due from Manager | 5345 |
| &nbsp;&nbsp; Prepaid expenses | 1591 |
| &nbsp;&nbsp; **Total Assets** | 42270804 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 122989 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 26392 |
| &nbsp;&nbsp; Audit fee payable | 12225 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 8206 |
| &nbsp;&nbsp; Payable for investments purchased | 2454 |
| &nbsp;&nbsp; Trustees' fees payable | 732 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 105 |
| &nbsp;&nbsp; Unrealized depreciation on an unfunded commitment with a SPAC | 23 |
| &nbsp;&nbsp; **Total Liabilities** | 173126 |
| &nbsp;&nbsp; **Net Assets** | $42097678 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $23406788 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 18690890 |
| &nbsp;&nbsp; **Net assets, January 31, 2023** | $42097678 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($42,097,678 ÷ 2,744,949 shares of beneficial interest issued and outstanding) | $15.34 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Statement of Operations** (unaudited)

Six Months Ended January 31, 2023

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $88 foreign withholding tax) | $379058 |
| &nbsp;&nbsp; Interest income | 1493 |
| &nbsp;&nbsp; Affiliated dividend income | 1058 |
| &nbsp;&nbsp; **Total income** | 381609 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 39434 |
| &nbsp;&nbsp; Custodian and accounting fees | 31786 |
| &nbsp;&nbsp; Audit fee | 12225 |
| &nbsp;&nbsp; Professional fees | 10096 |
| &nbsp;&nbsp; Shareholders' reports | 6948 |
| &nbsp;&nbsp; Fund data services | 5046 |
| &nbsp;&nbsp; Trustees' fees | 4958 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $303) | 350 |
| &nbsp;&nbsp; Registration fees | 115 |
| &nbsp;&nbsp; Miscellaneous | 3896 |
| &nbsp;&nbsp; **Total expenses** | 114854 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (70656) |
| &nbsp;&nbsp; **Net expenses** | 44198 |
| &nbsp;&nbsp; Net investment income (loss) | 337411 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investment transactions (including affiliated of $111) | 1482145 |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Futures transactions | 48516 |
|  | 1530661 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Investments (including affiliated of $1,912) | (1989629) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Futures | (81784) |
| &nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;Unfunded commitment with a SPAC | (23) |
|  | (2071436) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (540775) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(203364) |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Statements of Changes in Net Assets** (unaudited)

---

| | | |
|:---|:---|:---|
| <br>&nbsp;&nbsp; **Increase (Decrease) in Net Assets** | **Six Months Ended**<br> **January 31, 2023**<br> | **Year Ended**<br> **July 31, 2022**<br> |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $337411 | $673536 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 1530661 | 6151973 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (2071436) | (8884112) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (203364) | (2058603) |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (4045399) | (6669113) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (291,598 and 1,169,135 shares, respectively) | 4606990 | 21079544 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (268,976 and 354,551 shares, respectively) | 4045399 | 6669113 |
| &nbsp;&nbsp; Cost of shares purchased (579,629 and 2,001,263 shares, respectively) | (8865154) | (36809081) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (212765) | (9060424) |
| &nbsp;&nbsp; Total increase (decrease) | (4461528) | (17788140) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 46559206 | 64347346 |
| &nbsp;&nbsp; End of period | $42097678 | $46559206 |

---

See Notes to Financial Statements.

------

**PGIM Quant Solutions US Broad Market Index Fund** 

**Financial Highlights** (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months** |  |  |  |  |  |
|  | **Ended** |  |  |  |  |  |
|  | **January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2023** | **2022** | **2021** | **2020** | **2019** | **2018** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $16.84 | $19.85 | $14.80 | $13.60 | $12.99 | $11.36 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.22 | 0.22 | 0.23 | 0.23 | 0.20 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.14) | (0.93) | 5.15 | 1.22 | 0.64 | 1.61 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.02) | (0.71) | 5.37 | 1.45 | 0.87 | 1.81 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.25) | (0.27) | (0.21) | (0.23) | (0.19) | (0.14) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.23) | (2.03) | (0.11) | (0.02) | (0.07) | (0.04) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.48) | (2.30) | (0.32) | (0.25) | (0.26) | (0.18) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $15.34 | $16.84 | $19.85 | $14.80 | $13.60 | $12.99 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 0.07% | (4.80)% | 36.70% | 10.71% | 6.95% | 16.05% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $42098 | $46559 | $64347 | $62108 | $45134 | $37020 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $43458 | $56240 | $72943 | $49589 | $40825 | $29409 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.20 %<sup>(d)</sup> | 0.20% | 0.20% | 0.20% | 0.20% | 0.20% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.52 %<sup>(d)</sup> | 0.47% | 0.38% | 0.52% | 0.59% | 0.65% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.54 %<sup>(d)</sup> | 1.20% | 1.27% | 1.71% | 1.78% | 1.64% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 8% | 29% | 28% | 23% | 15% | 15% |

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(a) Calculated based on average shares outstanding during the period.

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period
reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

(c) Does not include expenses of the underlying funds in which the Fund invests.

(d) Annualized.

(e) The Fund's portfolio turnover rate is calculated in accordance with regulatory requirements, without regard to
transactions involving short-term investments, certain derivatives and in-kind transactions (if any). If such transactions were included, the Fund's portfolio turnover rate may be higher.

See Notes to Financial Statements.

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

**1.** **Organization** 

Prudential Investment Portfolios 2 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements (consolidated financial statements for Commodity Strategies Fund) relate only to the following series of the RIC: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Mid-Cap Core Fund (formerly known as PGIM QMA Mid-Cap Core Equity Fund), PGIM Quant Solutions US Broad Market Index Fund (formerly known as PGIM QMA US Broad Market Index Fund), each of which are diversified funds for the purposes of the 1940 Act, and PGIM Quant Solutions Commodity Strategies Fund (the "Commodity Strategies Fund") (formerly known as PGIM QMA Commodity Strategies Fund), which is a non-diversified fund for purposes of the 1940 Act (each, a "Fund" and collectively, the "Funds").

The Commodity Strategies Fund wholly owns and controls the PGIM QMA Commodity Strategies Subsidiary, Ltd. (the "Cayman Subsidiary"), a company organized under the laws of the Cayman Islands. The Cayman Subsidiary is not registered as an investment company under the 1940 Act. The consolidated financial statements of the Commodity Strategies Fund include the financial results of the Cayman Subsidiary.

In accordance with the accounting rules relating to reporting of a wholly-owned subsidiary, the Consolidated Schedule of Investments includes positions of the Commodity Strategies Fund and the Cayman Subsidiary. These consolidated financial statements include the accounts of the Commodity Strategies Fund and the Cayman Subsidiary. All significant inter-company balances and transactions between the Commodity Strategies Fund and the Cayman Subsidiary have been eliminated in consolidation. The Commodity Strategies Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Cayman Subsidiary. The Cayman Subsidiary participates in the same investment objective as the Commodity Strategies Fund. The Cayman Subsidiary pursues its investment objective by investing in commodities, commodities-related instruments, derivatives and other investments. The Cayman Subsidiary (unlike the Commodity Strategies Fund) may invest without limitation in these instruments. However, the Cayman Subsidiary is otherwise subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Commodity Strategies Fund.

The Commodity Strategies Fund's disclosures and operations are subject to compliance with applicable regulations governing commodity pools including Commodity Futures Trading Commission (CFTC) rules.

------

As of January 31, 2023, the Cayman Subsidiary had net assets of $14,923,826, representing 17.7% of the Commodity Strategies Fund's net assets.

The Funds have the following investment objectives:

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| | |
|:---|:---|
| **Fund** | **Investment Objective(s)** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | Outperform the Russell 2000 Index. |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | Outperform the Bloomberg U.S. Aggregate Bond Index over full market cycles. |
| &nbsp;&nbsp; PGIM TIPS Fund | Outperform the Bloomberg U.S. Treasury Inflation-Protected Index. |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | Generate returns over time in excess of the Bloomberg Commodity Index. |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | Outperform the S&P Mid-Cap 400 Index. |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | Seek to provide investment results that approximate the performance of the S&P Composite 1500 Index. |

---

**2.** **Accounting Policies** 

The Funds follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standard Codification ("ASC") Topic 946 Financial Services — *Investment Companies.* The following is a summary of significant accounting policies followed by the Funds in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements (consolidated financial statements for Commodity Strategies).

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated to PGIM Investments LLC ("PGIM Investments" or the "Manager") as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative

------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Funds' foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Funds' investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the "fair value hierarchy" in accordance with FASB ASC Topic 820 - Fair Value Measurement (Consolidated Schedule of Investments for Commodity Strategies).

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the Funds are valued. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are

------

classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on policies and procedures approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security's fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer's financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Valuation Designee regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security's most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

*Foreign Currency Translation:* The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

(ii) purchases and sales of investment securities, income and expenses — at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. Notwithstanding the above, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

Additionally, net realized gains (losses) on foreign currency transactions represent net foreign exchange gains (losses) from the disposition of holdings of foreign currencies, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

*Commodities:* The Commodity Strategies Fund gains exposure to commodity markets through direct investment of the Commodity Strategies Fund's assets or through the Cayman Subsidiary. The Commodity Strategies Fund gains exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Cayman Subsidiary. The Commodity Strategies Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman Subsidiary in order to gain exposure to commodities within the limitations of the federal tax law requirements applicable to regulated investment companies such as the Fund. The Commodity Strategies Fund may invest directly in commodity-linked structured notes (CLNs). The Commodity Strategies Fund may also gain direct exposure to commodities through direct investment in certain exchange-traded funds (ETFs) whose returns are linked to commodities or commodity indices within the limit of applicable tax law. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity linked instruments than on traditional securities. Certain commodities are also subject to

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limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Commodity Strategies Fund's investments to greater volatility than investments in traditional securities.

*Financial/Commodity Futures Contracts:* A futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a futures contract, the Funds are required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the "initial margin." Subsequent payments, known as "variation margin," are made or received by the Funds each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies Fund) as net realized gain (loss) on futures transactions.

The Funds invested in financial and/or commodity futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. The Commodity Strategies Fund invested in commodity futures contracts in order to hedge or gain exposure to commodity markets. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Funds since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Master Netting Arrangements:* The RIC, on behalf of the Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Funds to cover the Funds' exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

*Delayed-Delivery Transactions:* Certain Funds purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Funds may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Funds forfeit their eligibility to realize future gains (losses) with respect to the security.

*Securities Lending:* The Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto, which are reflected in interest income or unaffiliated dividend income based on the nature of the payment on the Statement of Operations. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed in the Statement of Operations.

*Mortgage Dollar Rolls:* Certain Funds entered into mortgage dollar rolls in which the Funds sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon

------

and maturity) securities on a specified future date. During the roll period, the Funds forgo principal and interest paid on the securities. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Funds maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Funds are subject to the risk that the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price.

*Equity and Mortgage Real Estate Investment Trusts (collectively REITs):* Certain Funds invested in REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

*Special Purpose Acquisition Companies (SPACs):* SPACs are collective investment structures that allow public stock market qualified investors to invest in PIPE shares. SPACs are shell companies, that have no operations but go public with the intention of merging with or acquiring a company with the proceeds of the SPAC's initial public offering ("IPO").

*Securities Transactions and Net Investment Income:* Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Funds become aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.

*Taxes:* It is each Fund's policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

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| | |
|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** |
| &nbsp;&nbsp; **Each Fund other than PGIM Core Conservative Bond Fund and PGIM TIPS Fund:** | &nbsp;&nbsp; **Each Fund other than PGIM Core Conservative Bond Fund and PGIM TIPS Fund:** |
| &nbsp;&nbsp; Net Investment Income | Annually |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |
| &nbsp;&nbsp; **PGIM Core Conservative Bond Fund and PGIM TIPS Fund:** | &nbsp;&nbsp; **PGIM Core Conservative Bond Fund and PGIM TIPS Fund:** |
| &nbsp;&nbsp; Net Investment Income | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains | Annually |

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\* Under certain circumstances, each Fund may make more than one distribution of short-term and/or long-term capital gains during a fiscal year.

*Estimates:* The preparation of financial statements (consolidated financial statements for Commodity Strategies Fund) requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

The RIC, on behalf of the Funds, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services and supervises the subadviser's performance of such services, and pursuant to which it renders administrative services.

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| | |
|:---|:---|
| **Fund** | **Subadviser(s)** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | Jennison Associates, LLC ("Jennison")(a wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.); PGIM Fixed Income (a business unit of PGIM, Inc.) |
| &nbsp;&nbsp; PGIM TIPS Fund | PGIM Fixed Income |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions")(a wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | PGIM Quantitative Solutions |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | PGIM Quantitative Solutions |

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Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended January 31, 2023, the contractual and effective management fee rates were as follows:

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| | | | |
|:---|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waivers**<br> **and/or expense**<br> **reimbursements** | **Effective** <br> **Management Fee,** <br> **after any waivers** <br> **and/or expense** <br> **reimbursements**  |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | 0.75% of average daily net assets | 0.75% | 0.52% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 0.27% of average daily net assets | 0.27 | 0.17 |
| &nbsp;&nbsp; PGIM TIPS Fund | 0.23% of average daily net assets | 0.23 | 0.23 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 0.40% of average daily net assets | 0.47\* | 0.39 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | 0.50% of average daily net assets | 0.50 | —# |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | 0.18% of average daily net assets | 0.18 | —# |

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\* The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.40% of the Fund's average daily net assets. The Cayman Subsidiary has entered into a separate management agreement with the Manager whereby the Manager provides advisory and other services to the Cayman Subsidiary substantially similar to the services provided by the Manager to the Fund as discussed above. In consideration for these services, the Cayman Subsidiary pays the Manager a monthly fee at the annual rate of 0.40% of the Cayman Subsidiary's average daily net assets. The consolidated management fee rate includes the Cayman Subsidiary. The Manager has contractually agreed to waive any management fees it receives for the Fund in an amount equal to the management fees paid by the Cayman Subsidiary. This waiver will remain in effect for as long as the Fund remains invested or intends to invest in the Cayman Subsidiary. 

# The management fee amount waived and/or expense reimbursement exceeds the management fee for the current period due to expense limitations described above. 

The Manager has contractually agreed, through November 30, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each fund are as follows:

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| | |
|:---|:---|
| **Fund** | **Fee Waivers and/or**<br> **Expense Limitations** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | contractually limit expenses to 0.95% |

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------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

---

| | |
|:---|:---|
| **Fund** | **Fee Waivers and/or**<br> **Expense Limitations** |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | contractually limit expenses to 0.50% |
| &nbsp;&nbsp; PGIM TIPS Fund | contractually limit expenses to 0.40% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | contractually limit expenses to 0.70%\* |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | contractually limit expenses to 0.80% |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | contractually limit expenses to 0.20% |

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\* The Manager has contractually agreed, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.70% of average daily net assets for Class Z shares and 0.70% of average daily net assets for Class R6 shares. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. 

The RIC, on behalf of the Funds, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class Z and Class R6 shares of the Funds. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Funds.

PGIM Investments, PIMS, PGIM, Inc., PGIM Limited, Jennison and PGIM Quantitative Solutions are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

**4.** **Other Transactions with Affiliates** 

Prudential Mutual Fund Services LLC ("PMFS"), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the Funds' transfer agent and shareholder servicing agent. Transfer agent's fees and expenses in the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies Fund) include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest its securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a fund of the RIC, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Money Market Fund. In addition to the realized and unrealized gains on investments in the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies) as "Income from securities lending, net".

------

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 2023, no 17a-7 transactions were entered into by the Funds.

**5.** **Portfolio Securities** 

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2023, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $4684555 | $7069300 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 29420480 | 27246941 |
| &nbsp;&nbsp; PGIM TIPS Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | 7813874 | 10650069 |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | 3423871 | 7429749 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds and other investments for the reporting period ended January 31, 2023, is presented as follows:

**PGIM Jennison Small-Cap Core Equity Fund:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value,**<br> **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period** | **Cost of<br> Purchases** | **Proceeds<br> from Sales** | **Change in<br> Unrealized <br>Gain**<br> **(Loss)** | &nbsp;&nbsp;&nbsp;&nbsp;**Realized** <br> **Gain**<br> **(Loss)** | **Value,**<br> **End of**<br> **Period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares,** <br> **End**<br> **of**<br> **Period** | **Income** |
| &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | &nbsp;&nbsp; **Short-Term Investments - Affiliated Mutual Fund:** | | | | |
| &nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | &nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  | &nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund<sup>(1)(b)(we)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp; $141653 | $170978 | $236812 | $58 | $10 | $75887 | 75903 | $456<sup>(2)</sup> |

---

**PGIM Quant Solutions US Broad Market Index Fund:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Value,**<br> **Beginning**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**of**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Period** | **Cost of**<br> &nbsp;&nbsp;&nbsp;&nbsp;**Purchases**  | **Proceeds**<br> &nbsp;&nbsp;&nbsp;&nbsp;**from Sales**  | **Change in<br> Unrealized <br>Gain**<br> **(Loss)** | **Realized <br>Gain<br>(Loss)** | **Value,<br>End of<br>Period** | &nbsp;&nbsp;&nbsp;&nbsp;**Shares,** <br> **End**<br> **of**<br> **Period** | **Dividend**<br> **Income** |
| &nbsp;&nbsp; **Long-Term Investments - Common Stock:** | &nbsp;&nbsp; **Long-Term Investments - Common Stock:** | &nbsp;&nbsp; **Long-Term Investments - Common Stock:** | &nbsp;&nbsp; **Long-Term Investments - Common Stock:** | | | | |
| &nbsp;&nbsp; Prudential Financial, Inc.<sup>(g)</sup>  | &nbsp;&nbsp; Prudential Financial, Inc.<sup>(g)</sup>  | &nbsp;&nbsp; Prudential Financial, Inc.<sup>(g)</sup>  |  |  |  |  |  |
| &nbsp;&nbsp; $44096 | $1530 | $6093 | $1912 | $111 | $41556 | 396 | $1058 |

---

(1) The Fund did not have any capital gain distributions during the reporting period.

------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

(2) The amount, or a portion thereof, represents the affiliated securities lending income shown on the Statement of
Operations.

(b) Represents security, or portion thereof, purchased with cash collateral received for securities on loan and includes
dividend reinvestment.

(g) An affiliated security.

(we) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Institutional Money Market Fund.

**6.** **Tax Information** 

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of January 31, 2023 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross** <br> **Unrealized <br>Appreciation**  | **Gross**<br> **Unrealized<br>Depreciation**  | **Net** <br> **Unrealized <br>Appreciation <br>(Depreciation)**  |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Jennison Small-Cap Core<br> &nbsp;&nbsp;&nbsp;&nbsp;Equity Fund | $24269194 | $6941710 | $(2077239) | $4864471 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Core Conservative Bond Fund | 56674241 | 193787 | (5166793) | (4973006) |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM TIPS Fund | 97509663 | 38729 | (7452530) | (7413801) |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Commodity<br> &nbsp;&nbsp;&nbsp;&nbsp;Strategies Fund | 83540673 | 5336913 | (4961446) | 375467 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Core Fund | 11058260 | 2552554 | (391480) | 2161074 |
| &nbsp;&nbsp;&nbsp;&nbsp;PGIM Quant Solutions US Broad<br> &nbsp;&nbsp;&nbsp;&nbsp;Market Index Fund | 24476609 | 19613793 | (2066304) | 17547489 |

---

The GAAP basis may differ from tax basis due to certain tax-related adjustments.

The Fund elected to treat the below post-October capital losses as having been incurred in the following fiscal year (July 31, 2023).

---

| | |
|:---|:---|
| **Fund** | **Post-October <br>Capital Losses** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $1194000 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | &nbsp;&nbsp;&nbsp;&nbsp;1257000 |
| &nbsp;&nbsp; PGIM TIPS Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;427000 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;299000 |

---

For federal income tax purposes, the following Funds had a capital loss carryforward July 31, 2022 which can be carried forward for an unlimited period. No capital gains

------

distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | |
|:---|:---|
| **Fund** | **Capital Loss<br>Carryforward** |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | $229000 |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements (consolidated financial statements for Commodity Strategies Fund) for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2022 are subject to such review.

**7.** **Capital and Ownership** 

The Funds offer Class R6 shares and the Commodity Strategies Fund also offers Class Z. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

The RIC is authorized to issue an unlimited number of shares of beneficial interest, which may be divided into an unlimited number of series of such shares.

As of January 31, 2023, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund–Class R6 | 2207983 | 99.9% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund–Class R6 | 5827708 | 99.9 |
| &nbsp;&nbsp; PGIM TIPS Fund–Class R6 | 10244526 | 100.0 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund–Class Z | 1644 | 0.1 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund–Class R6 | 9236613 | 91.9 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund–Class R6 | 1320266 | 100.0 |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund–Class R6 | 2718943 | 99.1 |

---

At the reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** | | |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | 3 | 77.4% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 6 | 89.7 |
| &nbsp;&nbsp; PGIM TIPS Fund | 6 | 91.1 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 2 | 57.0 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | 8 | 92.6 |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | 7 | 88.3 |

---

------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; **Unaffiliated:** | | |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund |  | —% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund |  |  |
| &nbsp;&nbsp; PGIM TIPS Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 2 | 16.7 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund |  |  |

---

Transactions in shares of beneficial interest were as follows:

**PGIM Quant Solutions Commodity Strategies Fund:** 

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class Z** | | |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** | | |
| &nbsp;&nbsp; Shares sold | 1092542 | $9896611 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 217071 | 1647571 |
| &nbsp;&nbsp; Shares purchased | (49633) | (404336) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1259980 | $11139846 |
| &nbsp;&nbsp; **Period ended July 31, 2022\*:** |  |  |
| &nbsp;&nbsp; Shares sold | 315164 | $3360544 |
| &nbsp;&nbsp; Shares purchased | (264624) | (2889629) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 50540 | $470915 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2023:** |  |  |
| &nbsp;&nbsp; Shares sold | 1585492 | $13657625 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2323019 | 17608485 |
| &nbsp;&nbsp; Shares purchased | (1510425) | (13393179) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2398086 | $17872931 |
| &nbsp;&nbsp; **Year ended July 31, 2022:** |  |  |
| &nbsp;&nbsp; Shares sold | 3295509 | $35389171 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2474984 | 19775119 |
| &nbsp;&nbsp; Shares purchased | (3253556) | (33613290) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2516937 | $21551000 |

---

\* Commencement of offering was December 14, 2021.

------

**8.** **Borrowings** 

The RIC, on behalf of the Funds, along with other affiliated registered investment companies (the "Participating Funds"), is a party to a Syndicated Credit Agreement ("SCA") with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

---

| | | |
|:---|:---|:---|
| | **Current SCA** | **Prior SCA** |
| &nbsp;&nbsp; **Term of Commitment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/30/2022 - 9/28/2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10/1/2021 – 9/29/2022 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the** <br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | &nbsp;&nbsp;&nbsp;&nbsp; 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent | &nbsp;&nbsp;&nbsp;&nbsp; 1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent |

---

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large scale asset flows into and out of these portfolios. Consequently, these portfolios may be more likely to utilize the SCA for purposes of funding redemptions. It may be possible for those portfolios to fully exhaust the committed amount of the SCA, thereby requiring the Manager to allocate available funding per a Board-approved methodology designed to treat the Participating Funds in the SCA equitably.

The Funds utilized the SCA during the reporting period ended January 31, 2023. The average balance outstanding is for the number of days the Funds utilized the credit facility.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Fund** | **Average<br>Balance<br>Outstanding** | **Weighted**<br> **Average**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Interest Rates**  | **Number**<br> **of Days**<br> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Outstanding**  | **Maximum<br>Balance<br>Outstanding** | **Balance<br>Outstanding at<br> January 31, 2023** |
| &nbsp;&nbsp; PGIM TIPS Fund | $459000 | 4.55% | &nbsp;&nbsp;&nbsp;&nbsp;2 | $679000 | $— |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Core Fund | 332800 | 4.43 | 15 | 1574000 | &nbsp;&nbsp;&nbsp;&nbsp;— |
| &nbsp;&nbsp; PGIM Quant Solutions US Broad Market Index Fund | 2544000 | 5.41 | &nbsp;&nbsp;&nbsp;&nbsp;1 | 2544000 | &nbsp;&nbsp;&nbsp;&nbsp;— |

---

------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

**9.** **Risks of Investing in the Funds** 

Each Fund's risks include, but are not limited to, some or all of the risks discussed below. For further information on the risks applicable to any given Fund, please refer to the Prospectus and Statement of Additional Information of that Fund.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PGIM Jennison<br>Small-Cap Core<br>Equity Fund** | **PGIM Core<br>Conservative<br>Bond Fund** | **PGIM TIPS<br>Fund** | **PGIM Quant<br>Solutions<br>Commodity<br>Strategies Fund** | **PGIM Quant<br>Solutions<br>Mid-Cap<br>Core Fund** | **PGIM Quant<br>Solutions<br>US Broad Market <br>Index Fund** |
| &nbsp;&nbsp; Active Trading |  | X | X |  |  |  |
| &nbsp;&nbsp; Adjustable and Floating Rate Securities |  |  | X |  |  |  |
| &nbsp;&nbsp; Blend Style | X |  |  |  | X |  |
| &nbsp;&nbsp; Cayman Subsidiary |  |  |  | X |  |  |
| &nbsp;&nbsp; Commodity |  |  |  | X |  |  |
| &nbsp;&nbsp; Commodity-Linked Notes |  |  |  | X |  |  |
| &nbsp;&nbsp; Commodity Pooled Investment Vehicles |  |  |  | X |  |  |
| &nbsp;&nbsp; Commodity Regulatory |  |  |  | X |  |  |
| &nbsp;&nbsp; Concentration |  |  |  | X |  |  |
| &nbsp;&nbsp; Credit /Counterparty |  | X | X | X |  |  |
| &nbsp;&nbsp; Debt Obligations |  | X | X | X |  |  |
| &nbsp;&nbsp; Deflation |  |  |  | X |  |  |
| &nbsp;&nbsp; Derivatives |  | X | X | X | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X | X | X | X | X |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X |  |  |  | X | X |
| &nbsp;&nbsp; Exchange-Traded Funds ("ETFs") |  |  |  |  | X | X |
| &nbsp;&nbsp; Foreign Securities |  | X | X |  |  |  |
| &nbsp;&nbsp; Fund of Funds | X | X | X | X | X | X |
| &nbsp;&nbsp; Futures and Forward Contracts |  |  |  | X |  |  |
| &nbsp;&nbsp; Hedging |  |  |  | X |  |  |
| &nbsp;&nbsp; Increase in Expenses | X | X | X | X | X | X |
| &nbsp;&nbsp; Index Investment Approach |  |  |  |  |  | X |
| &nbsp;&nbsp; Initial Public Offerings | X |  |  |  |  |  |
| &nbsp;&nbsp; Interest Rate |  | X | X | X |  |  |
| &nbsp;&nbsp; Large Capitalization Company |  |  |  |  |  | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X | X | X | X | X |
| &nbsp;&nbsp; LIBOR |  |  | X |  |  |  |
| &nbsp;&nbsp; Liquidity |  |  |  | X |  |  |
| &nbsp;&nbsp; Management | X |  |  | X | X |  |

---

------

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Risks** | **PGIM Jennison<br>Small-Cap Core<br>Equity Fund** | **PGIM Core<br>Conservative<br>Bond Fund** | **PGIM TIPS<br>Fund** | **PGIM Quant<br>Solutions<br>Commodity<br>Strategies Fund** | **PGIM Quant<br>Solutions<br>Mid-Cap<br>Core Fund** | **PGIM Quant<br>Solutions<br>US Broad Market <br>Index Fund** |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X | X | X | X | X |
| &nbsp;&nbsp; Market | X | X | X | X | X | X |
| &nbsp;&nbsp; Medium Capitalization (Mid-Cap) Company |  |  |  |  | X | X |
| &nbsp;&nbsp; Model Design |  |  |  |  | X |  |
| &nbsp;&nbsp; Model Implementation |  |  |  |  | X |  |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities |  | X | X |  |  |  |
| &nbsp;&nbsp; Non-Diversified Investment Company |  |  |  | X |  |  |
| &nbsp;&nbsp; Preferred Securities |  |  |  |  | X |  |
| &nbsp;&nbsp; Small and Medium Capitalization |  |  |  |  |  | X |
| &nbsp;&nbsp; Small Company | X |  |  |  |  |  |
| &nbsp;&nbsp; Tax |  |  |  | X |  |  |
| &nbsp;&nbsp; TIPS |  |  | X |  |  |  |
| &nbsp;&nbsp; Tracking Error |  |  |  |  |  | X |
| &nbsp;&nbsp; Trading on Foreign Exchanges |  |  |  | X |  |  |
| &nbsp;&nbsp; U.S. Government and Agency Securities |  | X | X | X |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips |  |  | X | X |  |  |
| &nbsp;&nbsp; Zero Coupon Bond |  | X |  |  |  |  |

---

*Active Trading Risk:* The Fund actively and frequently trades its portfolio securities. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which are borne directly by the Fund; which can affect the Fund's performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

*Adjustable and Floating Rate Securities Risk:* The value of adjustable and floating rate securities may lag behind the value of fixed rate securities when interest rates change. Such securities may be subject to extended settlement periods (longer than seven days) and in unusual market conditions, with a high volume of shareholder redemptions, may present a risk of loss to the Fund or may impair the Fund's ability satisfy shareholder redemption requests.

*Blend Style Risk:* The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not

------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

*Cayman Subsidiary Risk:* By investing in the Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Cayman Subsidiary's investments. The Cayman Subsidiary is not registered as an investment company under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the Cayman Islands, under which the Cayman Subsidiary is incorporated, could result in the inability of the Fund to effect its desired gold/defensive investment strategy.

*Commodity Risk:* The values of commodities are affected by events that might have less impact on the value of stocks and bonds. Such investments may be speculative. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including weather, crop or livestock disease, investment speculation, resource availability, fluctuations in industrial and commercial supply and demand, U.S. agricultural, fiscal, monetary and exchange control programs, embargoes, tariffs, and international political, economic, military and regulatory developments. These risks may subject the Fund to greater volatility than investments in traditional instruments or securities.

*Commodity-Linked Notes Risk:* The Fund may invest in leveraged or unleveraged commodity-linked notes ("CLNs") to gain exposure to the commodities markets. CLNs are subject to counterparty risk. The value of the CLNs may fluctuate significantly because the values of the investments to which they are linked are volatile. In addition, the terms of a CLN may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. Economic leverage increases the volatility of CLNs and their value may increase or decrease more quickly than the value of the underlying commodity, commodity index or other economic variable.

------

*Commodity Pooled Investment Vehicles Risk:* The Fund may, from time to time, invest in certain publicly-traded commodity pools, such as commodity ETFs. Such pools may not meet the definition of an "investment company" under the 1940 Act, and may not be registered under the 1940 Act. As a consequence, the Fund's investment in such entities may not be subject to certain protections afforded by the 1940 Act, including, for example, restrictions under the 1940 Act on investments in other investment companies. ETFs that invest in commodities may be, or may become subject to, CFTC trading regulations that limit the amount of commodity contracts an ETF may hold. Such regulations could hurt the value of such ETFs' securities. Additionally, some commodity ETFs invest in commodity futures which can lose money even when commodity prices are rising.

*Commodity Regulatory Risk:* The Fund and the Cayman Subsidiary is deemed a "commodity pool" and the Manager is considered a "commodity pool operator" with respect to the Fund and the Cayman Subsidiary under the Commodity Exchange Act. The Manager, directly or through its affiliates, is therefore subject to dual regulation by the Securities and Exchange Commission (the SEC) and the CFTC. The regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or certain other investments could change at any time.

*Concentration Risk:* The Fund will be exposed to the performance of commodities in the Index, which may from time to time have a small number of commodity sectors (e.g., energy, metals or agricultural) representing a large portion of the Index. As a result, the Fund may be subject to greater volatility than if the Index were more broadly diversified among commodity sectors.

*Credit Risk/Counterparty Risk:* The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a derivatives contract or other financial contract to meet its financial obligations will affect the value of the security or derivative. Counterparty and credit risk are especially important in the context of privately negotiated instruments. The Fund expects to enter into certain privately negotiated agreements where the counterparty assumes the physical settlement obligations of the Fund under such transactions. Under this type of arrangement, there is a risk that the relevant counterparty or intermediary would, due to insolvency or other reasons, be unable to or fail to assume the physical settlement obligations of the Fund, in which case the Fund could be required to sell portfolio instruments at unfavorable times or prices or could have insufficient assets to satisfy its physical settlement obligations.

Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund is subject. Not all securities in which the Fund invests are rated. The lower the credit quality of a bond, the more sensitive it is to credit risk.

------

**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

*Debt Obligations Risk:* Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund's holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer's goods and services. Certain types of fixed income obligations also may be subject to "call and redemption risk," which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may not be able to reinvest at the same rate of interest and therefore would earn less income.

*Deflation Risk:* Since the Fund makes investments that may perform well in periods of rising inflation, during periods of no inflation or deflation an investment in the Fund may underperform broad market measures and may lose value.

*Derivatives Risk:* Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser's ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are "leveraged" or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund's use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund's derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements, and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or

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stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*Equity and Equity-Related Securities Risk:* Equity and equity-related securities may be subject to changes in value, and their values may be more volatile than those of other asset classes. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*Exchange-Traded Funds ("ETFs") Risk:* Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The trading price of an index-based ETF is expected to (but may not) closely track the net asset value of the ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF's portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which they invest, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An index-based ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investments in ETFs are subject to the risk that the listing exchange may halt trading of an ETF's shares, in which case the Fund would be unable to sell its ETF shares unless and until trading is resumed.

*Foreign Securities Risk:* Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund's performance. Certain foreign countries may impose restrictions on the ability of issuers of

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund's investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

*Fund of Funds Risk:* The Fund is an investment option for other PGIM Investments-advised mutual funds that are managed as "funds of funds." As a result, from time to time, the Fund may experience relatively large redemptions and could be required to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline.

*Futures and Forward Contracts Risk:* The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the corresponding underlying commodities; (b) possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of commodities prices, interest rates, currency exchange rates, supply and demand relationships, weather, agricultural, trade, fiscal, monetary and exchange control programs, political events, and other economic factors; and (e) the possibility that the clearing broker for the futures or forward contract will default in the performance of its obligations.

*Hedging Risk:* The decision as to whether and to what extent the Fund will engage in hedging transactions to hedge against certain risks, such as market risk and issuer risk, will depend on a number of factors, including prevailing market conditions, the composition of the portfolio of the Fund, and the availability of suitable transactions. Hedging transactions involve costs and may result in losses. There is no guarantee that any of these hedging instruments would work as anticipated, and in certain cases the Fund might be better off had it not used a hedging instrument. There can be no assurance that the Fund will engage in hedging transactions at any given time or from time to time, even under volatile market environments, or that any such strategies, if used, will be successful.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table in the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease.

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Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

*Index Investment Approach Risk:* Since the Fund is passively managed, assets are not allocated from one stock or group of stocks to another based on their prospects, or from stocks into bonds or cash equivalents in an attempt to cushion the impact of a market decline. As a result, the Fund's performance may be less favorable than that of a portfolio using an active investment strategy. There is no guarantee that the Fund's investment results will have a high degree of correlation to those of the Index. The Fund's expenses, changes in securities markets, changes in the composition of the Index, errors in index provider data, and the timing of purchases and redemptions of Fund shares, among other things, may affect the correlation between Fund and Index performance. The Fund may not perform as well as other investments if, among other things, the Index declines or performs poorly relative to other related indexes or individual securities or the securities issued by companies that comprise the Index fall out of favor with investors.

*Initial Public Offerings Risk:* The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund's performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

*Large Capitalization Company Risk:* Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund's value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.

*Large Shareholder and Large Scale Redemption Risk:* Certain individuals, accounts, funds (including funds affiliated with the Manager) or institutions, including the Manager and its affiliates, may from time to time own or control a substantial amount of the Fund's shares. There is no requirement that these entities maintain their investment in the Fund. There is a risk that such large shareholders or that the Fund's shareholders generally may redeem all or a substantial portion of their investments in the Fund in a short period of time, which could have a significant negative impact on the Fund's NAV, liquidity, and brokerage costs. Large redemptions could also result in tax consequences to shareholders and impact the Fund's ability to implement its investment strategy. The Fund's ability to pursue its investment objective after one or more large scale redemptions may be impaired and, as a result, the Fund may invest a larger portion of its assets in cash or cash equivalents.

*Liquidity Risk:* The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund's value or prevent the Fund from being able to take advantage of other investment opportunities.

*Management Risk:* Actively managed mutual funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the investments selected by the subadviser may underperform the markets in general, the Fund's benchmark and other mutual funds with similar investment objectives.

*Market Disruption and Geopolitical Risks:* Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia's military invasion of Ukraine), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets

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and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund's investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of your investment in the Fund will decline.

*Medium Capitalization (Mid-Cap) Company Risk:* The Fund's investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies' securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.

*Model Design Risk:* The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

subadviser's models. Additionally, the quantitative techniques that underlie the subadviser's portfolio construction processes may fail to fully anticipate important risks.

*Model Implementation Risk:* While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser's quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

*Mortgage-Backed and Asset-Backed Securities Risk:* Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*Non-Diversified Investment Company Risk:* Funds that are "non-diversified" for purposes of the 1940 Act, may invest a greater percentage of their assets in securities of a single issuer. Accordingly, a non-diversified fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund might be.

*Preferred Securities Risk:* Preferred stock can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company's operations. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by the Fund. Preferred stockholders' liquidation rights are subordinate to the company's debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Preferred securities also may be substantially less liquid than many other securities, such as common stock or U.S. Government securities.

*Reference Rate Risk:* The Fund may be exposed to financial instruments that are tied to the London Interbank Offered Rate ("LIBOR") to determine payment obligations, financing terms, hedging strategies or investment value. The United Kingdom's Financial Conduct Authority announced a phase out of LIBOR such that after June 30, 2023, the overnight, 1-month, 3-month, 6-month and 12-month U.S. dollar LIBOR settings will cease to be published or will no longer be representative. All other LIBOR settings and certain other interbank offered rates, such as the Euro Overnight Index Average ("EONIA"), ceased to be published or representative after December 31, 2021. The Fund may have investments linked to other interbank offered rates that may also cease to be published in the future.

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Various financial industry groups have been planning for the transition away from LIBOR, but there remain challenges to converting certain securities and transactions to a new reference rate (e.g., the Secured Overnight Financing Rate ("SOFR"), which is intended to replace the U.S. dollar LIBOR).

Neither the effect of the LIBOR transition process nor its ultimate success can yet be known. The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR as well as loan facilities used by the Fund. While some existing LIBOR-based instruments may contemplate a scenario where LIBOR is no longer available by providing for an alternative rate-setting methodology, there may be significant uncertainty regarding the effectiveness of any such alternative methodologies to replicate LIBOR. Not all existing LIBOR-based instruments may have alternative rate-setting provisions and there remains uncertainty regarding the willingness and ability of issuers to add alternative rate-setting provisions in certain existing instruments. Global regulators have advised market participants to cease entering into new contracts using LIBOR as a reference rate, and it is possible that investments in LIBOR-based instruments could invite regulatory scrutiny. There may also be challenges for the Fund to enter into hedging transactions against such newly-issued instruments until a market for such hedging transactions develops. All of the aforementioned may adversely affect the Fund's performance or net asset value.

*Small and Medium Capitalization Risk:* Small and medium capitalization companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, their prices may fluctuate more than the stocks of larger, more established companies. Historically, small and mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Small and mid-capitalization companies generally are less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like.

*Small Company Risk:* Small company stocks present above-average risks in comparison to larger companies. Small companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies.

*Tax Risk:* To receive pass-through tax treatment as a Registered Investment Company under the Code, the Fund must, among other things, derive at least 90% of its gross income for each taxable year from sources treated under the Code as "qualifying income." Based on final regulations on which taxpayers may rely for taxable years beginning after September 28, 2016, the Fund anticipates treating the income generated from investments in the Cayman Subsidiary as "qualifying income." However, the tax treatment of income from commodity-related investments and the Fund's income from the Cayman Subsidiary may be adversely affected by future legislation, U.S. Treasury Regulations, and/or guidance

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**Notes to Financial Statements/Consolidated** 

**Financial Statements** (unaudited)

issued by the Internal Revenue Service that could affect the character, timing, and/or amount of the Fund's taxable income or capital gains and distributions it makes.

*TIPS Risk:* Inflation-indexed bonds, such as TIPS, generally decline in value when real interest rates rise. Real interest rates represent the nominal (stated) interest rates reduced by the expected impact of inflation. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar durations. In addition, any increase in principal value of an inflation-indexed bond caused by an increase in the price index is taxable in the year the increase occurs, even though the Fund generally will not receive cash representing the increase at that time. As a result, the Fund could be required at times to liquidate other investments, including when it is not advantageous to do so, in order to satisfy its distribution requirements as a regulated investment company under the Internal Revenue Code (the Code). Also, to the extent that the Fund invests in inflation-indexed bonds, income distributions are more likely to fluctuate.

The Fund's income may decline due to a decline in inflation, also known as deflation. If there is deflation, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payments (calculated with respect to a smaller principal amount) will be reduced. The principal value can decrease, but not below 100. If inflation is lower than expected during the period the Fund holds an inflation-linked security, the Fund may earn less on the security than on a conventional bond.

*Tracking Error Risk:* Tracking error is the divergence of the Fund's performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund's portfolio and those included in the Index, pricing differences, transaction costs, the Fund's holding of uninvested cash, differences in timing of the accrual of distributions, tax gains or losses, changes to the Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

*Trading on Foreign Exchanges Risk:* The Fund is expected to trade in commodity forward contracts listed on UK futures exchanges and may, but is not expected to, trade in instruments listed on other exchanges located outside the United States. Some foreign exchanges may be principal markets so that no common clearing facility exists and a trader may look only to the broker for performance of the contract. Trading on U.S. futures exchanges is subject to regulation by the SEC and the CFTC and oversight, as applicable, including, for example, minimum capital requirements for commodity brokers, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements,

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testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements. Trading on foreign exchanges is not regulated by the SEC, CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and such regulations may be less vigorously enforced than regulations in the U.S. positions on foreign exchanges also are subject to the risk of exchange controls, expropriation, excessive taxation or government disruptions.

*U.S. Government and Agency Securities Risk:* U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

*U.S. Treasury Strips Risk:* Stripped securities do not make periodic interest payments. The value of stripped securities generally fluctuates more in response to interest rate movements than the value of traditional bonds with similar maturity and credit quality. U.S. Treasury strips generally lose value when interest rates rise.

*Zero Coupon Bond Risk:* Zero coupon bonds may experience greater volatility in market value due to changes in interest rates. The Fund accrues income on the discount amortization of these investments, which it is required to distribute each year. The Fund may be required to sell investments to obtain cash needed for income distributions.

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| &nbsp;&nbsp;&nbsp;∎ **MAIL** | ∎ **TELEPHONE** | ∎ **WEBSITE** |
| &nbsp;&nbsp;&nbsp; 655 Broad Street | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(800) 225-1852 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;pgim.com/investments |
| &nbsp;&nbsp;&nbsp; Newark, NJ 07102 |  |  |

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| &nbsp;&nbsp;&nbsp; **PROXY VOTING**<br>|
| &nbsp;&nbsp;&nbsp;The Board of Trustees of the Fund has delegated to the Fund's subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Funds. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission's website at *sec.gov*. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund's website and on the Securities and Exchange Commission's website. |

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| &nbsp;&nbsp;&nbsp; **TRUSTEES**<br>|
| &nbsp;&nbsp;&nbsp;Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ● Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres |

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| &nbsp;&nbsp;&nbsp; **OFFICERS**<br>|
| &nbsp;&nbsp;&nbsp;Stuart S. Parker, *President* ● Scott E. Benjamin, *Vice President* ● Christian J. Kelly, *Chief Financial Officer* ● Claudia DiGiacomo, *Chief Legal Officer* ● Isabelle Sajous, *Chief Compliance Officer* ● Kelly Florio, *Anti-Money Laundering Compliance Officer* ● Andrew R. French, *Secretary* ● Melissa Gonzalez*, Assistant Secretary* ● Kelly A. Coyne, *Assistant Secretary* ● Patrick E. McGuinness, *Assistant Secretary* ● Debra Rubano, *Assistant Secretary* ● Lana Lomuti, *Assistant Treasurer* ● Russ Shupak, *Treasurer and Principal Accounting Officer* ● Elyse M. McLaughlin, *Assistant Treasurer* ● Deborah Conway, *Assistant Treasurer* ● Robert McCormack, *Assistant Treasurer* |

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| **MANAGER** | PGIM Investments LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 Broad Street<br> Newark, NJ 07102 |
| **SUBADVISERS**<br> **(as applicable)** | PGIM Quantitative Solutions LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gateway Center Two<br> 100 Mulberry Street<br> Newark, NJ 07102 |
|  | Jennison Associates LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 466 Lexington Avenue<br> New York, NY 10017 |
|  | PGIM Fixed Income | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 Broad Street<br> Newark, NJ 07102 |
|  | PGIM Limited | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Buildings, 1-3 Strand<br> Trafalgar Square<br> London, WC2N 5HR<br> United Kingdom |
| **DISTRIBUTOR** | Prudential Investment Management Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 655 Broad Street<br> Newark, NJ 07102 |
| **CUSTODIAN** | The Bank of New York Mellon | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 240 Greenwich Street<br> New York, NY 10286 |
| **TRANSFER AGENT** | Prudential Mutual Fund Services LLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PO Box 534432<br> Pittsburgh, PA 15253 |
| **INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** | PricewaterhouseCoopers LLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300 Madison Avenue<br> New York, NY 10017 |
| **FUND COUNSEL** | Willkie Farr & Gallagher LLP | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 787 Seventh Avenue<br> New York, NY 10019 |

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&nbsp;&nbsp;&nbsp;**An investor should consider the investment objectives, risks, charges, and expenses of each Fund carefully before investing. The prospectus contains this and other information about the Funds. An investor may obtain a prospectus by visiting our website at *pgim.com/investments* or by calling (800) 225-1852. The prospectus should be read carefully before investing.**

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| &nbsp;&nbsp;&nbsp; **E-DELIVERY**<br>|
| &nbsp;&nbsp;&nbsp;To receive your mutual fund documents online, go to ***pgim.com/investments/resource/edelivery*** and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above. |

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| &nbsp;&nbsp;&nbsp; **SHAREHOLDER COMMUNICATIONS WITH TRUSTEES**<br>|
| &nbsp;&nbsp;&nbsp;Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Core Fund and PGIM Quant Solutions US Broad Market Index Fund c/o PGIM Investments, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee. |

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|:---|
| &nbsp;&nbsp;&nbsp; **AVAILABILITY OF PORTFOLIO HOLDINGS**<br>|
| &nbsp;&nbsp;&nbsp;Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. Each Funds' Form N-PORT filings are available on the Commission's website at *sec.gov*. Form N-PORT is filed with the Commission quarterly, and each Funds' full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at *sec.gov*. |

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&nbsp;&nbsp;&nbsp;&nbsp;**Mutual Funds:** 

 <br> <u>ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY</u>   <u>MAY LOSE VALUE</u>   <u>ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE</u>

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![LOGO](g439424spp1.jpg)

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NASDAQ** | **CUSIP** |  | **NASDAQ** | **CUSIP** |
| &nbsp;&nbsp;&nbsp; PGIM JENNISON SMALL-CAP CORE EQUITY FUND | PQJCX | 74440E805 | PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND (Class R6) | PQCMX | 74440E862 |
| &nbsp;&nbsp;&nbsp; PGIM CORE CONSERVATIVE BOND FUND | PQCNX | 74440E888 | PGIM QUANT SOLUTIONS MID-CAP CORE FUND | PQCCX | 74440E508 |
| &nbsp;&nbsp;&nbsp; PGIM TIPS FUND | PQTSX | 74440E870 | PGIM QUANT SOLUTIONS US BROAD MARKET INDEX FUND | PQBMX | 74440E409 |
| &nbsp;&nbsp;&nbsp; PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND (Class Z) | PQCZX | 74440E854 |  |  |  |

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Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

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| | |
|:---|:---|
| Item 10 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.  |

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Item 11 – Controls and Procedures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is the conclusion of the registrant's principal executive officer and principal financial officer that
the effectiveness of the registrant's current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information
required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission's rules and forms and that the information required to be disclosed by the registrant has been
accumulated and communicated to the registrant's principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There has been no significant change in the registrant's internal control over financial reporting (as
defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant's internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End

Management Investment Companies – Not applicable.

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Item 13 – Exhibits

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| | |
|:---|:---|
| (a)(1) | Code of Ethics – Not required, as this is not an annual filing. |
| (a)(2) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.](d439424dex99cert.htm) |
|  | (a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable. |
|  | (a)(2)(2) Change in the registrant's independent public accountant – Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.](d439424dex99906cert.htm) |

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Registrant | <u>Prudential Investment Portfolios 2</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | March 20, 2023 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
|  By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
|  Date: | March 20, 2023 |
|  By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
|  Date: | March 20, 2023 |

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## Ex-99.Cert

Item 13

**Prudential Investment Portfolios 2** 

Semi-Annual period ending 1/31/23

File No. 811-09999

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

March 20, 2023

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 13

**Prudential Investment Portfolios 2** 

Semi-Annual period ending 1/31/23

File No. 811-09999

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above named Fund(s).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal controls which are
reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

March 20, 2023

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 2</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| March 20, 2023 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| March 20, 2023 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

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*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*