# EDGAR Filing Document

**Accession Number:** 0001099692
**File Stem:** 0001193125-25-226755
**Filing Date:** 2025-10
**Character Count:** 447840
**Document Hash:** d64d6728af59ba6acb3ecb94383a1eb6
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-226755.hdr.sgml**: 20251001

**ACCESSION NUMBER**: 0001193125-25-226755

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 43

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20251001

**DATE AS OF CHANGE**: 20251001

**EFFECTIVENESS DATE**: 20251001

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 2
- **CENTRAL INDEX KEY:** 0001099692

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09999
- **FILM NUMBER:** 251364705

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102
- **BUSINESS PHONE:** (973) 367-8982

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH 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 Index Fund (Series ID: S000055765)

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

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

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

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 2

#### 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 Core Conservative Bond Fund, PGIM Jennison Small-Cap Core Equity Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Index Fund and PGIM TIPS Fund). | (This Form N-CSR relates solely to the Registrant's: PGIM Core Conservative Bond Fund, PGIM Jennison Small-Cap Core Equity Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Index Fund and PGIM TIPS 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: | 7/31/2025 |
| Date of reporting period: | 7/31/2025 |

---

------

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule 30e-1 under the Act (17 CFR 270.30e-1).

------

![](g35642g1tsrbanner.jpg)

PGIM Jennison Small-Cap Core Equity Fund

Class R6:

PQJCX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Small-Cap Core Equity Fund (the

"Fund") for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Small-Cap Core Equity Fund—Class R6 | $94 | 0.95% |

---

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

■

Equities experienced significant volatility over the reporting period. Small-cap stocks, as represented by the Russell 2000 Index, reached a

record high in early November 2024, before declining through the first quarter of 2025 and then rebounding strongly in the second quarter. Key

events during the period included a US Federal Reserve interest rate cut, the US presidential election, the surprise launch of China's

DeepSeek AI model, and heightened uncertainties over the US administration's tariff and trade policies, among other factors. Overall,

small-cap stocks ended the period modestly lower and lagged the broader market, as represented by the S&P 500 Index.

■

Holdings in the financials sector (especially capital markets) and consumer discretionary sector (led by specialty retail and textiles, apparel &

luxury goods) contributed strongly to relative performance versus the Russell 2000 Index (the Index). An underweight to health care also added

notable value.

■

Stock selection in energy and materials was a main source of weakness relative to the Index, driven by oil, gas, & consumable fuels, and

metals & mining, respectively. Security selection in real estate, consumer staples, and industrials also detracted from results.

MF242E

![](g35642g1pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: November 15, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g35642g1jmcapcorequity_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | -1.19% | 9.73% | 9.23% (11/15/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Russell 2000 Index | -0.55% | 9.81% | 7.56% |

---

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

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $11102820<br>|
| Number of fund holdings | 120 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 61% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 10.1% |
| Software | 7.8% |
| Commercial Services & Supplies | 5.0% |
| Affiliated Mutual Fund - Short-Term Investment <br>(2.0% represents investments purchased with <br>collateral from securities on loan)<br>| 4.9% |
| Biotechnology | 4.9% |
| Semiconductors & Semiconductor Equipment | 4.9% |
| Machinery | 4.3% |
| Health Care Providers & Services | 3.8% |
| Insurance | 3.3% |
| Capital Markets | 3.2% |
| Oil, Gas & Consumable Fuels | 3.0% |
| Professional Services | 2.8% |
| Hotels, Restaurants & Leisure | 2.8% |
| Specialty Retail | 2.8% |
| Metals & Mining | 2.7% |
| Pharmaceuticals | 2.6% |
| Residential REITs | 2.4% |
| Construction & Engineering | 2.2% |
| Financial Services | 2.0% |
| Building Products | 1.9% |
| Consumer Staples Distribution & Retail | 1.7% |
| Textiles, Apparel & Luxury Goods | 1.7% |
| Electric Utilities | 1.7% |
| Aerospace & Defense | 1.6% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Gas Utilities | 1.5% |
| Food Products | 1.4% |
| Marine Transportation | 1.3% |
| Automobile Components | 1.3% |
| Chemicals | 1.2% |
| IT Services | 1.2% |
| Health Care Equipment & Supplies | 1.1% |
| Mortgage Real Estate Investment Trusts (REITs) | 1.1% |
| Retail REITs | 1.0% |
| Office REITs | 1.0% |
| Energy Equipment & Services | 0.9% |
| Electronic Equipment, Instruments & Components | 0.7% |
| Household Durables | 0.7% |
| Industrial REITs | 0.7% |
| Specialized REITs | 0.7% |
| Health Care Technology | 0.6% |
| Hotel & Resort REITs | 0.5% |
| Diversified Telecommunication Services | 0.5% |
| Trading Companies & Distributors | 0.5% |
| Others\* | 0.3% |
|  | 102.3% |
| Liabilities in excess of other assets | (2.3)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g35642g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Small-Cap Core Equity Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PQJCX <br> CUSIP 74440E805

MF242E

![](g35642g1pgim_investments.jpg)

------

![](g35642g2tsrbanner.jpg)

PGIM Core Conservative Bond Fund

Class R6:

PQCNX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Core Conservative Bond Fund (the "Fund") for

the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Conservative Bond Fund—Class R6 | $19 | 0.19% |

---

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

■

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

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

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

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

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

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

■

Security selection in US investment-grade corporates, AAA-rated non-agency commercial mortgage-backed securities (CMBS), and US

Treasuries; underweights to the US investment-grade corporate and emerging-market investment-grade sectors, along with an overweight to

the AAA non-agency CMBS sector; and credit positioning in REITS contributed the most to the Fund's performance during the reporting period.

■

The Fund's duration and yield curve positioning, and an overweight to the municipal bond sector, detracted most from the Fund's performance

during the reporting period.

MF242E1

![](g35642g2pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: November 15, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g35642g2coreconsvbond_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 3.38% | -1.36% | 1.16% (11/15/2016) |
| Bloomberg US Aggregate Bond Index | 3.38% | -1.07% | 1.63% |

---

Since Inception returns are provided for any share class with 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.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $57696245 |
| Number of fund holdings | 607 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 128% |

---

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

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%) |
| AAA | 34.5 |
| AA | 41.2 |
| A | 9.7 |
| BBB | 14.5 |
| Cash/Cash Equivalents | 0.1 |
| 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. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g35642g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Conservative Bond Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PQCNX <br> CUSIP 74440E888

MF242E1

![](g35642g2pgim_investments.jpg)

------

![](g35642g3tsrbanner.jpg)

PGIM TIPS Fund

Class R6:

PQTSX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM TIPS Fund (the "Fund") for the period of

August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM TIPS Fund—Class R6 | $33 | 0.32% |

---

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

■

The US Federal Reserve's easing cycle, which began with three rate cuts in the second half of 2024, was paused in the first half of 2025 amid

increased uncertainty over the impact of US policy changes on the domestic labor market and inflation. Indeed, Core PCE came in higher than

expected for the reporting period. In particular, revisions to the non-farm payroll report in July 2025 revealed a weaker labor market than

previously indicated, causing investors to reprice their expectations for a September rate cut and a steepening of the US Treasury yield curve.

the yields of different maturities for the same type of bonds.)

■

Security selection and relative value trades in the Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index optimal portfolio

contributed to performance during the period.

■

The duration of the Fund, which was tactically managed versus the Index in response to perceived short-term inefficiencies or opportunities in

the market, was a modest detractor from performance during the reporting period. (Duration measures the sensitivity of the price—the value of

principal—of a bond to a change in interest rates.). Yield curve positioning had a negative impact on performance during the period.

MF242E3

![](g35642g3pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: November 15, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g35642g3pgimtips_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 3.76% | 0.87% | 2.35% (11/15/2016) |
| Bloomberg US Aggregate Bond Index\* | 3.38% | -1.07% | 1.63% |
| Bloomberg US Treasury Inflation-Protected Securities <br>(TIPS) Index<br>| 4.12% | 1.17% | 2.76% |

---

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

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $62613401<br>|
| Number of fund holdings | 40 |
| Total advisory fees paid for the year | $37917<br>|
| Portfolio turnover rate for the year | 85% |

---

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

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%) | Credit Quality expressed as a percentage of total investments as of 7/31/2025 (%) |
| AAA | 95.1 |
| AA | 4.4 |
| Cash/Cash Equivalents | 0.4 |
| 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. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g35642g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM TIPS Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PQTSX <br> CUSIP 74440E870

MF242E3

![](g35642g3pgim_investments.jpg)

------

![](g35642g4tsrbanner.jpg)

PGIM Quant Solutions Commodity Strategies Fund

Class Z:

PQCZX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class Z shares of PGIM Quant Solutions Commodity Strategies Fund

(the "Fund") for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Commodity Strategies Fund—Class Z | $73 | 0.70% |

---

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

■

During the reporting period, commodity prices generally increased, particularly in the precious metals sector. Carry from roll yields decreased

from the previous year and turned negative after having been positive for the previous 2.5 years. Energy commodities and industrial metals

produced overall positive returns, while grains declined during the period.

■

The Fund primarily invests in listed, exchange-traded commodities futures contracts. Accordingly, such investments drive its performance.

These futures contracts are a form of derivative based on the underlying price of a specific commodity.

■

The Fund's returns relative to the Bloomberg Commodity Index benefited from underweight positioning in copper and sugar. From a factor

perspective, risk measures were the largest relative outperformers during the period.

■

Positions in coffee and aluminum detracted the most from the Fund's performance relative to the Bloomberg Commodity Index during the

period, with growth and sentiment factors struggling.

MF242E3Z

![](g35642g4pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class Z shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: December 14, 2021 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g35642g4qscommstrategies_z.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Since Inception (%) |
| Class Z | 7.90% | 5.79% (12/14/2021) |
| S&P 500 Index\* | 16.33% | 11.01% |
| Bloomberg Commodity Index | 9.71% | 5.70% |

---

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

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $45495626<br>|
| Number of fund holdings | 31 |
| Total advisory fees paid for the year | $92537<br>|
| Portfolio turnover rate for the year | 0% |

---

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

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 87.3% |
| Affiliated Mutual Fund - Short-Term Investment | 14.3% |
|  | 101.6% |
| Liabilities in excess of other assets\* | (1.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Commodity Futures Contracts outstanding at July 31, 2025

(1),(2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| Gold 100 OZ | 15.4% |
| WTI Crude | 7.7% |
| Natural Gas | 7.5% |
| Brent Crude | 7.3% |
| Silver | 6.5% |
| Corn | 5.6% |
| LME PRI Aluminum | 5.1% |
| Soybean | 4.7% |
| Copper | 4.3% |
| Live Cattle | 3.9% |
| LME Zinc | 3.6% |
| LME Nickel | 3.3% |
| Soybean Meal | 3.2% |

---

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| NY Harbor ULSD | 3.1% |
| Gasoline RBOB | 2.8% |
| Low Sulphur Gas Oil | 2.8% |
| No. 2 Soft Red Winter Wheat | 2.8% |
| Soybean Oil | 2.5% |
| Coffee 'C' | 2.2% |
| Cotton No. 2 | 2.1% |
| Hard Red Winter Wheat | 1.7% |
| Sugar No. 11 | 1.6% |
| LME Lead | 1.0% |
| Lean Hogs | 0.7% |
|  | 101.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Commodity Futures Contracts: Short Positions | % of Net <br>Assets<br>|
| LME Lead | (0.1)% |
| LME Nickel | (0.6)% |
| LME PRI Aluminum | (1.0)% |
|  | (1.7)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes unsettled variation margin receivable (payable) for Commodity Futures contracts outstanding, as reported in the Fund's consolidated statutory financial statements.

(1) Represents positions held in the PGIM QMA Commodity Strategies Subsidiary, Ltd., the Fund's wholly-owned Cayman Islands Subsidiary.

(2) Represents the current notional amount of the commodity future contracts (USD) as a percentage of net assets as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g35642g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Commodity Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS Z <br> NASDAQ PQCZX <br> CUSIP 74440E854

MF242E3Z

![](g35642g4pgim_investments.jpg)

------

![](g35642g5tsrbanner.jpg)

PGIM Quant Solutions Commodity Strategies Fund

Class R6:

PQCMX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Quant Solutions Commodity Strategies Fund

(the "Fund") for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Commodity Strategies Fund—Class R6 | $73 | 0.70% |

---

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

■

During the reporting period, commodity prices generally increased, particularly in the precious metals sector. Carry from roll yields decreased

from the previous year and turned negative after having been positive for the previous 2.5 years. Energy commodities and industrial metals

produced overall positive returns, while grains declined during the period.

■

The Fund primarily invests in listed, exchange-traded commodities futures contracts. Accordingly, such investments drive its performance.

These futures contracts are a form of derivative based on the underlying price of a specific commodity.

■

The Fund's returns relative to the Bloomberg Commodity Index benefited from underweight positioning in copper and sugar. From a factor

perspective, risk measures were the largest relative outperformers during the period.

■

Positions in coffee and aluminum detracted the most from the Fund's performance relative to the Bloomberg Commodity Index during the

period, with growth and sentiment factors struggling.

MF242E3R6

![](g35642g5pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: November 15, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g35642g5qscommstrategies_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 7.76% | 11.73% | 5.02% (11/15/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| Bloomberg Commodity Index | 9.71% | 11.33% | 4.32% |

---

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

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $45495626<br>|
| Number of fund holdings | 31 |
| Total advisory fees paid for the year | $92537<br>|
| Portfolio turnover rate for the year | 0% |

---

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

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 87.3% |
| Affiliated Mutual Fund - Short-Term Investment | 14.3% |
|  | 101.6% |
| Liabilities in excess of other assets\* | (1.6)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Commodity Futures Contracts outstanding at July 31, 2025

(1),(2)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| Gold 100 OZ | 15.4% |
| WTI Crude | 7.7% |
| Natural Gas | 7.5% |
| Brent Crude | 7.3% |
| Silver | 6.5% |
| Corn | 5.6% |
| LME PRI Aluminum | 5.1% |
| Soybean | 4.7% |
| Copper | 4.3% |
| Live Cattle | 3.9% |
| LME Zinc | 3.6% |
| LME Nickel | 3.3% |
| Soybean Meal | 3.2% |

---

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| NY Harbor ULSD | 3.1% |
| Gasoline RBOB | 2.8% |
| Low Sulphur Gas Oil | 2.8% |
| No. 2 Soft Red Winter Wheat | 2.8% |
| Soybean Oil | 2.5% |
| Coffee 'C' | 2.2% |
| Cotton No. 2 | 2.1% |
| Hard Red Winter Wheat | 1.7% |
| Sugar No. 11 | 1.6% |
| LME Lead | 1.0% |
| Lean Hogs | 0.7% |
|  | 101.4% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Commodity Futures Contracts: Short Positions | % of Net <br>Assets<br>|
| LME Lead | (0.1)% |
| LME Nickel | (0.6)% |
| LME PRI Aluminum | (1.0)% |
|  | (1.7)% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Includes unsettled variation margin receivable (payable) for Commodity Futures contracts outstanding, as reported in the Fund's consolidated statutory financial statements.

(1) Represents positions held in the PGIM QMA Commodity Strategies Subsidiary, Ltd., the Fund's wholly-owned Cayman Islands Subsidiary.

(2) Represents the current notional amount of the commodity future contracts (USD) as a percentage of net assets as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g35642g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Commodity Strategies Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PQCMX <br> CUSIP 74440E862

MF242E3R6

![](g35642g5pgim_investments.jpg)

------

![](g35642g6tsrbanner.jpg)

PGIM Quant Solutions Mid-Cap Index Fund

Class R6:

PQCCX

ANNUAL SHAREHOLDER REPORT – July 31, 2025

This annual shareholder report contains important information about the Class R6 shares of PGIM Quant Solutions Mid-Cap Index Fund

(the "Fund") for the period of August 1, 2024 to July 31, 2025.

You can find additional information about the Fund at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

. You can also request

this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| &nbsp;&nbsp;PGIM Quant Solutions Mid-Cap Index Fund<br>—Class R6<br>| $20 | 0.20% |

---

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

■

During the reporting period, US mid-cap equities lagged global markets amid substantial volatility. Volatility spiked in early April 2025 after the

US administration announced broad reciprocal tariffs, triggering a sharp sell-off on fears of global retaliation, recession, and stagflation.

Inflation remained stable, but signs indicated that tariffs were slowly pushing up prices, particularly for imported goods.

■

The Fund employs a "passively managed" or index investment approach, holding all stocks included in the S&P MidCap 400 Index (the "Index")

in approximately the same proportions. Accordingly, the Fund's performance closely tracked the Index's performance over the reporting period.

■

The Fund also held index ETFs that track the Index during the reporting period to provide portfolio liquidity. They had minimal impact

on performance.

MF242E4

![](g35642g6pgim_investments.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

**The Fund's past performance is not a good predictor of the Fund's future performance.** 

The returns do not reflect the deduction of

taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or call (800) 225-1852 or (973) 367-3529 from outside the US for more recent performance data.

The line graph reflects a hypothetical $10,000 investment in Class R6 shares and assumes that all recurring fees (including management fees)

were deducted and dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would

have been lower.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Cumulative Performance: November 17, 2016 to July 31, 2025<br>Initial Investment of $10,000<br>

![](g35642g6qsmidcapindex_r6.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 | Average Annual Total Returns as of 7/31/2025 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 2.74% | 13.75% | 8.65% (11/17/2016) |
| S&P 500 Index\* | 16.33% | 15.88% | 14.94% |
| S&P MidCap 400 Index | 3.28% | 12.79% | 9.64% |

---

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

The Fund's total returns prior to December 11, 2023, as reflected in the line graph and the table, are the returns of the Fund when it followed a different investment objective and

strategies and was an actively-managed fund under the name "PGIM Quant Solutions Mid-Cap Core Fund.

"

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the closest month-end to

the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $12956613<br>|
| Number of fund holdings | 404 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 42% |

---

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 6.5% |
| Machinery | 5.4% |
| Insurance | 4.2% |
| Capital Markets | 4.0% |
| Unaffiliated Exchange-Traded Funds | 3.9% |
| Construction & Engineering | 3.6% |
| Specialty Retail | 3.5% |
| Hotels, Restaurants & Leisure | 3.4% |
| Software | 3.4% |
| Electronic Equipment, Instruments & Components | 3.4% |
| Consumer Staples Distribution & Retail | 3.2% |
| Oil, Gas & Consumable Fuels | 3.0% |
| Semiconductors & Semiconductor Equipment | 2.4% |
| Health Care Providers & Services | 2.4% |
| Aerospace & Defense | 2.4% |
| Building Products | 2.3% |
| Professional Services | 2.2% |
| Biotechnology | 2.1% |
| Trading Companies & Distributors | 1.9% |
| Metals & Mining | 1.9% |
| Financial Services | 1.8% |
| Commercial Services & Supplies | 1.7% |
| Life Sciences Tools & Services | 1.7% |
| Household Durables | 1.7% |
| Electrical Equipment | 1.6% |
| Specialized REITs | 1.5% |
| Ground Transportation | 1.4% |
| Chemicals | 1.4% |
| Health Care Equipment & Supplies | 1.3% |
| Diversified Consumer Services | 1.3% |
| Containers & Packaging | 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Gas Utilities | 1.1% |
| Industrial REITs | 1.0% |
| Electric Utilities | 1.0% |
| Retail REITs | 0.9% |
| IT Services | 0.9% |
| Textiles, Apparel & Luxury Goods | 0.9% |
| Food Products | 0.9% |
| Residential REITs | 0.9% |
| Automobile Components | 0.8% |
| Consumer Finance | 0.7% |
| Health Care REITs | 0.7% |
| Communications Equipment | 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Technology Hardware, Storage & Peripherals | 0.6% |
| Media | 0.6% |
| Office REITs | 0.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(0.5% represents investments purchased with <br>collateral from securities on loan)<br>| 0.6% |
| Beverages | 0.5% |
| Personal Care Products | 0.5% |
| Leisure Products | 0.5% |
| Passenger Airlines | 0.5% |
| Diversified REITs | 0.5% |
| Others\* | 4.4% |
|  | 102.2% |
| Liabilities in excess of other assets | (2.2)% |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

\* Consists of Industries that each make up less than 0.5% of the Fund's net assets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets

or by scanning the QR code below,

including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by

contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g35642g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Mid-Cap Index Fund

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

SHARE CLASS R6 <br> NASDAQ PQCCX <br> CUSIP 74440E508

MF242E4

![](g35642g6pgim_investments.jpg)

------

(b) Copy of each notice transmitted to stockholders in reliance on Rule 30e-3 under the Act (17 CFR 270.30e-3) that contains disclosures specified by paragraph (c)(3) of that rule – Not applicable.

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

As of the end of the period covered by this report, the registrant has adopted a code of ethics (the "Section 406 Standards for Investment Companies – Ethical Standards for Principal Executive and Financial Officers") that applies to the registrant's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer.

The registrant hereby undertakes to provide any person, without charge, upon request, a copy of the code of ethics. To request a copy of the code of ethics, contact the registrant 800-225-1852, and ask for a copy of the Section 406 Standards for Investment Companies - Ethical Standards for Principal Executive and Financial Officers.

Item 3 – Audit Committee Financial Expert –

The registrant's Board has determined that Ms. Grace C. Torres, member of the Board's Audit Committee is an "audit committee financial expert," and that she is "independent," for purposes of this item.

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended July 31, 2025 and July 31, 2024 PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $181,502 and $172,624, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended July 31, 2025, and July 31, 2024: none.

(c) Tax Fees

For the fiscal years ended July 31, 2025, and July 31, 2024: none.

(d) All Other Fees

For the fiscal years ended July 31, 2025, and July 31, 2024: none.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) (1) Audit Committee Pre-Approval Policies and Procedures

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

#### on
*Pre-Approval of Services Provided by the Independent* 

*Accountants* 

The Audit Committee of each PGIM Mutual Fund is charged with the responsibility to monitor the independence of the Fund's independent accountants. As part of this responsibility, the Audit Committee must pre-approve the independent accounting firm's engagement to render audit and/or permissible non-audit services, as required by law. In evaluating a proposed engagement of the independent accountants, the Audit Committee will assess the effect that the engagement might reasonably be expected to have on the accountant's independence. The Committee's evaluation will be based on:

• a review of the nature of the professional services expected to be provided,

• a review of the safeguards put into place by the accounting firm to safeguard independence, and

• periodic meetings with the accounting firm.

#### Policy for Audit and Non-Audit Services Provided to the Funds
On an annual basis, the scope of audits for each Fund, audit fees and expenses, and audit-related and non-audit services (and fees proposed in respect thereof) proposed to be performed by the Fund's independent accountants will be presented by the Treasurer and the independent accountants to the Audit Committee for review and, as appropriate, approval prior to the initiation of such services.

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed non-audit services will not adversely affect the independence of the independent accountants. Such proposed non-audit services shall be described in sufficient detail to enable the Audit Committee to assess the appropriateness of such services and fees, and the compatibility of the provision of such services with the auditor's independence. The Committee shall receive periodic reports on the progress of the audit and other services which are approved by the Committee or by the Committee Chair pursuant to authority delegated in this Policy.

The categories of services enumerated under "Audit Services", "Audit-related Services", and "Tax Services" are intended to provide guidance to the Treasurer and the independent accountants as to those categories of services which the Committee believes are generally consistent with the independence of the independent accountants and which the Committee (or the Committee Chair) would expect upon the presentation of specific proposals to pre-approve. The enumerated categories are not intended as an exclusive list of audit, audit-related or tax services, which the Committee (or the Committee Chair) would consider for pre-approval.

#### Audit Services
The following categories of audit services are considered to be consistent with the role of the Fund's independent accountants:

• Annual Fund financial statement audits

• Seed audits (related to new product filings, as required)

• SEC and regulatory filings and consents

#### Audit-related Services
The following categories of audit-related services are considered to be consistent with the role of the Fund's independent accountants:

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

Individual audit-related services that fall within one of these categories (except for fund merger support services) and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated). Fees related to fund merger support services are subject to a separate authorized pre-approval by the Audit Committee with fees determined on a per occurrence and merger complexity basis.

#### Tax Services
The following categories of tax services are considered to be consistent with the role of the Fund's independent accountants:

• Tax compliance services related to the filing or amendment of the following:

• Federal, state and local income tax compliance; and,

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

Individual tax services that fall within one of these categories and are not presented to the Audit Committee as part of the annual pre-approval process are subject to an authorized pre-approval by the Audit Committee so long as the estimated fee for those services does not exceed $30,000. Any services provided under such pre-approval will be reported to the Audit Committee at its next regular meeting. Should the amount of such services exceed $30,000 any additional fees will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated).

#### Other Non-Audit Services
Certain non-audit services that the independent accountants are legally permitted to render will be subject to pre-approval by the Committee or by one or more Committee members to whom the Committee has delegated this authority and who will report to the full Committee any pre-approval decisions made pursuant to this Policy. Non-audit services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

#### Proscribed Services
The Fund's independent accountants will not render services in the following categories of non-audit services:

• Bookkeeping or other services related to the accounting records or financial statements of the Fund

• Financial information systems design and implementation

• Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

• Broker or dealer, investment adviser, or investment banking services

• Legal services and expert services unrelated to the audit

• Any other service that the Public Company Accounting Oversight Board determines, by regulation, is impermissible.

#### Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex
Certain non-audit services provided to PGIM Investments LLC or any of its affiliates that also provide ongoing services to the PGIM Mutual Funds will be subject to pre-approval by the Audit Committee. The only non-audit services provided to these entities that will require pre-approval are those <u>related directly to the operations and financial reporting of the Funds</u>. Individual projects that are not presented to the Audit Committee as part of the annual pre-approval process will be subject to pre-approval by the Committee Chair (or any other Committee member on whom this responsibility has been delegated) so long as the estimated fee for those services does not exceed $30,000. Services presented for pre-approval pursuant to this paragraph will be accompanied by a confirmation from both the Treasurer and the independent accountants that the proposed services will not adversely affect the independence of the independent accountants.

Although the Audit Committee will not pre-approve all services provided to PGIM Investments LLC and its affiliates, the Committee will receive an annual report from the Fund's independent accounting firm showing the aggregate fees for all services provided to PGIM Investments and its affiliates.

------

---

| | |
|:---|:---|
| (e) (2) | <u>Percentage of services described in each of paragraphs (b)</u> <u>through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X</u> –  |

---

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended July 31,</u><br> <u>2025</u> | <u>Fiscal Year Ended July 31,</u><br> <u>2024</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if</u>

<u>greater</u> <u>than 50%.</u>

The percentage of hours expended on the principal accountant's engagement to audit the registrant's financial statements for the most recent fiscal year that were attributed to work performed by persons other than the principal accountant's full-time, permanent employees was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Non-Audit Fees</u>

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2025, and July 31, 2024 was $0 and $0, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;(h) <u>Principal Accountant's Independence</u>

Not applicable as the Registrant's principal accountant has not provided non-audit services to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to Rule 2-01(c)(7)(ii) of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

Item 5 – Audit Committee of Listed Registrants – Not applicable.

Item 6 – Investments – The registrant's Schedule of Investments is included in the financial statements filed under Item 7 of this Form.

Items 7 – 11 (Refer to Report(s) below)

------

![LOGO](g35642dsp001a.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 2
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 Index Fund

&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;

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JULY 31, 2025
![LOGO](g35642dsp001b.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> July 31, 2025 </u>

**Form N-CSR Item 7** - Financial Statements and Financial Highlights for Open-End Management Investment Companies.

---

| | |
|:---|:---|
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar35642_1) | 1 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Small-Cap Core Equity Fund](#edgar35642_2) | 2 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Core Conservative Bond Fund](#edgar35642_3) | 13 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM TIPS Fund](#edgar35642_4) | 37 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Quant Solutions Commodity Strategies Fund](#edgar35642_5) | 43 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Quant Solutions Mid-Cap Index Fund](#edgar35642_6) | 51 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar35642_7) | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Other Information -** Form N-CSR Items 8-11](#edgar35642_8) |  |

---

------

### &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### 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

AID—Agency for International Development

BABs—Build America Bonds

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

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

SOFR—Secured Overnight Financing Rate

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

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.4%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 1.6%** |  |  |
| &nbsp;&nbsp; Hexcel Corp. | 1113 | $66680 |
| &nbsp;&nbsp; Karman Holdings, Inc.\* | 1027 | 53096 |
| &nbsp;&nbsp; Mercury Systems, Inc.\* | 1098 | 57744 |
|  |  | 177520 |
| &nbsp;&nbsp; **Automobile Components 1.3%** |  |  |
| &nbsp;&nbsp; Dorman Products, Inc.\* | 1173 | 141487 |
| &nbsp;&nbsp; **Banks 10.1%** |  |  |
| &nbsp;&nbsp; Ameris Bancorp | 2110 | 144219 |
| &nbsp;&nbsp; Atlantic Union Bankshares Corp. | 2294 | 72720 |
| &nbsp;&nbsp; Brookline Bancorp, Inc. | 3450 | 35604 |
| &nbsp;&nbsp; Eastern Bankshares, Inc. | 6623 | 102325 |
| &nbsp;&nbsp; Enterprise Financial Services Corp. | 2063 | 113857 |
| &nbsp;&nbsp; First Bancorp | 2002 | 100280 |
| &nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 3312 | 95352 |
| &nbsp;&nbsp; Heritage Financial Corp. | 4364 | 98365 |
| &nbsp;&nbsp; MidWestOne Financial Group, Inc. | 2520 | 69401 |
| &nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 723 | 63544 |
| &nbsp;&nbsp; Renasant Corp. | 3092 | 113291 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 912 | 116718 |
|  |  | 1125676 |
| &nbsp;&nbsp; **Biotechnology 4.9%** |  |  |
| &nbsp;&nbsp; Apellis Pharmaceuticals, Inc.\* | 1346 | 30070 |
| &nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 12169 | 177424 |
| &nbsp;&nbsp; Caris Life Sciences, Inc.\* | 404 | 11344 |
| &nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 2202 | 62955 |
| &nbsp;&nbsp; Newamsterdam Pharma Co. NV (Netherlands)\* | 2614 | 57011 |
| &nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 386 | 32899 |
| &nbsp;&nbsp; Scholar Rock Holding Corp.\* | 839 | 31085 |
| &nbsp;&nbsp; Soleno Therapeutics, Inc.\* | 525 | 45397 |
| &nbsp;&nbsp; Twist Bioscience Corp.\* | 2266 | 76070 |
| &nbsp;&nbsp; Vaxcyte, Inc.\* | 506 | 17179 |
|  |  | 541434 |
| &nbsp;&nbsp; **Building Products 1.9%** |  |  |
| &nbsp;&nbsp; Griffon Corp. | 718 | 58352 |
| &nbsp;&nbsp; Hayward Holdings, Inc.\* | 6854 | 105414 |
| &nbsp;&nbsp; Zurn Elkay Water Solutions Corp. | 1032 | 45666 |
|  |  | 209432 |
| &nbsp;&nbsp; **Capital Markets 3.2%** |  |  |
| &nbsp;&nbsp; Acadian Asset Management, Inc. | 4016 | 167829 |
| &nbsp;&nbsp; Marex Group PLC (United Kingdom) | 2137 | 82445 |
| &nbsp;&nbsp; Moelis & Co. (Class A Stock) | 1557 | 109208 |
|  |  | 359482 |
| &nbsp;&nbsp; **Chemicals 1.2%** |  |  |
| &nbsp;&nbsp; Avient Corp. | 2049 | 64687 |
| &nbsp;&nbsp; Element Solutions, Inc. | 3021 | 71296 |
|  |  | 135983 |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Commercial Services & Supplies 5.0%** |  |  |
| &nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 9513 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;135180 |
| &nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 1672 | 181796 |
| &nbsp;&nbsp; VSE Corp. | 1494 | 233871 |
|  |  | 550847 |
| &nbsp;&nbsp; **Construction & Engineering 2.2%** |  |  |
| &nbsp;&nbsp; Concrete Pumping Holdings, Inc. | 6680 | 45624 |
| &nbsp;&nbsp; Construction Partners, Inc. (Class A Stock)\* | 1053 | 106195 |
| &nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 8421 | 93305 |
|  |  | 245124 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.7%** |  |  |
| &nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 2825 | 193682 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.5%** |  |  |
| &nbsp;&nbsp; Cogent Communications Holdings, Inc. | 1274 | 58082 |
| &nbsp;&nbsp; **Electric Utilities 1.7%** |  |  |
| &nbsp;&nbsp; IDACORP, Inc. | 1481 | 185614 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 0.7%** |  |  |
| &nbsp;&nbsp; Mirion Technologies, Inc.\* | 3682 | 82293 |
| &nbsp;&nbsp; **Energy Equipment & Services 0.9%** |  |  |
| &nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 2467 | 104379 |
| &nbsp;&nbsp; **Financial Services 2.0%** |  |  |
| &nbsp;&nbsp; AvidXchange Holdings, Inc.\* | 3462 | 34135 |
| &nbsp;&nbsp; Essent Group Ltd. | 1203 | 67356 |
| &nbsp;&nbsp; Flywire Corp.\* | 5083 | 55354 |
| &nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 620 | 63860 |
|  |  | 220705 |
| &nbsp;&nbsp; **Food Products 1.4%** |  |  |
| &nbsp;&nbsp; Freshpet, Inc.\* | 818 | 55886 |
| &nbsp;&nbsp; Utz Brands, Inc. | 7888 | 102780 |
|  |  | 158666 |
| &nbsp;&nbsp; **Gas Utilities 1.5%** |  |  |
| &nbsp;&nbsp; Chesapeake Utilities Corp. | 1385 | 166034 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.1%** |  |  |
| &nbsp;&nbsp; Inspire Medical Systems, Inc.\* | 169 | 21047 |
| &nbsp;&nbsp; iRhythm Technologies, Inc.\* | 757 | 106117 |
|  |  | 127164 |
| &nbsp;&nbsp; **Health Care Providers & Services 3.8%** |  |  |
| &nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 1630 | 32551 |
| &nbsp;&nbsp; GeneDx Holdings Corp.\* | 986 | 100523 |
| &nbsp;&nbsp; Guardant Health, Inc.\* | 1580 | 64748 |
| &nbsp;&nbsp; LifeStance Health Group, Inc.\* | 15324 | 60990 |
| &nbsp;&nbsp; Omada Health, Inc.\*(a) | 352 | 6167 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Providers & Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 2678 | $78599 |
| &nbsp;&nbsp; RadNet, Inc.\* | 1375 | 75254 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418832 |
| &nbsp;&nbsp; **Health Care Technology 0.6%** |  |  |
| &nbsp;&nbsp; Waystar Holding Corp.\* | 1857 | 68672 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.5%** |  |  |
| &nbsp;&nbsp; Summit Hotel Properties, Inc. | 11405 | 59534 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.8%** |  |  |
| &nbsp;&nbsp; Golden Entertainment, Inc. | 1963 | 55199 |
| &nbsp;&nbsp; Penn Entertainment, Inc.\* | 3712 | 67039 |
| &nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 1550 | 186527 |
|  |  | 308765 |
| &nbsp;&nbsp; **Household Durables 0.7%** |  |  |
| &nbsp;&nbsp; Century Communities, Inc. | 1416 | 79707 |
| &nbsp;&nbsp; **Industrial REITs 0.7%** |  |  |
| &nbsp;&nbsp; Plymouth Industrial REIT, Inc. | 5156 | 74865 |
| &nbsp;&nbsp; **Insurance 3.3%** |  |  |
| &nbsp;&nbsp; Aspen Insurance Holdings Ltd. (Bermuda) (Class A Stock)\* | 1366 | 43152 |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | 1814 | 170226 |
| &nbsp;&nbsp; Lincoln National Corp. | 1889 | 71990 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 1670 | 84468 |
|  |  | 369836 |
| &nbsp;&nbsp; **IT Services 1.2%** |  |  |
| &nbsp;&nbsp; ASGN, Inc.\* | 1271 | 63728 |
| &nbsp;&nbsp; Grid Dynamics Holdings, Inc.\* | 7458 | 70776 |
|  |  | 134504 |
| &nbsp;&nbsp; **Machinery 4.3%** |  |  |
| &nbsp;&nbsp; Enerpac Tool Group Corp. | 2321 | 89382 |
| &nbsp;&nbsp; Gates Industrial Corp. PLC\* | 6862 | 170177 |
| &nbsp;&nbsp; Lindsay Corp. | 804 | 109754 |
| &nbsp;&nbsp; Trinity Industries, Inc. | 4473 | 104221 |
|  |  | 473534 |
| &nbsp;&nbsp; **Marine Transportation 1.3%** |  |  |
| &nbsp;&nbsp; Kirby Corp.\* | 1508 | 143728 |
| &nbsp;&nbsp; **Metals & Mining 2.7%** |  |  |
| &nbsp;&nbsp; Eldorado Gold Corp. (Turkey)\* | 9238 | 189379 |
| &nbsp;&nbsp; ERO Copper Corp. (Brazil)\* | 7786 | 105267 |
|  |  | 294646 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 1.1%** |  |  |
| &nbsp;&nbsp; Ladder Capital Corp. | 10832 | 118285 |
| &nbsp;&nbsp; **Office REITs 1.0%** |  |  |
| &nbsp;&nbsp; Cousins Properties, Inc. | 4092 | 110893 |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 3.0%** |  |  |
| &nbsp;&nbsp; Crescent Energy Co. (Class A Stock) | 8971 | $82892 |
| &nbsp;&nbsp; Gulfport Energy Corp.\* | 826 | 143831 |
| &nbsp;&nbsp; Northern Oil & Gas, Inc. | 3790 | 106727 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;333450 |
| &nbsp;&nbsp; **Pharmaceuticals 2.6%** |  |  |
| &nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 898 | 66407 |
| &nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\*(a) | 3330 | 129270 |
| &nbsp;&nbsp; Verona Pharma PLC (United Kingdom), ADR\* | 864 | 90798 |
|  |  | 286475 |
| &nbsp;&nbsp; **Professional Services 2.8%** |  |  |
| &nbsp;&nbsp; First Advantage Corp.\*(a) | 2704 | 46752 |
| &nbsp;&nbsp; Huron Consulting Group, Inc.\* | 997 | 131684 |
| &nbsp;&nbsp; Korn Ferry | 1880 | 133236 |
|  |  | 311672 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.3%** |  |  |
| &nbsp;&nbsp; Marcus & Millichap, Inc. | 1186 | 36956 |
| &nbsp;&nbsp; **Residential REITs 2.4%** |  |  |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 10218 | 171356 |
| &nbsp;&nbsp; UMH Properties, Inc. | 5752 | 93642 |
|  |  | 264998 |
| &nbsp;&nbsp; **Retail REITs 1.0%** |  |  |
| &nbsp;&nbsp; Urban Edge Properties | 5663 | 111674 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 4.9%** |  |  |
| &nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 546 | 60907 |
| &nbsp;&nbsp; Impinj, Inc.\* | 678 | 104805 |
| &nbsp;&nbsp; Semtech Corp.\* | 899 | 45939 |
| &nbsp;&nbsp; SiTime Corp.\* | 419 | 84994 |
| &nbsp;&nbsp; Tower Semiconductor Ltd. (Israel)\* | 4040 | 184830 |
| &nbsp;&nbsp; Universal Display Corp. | 413 | 59637 |
|  |  | 541112 |
| &nbsp;&nbsp; **Software 7.8%** |  |  |
| &nbsp;&nbsp; AvePoint, Inc.\* | 6673 | 127321 |
| &nbsp;&nbsp; Clearwater Analytics Holdings, Inc. (Class A Stock)\* | 2084 | 42222 |
| &nbsp;&nbsp; I3 Verticals, Inc. (Class A Stock)\* | 1357 | 37969 |
| &nbsp;&nbsp; Intapp, Inc.\* | 3598 | 144100 |
| &nbsp;&nbsp; Q2 Holdings, Inc.\* | 2443 | 198371 |
| &nbsp;&nbsp; Riskified Ltd. (Class A Stock)\* | 9749 | 49720 |
| &nbsp;&nbsp; Sprout Social, Inc. (Class A Stock)\* | 4050 | 69457 |
| &nbsp;&nbsp; Varonis Systems, Inc.\* | 2223 | 124110 |
| &nbsp;&nbsp; Vertex, Inc. (Class A Stock)\* | 2034 | 67468 |
|  |  | 860738 |
| &nbsp;&nbsp; **Specialized REITs 0.7%** |  |  |
| &nbsp;&nbsp; National Storage Affiliates Trust | 2513 | 74033 |
| &nbsp;&nbsp; **Specialty Retail 2.8%** |  |  |
| &nbsp;&nbsp; Boot Barn Holdings, Inc.\* | 530 | 91107 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialty Retail (cont'd.)** |  |  |
| &nbsp;&nbsp; Five Below, Inc.\* | 736 | $100479 |
| &nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 4826 | 115582 |
|  |  | 307168 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 1.7%** |  |  |
| &nbsp;&nbsp; Kontoor Brands, Inc. | 1689 | 94010 |
| &nbsp;&nbsp; Wolverine World Wide, Inc. | 4185 | 94497 |
|  |  | 188507 |
| &nbsp;&nbsp; **Trading Companies & Distributors 0.5%** |  |  |
| &nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock) | 1066 | 57713 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $8,720,845) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10813901 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.9%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)(wb) | 315898 | 315898 |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<br>(cost $226,433; includes $225,350 of cash collateral for securities on loan)(b)(wb) | 226606 | 226448 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $542,331) |  | 542346 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.3%**<br> (cost $9,263,176) |  | 11356247 |
|  Liabilities in excess of other assets (2.3)% |  | (253427) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $11102820 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $214,712; cash collateral of $225,350 (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.

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
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 July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $177520 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 141487 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 1125676 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 541434 |  |  |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | $209432 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 359482 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 135983 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 550847 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 245124 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 193682 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 58082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 185614 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 82293 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 104379 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 220705 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 158666 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 166034 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 127164 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 418832 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 68672 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 59534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 308765 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 79707 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 74865 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 369836 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 134504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 473534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 143728 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 294646 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 118285 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 110893 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 333450 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 286475 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 311672 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 36956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 264998 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 111674 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 541112 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 860738 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 74033 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 307168 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 188507 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 57713 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 542346 |  |  |
|  **Total** | $**11356247** | **$—** | **$—** |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 10.1 |
|  Software | 7.8 |
|  Commercial Services & Supplies | 5.0 |
|  Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan) | 4.9 |
|  Biotechnology | 4.9 |
|  Semiconductors & Semiconductor Equipment | 4.9 |
|  Machinery | 4.3 |
|  Health Care Providers & Services | 3.8 |
|  Insurance | 3.3 |
|  Capital Markets | 3.2 |
|  Oil, Gas & Consumable Fuels | 3.0 |

---

---

| | |
|:---|:---|
|  Professional Services | 2.8 |
|  Hotels, Restaurants & Leisure | 2.8 |
|  Specialty Retail | 2.8 |
|  Metals & Mining | 2.7 |
|  Pharmaceuticals | 2.6 |
|  Residential REITs | 2.4 |
|  Construction & Engineering | 2.2 |
|  Financial Services | 2.0 |
|  Building Products | 1.9 |
|  Consumer Staples Distribution & Retail | 1.7 |
|  Textiles, Apparel & Luxury Goods | 1.7 |
|  Electric Utilities | 1.7 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Aerospace & Defense | 1.6 |
|  Gas Utilities | 1.5 |
|  Food Products | 1.4 |
|  Marine Transportation | 1.3 |
|  Automobile Components | 1.3 |
|  Chemicals | 1.2 |
|  IT Services | 1.2 |
|  Health Care Equipment & Supplies | 1.1 |
|  Mortgage Real Estate Investment Trusts (REITs) | 1.1 |
|  Retail REITs | 1 |
|  Office REITs | 1 |
|  Energy Equipment & Services | 0.9 |
|  Electronic Equipment, Instruments & Components | 0.7 |

---

---

| | |
|:---|:---|
|  Household Durables | 0.7% |
|  Industrial REITs | 0.7 |
|  Specialized REITs | 0.7 |
|  Health Care Technology | 0.6 |
|  Hotel & Resort REITs | 0.5 |
|  Diversified Telecommunication Services | 0.5 |
|  Trading Companies & Distributors | 0.5 |
|  Real Estate Management & Development | 0.3 |
|  | 102.3 |
|  Liabilities in excess of other assets | (2.3) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
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> **Assets/(Liabilities)** | Collateral<br>Pledged/(Received)(1) | Net<br>Amount |
|  Securities on Loan | $214712 | $(214712) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $214,712: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $8,720,845) | $10813901 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $542,331) | 542346 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 167680 |
| &nbsp;&nbsp; Due from Manager | 2630 |
| &nbsp;&nbsp; Receivable for investments sold | 1580 |
| &nbsp;&nbsp; Dividends receivable | 1229 |
| &nbsp;&nbsp; Prepaid expenses | 71 |
| &nbsp;&nbsp; **Total Assets** | 11529437 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 225350 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 146915 |
| &nbsp;&nbsp; Payable for investments purchased | 20252 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 17263 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 15888 |
| &nbsp;&nbsp; Trustees' fees payable | 800 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 149 |
| &nbsp;&nbsp; **Total Liabilities** | 426617 |
| &nbsp;&nbsp; **Net Assets** | $11102820 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $8889991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2212829 |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $11102820 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($11,102,820 ÷ 822,568 shares of beneficial interest issued and outstanding) | $13.50 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9

------

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $97253 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 15134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $687) | 734 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 113121 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 76046 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 40331 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35212 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 26712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 15273 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 10906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9681 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $753) | 939 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7303 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 224789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (128466) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 96323 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 16798 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $(50)) | 551385 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $15) | (496607) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 54778 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $71576 |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>July 31, | Year Ended<br>July 31, |
|  | 2025 | 2024 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $16798 | $26197 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 551385 | 1123401 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (496607) | 72079 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 71576 | 1221677 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (817907) | (92985) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (447,539 and 389,031 shares, respectively) | 6131280 | 5068393 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (53,388 and 6,986 shares, respectively) | 817907 | 92985 |
| &nbsp;&nbsp; Cost of shares purchased (329,229 and 485,117 shares, respectively) | (4781856) | (6445389) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2167331 | (1284011) |
| &nbsp;&nbsp; Total increase (decrease) | 1421000 | (155319) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 9681820 | 9837139 |
| &nbsp;&nbsp; End of year | $11102820 | $9681820 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11

------

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.88 | $13.29 | $12.28 | $19.43 | $12.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 | 0.04 | 0.05 | 0.02 | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.03)<sup>(b)</sup> | 1.66 | 1.02 | (2.98) | 7.65 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.01) | 1.70 | 1.07 | (2.96) | 7.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.03) | (0.02) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.34) | (0.09) |  | (4.19) | (0.64) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.37) | (0.11) | (0.06) | (4.19) | (0.64) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $13.50 | $14.88 | $13.29 | $12.28 | $19.43 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (1.19)% | 12.91% | 8.77% | (19.13)% | 62.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $11103 | $9682 | $9837 | $29650 | $32765 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $10139 | $9243 | $27601 | $32596 | $28667 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.95% | 1.00 %<sup>(e)</sup> | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.22% | 2.36% | 1.25% | 1.15% | 1.19% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.17% | 0.28% | 0.38% | 0.11% | (0.39)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup> | 61% | 87% | 40% | 49% | 67% |

---

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

(b) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(c) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(e) Includes certain non-recurring expenses of 0.05% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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 Core Conservative Bond Fund

Schedule of Investments

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal 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; **LONG-TERM INVESTMENTS 98.4%** |  |  |  |  |
| &nbsp;&nbsp; **ASSET-BACKED SECURITIES 0.5%** |  |  |  |  |
| &nbsp;&nbsp; **Credit Cards** |  |  |  |  |
| &nbsp;&nbsp; Chase Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2024-A02, Class A | 4.630% | 01/15/31 | 100 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;101404 |
| &nbsp;&nbsp; Citibank Credit Card Issuance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-A07, Class A7 | 3.960 | 10/13/30 | 100 | 99063 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-A02, Class A | 4.490 | 06/21/32 | 100 | 100598 |
| &nbsp;&nbsp; **TOTAL ASSET-BACKED SECURITIES**<br>(cost $306,252) |  |  |  | 301065 |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 4.0%** |  |  |  |  |
| &nbsp;&nbsp; 3650R Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A4 | 2.253 | 11/15/54 | 100 | 87283 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 | 99 | 86123 |
| &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 | 87 | 81410 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A3 | 1.787 | 09/15/53 | 175 | 167236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 100 | 87243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | 1.823 | 02/15/54 | 200 | 171285 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B30, Class A4 | 2.329 | 11/15/54 | 150 | 129696 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C01, Class A4 | 3.119 | 02/17/55 | 150 | 135061 |
| &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 | 75 | 73055 |
| &nbsp;&nbsp; CD Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-CD06, Class A3 | 3.104 | 11/13/50 | 15 | 15021 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | 3.203 | 09/15/50 | 75 | 73023 |
| &nbsp;&nbsp; Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-DC02, Class A5 | 3.765 | 02/10/49 | 25 | 24853 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A4 | 3.210 | 11/15/49 | 37 | 36645 |
| &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 | 9 | 9001 |
| &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 | 89500 |
| &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 | 120544 |
| &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 | 12 | 12118 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP04, Class A3 | 3.393 | 12/15/49 | 125 | 123072 |
| &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 | 113 | 111113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | 2.196(cc) | 06/15/54 | 225 | 197775 |
| &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 | 157230 |
| &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 | 121 | 119174 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C39, Class A3 | 2.878 | 09/15/50 | 100 | 97866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A4 | 2.474 | 02/15/53 | 125 | 114376 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $2,537,736) |  |  |  | 2319703 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS 27.2%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196% | 02/04/26 | 75 | $74010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/01/27 | 20 | 19423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 05/01/26 | 10 | 9881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/35 | 25 | 21104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/01/38 | 30 | 24232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 15 | 14891 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 60 | 57451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.298 | 05/01/29 | 90 | 94968 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 01/15/27 | 50 | 50614 |
| &nbsp;&nbsp; Northrop Grumman Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 06/01/43 | 20 | 18004 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 11/16/28 | 10 | 9930 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 10/15/40 | 20 | 18709 |
|  |  |  |  | 413217 |
| &nbsp;&nbsp; **Agriculture 0.8%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 110 | 97674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 04/02/27 | 95 | 95148 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 08/15/32 | 30 | 30592 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.834 | 02/20/31 | 15 | 15718 |
| &nbsp;&nbsp; JBS USA LUX Sarl/JBS USA Food Co./JBS USA Foods Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 5.950 | 04/20/35 | 25 | 25795 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 02/15/28 | 85 | 86038 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/15/30 | 100 | 102379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/13/31 | 30 | 30634 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;483978 |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 30 | 30200 |
| &nbsp;&nbsp; **Auto Manufacturers 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 11/13/30 | 100 | 91895 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 10/02/43 | 15 | 14884 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 56 | 56571 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 05/08/27 | 20 | 20265 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 07/15/29 | 30 | 30642 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 01/07/29 | 10 | 10307 |
|  |  |  |  | 224564 |
| &nbsp;&nbsp; **Banks 6.6%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 325 | 291426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419(ff) | 12/20/28 | 125 | 122071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.496(ff) | 02/13/31 | 95 | 86727 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.972(ff) | 02/04/33 | 100 | 89495 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.894(ff) | 11/24/32 | 135 | 119631 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Capital One NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650% | 09/13/28 | 15 | $15063 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 90 | 82421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.904(ff) | 11/03/42 | 30 | 21213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.976(ff) | 11/05/30 | 135 | 125992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 205 | 201607 |
| &nbsp;&nbsp; Comerica, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 130 | 133724 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.742(ff) | 01/07/33 | 200 | 180357 |
| &nbsp;&nbsp; Fifth Third Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.339(ff) | 07/27/29 | 10 | 10511 |
| &nbsp;&nbsp; First Horizon Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.514(ff) | 03/07/31 | 25 | 25429 |
| &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 | 115 | 99689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.223(ff) | 05/01/29 | 200 | 198560 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.016(ff) | 10/23/35 | 10 | 9849 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.013(ff) | 09/22/28 | 105 | 99488 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.709(ff) | 02/02/35 | 25 | 25564 |
| &nbsp;&nbsp; Huntington National Bank (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.650 | 01/10/30 | 20 | 20726 |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.953(ff) | 02/04/32 | 20 | 17349 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 170 | 155318 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 75 | 66938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 25 | 23280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.509(ff) | 01/23/29 | 210 | 205409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.882(ff) | 07/24/38 | 80 | 70297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 44 | 43951 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.946(ff) | 10/22/35 | 25 | 24710 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.766(ff) | 04/22/35 | 10 | 10489 |
| &nbsp;&nbsp; KeyCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.401(ff) | 03/06/35 | 15 | 16028 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.123(ff) | 02/01/29 | 95 | 96415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.587(ff) | 01/18/36 | 15 | 15400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 65 | 56335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.794(ff) | 02/13/32 | 150 | 128328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 195 | 167103 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.615(ff) | 10/20/27 | 30 | 30711 |
| &nbsp;&nbsp; Truist Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.435(ff) | 01/24/30 | 35 | 35981 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.867(ff) | 06/08/34 | 15 | 15668 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 04/17/26 | 100 | 99933 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 10/23/26 | 55 | 54075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.389(ff) | 04/24/34 | 70 | 71598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.572(ff) | 02/11/31 | 70 | 64209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.879(ff) | 10/30/30 | 235 | 219532 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.350(ff) | 03/02/33 | 50 | 45770 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.707(ff) | 04/22/28 | 95 | 96846 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3791216 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Beverages 0.4%** |  |  |  |  |
| &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 | 185 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;178559 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 12/06/26 | 5 | 4947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 08/01/31 | 45 | 38995 |
|  |  |  |  | 222501 |
| &nbsp;&nbsp; **Biotechnology 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 03/02/30 | 115 | 118209 |
| &nbsp;&nbsp; **Building Materials 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Martin Marietta Materials, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 12/01/34 | 45 | 45108 |
| &nbsp;&nbsp; Owens Corning, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.950 | 08/15/29 | 50 | 48846 |
| &nbsp;&nbsp; Vulcan Materials Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 06/15/47 | 5 | 4206 |
|  |  |  |  | 98160 |
| &nbsp;&nbsp; **Chemicals 0.6%** |  |  |  |  |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.725 | 11/15/28 | 90 | 91061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.319 | 11/15/38 | 3 | 3076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.419 | 11/15/48 | 5 | 4994 |
| &nbsp;&nbsp; FMC Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 10/01/49 | 10 | 7497 |
| &nbsp;&nbsp; LYB International Finance III LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.375 | 10/01/40 | 5 | 3626 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 60 | 60602 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 06/21/27 | 140 | 141460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 01/15/45 | 10 | 9262 |
|  |  |  |  | 321578 |
| &nbsp;&nbsp; **Commercial Services 0.3%** |  |  |  |  |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 09/01/2119 | 15 | 9394 |
| &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 | 15 | 10017 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.150 | 07/15/46 | 9 | 6407 |
| &nbsp;&nbsp; Quanta Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 08/09/27 | 20 | 20130 |
| &nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/27/35 | 70 | 71376 |
| &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 | 3154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.396 | 10/01/50 | 15 | 8677 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.976 | 10/01/53 | 7 | 6389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.841 | 10/01/47 | 10 | 7825 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Washington University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | 3.524% | 04/15/54 | 25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17847 |
| &nbsp;&nbsp; Yale University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.402 | 04/15/50 | 45 | 26630 |
|  |  |  |  | 187846 |
| &nbsp;&nbsp; **Computers 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Accenture Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.250 | 10/04/31 | 65 | 63995 |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.750 | 04/10/26 | 35 | 34189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/04/29 | 25 | 25807 |
| &nbsp;&nbsp; Teledyne FLIR LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 08/01/30 | 55 | 49724 |
|  |  |  |  | 173715 |
| &nbsp;&nbsp; **Diversified Financial Services 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 10/15/32 | 55 | 46672 |
| &nbsp;&nbsp; Nomura Holdings, Inc. (Japan), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.904 | 07/01/30 | 200 | 200051 |
| &nbsp;&nbsp; Private Export Funding Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Gov't. Gtd. Notes, Series PP | 1.400 | 07/15/28 | 45 | 41440 |
|  |  |  |  | 288163 |
| &nbsp;&nbsp; **Electric 2.7%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 2.100 | 07/01/30 | 65 | 57727 |
| &nbsp;&nbsp; AEP Transmission Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 06/15/35 | 15 | 15247 |
| &nbsp;&nbsp; Alabama Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 12/01/42 | 10 | 8009 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.150 | 03/15/46 | 35 | 28500 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 12/15/31 | 35 | 29984 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 05/15/46 | 15 | 11146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 12/15/32 | 30 | 32260 |
| &nbsp;&nbsp; Atlantic City Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.300 | 03/15/31 | 10 | 8876 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.600 | 08/15/43 | 45 | 39395 |
| &nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.450 | 02/01/41 | 20 | 19808 |
| &nbsp;&nbsp; DTE Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.200 | 04/01/33 | 55 | 56441 |
| &nbsp;&nbsp; DTE Energy Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 07/01/27 | 35 | 35326 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 12/15/41 | 15 | 12815 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.875 | 11/15/33 | 90 | 95320 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.350 | 09/15/37 | 31 | 33722 |
| &nbsp;&nbsp; Entergy Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 1.750 | 03/15/31 | 30 | 25769 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; FirstEnergy Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 3.900% | 07/15/27 | 155 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;153097 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.800 | 12/15/42 | 30 | 24531 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.150 | 06/15/29 | 65 | 66881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 02/01/41 | 25 | 24625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.800 | 03/15/65 | 10 | 10125 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 7 | 6865 |
| &nbsp;&nbsp; Nevada Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series N | 6.650 | 04/01/36 | 30 | 32846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series R | 6.750 | 07/01/37 | 10 | 11086 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 | 50 | 35771 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 | 105 | 88745 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 | 25 | 22796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125 | 01/15/49 | 70 | 53135 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 06/15/35 | 45 | 44612 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.350 | 07/15/38 | 15 | 15841 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125 | 06/15/44 | 50 | 41792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.850 | 02/15/34 | 5 | 4974 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.250 | 05/15/39 | 20 | 21844 |
| &nbsp;&nbsp; Public Service Co. of New Hampshire, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.400 | 07/01/28 | 50 | 50137 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 10/01/33 | 60 | 61959 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, MTN | 3.950 | 05/01/42 | 10 | 8221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, MTN | 4.650 | 03/15/33 | 35 | 34694 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 11/15/31 | 30 | 26243 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.100 | 06/15/30 | 45 | 43328 |
| &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 | 3705 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/01/48 | 15 | 11126 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 04/01/47 | 25 | 18198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.650 | 10/01/43 | 50 | 41247 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 08/15/34 | 8 | 8009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 6.000 | 05/15/37 | 20 | 21093 |
| &nbsp;&nbsp; Wisconsin Public Service Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 12/01/29 | 60 | 60451 |
|  |  |  |  | 1558322 |
| &nbsp;&nbsp; **Electronics 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Amphenol Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 02/15/30 | 25 | 23381 |
| &nbsp;&nbsp; **Entertainment 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Warnermedia Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.141 | 03/15/52 | 3 | 1856 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity<br>Date** | **Principal Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Foods 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Kraft Heinz Foods Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375% | 06/01/46 | 10 | $7947 |
| &nbsp;&nbsp; Mondelez International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 04/13/30 | 10 | 9245 |
| &nbsp;&nbsp; Tyson Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 06/02/27 | 10 | 9825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 03/01/29 | 15 | 14883 |
|  |  |  |  | 41900 |
| &nbsp;&nbsp; **Gas 0.5%** |  |  |  |  |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 02/15/43 | 15 | 14030 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.050 | 09/01/34 | 25 | 25020 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 04/15/27 | 255 | 249052 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;288102 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Agilent Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 03/12/31 | 20 | 17674 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 10/15/41 | 10 | 7175 |
|  |  |  |  | 24849 |
| &nbsp;&nbsp; **Healthcare-Services 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.387 | 10/15/49 | 15 | 10548 |
| &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 | 6124 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B | 2.532 | 11/15/29 | 15 | 13901 |
| &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 | 26230 |
| &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 | 5737 |
| &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 | 8142 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 10/15/28 | 55 | 54825 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 12/15/48 | 15 | 12966 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.205 | 12/01/31 | 50 | 51013 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 12/01/27 | 40 | 39357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/42 | 60 | 52223 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.150 | 06/15/29 | 25 | 25507 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 | 50 | 35690 |
| &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 | 28209 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.955 | 01/01/50 | 10 | 6451 |
| &nbsp;&nbsp; Methodist Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | 2.705 | 12/01/50 | 25 | 15072 |
| &nbsp;&nbsp; Mount Sinai Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2019 | 3.737 | 07/01/49 | 10 | 6854 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; New York & Presbyterian Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.024% | 08/01/45 | 45 | $36498 |
| &nbsp;&nbsp; NYU Langone Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.368 | 07/01/47 | 15 | 12735 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.297 | 11/15/31 | 30 | 26397 |
| &nbsp;&nbsp; Orlando Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.475 | 10/01/35 | 75 | 77073 |
| &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 | 4947 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | 2.719 | 01/01/42 | 15 | 10373 |
| &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 | 9216 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746 | 10/01/26 | 30 | 29383 |
| &nbsp;&nbsp; Sentara Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.927 | 11/01/51 | 15 | 9238 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.027 | 08/15/51 | 30 | 19405 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 3.795 | 11/15/48 | 15 | 11414 |
| &nbsp;&nbsp; Sutter Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 4.091 | 08/15/48 | 15 | 11847 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 05/15/40 | 30 | 21427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 05/15/41 | 35 | 25528 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/15/39 | 25 | 19977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 | 120 | 116243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 01/15/30 | 90 | 90898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/15/63 | 5 | 4375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 06/15/35 | 10 | 10112 |
| &nbsp;&nbsp; UPMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.035 | 05/15/33 | 25 | 25033 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;970968 |
| &nbsp;&nbsp; **Home Builders 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Toll Brothers Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/15/27 | 135 | 135293 |
| &nbsp;&nbsp; **Insurance 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.011 | 12/15/26 | 260 | 258296 |
| &nbsp;&nbsp; Arch Capital Group US, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.144 | 11/01/43 | 20 | 18467 |
| &nbsp;&nbsp; Brown & Brown, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 06/23/32 | 10 | 10123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 06/23/35 | 10 | 10110 |
| &nbsp;&nbsp; Chubb Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 05/11/37 | 15 | 16100 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/29 | 25 | 24403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/15/34 | 5 | 4962 |
| &nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 04/05/32 | 75 | 70461 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 | 60 | 40708 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 04/17/28 | 65 | 65329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 03/22/54 | 55 | 55435 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Lincoln National Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050% | 01/15/30 | 5 | $4675 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 01/15/31 | 80 | 74128 |
| &nbsp;&nbsp; Loews Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.200 | 05/15/30 | 15 | 14168 |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300 | 11/01/47 | 15 | 11948 |
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 06/15/29 | 130 | 127205 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 08/15/42 | 20 | 19400 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825918 |
| &nbsp;&nbsp; **Iron/Steel 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Nucor Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 06/01/30 | 15 | 13799 |
| &nbsp;&nbsp; **Lodging 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 04/15/37 | 70 | 69912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 30 | 29623 |
|  |  |  |  | 99535 |
| &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 | 8731 |
| &nbsp;&nbsp; IDEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 09/01/29 | 45 | 45500 |
| &nbsp;&nbsp; Westinghouse Air Brake Technologies Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.450 | 11/15/26 | 75 | 73938 |
|  |  |  |  | 128169 |
| &nbsp;&nbsp; **Media 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 35 | 34029 |
| &nbsp;&nbsp; Discovery Communications LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.125 | 05/15/29 | 6 | 5589 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 7.300 | 07/01/38 | 20 | 21600 |
|  |  |  |  | 61218 |
| &nbsp;&nbsp; **Mining 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/30/41 | 65 | 64914 |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 02/21/30 | 40 | 40892 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 02/21/32 | 10 | 10219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/08/33 | 90 | 92010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 02/21/35 | 25 | 25460 |
| &nbsp;&nbsp; Freeport-McMoRan, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.125 | 03/01/28 | 20 | 19694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.375 | 08/01/28 | 50 | 49515 |
| &nbsp;&nbsp; Kinross Gold Corp. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/15/27 | 60 | 59898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 07/15/33 | 50 | 53405 |
| &nbsp;&nbsp; Newmont Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.800 | 10/01/29 | 70 | 65908 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Mining (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Newmont Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.450% | 06/09/44 | 25 | $24338 |
| &nbsp;&nbsp; Newmont Corp./Newcrest Finance Pty Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.350 | 03/15/34 | 75 | 76723 |
|  |  |  |  | 582976 |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Carlisle Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 03/01/32 | 50 | 42253 |
| &nbsp;&nbsp; Pentair Finance Sarl, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/29 | 100 | 99518 |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 03/15/31 | 65 | 57638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 06/01/30 | 25 | 23177 |
|  |  |  |  | 222586 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.276 | 12/01/28 | 30 | 28650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 25 | 25158 |
|  |  |  |  | 53808 |
| &nbsp;&nbsp; **Oil & Gas 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 06/01/27 | 50 | 49379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.000 | 12/15/29 | 85 | 85653 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 01/15/32 | 90 | 77738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 15 | 10129 |
| &nbsp;&nbsp; ConocoPhillips Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 01/15/30 | 25 | 25284 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 04/18/34 | 20 | 20064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 80 | 85083 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 04/06/50 | 20 | 15039 |
| &nbsp;&nbsp; Occidental Petroleum Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 09/01/30 | 5 | 5277 |
| &nbsp;&nbsp; Pioneer Natural Resources Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.900 | 08/15/30 | 20 | 17712 |
|  |  |  |  | 391358 |
| &nbsp;&nbsp; **Packaging & Containers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Berry Global, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 1.570 | 01/15/26 | 25 | 24613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.500 | 04/15/28 | 35 | 35826 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60439 |
| &nbsp;&nbsp; **Pharmaceuticals 0.9%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 11/21/39 | 75 | 65386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 45 | 40149 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 02/28/31 | 60 | 51245 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 03/25/38 | 45 | 41211 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pharmaceuticals (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; CVS Health Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125% | 07/20/45 | 15 | $13177 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 08/14/34 | 85 | 83754 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 43 | 42662 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 06/22/27 | 160 | 152261 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 60 | 44017 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;533862 |
| &nbsp;&nbsp; **Pipelines 1.9%** |  |  |  |  |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 07/15/26 | 55 | 54691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 04/15/27 | 85 | 84474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 01/15/26 | 40 | 39994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 12/15/45 | 70 | 68872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.550 | 12/01/33 | 20 | 21585 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 10/15/36 | 10 | 10721 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 08/15/30 | 175 | 158535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 30 | 26460 |
| &nbsp;&nbsp; Northwest Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 04/01/27 | 25 | 24773 |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400 | 09/01/29 | 75 | 71445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050 | 09/01/33 | 105 | 110172 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 02/01/33 | 35 | 32736 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 09/15/30 | 15 | 15076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 04/15/52 | 5 | 4149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 08/15/35 | 30 | 30048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 25 | 26274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.150 | 03/01/29 | 90 | 94232 |
| &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 | 100 | 94061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 10 | 8358 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 06/15/27 | 50 | 49298 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 11/15/29 | 55 | 55430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 09/15/45 | 10 | 9019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 11/15/43 | 20 | 19700 |
|  |  |  |  | 1110103 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.8%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 03/15/52 | 30 | 20286 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 07/01/30 | 60 | 59804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 04/15/49 | 10 | 8415 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.900 | 01/15/30 | 20 | 18585 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/28 | 155 | 146146 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 08/16/31 | 45 | 39358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 | 25 | 24749 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 06/15/26 | 50 | 49818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 02/15/35 | 5 | 5131 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.900% | 12/01/33 | 30 | $24855 |
| &nbsp;&nbsp; CubeSmart LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.250 | 12/15/28 | 20 | 18578 |
| &nbsp;&nbsp; Essex Portfolio LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.700 | 03/01/28 | 15 | 13969 |
| &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 | 8849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 06/01/28 | 35 | 35747 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 01/15/30 | 20 | 18724 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 07/01/34 | 10 | 10046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | 2.900 | 12/15/31 | 15 | 13106 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 04/15/32 | 125 | 118717 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.900 | 03/01/28 | 60 | 56466 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 04/01/32 | 45 | 40841 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/15/32 | 40 | 35272 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 12/15/29 | 85 | 80388 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 01/15/28 | 20 | 19556 |
| &nbsp;&nbsp; Simon Property Group LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 09/13/29 | 20 | 18562 |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 04/01/28 | 15 | 15087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 02/15/30 | 10 | 10048 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 | 10 | 9756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/30 | 75 | 74820 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 02/01/31 | 35 | 30843 |
|  |  |  |  | 1026522 |
| &nbsp;&nbsp; **Retail 0.3%** |  |  |  |  |
| &nbsp;&nbsp; AutoZone, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 11/01/28 | 60 | 63274 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 | 15 | 14799 |
| &nbsp;&nbsp; Genuine Parts Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 08/15/29 | 65 | 65747 |
| &nbsp;&nbsp; Lowe's Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 05/03/27 | 20 | 19563 |
| &nbsp;&nbsp; O'Reilly Automotive, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 03/15/31 | 15 | 12827 |
|  |  |  |  | 176210 |
| &nbsp;&nbsp; **Semiconductors 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 3.500 | 02/15/41 | 10 | 7907 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 02/15/28 | 40 | 39775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 07/12/27 | 20 | 20241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/15/30 | 40 | 40847 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.419 | 04/15/33 | 87 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;78714 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Semiconductors (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 3.469% | 04/15/34 | 60 | $53335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 04/15/29 | 75 | 73828 |
|  |  |  |  | 314647 |
| &nbsp;&nbsp; **Software 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Intuit, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.350 | 07/15/27 | 5 | 4740 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 04/01/27 | 90 | 87557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 04/01/50 | 5 | 3436 |
| &nbsp;&nbsp; ServiceNow, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.400 | 09/01/30 | 25 | 21600 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 04/01/27 | 10 | 9842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 04/01/29 | 25 | 24363 |
|  |  |  |  | 151538 |
| &nbsp;&nbsp; **Telecommunications 0.9%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.550 | 12/01/33 | 40 | 33361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/41 | 110 | 85999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 | 55 | 36884 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 02/23/28 | 25 | 25099 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/15/34 | 35 | 35684 |
| &nbsp;&nbsp; Rogers Communications, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 03/15/42 | 10 | 8552 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes(a) | 5.300 | 02/15/34 | 55 | 55053 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 | 30 | 21915 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 90 | 87297 |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.355 | 03/15/32 | 90 | 77375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 5.401 | 07/02/37 | 44 | 43915 |
|  |  |  |  | 511134 |
| &nbsp;&nbsp; **Transportation 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CSX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 03/15/44 | 10 | 8235 |
| &nbsp;&nbsp; Norfolk Southern Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 03/15/64 | 15 | 15280 |
| &nbsp;&nbsp; Union Pacific Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 04/15/27 | 15 | 14677 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 09/15/37 | 10 | 8616 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46808 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $16,089,828) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15708648 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.8%** |  |  |  |  |
| &nbsp;&nbsp; **Arizona 0.1%** |  |  |  |  |
| &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 | 33368 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **California 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263% | 04/01/49 | 35 | $36530 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | 4.563 | 05/15/53 | 15 | 12347 |
| &nbsp;&nbsp; State of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.550 | 04/01/39 | 30 | 35680 |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | 4.767 | 05/15/2115 | 30 | 24335 |
|  |  |  |  | 108892 |
| &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 | 22 | 21897 |
| &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 | 12310 |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165 | 08/15/2122 | 15 | 10840 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Sustainability Bond, Series B | 3.504 | 04/01/52 | 15 | 10862 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34012 |
| &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 | 45 | 53267 |
| &nbsp;&nbsp; **New York 0.2%** |  |  |  |  |
| &nbsp;&nbsp; City of New York, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, General Obligation Unlimited, Series D-1 | 5.114 | 10/01/54 | 15 | 13740 |
| &nbsp;&nbsp; New York State Dormitory Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series B | 5.228 | 07/01/35 | 105 | 106743 |
| &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 | 12444 |
|  |  |  |  | 132927 |
| &nbsp;&nbsp; **Ohio 0.1%** |  |  |  |  |
| &nbsp;&nbsp; JobsOhio Beverage System, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 2.833 | 01/01/38 | 5 | 4044 |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 15 | 12365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 | 10 | 9660 |
|  |  |  |  | 26069 |
| &nbsp;&nbsp; **Virginia 0.0%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.584 | 11/01/51 | 40 | 23880 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $504,177) |  |  |  | 434312 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 2.1%** |  |  |  |  |
| &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 | 196938 |
| &nbsp;&nbsp; Israel Government International Bond (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | 5.375 | 02/19/30 | 200 | 204000 |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 07/02/32 | 200 | 201244 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **SOVEREIGN BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000% | 05/13/30 | 200 | $206650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.750 | 03/08/44 | 26 | 20540 |
| &nbsp;&nbsp; Peruvian Government International Bond (Peru), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.862 | 12/01/32 | 50 | 40081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.783 | 01/23/31 | 32 | 28752 |
| &nbsp;&nbsp; Philippine Government International Bond (Philippines), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/04/35 | 200 | 208600 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series PD | 7.500 | 09/15/29 | 25 | 28006 |
| &nbsp;&nbsp; Republic of Poland Government International Bond (Poland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 5.500 | 03/18/54 | 40 | 37350 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $1,165,894) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1172161 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 27.1%** |  |  |  |  |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.480 | 11/26/32 | 30 | 24205 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.350 | 03/10/36 | 30 | 23307 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.250 | 07/23/30 | 60 | 51799 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.090 | 02/22/36 | 30 | 22780 |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250 | 09/10/32 | 20 | 19809 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 09/01/36 | 46 | 40962 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 01/01/37 | 23 | 19965 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 10/01/50 | 181 | 134227 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 01/01/32 | 17 | 16204 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 340 | 267538 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 400 | 314427 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 266 | 221404 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 11/01/51 | 324 | 266579 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 13 | 12729 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 13 | 12833 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 6 | 5795 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/37 | 9 | 8020 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/42 | 62 | 55847 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/46 | 19 | 16492 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 121 | 106597 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/47 | 83 | 73193 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/47 | 46 | 40560 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 10 | 9494 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 16 | 15039 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/46 | 20 | 18559 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 28 | 25257 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 35 | 31784 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/48 | 99 | 89617 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 05/01/52 | 236 | 211008 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/45 | 18 | 16963 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 36 | 33594 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 03/01/47 | 16 | 14974 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/48 | 24 | 22325 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 06/01/52 | 272 | 251166 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 37 | 35964 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 12/01/48 | 9 | 8556 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/53 | 491 | 478395 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 10/01/54 | 308 | 299644 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/54 | 527 | 524412 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.000 | 01/01/53 | 215 | 218862 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.750 | 03/15/31 | 25 | 28317 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp., MTN | 1.220 | 08/19/30 | 25 | 21498 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.500 | 11/07/25 | 30 | 29688 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.875 | 08/05/30 | 10 | 8604 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 191 | 141789 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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% | 11/01/50 | 193 | $143711 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/36 | 387 | 352447 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 07/01/40 | 138 | 118664 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/41 | 325 | 277948 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 336 | 285670 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 09/01/50 | 255 | 201735 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 136 | 108042 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 243 | 191169 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 111 | 87496 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 136 | 106807 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/51 | 95 | 74519 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | TBA | 250 | 204904 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/28 | 21 | 20414 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/35 | 42 | 38789 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 25 | 21546 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 26 | 21936 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 44 | 37220 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 140 | 115940 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 175 | 145136 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 457 | 376307 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 332 | 273802 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 194 | 160088 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/51 | 84 | 69490 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 359 | 295215 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/28 | 15 | 14683 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/30 | 38 | 37163 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/36 | 19 | 17482 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 11 | 10066 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/42 | 72 | 64775 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 140 | 125004 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 37 | 32813 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 109 | 97030 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 125 | 109707 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/47 | 85 | 74065 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 236 | 204212 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/50 | 89 | 77162 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | TBA | 500 | 445989 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/31 | 17 | 16861 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/32 | 7 | 7204 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/33 | 11 | 10436 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/42 | 50 | 46364 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/42 | 53 | 49545 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 144 | 134016 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 36 | 33282 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/43 | 47 | 43728 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/45 | 80 | 73990 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 15 | 13804 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 159 | 144932 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/47 | 33 | 30013 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/47 | 48 | 44266 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 91 | 87395 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/41 | 47 | 44933 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/47 | 46 | 43078 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/48 | 83 | 78008 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 159 | 149394 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 180 | 166457 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.336(s) | 03/17/31 | 50 | 39040 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 03/01/41 | 44 | 43202 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/44 | 41 | 39498 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 44 | 42670 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/48 | 24 | 22875 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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. | 4.500% | 05/01/48 | 7 | $7166 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/48 | 9 | 8836 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/49 | 7 | 7228 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 90 | 85419 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 09/01/52 | 468 | 444754 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/35 | 54 | 54605 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 04/01/40 | 123 | 123289 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/40 | 10 | 9963 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/42 | 23 | 23448 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 10/01/54 | 261 | 253734 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 294 | 294412 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/53 | 226 | 225778 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 08/01/53 | 68 | 68953 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.625 | 11/15/30 | 40 | 44827 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 421 | 340171 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/43 | 6 | 4956 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 10 | 8573 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 05/20/51 | 413 | 347732 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 10/20/51 | 72 | 60640 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/43 | 52 | 46434 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 04/20/45 | 20 | 18176 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 36 | 32094 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/46 | 37 | 32664 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/49 | 43 | 37722 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/51 | 71 | 62534 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 08/20/51 | 182 | 159294 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/42 | 103 | 95580 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/44 | 28 | 26148 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/45 | 15 | 13783 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 65 | 59383 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 08/20/46 | 100 | 91659 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 09/20/46 | 15 | 14079 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/47 | 42 | 38272 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 28 | 25175 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/49 | 196 | 177404 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/50 | 76 | 68989 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/45 | 45 | 42188 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/46 | 3 | 2437 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/47 | 21 | 19505 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/47 | 26 | 24371 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/47 | 323 | 301574 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/49 | 11 | 9922 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 132 | 122286 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 04/20/41 | 9 | 8829 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/44 | 24 | 23501 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/44 | 22 | 21133 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/46 | 11 | 10840 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/47 | 4 | 3412 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 233 | 222996 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 17 | 16824 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 12/15/33 | 6 | 5898 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 05/20/53 | 1 | 1006 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 08/20/54 | 30 | 29970 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/20/54 | 398 | 396779 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/54 | 107 | 108989 |
| &nbsp;&nbsp; Israel Government AID Bond, U.S. Gov't. Gtd. Notes, Series 30Y | 5.500 | 09/18/33 | 55 | 58566 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.250 | 02/01/55 | 60 | 58110 |
| &nbsp;&nbsp; Tennessee Valley Authority Generic Strips, Bonds | 4.724(s) | 07/15/34 | 5 | 3213 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS**<br> (cost $17,063,807) |  |  |  | 15641141 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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 36.7%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 1.750% | 08/15/41 | 365 | $240198 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 11/15/41 | 525 | 357984 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.250 | 08/15/49 | 2070 | 1280489 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 02/15/42 | 50 | 36000 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 05/15/51 | 195 | 121814 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 11/15/44 | 1060 | 806594 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 08/15/43 | 720 | 612225 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/52 | 985 | 848793 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 11/15/54 | 25 | 23453 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/54 | 868 | 830703 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 02/15/55 | 16 | 15328 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/53 | 797 | 777947 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 05/15/55 | 5 | 4890 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 5.000 | 05/15/45 | 15 | 15218 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.500 | 10/31/27 | 1390 | 1288682 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.250 | 11/30/26 | 1730 | 1667220 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.500 | 11/30/28 | 1906 | 1764076 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 07/31/27 | 495 | 483688 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 08/15/32 | 340 | 311153 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.875 | 05/15/28 | 2040 | 1985813 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.125 | 08/31/29 | 820 | 795528 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 06/30/30 | 6 | 5979 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 08/15/33 | 1225 | 1195523 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 08/15/34 | 783 | 757456 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/15/27 | 1005 | 1004215 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 06/30/32 | 70 | 69431 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/27 | 150 | 150656 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 02/28/31 | 1445 | 1462046 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 05/15/35 | 128 | 126880 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.375 | 07/15/27 | 1040 | 1048166 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.625 | 10/15/26 | 159 | 159517 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.625 | 09/30/30 | 680 | 700347 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 1.394(s) | 11/15/41 | 20 | 8844 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.271(s) | 08/15/39 | 185 | 93486 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.277(s) | 08/15/41 | 35 | 15722 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.621(s) | 05/15/44 | 295 | 112830 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.498(s) | 08/15/42 | 10 | 4225 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $21,453,402) |  |  |  | 21183119 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $59,121,096) |  |  |  | 56760149 |
|  |  |  | **Shares** |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.4%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.492%)(wb) |  |  | 1348217 | 1348217 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<br>(cost $54,458; includes $54,340 of cash collateral for securities on<br>loan)(b)(wb) |  |  | 54496 | 54458 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<br>(cost $54,458; includes $54,340 of cash collateral for securities on<br>loan)(b)(wb) |  |  | 54496 | 54458 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $1,402,675) |  |  |  | 1402675 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.8%**<br> (cost $60,523,771) |  |  |  | 58162824 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.8)% |  |  |  | (466579) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57696245 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

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

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $53,236; cash collateral of $54,340 (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.

(cc) Variable rate instrument. The rate shown is based on the latest available information as of July 31, 2025. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(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.

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
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 July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Asset-Backed Securities |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Cards | $— | $301065 | $— |
|  Commercial Mortgage-Backed Securities |  | 2319703 |  |
|  Corporate Bonds |  | 15708648 |  |
|  Municipal Bonds |  | 434312 |  |
|  Sovereign Bonds |  | 1172161 |  |
|  U.S. Government Agency Obligations |  | 15641141 |  |
|  U.S. Treasury Obligations |  | 21183119 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 1402675 |  |  |
|  **Total** | $1402675 | $56760149 | $— |

---

#### Industry Classification:
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 36.7 |
|  U.S. Government Agency Obligations | 27.1 |
|  Banks | 6.6 |
|  Commercial Mortgage-Backed Securities | 4 |
|  Electric | 2.7 |
|  Affiliated Mutual Funds (0.1% represents investments purchased with collateral from securities on loan) | 2.4 |
|  Sovereign Bonds | 2.1 |
|  Pipelines | 1.9 |
|  Real Estate Investment Trusts (REITs) | 1.8 |
|  Healthcare-Services | 1.7 |
|  Insurance | 1.4 |
|  Mining | 1 |
|  Pharmaceuticals | 0.9 |
|  Telecommunications | 0.9 |
|  Agriculture | 0.8 |
|  Municipal Bonds | 0.8 |
|  Aerospace & Defense | 0.7 |
|  Oil & Gas | 0.7 |
|  Chemicals | 0.6 |
|  Semiconductors | 0.5 |
|  Credit Cards | 0.5 |
|  Diversified Financial Services | 0.5 |
|  Gas | 0.5 |

---

---

| | |
|:---|:---|
|  Auto Manufacturers | 0.4% |
|  Miscellaneous Manufacturing | 0.4 |
|  Beverages | 0.4 |
|  Commercial Services | 0.3 |
|  Retail | 0.3 |
|  Computers | 0.3 |
|  Software | 0.3 |
|  Home Builders | 0.2 |
|  Machinery-Diversified | 0.2 |
|  Biotechnology | 0.2 |
|  Lodging | 0.2 |
|  Building Materials | 0.2 |
|  Media | 0.1 |
|  Packaging & Containers | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Transportation | 0.1 |
|  Foods | 0.1 |
|  Airlines | 0.1 |
|  Healthcare-Products | 0.0 \* |
|  Electronics | 0.0 \* |
|  Iron/Steel | 0.0 \* |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Industry Classification (continued):

---

| | |
|:---|:---|
|  Entertainment | 0.0 |
|  | 100.8 |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0% |

---

\* Less than 0.05% 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
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> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $53236 | $(53236) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $53,236: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $59,121,096) | $56760149 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,402,675) | 1402675 |
| &nbsp;&nbsp; Receivable for investments sold | 546583 |
| &nbsp;&nbsp; Dividends and interest receivable | 441830 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 280426 |
| &nbsp;&nbsp; Due from Manager | 9724 |
| &nbsp;&nbsp; Prepaid expenses | 72 |
| &nbsp;&nbsp; **Total Assets** | 59441459 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1637884 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 54340 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 34483 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 17535 |
| &nbsp;&nbsp; Trustees' fees payable | 854 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 118 |
| &nbsp;&nbsp; **Total Liabilities** | 1745214 |
| &nbsp;&nbsp; **Net Assets** | $57696245 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $66375199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (8678954) |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $57696245 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($57,696,245 ÷ 6,720,152 shares of beneficial interest issued and outstanding) | $8.59 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $2128548 |
| &nbsp;&nbsp; Affiliated dividend income | 61196 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 471 |
| &nbsp;&nbsp; **Total income** | 2190215 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 99230 |
| &nbsp;&nbsp; Audit fee | 61827 |
| &nbsp;&nbsp; Custodian and accounting fees | 43111 |
| &nbsp;&nbsp; Professional fees | 40391 |
| &nbsp;&nbsp; Shareholders' reports | 19239 |
| &nbsp;&nbsp; Trustees' fees | 10314 |
| &nbsp;&nbsp; Fund data services | 9133 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $716) | 940 |
| &nbsp;&nbsp; Registration fees | 637 |
| &nbsp;&nbsp; Miscellaneous | 14021 |
| &nbsp;&nbsp; **Total expenses** | 298843 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (199613) |
| &nbsp;&nbsp; **Net expenses** | 99230 |
| &nbsp;&nbsp; Net investment income (loss) | 2090985 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $5) | (431735) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 169680 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (262055) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1828930 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**July 31,** | **Year Ended**<br>**July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2090985 | $1575206 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (431735) | (1652108) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 169680 | 2528717 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1828930 | 2451815 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (2175434) | (1682128) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (3,277,744 and 1,858,336 shares, respectively) | 28136435 | 15541376 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (252,443 and 199,009 shares, respectively) | 2175434 | 1682128 |
| &nbsp;&nbsp; Cost of shares purchased (1,605,748 and 2,467,442 shares, respectively) | (13805872) | (20985845) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 16505997 | (3762341) |
| &nbsp;&nbsp; Total increase (decrease) | 16159493 | (2992654) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 41536752 | 44529406 |
| &nbsp;&nbsp; End of year | $57696245 | $41536752 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.66 | $8.55 | $9.15 | $10.39 | $10.81 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 0.29 | 0.23 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | (0.05) | 0.13 | (0.57) | (1.16) | (0.25) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.29 | 0.42 | (0.34) | (1.01) | (0.12) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.36) | (0.31) | (0.26) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.36) | (0.31) | (0.26) | (0.23) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.59 | $8.66 | $8.55 | $9.15 | $10.39 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.38% | 5.07% | (3.66)% | (9.79)% | (1.07)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $57696 | $41537 | $44529 | $51685 | $62780 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $52227 | $45717 | $49258 | $58320 | $62768 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19% | 0.49 %<sup>(e)</sup> | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.57% | 0.68% | 0.63% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.00% | 3.45% | 2.66% | 1.49% | 1.28% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)(g)</sup> | 128% | 155% | 191% | 171% | 194% |

---

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

(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 year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(e) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

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

(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 TIPS Fund

Schedule of Investments

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal 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; **LONG-TERM INVESTMENTS 98.7%** |  |  |  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125% | 07/15/26 | 20 | $19961 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 04/15/27 | 2061 | 2017789 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/30 | 6703 | 6334668 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/31 | 2050 | 1901154 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/32 | 2801 | 2539140 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 02/15/51 | 580 | 310609 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.250 | 07/15/29 | 270 | 259771 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.250 | 02/15/50 | 1132 | 645755 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.500 | 01/15/28 | 5154 | 5056865 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.625 | 07/15/32 | 636 | 593119 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.625 | 02/15/43 | 1447 | 1067949 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 07/15/28 | 352 | 347928 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 02/15/42 | 1536 | 1185305 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 02/15/45 | 696 | 503537 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.875 | 01/15/29 | 4259 | 4194208 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.875 | 02/15/47 | 193 | 138337 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/46 | 909 | 681676 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/48 | 541 | 393175 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/49 | 575 | 411440 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.125 | 01/15/33 | 3675 | 3506986 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.250 | 04/15/28 | 1581 | 1577220 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.375 | 07/15/33 | 2371 | 2298176 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.375 | 02/15/44 | 848 | 707028 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.500 | 02/15/53 | 2147 | 1671055 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.625 | 04/15/30 | 2282 | 2298754 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.750 | 01/15/28 | 1381 | 1396452 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.750 | 01/15/34 | 3425 | 3387769 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.875 | 07/15/34 | 1419 | 1417131 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.875 | 07/15/35 | 561 | 555689 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 04/15/29 | 426 | 437432 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 01/15/35 | 3606 | 3652996 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/40 | 37 | 36554 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/41 | 360 | 349994 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/54 | 68 | 61185 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.375 | 01/15/27 | 5651 | 5737252 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.375 | 02/15/55 | 418 | 396575 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.500 | 01/15/29 | 2822 | 2933945 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 3.875 | 04/15/29 | 78 | 85261 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 04/30/30 | 730 | 727833 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $62,149,525) |  |  |  | 61837673 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 1.0%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<br>(cost $611,399)(wb) |  |  | 611399 | 611399 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.7%**<br> (cost $62,760,924) |  |  |  | 62449072 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.3% |  |  |  | 164329 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62613401 |

---

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

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

(wb) Represents an investment in a Fund affiliated with the Manager.

See Notes to Financial Statements.

------

PGIM TIPS Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Fair Value Measurements:
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 July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  U.S. Treasury Obligations | $— | $61837673 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 611399 |  |  |
|  **Total** | $611399 | $61837673 | $— |

---

#### Security Allocations :
The sector allocations of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  U.S. Treasury Obligations | 98.7 | Affiliated Mutual Fund | 1.0% |
|  |  |  | 99.7 |
|  |  | Other assets in excess of liabilities | 0.3 |
|  |  |  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM TIPS Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $62,149,525) | $61837673 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $611,399) | 611399 |
| &nbsp;&nbsp; Receivable for investments sold | 1356802 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 207049 |
| &nbsp;&nbsp; Interest receivable | 107209 |
| &nbsp;&nbsp; Due from Manager | 1589 |
| &nbsp;&nbsp; Prepaid expenses | 103 |
| &nbsp;&nbsp; **Total Assets** | 64121824 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 1448165 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 33117 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 26186 |
| &nbsp;&nbsp; Trustees' fees payable | 857 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 98 |
| &nbsp;&nbsp; **Total Liabilities** | 1508423 |
| &nbsp;&nbsp; **Net Assets** | $62613401 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $79390117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (16776716) |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $62613401 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($62,613,401 ÷ 7,468,069 shares of beneficial interest issued and outstanding) | $8.38 |

---

See Notes to Financial Statements.

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

------

PGIM TIPS Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $2707730 |
| &nbsp;&nbsp; Affiliated dividend income | 14287 |
| &nbsp;&nbsp; **Total income** | 2722017 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 144977 |
| &nbsp;&nbsp; Professional fees | 38641 |
| &nbsp;&nbsp; Custodian and accounting fees | 37434 |
| &nbsp;&nbsp; Audit fee | 35950 |
| &nbsp;&nbsp; Shareholders' reports | 16618 |
| &nbsp;&nbsp; Trustees' fees | 10413 |
| &nbsp;&nbsp; Fund data services | 9136 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $615) | 791 |
| &nbsp;&nbsp; Registration fees | 637 |
| &nbsp;&nbsp; Miscellaneous | 11814 |
| &nbsp;&nbsp; **Total expenses** | 306411 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (107060) |
| &nbsp;&nbsp; **Net expenses** | 199351 |
| &nbsp;&nbsp; Net investment income (loss) | 2522666 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (1050214) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 862921 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (187293) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2335373 |

---

See Notes to Financial Statements.

------

PGIM TIPS Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>July 31, | Year Ended<br>July 31, |
|  | 2025 | 2024 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $2522666 | $3085800 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (1050214) | (4509691) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 862921 | 3922816 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2335373 | 2498925 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (2646222) | (3328568) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (2,434,229 and 1,987,736 shares, respectively) | 20445971 | 16605431 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (313,982 and 402,226 shares, respectively) | 2645926 | 3328568 |
| &nbsp;&nbsp; Cost of shares purchased (2,632,639 and 4,511,723 shares, respectively) | (22054439) | (37739126) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1037458 | (17805127) |
| &nbsp;&nbsp; Total increase (decrease) | 726609 | (18634770) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 61886792 | 80521562 |
| &nbsp;&nbsp; End of year | $62613401 | $61886792 |

---

See Notes to Financial Statements.

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

------

PGIM TIPS Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $8.42 | $8.50 | $9.44 | $10.83 | $10.67 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.34 | 0.37 | 0.36 | 0.68 | 0.36 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.03) | (0.04) | (0.88) | (1.08) | 0.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.31 | 0.33 | (0.52) | (0.40) | 0.68 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.35) | (0.41) | (0.42) | (0.78) | (0.43) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.21) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (0.41) | (0.42) | (0.99) | (0.52) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $8.38 | $8.42 | $8.50 | $9.44 | $10.83 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 3.76% | 4.11% | (5.52)% | (3.91)% | 6.49% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $62613 | $61887 | $80522 | $90662 | $83793 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $63034 | $68536 | $84102 | $83845 | $79151 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.32% | 0.40% | 0.40% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.49% | 0.44% | 0.40% | 0.39% | 0.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.00% | 4.50% | 4.18% | 6.66% | 3.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)</sup> | 85% | 66% | 68% | 73% | 72% |

---

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) 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

as of July 31, 2025

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | |  | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 101.6%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 14.3%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<br>(cost $6,512,894)(bb)(wb) |  |  | 6512894 | $6512894 |
|  | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(n) 87.3%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills | 4.280% | 11/04/25 | 20250 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20024554 |
| &nbsp;&nbsp; U.S. Treasury Bills | 4.282 | 11/04/25(bb)(k) | 4500 | 4449901 |
| &nbsp;&nbsp; U.S. Treasury Bills | 4.321 | 08/12/25 | 15250 | 15230080 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $39,704,210) |  |  |  | 39704535 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.6%**<br> (cost $46,217,104) |  |  |  | 46217429 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (1.6)% |  |  |  | (721803) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $45495626 |

---

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

(wb) Represents an investment in a Fund affiliated with the Manager.

(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 July 31, 2025(1):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| Long Positions: | Long Positions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47 | Brent Crude | Nov. 2025 | $3327600 | $169075 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Coffee 'C' | Sep. 2025 | 998325 | (153605) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | Copper | Sep. 2025 | 1959525 | (316316) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 129 | Corn | Sep. 2025 | 2541300 | (218721) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | Cotton No. 2 | Dec. 2025 | 975125 | (15901) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | Gasoline RBOB | Sep. 2025 | 1278253 | 103899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | Gold 100 OZ | Dec. 2025 | 7032060 | (83044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 | Hard Red Winter Wheat | Sep. 2025 | 763063 | (39206) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Lean Hogs | Oct. 2025 | 322470 | (11514) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | Live Cattle | Oct. 2025 | 1785200 | 81661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | LME Lead | Sep. 2025 | 439202 | (7669) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | LME Nickel | Sep. 2025 | 1513560 | (67582) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36 | LME PRI Aluminum | Sep. 2025 | 2307474 | 70810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24 | LME Zinc | Sep. 2025 | 1657212 | 43529 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | Low Sulphur Gas Oil | Sep. 2025 | 1259100 | 162521 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110 | Natural Gas | Sep. 2025 | 3416600 | (656755) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | NY Harbor ULSD | Sep. 2025 | 1408789 | 188133 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | Silver | Sep. 2025 | 2936960 | 58796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 48 | No. 2 Soft Red Winter Wheat | Sep. 2025 | 1255800 | (81276) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 | Soybean | Nov. 2025 | 2126888 | (78226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 52 | Soybean Meal | Dec. 2025 | 1435200 | (158668) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | Soybean Oil | Dec. 2025 | 1116696 | 95605 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2025

#### Commodity Futures contracts outstanding at July 31, 2025(1) (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number<br>of<br>Contracts | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| Long Positions (cont'd): | Long Positions (cont'd): |  |  |  |
| &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;40 | Sugar No. 11 | Oct. 2025 | $732480 | $(12221) |
| 51 | WTI Crude | Sep. 2025 | 3532260 | 393602 |
|  |  |  |  | (533073) |
| Short Positions: | Short Positions: |  |  |  |
| 1 | LME Lead | Sep. 2025 | 48800 | 610 |
| 3 | LME Nickel | Sep. 2025 | 267099 | 3287 |
| 7 | LME PRI Aluminum | Sep. 2025 | 448676 | (714) |
|  |  |  |  | 3183 |
|  |  |  |  | $(529890) |

---

(1) Represents positions held in the Cayman Subsidiary.

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
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 | $42271 | $4153241 |

---

#### Fair Value Measurements:
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 July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Fund | $6512894 | $— | $— |
|  U.S. Treasury Obligations |  | 39704535 |  |
|  **Total** | $6512894 | $39704535 | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Commodity Futures Contracts | $1371528 | $— | $— |
|  **Liabilities** |  |  |  |
|  Commodity Futures Contracts | $(1901418) | $— | $— |

---

\* 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. 

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2025

#### Sector Allocation :
The sector allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 87.3% |
|  Affiliated Mutual Fund | 14.3 |
|  | 101.6 |
|  Liabilities in excess of other assets | (1.6) |
|  | 100.0% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is commodity 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 July 31, 2025 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> **Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair** <br> **Value** | **Consolidated**<br> **Statement of**<br> **Assets and**<br> **Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair** <br> **Value** |
|  Commodity contracts | Due from/to broker-variation margin futures | $1,371,528\* | Due from/to broker-variation margin futures | $1,901,418\* |

---

\* 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 year ended July 31, 2025 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> **<u>instruments, carried at fair value</u>** | Futures |
|  Commodity contracts | $124387 |

---

---

| | |
|:---|:---|
| 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 | $1771414 |

---

For the year ended July 31, 2025, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $45278458 |
|  Futures Contracts - Short Positions (1) | 2900092 |

---

\* Average volume is based on average quarter end balances for the year ended July 31, 2025.

(1) Notional Amount in USD.

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $39,704,210) | $39704535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,512,894) | 6512894 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 57699 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 42271 |
| &nbsp;&nbsp; Prepaid expenses | 73 |
| &nbsp;&nbsp; **Total Assets** | 46317472 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Due to broker—variation margin futures | 748862 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 39493 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 25741 |
| &nbsp;&nbsp; Management fee payable | 6497 |
| &nbsp;&nbsp; Trustees' fees payable | 841 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 412 |
| &nbsp;&nbsp; **Total Liabilities** | 821846 |
| &nbsp;&nbsp; **Net Assets** | $45495626 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $64732482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (19236856) |
| &nbsp;&nbsp; **Net assets, July 31, 2025** | $45495626 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($12,737,508 ÷ 1,849,969 shares of beneficial interest issued and outstanding) | $6.89 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($32,758,118 ÷ 4,768,649 shares of beneficial interest issued and outstanding) | $6.87 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $1674742 |
| &nbsp;&nbsp; Affiliated dividend income | 323409 |
| &nbsp;&nbsp; **Total income** | 1998151 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 200755 |
| &nbsp;&nbsp; Professional fees | 54397 |
| &nbsp;&nbsp; Custodian and accounting fees | 36989 |
| &nbsp;&nbsp; Audit fee | 30301 |
| &nbsp;&nbsp; Registration fees(a) | 26116 |
| &nbsp;&nbsp; Shareholders' reports | 21037 |
| &nbsp;&nbsp; Fund data services | 19578 |
| &nbsp;&nbsp; Trustees' fees | 10130 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,375)(a) | 5177 |
| &nbsp;&nbsp; Miscellaneous | 7852 |
| &nbsp;&nbsp; **Total expenses** | 412332 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (108218) |
| &nbsp;&nbsp; **Net expenses** | 304114 |
| &nbsp;&nbsp; Net investment income (loss) | 1694037 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 8942 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 124387 |
|  | 133329 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | (1294) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 1771414 |
|  | 1770120 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 1903449 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $3597486 |

---

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

---

| | | |
|:---|:---|:---|
|  | Class Z | Class R6 |
|  Registration fees | 22495 | 3621 |
|  Transfer agent's fees and expenses | 2679 | 2498 |
|  Fee waiver and/or expense reimbursement | (29968) | (78250) |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**July 31,** | **Year Ended**<br>**July 31,** |
|  | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $1694037 | $2404167 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 133329 | 1171953 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1770120 | (6054259) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 3597486 | (2478139) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (5699) | (20248) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (1753137) | (2087320) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total dividends and distributions | (1758836) | (2107568) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 26419154 | 15515022 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 1371892 | 2107559 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (29355819) | (29231411) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (1564773) | (11608830) |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 273877 | (16194537) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 45221749 | 61416286 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $45495626 | $45221749 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights

---

| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  | | |  |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **December 14, 2021<sup>(a)</sup> <br>through July 31,** |
|  | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $6.65 | $7.22 | $10.53 | $7.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.26 <sup>(c)</sup> | 0.31 | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.25 <sup>(d)</sup> | (0.63) | (1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.51 | (0.32) | (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.25) | (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $6.89 | $6.65 | $7.22 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 7.90% | (4.37)% | (10.36)% | &nbsp;&nbsp;&nbsp;&nbsp;32.62% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $12738 | $202 | $738 | $532 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3108 | $491 | $5071 | $424 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70% | 0.71 %<sup>(g)</sup> | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.66% | 5.24% | 1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94%<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.66% | 4.56% | 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup> | 0% | 0% | 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;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) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(e) 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.

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

(g) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(h) Annualized.

(i) 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 (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | |
|  | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $6.64 | $7.21 | $10.53 | $12.02 | $8.34 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.27 <sup>(b)</sup> | 0.32 | 0.24 | (0.02) | (0.05) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.23 <sup>(c)</sup> | (0.63) | (1.22) | 2.45 | 3.73 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.50 | (0.31) | (0.98) | 2.43 | 3.68 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.26) | (2.34) | (3.92) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $6.87 | $6.64 | $7.21 | $10.53 | $12.02 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 7.76% | (4.19)% | (10.42)% | 30.61% | 44.12% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $32758 | $45020 | $60679 | $80579 | $61721 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $40336 | $51951 | $69187 | $67445 | $53974 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70% | 0.71 %<sup>(f)</sup> | 0.65% | 0.62% | 0.64% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.89% | 0.82% | 0.72% | 0.68% | 0.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.92% | 4.58% | 3.04% | (0.18)% | (0.53)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup> | 0% | 0% | 0% | 0% | 0% |

---

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

(b) 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.

(c) The per share amount of realized and unrealized gain (loss) on investments does not directly correlate to the amounts reported in the Statement of Operations due to the timing of portfolio share transactions in relation to fluctuating market values.

(d) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(f) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund's contractual waiver, if applicable, for the year ended July 31, 2024.

(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 Mid-Cap Index Fund

Schedule of Investments

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 101.6%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 97.7%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 2.4%** |  |  |
| &nbsp;&nbsp; AeroVironment, Inc.\* | 130 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34793 |
| &nbsp;&nbsp; ATI, Inc.\* | 610 | 46933 |
| &nbsp;&nbsp; BWX Technologies, Inc. | 395 | 60012 |
| &nbsp;&nbsp; Curtiss-Wright Corp. | 161 | 78926 |
| &nbsp;&nbsp; Hexcel Corp. | 345 | 20669 |
| &nbsp;&nbsp; Woodward, Inc. | 250 | 64270 |
|  |  | 305603 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.2%** |  |  |
| &nbsp;&nbsp; GXO Logistics, Inc.\* | 490 | 24358 |
| &nbsp;&nbsp; **Automobile Components 0.8%** |  |  |
| &nbsp;&nbsp; Autoliv, Inc. (Sweden) | 305 | 34023 |
| &nbsp;&nbsp; Gentex Corp. | 970 | 25627 |
| &nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 1245 | 12798 |
| &nbsp;&nbsp; Lear Corp. | 230 | 21687 |
| &nbsp;&nbsp; Visteon Corp.\* | 120 | 13338 |
|  |  | 107473 |
| &nbsp;&nbsp; **Automobiles 0.2%** |  |  |
| &nbsp;&nbsp; Harley-Davidson, Inc. | 470 | 11435 |
| &nbsp;&nbsp; Thor Industries, Inc. | 225 | 20473 |
|  |  | 31908 |
| &nbsp;&nbsp; **Banks 6.4%** |  |  |
| &nbsp;&nbsp; Associated Banc-Corp. | 700 | 17318 |
| &nbsp;&nbsp; Bank OZK | 450 | 22185 |
| &nbsp;&nbsp; Cadence Bank | 785 | 27357 |
| &nbsp;&nbsp; Columbia Banking System, Inc. | 895 | 21301 |
| &nbsp;&nbsp; Comerica, Inc. | 560 | 37839 |
| &nbsp;&nbsp; Commerce Bancshares, Inc. | 521 | 31885 |
| &nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 275 | 35038 |
| &nbsp;&nbsp; East West Bancorp, Inc. | 593 | 59448 |
| &nbsp;&nbsp; First Financial Bankshares, Inc. | 550 | 19041 |
| &nbsp;&nbsp; First Horizon Corp. | 2175 | 47437 |
| &nbsp;&nbsp; Flagstar Financial, Inc. | 1326 | 14971 |
| &nbsp;&nbsp; FNB Corp. | 1571 | 24068 |
| &nbsp;&nbsp; Glacier Bancorp, Inc. | 510 | 22353 |
| &nbsp;&nbsp; Hancock Whitney Corp. | 365 | 21798 |
| &nbsp;&nbsp; Home BancShares, Inc. | 795 | 22387 |
| &nbsp;&nbsp; International Bancshares Corp. | 225 | 15341 |
| &nbsp;&nbsp; Old National Bancorp | 1360 | 28710 |
| &nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 325 | 28564 |
| &nbsp;&nbsp; Prosperity Bancshares, Inc. | 410 | 27314 |
| &nbsp;&nbsp; SouthState Corp. | 420 | 39551 |
| &nbsp;&nbsp; Synovus Financial Corp. | 600 | 28344 |
| &nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 195 | 16374 |
| &nbsp;&nbsp; UMB Financial Corp. | 305 | 33547 |
| &nbsp;&nbsp; United Bankshares, Inc. | 610 | 21667 |
| &nbsp;&nbsp; Valley National Bancorp | 2030 | 18818 |
| &nbsp;&nbsp; Webster Financial Corp. | 730 | 42085 |
| &nbsp;&nbsp; Western Alliance Bancorp | 465 | 36065 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 281 | 35962 |
| &nbsp;&nbsp; Zions Bancorp NA | 630 | 33781 |
|  |  | 830549 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Beverages 0.5%** |  |  |
| &nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 40 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8283 |
| &nbsp;&nbsp; Celsius Holdings, Inc.\* | 670 | 30378 |
| &nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 255 | 28496 |
|  |  | 67157 |
| &nbsp;&nbsp; **Biotechnology 2.1%** |  |  |
| &nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 815 | 47148 |
| &nbsp;&nbsp; Cytokinetics, Inc.\* | 505 | 19008 |
| &nbsp;&nbsp; Exelixis, Inc.\* | 1170 | 42377 |
| &nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 540 | 32384 |
| &nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 430 | 55139 |
| &nbsp;&nbsp; Roivant Sciences Ltd.\* | 1795 | 20391 |
| &nbsp;&nbsp; Sarepta Therapeutics, Inc.\* | 405 | 6650 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 190 | 52193 |
|  |  | 275290 |
| &nbsp;&nbsp; **Broadline Retail 0.4%** |  |  |
| &nbsp;&nbsp; Macy's, Inc. | 1185 | 14967 |
| &nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 265 | 36207 |
|  |  | 51174 |
| &nbsp;&nbsp; **Building Products 2.3%** |  |  |
| &nbsp;&nbsp; AAON, Inc. | 285 | 23798 |
| &nbsp;&nbsp; Advanced Drainage Systems, Inc. | 300 | 34425 |
| &nbsp;&nbsp; Carlisle Cos., Inc. | 185 | 65621 |
| &nbsp;&nbsp; Fortune Brands Innovations, Inc. | 530 | 28906 |
| &nbsp;&nbsp; Owens Corning | 369 | 51450 |
| &nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 185 | 33195 |
| &nbsp;&nbsp; Trex Co., Inc.\* | 455 | 29229 |
| &nbsp;&nbsp; UFP Industries, Inc. | 260 | 25480 |
|  |  | 292104 |
| &nbsp;&nbsp; **Capital Markets 4.0%** |  |  |
| &nbsp;&nbsp; Affiliated Managers Group, Inc. | 120 | 25184 |
| &nbsp;&nbsp; Carlyle Group, Inc. (The) | 900 | 54594 |
| &nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 155 | 46677 |
| &nbsp;&nbsp; Federated Hermes, Inc. | 330 | 16358 |
| &nbsp;&nbsp; Hamilton Lane, Inc. (Class A Stock) | 185 | 28176 |
| &nbsp;&nbsp; Houlihan Lokey, Inc. | 230 | 43852 |
| &nbsp;&nbsp; Interactive Brokers Group, Inc. (Class A Stock) | 1870 | 122597 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 540 | 23382 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc. | 696 | 40131 |
| &nbsp;&nbsp; Morningstar, Inc. | 114 | 31517 |
| &nbsp;&nbsp; SEI Investments Co. | 410 | 36129 |
| &nbsp;&nbsp; Stifel Financial Corp. | 443 | 50555 |
|  |  | 519152 |
| &nbsp;&nbsp; **Chemicals 1.4%** |  |  |
| &nbsp;&nbsp; Ashland, Inc. | 200 | 10312 |
| &nbsp;&nbsp; Avient Corp. | 390 | 12312 |
| &nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 930 | 26338 |
| &nbsp;&nbsp; Cabot Corp. | 230 | 16601 |
| &nbsp;&nbsp; NewMarket Corp. | 32 | 21984 |
| &nbsp;&nbsp; Olin Corp. | 505 | 9565 |
| &nbsp;&nbsp; RPM International, Inc. | 545 | 63988 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 185 | $11592 |
| &nbsp;&nbsp; Westlake Corp. | 145 | 11499 |
|  |  | 184191 |
| &nbsp;&nbsp; **Commercial Services & Supplies 1.7%** |  |  |
| &nbsp;&nbsp; Brink's Co. (The) | 185 | 16158 |
| &nbsp;&nbsp; Clean Harbors, Inc.\* | 213 | 50227 |
| &nbsp;&nbsp; MSA Safety, Inc. | 170 | 30238 |
| &nbsp;&nbsp; RB Global, Inc. (Canada) | 795 | 86067 |
| &nbsp;&nbsp; Tetra Tech, Inc. | 1145 | 42067 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224757 |
| &nbsp;&nbsp; **Communications Equipment 0.7%** |  |  |
| &nbsp;&nbsp; Ciena Corp.\* | 605 | 56168 |
| &nbsp;&nbsp; Lumentum Holdings, Inc.\* | 295 | 32474 |
|  |  | 88642 |
| &nbsp;&nbsp; **Construction & Engineering 3.6%** |  |  |
| &nbsp;&nbsp; AECOM | 564 | 63585 |
| &nbsp;&nbsp; API Group Corp.\* | 1560 | 56269 |
| &nbsp;&nbsp; Comfort Systems USA, Inc. | 151 | 106198 |
| &nbsp;&nbsp; EMCOR Group, Inc. | 192 | 120478 |
| &nbsp;&nbsp; Fluor Corp.\* | 705 | 40023 |
| &nbsp;&nbsp; MasTec, Inc.\* | 265 | 50141 |
| &nbsp;&nbsp; Valmont Industries, Inc. | 85 | 30936 |
|  |  | 467630 |
| &nbsp;&nbsp; **Construction Materials 0.4%** |  |  |
| &nbsp;&nbsp; Eagle Materials, Inc. | 142 | 31849 |
| &nbsp;&nbsp; Knife River Corp.\* | 240 | 19795 |
|  |  | 51644 |
| &nbsp;&nbsp; **Consumer Finance 0.7%** |  |  |
| &nbsp;&nbsp; Ally Financial, Inc. | 1175 | 44474 |
| &nbsp;&nbsp; FirstCash Holdings, Inc. | 165 | 21993 |
| &nbsp;&nbsp; SLM Corp. | 895 | 28461 |
|  |  | 94928 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 3.3%** |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 1730 | 33251 |
| &nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 560 | 59304 |
| &nbsp;&nbsp; Casey's General Stores, Inc. | 158 | 82181 |
| &nbsp;&nbsp; Maplebear, Inc.\* | 690 | 33099 |
| &nbsp;&nbsp; Performance Food Group Co.\* | 665 | 66766 |
| &nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 425 | 64404 |
| &nbsp;&nbsp; US Foods Holding Corp.\* | 985 | 82080 |
|  |  | 421085 |
| &nbsp;&nbsp; **Containers & Packaging 1.3%** |  |  |
| &nbsp;&nbsp; AptarGroup, Inc. | 280 | 43999 |
| &nbsp;&nbsp; Crown Holdings, Inc. | 500 | 49680 |
| &nbsp;&nbsp; Graphic Packaging Holding Co. | 1280 | 28621 |
| &nbsp;&nbsp; Greif, Inc. (Class A Stock) | 110 | 6977 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Containers & Packaging (cont'd.)** |  |  |
| &nbsp;&nbsp; Silgan Holdings, Inc. | 345 | $16053 |
| &nbsp;&nbsp; Sonoco Products Co. | 430 | 19380 |
|  |  | 164710 |
| &nbsp;&nbsp; **Diversified Consumer Services 1.3%** |  |  |
| &nbsp;&nbsp; Duolingo, Inc. (Class A Stock)\* | 168 | 58220 |
| &nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 14 | 13358 |
| &nbsp;&nbsp; Grand Canyon Education, Inc.\* | 120 | 20236 |
| &nbsp;&nbsp; H&R Block, Inc. | 570 | 30974 |
| &nbsp;&nbsp; Service Corp. International | 615 | 46931 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;169719 |
| &nbsp;&nbsp; **Diversified REITs 0.5%** |  |  |
| &nbsp;&nbsp; WP Carey, Inc. | 935 | 59990 |
| &nbsp;&nbsp; **Diversified Telecommunication Services 0.4%** |  |  |
| &nbsp;&nbsp; Frontier Communications Parent, Inc.\* | 945 | 34719 |
| &nbsp;&nbsp; Iridium Communications, Inc. | 465 | 11374 |
|  |  | 46093 |
| &nbsp;&nbsp; **Electric Utilities 1.0%** |  |  |
| &nbsp;&nbsp; ALLETE, Inc. | 245 | 16153 |
| &nbsp;&nbsp; IDACORP, Inc. | 225 | 28199 |
| &nbsp;&nbsp; OGE Energy Corp. | 855 | 38834 |
| &nbsp;&nbsp; Portland General Electric Co. | 465 | 19121 |
| &nbsp;&nbsp; TXNM Energy, Inc. | 400 | 22716 |
|  |  | 125023 |
| &nbsp;&nbsp; **Electrical Equipment 1.6%** |  |  |
| &nbsp;&nbsp; Acuity, Inc. | 133 | 41410 |
| &nbsp;&nbsp; EnerSys | 165 | 15241 |
| &nbsp;&nbsp; NEXTracker, Inc. (Class A Stock)\* | 610 | 35539 |
| &nbsp;&nbsp; nVent Electric PLC | 705 | 55286 |
| &nbsp;&nbsp; Regal Rexnord Corp. | 280 | 42806 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 640 | 19686 |
|  |  | 209968 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 3.4%** |  |  |
| &nbsp;&nbsp; Arrow Electronics, Inc.\* | 220 | 25520 |
| &nbsp;&nbsp; Avnet, Inc. | 370 | 19588 |
| &nbsp;&nbsp; Belden, Inc. | 175 | 21639 |
| &nbsp;&nbsp; Cognex Corp. | 725 | 29558 |
| &nbsp;&nbsp; Coherent Corp.\* | 660 | 71016 |
| &nbsp;&nbsp; Crane NXT Co. | 215 | 12758 |
| &nbsp;&nbsp; Fabrinet (Thailand)\* | 154 | 49854 |
| &nbsp;&nbsp; Flex Ltd.\* | 1635 | 81538 |
| &nbsp;&nbsp; IPG Photonics Corp.\* | 110 | 8238 |
| &nbsp;&nbsp; Littelfuse, Inc. | 105 | 27020 |
| &nbsp;&nbsp; Novanta, Inc.\* | 150 | 18453 |
| &nbsp;&nbsp; TD SYNNEX Corp. | 326 | 47071 |
| &nbsp;&nbsp; Vontier Corp. | 635 | 26333 |
|  |  | 438586 |
| &nbsp;&nbsp; **Energy Equipment & Services 0.4%** |  |  |
| &nbsp;&nbsp; NOV, Inc. | 1625 | 20442 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Energy Equipment & Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Valaris Ltd.\* | 280 | $13616 |
| &nbsp;&nbsp; Weatherford International PLC | 310 | 17531 |
|  |  | 51589 |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |
| &nbsp;&nbsp; Warner Music Group Corp. (Class A Stock) | 635 | 18580 |
| &nbsp;&nbsp; **Financial Services 1.8%** |  |  |
| &nbsp;&nbsp; Equitable Holdings, Inc. | 1305 | 67012 |
| &nbsp;&nbsp; Essent Group Ltd. | 445 | 24915 |
| &nbsp;&nbsp; Euronet Worldwide, Inc.\* | 175 | 17006 |
| &nbsp;&nbsp; MGIC Investment Corp. | 1020 | 26418 |
| &nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 290 | 29870 |
| &nbsp;&nbsp; Voya Financial, Inc. | 410 | 28700 |
| &nbsp;&nbsp; Western Union Co. (The) | 1440 | 11592 |
| &nbsp;&nbsp; WEX, Inc.\* | 145 | 24604 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;230117 |
| &nbsp;&nbsp; **Food Products 0.9%** |  |  |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 680 | 22018 |
| &nbsp;&nbsp; Flowers Foods, Inc. | 855 | 13552 |
| &nbsp;&nbsp; Ingredion, Inc. | 272 | 35779 |
| &nbsp;&nbsp; Marzetti Company (The) | 85 | 15110 |
| &nbsp;&nbsp; Pilgrim's Pride Corp. | 175 | 8293 |
| &nbsp;&nbsp; Post Holdings, Inc.\* | 200 | 21162 |
|  |  | 115914 |
| &nbsp;&nbsp; **Gas Utilities 1.1%** |  |  |
| &nbsp;&nbsp; National Fuel Gas Co. | 385 | 33414 |
| &nbsp;&nbsp; New Jersey Resources Corp. | 425 | 19512 |
| &nbsp;&nbsp; ONE Gas, Inc. | 260 | 18902 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 255 | 19926 |
| &nbsp;&nbsp; Spire, Inc. | 250 | 18617 |
| &nbsp;&nbsp; UGI Corp. | 917 | 33177 |
|  |  | 143548 |
| &nbsp;&nbsp; **Ground Transportation 1.4%** |  |  |
| &nbsp;&nbsp; Avis Budget Group, Inc.\* | 70 | 11917 |
| &nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 690 | 29325 |
| &nbsp;&nbsp; Landstar System, Inc. | 150 | 20006 |
| &nbsp;&nbsp; Ryder System, Inc. | 175 | 31099 |
| &nbsp;&nbsp; Saia, Inc.\* | 113 | 34153 |
| &nbsp;&nbsp; XPO, Inc.\* | 505 | 60746 |
|  |  | 187246 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.3%** |  |  |
| &nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 870 | 12450 |
| &nbsp;&nbsp; Envista Holdings Corp.\* | 755 | 14262 |
| &nbsp;&nbsp; Globus Medical, Inc. (Class A Stock)\* | 485 | 25525 |
| &nbsp;&nbsp; Haemonetics Corp.\* | 220 | 16289 |
| &nbsp;&nbsp; Lantheus Holdings, Inc.\* | 295 | 21001 |
| &nbsp;&nbsp; LivaNova PLC\* | 230 | 9704 |
| &nbsp;&nbsp; Masimo Corp.\* | 195 | 29989 |
| &nbsp;&nbsp; Penumbra, Inc.\* | 164 | 41372 |
|  |  | 170592 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Providers & Services 2.4%** |  |  |
| &nbsp;&nbsp; Acadia Healthcare Co., Inc.\* | 410 | $8926 |
| &nbsp;&nbsp; Amedisys, Inc.\* | 145 | 14297 |
| &nbsp;&nbsp; Chemed Corp. | 63 | 25975 |
| &nbsp;&nbsp; Encompass Health Corp. | 435 | 47898 |
| &nbsp;&nbsp; Ensign Group, Inc. (The) | 245 | 36750 |
| &nbsp;&nbsp; HealthEquity, Inc.\* | 370 | 35890 |
| &nbsp;&nbsp; Hims & Hers Health, Inc.\* | 840 | 55591 |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 700 | 20545 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 400 | 64512 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;310384 |
| &nbsp;&nbsp; **Health Care REITs 0.7%** |  |  |
| &nbsp;&nbsp; Healthcare Realty Trust, Inc. | 1515 | 23271 |
| &nbsp;&nbsp; Omega Healthcare Investors, Inc. | 1240 | 48236 |
| &nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1010 | 18210 |
|  |  | 89717 |
| &nbsp;&nbsp; **Health Care Technology 0.3%** |  |  |
| &nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 570 | 33488 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.1%** |  |  |
| &nbsp;&nbsp; Park Hotels & Resorts, Inc. | 880 | 9381 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 3.4%** |  |  |
| &nbsp;&nbsp; Aramark | 1135 | 48306 |
| &nbsp;&nbsp; Boyd Gaming Corp. | 265 | 22499 |
| &nbsp;&nbsp; Cava Group, Inc.\* | 345 | 30363 |
| &nbsp;&nbsp; Choice Hotels International, Inc. | 95 | 12132 |
| &nbsp;&nbsp; Churchill Downs, Inc. | 310 | 33182 |
| &nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 250 | 11205 |
| &nbsp;&nbsp; Hyatt Hotels Corp. (Class A Stock) | 185 | 26079 |
| &nbsp;&nbsp; Light & Wonder, Inc.\* | 365 | 35157 |
| &nbsp;&nbsp; Marriott Vacations Worldwide Corp. | 140 | 10426 |
| &nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 355 | 38762 |
| &nbsp;&nbsp; Texas Roadhouse, Inc. (Class A Stock) | 290 | 53688 |
| &nbsp;&nbsp; Travel + Leisure Co. | 300 | 17775 |
| &nbsp;&nbsp; Vail Resorts, Inc. | 160 | 24042 |
| &nbsp;&nbsp; Wendy's Co. (The) | 750 | 7388 |
| &nbsp;&nbsp; Wingstop, Inc. | 120 | 45281 |
| &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 330 | 28380 |
|  |  | 444665 |
| &nbsp;&nbsp; **Household Durables 1.7%** |  |  |
| &nbsp;&nbsp; KB Home | 295 | 16302 |
| &nbsp;&nbsp; Somnigroup International, Inc. | 875 | 63333 |
| &nbsp;&nbsp; Taylor Morrison Home Corp.\* | 440 | 26083 |
| &nbsp;&nbsp; Toll Brothers, Inc. | 431 | 51013 |
| &nbsp;&nbsp; TopBuild Corp.\* | 124 | 45933 |
| &nbsp;&nbsp; Whirlpool Corp. | 235 | 19514 |
|  |  | 222178 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.2%** |  |  |
| &nbsp;&nbsp; Ormat Technologies, Inc. | 245 | 21905 |
| &nbsp;&nbsp; **Industrial REITs 1.0%** |  |  |
| &nbsp;&nbsp; EastGroup Properties, Inc. | 220 | 35913 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Industrial REITs (cont'd.)** |  |  |
| &nbsp;&nbsp; First Industrial Realty Trust, Inc. | 565 | $27527 |
| &nbsp;&nbsp; Rexford Industrial Realty, Inc. | 1010 | 36895 |
| &nbsp;&nbsp; STAG Industrial, Inc. | 795 | 27292 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;127627 |
| &nbsp;&nbsp; **Insurance 4.2%** |  |  |
| &nbsp;&nbsp; American Financial Group, Inc. | 305 | 38095 |
| &nbsp;&nbsp; Brighthouse Financial, Inc.\* | 250 | 11963 |
| &nbsp;&nbsp; CNO Financial Group, Inc. | 445 | 16394 |
| &nbsp;&nbsp; Fidelity National Financial, Inc. | 1110 | 62637 |
| &nbsp;&nbsp; First American Financial Corp. | 440 | 26422 |
| &nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 150 | 25745 |
| &nbsp;&nbsp; Kemper Corp. | 255 | 15705 |
| &nbsp;&nbsp; Kinsale Capital Group, Inc. | 97 | 42747 |
| &nbsp;&nbsp; Old Republic International Corp. | 995 | 35989 |
| &nbsp;&nbsp; Primerica, Inc. | 142 | 37720 |
| &nbsp;&nbsp; Reinsurance Group of America, Inc. | 278 | 53501 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 215 | 52404 |
| &nbsp;&nbsp; RLI Corp. | 355 | 23426 |
| &nbsp;&nbsp; Ryan Specialty Holdings, Inc. (Class A Stock) | 455 | 27841 |
| &nbsp;&nbsp; Selective Insurance Group, Inc. | 260 | 20272 |
| &nbsp;&nbsp; Unum Group | 690 | 49549 |
|  |  | 540410 |
| &nbsp;&nbsp; **Interactive Media & Services 0.1%** |  |  |
| &nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 1185 | 12834 |
| &nbsp;&nbsp; **IT Services 0.9%** |  |  |
| &nbsp;&nbsp; ASGN, Inc.\* | 185 | 9276 |
| &nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 995 | 37581 |
| &nbsp;&nbsp; Okta, Inc.\* | 715 | 69927 |
|  |  | 116784 |
| &nbsp;&nbsp; **Leisure Products 0.5%** |  |  |
| &nbsp;&nbsp; Brunswick Corp. | 280 | 16321 |
| &nbsp;&nbsp; Mattel, Inc.\* | 1385 | 23559 |
| &nbsp;&nbsp; Polaris, Inc. | 225 | 11905 |
| &nbsp;&nbsp; YETI Holdings, Inc.\* | 360 | 13226 |
|  |  | 65011 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.7%** |  |  |
| &nbsp;&nbsp; Avantor, Inc.\* | 2910 | 39111 |
| &nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 85 | 20566 |
| &nbsp;&nbsp; Bruker Corp. | 470 | 18062 |
| &nbsp;&nbsp; Illumina, Inc.\* | 675 | 69329 |
| &nbsp;&nbsp; Medpace Holdings, Inc.\* | 101 | 43147 |
| &nbsp;&nbsp; Repligen Corp.\* | 220 | 25755 |
| &nbsp;&nbsp; Sotera Health Co.\* | 685 | 7871 |
|  |  | 223841 |
| &nbsp;&nbsp; **Machinery 5.4%** |  |  |
| &nbsp;&nbsp; AGCO Corp. | 261 | 30790 |
| &nbsp;&nbsp; Chart Industries, Inc.\* | 195 | 38772 |
| &nbsp;&nbsp; CNH Industrial NV | 3735 | 48406 |
| &nbsp;&nbsp; Crane Co. | 210 | 41112 |
| &nbsp;&nbsp; Donaldson Co., Inc. | 507 | 36489 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Machinery (cont'd.)** |  |  |
| &nbsp;&nbsp; Esab Corp. | 240 | $32201 |
| &nbsp;&nbsp; Flowserve Corp. | 560 | 31382 |
| &nbsp;&nbsp; Graco, Inc. | 720 | 60466 |
| &nbsp;&nbsp; ITT, Inc. | 344 | 58466 |
| &nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 245 | 59658 |
| &nbsp;&nbsp; Middleby Corp. (The)\* | 225 | 32670 |
| &nbsp;&nbsp; Mueller Industries, Inc. | 485 | 41404 |
| &nbsp;&nbsp; Oshkosh Corp. | 275 | 34796 |
| &nbsp;&nbsp; RBC Bearings, Inc.\* | 133 | 51516 |
| &nbsp;&nbsp; Terex Corp. | 290 | 14749 |
| &nbsp;&nbsp; Timken Co. (The) | 270 | 20544 |
| &nbsp;&nbsp; Toro Co. (The) | 430 | 31928 |
| &nbsp;&nbsp; Watts Water Technologies, Inc. (Class A Stock) | 120 | 31478 |
|  |  | 696827 |
| &nbsp;&nbsp; **Marine Transportation 0.2%** |  |  |
| &nbsp;&nbsp; Kirby Corp.\* | 240 | 22874 |
| &nbsp;&nbsp; **Media 0.6%** |  |  |
| &nbsp;&nbsp; EchoStar Corp. (Class A Stock)\* | 575 | 18739 |
| &nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 695 | 36064 |
| &nbsp;&nbsp; Nexstar Media Group, Inc. | 120 | 22453 |
|  |  | 77256 |
| &nbsp;&nbsp; **Metals & Mining 1.9%** |  |  |
| &nbsp;&nbsp; Alcoa Corp. | 1100 | 32967 |
| &nbsp;&nbsp; Carpenter Technology Corp. | 210 | 52372 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 2115 | 22250 |
| &nbsp;&nbsp; Commercial Metals Co. | 485 | 25152 |
| &nbsp;&nbsp; Reliance, Inc. | 225 | 65279 |
| &nbsp;&nbsp; Royal Gold, Inc. | 280 | 42398 |
|  |  | 240418 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.6%** |  |  |
| &nbsp;&nbsp; Annaly Capital Management, Inc. | 2595 | 52756 |
| &nbsp;&nbsp; Starwood Property Trust, Inc. | 1465 | 28509 |
|  |  | 81265 |
| &nbsp;&nbsp; **Multi-Utilities 0.2%** |  |  |
| &nbsp;&nbsp; Black Hills Corp. | 305 | 17623 |
| &nbsp;&nbsp; Northwestern Energy Group, Inc. | 260 | 13962 |
|  |  | 31585 |
| &nbsp;&nbsp; **Office REITs 0.6%** |  |  |
| &nbsp;&nbsp; COPT Defense Properties | 480 | 13094 |
| &nbsp;&nbsp; Cousins Properties, Inc. | 715 | 19377 |
| &nbsp;&nbsp; Kilroy Realty Corp. | 455 | 16771 |
| &nbsp;&nbsp; Vornado Realty Trust | 710 | 27278 |
|  |  | 76520 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 3.0%** |  |  |
| &nbsp;&nbsp; Antero Midstream Corp. | 1430 | 26240 |
| &nbsp;&nbsp; Antero Resources Corp.\* | 1250 | 43662 |
| &nbsp;&nbsp; Chord Energy Corp. | 250 | 27582 |
| &nbsp;&nbsp; Civitas Resources, Inc. | 380 | 11537 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels (cont'd.)** |  |  |
| &nbsp;&nbsp; CNX Resources Corp.\* | 620 | $18792 |
| &nbsp;&nbsp; DT Midstream, Inc. | 440 | 45201 |
| &nbsp;&nbsp; HF Sinclair Corp. | 680 | 29879 |
| &nbsp;&nbsp; Matador Resources Co. | 495 | 24691 |
| &nbsp;&nbsp; Murphy Oil Corp. | 585 | 14514 |
| &nbsp;&nbsp; Ovintiv, Inc. | 1110 | 45710 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 415 | 9379 |
| &nbsp;&nbsp; Permian Resources Corp. | 2730 | 38657 |
| &nbsp;&nbsp; Range Resources Corp. | 1030 | 37822 |
| &nbsp;&nbsp; Viper Energy, Inc. | 560 | 21090 |
|  |  | 394756 |
| &nbsp;&nbsp; **Paper & Forest Products 0.2%** |  |  |
| &nbsp;&nbsp; Louisiana-Pacific Corp. | 265 | 23959 |
| &nbsp;&nbsp; **Passenger Airlines 0.5%** |  |  |
| &nbsp;&nbsp; Alaska Air Group, Inc.\* | 525 | 27804 |
| &nbsp;&nbsp; American Airlines Group, Inc.\* | 2810 | 32287 |
|  |  | 60091 |
| &nbsp;&nbsp; **Personal Care Products 0.5%** |  |  |
| &nbsp;&nbsp; BellRing Brands, Inc.\* | 545 | 29746 |
| &nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 1600 | 7760 |
| &nbsp;&nbsp; elf Beauty, Inc.\* | 240 | 29086 |
|  |  | 66592 |
| &nbsp;&nbsp; **Pharmaceuticals 0.3%** |  |  |
| &nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 260 | 29804 |
| &nbsp;&nbsp; Perrigo Co. PLC | 580 | 15468 |
|  |  | 45272 |
| &nbsp;&nbsp; **Professional Services 2.2%** |  |  |
| &nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 94 | 43294 |
| &nbsp;&nbsp; Concentrix Corp. | 203 | 10550 |
| &nbsp;&nbsp; ExlService Holdings, Inc.\* | 685 | 29750 |
| &nbsp;&nbsp; Exponent, Inc. | 215 | 14826 |
| &nbsp;&nbsp; FTI Consulting, Inc.\* | 145 | 24121 |
| &nbsp;&nbsp; Genpact Ltd. | 685 | 30174 |
| &nbsp;&nbsp; Insperity, Inc. | 150 | 8937 |
| &nbsp;&nbsp; KBR, Inc. | 555 | 25941 |
| &nbsp;&nbsp; ManpowerGroup, Inc. | 205 | 8456 |
| &nbsp;&nbsp; Maximus, Inc. | 240 | 17726 |
| &nbsp;&nbsp; Parsons Corp.\* | 205 | 15211 |
| &nbsp;&nbsp; Paylocity Holding Corp.\* | 190 | 35127 |
| &nbsp;&nbsp; Science Applications International Corp. | 210 | 23411 |
|  |  | 287524 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.4%** |  |  |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 199 | 53802 |
| &nbsp;&nbsp; **Residential REITs 0.9%** |  |  |
| &nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 1355 | 47005 |
| &nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 815 | 48835 |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 1010 | 16937 |
|  |  | 112777 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Retail REITs 0.9%** |  |  |
| &nbsp;&nbsp; Agree Realty Corp. | 470 | $33699 |
| &nbsp;&nbsp; Brixmor Property Group, Inc. | 1305 | 34100 |
| &nbsp;&nbsp; Kite Realty Group Trust | 935 | 20551 |
| &nbsp;&nbsp; NNN REIT, Inc. | 800 | 33008 |
|  |  | 121358 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 2.4%** |  |  |
| &nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 555 | 17433 |
| &nbsp;&nbsp; Amkor Technology, Inc. | 485 | 10942 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 225 | 22660 |
| &nbsp;&nbsp; Entegris, Inc. | 645 | 50607 |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 590 | 29400 |
| &nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 250 | 34285 |
| &nbsp;&nbsp; MKS, Inc. | 285 | 27126 |
| &nbsp;&nbsp; Onto Innovation, Inc.\* | 210 | 19897 |
| &nbsp;&nbsp; Power Integrations, Inc. | 245 | 11887 |
| &nbsp;&nbsp; Rambus, Inc.\* | 455 | 33638 |
| &nbsp;&nbsp; Silicon Laboratories, Inc.\* | 135 | 17789 |
| &nbsp;&nbsp; Synaptics, Inc.\* | 165 | 10345 |
| &nbsp;&nbsp; Universal Display Corp. | 185 | 26714 |
|  |  | 312723 |
| &nbsp;&nbsp; **Software 3.4%** |  |  |
| &nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 95 | 25401 |
| &nbsp;&nbsp; BILL Holdings, Inc.\* | 400 | 17140 |
| &nbsp;&nbsp; Blackbaud, Inc.\* | 160 | 10787 |
| &nbsp;&nbsp; Commvault Systems, Inc.\* | 185 | 35141 |
| &nbsp;&nbsp; Docusign, Inc.\* | 860 | 65051 |
| &nbsp;&nbsp; Dolby Laboratories, Inc. (Class A Stock) | 260 | 19588 |
| &nbsp;&nbsp; Dropbox, Inc. (Class A Stock)\* | 840 | 22823 |
| &nbsp;&nbsp; Dynatrace, Inc.\* | 1280 | 67341 |
| &nbsp;&nbsp; Guidewire Software, Inc.\* | 356 | 80534 |
| &nbsp;&nbsp; Manhattan Associates, Inc.\* | 259 | 56892 |
| &nbsp;&nbsp; Pegasystems, Inc. | 390 | 22897 |
| &nbsp;&nbsp; Qualys, Inc.\* | 155 | 20626 |
|  |  | 444221 |
| &nbsp;&nbsp; **Specialized REITs 1.5%** |  |  |
| &nbsp;&nbsp; CubeSmart | 965 | 37548 |
| &nbsp;&nbsp; EPR Properties | 320 | 17613 |
| &nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 1170 | 53329 |
| &nbsp;&nbsp; Lamar Advertising Co. (Class A Stock) | 381 | 46577 |
| &nbsp;&nbsp; National Storage Affiliates Trust | 300 | 8838 |
| &nbsp;&nbsp; PotlatchDeltic Corp. | 315 | 12880 |
| &nbsp;&nbsp; Rayonier, Inc. | 597 | 13916 |
|  |  | 190701 |
| &nbsp;&nbsp; **Specialty Retail 3.5%** |  |  |
| &nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\* | 205 | 19684 |
| &nbsp;&nbsp; AutoNation, Inc.\* | 110 | 21190 |
| &nbsp;&nbsp; Bath & Body Works, Inc. | 925 | 26788 |
| &nbsp;&nbsp; Burlington Stores, Inc.\* | 268 | 73153 |
| &nbsp;&nbsp; Chewy, Inc. (Class A Stock)\* | 935 | 34315 |
| &nbsp;&nbsp; Dick's Sporting Goods, Inc. | 250 | 52878 |
| &nbsp;&nbsp; Five Below, Inc.\* | 240 | 32765 |
| &nbsp;&nbsp; Floor & Decor Holdings, Inc. (Class A Stock)\* | 455 | 34871 |
| &nbsp;&nbsp; GameStop Corp. (Class A Stock)\*(a) | 1735 | 38951 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialty Retail (cont'd.)** |  |  |
| &nbsp;&nbsp; Gap, Inc. (The) | 950 | $18487 |
| &nbsp;&nbsp; Lithia Motors, Inc. | 113 | 32544 |
| &nbsp;&nbsp; Murphy USA, Inc. | 78 | 28273 |
| &nbsp;&nbsp; Penske Automotive Group, Inc. | 75 | 12556 |
| &nbsp;&nbsp; RH\* | 65 | 13365 |
| &nbsp;&nbsp; Valvoline, Inc.\* | 540 | 19035 |
|  |  | 458855 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.6%** |  |  |
| &nbsp;&nbsp; Pure Storage, Inc. (Class A Stock)\* | 1325 | 78864 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.9%** |  |  |
| &nbsp;&nbsp; Capri Holdings Ltd.\* | 500 | 9095 |
| &nbsp;&nbsp; Columbia Sportswear Co. | 135 | 7637 |
| &nbsp;&nbsp; Crocs, Inc.\* | 240 | 23935 |
| &nbsp;&nbsp; PVH Corp. | 205 | 15051 |
| &nbsp;&nbsp; Skechers USA, Inc. (Class A Stock)\* | 560 | 35420 |
| &nbsp;&nbsp; Under Armour, Inc. (Class A Stock)\*(a) | 845 | 5611 |
| &nbsp;&nbsp; Under Armour, Inc. (Class C Stock)\* | 525 | 3307 |
| &nbsp;&nbsp; VF Corp. | 1415 | 16584 |
|  |  | 116640 |
| &nbsp;&nbsp; **Trading Companies & Distributors 1.9%** |  |  |
| &nbsp;&nbsp; Applied Industrial Technologies, Inc. | 159 | 43168 |
| &nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 810 | 51548 |
| &nbsp;&nbsp; GATX Corp. | 150 | 22904 |
| &nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 190 | 16458 |
| &nbsp;&nbsp; Watsco, Inc. | 151 | 68083 |
| &nbsp;&nbsp; WESCO International, Inc. | 185 | 38288 |
|  |  | 240449 |
| &nbsp;&nbsp; **Water Utilities 0.3%** |  |  |
| &nbsp;&nbsp; Essential Utilities, Inc. | 1105 | 40664 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $10,510,721) |  | 12663538 |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUND 3.9%** |  |  |
| &nbsp;&nbsp; iShares Core S&P Mid-Cap ETF<br>(cost $446,584) | 8050 | 507391 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $10,957,305) |  | 13170929 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 0.6%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.492%)(wb) | 10893 | 10893 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS (Continued)** |  |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.528%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $64,508; includes $63,583 of cash collateral for securities on loan)(b)(wb) | 64559 | $64514 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $75,401) |  | 75407 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,032,706) |  | 13246336 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.2)% |  | (289723) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12956613 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $61,832; cash collateral of $63,583 (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.

(wb) Represents an investment in a Fund affiliated with the Manager.

#### Fair Value Measurements:
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 July 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
| Investments in Securities |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;305603 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 24358 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 107473 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 31908 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 830549 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 67157 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 275290 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 51174 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 292104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 519152 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 184191 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 224757 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 88642 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 467630 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 51644 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 94928 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 421085 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 164710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 169719 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 59990 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Telecommunication Services | 46093 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 125023 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 209968 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 438586 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 51589 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 18580 |  |  |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | $230117 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | 115914 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 143548 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 187246 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 170592 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 310384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 89717 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 33488 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 9381 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 444665 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 222178 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 21905 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 127627 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 540410 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 12834 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 116784 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 65011 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 223841 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 696827 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 22874 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 77256 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 240418 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 81265 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 31585 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 76520 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 394756 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 23959 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 60091 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 66592 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 45272 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 287524 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 53802 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 112777 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 121358 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 312723 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 444221 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 190701 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 458855 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 78864 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 116640 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 240449 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 40664 |  |  |
|  Unaffiliated Exchange-Traded Fund | 507391 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 75407 |  |  |
|  **Total** | $**13246336** | $**—** | $**—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2025 were as follows:

---

| | |
|:---|:---|
|  Banks | 6.4 |
|  Machinery | 5.4 |
|  Insurance | 4.2 |
|  Capital Markets | 4.0 |
|  Unaffiliated Exchange-Traded Fund | 3.9 |
|  Construction & Engineering | 3.6 |
|  Specialty Retail | 3.5 |
|  Hotels, Restaurants & Leisure | 3.4 |

---

---

| | |
|:---|:---|
|  Software | 3.4 |
|  Electronic Equipment, Instruments & Components | 3.4 |
|  Consumer Staples Distribution & Retail | 3.3 |
|  Oil, Gas & Consumable Fuels | 3.0 |
|  Semiconductors & Semiconductor Equipment | 2.4 |
|  Health Care Providers & Services | 2.4 |
|  Aerospace & Defense | 2.4 |
|  Building Products | 2.3 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2025

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Professional Services | 2.2 |
|  Biotechnology | 2.1 |
|  Trading Companies & Distributors | 1.9 |
|  Metals & Mining | 1.9 |
|  Financial Services | 1.8 |
|  Commercial Services & Supplies | 1.7 |
|  Life Sciences Tools & Services | 1.7 |
|  Household Durables | 1.7 |
|  Electrical Equipment | 1.6 |
|  Specialized REITs | 1.5 |
|  Ground Transportation | 1.4 |
|  Chemicals | 1.4 |
|  Health Care Equipment & Supplies | 1.3 |
|  Diversified Consumer Services | 1.3 |
|  Containers & Packaging | 1.3 |
|  Gas Utilities | 1.1 |
|  Industrial REITs | 1 |
|  Electric Utilities | 1 |
|  Retail REITs | 0.9 |
|  IT Services | 0.9 |
|  Textiles, Apparel & Luxury Goods | 0.9 |
|  Food Products | 0.9 |
|  Residential REITs | 0.9 |
|  Automobile Components | 0.8 |
|  Consumer Finance | 0.7 |
|  Health Care REITs | 0.7 |
|  Communications Equipment | 0.7 |
|  Mortgage Real Estate Investment Trusts (REITs) | 0.6 |
|  Technology Hardware, Storage & Peripherals | 0.6 |
|  Media | 0.6 |

---

---

| | |
|:---|:---|
|  Office REITs | 0.6% |
|  Affiliated Mutual Funds (0.5% represents investments purchased with collateral from securities on loan) | 0.6 |
|  Beverages | 0.5 |
|  Personal Care Products | 0.5 |
|  Leisure Products | 0.5 |
|  Passenger Airlines | 0.5 |
|  Diversified REITs | 0.5 |
|  Real Estate Management & Development | 0.4 |
|  Construction Materials | 0.4 |
|  Energy Equipment & Services | 0.4 |
|  Broadline Retail | 0.4 |
|  Diversified Telecommunication Services | 0.4 |
|  Pharmaceuticals | 0.3 |
|  Water Utilities | 0.3 |
|  Health Care Technology | 0.3 |
|  Automobiles | 0.2 |
|  Multi-Utilities | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Paper & Forest Products | 0.2 |
|  Marine Transportation | 0.2 |
|  Independent Power & Renewable Electricity Producers | 0.2 |
|  Entertainment | 0.1 |
|  Interactive Media & Services | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  | 102.2 |
|  Liabilities in excess of other assets | (2.2) |
|  | 100.0% |

---

#### Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:
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> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $61832 | $(61832) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Assets & Liabilities

as of July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $61,832: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $10,957,305) | $13170929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $75,401) | 75407 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 28276 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 8049 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 2745 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 108 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 13285514 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 232395 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 63583 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 16605 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 15418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 800 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 100 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 328901 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $12956613 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $10659107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 2297506 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, July 31, 2025** | $12956613 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($12,956,613 ÷ 1,342,570 shares of beneficial interest issued and outstanding) | $9.65 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65

------

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Operations

Year Ended July 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $215 foreign withholding tax) | $178125 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 1493 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $405) | 407 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 180025 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 30354 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 40187 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 35410 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 26712 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 15526 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 10906 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9680 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 7623 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $617) | 782 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 638 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3899 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 181717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (157980) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 23737 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 156288 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $(75)) | 209399 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $6) | 137122 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 346521 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $502809 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | Year Ended<br>July 31, | Year Ended<br>July 31, |
|  | 2025 | 2024 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $&nbsp;&nbsp;&nbsp;&nbsp;156288 | $124338 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 209399 | 1781486 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 137122 | (28662) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 502809 | 1877162 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (1876270) | (900450) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (599,230 and 641,938 shares, respectively) | 5702813 | 6336354 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (185,037 and 95,387 shares, respectively) | 1876270 | 900450 |
| &nbsp;&nbsp; Cost of shares purchased (465,133 and 990,057 shares, respectively) | (4679992) | (9920904) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 2899091 | (2684100) |
| &nbsp;&nbsp; Total increase (decrease) | 1525630 | (1707388) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 11430983 | 13138371 |
| &nbsp;&nbsp; End of year | $12956613 | $11430983 |

---

See Notes to Financial Statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67

------

PGIM Quant Solutions Mid-Cap Index Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, |
|  | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $11.17 | $10.30 | $10.75 | $14.27 | $9.72 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.13 | 0.11 | 0.08 | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.27 | 1.47 | 1.02 | (0.47) | 4.54 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.40 | 1.58 | 1.10 | (0.37) | 4.63 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.14) | (0.12) |  | (0.13) | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (1.78) | (0.59) | (1.55) | (3.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (1.92) | (0.71) | (1.55) | (3.15) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.65 | $11.17 | $10.30 | $10.75 | $14.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.74% | 16.66% | 11.78% | (3.86)% | 47.88% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $12957 | $11431 | $13138 | $14741 | $23675 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $12142 | $11590 | $13192 | $18954 | $27862 |
| &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> | 0.47 %<sup>(d)</sup> | 0.82 %<sup>(d)</sup> | 0.81% | 0.85% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.50% | 1.84% | 1.55% | 1.21% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.29% | 1.07% | 0.79% | 0.80% | 0.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 42% | 169% | 124% | 123% | 135% |

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

(b) Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d) Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01%, 0.05% and 0.02% which are being excluded from the Fund's contractual waiver, if applicable, for the years ended July 31, 2025, 2024 and 2023, respectively.

(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

**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 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"), 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 July 31, 2025, the Cayman Subsidiary had net assets of $6,690,010, representing 14.70% 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<br>| Outperform the Russell 2000 Index. |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund<br>| Outperform the Bloomberg U.S. Aggregate Bond Index over full market cycles. |
| &nbsp;&nbsp; PGIM TIPS Fund<br>| Seek to provide inflation protection and income by investing primarily in inflation protected debt securities. |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund<br>| Seek to generate returns over time in excess of the Bloomberg Commodity Index. |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund<br>| Seek to provide investment results that approximate the performance of the S&P MidCap 400 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 their financial statements. The policies conform to U.S.

------

Notes to Financial Statements/Consolidated Financial Statements

generally accepted accounting principles ("GAAP"). The Funds consistently follow such policies in the preparation of their financial statements (consolidated financial statements for Commodity Strategies).

The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of ASU 2023-07 exclusively impacted financial statement disclosures only and did not affect the Funds' financial position or performance. The intent of ASU 2023-07 is, through improved segment disclosures, to enable investors to better understand an entity's overall performance. The officers of the Fund, as listed in the Fund's Statement of Additional Information, act as each Fund's chief operating decision maker ("CODM"). The CODM has determined that each Fund has a single operating segment as the CODM monitors the operating results of each Fund as a whole and the Funds' long-term strategic asset allocation is pre-determined in accordance with the terms of their respective prospectus, based on a defined investment strategy which is executed by the Funds' subadviser.

The CODM allocates resources and assesses performance based on the operating results of each Fund, which is consistent with the results presented in the Fund's Schedule of Investments, Statement of Changes in Net Assets and Financial Highlights.

*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 PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, 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 of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated 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 year-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 ("ETFs") 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 a 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 each 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 ETFs) 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 over-the-counter ("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; and 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 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,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;71

------

Notes to Financial Statements/Consolidated Financial Statements

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 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 deposit collateral with a futures commission merchant 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, equal to the change in the mark-to-market value of the futures contract. 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 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 financial 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.

*Mortgage-Backed and Asset-Backed Securities:* Mortgage-backed securities are pass-through securities, meaning that principal and interest payments made by the borrower on the underlying mortgages are passed through to the Fund. Asset-backed securities directly or indirectly represent a participation interest in, or are secured by and payable from, a stream of payments generated by particular assets such as motor vehicle or credit card receivables. Asset-backed securities may be classified as pass-through certificates or collateralized obligations, such as collateralized bond obligations, collateralized loan obligations and other similarly structured securities. The value of mortgage-backed and asset-backed securities varies with changes in interest rates and may be affected by changes in credit quality or value of the mortgage loans or other assets that support the securities.

Stripped mortgage-backed securities are usually structured with two classes that receive different proportions of the interest ("IO") and principal ("PO") distributions on a pool of mortgage assets. Payments received for IOs are included in interest income on the Statements of Operations. Because no principal will be received at the maturity of an IO, adjustments are made to the cost of the security on a monthly basis until maturity. These adjustments are included in interest income on the Statements of Operations. Payments received for POs are treated as reductions to the cost and par value of the securities.

*Master Netting Arrangements:* The RIC, on behalf of each Fund, 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 each Fund. A master netting arrangement between each Fund and the counterparty permits each Fund to offset amounts payable by each Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by each Fund to cover each Fund's 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, including TBA securities. These transactions involve 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 ("NAV"). 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.

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*Securities Lending:* Certain 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 the 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 Funds recognize income, net of any rebate and securities lending agent fees, for lending their 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 Funds also continue 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.

*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 expense amounts.

*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 substantially 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 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 |
|  **Each Fund other than PGIM Core Conservative Bond Fund and PGIM TIPS Fund:** |  |
|  Net Investment Income | Annually |
|  Short-Term Capital Gains | Annually |
|  Long-Term Capital Gains | Annually |
|  **PGIM Core Conservative Bond Fund and PGIM TIPS Fund:** |  |
|  Net Investment Income | Monthly |
|  Short-Term Capital Gains | Annually |
|  Long-Term Capital Gains | Annually |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;73

------

Notes to Financial Statements/Consolidated Financial Statements

\* 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 each Fund, has management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser's performance of such services, and for rendering administrative services.

---

| | |
|:---|:---|
| Fund | Subadviser(s) |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund<br>| Jennison Associates, LLC ("Jennison")(a wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund<br>| PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.); PGIM Fixed Income (a business unit of PGIM, Inc.) |
| &nbsp;&nbsp; PGIM TIPS Fund<br>| PGIM Fixed Income |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund<br>| PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions")(a wholly-owned subsidiary of PGIM, Inc.) |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap 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 July 31, 2025, the contractual and effective management fee rates were as follows:

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| | | | |
|:---|:---|:---|:---|
| Fund | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management Fee | **Effective Management Fee,<br>before any waivers**<br> **and/or expense<br>reimbursements** | Effective Management Fee,<br>after any waivers and/or<br>expense reimbursements |
| &nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | 0.75% of average daily net assets | 0.75% | —#% |
| &nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund | 0.19% of average daily net assets | 0.19 | —# |
| &nbsp;&nbsp;&nbsp; PGIM TIPS Fund | 0.23% of average daily net assets | 0.23 | 0.06 |
| &nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 0.40% of average daily net assets | 0.46\* | 0.40 |
| &nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 0.25% of average daily net assets | 0.25 | —# |

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

\* 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 Manager has contractually agreed, through November 30, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. With respect to PGIM Quant Solutions Mid-Cap Index Fund, this waiver has no express termination date and may not be terminated by the Manager without prior approval of the Fund's Board of Trustees. 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 waiver/reimbursement and/or

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recoupment for that fiscal year, as applicable. 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<br>| contractually limit expenses to 0.95% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund<br>| contractually limit expenses to 0.19% |
| &nbsp;&nbsp; PGIM TIPS Fund<br>| contractually limit expenses to 0.30%\* |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund<br>| contractually limit expenses to 0.70%\*\* |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund<br>| contractually limit expenses to 0.19% |

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\* Effective September 27, 2024. Prior to September 27, 2024, the contractual expense limitation was 0.40% of average daily net assets for Class R6 shares. 

\*\* 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 each Fund. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of each Fund.

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 each Fund's 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 their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each 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 Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies) as "Affiliated dividend income" and "Income from securities lending, net", respectively.

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 year ended July 31, 2025, no Rule 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 year ended July 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $7452450 | $6018546 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 36418896 | 26327411 |
| &nbsp;&nbsp; PGIM TIPS Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund |  |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75

------

Notes to Financial Statements/Consolidated Financial Statements

---

| | | |
|:---|:---|:---|
| Fund | Cost of<br>Purchases | Proceeds<br>from Sales |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | $6399550 | $5128092 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds and other investments for the year ended July 31, 2025, is presented as follows:

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | **Proceeds**<br> **from Sales** | **Change in <br>Unrealized** <br> **Gain** <br> (Loss)  | **Realized <br>Gain** <br> (Loss)  | **Value,** <br> **End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> |  |
| $370014 | $6346371 | $6400487 | $— | $— | $315898 | 315898 | $15134 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2144943 | &nbsp;&nbsp;&nbsp;&nbsp;1918460 | 15 | &nbsp;&nbsp;&nbsp;&nbsp;(50) | 226448 | 226606 | 687<sup>(1)</sup> |  |
| $370014 | $8491314 | $8318947 | $15 | $(50) | $542346 |  | $15821 | $— |

---

#### PGIM Core Conservative Bond Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning<br>of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | Income | **Capital** <br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> |  |  |
| $668426 | $39071555 | $38391764 | $— | $— | $1348217 | 1348217 | $61196 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> |  |  |
| &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;1373502 | 1319049 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5 | 54458 | 54496 | 471<sup>(1)</sup> |  |
| $668426 | $40445057 | $39710813 | $— | $5 | $1402675 |  | $61667 | $— |

---

#### PGIM TIPS Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value,** <br> **End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of Year**  | Income | **Capital** <br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> |  |  |
| $539440 | $25898208 | $25826249 | $— | $— | $611399 | 611399 | $14287 | $— |

---

#### PGIM Quant Solutions Commodity Strategies Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value,** <br> **End** <br> **of** <br> **Year**  | **Shares, <br>End** <br> **of** <br> **Year**  | Income | **Capital** <br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(bb)(wb)</sup> |  |  |
| $6217809 | $94981531 | $94686446 | $— | $— | $6512894 | 6512894 | $323409 | $— |

---

------

#### PGIM Quant Solutions Mid-Cap Index Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Year** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in<br>Unrealized<br>Gain<br>(Loss) | Realized<br>Gain<br>(Loss) | **Value,<br>End**<br> **of**<br> **Year** | **Shares,<br>End**<br> **of**<br> **Year** | Income | **Capital**<br> **Gain<br>Distributions** |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 4.492%)<sup>(wb)</sup> |  |  |
| $— | $5146840 | $5135947 | $— | $— | $10893 | 10893 | $1493 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 4.528%)<sup>(b)(wb)</sup> |  |  |
|  | 2218373 | 2153790 | 6 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(75) | 64514 | 64559 | 405<sup>(1)</sup> |  |
| $— | $7365213 | $7289737 | $6 | $(75) | $75407 |  | $1898 | $— |

---

(1) 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.

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

(wb) Represents an investment in a Fund affiliated with the Manager.

**6.** **Distributions and Tax Information** 

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.

For the year ended July 31, 2025, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Ordinary<br>Income | Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total Dividends<br>and Distributions |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $24093 | $793814 | $— | $817907 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 2175434 |  |  | 2175434 |
| &nbsp;&nbsp; PGIM TIPS Fund | 2646222 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  | 2646222 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 1758836 |  |  | 1758836 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 1041742 | 834528 |  | 1876270 |
| For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows: | For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows: | For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows: | For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows: | For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows: |
| Fund | Ordinary<br>Income | Long-Term<br>Capital Gains | Tax Return<br>of Capital | Total Dividends<br>and Distributions |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $26142 | $66843 | $— | $92985 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 1682128 |  |  | 1682128 |
| &nbsp;&nbsp; PGIM TIPS Fund | 3328568 |  |  | 3328568 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 2107568 |  |  | 2107568 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 154173 | 746277 |  | 900450 |

---

For the year ended July 31, 2025, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| Fund | Undistributed<br>Ordinary<br>Income | Undistributed<br>Long-Term<br>Capital Gains |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $— | $322787 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 701 |  |
| &nbsp;&nbsp; PGIM TIPS Fund | 432 |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 2239072 |  |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 247685 | 42438 |

---

The United States federal income tax basis of the Funds' investments and the net unrealized appreciation (depreciation) as of July 31, 2025 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; PGIM Jennison Small-Cap Core |  |  |  |  |
| &nbsp;&nbsp; Equity Fund | $9465856 | $2504491 | $(614100) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1890391 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;77

------

Notes to Financial Statements/Consolidated Financial Statements

---

| | | | | |
|:---|:---|:---|:---|:---|
| Fund | Tax Basis | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net<br>Unrealized<br>Appreciation<br>(Depreciation) |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | $60965695 | $365750 | $(3168621) | $(2802871) |
| &nbsp;&nbsp; PGIM TIPS Fund | 66789763 | 574091 | (4914782) | (4340691) |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 66682467 | 10441891 | (30906929) | (20465038) |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 11238953 | 2951554 | (944171) | 2007383 |

---

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, amortization of premiums, tax treatment of the investment in the Subsidiary and other GAAP to tax differences.

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2025 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 | Capital Loss<br>Carryforward Utilized |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $— | $— |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 5877000 |  |
| &nbsp;&nbsp; PGIM TIPS Fund | 12436000 |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 465000 | 6000 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund |  |  |

---

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, 2025 are subject to such review.

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

Each Funds offer Class R6 shares and the Commodity Strategies Fund also offers Class Z shares. Class Z shares 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 July 31, 2025, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Funds as follows:

---

| | | |
|:---|:---|:---|
| Fund | Number of Shares | Percentage of<br>Outstanding Shares |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund–Class R6 | 778577 | 94.7% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund–Class R6 | 6700992 | 99.7 |
| &nbsp;&nbsp; PGIM TIPS Fund–Class R6 | 7446722 | 99.7 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund–Class Z | 1780 | 0.1 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund–Class R6 | 4476603 | 93.9 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund–Class R6 | 1342219 | 99.9 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares** |
|  **Affiliated:** |  |  |
|  PGIM Jennison Small-Cap Core Equity Fund | 8 | 87.2% |
|  PGIM Core Conservative Bond Fund | 6 | 88.8 |

---

------

---

| | | |
|:---|:---|:---|
| Fund | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares** |
| &nbsp;&nbsp; **Affiliated:** |  |  |
| &nbsp;&nbsp; PGIM TIPS Fund | 7 | 94.4% |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 4 | 47.7 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 8 | 89.2 |
| &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 | 1 | 27.8 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap 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; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1932851 | $13230243 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 865 | 5699 |
| &nbsp;&nbsp; Shares purchased | (114203) | (794388) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1819513 | 12441554 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 119 | 820 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1819632 | $12442374 |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 14214 | $98917 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3174 | 20248 |
| &nbsp;&nbsp; Shares purchased | (89140) | (613732) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (71752) | $(494567) |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1936100 | $13188911 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 207628 | 1366193 |
| &nbsp;&nbsp; Shares purchased | (4156055) | (28561431) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2012327) | (14006327) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (120) | (820) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2012447) | $(14007147) |
| &nbsp;&nbsp; **Year ended July 31, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2244116 | $15416105 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 327678 | 2087311 |
| &nbsp;&nbsp; Shares purchased | (4204409) | (28617679) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1632615) | $(11114263) |

---

**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** | 9/27/2024 – 9/25/2025 | 9/29/2023 – 9/26/2024 |
| &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79

------

Notes to Financial Statements/Consolidated Financial Statements

---

| | | |
|:---|:---|:---|
|  | Current SCA | Prior SCA |
|  **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>percent | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR<br>rate plus 0.10% or (3) zero<br>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 indicated below utilized the SCA during the year ended July 31, 2025. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Average<br>Balance<br>Outstanding | Weighted<br>Average<br>Interest Rates | Number<br>of Days<br>Outstanding | Maximum<br>Balance<br>Outstanding | Balance<br>Outstanding at<br>July 31, 2025 |
|  PGIM TIPS Fund | $513000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.87% | 6 | $1096000 | $— |
|  PGIM Quant Solutions Mid-Cap Index Fund | 184391 | 5.67 | 23 | 380000 | &nbsp;&nbsp;&nbsp;&nbsp;— |

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

Each Fund's principal 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.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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>Index Fund |
|  Active Trading |  | X |  |  |  |
|  Adjustable and Floating Rate Securities |  |  | X |  |  |
|  Blend Style | X |  |  |  |  |
|  Cayman Subsidiary |  |  |  | X |  |
|  Commodity |  |  |  | X |  |
|  Commodity-Linked Notes |  |  |  | X |  |
|  Commodity Pooled Investment Vehicles |  |  |  | X |  |
|  Commodity Regulatory |  |  |  | X |  |
|  Concentration |  |  |  | X |  |
|  Credit /Counterparty |  | X | X | X |  |
|  Debt Obligations |  | X | X | X |  |
|  Deflation |  |  |  | X |  |
|  Derivatives |  | X |  | X |  |
|  Economic and Market Events | X | X | X | X | X |
|  Equity and Equity-Related Securities | X |  |  |  | X |
|  Exchange-Traded Funds |  |  |  |  | X |
|  Foreign Securities |  | X | X |  |  |
|  Fund of Funds | X | X | X | X | X |
|  Futures and Forward Contracts |  |  |  | X |  |
|  Hedging |  |  |  | X |  |
|  Increase in Expenses | X | X | X | X | X |
|  Index Investment Approach |  |  |  |  | X |
|  Initial Public Offerings | X |  |  |  |  |
|  Interest Rate |  | X | X | X |  |
|  Large Shareholder and Large Scale Redemption | X | X | X | X | X |
|  Liquidity |  |  |  | X |  |
|  Management | X |  |  | X |  |
|  Market Disruption and Geopolitical | X | X | X | X | X |
|  Market | X | X | X | X | X |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| 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>Index Fund |
|  Medium Capitalization (Mid-Cap) Company |  |  |  |  | X |
|  Mortgage-Backed and Asset-Backed Securities |  | X | X |  |  |
|  Sector Exposure | X |  |  |  | X |
|  Small Company | X |  |  |  |  |
|  Tax |  |  |  | X |  |
|  TIPS |  |  | X |  |  |
|  Tracking Error |  |  |  |  | X |
|  Trading on Foreign Exchanges |  |  |  | X |  |
|  U.S. Government and Agency Securities |  | X | X | X |  |
|  U.S. Treasury Strips |  |  | X | X |  |
|  Zero Coupon Bond |  | X |  |  |  |

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*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 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 commodity 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.

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Notes to Financial Statements/Consolidated Financial Statements

*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.

*Debt Obligations Risk:* Debt obligations are fixed income investments that 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 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 its 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.

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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 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.

*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 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;83

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Notes to Financial Statements/Consolidated Financial Statements

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. 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." In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. 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 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 funds are subject to management risk. The subadvisers will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadvisers' judgements about the attractiveness, value or market trends

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affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund by the subadviser may underperform the markets in general, the Fund's benchmark and other 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 and the Israel-Hamas war), 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).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests.

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 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.

*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.

*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.

Sector Exposure Risk: At times, the Fund may have a significant portion of its assets invested in the same economic sector, including the financials and industrials sectors. Issuers in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.

*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

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Notes to Financial Statements/Consolidated Financial Statements

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 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, 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. Treasury obligations are backed by the "full faith and credit" of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Further, the U.S. Government and its agencies, authorities, instrumentalities and enterprises do not guarantee the market value of their securities; consequently, the value of such securities will fluctuate. This may be the case especially when there is any controversy or ongoing uncertainty regarding the status of negotiations in the U.S. Congress to increase the statutory debt ceiling. Such controversy or uncertainty could, among other things, result in the credit quality rating of the U.S. Government being downgraded and reduced prices of U.S. Treasury securities. If the U.S. Congress is unable to negotiate an adjustment to the statutory debt ceiling, there is also the risk that the U.S. Government may default on payments on certain U.S. Government securities, including those held by the Fund, which could have a negative impact on the Fund. An increase in demand for U.S. Government securities resulting from an increase in demand for government money market funds may lead to lower yields on such securities.

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*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.

10. Recent Accounting Pronouncement and Regulatory Developments

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

11. Subsequent Event

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of July 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;87

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 2 and Shareholders of PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund and PGIM Quant Solutions Mid-Cap Index Fund

*Opinions on the Financial Statements*

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds listed in the table below (five of the funds constituting Prudential Investment Portfolios 2, hereafter collectively referred to as the "Funds") as of July 31, 2025, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of July 31, 2025, the results of each of their operations, the changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

PGIM Jennison Small-Cap Core Equity Fund (1)

PGIM Core Conservative Bond Fund (1)

PGIM TIPS Fund (1)

PGIM Quant Solutions Commodity Strategies Fund (2)

PGIM Quant Solutions Mid-Cap Index Fund (1)

(1) Statement of operations for the year ended July 31, 2025, statement of changes in net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for each of the five years in the period ended July 31, 2025.

(2) Consolidated statement of assets and liabilities, including the consolidated schedule of investments, as of July 31, 2025, consolidated statement of operations for the year ended July 31, 2025, consolidated statement of changes in net assets for each of the two years in the period ended July 31, 2025 and the financial highlights for the periods indicated therein.

*Basis for Opinions*

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2025 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

September 19, 2025

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

------

#### Other Information
**Form N-CSR Item 8** - Changes in and Disagreements with Accountants for Open-End Management Investment Companies - None.

**Form N-CSR Item 9** - Proxy Disclosures for Open-End Management Investment Companies - None.

**Form N-CSR Item 10** - Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies - Included within the Statement of Operations of the financial statements filed under Item 7 of this Form.

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract.

------

Approval of Advisory Agreements

#### 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 Index Fund (formerly, PGIM Quant Solutions Mid-Cap Core Fund)

#### The Funds' Boards of Trustees
The Boards of Trustees (the "Board") of the PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, and PGIM Quant Solutions Mid-Cap Index Fund (formerly, PGIM Quant Solutions Mid-Cap Core Fund) (each, a "Fund, and collectively, the "Funds")<sup>1</sup> consists of ten individuals, eight of whom are not "interested persons" of the Funds, as defined in the Investment Company Act of 1940, as amended (the "1940 Act") (the "Independent Trustees"). The Board is responsible for the oversight of each Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

#### Annual Approval of the Funds' Advisory Agreements
As required under the 1940 Act, the Board determines annually whether to renew each Fund's management agreement with PGIM Investments LLC ("PGIM Investments") and each Fund's subadvisory agreement with PGIM Quantitative Solutions LLC ("PGIM Quantitative Solutions"), Jennison Associates LLC ("Jennison") and PGIM, Inc., ("PGIM") on behalf of its PGIM Fixed Income unit, and PGIM Limited (collectively "PGIM Fixed Income"), as applicable. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 2 and 11-12, 2025 (the "Board Meeting") and approved the renewal of the agreements through July 31, 2026, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM Fixed Income, PGIM Quantitative Solutions and Jennison. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund's assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board's decision to approve an agreement with respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular and special Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund's investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIM Quantitative Solutions, Jennison and PGIM Fixed Income as applicable, each of which serves as each Fund's subadviser pursuant to the terms of subadvisory agreements with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment. The Board considered the approval of the agreements for the Fund as part of its consideration of agreements for multiple funds, but its approvals were made on a fund-by-fund basis.

The material factors and conclusions that formed the basis for the Trustees' reaching their determinations to approve the continuance of the agreements are separately discussed below.

1 Each of the Funds is a series of Prudential Investment Portfolios 2.

------

Approval of Advisory Agreements (continued)

#### Nature, Quality and Extent of Services
The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income. The Board noted that PGIM Quantitative Solutions, Jennison and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for each Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to each Fund, such as PGIM Investments' role as administrator of the Funds' liquidity risk management program and as valuation designee. With respect to PGIM Investments' oversight of the subadvisers, the Board noted that PGIM Investments' Strategic Investment Research Group ("SIRG"), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments' senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income, including investment research and security selection, as well as adherence to each Fund's investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments' evaluation of the subadvisers, as well as PGIM Investments' recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments' senior management responsible for the oversight of each Fund, PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions, Jennison and PGIM Fixed Income portfolio managers who are responsible for the day-to-day management of each Fund's portfolio. The Board was provided with information pertaining to PGIM Investments', PGIM Quantitative Solutions', Jennison's and PGIM Fixed Income's organizational structure, senior management, investment operations, and other relevant information pertaining to PGIM Investments, Jennison, PGIM Quantitative Solutions and PGIM Fixed Income. The Board also noted that it received favorable compliance reports from the Funds' Chief Compliance Officer ("CCO") as to each of PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income.

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to each Fund by PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income under the management and subadvisory agreements.

#### Costs of Services and Profits Realized by PGIM Investments
The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund's investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser's capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

#### Economies of Scale
The Board received and discussed information concerning economies of scale that PGIM Investments may realize as each Fund's assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of each Fund, the management fees of each Fund compared to those of similarly managed funds and PGIM Investments' investment in each Fund over time. The Board noted that, while the management fee schedule for each Fund does not have breakpoints in its management fees, economies of scale can be shared with each Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing expense structures in the face of a rising cost environment. The Board also considered PGIM Investments' assertion that it continually evaluates the management fee schedule of each Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

The Board recognized the inherent limitations of any analysis of economies of scale, stemming largely from the Board's understanding that most of PGIM Investments' costs are not specific to individual funds, but rather are incurred across a variety of products and services.

Visit our website at pgim.com/investments

------

#### Other Benefits to PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income
The Board considered potential ancillary benefits that might be received by PGIM Investments, PGIM Quantitative Solutions, Jennison, PGIM Fixed Income and their affiliates as a result of their relationship with each Fund. The Board concluded that potential benefits to be derived by PGIM Investments included transfer agency fees received by each Fund's transfer agent (which is affiliated with PGIM Investments), and benefits to its reputation as well as other intangible benefits resulting from PGIM Investments' association with the Funds. The Board concluded that the potential benefits to be derived by PGIM Quantitative Solutions and Jennison included their ability to use soft dollar credits, as well as the potential benefits consistent with those generally resulting from an increase in assets under management, specifically, potential access to additional research resources and benefits to their reputations. The Board concluded that the benefits derived by PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

#### Performance of the Funds / Fees and Expenses
The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-year and the three-year periods ended December 31, 2024.

The Board also considered each Fund's actual management fee, as well as each Fund's net total expense ratio, for the fiscal year ended July 31, 2024. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

The mutual funds included in the peer universe, which was used to consider performance, and the peer group, which was used to consider expenses and fees, for each Fund were objectively determined by Broadridge, an independent provider of mutual fund data. In certain circumstances, PGIM Investments also provided supplemental peer universe or peer group information, for reasons addressed with the Board. The comparisons placed each Fund in various quartiles over various periods, with the first quartile being the best 25% of the mutual funds (for performance, the best performing mutual funds and, for expenses, the lowest cost mutual funds).

The section below summarizes key factors considered by the Board and the Board's conclusions regarding each Fund's performance, fees and overall expenses. For each Fund, the table sets forth net performance comparisons (which reflect the impact on performance of any subsidies, expense caps or waivers that may be applicable) with the peer universe, actual management fees with the peer group (which reflect the impact of fund expenses, or any subsidies or fee waivers), and net total expenses with the peer group, each of which were key factors considered by the Board.

#### PGIM Quant Solutions Mid-Cap Index Fund (formerly, PGIM Quant Solutions Mid-Cap Core Fund)

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | 10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance 2<sup>nd</sup> Quartile 1<sup>st</sup> Quartile 2<sup>nd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the three- year period, and underperformed its benchmark index over the other periods.

● The Board considered PGIM Investments' assertion that, as an index fund, the Fund's performance is consistent with its objective and it exhibits a similar composition and high correlation to its benchmark index, minus expenses.

● The Board and PGIM Investments agreed to a contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.19% for Class R6 shares.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | 10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance 1<sup>st</sup> Quartile 4<sup>th</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

------

Approval of Advisory Agreements (continued)

● The Board noted that the Fund outperformed its benchmark index over the one- and five-year periods and underperformed the benchmark index over the three-year period.

● The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.95% for Class R6 shares through November 30, 2025.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM Core Conservative Bond Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | 10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance 3<sup>rd</sup> Quartile 4<sup>th</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 4<sup>th</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the one-year period and underperformed its benchmark index over the other periods.

● The Board also noted that the Fund outperformed its benchmark index (gross of fees) over the one-, three- and five-year periods.

● The Board considered PGIM Investments' assertions that, relative to its peer universe, which has the flexibility to invest in emerging markets and below-investment grade debt, the Fund's more conservative investment approach limits exposure to these sectors, which can limit peer-relative results, and therefore, the Fund's benchmark index is a better measure for evaluating Fund performance.

● The Board and PGIM Investments agreed to a contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.19% for Class R6 shares through November 30, 2025.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

#### PGIM TIPS Fund

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | 10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance 3<sup>rd</sup> Quartile | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 3<sup>rd</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 3<sup>rd</sup> Quartile |

---

● The Board noted that the Fund underperformed its benchmark index over all periods.

● The Board considered PGIM Investments' assertions that the Fund's benchmark index is a better measure for evaluating Fund performance in light of the Fund's lower risk profile relative to its peers. In this regard, the Board noted that the Fund outperformed its benchmark (on a gross basis) over the one-, three- and five-year trailing periods.

● The Board also noted that, on a gross basis, the Fund has outperformed its benchmark in six out of the last eight calendar years (since the Fund's inception).

● The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.30% for Class R6 shares through November 30, 2025.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

Visit our website at pgim.com/investments

------

#### PGIM Quant Solutions Commodity Strategies Fund

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Net Performance | 5 Years | 10 Years |
| &nbsp;&nbsp;&nbsp;Net Performance 2<sup>nd</sup> Quartile | N/A | N/A |
| &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Actual Management Fees:* 1<sup>st</sup> Quartile |
| &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile | &nbsp;&nbsp;&nbsp;*Net Total Expenses:* 1<sup>st</sup> Quartile |

---

● The Board noted that the Fund outperformed its benchmark index over the three-year period and underperformed over the one-year period.

● The Board noted that the Fund outperformed its peer universe median, with second quartile performance, over the one-year period.

● The Board considered that longer-term performance was not yet available.

● The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.70% for Class R6 shares and 0.70% for Class Z shares through November 30, 2025.

● In addition, PGIM Investments will 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 and has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

● The Board concluded that, in light of the above, it would be in the best interests of the Fund and its shareholders to renew the agreements.

● The Board concluded that the management fees (including subadvisory fees) and total expenses were reasonable in light of the services provided.

\* \* \*

After full consideration of these factors, the Board concluded that approval of the agreements was in the best interests of each Fund and its shareholders.

------

Item 12 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

Item 13 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 14 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

---

| | |
|:---|:---|
| Item 15 – | Submission of Matters to a Vote of Security Holders – There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's board of directors.  |

---

Item 16 – Controls and Procedures

(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.

(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 17 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 18 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 19 – Exhibits

(a)(1) [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d35642dex99codeeth.htm)

(a)(2) Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.

(a)(3) [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d35642dex99cert.htm)

(a)(4) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(5) Change in the registrant's independent public accountant – Not applicable.

(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d35642dex99906cert.htm)

------

#### 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.

---

| | |
|:---|:---|
| Registrant | <u>Prudential Investment Portfolios 2</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French<br> Secretary |
| Date: | September 19, 2025 |

---

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.

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | September 19, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | September 19, 2025 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

**I. Covered Officers/Purpose of the Code** 

This code of ethics (the "Code") is established for the funds listed on Attachment A hereto (each a Fund" and together the "Funds") pursuant to Section 406 of the Sarbanes-Oxley Act and the rules adopted thereunder by the Securities and Exchange Commission ("SEC"). The Code applies to each Fund's Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer or Controller, or senior officers performing similar functions (the "Covered Officers" each of whom are set forth in Exhibit B) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between
personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• full, fair, accurate, timely and understandable disclosure in reports and documents that a registrant files with,
or submits to, the SEC and in other public communications made by a Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• compliance with applicable governmental laws, rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the prompt internal reporting of violations of the Code to an appropriate person or persons identified in the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• accountability for adherence to the Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

**II. Conflicts of Interest** 

A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, a Fund. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with a Fund.

Certain conflicts of interest arise out of the relationships between Covered Officers and a Fund and already are subject to conflict of interest provisions in the Investment Company Act of 1940, as amended (the "1940 Act") and the Investment Advisers Act of 1940, as amended (the "Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fund because of their status as "affiliated persons" of the Fund. A Fund's and its investment adviser's compliance programs and procedures are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationships between a Fund and the Fund's investment adviser, principal underwriter, administrator, or other service providers to the Fund (together "Service Providers"), of which the Covered Officers may also be principals or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for a Service Provider, or for both), be involved in establishing policies and implementing decisions that will have different effects on such Service Providers and a Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationships between a Fund and its Service Providers and is consistent with the performance by the Covered Officers of their duties as officers of the Fund. Thus, if performed in conformity with the provisions of the 1940 Act and the Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Directors/Trustees ("Boards") that the Covered Officers may also be officers or employees of one or more other investment companies covered by this or other codes.

Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fund.

Each Covered Officer must:

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not use his personal influence or personal relationships improperly to influence investment decisions or
financial reporting by a Fund whereby the Covered Officer would benefit personally to the detriment of the Fund;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not cause a Fund to take action, or fail to take action, for the individual personal benefit of the Covered
Officer rather than the benefit the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• not retaliate against any other Covered Officer or any employee of a Fund or its affiliated persons for reports
of potential violations that are made in good faith.

There are some actual or potential conflict of interest situations that should always be brought to the attention of, and discussed with, the Funds' Chief Legal Officer or other senior legal officer, if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• service as a director on the board of any public or private company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the receipt of any entertainment from any company with which a Fund has current or prospective business dealings
unless such entertainment is business-related, reasonable in cost, appropriate as to time and place, and not so frequent as to raise any question of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any ownership interest in (other than insubstantial interests in publicly traded entities), or any consulting or
employment relationship with, any of a Fund's Service Providers, other than its investment adviser, principal underwriter, administrator or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a direct or indirect financial interest in commissions, transaction charges or spreads paid by a Fund for
effecting portfolio transactions or for selling or redeeming shares other than an interest arising from the Covered Officer's employment, such as compensation or equity ownership.

**III. Disclosure and Compliance** 

Each Covered Officer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should familiarize himself with the disclosure requirements generally applicable to the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should not knowingly misrepresent, or cause others to misrepresent, facts about a Fund to others, whether within
or outside the Fund, including to the Fund's Board of Directors/Trustees and its auditors, and to governmental regulators and self-regulatory organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• should, to the extent appropriate within his area of responsibility, consult with other officers and employees of
a Fund and its Service Providers with the goal of promoting full, fair, accurate, timely and understandable disclosure in the reports and documents the Fund files with, or submits to, the SEC and in other public communications made by the Fund; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• is responsible to promote compliance with the standards and restrictions imposed by applicable laws, rules and
regulations.

**IV. Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• upon adoption of the Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing to
the Board of Directors/Trustees that he has received, read, and understands the Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• annually thereafter affirm to the Board of Directors/Trustees that he has complied with the requirements of the
Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• notify the Funds' Chief Legal Officer promptly if he knows of any violation of this Code. Failure to do so
is itself a violation of this Code.

The Funds' Chief Legal Officer is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. In such situations, the Chief Legal Officer is authorized to consult, as appropriate, with counsel to the Funds, counsel to the Independent Directors/Trustees, a Board Committee comprised of Independent Directors/Trustees, or the full Board.

------

The Funds will follow the following procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the Funds Chief Legal Officer will take all appropriate action to investigate any potential violations reported
to her;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• if, after such investigation, the Chief Legal Officer believes that no violation has occurred, the Chief Legal
Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any matter that the Chief Legal Officer believes is a violation or that the Chief Legal Officer believes should
be reviewed by a Fund's Board or Board Committee comprised of Independent Directors/Trustees will be reported to the Fund's Board or Board Committee comprised of Independent Directors/Trustees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• based upon its review of any matter referred to it, a Fund's Board or Board Committee comprised of
Independent Directors/Trustees shall determine whether or not a violation has occurred, whether a grant of waiver is appropriate or whether some other action should be taken. Based upon its determination, the Fund's Board or Board Committee
comprised of Independent Directors/Trustees may take such action as it deems appropriate, which may include without limitation: modifications of applicable policies and procedures; notification to appropriate personnel of the Fund's investment
adviser, principal underwriter or administrator, or their boards; notification to other Funds for which the Covered Officer serves as a Covered Officer; or recommendation to dismiss the Covered Officer; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any changes to or waivers of this Code will, to the extent required, be disclosed as provided by SEC rules.

**V. Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of a Fund or its Service Providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Funds' and their investment adviser's and principal underwriter's code of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

**VI. Amendments** 

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of Independent Directors/Trustees.

**VII. Confidentiality** 

All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fund Board of Directors/Trustees, counsel to the Fund, and counsel to the Fund Independent Directors/Trustees.

**VIII. Internal Use** 

The Code is intended solely for the internal use by the Funds and does not constitute an admission, by or on behalf of a Fund, as to any fact, circumstance, or legal conclusion.

**IX. Recordkeeping** 

A Fund shall keep the information disclosed about waivers and amendments under the Code for the period of time as specified in the rules adopted pursuant to Section 406 of the Sarbanes-Oxley Act, and furnish such information to the SEC or its staff upon request.

Adopted and approved as of September 3, 2003.

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**EXHIBIT A** 

**<u>Funds Covered by this Code of Ethics</u>**

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

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**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

**Stuart S. Parker** – President and Principal Executive Officer of the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Kenneth Allen** – President and Principal Executive Officer of Advanced Series Trust, Prudential's Gibraltar Fund, Inc. and The Prudential Series Fund.

**Christian J. Kelly** – Chief Financial Officer and Principal Financial Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

**Russ Shupak**- Treasurer and Principal Accounting Officer for the PGIM Funds, PGIM ETF Trust, PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., and PGIM Short Duration High Yield Opportunities Fund.

**Elyse McLaughlin**- Treasurer and Principal Accounting Officer for the Advanced Series Trust, Prudential's Gibraltar Fund, Inc., and The Prudential Series Fund.

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 2** 

Annual period ending 7/31/25

File No. 811-09999

**<u>CERTIFICATIONS</u>**

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&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;&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;&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;&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; and

------

&nbsp;&nbsp;&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.

September 19, 2025

---

| |
|:---|
| <u>/s/ Stuart S. Parker</u> |
| Stuart S. Parker |
| President and Principal Executive Officer |

---

------

Item 19

**Prudential Investment Portfolios 2** 

Annual period ending 7/31/25

File No. 811-09999

**<u>CERTIFICATIONS</u>**

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&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;&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;&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;&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; and

------

&nbsp;&nbsp;&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.

September 19, 2025

---

| |
|:---|
| <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.

---

| | |
|:---|:---|
| September 19, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| September 19, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*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.*