# EDGAR Filing Document

**Accession Number:** 0001051562
**File Stem:** 0001193125-26-248898
**Filing Date:** 2026-5
**Character Count:** 456968
**Document Hash:** 84f3b086563e1a5c0877592b3d0b43a1
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-248898.hdr.sgml**: 20260529

**ACCESSION NUMBER**: 0001193125-26-248898

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 66

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260529

**DATE AS OF CHANGE**: 20260529

**EFFECTIVENESS DATE**: 20260529

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 12
- **CENTRAL INDEX KEY:** 0001051562

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0331

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08565
- **FILM NUMBER:** 261046284

**BUSINESS ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077
- **BUSINESS PHONE:** (973) 802-5032

**MAIL ADDRESS:**
- **STREET 1:** 655 BROAD STREET
- **STREET 2:** 6TH FLOOR
- **CITY:** NEWARK
- **STATE:** NJ
- **ZIP:** 07102-4077

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL GLOBAL REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20100219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** DRYDEN GLOBAL REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20070111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** STRATEGIC PARTNERS REAL ESTATE FUND
- **DATE OF NAME CHANGE:** 20050616

## Series and Classes Contracts Data

### PGIM US Real Estate Fund (Series ID: S000030621)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000094911 | Class A      | PJEAX           |
| C000094913 | Class C      | PJECX           |
| C000094914 | Class Z      | PJEZX           |
| C000187451 | Class R6     | PJEQX           |

### PGIM Short Duration Muni Fund (Series ID: S000045516)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000141708 | Class A      | PDSAX           |
| C000141709 | Class C      | PDSCX           |
| C000141710 | Class Z      | PDSZX           |
| C000187453 | Class R6     | PDSQX           |

### PGIM Enhanced Retirement Spending Fund (Series ID: S000084504)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248896 | Class R6     | PGFEX           |

### PGIM Moderate Retirement Spending Fund (Series ID: S000084505)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248897 | Class R6     | PGFMX           |

### PGIM Conservative Retirement Spending Fund (Series ID: S000084506)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000248898 | Class R6     | PGFCX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 12

#### 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: | 811-08565 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 12 |
| (This Form N-CSR relates solely to the Registrant's PGIM US Real Estate Fund, PGIM Short Duration Muni Fund, PGIM Conservative Retirement Spending Fund, PGIM Enhanced Retirement Spending Fund and PGIM Moderate Retirement Spending Fund) | (This Form N-CSR relates solely to the Registrant's PGIM US Real Estate Fund, PGIM Short Duration Muni Fund, PGIM Conservative Retirement Spending Fund, PGIM Enhanced Retirement Spending Fund and PGIM Moderate Retirement Spending Fund) |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French<br>655 Broad Street, 6<sup>th</sup> Floor<br>Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 3/31/2026 |
| Date of reporting period: | 3/31/2026 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g56477g1tsrbanner_2026.jpg)

PGIM US Real Estate Fund

Class A:

PJEAX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class A shares of PGIM US Real Estate Fund (the "Fund") for the period

of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 US Real Estate Fund—Class A | $130 | 1.25% |

---

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

■

Market conditions remained volatile but improved meaningfully over the reporting period. The U.S. real estate investment trust ("REIT") market

delivered solid positive performance despite persistent interest rate uncertainty and episodic macro shocks, as investor focus shifted toward

improving property fundamentals and resilient cash-flow visibility. Positive performance continued to be driven by structurally supported

property types, such as data centers, industrial, and select residential sectors, while lagging segments—including office and certain retail

formats—experienced further stabilization from deeply discounted valuations. While higher long-term rates remained a headwind at times,

REIT performance became increasingly decoupled from interest rate movements, as private market values showed signs of bottoming, and

capital markets activity gradually recovered. Overall, sentiment toward U.S. real estate equities improved as balance sheets, operating trends,

and transaction activity pointed to a more favorable outlook.

■

The Fund benefited from positive stock selection across several sectors, including health care and storage. Additionally, underweight positions

in the specialty housing and gaming sectors contributed to relative performance versus the FTSE NAREIT Equity REITs Index (the "Index").

■

Stock selection in the net lease and hotel sectors was negative for the period, detracting from the Fund's performance. Also detracting from the

Fund's performance was an overweight position relative to the Index in the residential sector.

MF209EA

![](g56477g1pgimlogo_2026.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/mutual-fund-documents

or call

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

The line graph reflects a hypothetical $10,000 investment in Class A 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: March 31, 2016 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g1usrealestfund_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 1.97% | 5.35% | 6.39% |
| Class A without sales charges | 7.90% | 6.54% | 7.00% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE NAREIT Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $279079534<br>|
| Number of fund holdings | 36 |
| Total advisory fees paid for the year | $1433136<br>|
| Portfolio turnover rate for the year | 84% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Specialized REITs | 23.5% |
| Retail REITs | 21.4% |
| Health Care REITs | 21.0% |
| Industrial REITs | 14.5% |
| Residential REITs | 9.0% |
| Office REITs | 3.7% |
| Diversified REITs | 3.7% |
| Hotel & Resort REITs | 2.2% |
| Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan) | 1.4% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM US Real Estate Fund

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

SHARE CLASS A <br> NASDAQ PJEAX <br> CUSIP 744336603

MF209EA

![](g56477g1pgimlogo_2026.jpg)

------

![](g56477g2tsrbanner_2026.jpg)

PGIM US Real Estate Fund

Class C:

PJECX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class C shares of PGIM US Real Estate Fund (t

he "Fund") for the period

of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 US Real Estate Fund—Class C | $207 | 2.00% |

---

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

■

Market conditions remained volatile but improved meaningfully over the reporting period. The U.S. real estate investment trust ("REIT") market

delivered solid positive performance despite persistent interest rate uncertainty and episodic macro shocks, as investor focus shifted toward

improving property fundamentals and resilient cash-flow visibility. Positive performance continued to be driven by structurally supported

property types, such as data centers, industrial, and select residential sectors, while lagging segments—including office and certain retail

formats—experienced further stabilization from deeply discounted valuations. While higher long-term rates remained a headwind at times,

REIT performance became increasingly decoupled from interest rate movements, as private market values showed signs of bottoming, and

capital markets activity gradually recovered. Overall, sentiment toward U.S. real estate equities improved as balance sheets, operating trends,

and transaction activity pointed to a more favorable outlook.

■

The Fund benefited from positive stock selection across several sectors, including health care and storage. Additionally, underweight positions

in the specialty housing and gaming sectors contributed to relative performance versus the FTSE NAREIT Equity REITs Index (the "Index").

■

Stock selection in the net lease and hotel sectors was negative for the period, detracting from the Fund's performance. Also detracting from the

Fund's performance was an overweight position relative to the Index in the residential sector.

MF209EC

![](g56477g2pgimlogo_2026.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/mutual-fund-documents

or call

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

The line graph reflects a hypothetical $10,000 investment in Class C 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: March 31, 2016 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g2usrealestfund_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 6.11% | 5.75% | 6.20% |
| Class C without sales charges | 7.11% | 5.75% | 6.20% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE NAREIT Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $279079534<br>|
| Number of fund holdings | 36 |
| Total advisory fees paid for the year | $1433136<br>|
| Portfolio turnover rate for the year | 84% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Specialized REITs | 23.5% |
| Retail REITs | 21.4% |
| Health Care REITs | 21.0% |
| Industrial REITs | 14.5% |
| Residential REITs | 9.0% |
| Office REITs | 3.7% |
| Diversified REITs | 3.7% |
| Hotel & Resort REITs | 2.2% |
| Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan) | 1.4% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM US Real Estate Fund

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

SHARE CLASS C <br> NASDAQ PJECX <br> CUSIP 744336801

MF209EC

![](g56477g2pgimlogo_2026.jpg)

------

![](g56477g3tsrbanner_2026.jpg)

PGIM US Real Estate Fund

Class Z:

PJEZX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM US Real Estate Fund (the "Fund") for the period

of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 US Real Estate Fund—Class Z | $104 | 1.00% |

---

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

■

Market conditions remained volatile but improved meaningfully over the reporting period. The U.S. real estate investment trust ("REIT") market

delivered solid positive performance despite persistent interest rate uncertainty and episodic macro shocks, as investor focus shifted toward

improving property fundamentals and resilient cash-flow visibility. Positive performance continued to be driven by structurally supported

property types, such as data centers, industrial, and select residential sectors, while lagging segments—including office and certain retail

formats—experienced further stabilization from deeply discounted valuations. While higher long-term rates remained a headwind at times,

REIT performance became increasingly decoupled from interest rate movements, as private market values showed signs of bottoming, and

capital markets activity gradually recovered. Overall, sentiment toward U.S. real estate equities improved as balance sheets, operating trends,

and transaction activity pointed to a more favorable outlook.

■

The Fund benefited from positive stock selection across several sectors, including health care and storage. Additionally, underweight positions

in the specialty housing and gaming sectors contributed to relative performance versus the FTSE NAREIT Equity REITs Index (the "Index").

■

Stock selection in the net lease and hotel sectors was negative for the period, detracting from the Fund's performance. Also detracting from the

Fund's performance was an overweight position relative to the Index in the residential sector.

MF209EZ

![](g56477g3pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: March 31, 2016 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g3usrealestfund_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 8.09% | 6.80% | 7.26% |
| S&P 500 Index | 17.80% | 12.06% | 14.16% |
| FTSE NAREIT Equity REITs Index | 6.84% | 5.82% | 5.57% |

---

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $279079534<br>|
| Number of fund holdings | 36 |
| Total advisory fees paid for the year | $1433136<br>|
| Portfolio turnover rate for the year | 84% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Specialized REITs | 23.5% |
| Retail REITs | 21.4% |
| Health Care REITs | 21.0% |
| Industrial REITs | 14.5% |
| Residential REITs | 9.0% |
| Office REITs | 3.7% |
| Diversified REITs | 3.7% |
| Hotel & Resort REITs | 2.2% |
| Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan) | 1.4% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM US Real Estate Fund

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

SHARE CLASS Z <br> NASDAQ PJEZX <br> CUSIP 744336884

MF209EZ

![](g56477g3pgimlogo_2026.jpg)

------

![](g56477g4tsrbanner_2026.jpg)

PGIM US Real Estate Fund

Class R6:

PJEQX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM US Real Estate Fund (the "Fund") for the

period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 US Real Estate Fund—Class R6 | $91 | 0.87% |

---

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

■

Market conditions remained volatile but improved meaningfully over the reporting period. The U.S. real estate investment trust ("REIT") market

delivered solid positive performance despite persistent interest rate uncertainty and episodic macro shocks, as investor focus shifted toward

improving property fundamentals and resilient cash-flow visibility. Positive performance continued to be driven by structurally supported

property types, such as data centers, industrial, and select residential sectors, while lagging segments—including office and certain retail

formats—experienced further stabilization from deeply discounted valuations. While higher long-term rates remained a headwind at times,

REIT performance became increasingly decoupled from interest rate movements, as private market values showed signs of bottoming, and

capital markets activity gradually recovered. Overall, sentiment toward U.S. real estate equities improved as balance sheets, operating trends,

and transaction activity pointed to a more favorable outlook.

■

The Fund benefited from positive stock selection across several sectors, including health care and storage. Additionally, underweight positions

in the specialty housing and gaming sectors contributed to relative performance versus the FTSE NAREIT Equity REITs Index (the "Index").

■

Stock selection in the net lease and hotel sectors was negative for the period, detracting from the Fund's performance. Also detracting from the

Fund's performance was an overweight position relative to the Index in the residential sector.

MF209ER6

![](g56477g4pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: May 25, 2017 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g4usrealestfund_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 8.24% | 6.84% | 7.96% (5/25/2017) |
| S&P 500 Index | 17.80% | 12.06% | 13.80% |
| FTSE NAREIT Equity REITs Index | 6.84% | 5.82% | 5.99% |

---

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $279079534<br>|
| Number of fund holdings | 36 |
| Total advisory fees paid for the year | $1433136<br>|
| Portfolio turnover rate for the year | 84% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Sector Classification | % of Net <br>Assets<br>|
| Specialized REITs | 23.5% |
| Retail REITs | 21.4% |
| Health Care REITs | 21.0% |
| Industrial REITs | 14.5% |
| Residential REITs | 9.0% |
| Office REITs | 3.7% |
| Diversified REITs | 3.7% |
| Hotel & Resort REITs | 2.2% |
| Affiliated Mutual Fund - Short-Term Investment (0.2% represents investments purchased with collateral from securities on loan) | 1.4% |
|  | 100.4% |
| Liabilities in excess of other assets | (0.4)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM US Real Estate Fund

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

SHARE CLASS R6 <br> NASDAQ PJEQX <br> CUSIP 744336751

MF209ER6

![](g56477g4pgimlogo_2026.jpg)

------

![](g56477g5tsrbanner_2026.jpg)

PGIM Short Duration Muni Fund

Class A:

PDSAX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class A shares of PGIM Short Duration Muni Fund (the "Fund") for the

period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Short Duration Muni Fund—Class A | $61 | 0.60% |

---

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

■

During the reporting period, the U.S. Federal Reserve cut rates by 25 basis points (bps) in September, October, and December of 2025, as

market uncertainty around the health of the labor market climbed, and economic data was obscured by the November federal government

shutdown. (One basis point equals 0.01%.) The technical backdrop to start 2026 was supportive, as gross issuance in tax-exempt Municipal

bonds ($111 billion year to date) was met with healthy demand and led to $42 billion in net issuance. However, demand slowed amid the rate

volatility in March, linked to the presumed impact of a potential global oil supply shock on U.S. inflation and subsequent market revisions to

expectations for cuts to the federal funds rate. Against this backdrop, the 5-year and 10-year municipal/Treasury yield ratios cheapened, ending

the period at 68% and 72%, respectively.

■

The Fund's sector allocation and issue-specific selection drove outperformance relative to the Bloomberg 1–8 Year Municipal Index (the

"Index"). Specifically, overweights in housing, healthcare, prepaid gas, public power, student loans, and airports contributed to the Fund's

performance as spreads tightened. Exposure to special assessment bonds and industrial-backed credits, such as airlines, detracted from the

Fund's performance.

■

The Fund's duration positioning, relative to the Index, was largely neutral during the period. (Duration measures the sensitivity of the price—the

value of principal—of a bond to a change in interest rates.) The Fund's yield curve positioning detracted from performance as the differential

between a 10-year bond and a 2-year bond of the same type steepened by 12 bps.

■

The Fund maintained a modest short position in 10-year U.S. Treasury futures contracts to hedge overall duration from longer municipals. This

position had a modestly negative impact on the Fund's performance as U.S. Treasury rates fell during the period in which the futures were held.

MF222EA

![](g56477g5pgimlogo_2026.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/mutual-fund-documents

or call

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

The line graph reflects a hypothetical $10,000 investment in Class A 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: March 31, 2016 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g5pgimsdmuni_a.jpg)

The line graph reflects the return on the Fund's Class A shares with sales charges.

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class A with sales charges | 1.52% | 0.57% | 1.47% |
| Class A without sales charges | 3.86% | 1.03% | 1.70% |
| Bloomberg Municipal Bond Index\* | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-8 Year Municipal Index | 3.85% | 1.30% | 1.77% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $295610514<br>|
| Number of fund holdings | 262 |
| Total advisory fees paid for the year | $393469<br>|
| Portfolio turnover rate for the year | 65% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) |
| AAA | 12.6 |
| AA | 41.4 |
| A | 22.6 |
| BBB | 10.5 |
| BB | 4.3 |
| B | 0.5 |
| Not Rated | 7.2 |
| Cash/Cash Equivalents | 0.8 |
| 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/mutual-fund-documents

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 U.S.

![](g56477g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Short Duration Muni Fund

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

SHARE CLASS A <br> NASDAQ PDSAX <br> CUSIP 744336835

MF222EA

![](g56477g5pgimlogo_2026.jpg)

------

![](g56477g6tsrbanner_2026.jpg)

PGIM Short Duration Muni Fund

Class C:

PDSCX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class C shares of PGIM Short Duration Muni Fund (the "Fund") for the

period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Short Duration Muni Fund—Class C | $162 | 1.60% |

---

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

■

During the reporting period, the U.S. Federal Reserve cut rates by 25 basis points (bps) in September, October, and December of 2025, as market uncertainty around the health of the labor market climbed, and economic data was obscured by the November federal government shutdown. (One basis point equals 0.01%.) The technical backdrop to start 2026 was supportive, as gross issuance in tax-exempt Municipal bonds ($111 billion year to date) was met with healthy demand and led to $42 billion in net issuance. However, demand slowed amid the rate volatility in March, linked to the presumed impact of a potential global oil supply shock on U.S. inflation and subsequent market revisions to expectations for cuts to the federal funds rate. Against this backdrop, the 5-year and 10-year municipal/Treasury yield ratios cheapened, ending the period at 68% and 72%, respectively.

■

The Fund's sector allocation and issue-specific selection drove outperformance relative to the Bloomberg 1–8 Year Municipal Index (the "Index"). Specifically, overweights in housing, healthcare, prepaid gas, public power, student loans, and airports contributed to the Fund's performance as spreads tightened. Exposure to special assessment bonds and industrial-backed credits, such as airlines, detracted from the Fund's performance.

■

The Fund's duration positioning, relative to the Index, was largely neutral during the period. (Duration measures the sensitivity of the price—the

value of principal—of a bond to a change in interest rates.) The Fund's yield curve positioning detracted from performance as the differential

between a 10-year bond and a 2-year bond of the same type steepened by 12 bps.

■

The Fund maintained a modest short position in 10-year U.S. Treasury futures contracts to hedge overall duration from longer municipals. This

position had a modestly negative impact on the Fund's performance as U.S. Treasury rates fell during the period in which the futures were held.

MF222EC

![](g56477g6pgimlogo_2026.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/mutual-fund-documents

or call

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

The line graph reflects a hypothetical $10,000 investment in Class C 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: March 31, 2016 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g6pgimsdmuni_c.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class C with sales charges | 1.80% | 0.09% | 0.85% |
| Class C without sales charges | 2.80% | 0.09% | 0.85% |
| Bloomberg Municipal Bond Index\* | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-8 Year Municipal Index | 3.85% | 1.30% | 1.77% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $295610514<br>|
| Number of fund holdings | 262 |
| Total advisory fees paid for the year | $393469<br>|
| Portfolio turnover rate for the year | 65% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) |
| AAA | 12.6 |
| AA | 41.4 |
| A | 22.6 |
| BBB | 10.5 |
| BB | 4.3 |
| B | 0.5 |
| Not Rated | 7.2 |
| Cash/Cash Equivalents | 0.8 |
| 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/mutual-fund-documents

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 U.S.

![](g56477g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Short Duration Muni Fund

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

SHARE CLASS C <br> NASDAQ PDSCX <br> CUSIP 744336827

MF222EC

![](g56477g6pgimlogo_2026.jpg)

------

![](g56477g7tsrbanner_2026.jpg)

PGIM Short Duration Muni Fund

Class Z:

PDSZX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Short Duration Muni Fund (the "Fund") for the

period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Short Duration Muni Fund—Class Z | $33 | 0.32% |

---

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

■

During the reporting period, the U.S. Federal Reserve cut rates by 25 basis points (bps) in September, October, and December of 2025, as market uncertainty around the health of the labor market climbed, and economic data was obscured by the November federal government shutdown. (One basis point equals 0.01%.) The technical backdrop to start 2026 was supportive, as gross issuance in tax-exempt Municipal bonds ($111 billion year to date) was met with healthy demand and led to $42 billion in net issuance. However, demand slowed amid the rate volatility in March, linked to the presumed impact of a potential global oil supply shock on U.S. inflation and subsequent market revisions to expectations for cuts to the federal funds rate. Against this backdrop, the 5-year and 10-year municipal/Treasury yield ratios cheapened, ending the period at 68% and 72%, respectively.

■

The Fund's sector allocation and issue-specific selection drove outperformance relative to the Bloomberg 1–8 Year Municipal Index (the "Index"). Specifically, overweights in housing, healthcare, prepaid gas, public power, student loans, and airports contributed to the Fund's performance as spreads tightened. Exposure to special assessment bonds and industrial-backed credits, such as airlines, detracted from the Fund's performance.

■

The Fund's duration positioning, relative to the Index, was largely neutral during the period. (Duration measures the sensitivity of the price—the

value of principal—of a bond to a change in interest rates.) The Fund's yield curve positioning detracted from performance as the differential

between a 10-year bond and a 2-year bond of the same type steepened by 12 bps.

■

The Fund maintained a modest short position in 10-year U.S. Treasury futures contracts to hedge overall duration from longer municipals. This

position had a modestly negative impact on the Fund's performance as U.S. Treasury rates fell during the period in which the futures were held.

MF222EZ

![](g56477g7pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: March 31, 2016 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g7pgimsdmuni_z.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Class Z | 4.15% | 1.33% | 1.98% |
| Bloomberg Municipal Bond Index\* | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-8 Year Municipal Index | 3.85% | 1.30% | 1.77% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $295610514<br>|
| Number of fund holdings | 262 |
| Total advisory fees paid for the year | $393469<br>|
| Portfolio turnover rate for the year | 65% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) |
| AAA | 12.6 |
| AA | 41.4 |
| A | 22.6 |
| BBB | 10.5 |
| BB | 4.3 |
| B | 0.5 |
| Not Rated | 7.2 |
| Cash/Cash Equivalents | 0.8 |
| 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/mutual-fund-documents

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 U.S.

![](g56477g7qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Short Duration Muni Fund

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

SHARE CLASS Z <br> NASDAQ PDSZX <br> CUSIP 744336819

MF222EZ

![](g56477g7pgimlogo_2026.jpg)

------

![](g56477g8tsrbanner_2026.jpg)

PGIM Short Duration Muni Fund

Class R6:

PDSQX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Short Duration Muni Fund (the "Fund") for the

period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Short Duration Muni Fund—Class R6 | $30 | 0.29% |

---

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

■

During the reporting period, the U.S. Federal Reserve cut rates by 25 basis points (bps) in September, October, and December of 2025, as market uncertainty around the health of the labor market climbed, and economic data was obscured by the November federal government shutdown. (One basis point equals 0.01%.) The technical backdrop to start 2026 was supportive, as gross issuance in tax-exempt Municipal bonds ($111 billion year to date) was met with healthy demand and led to $42 billion in net issuance. However, demand slowed amid the rate volatility in March, linked to the presumed impact of a potential global oil supply shock on U.S. inflation and subsequent market revisions to expectations for cuts to the federal funds rate. Against this backdrop, the 5-year and 10-year municipal/Treasury yield ratios cheapened, ending the period at 68% and 72%, respectively.

■

The Fund's sector allocation and issue-specific selection drove outperformance relative to the Bloomberg 1–8 Year Municipal Index (the "Index"). Specifically, overweights in housing, healthcare, prepaid gas, public power, student loans, and airports contributed to the Fund's performance as spreads tightened. Exposure to special assessment bonds and industrial-backed credits, such as airlines, detracted from the Fund's performance.

■

The Fund's duration positioning, relative to the Index, was largely neutral during the period. (Duration measures the sensitivity of the price—the

value of principal—of a bond to a change in interest rates.) The Fund's yield curve positioning detracted from performance as the differential

between a 10-year bond and a 2-year bond of the same type steepened by 12 bps.

■

The Fund maintained a modest short position in 10-year U.S. Treasury futures contracts to hedge overall duration from longer municipals. This

position had a modestly negative impact on the Fund's performance as U.S. Treasury rates fell during the period in which the futures were held.

MF222ER6

![](g56477g8pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: May 25, 2017 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g8pgimsdmuni_r6.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Five Years (%) | Since Inception (%) |
| Class R6 | 4.18% | 1.36% | 2.10% (5/25/2017) |
| Bloomberg Municipal Bond Index\* | 4.29% | 0.84% | 2.16% |
| Bloomberg 1-8 Year Municipal Index | 3.85% | 1.30% | 1.82% |

---

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

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $295610514<br>|
| Number of fund holdings | 262 |
| Total advisory fees paid for the year | $393469<br>|
| Portfolio turnover rate for the year | 65% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 3/31/2026 (%) |
| AAA | 12.6 |
| AA | 41.4 |
| A | 22.6 |
| BBB | 10.5 |
| BB | 4.3 |
| B | 0.5 |
| Not Rated | 7.2 |
| Cash/Cash Equivalents | 0.8 |
| 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/mutual-fund-documents

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 U.S.

![](g56477g8qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Short Duration Muni Fund

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

SHARE CLASS R6 <br> NASDAQ PDSQX <br> CUSIP 744336744

MF222ER6

![](g56477g8pgimlogo_2026.jpg)

------

![](g56477g9tsrbanner_2026.jpg)

PGIM Conservative Retirement Spending Fund

Class R6:

PGFCX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Conservative Retirement Spending Fund (the

"Fund") for the period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Conservative Retirement Spending Fund—Class R6 | $1 | 0.01% |

---

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

■

There were several dominant themes over the reporting period, including stepped-up fiscal spending and widening deficits by major economies,

a technology-driven investment boom in both the U.S. and China, and a supportive liquidity backdrop that underpinned major asset classes.

Overall, it was a strong period for risk assets, although performance varied across asset classes. This period was riddled with windows of

volatility driven by multiple factors, including geopolitical tensions, trade wars, government shutdowns, and mixed economic data. After positive

returns for both U.S. and non-U.S. markets during the final three quarters of 2025, the first quarter of 2026 saw a change in tone. The first two

months of 2026 were a continuation of last year, with macroeconomic discussions centered around artificial intelligence ("AI") and interest rate

cuts. Amid this backdrop, most major asset classes—U.S. and international—experienced positive returns. However, the landscape shifted

dramatically when conflict broke out in the Middle East on February 28, causing an oil supply shock and increased volatility across U.S. and

non-U.S. markets, with major benchmarks in equities and fixed income closing the quarter in the red while oil prices rallied.

■

The Fund's portfolio, through its investments in underlying funds, was allocated to a combination of approximately 40% equity securities and

non-traditional asset classes, and 60% fixed income securities. Equities substantially outperformed bonds by 13.5% during the period.

■

From an asset allocation perspective, the Fund's 20% allocation to non-traditional asset classes was a strong boost to performance, as certain

non-traditional asset classes like commodities, which returned 32.3%, and infrastructure, which returned 26.9%, outpaced equities by 14.5%

and 9.1%, respectively. Within equities, the Fund benefited from exposure to developed non-U.S. equities. Diversification within fixed income,

with an allocation to high-yield bonds, benefited as the asset class outperformed U.S. nominal bonds.

■

At the underlying fund level, the PGIM US Real Estate Fund (Class R6) was a key contributor to relative performance as it significantly

outperformed its benchmark index for the period. The PGIM Jennison Global Infrastructure Fund (Class R6) was a key detractor from relative

performance as it lagged its respective benchmark for the period.

MF254ER6

![](g56477g9pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: April 3, 2024 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g9consretspdng_r6.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Since Inception (%) |
| Class R6 | 9.62% | 8.88% (4/3/2024) |
| S&P 500 Index\* | 17.80% | 12.93% |
| Bloomberg US Aggregate Bond Index\* | 4.35% | 4.61% |
| Conservative Retirement Spending Fund Custom Benchmark | 9.68% | 8.43% |
| S&P Target Risk Conservative Index | 9.66% | 7.66% |

---

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

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $5438269<br>|
| Number of fund holdings | 11 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 13% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Fixed Income | 45.2% |
| Affiliated Mutual Fund - Domestic Equity | 25.1% |
| Affiliated Mutual Fund - Short-Term Investment | 14.6% |
| Affiliated Mutual Fund - International Equity | 12.8% |
| Unaffiliated Exchange-Traded Fund - Fixed Income | 3.5% |
|  | 101.2% |
| Liabilities in excess of other assets | (1.2)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g9qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Conservative Retirement Spending Fund

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

SHARE CLASS R6 <br> NASDAQ PGFCX <br> CUSIP 744336520

MF254ER6

![](g56477g9pgimlogo_2026.jpg)

------

![](g56477g10tsrbanner_2026.jpg)

PGIM Enhanced Retirement Spending Fund

Class R6:

PGFEX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Enhanced Retirement Spending Fund (the

"Fund") for the period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Enhanced Retirement Spending Fund—Class R6 | $0 | 0.00% |

---

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

■

There were several dominant themes over the reporting period, including stepped-up fiscal spending and widening deficits by major economies,

a technology-driven investment boom in both the U.S. and China, and a supportive liquidity backdrop that underpinned major asset classes.

Overall, it was a strong period for risk assets, although performance varied across asset classes. This period was riddled with windows of

volatility driven by multiple factors, including geopolitical tensions, trade wars, government shutdowns, and mixed economic data. After positive

returns for both U.S. and non-U.S. markets during the final three quarters of 2025, the first quarter of 2026 saw a change in tone. The first two

months of 2026 were a continuation of last year, with macroeconomic discussions centered around artificial intelligence ("AI") and interest rate

cuts. Amid this backdrop, most major asset classes—U.S. and international—experienced positive returns. However, the landscape shifted

dramatically when conflict broke out in the Middle East on February 28, causing an oil supply shock and increased volatility across U.S. and

non-U.S. markets, with major benchmarks in equities and fixed income closing the quarter in the red while oil prices rallied.

■

The Fund's portfolio, through its investments in underlying funds, was allocated to a combination of approximately 80% equity securities and

non-traditional asset classes, and 20% fixed income securities. Equities substantially outperformed bonds by 13.5% during the period.

■

From an asset allocation perspective, the Fund's 32% allocation to non-traditional asset classes was a strong boost to performance, as certain

non-traditional asset classes like commodities, which returned 32.3%, and infrastructure, which returned 26.9%, outpaced equities by 14.5%

and 9.1%, respectively. Within equities, the Fund benefited from exposure to non-U.S. equities (developed and emerging) and U.S. small-cap

stocks. Diversification within fixed income, with allocations to high-yield bonds and emerging-markets debt, benefited as both outperformed

U.S. nominal bonds.

■

At the underlying fund level, key contributors to relative performance included the PGIM Quant Solutions Emerging Markets Equity Fund

(Class R6), PGIM Global Real Estate Fund (Class R6), and PGIM US Real Estate Fund (Class R6), as each significantly outperformed its

respective benchmark index for the period. The PGIM Jennison Small Cap Core Equity Fund (Class R6) and PGIM Jennison Global

Infrastructure Fund (Class R6) were key detractors from relative performance, as they lagged their respective benchmarks for the period.

MF254E12R6

![](g56477g10pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: April 3, 2024 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g10enhretspdng_r6.jpg)

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Since Inception (%) |
| Class R6 | 16.73% | 12.55% (4/3/2024) |
| S&P 500 Index\* | 17.80% | 12.93% |
| Bloomberg US Aggregate Bond Index\* | 4.35% | 4.61% |
| Enhanced Retirement Spending Fund Custom Benchmark | 16.30% | 11.73% |
| S&P Target Risk Moderate Index | 11.41% | 8.61% |

---

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

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $6069422<br>|
| Number of fund holdings | 15 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 16% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Domestic Equity | 40.2% |
| Affiliated Mutual Fund - International Equity | 34.1% |
| Affiliated Mutual Fund - Fixed Income | 21.7% |
| Unaffiliated Exchange-Traded Fund - Fixed Income | 3.9% |
| Affiliated Mutual Fund - Short-Term Investment | 0.9% |
|  | 100.8% |
| Liabilities in excess of other assets | (0.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g10qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Enhanced Retirement Spending Fund

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

SHARE CLASS R6 <br> NASDAQ PGFEX <br> CUSIP 744336496

MF254E12R6

![](g56477g10pgimlogo_2026.jpg)

------

![](g56477g11tsrbanner_2026.jpg)

PGIM Moderate Retirement Spending Fund

Class R6:

PGFMX

ANNUAL SHAREHOLDER REPORT – March 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Moderate Retirement Spending Fund (the

"Fund") for the period of April 1, 2025 to March 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

at (800) 225-1852 or (973) 367-3529 from outside the U.S.

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 Moderate Retirement Spending Fund—Class R6 | $0 | 0.00% |

---

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

■

There were several dominant themes over the reporting period, including stepped-up fiscal spending and widening deficits by major economies,

a technology-driven investment boom in both the U.S. and China, and a supportive liquidity backdrop that underpinned major asset classes.

Overall, it was a strong period for risk assets, although performance varied across asset classes. This period was riddled with windows of

volatility driven by multiple factors, including geopolitical tensions, trade wars, government shutdowns, and mixed economic data. After positive

returns for both U.S. and non-U.S. markets during the final three quarters of 2025, the first quarter of 2026 saw a change in tone. The first two

months of 2026 were a continuation of last year, with macroeconomic discussions centered around artificial intelligence ("AI") and interest rate

cuts. Amid this backdrop, most major asset classes—U.S. and international—experienced positive returns. However, the landscape shifted

dramatically when conflict broke out in the Middle East on February 28, causing an oil supply shock and increased volatility across U.S. and

non-U.S. markets, with major benchmarks in equities and fixed income closing the quarter in the red while oil prices rallied.

■

The Fund's portfolio, through its investments in underlying funds, was allocated to a combination of approximately 60% equity securities and

non-traditional asset classes, and 40% fixed income securities. Equities substantially outperformed bonds by 13.5% during the period.

■

From an asset allocation perspective, the Fund's 28% allocation to non-traditional asset classes was a strong boost to performance, as certain

non-traditional asset classes like commodities, which returned 32.3%, and infrastructure, which returned 26.9%, outpaced equities by 14.5%

and 9.1%, respectively. Within equities, the Fund benefited from exposure to developed non-U.S. equities and U.S. small-cap stocks.

Diversification within fixed income, with allocations to high-yield bonds and emerging-markets debt, benefited as both outperformed

U.S. nominal bonds.

■

At the underlying fund level, key contributors to relative performance included the PGIM Global Real Estate Fund (Class R6), and PGIM US

Real Estate Fund (Class R6), as each significantly outperformed its benchmark index for the period. The PGIM Jennison Small-Cap Core

Equity Fund (Class R6) and PGIM Jennison Global Infrastructure Fund (Class R6) were key detractors from relative performance, as they

lagged their respective benchmarks for the period.

MF254E1R6

![](g56477g11pgimlogo_2026.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/mutual-fund-documents

or call

(800) 225-1852 or (973) 367-3529 from outside the U.S. 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: April 3, 2024 to March 31, 2026<br>Initial Investment of $10,000<br>

![](g56477g11modretspdng_r6.jpg)

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

---

| | | |
|:---|:---|:---|
| Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 | Average Annual Total Returns as of 3/31/2026 |
|  | One Year (%) | Since Inception (%) |
| Class R6 | 12.85% | 10.70% (4/3/2024) |
| S&P 500 Index\* | 17.80% | 12.93% |
| Bloomberg US Aggregate Bond Index\* | 4.35% | 4.61% |
| Moderate Retirement Spending Fund Custom Benchmark | 12.89% | 10.12% |
| S&P Target Risk Conservative Index | 9.66% | 7.66% |

---

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

Since Inception returns are provided for the share class since it has less than 10 fiscal years of returns. Since Inception returns for the Indexes are measured from the month-end

closest to the class's inception date.

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $5617411<br>|
| Number of fund holdings | 14 |
| Total advisory fees paid for the year | $0<br>|
| Portfolio turnover rate for the year | 15% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 3/31/2026?

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| Affiliated Mutual Fund - Domestic Equity | 33.1% |
| Affiliated Mutual Fund - Fixed Income | 32.0% |
| Affiliated Mutual Fund - International Equity | 23.0% |
| Affiliated Mutual Fund - Short-Term Investment | 7.1% |
| Unaffiliated Exchange-Traded Fund - Fixed Income | 5.9% |
|  | 101.1% |
| Liabilities in excess of other assets | (1.1)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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 U.S.

![](g56477g11qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/us/en/intermediary/resources/featured/e-delivery

and enroll.

PGIM Moderate Retirement Spending Fund

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

SHARE CLASS R6 <br> NASDAQ PGFMX <br> CUSIP 744336512

MF254E1R6

![](g56477g11pgimlogo_2026.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 March 31, 2026 and March 31, 2025, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $134,965 and $129,774, 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 March 31, 2026 and March 31, 2025: none.

(c) Tax Fees

For the fiscal years ended March 31, 2026 and March 31, 2025: none.

(d) All Other Fees

For the fiscal years ended March 31, 2026 and March 31, 2025: 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</u><br> <u>March 31, 2026</u> | <u>Fiscal Year Ended</u><br> <u>March 31, 2025</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if 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 March 31, 2026 and March 31, 2025 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](g56477g85v88.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 12
PGIM US Real Estate Fund

  
**FINANCIAL STATEMENTS AND OTHER INFORMATION**

**MARCH 31, 2026**

![LOGO](g56477g10w05.jpg)

------

<u> **Table of Contents**</u>   <u> Financial Statements and Other Information</u>   <u> March 31, 2026</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; [PGIM US Real Estate Fund](#edgar56477_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; [Notes to Financial Statements](#edgar56477_2) | 12 |

---

[**Other Information** - Form N-CSR Items 8-11](#edgar56477_3)

------

Schedule of Investments

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Diversified REITs 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Essential Properties Realty Trust, Inc. | 336751 | $10223760 |
| &nbsp;&nbsp; **Health Care REITs 21.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Healthcare REIT, Inc. | 254952 | 12023536 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Janus Living, Inc. (Class A Stock)\*(a) | 211859 | 4993517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Health Investors, Inc. | 76459 | 6182475 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Welltower, Inc. | 178994 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35388904 |
|  |  | 58588432 |
| &nbsp;&nbsp; **Hotel & Resort REITs 2.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ryman Hospitality Properties, Inc. | 27610 | 2547575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sunstone Hotel Investors, Inc. | 384369 | 3463164 |
|  |  | 6010739 |
| &nbsp;&nbsp; **Industrial REITs 14.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Industrial Realty Trust, Inc. | 152601 | 8827968 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LXP Industrial Trust | 52216 | 2415512 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Prologis, Inc. | 221914 | 29332593 |
|  |  | 40576073 |
| &nbsp;&nbsp; **Office REITs 3.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BXP, Inc. | 86708 | 4500145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Piedmont Realty Trust, Inc. | 471818 | 3099845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SL Green Realty Corp. | 77151 | 2849958 |
|  |  | 10449948 |
| &nbsp;&nbsp; **Residential REITs 9.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AvalonBay Communities, Inc. | 7846 | 1281644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equity Residential | 152460 | 9018009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independence Realty Trust, Inc. | 491129 | 7312911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mid-America Apartment Communities, Inc. | 16340 | 1995441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sun Communities, Inc. | 2580 | 324977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UDR, Inc. | 152993 | 5168103 |
|  |  | 25101085 |
| &nbsp;&nbsp; **Retail REITs 21.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Acadia Realty Trust | 126921 | 2426730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Agree Realty Corp. | 137256 | 10346357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Curbline Properties Corp. | 250390 | 6457558 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; FrontView REIT, Inc. | 108662 | 1681001 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kite Realty Group Trust | 91766 | 2252855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NETSTREIT Corp. | 213274 | 4015949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NNN REIT, Inc. | 134114 | 5636812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Realty Income Corp. | 53713 | 3286161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Regency Centers Corp. | 80386 | 6082005 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Simon Property Group, Inc. | 94350 | 17599106 |
|  |  | 59784534 |
| &nbsp;&nbsp; **Specialized REITs 23.5%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Digital Realty Trust, Inc. | 71682 | 12917813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equinix, Inc. | 21867 | 21434908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Extra Space Storage, Inc. | 83592 | 10961419 |

---

See Notes to Financial Statements.

PGIM US Real Estate Fund 1

------

Schedule of Investments (continued)

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialized REITs (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Iron Mountain, Inc. | 148354 | $15152877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Smartstop Self Storage REIT, Inc. | 169027 | 5118138 |
|  |  | 65585155 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $242,186,820) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;276319726 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 1.4%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%)(wb) | 3350097 | 3350097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<br>(cost $521,899; includes $521,700 of cash collateral for securities on loan)(b)(wb) | 522265 | 521899 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $3,871,996) |  | 3871996 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.4%**<br> (cost $246,058,816) |  | 280191722 |
| &nbsp;&nbsp; Liabilities in excess of other assets (0.4)% |  | (1112188) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $279079534 |

---

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

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

\* 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 $523,254; cash collateral of $521,700 (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 March 31, 2026 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; Diversified REITs | $10223760 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 58588432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 6010739 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 40576073 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 10449948 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 25101085 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 59784534 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 65585155 |  |  |

---

See Notes to Financial Statements.

------

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | $3871996 | $— | $— |
|  **Total** | $**280191722** | $**—** | $**—** |

---

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; Specialized REITs | 23.5 |
| &nbsp;&nbsp; Retail REITs | 21.4 |
| &nbsp;&nbsp; Health Care REITs | 21.0 |
| &nbsp;&nbsp; Industrial REITs | 14.5 |
| &nbsp;&nbsp; Residential REITs | 9.0 |
| &nbsp;&nbsp; Office REITs | 3.7 |
| &nbsp;&nbsp; Diversified REITs | 3.7 |
| &nbsp;&nbsp; Hotel & Resort REITs | 2.2 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; Affiliated Mutual Funds (0.2% represents investments purchased with collateral from securities on loan) | 1.4% |
|  | 100.4 |
| &nbsp;&nbsp; Liabilities in excess of other assets | (0.4) |
|  | 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 | $523254 | $(521700) | $1554 |

---

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

See Notes to Financial Statements.

PGIM US Real Estate Fund 3

------

Statement of Assets and Liabilities

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $523,254: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $242,186,820) | $276319726 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $3,871,996) | 3871996 |
| &nbsp;&nbsp; Dividends receivable | 1073835 |
| &nbsp;&nbsp; Receivable for investments sold | 720107 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 281784 |
| &nbsp;&nbsp; Tax reclaim receivable | 1635 |
| &nbsp;&nbsp; Prepaid expenses | 8289 |
| &nbsp;&nbsp; **Total Assets** | 282277372 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for Fund shares purchased | 1331575 |
| &nbsp;&nbsp; Payable for investments purchased | 1083641 |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 521700 |
| &nbsp;&nbsp; Management fee payable | 164393 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 91441 |
| &nbsp;&nbsp; Distribution fee payable | 2754 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 2334 |
| &nbsp;&nbsp; **Total Liabilities** | 3197838 |
| &nbsp;&nbsp; **Net Assets** | $279079534 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $17046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 258125297 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 20937191 |
| &nbsp;&nbsp; **Net assets, March 31, 2026** | $279079534 |

---

See Notes to Financial Statements.

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($4,566,083 ÷ 279,509 shares of beneficial interest issued and outstanding) | $16.34 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp; Maximum offering price to public | $17.29 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($2,021,946 ÷ 128,163 shares of beneficial interest issued and outstanding) | $15.78 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($136,996,518 ÷ 8,366,512 shares of beneficial interest issued and outstanding) | $16.37 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp;&nbsp;&nbsp; ($135,494,987 ÷ 8,271,331 shares of beneficial interest issued and outstanding) | $16.38 |

---

See Notes to Financial Statements.

PGIM US Real Estate Fund 5

------

Statement of Operations

Year Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** | &nbsp;&nbsp; **Net Investment Income (Loss)** |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income | $6255547 |
| &nbsp;&nbsp; Affiliated dividend income | 68767 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $7,615) | 7664 |
| &nbsp;&nbsp; **Total income** | 6331978 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 1488868 |
| &nbsp;&nbsp; Distribution fee(a) | 30555 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $14,487)(a) | 164099 |
| &nbsp;&nbsp; Registration fees(a) | 61179 |
| &nbsp;&nbsp; Custodian and accounting fees | 49145 |
| &nbsp;&nbsp; Professional fees | 42002 |
| &nbsp;&nbsp; Shareholders' reports | 31189 |
| &nbsp;&nbsp; Audit fee | 30268 |
| &nbsp;&nbsp; Trustees' fees | 12300 |
| &nbsp;&nbsp; Miscellaneous | 35634 |
| &nbsp;&nbsp; **Total expenses** | 1945239 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (55732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Distribution fee waiver(a) | (2330) |
| &nbsp;&nbsp; **Net expenses** | 1887177 |
| &nbsp;&nbsp; Net investment income (loss) | 4444801 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (3288264) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 14235586 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 10947322 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $15392123 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 13982 | 16573 |  |  |
|  Transfer agent's fees and expenses | 12003 | 4272 | 136270 | 11554 |
|  Registration fees | 13658 | 11209 | 25789 | 10523 |
|  Fee waiver and/or expense reimbursement | (18845) | (13038) | (23849) |  |
|  Distribution fee waiver | (2330) |  |  |  |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $4444801 | $2443766 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (3288264) | 3772524 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 14235586 | 7124007 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 15392123 | 13340297 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (81684) | (80466) |
| &nbsp;&nbsp; Class C | (19604) | (12926) |
| &nbsp;&nbsp; Class Z | (1722847) | (1442668) |
| &nbsp;&nbsp; Class R6 | (1822676) | (880350) |
|  | (3646811) | (2416410) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 198496779 | 111478230 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 3646705 | 2165609 |
| &nbsp;&nbsp; Cost of shares purchased | (71913333) | (100233566) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 130230151 | 13410273 |
| &nbsp;&nbsp; Total increase (decrease) | 141975463 | 24334160 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 137104071 | 112769911 |
| &nbsp;&nbsp; End of year | $279079534 | $137104071 |

---

See Notes to Financial Statements.

PGIM US Real Estate Fund 7

------

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** | | | | | |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $15.41 | $14.12 | $12.74 | $16.68 | $14.23 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.28 | 0.26 | 0.24 | 0.25 | 0.16 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.92 | 1.28 | 1.37 | (3.77) | 3.92 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.20 | 1.54 | 1.61 | (3.52) | 4.08 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.27) | (0.25) | (0.23) | (0.25) | (0.12) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.17) | (1.51) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.27) | (0.25) | (0.23) | (0.42) | (1.63) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $16.34 | $15.41 | $14.12 | $12.74 | $16.68 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.90% | 11.05% | 12.81% | (21.08)% | 28.70% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $4566 | $4979 | $4490 | $4317 | $7648 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $4660 | $4798 | $4155 | $5402 | $6774 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.25% | 1.27 %<sup>(d)</sup> | 1.26 %<sup>(d)</sup> | 1.26 %<sup>(d)</sup> | 1.25% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.70% | 1.73% | 1.85% | 1.77 %<sup>(d)</sup> | 1.66% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.82% | 1.75% | 1.84% | 1.84% | 0.98% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 84% | 118% | 94% | 156% | 132% |

---

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

(b) Total return does not consider the effects of sales loads. 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 of 0.02% for the year ended March 31, 2025 and interest expense on borrowings from the Syndicated Credit Agreement and non-recurring expenses of 0.01% and 0.01% for the years ended March 31, 2024 and 2023, respectively which are being excluded from the Fund's contractual waiver, if applicable.

(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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class C Shares** | | | | | |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $14.91 | $13.68 | $12.36 | $16.21 | $13.88 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.17 | 0.15 | 0.14 | 0.14 | 0.04 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.88 | 1.23 | 1.32 | (3.66) | 3.82 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.05 | 1.38 | 1.46 | (3.52) | 3.86 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.15) | (0.14) | (0.16) | (0.02) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.17) | (1.51) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.15) | (0.14) | (0.33) | (1.53) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $15.78 | $14.91 | $13.68 | $12.36 | $16.21 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 7.11% | 10.16% | 11.95% | (21.62)% | 27.77% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2022 | $1511 | $1298 | $1129 | $2085 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $1657 | $1285 | $1027 | $1513 | $1599 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 2.00% | 2.02 %<sup>(d)</sup> | 2.01 %<sup>(d)</sup> | 2.01 %<sup>(d)</sup> | 2.00% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 2.79% | 3.21% | 3.18% | 2.75 %<sup>(d)</sup> | 2.84% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.11% | 1.06% | 1.14% | 1.08% | 0.28% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 84% | 118% | 94% | 156% | 132% |

---

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

(b) Total return does not consider the effects of sales loads. 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 of 0.02% for the year ended March 31, 2025 and interest expense on borrowings from the Syndicated Credit Agreement and non-recurring expenses of 0.01% and 0.01% for the years ended March 31, 2024 and 2023, respectively which are being excluded from the Fund's contractual waiver, if applicable.

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

See Notes to Financial Statements.

PGIM US Real Estate Fund 9

------

Financial Highlights (continued)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class Z Shares** | | | | | |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $15.45 | $14.16 | $12.77 | $16.71 | $14.25 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.35 | 0.29 | 0.31 | 0.28 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.88 | 1.29 | 1.34 | (3.78) | 3.91 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.23 | 1.58 | 1.65 | (3.50) | 4.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.31) | (0.29) | (0.26) | (0.27) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.17) | (1.51) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.31) | (0.29) | (0.26) | (0.44) | (1.67) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $16.37 | $15.45 | $14.16 | $12.77 | $16.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.09% | 11.29% | 13.14% | (20.87)% | 29.05% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $136997 | $79356 | $70462 | $36692 | $77967 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $93308 | $72669 | $49602 | $49433 | $44164 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.00% | 1.01 %<sup>(d)</sup> | 1.01 %<sup>(d)</sup> | 1.01 %<sup>(d)</sup> | 1.00% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.03% | 1.10% | 1.12% | 1.16 %<sup>(d)</sup> | 1.16% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.20% | 1.94% | 2.33% | 2.03% | 1.34% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 84% | 118% | 94% | 156% | 132% |

---

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

(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.

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | | | | |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $15.45 | $14.16 | $12.77 | $16.71 | $14.25 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.37 | 0.31 | 0.30 | 0.28 | 0.22 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.88 | 1.27 | 1.35 | (3.78) | 3.91 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.25 | 1.58 | 1.65 | (3.50) | 4.13 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.29) | (0.26) | (0.27) | (0.16) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  | (0.17) | (1.51) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.32) | (0.29) | (0.26) | (0.44) | (1.67) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $16.38 | $15.45 | $14.16 | $12.77 | $16.71 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 8.24% | 11.32% | 13.14% | (20.87)% | 29.05% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $135495 | $51257 | $36521 | $21927 | $13596 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $98889 | $46391 | $25937 | $18301 | $9125 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.87% | 1.01 %<sup>(d)</sup> | 1.01 %<sup>(d)</sup> | 1.01 %<sup>(d)</sup> | 1.00% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.87% | 1.01% | 1.02% | 1.07 %<sup>(d)</sup> | 1.10% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.31% | 2.02% | 2.28% | 2.12% | 1.30% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup> | 84% | 118% | 94% | 156% | 132% |

---

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

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

See Notes to Financial Statements.

PGIM US Real Estate Fund 11

------

Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios 12 (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 relate only to the PGIM US Real Estate Fund (the "Fund"), a series of the RIC. The Fund is classified as a non-diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is capital appreciation and income.

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

The Fund follows 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 Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Fund consistently follows such policies in the preparation of its financial statements.

The Fund 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 Fund's 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 the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the 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 Fund holds 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 Fund's 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 Fund's 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 Fund 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 Fund 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 Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's 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.

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 the Fund is 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.

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 Fund 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 Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does 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 Fund does 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.

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 Fund's 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.

*Master Netting Arrangements:* The RIC, on behalf of the 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 the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by the Fund to cover the 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.

*Securities Lending:* The Fund lends its 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

PGIM US Real Estate Fund 13

------

Notes to Financial Statements (continued)

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

*Equity and Mortgage Real Estate Investment Trusts (collectively "REITs"):* The Fund 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 Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Taxes:* It is the 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.

Between 2018 and 2025, tax reform legislation commonly referred to as the Tax Cuts and Jobs Act permits a direct REIT shareholder to claim a 20% "qualified business income" deduction for ordinary REIT dividends. The tax legislation did not expressly permit regulated investment companies ("RICs") paying dividends attributable to such income to pass through this special treatment to its shareholders. On January 18, 2019, the Internal Revenue Service issued final regulations that permit RICs to pass through "qualified REIT dividends" to their shareholders.

*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 in excess of par, 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** |
|  Net Investment Income | Quarterly |
|  Short-Term Capital Gains | Annually |
|  Long-Term Capital Gains | Annually |

---

\* Under certain circumstances, the 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 requires management to make estimates and assumptions that affect the reported

------

amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

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

The Manager has entered into a subadvisory agreement with PGIM, Inc. (which provides subadvisory services to the Fund through its investment group, PGIM Real Estate) and PGIM Real Estate (UK) Limited, an indirect wholly-owned subsidiary of PGIM, Inc. (collectively, the "subadviser"). The Manager pays for the services of the subadviser.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2026, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers and/or expense<br>reimbursements** |
|  0.75% on average daily net assets up to and including $1 billion; | 0.75% |
|  0.73% on the next $2 billion of average daily net assets; |  |
|  0.71% on the next $2 billion of average daily net assets; |  |
|  0.70% on the next $5 billion of average daily net assets; |  |
|  0.69% on average daily net assets exceeding $10 billion. |  |

---

The Manager has contractually agreed, through July 31, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| **Class** | **Expense <br>Limitations** |
|  A | 1.25% |
|  C | 2.00 |
|  Z | 1.00 |
|  R6 | 1.00 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. PIMS has contractually agreed through July 31, 2027 to limit such fees on certain classes based on the average net assets. The distribution fees are accrued daily and payable monthly.

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
|  A | 0.30% | 0.25% |
|  C | 1.00 | 1.00 |
|  Z | N/A | N/A |
|  R6 | N/A | N/A |

---

PGIM US Real Estate Fund 15

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Notes to Financial Statements (continued)

For the year ended March 31, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

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| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
|  A | $19437 | $— |
|  C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |  |

---

PGIM Investments, PGIM, Inc., PGIM Real Estate (UK) Limited and PIMS are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. ("Prudential").

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

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

The Fund may invest its 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 its 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 as "Affiliated dividend income" and "Income from securities lending, net", respectively.

The Fund 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 March 31, 2026, no Rule 17a-7 transactions were entered into by the Fund.

**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 March 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| $297243213 | $164842514 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended March 31, 2026, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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:** |  |  |  |  |
| PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> |  |  |  |  |
| $1159539 | $96275130 | $94084572 | $— | $— | $3350097 | 3350097 | $68767 | $— |
| PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> | PGIM Institutional Money Market Fund (7-day effective yield 3.829%)<sup>(b)(wb)</sup> |  |  |  |  |
|  | 36680252 | 36158353 |  |  | 521899 | 522265 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7615<sup>(1)</sup> |  |
| $1159539 | $132955382 | $130242925 | $— | $— | $3871996 |  | $76382 | $— |

---

(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.

(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 March 31, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br>**Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends<br>and Distributions** |
| &nbsp;&nbsp; $3646811 | $— | $— | $3646811 |

---

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

---

| | | | |
|:---|:---|:---|:---|
| **Ordinary**<br>**Income** | **Long-Term**<br> **Capital Gains** | **Tax Return**<br> **of Capital** | **Total Dividends**<br> **and Distributions** |
| &nbsp;&nbsp; $2416410 | $— | $— | $2416410 |

---

For the year ended March 31, 2026, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | |
|:---|:---|
| **Undistributed**<br> **Ordinary**<br> **Income** | **Undistributed**<br> **Long-Term**<br> **Capital Gains** |
| &nbsp;&nbsp; $1544419 | $— |

---

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross**<br> **Unrealized**<br> **Appreciation** | **Gross**<br> **Unrealized**<br> **Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| &nbsp;&nbsp; $249867470 | &nbsp;&nbsp; $39562162 | $(9237910) | $30324252 |

---

The differences between GAAP and tax basis were primarily attributable to deferred losses on wash sales.

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of March 31, 2026 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.

---

| | |
|:---|:---|
| **Capital Loss**<br> **Carryforward** | **Capital Loss**<br> **Carryforward Utilized** |
| &nbsp;&nbsp; $10931000 | $— |

---

The Manager has analyzed the Fund's 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 Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended March 31, 2026 are subject to such review.

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

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

PGIM US Real Estate Fund 17

------

Notes to Financial Statements (continued)

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of March 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
|  Z | 29271 | &nbsp;&nbsp;&nbsp;&nbsp;0.3% |
|  R6 | 84878 | 1 |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
|  Affiliated |  | &nbsp;&nbsp;&nbsp;&nbsp;—% |
|  Unaffiliated | 6 | 81.8 |

---

------

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
|  **Class A** |  |  |
|  **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 47872 | $746834 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5280 | 81612 |
| &nbsp;&nbsp; Shares purchased | (83238) | (1293872) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (30086) | (465426) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 3361 | 52375 |
|  Shares purchased upon conversion into other share class(es) | (16841) | (259293) |
|  Net increase (decrease) in shares outstanding | (43566) | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(672344) |
|  **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 55624 | $864422 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 5498 | 80320 |
| &nbsp;&nbsp; Shares purchased | (57915) | (882387) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3207 | 62355 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4182 | 62485 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (2192) | (32939) |
|  Net increase (decrease) in shares outstanding | 5197 | $91901 |
|  **Class C** |  |  |
|  **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 37503 | $576354 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 1299 | 19604 |
| &nbsp;&nbsp; Shares purchased | (6612) | (101842) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 32190 | 494116 |
|  Shares purchased upon conversion into other share class(es) | (5337) | (81445) |
|  Net increase (decrease) in shares outstanding | 26853 | $412671 |
|  **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 46279 | $706709 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 924 | 12926 |
| &nbsp;&nbsp; Shares purchased | (28502) | (401349) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 18701 | 318286 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (12252) | (183947) |
|  Net increase (decrease) in shares outstanding | 6449 | $134339 |
|  **Class Z** |  |  |
|  **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 5706851 | $92898663 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 111142 | 1722813 |
| &nbsp;&nbsp; Shares purchased | (2606626) | (41182887) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3211367 | 53438589 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 18734 | 290454 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (508) | (8217) |
|  Net increase (decrease) in shares outstanding | 3229593 | $53720826 |
|  **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 5058310 | $76968835 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 81031 | 1192013 |
| &nbsp;&nbsp; Shares purchased | (5003035) | (75449239) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 136306 | 2711609 |
|  Shares issued upon conversion from other share class(es) | 22984 | 369496 |
|  Net increase (decrease) in shares outstanding | 159290 | $3081105 |
|  **Class R6** |  |  |
|  **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 6694516 | $104274928 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 116680 | 1822676 |
| &nbsp;&nbsp; Shares purchased | (1858913) | (29334732) |

---

PGIM US Real Estate Fund 19

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 4952283 | $76762872 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 508 | 8217 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (130) | (2091) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 4952661 | $76768998 |
|  **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 2219144 | $32938264 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 59701 | 880350 |
| &nbsp;&nbsp; Shares purchased | (1527013) | (23500591) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 751832 | 10318023 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (13133) | (215095) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 738699 | $10102928 |

---

**8.** **Borrowings** 

The RIC, on behalf of the Fund, 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** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
|  **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 Fund utilized the SCA during the year ended March 31, 2026. The average daily balance for the 9 days that the Fund had loans outstanding during the period was approximately $1,249,222, borrowed at a weighted average interest rate of 4.89%. The maximum loan outstanding amount during the period was $8,677,000. At March 31, 2026, the Fund did not have an outstanding loan amount.

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

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

*Concentration Risk:* To the extent that the Fund is concentrated in the securities of companies, a particular market, industry, group of industries, sector or asset class, country, region or group of countries, the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class, country, region or group of countries.

*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.

*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.

*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.

*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 the Middle East, South America, Eastern Europe, and Asia, 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.

*Non-Diversified Investment Company Risk:* The Fund is non-diversified for purposes of the 1940 Act. This means that the Fund may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

*Portfolio Turnover Risk:* The Fund may engage in active and frequent trading leading to an increased portfolio turnover rate. Under certain market conditions, the Fund's portfolio turnover rate may be higher than that of other funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Real Estate Investment Trust ("REIT") Risk:* Investing in REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. REITs may be affected by changes in the value of the underlying property owned by the

PGIM US Real Estate Fund 21

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Notes to Financial Statements (continued)

REITs, while mortgage REITs may be affected by the quality of any credit extended. REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. REITs may be more volatile and/or more illiquid than other types of equity securities. REITs (especially mortgage REITs) are subject to interest rate risks. REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

REITs must also meet certain requirements under the Internal Revenue Code of 1986, as amended (the "Code") to avoid entity level tax and be eligible to pass-through certain tax attributes of their income to shareholders. REITs are consequently subject to the risk of failing to meet these requirements for favorable tax treatment and of failing to maintain their exemptions from registration under the Investment Company Act of 1940. REITs are subject to the risks of changes in the Code affecting their tax status.

Because the Fund invests in real estate securities, including REITs, the Fund is subject to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Since the Fund concentrates in the real estate industry, its holdings can vary significantly from broad market indices. As a result, the Fund's performance can deviate from the performance of such indices. Because the Fund invests in stocks, there is the risk that the price of a particular stock owned by the Fund could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

*Real Estate Related Securities Risk:* Because the Fund invests in real estate securities, including REITs, the Fund is subject to the risks of investing in the real estate industry, such as changes in general and local economic conditions, the supply and demand for real estate and changes in zoning and tax laws. Since the Fund concentrates in the real estate industry, its holdings can vary significantly from broad market indices. As a result, the Fund's performance can deviate from the performance of such indices. Because the Fund invests in stocks, there is the risk that the price of a particular stock owned by the Fund could go down or pay lower-than-expected or no dividends. In addition to an individual stock losing value, the value of the equity markets or of companies comprising the real estate industry could go down.

An investment in the Fund will be closely linked to the performance of the real estate markets. Real estate securities are subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.

*Selection Risk:* Selection risk is the risk that the securities selected by the subadviser will underperform the market, the relevant indices, or other funds with similar investment objectives and investment strategies. Individual REIT prices may drop because of the failure of borrowers to pay their loans, a dividend reduction, a disruption to the real estate investment sales market, changes in federal or state taxation policies affecting REITs, or poor management of a REIT.

*Value Style Risk:* Since the Fund follows a value investment style, there is the risk that the value style may be out of favor for long periods of time, that the market will not recognize a security's intrinsic value for a long 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. In addition, the Fund's value investment style may go out of favor with investors, negatively affecting the Fund's performance. 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.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

------

**11.** **Subsequent Event** 

The 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 March 31, 2026.

PGIM US Real Estate Fund 23

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Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 12 and Shareholders of PGIM US Real Estate Fund

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM US Real Estate Fund (one of the funds constituting Prudential Investment Portfolios 12, referred to hereafter as the "Fund") as of March 31, 2026, the related statement of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion* 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 March 31, 2026, 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 opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

May 19, 2026

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 - None.

------

![LOGO](g50194g15a15.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 12
PGIM Short Duration Muni Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### MARCH 31, 2026
![LOGO](g50194g56f90.jpg)

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Table of Contents** | Financial Statements and Other Information | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;March 31, 2026 |

---

**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; [PGIM Short Duration Muni Fund.](#edgar50194_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; [Notes to Financial Statements](#edgar50194_2) | 22 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Other Information -](#edgar50194_3)**[Form N-CSR Items 8-11](#edgar50194_3) |  |

---

------

Schedule of Investments

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.2%** |  |  |  |  |
| &nbsp;&nbsp; **MUNICIPAL BONDS** |  |  |  |  |
| &nbsp;&nbsp; **Alabama 5.5%** |  |  |  |  |
| &nbsp;&nbsp; Baldwin Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Novelis Corp. Proj., Series A, AMT (Mandatory put date 06/01/32), 144A | 5.000%(cc) | 06/01/55 | 1500 | $1527334 |
| &nbsp;&nbsp; Black Belt Energy Gas Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj. No. 7, Series C-1 (Mandatory put date 12/01/26) | 4.000(cc) | 10/01/52 | 2365 | 2378258 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series A (Mandatory put date 05/01/32) | 5.250(cc) | 05/01/56 | 2000 | 2031430 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series E | 5.000 | 07/01/33 | 2000 | 2088997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series E (Mandatory put date 05/01/35) | 5.000(cc) | 12/01/55 | 2000 | 2114598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series E (Mandatory put date 06/01/28) | 5.000(cc) | 05/01/53 | 2000 | 2049723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series F | 5.000 | 12/01/28 | 600 | 622943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series F | 5.000 | 12/01/29 | 1575 | 1652246 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj. No. 5, Series A-1 (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/49 | 170 | 170433 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. (Mandatory put date 12/01/31) | 4.000(cc) | 06/01/51 | 1000 | 1010128 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D1, Rfdg. (Mandatory put date 06/01/27) | 4.000(cc) | 07/01/52 | 500 | 502335 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16148425 |
| &nbsp;&nbsp; **Alaska 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Alaska Hsg. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gen. Mortgage Rev. Bonds II, Series A | 6.000 | 12/01/56 | 1000 | 1107973 |
| &nbsp;&nbsp; Alaska St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, Rfdg. | 5.000 | 08/01/34 | 1000 | 1133654 |
|  |  |  |  | 2241627 |
| &nbsp;&nbsp; **Arizona 3.4%** |  |  |  |  |
| &nbsp;&nbsp; Arizona Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banner Hlth., Series B (Mandatory put date 10/01/24) | 4.160(cc) | 01/01/37 | 2385 | 2377764 |
| &nbsp;&nbsp; Arizona Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Equitable Sch. Revolving Fund, Sustainable Bonds, Series A | 5.000 | 11/01/31 | 1000 | 1090009 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Ranches at Gunsmoke Proj. (Mandatory put date 11/01/26) | 5.000(cc) | 03/01/58 | 1500 | 1514509 |
| &nbsp;&nbsp; Chandler Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intel Corp. Proj., AMT, Rmkt. (Mandatory put date 06/01/29) | 4.000(cc) | 06/01/49 | 1420 | 1438372 |
| &nbsp;&nbsp; Maricopa Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Cmnty. Learning Ctr. Proj., Rfdg. | 4.000 | 07/01/26 | 340 | 339676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reid Traditional Sch. Proj. | 4.000 | 07/01/26 | 105 | 105019 |
| &nbsp;&nbsp; Pinal Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Whispering Oaks Farm/Suburban Propane 1 LLC Proj., Conv. CABS, Sustainable Bond., Series A, 144A | 5.500(cc) | 10/01/33 | 1716 | 1783163 |
| &nbsp;&nbsp; Salt Verde Finl. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Gas Rev., Sr. Bonds | 5.250 | 12/01/26 | 1275 | 1291049 |
|  |  |  |  | 9939561 |
| &nbsp;&nbsp; **Arkansas 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Arkansas Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United States Steel Corp. Proj., Series A, AMT (Mandatory put date 03/01/33), 144A | 4.000(cc) | 09/01/46 | 1000 | 990966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Weyerhaeuser Co. Proj., AMT (Mandatory put date 10/15/32) | 3.875(cc) | 10/15/65 | 1945 | 1918768 |
|  |  |  |  | 2909734 |
| &nbsp;&nbsp; **California 3.8%** |  |  |  |  |
| &nbsp;&nbsp; California Cmnty. Choice Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Series B-2 (Mandatory put date 08/01/31) | 2.870(cc) | 02/01/52 | 1000 | 942268 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series C (Mandatory put date 10/01/31) | 5.250(cc) | 01/01/54 | 2000 | 2109959 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Clean Energy Proj., Series F | 5.000 | 11/01/33 | 1000 | 1067008 |
| &nbsp;&nbsp; California Infrast. & Econ. Dev. Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brightline West Passanger Rail Proj., Series C, AMT (Mandatory put date 11/02/26), 144A | 3.500(cc) | 01/01/65 | 2000 | 2000032 |
| &nbsp;&nbsp; California Muni. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Heritage Ed., Series A, Rfdg. | 4.000 | 06/01/26 | 65 | 65020 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 1

------

Schedule of Investments (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **California (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; California Poll. Ctrl. Fing. Auth. Wtr. Facs. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Green Bond, Calplant I Proj., AMT, 144A | 7.000% | 07/01/22(d) | 250 | $2500 |
| &nbsp;&nbsp; Long Beach Bond Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natural Gas, Series B | 4.072(cc) | 11/15/27 | 700 | 699937 |
| &nbsp;&nbsp; Los Angeles Dept. of Wtr. & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 07/01/26 | 580 | 583708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/26 | 175 | 175608 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/27 | 250 | 256983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 5.000 | 07/01/31 | 1265 | 1378164 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 4.000 | 07/01/26 | 500 | 500949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rfdg. | 5.000 | 07/01/26 | 620 | 622090 |
| &nbsp;&nbsp; Los Angeles Dept. of Wtr. & Pwr. Wtr. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 07/01/26 | 425 | 427264 |
| &nbsp;&nbsp; Sanger Unif. Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unrefunded, COP, Cap. Proj., Rfdg., AGM | 5.000 | 06/01/52 | 60 | 59994 |
| &nbsp;&nbsp; South Jersey Trans. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Southern Transmission Sys. Renewal Proj., Series 1 | 5.000 | 07/01/31 | 250 | 274095 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11165579 |
| &nbsp;&nbsp; **Colorado 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Colorado Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AdventHealth Oblig. Grp., Series A (Mandatory put date 11/15/29) | 5.000(cc) | 11/15/59 | 940 | 1010175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commonspirit Hlth., Series A-2, Rfdg. | 5.000 | 08/01/26 | 540 | 543598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Covenant Living Communities & Svcs., Rfdg. | 5.000 | 12/01/30 | 1000 | 1060321 |
| &nbsp;&nbsp; Denver City & Cnty. Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT, Rfdg. | 5.000 | 11/15/32 | 1000 | 1094910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series B, AMT, Rfdg. | 5.000 | 11/15/32 | 1000 | 1089661 |
| &nbsp;&nbsp; Denver City & Cnty. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4965 Washington Street Proj., Series A | 5.000 | 06/01/29 | 2000 | 2091090 |
| &nbsp;&nbsp; Regl. Trans. Dist. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denver Transit Partners Eagle P3 Proj, Series A, Rfdg. | 5.000 | 07/15/27 | 620 | 632443 |
| &nbsp;&nbsp; University of Colorado Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. Enterprise Rev., Green Bond Proj., Series C-3B, Rfdg. (Mandatory put date 10/15/26) | 2.000(cc) | 06/01/51 | 780 | 773748 |
|  |  |  |  | 8295946 |
| &nbsp;&nbsp; **Connecticut 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Connecticut St. Spl. Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ref-Trans. Infrast. Purposes, Series A, Rfdg. | 5.000 | 07/01/32 | 1000 | 1114738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000 | 10/01/37 | 1175 | 1222635 |
| &nbsp;&nbsp; Norwalk Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wall Street Place (Mandatory put date 09/01/27) | 3.050(cc) | 09/01/58 | 1425 | 1423926 |
| &nbsp;&nbsp; Stamford Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mozaic Concierge Living Proj., Series D | 4.250 | 10/01/30 | 1200 | 1206731 |
|  |  |  |  | 4968030 |
| &nbsp;&nbsp; **Delaware 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Delaware St. Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Newark Chart. Sch., Series A, Rfdg. | 2.800 | 09/01/26 | 60 | 59874 |
| &nbsp;&nbsp; **District of Columbia 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Dist. of Columbia Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KIPP Proj., Series B, Rfdg. | 5.000 | 07/01/37 | 1510 | 1528401 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj., Series B, Rfdg. | 5.000 | 07/01/27 | 220 | 225116 |
| &nbsp;&nbsp; Dist. of Columbia Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Asset Bkd. Bds., Rfdg. | 6.750 | 05/15/40 | 2270 | 2328444 |
|  |  |  |  | 4081961 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Florida 4.3%** |  |  |  |  |
| &nbsp;&nbsp; Florida Dev. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GFL Solid Wst. Southeast LLC Proj., Series A, AMT (Mandatory put date 10/01/31), 144A | 4.375%(cc) | 10/01/54 | 1000 | $1000797 |
| &nbsp;&nbsp; Florida Hr. Edl. Facs. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Edl. Facs., Ringling Clg. Proj. | 5.000 | 03/01/28 | 295 | 298377 |
| &nbsp;&nbsp; Grtr. Orlando Avtn. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Priority Sub. Series A, AMT | 5.000 | 10/01/32 | 1160 | 1187795 |
| &nbsp;&nbsp; Hillsborough Cnty. Avtn. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tampa Int'l. Arpt., Series A, AMT | 5.000 | 10/01/29 | 1230 | 1309080 |
| &nbsp;&nbsp; Lakewood Ranch Stewardship Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Lakewood Nat'l. & Polo Run Projs. | 4.625 | 05/01/27 | 300 | 301960 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Vlg. Lakewood Ranch S. Proj. | 4.250 | 05/01/26 | 100 | 100070 |
| &nbsp;&nbsp; Lee Cnty. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, AMT (Mandatory put date 10/01/31) | 5.000(cc) | 10/01/56 | 1100 | 1181212 |
| &nbsp;&nbsp; Miami-Dade Cnty. Hsg. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ambar Station, Series A (Mandatory put date 08/01/29) | 3.250(cc) | 02/01/44 | 1000 | 1007748 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residences at Palm Court, Series B (Mandatory put date 09/01/28) | 2.950(cc) | 09/01/29 | 1500 | 1502368 |
| &nbsp;&nbsp; Miami-Dade Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc., Rmkt. | 3.350 | 09/01/27 | 230 | 229876 |
| &nbsp;&nbsp; Myrtle Creek Impvt. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Series A, BAM, Rfdg. | 4.000 | 05/01/27 | 365 | 365174 |
| &nbsp;&nbsp; Orange Cnty. Hlth. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adventhealth Oblig. Grp., Series C, Rfdg. (Mandatory put date 11/15/26) | 5.000(cc) | 11/15/52 | 685 | 694366 |
| &nbsp;&nbsp; Orlando Util. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B (Mandatory put date 10/01/28) | 1.250(cc) | 10/01/46 | 2540 | 2362277 |
| &nbsp;&nbsp; Town of Davie Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nova Southeastern. Univ. Proj., Rfdg. | 5.000 | 04/01/37 | 655 | 671227 |
| &nbsp;&nbsp; Village Cmnty. Dev. Dist. No. 6, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Rfdg. | 4.000 | 05/01/26 | 200 | 200174 |
| &nbsp;&nbsp; Village Cmnty. Dev. Dist. No. 7, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spl. Assmt., Rfdg. | 4.000 | 05/01/26 | 245 | 245224 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12657725 |
| &nbsp;&nbsp; **Georgia 2.9%** |  |  |  |  |
| &nbsp;&nbsp; Atlanta Arpt. Passenger Facs. Charge Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub-Lien, Sustainable Bonds, Series E, AMT | 5.000 | 07/01/33 | 1265 | 1391571 |
| &nbsp;&nbsp; Burke Cnty. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Georgia Pwr. Co. Plant Vogtle Proj., 5th Series, Rmkt. (Mandatory put date 06/13/28) | 3.700(cc) | 10/01/32 | 565 | 574309 |
| &nbsp;&nbsp; Main Street Natural Gas, Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Supply, Series C (Mandatory put date 11/01/27), 144A | 4.000(cc) | 08/01/52 | 1500 | 1492646 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B (Mandatory put date 03/01/32) | 5.000(cc) | 12/01/54 | 2250 | 2384950 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E (Mandatory put date 12/01/32) | 5.000(cc) | 05/01/55 | 2750 | 2881031 |
|  |  |  |  | 8724507 |
| &nbsp;&nbsp; **Guam 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Territory of Guam Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series G, Rfdg. | 5.000 | 01/01/31 | 1000 | 1045251 |
| &nbsp;&nbsp; **Idaho 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Idaho Hsg. & Fin. Association Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 5.000 | 08/15/39 | 1115 | 1216729 |
| &nbsp;&nbsp; **Illinois 5.3%** |  |  |  |  |
| &nbsp;&nbsp; Chicago Board of Edu. Dedicated Capital Impvt. Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sch. Imps. | 5.000 | 04/01/33 | 500 | 512058 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sch. Imps. | 5.000 | 04/01/33 | 2160 | 2186887 |
| &nbsp;&nbsp; Chicago O'Hare Int'l. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C, AMT, Rfdg. | 5.000 | 01/01/34 | 500 | 542729 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 3

------

Schedule of Investments (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Illinois (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Chicago O'Hare Int'l. Arpt. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series E, Rfdg., AMT | 5.000% | 01/01/27 | 500 | $506127 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series G, AMT | 5.000 | 01/01/37 | 750 | 755075 |
| &nbsp;&nbsp; Illinois Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Healthcare Network, Series A-3, Rfdg. | 5.000 | 11/01/30 | 540 | 558309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advocate Healthcare Proj., Series A-1, Rfdg. | 4.000 | 11/01/30 | 565 | 575274 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Unvi. Foundation, Sr. Series A | 5.000 | 07/01/29 | 265 | 280563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Midwestern Unvi. Foundation, Sr. Series A | 5.000 | 07/01/30 | 475 | 508939 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rush Univ. Sys. Hlth., Series A, Rfdg. | 5.000 | 11/15/32 | 1000 | 1111064 |
| &nbsp;&nbsp; Illinois St., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, GO | 5.000 | 05/01/31 | 1820 | 1970875 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, GO, Rfdg. | 5.000 | 07/01/36 | 1100 | 1172809 |
| &nbsp;&nbsp; Illinois St. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Build Illinois Bonds, Jr. Oblig., Series C, Rfdg. | 5.000 | 06/15/26 | 1935 | 1943834 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series C, Rfdg. | 4.000 | 06/15/26 | 1000 | 1002376 |
| &nbsp;&nbsp; Railsplitter Tob. Settlement Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tob. Set. Funded (Pre-refunded date 06/01/26)(ee) | 5.000 | 06/01/28 | 375 | 376499 |
| &nbsp;&nbsp; Sales Tax Secur. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Senior Lien, Series C, Rfdg. | 5.000 | 01/01/38 | 1000 | 1039669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series D | 5.000 | 01/01/35 | 600 | 653231 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15696318 |
| &nbsp;&nbsp; **Indiana 1.2%** |  |  |  |  |
| &nbsp;&nbsp; Indiana Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indiana Univ. Hlth., Series D-3, Rfdg. (Mandatory put date 10/01/33) | 5.000(cc) | 10/01/59 | 1000 | 1097198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pwr. & Light Co. Proj., Series A, Rfdg. | 1.400 | 08/01/29 | 1000 | 917604 |
| &nbsp;&nbsp; Indianapolis Local Pub. Impvt. Bond Bank Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Indianapolis Arpt. Auth. Proj., Series I-2, AMT, Rfdg. | 5.000 | 01/01/32 | 1510 | 1633329 |
|  |  |  |  | 3648131 |
| &nbsp;&nbsp; **Iowa 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Guthrie Cnty. Hosp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Guthrie Cnty. Hosp. Proj. Series A, BANS | 4.500 | 02/01/29 | 1000 | 1003012 |
| &nbsp;&nbsp; Iowa Student Loan Liquidity Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, AMT | 5.000 | 12/01/32 | 700 | 736964 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, Rfdg., AMT | 5.000 | 12/01/29 | 550 | 581765 |
|  |  |  |  | 2321741 |
| &nbsp;&nbsp; **Kentucky 2.6%** |  |  |  |  |
| &nbsp;&nbsp; Kentucky Pub. Energy Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. (Mandatory put date 12/01/29) | 5.250(cc) | 06/01/55 | 1500 | 1578800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 (Mandatory put date 08/01/30) | 4.000(cc) | 08/01/52 | 2160 | 2181153 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1, Rfdg. (Mandatory put date 02/01/32) | 5.250(cc) | 04/01/54 | 895 | 953493 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B | 5.000 | 12/01/33 | 1515 | 1529207 |
| &nbsp;&nbsp; Kentucky Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revitalization Proj., Series A, Rfdg. | 5.000 | 07/01/26 | 600 | 603501 |
| &nbsp;&nbsp; Trimble Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Louisville Gas & Elect. Proj., Rmkt., Series A, Rfdg., AMT (Mandatory put date 09/01/27) | 1.300(cc) | 09/01/44 | 750 | 726239 |
|  |  |  |  | 7572393 |
| &nbsp;&nbsp; **Louisiana 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Parish of St. James Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nustar Logistics L.P Proj., Rmkt. (Mandatory put date 06/01/30) | 3.700(cc) | 08/01/41 | 1000 | 1012122 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Maine 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Maine St. Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series A | 6.000% | 11/15/56 | 2000 | $2211648 |
| &nbsp;&nbsp; **Maryland 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Maryland Comnty. Dev. Admin. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Vlg. at Marley Station, Series D-2 | 3.300 | 01/01/29 | 1000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1010192 |
| &nbsp;&nbsp; **Massachusetts 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Massachusetts Dev. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. | 4.000 | 02/15/36 | 1000 | 1069133 |
| &nbsp;&nbsp; Massachusetts Edl. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, Rfdg., AMT | 5.000 | 07/01/28 | 1000 | 1042495 |
|  |  |  |  | 2111628 |
| &nbsp;&nbsp; **Michigan 3.2%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, Class 1, Rfdg. | 5.000 | 06/01/32 | 500 | 535042 |
| &nbsp;&nbsp; Michigan St. Hsg. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A | 4.250 | 12/01/49 | 1730 | 1745738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series C | 3.000 | 06/01/51 | 3000 | 2966188 |
| &nbsp;&nbsp; Michigan Strategic Fd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bond, Recycled Board Machine Proj., AMT (Mandatory put date 10/01/26) | 4.000(cc) | 10/01/61 | 1800 | 1799942 |
| &nbsp;&nbsp; Wayne Cnty. Arpt. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Detroit Metropolitan Wayne Cnty. Arpt., Series G, Rfdg. | 5.000 | 12/01/34 | 2250 | 2454142 |
|  |  |  |  | 9501052 |
| &nbsp;&nbsp; **Minnesota 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Minnesota Rural Wtr. Fin. Auth., Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg., BANS | 3.300 | 08/01/26 | 1275 | 1275037 |
| &nbsp;&nbsp; **Mississippi 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Mississippi Bus. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Poll. Ctrl., Rfdg. | 3.200 | 09/01/28 | 750 | 750198 |
| &nbsp;&nbsp; Warren Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intl. Paper Co. Proj., Rmkt. Rfdg. | 4.000 | 09/01/32 | 1250 | 1282009 |
|  |  |  |  | 2032207 |
| &nbsp;&nbsp; **Missouri 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Kansas City Ind'l. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Int'l Arpt. Term. Modernization Proj., Series B, AMT | 5.000 | 03/01/30 | 1000 | 1047642 |
| &nbsp;&nbsp; Missouri St. Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; BJC Hlth. Sys., Series B, Rfdg. (Mandatory put date 05/01/26) | 4.000(cc) | 05/01/51 | 335 | 335302 |
|  |  |  |  | 1382944 |
| &nbsp;&nbsp; **Nebraska 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Central Plns. Energy. Proj. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proj. No. 4, Series A, Rfdg. (Mandatory put date 11/01/29) | 5.000(cc) | 05/01/54 | 1500 | 1578252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series A-1 (Mandatory put date 08/01/31) | 5.000(cc) | 08/01/55 | 1200 | 1267706 |
|  |  |  |  | 2845958 |
| &nbsp;&nbsp; **New Hampshire 2.4%** |  |  |  |  |
| &nbsp;&nbsp; National Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Cert., Series 1-A, NFA Muni. Cert., ARC70 (Mandatory put date 10/01/34) | 4.150 | 10/20/40 | 998 | 981598 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 5

------

Schedule of Investments (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New Hampshire (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; New Hampshire Bus. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bridgeland Wtr. Util. Dist., 144A | 5.375% | 12/15/35 | 1800 | $1721683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Caldwell Ranch Proj., 144A | 4.875 | 12/01/33 | 500 | 496474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Grand Pines Proj., 144A | 5.625 | 06/01/39 | 1000 | 1006284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Silverado Proj., 144A | 5.000 | 12/01/28 | 700 | 700097 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tamarron Proj., 144A | 5.250 | 12/01/35 | 1800 | 1739084 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Wildflower Proj., CABS, 144A | 5.574(t) | 12/15/33 | 840 | 531081 |
|  |  |  |  | 7176301 |
| &nbsp;&nbsp; **New Jersey 4.7%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series SSS, Rfdg. | 5.250 | 06/15/39 | 400 | 443692 |
| &nbsp;&nbsp; New Jersey Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Princeton Univ., Series A (Mandatory put date 07/01/31) | 5.000(cc) | 07/01/64 | 1000 | 1096783 |
| &nbsp;&nbsp; New Jersey Hr. Ed. Student Assistance Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 1-B, Rfdg., AMT | 5.000 | 12/01/29 | 440 | 465072 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 3, Rfdg., AMT | 5.000 | 12/01/27 | 1000 | 1031517 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 3, Rfdg., AMT | 5.000 | 12/01/28 | 500 | 523540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bond, Series 3, Rfdg., AMT | 5.000 | 12/01/32 | 1500 | 1594934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series 1A, Rfdg., AMT | 5.000 | 12/01/32 | 1235 | 1317685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series B, AMT | 5.000 | 12/01/28 | 785 | 824337 |
| &nbsp;&nbsp; New Jersey Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg.(hh) | 5.000 | 01/01/33 | 2000 | 2182494 |
| &nbsp;&nbsp; New Jersey Trans. Tr. Fd. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.250 | 06/15/39 | 1000 | 1115619 |
| &nbsp;&nbsp; South Jersey Trans. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg., BAM | 5.000 | 11/01/38 | 1000 | 1092021 |
| &nbsp;&nbsp; Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/26 | 1745 | 1749803 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/30 | 315 | 326509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/36 | 235 | 241079 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14005085 |
| &nbsp;&nbsp; **New Mexico 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Farmington Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 Corners Proj., Rmkt., Rfdg. | 1.800 | 04/01/29 | 1500 | 1397305 |
| &nbsp;&nbsp; **New York 11.3%** |  |  |  |  |
| &nbsp;&nbsp; Empire St. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax, Series A | 5.000 | 03/15/42 | 2425 | 2556837 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax, Series A, Rfdg. | 5.000 | 03/15/31 | 1685 | 1686497 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Income Tax, Series C, Rfdg. | 5.000 | 03/15/41 | 1375 | 1397687 |
| &nbsp;&nbsp; Long Island Pwr. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. (Mandatory put date 09/01/26) | 1.500(cc) | 09/01/51 | 2000 | 1984396 |
| &nbsp;&nbsp; Metropolitan Trans. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series D, Rfdg. | 5.000 | 11/15/32 | 1710 | 1787380 |
| &nbsp;&nbsp; New York City Hsg. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 245 East 124th Street, Rmkt. (Mandatory Put Date 06/01/29) | 2.100(cc) | 11/01/46 | 1500 | 1441734 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 Spruce Street Proj., Class E, Rfdg. | 4.375 | 12/15/43 | 2000 | 2036876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Dev. Bonds, Series F-2A (Mandatory put date 12/22/26) | 3.400(cc) | 11/01/62 | 285 | 285006 |
| &nbsp;&nbsp; New York City Muni. Wtr. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2nd Gen Resolution, Sub-Series CC-1, Rfdg. | 5.250 | 06/15/37 | 1000 | 1013813 |
| &nbsp;&nbsp; New York City Trans. Fin. Auth. Future Tax Sec'd. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Future Tax Sec., Fiscal 1999, Sub. Series E-1 | 5.000 | 02/01/36 | 1000 | 1015755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Series A-2 | 5.000 | 08/01/38 | 2505 | 2550312 |
| &nbsp;&nbsp; New York City Trans. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MultiModal Bonds, Sub-Series B | 5.500 | 05/01/44 | 1000 | 1099436 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New York (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; New York City Trans. Fin. Auth. Rev., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Bonds, Series E | 5.000% | 11/01/36 | 1000 | $1118020 |
| &nbsp;&nbsp; New York Liberty Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Tower at One Bryant Park Proj., Class 3, Rfdg. | 2.800 | 09/15/69 | 1000 | 934582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bank of America Tower at One Bryant Park Proj., Rfdg. | 2.450 | 09/15/69 | 1000 | 943204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Orchard Park CCRC, Inc. Oblig. Grp., Temps-70, Series B-2 | 3.320 | 11/15/30 | 1000 | 967809 |
| &nbsp;&nbsp; New York St. Dorm. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.250 | 03/15/37 | 500 | 523223 |
| &nbsp;&nbsp; New York St. Envirml. Facs. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Draw Down Casella Wste. Sys., Inc. Proj., Series R-1, AMT (Mandatory put date 09/03/30), 144A | 4.250(cc) | 09/01/50 | 1315 | 1330680 |
| &nbsp;&nbsp; New York St. Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 320 West 38th Street Hsg., Series A (Mandatory put date 11/01/31) | 3.570(cc) | 05/01/42 | 2250 | 2242751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hsg. 160 W 62nd Street, Series A-2, Rmkt. (Mandatory put date 04/01/32) | 3.600(cc) | 11/01/44 | 1200 | 1197364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series B-2 (Mandatory put date 05/01/29) | 3.600(cc) | 11/01/64 | 1000 | 1007082 |
| &nbsp;&nbsp; Port Auth. of NY & NJ Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consol, Series 197, Rfdg., AMT | 5.000 | 11/15/32 | 800 | 807897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 246, AMT, Rfdg. | 5.000 | 09/01/30 | 1175 | 1265333 |
| &nbsp;&nbsp; Triborough Bridge & Tunnel Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2, Rfdg. (Mandatory put date 05/15/26) | 2.000(cc) | 05/15/45 | 1000 | 998727 |
| &nbsp;&nbsp; Utility Debt Securitization Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series TE-2, Rfdg. | 5.000 | 12/15/33 | 1000 | 1114049 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33306450 |
| &nbsp;&nbsp; **North Carolina 1.1%** |  |  |  |  |
| &nbsp;&nbsp; Durham Hsg. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Page Corners Apts. (Mandatory put date 07/01/28) | 3.150(cc) | 07/01/59 | 1000 | 1003055 |
| &nbsp;&nbsp; North Carolina Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1998 Trust Agreement, Series 59-A | 6.250 | 01/01/57 | 1570 | 1774695 |
| &nbsp;&nbsp; North Carolina Med. Care Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Methodist Retmnt. Homes Proj., Temps-50, Series B-3 | 3.400 | 10/01/29 | 380 | 371279 |
|  |  |  |  | 3149029 |
| &nbsp;&nbsp; **Ohio 2.8%** |  |  |  |  |
| &nbsp;&nbsp; Buckeye Tob. Settlement Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/28 | 1350 | 1406316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/30 | 385 | 413165 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A-2, Class 1, Rfdg. | 5.000 | 06/01/36 | 1500 | 1563952 |
| &nbsp;&nbsp; Cuyahoga Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MetroHealth Sys., Rfdg. | 4.000 | 02/15/29 | 1200 | 1203435 |
| &nbsp;&nbsp; Ohio Air Quality Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; American Elec. Pwr. Co. Proj., Series A (Mandatory put date 10/01/29) | 2.400(cc) | 12/01/38 | 500 | 485473 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Duke Energy Corp. Proj., Series A, AMT, Rfdg. (Mandatory put date 06/01/27) | 4.250(cc) | 11/01/39 | 2000 | 2014683 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ohio Vlly. Elec. Corp. Proj., Series A | 3.875 | 01/01/36 | 1000 | 985408 |
| &nbsp;&nbsp; Ohio St. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cleveland Clinic Hlth. Sys., Series C, Rmkt. (Mandatory put date 05/01/28) | 2.750(cc) | 01/01/52 | 250 | 248965 |
|  |  |  |  | 8321397 |
| &nbsp;&nbsp; **Oklahoma 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Oklahoma Dev. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; OU Med. Proj., Series B | 5.000 | 08/15/26 | 800 | 804670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Univ. of Oklahoma Med. Proj., Series B | 5.000 | 08/15/29 | 1100 | 1129275 |
| &nbsp;&nbsp; Oklahoma Tpke. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Series B, Rfdg. | 5.000 | 01/01/32 | 1000 | 1111758 |
|  |  |  |  | 3045703 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 7

------

Schedule of Investments (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Oregon 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Albany Hosp. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mennonite Vlg. Proj. Temps 65SM, Series B-2(hh) | 3.450% | 11/15/30 | 1015 | $1009975 |
| &nbsp;&nbsp; **Pennsylvania 4.5%** |  |  |  |  |
| &nbsp;&nbsp; Chester Cnty. Indl. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Avon Grove Chart. Sch. Nts. | 5.000 | 03/01/27 | 1070 | 1076129 |
| &nbsp;&nbsp; Delaware Vlly. Regl. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMBAC | 5.500 | 08/01/28 | 445 | 472133 |
| &nbsp;&nbsp; Pennsylvania Econ. Dev. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc. Proj., Series A, AMT, Rmkt. (Mandatory put date 08/03/26) | 3.875(cc) | 08/01/37 | 1250 | 1250860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wste. Mgmt., Inc. Proj., Series B, Rfdg., AMT (Mandatory put date 11/02/26) | 1.100(cc) | 06/01/31 | 1250 | 1229571 |
| &nbsp;&nbsp; Pennsylvania Hsg. Fin. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bond, Series 152A | 6.250 | 10/01/56 | 3000 | 3360310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series 141A | 5.750 | 10/01/53 | 2360 | 2511488 |
| &nbsp;&nbsp; Pennsylvania Tpke. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 | 5.000 | 12/01/41 | 1215 | 1217643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-2 | 5.000 | 12/01/36 | 1300 | 1354015 |
| &nbsp;&nbsp; School Dist. of Philadelphia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO | 5.000 | 09/01/36 | 725 | 750258 |
|  |  |  |  | 13222407 |
| &nbsp;&nbsp; **Puerto Rico 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Commonwealth of Puerto Rico, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A, GO, CABS | 4.163(t) | 07/01/33 | 700 | 507025 |
| &nbsp;&nbsp; Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Restructured, Series A-1, CABS | 3.352(t) | 07/01/29 | 1416 | 1270879 |
|  |  |  |  | 1777904 |
| &nbsp;&nbsp; **Rhode Island 0.6%** |  |  |  |  |
| &nbsp;&nbsp; Rhode Island Hsg. & Mortgage Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Homeownership Opportunity Bonds, Series 72-A | 3.500 | 10/01/50 | 535 | 533085 |
| &nbsp;&nbsp; Rhode Island Student Loan Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Bonds, Series A, AMT | 5.000 | 12/01/27 | 600 | 617066 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Prog., Series A, AMT | 5.000 | 12/01/26 | 500 | 506082 |
| &nbsp;&nbsp; Tob. Settlement Fing. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, Rfdg. | 5.000 | 06/01/28 | 240 | 240310 |
|  |  |  |  | 1896543 |
| &nbsp;&nbsp; **South Carolina 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Patriots Energy Grp. Fing. Agcy. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A-1 (Mandatory put date 08/01/31) | 5.250(cc) | 10/01/54 | 880 | 942136 |
| &nbsp;&nbsp; South Carolina Jobs-Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foothill Affordable Hsg. Fndn., Paddock Club & Fairway Proj. (Mandatory put date 03/01/35) | 4.000(cc) | 03/01/62 | 800 | 795739 |
| &nbsp;&nbsp; South Carolina Pub. Svc. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santee Cooper Exchange Bonds, Series A, Rfdg. | 4.000 | 12/01/29 | 619 | 644811 |
|  |  |  |  | 2382686 |
| &nbsp;&nbsp; **South Dakota 1.0%** |  |  |  |  |
| &nbsp;&nbsp; South Dakota Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sanford, Series C-1, Rfdg. (Mandatory put date 11/01/29) | 5.000(cc) | 11/01/52 | 755 | 803215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Westhills Vlg. Retmnt. Cmnty. Issue, Series B-1 | 3.625 | 09/01/33 | 2250 | 2205595 |
|  |  |  |  | 3008810 |

---

See Notes to Financial Statements.

------

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Tennessee 3.0%** |  |  |  |  |
| &nbsp;&nbsp; Metropolitan Government Nashville & Davidson Cnty. Indl. Dev. Board Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trinity Lane Apts. Proj. (Mandatory put date 07/01/29) | 3.150%(cc) | 07/01/44 | 2000 | $2001679 |
| &nbsp;&nbsp; Metropolitan Nashville Arpt. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT | 5.000 | 07/01/33 | 1750 | 1911672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, AMT | 5.250 | 07/01/34 | 500 | 547288 |
| &nbsp;&nbsp; Tennergy Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Sply. Series A (Mandatory put date 12/01/30) | 5.500(cc) | 10/01/53 | 1820 | 1940338 |
| &nbsp;&nbsp; Tennessee Energy Acq. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Proj., Series A-1, Rfdg. (Mandatory put date 05/01/28) | 5.000(cc) | 05/01/53 | 2300 | 2352886 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8753863 |
| &nbsp;&nbsp; **Texas 11.0%** |  |  |  |  |
| &nbsp;&nbsp; Arlington Hsg. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6900 Matlok Road (Mandatory put date 04/01/27) | 4.500(cc) | 04/01/41 | 1000 | 1000783 |
| &nbsp;&nbsp; Brazos Hr. Edu. Auth., Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series 1A, AMT | 5.000 | 04/01/32 | 485 | 512676 |
| &nbsp;&nbsp; Brooks Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series C, Rfdg. (Mandatory put date 08/15/28), 144A | 5.000(cc) | 08/15/42 | 1890 | 1927153 |
| &nbsp;&nbsp; Clifton Higher Ed. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idea Pub. Sch., Rfdg., PSFG | 5.000 | 08/15/35 | 1000 | 1106620 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Idea Pub. Sch., Series A | 5.000 | 08/15/30 | 225 | 239597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intl. Leadership of Texas, Inc., Series B, PSFG (Mandatory put date 02/15/30) | 4.000(cc) | 02/15/55 | 1035 | 1066078 |
| &nbsp;&nbsp; Conroe Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GO, PSFG | 5.000 | 02/15/38 | 1000 | 1110152 |
| &nbsp;&nbsp; Dallas Hotel Occupancy Tax Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rfdg. | 4.000 | 08/15/28 | 1025 | 1029184 |
| &nbsp;&nbsp; Harris Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Hermann Hlth. Sys., Series B-3 (Mandatory Put Date 12/01/26) | 5.000(cc) | 07/01/49 | 280 | 283775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Memorial Hermann Hlth. Sys., Series C, Rfdg. (Mandatory put date 07/01/29) | 5.000(cc) | 07/01/54 | 200 | 211291 |
| &nbsp;&nbsp; Harris Cnty. Indl. Dev. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer Proj., Rfdg. (Mandatory put date 06/01/33) | 4.050(cc) | 11/01/50 | 1750 | 1744683 |
| &nbsp;&nbsp; Houston Arpt. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Term. Impvt. Proj., Series B, Rfdg., AMT | 5.250 | 07/15/28 | 615 | 632148 |
| &nbsp;&nbsp; Houston Combined Util. Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Comb. 1st Lien, Series D, Rfdg. | 5.000 | 11/15/34 | 1000 | 1001313 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; United Airlines, Inc. Term. Impvt. Proj., Series B, AMT | 5.250 | 07/15/34 | 1250 | 1307982 |
| &nbsp;&nbsp; Las Varas Pub. Facs. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Central at Commerce, Series A (Mandatory put date 11/01/29) | 3.350(cc) | 11/01/44 | 1045 | 1039814 |
| &nbsp;&nbsp; Lower Colorado River Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; LCRA Transmission Svcs. Corp. Proj., Rfdg. | 5.000 | 05/15/42 | 1680 | 1768121 |
| &nbsp;&nbsp; New Hope Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bella Vida Facs. Living Proj., Temps-50, Series B3, Rfdg. | 4.250 | 10/01/30 | 1000 | 1005856 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Brazos Presbyterian Homes, Inc. Proj., Rfdg. | 5.000 | 01/01/27 | 605 | 611922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jubilee Academic Ctr., Rfdg., 144A | 4.000 | 08/15/26 | 665 | 663632 |
| &nbsp;&nbsp; North Texas Hr. Ed. Auth., Inc. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Series A, AMT | 5.000 | 06/01/31 | 800 | 849098 |
| &nbsp;&nbsp; Plano Independent Sch. Dist., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, PSFG | 5.000 | 02/15/36 | 1000 | 1125142 |
| &nbsp;&nbsp; San Antonio Elec. & Gas Sys. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Lien, Rfdg. (Mandatory put date 12/01/27) | 2.000(cc) | 02/01/49 | 1500 | 1467169 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Jr. Lien, Series A, Rfdg. (Mandatory put date 12/01/31) | 3.150(cc) | 02/01/55 | 1750 | 1725442 |
| &nbsp;&nbsp; Tarrant Cnty. Cultrl. Ed. Facs. Fin. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ascension Sr. Cr. Grp., Series C-1, Rfdg. (Mandatory put date 11/15/32) | 5.000(cc) | 11/15/51 | 2000 | 2184823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Baylor Scott & White Hlth. Proj., Series E (Mandatory put date 05/15/26) | 5.000(cc) | 11/15/52 | 905 | 906230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Texas Hlth. Resources Sys., Series C (Mandatory put date 11/15/32) | 5.000(cc) | 11/15/64 | 1200 | 1310987 |
| &nbsp;&nbsp; Texas Dept. of Hsg. & Cmnty. Affairs Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pass Through Mortgage Cert., Series A | 5.500 | 07/01/53 | 995 | 1060116 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sustainable Bonds, Series A | 5.500 | 09/01/52 | 1945 | 2060363 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 9

------

Schedule of Investments (continued)

as of March 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest <br>Rate** | **Maturity <br>Date** | **Principal <br>Amount <br>(000)#** | **Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Texas (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Texas Muni. Gas Acq. & Sply. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien, Series D | 6.250% | 12/15/26 | 360 | $367894 |
| &nbsp;&nbsp; Texas Priv. Activity Bond Surface Trans. Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bond Surface Trans. Corp., Sr. Lien, Rfdg. AMT | 5.500 | 06/30/40 | 1250 | 1312830 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32632874 |
| &nbsp;&nbsp; **Utah 2.5%** |  |  |  |  |
| &nbsp;&nbsp; Salt Lake City Corp. Arpt. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intl. Arpt., Series A, AMT | 5.000 | 07/01/32 | 2000 | 2175724 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, AMT | 5.000 | 07/01/28 | 375 | 383957 |
| &nbsp;&nbsp; Utah Cnty. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHC Hlth. Svcs., Inc., Series A | 5.000 | 05/15/43 | 2745 | 2840966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IHC Hlth. Svcs., Inc., Series B (Mandatory put date 08/01/26) | 5.000(cc) | 05/15/60 | 345 | 347224 |
| &nbsp;&nbsp; Utah Housing Corp. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Liberty Corner (Mandatory put date 09/01/29) | 3.000(cc) | 09/01/45 | 1575 | 1563098 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7310969 |
| &nbsp;&nbsp; **Virginia 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Virginia Small Bus. Fing. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Lien Elizabeth River Crossing Opco, LLC Proj. Rfdg. | 4.000 | 01/01/30 | 750 | 762793 |
| &nbsp;&nbsp; **Washington 1.0%** |  |  |  |  |
| &nbsp;&nbsp; Seattle Muni. Light & Pwr. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series B, Rfdg. (Mandatory put date 11/01/26) | 2.670(cc) | 05/01/45 | 500 | 493963 |
| &nbsp;&nbsp; Washington Healthcare Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overlake Hosp. Med. Ctr., Series B, Rfdg. | 5.000 | 07/01/28 | 375 | 386590 |
| &nbsp;&nbsp; Washington St. Hsg. Fin. Commn. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Horizon Hse. Proj. Mand. Paydown Temps-50, Series B-3, Rfdg. | 4.375 | 01/01/33 | 820 | 823128 |
| &nbsp;&nbsp; Whatcom Cnty. Pub. Util. Dist. No. 1, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AMT, BAM | 5.000 | 12/01/26 | 425 | 430154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AMT, BAM | 5.000 | 12/01/27 | 330 | 339783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series A, GO, AMT, BAM | 5.000 | 12/01/28 | 415 | 433682 |
|  |  |  |  | 2907300 |
| &nbsp;&nbsp; **West Virginia 0.3%** |  |  |  |  |
| &nbsp;&nbsp; West Virginia Econ. Dev. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Metals Co. Proj., AMT (Mandatory put date 05/15/32) | 4.625(cc) | 04/15/55 | 1000 | 1013374 |
| &nbsp;&nbsp; **Wisconsin 2.4%** |  |  |  |  |
| &nbsp;&nbsp; Pub. Fin. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Astro Texas Land Proj., Rfdg., 144A | 5.000 | 12/15/36 | 368 | 361527 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cuyahoga River Cap. Port., Class A, Series 1 (Mandatory put date 07/01/28), 144A | 4.000 | 01/01/55 | 1700 | 1697680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kawa Fund Ltd., Class A, Series 1 (Mandatory put date 06/15/31) | 3.625 | 06/15/63 | 2500 | 2462403 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2025-1, Class A, Cert. (Mandatory put date 08/01/27), 144A | 4.750(cc) | 08/01/59 | 1000 | 997352 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Signorelli Proj., 144A | 5.375 | 12/15/32 | 900 | 892113 |
| &nbsp;&nbsp; Wisconsin Hlth. & Edl. Facs. Auth. Rev., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Forensic Science & Protective Med. Collaboration, Inc. Proj., 144A | 5.000 | 08/01/27 | 700 | 701337 |
|  |  |  |  | 7112412 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $290,982,052) |  |  |  | 290269500 |

---

See Notes to Financial Statements.

------

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

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

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.0%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.781%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $6,055,626)(wb) | 6055626 | $6055626 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.2%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $297,037,678) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;296325126 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (0.2)% |  | (714612) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $295610514 |

---

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

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.

AGM—Assured Guaranty Municipal Corp.

AMBAC—American Municipal Bond Assurance Corp.

AMT—Alternative Minimum Tax

BAM—Build America Mutual

BANS—Bond Anticipation Notes

CABS—Capital Appreciation Bonds

CGM—Citigroup Global Markets, Inc.

COP—Certificates of Participation

GO—General Obligation

IDB—Industrial Development Bond

OTC—Over-the-counter

PCR—Pollution Control Revenue

PSFG—Permanent School Fund Guarantee

Rfdg—Refunding

SOFR—Secured Overnight Financing Rate

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of March 31, 2026. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(d) Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(ee) All or partial escrowed to maturity and pre-refunded issues are secured by escrowed cash, a guaranteed investment contract and /or U.S. guaranteed obligations.

(hh) When-issued security.

(t) Represents zero coupon. Rate quoted represents effective yield at March 31, 2026.

(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 Schedule of Investments:

#### Futures contracts outstanding at March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | **Expiration<br>Date** | **Current<br>Notional<br>Amount** | **Value /<br>Unrealized<br>Appreciation<br>(Depreciation)** |
| Short Position: | Short Position: |  |  |  |
| 56 | 10 Year U.S. Ultra Treasury Notes | Jun. 2026 | $6356875 | $60799 |

---

#### 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** |
|  CGM | $357000 | $— |

---

#### 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.

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 11

------

Schedule of Investments (continued)

as of March 31, 2026

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 March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Municipal Bonds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Alabama | $— | $16148425 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Alaska |  | 2241627 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arizona |  | 9939561 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Arkansas |  | 2909734 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; California |  | 11165579 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Colorado |  | 8295946 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Connecticut |  | 4968030 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Delaware |  | 59874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; District of Columbia |  | 4081961 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Florida |  | 12657725 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Georgia |  | 8724507 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Guam |  | 1045251 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Idaho |  | 1216729 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Illinois |  | 15696318 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Indiana |  | 3648131 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Iowa |  | 2321741 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Kentucky |  | 7572393 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Louisiana |  | 1012122 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maine |  | 2211648 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Maryland |  | 1010192 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Massachusetts |  | 2111628 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Michigan |  | 9501052 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Minnesota |  | 1275037 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mississippi |  | 2032207 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Missouri |  | 1382944 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nebraska |  | 2845958 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Hampshire |  | 7176301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Jersey |  | 14005085 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New Mexico |  | 1397305 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; New York |  | 33306450 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; North Carolina |  | 3149029 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Ohio |  | 8321397 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oklahoma |  | 3045703 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oregon |  | 1009975 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pennsylvania |  | 13222407 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Puerto Rico |  | 1777904 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Rhode Island |  | 1896543 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Carolina |  | 2382686 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; South Dakota |  | 3008810 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Tennessee |  | 8753863 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Texas |  | 32632874 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Utah |  | 7310969 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Virginia |  | 762793 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Washington |  | 2907300 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; West Virginia |  | 1013374 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Wisconsin |  | 7112412 |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 6055626 |  |  |
|  **Total** | $**6055626** | $**290269500** | **$—** |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Futures Contracts | $**60799** | $**—** | **$—** |

---

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

See Notes to Financial Statements.

------

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

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

#### Sector Classification:
The sector classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Development | 17.7 |
|  Pre-pay Gas | 14.3 |
|  Special Tax/Assessment District | 13.0 |
|  Transportation | 11.1 |
|  Corporate Backed IDB & PCR | 10.6 |
|  Healthcare | 10.6 |
|  Education | 7.7 |
|  Power | 5.2 |
|  General Obligation | 3.0 |
|  Tobacco Appropriated | 3.0 |
|  Affiliated Mutual Funds | 2.0 |

---

---

| | |
|:---|:---|
|  Water & Sewer | 1.2% |
|  Lease Backed Certificate of Participation | 0.7 |
|  Pre-Refunded | 0.1 |
|  Solid Waste/Resource Recovery | 0.0 \* |
|  | 100.2 |
|  Liabilities in excess of other assets | (0.2) |
|  | 100.0% |

---

\* Less than 0.05%

#### 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 interest rate risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of March 31, 2026 as presented in the 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**  | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **Fair Value** | **Statement of**<br> **Assets and Liabilities Location** | **Fair<br>Value** |
|  Interest rate contracts | Due from/to broker-variation margin futures | $60,799\* |  | $— |

---

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

The effects of derivative instruments on the Statement of Operations for the year ended March 31, 2026 are as follows:

---

| | |
|:---|:---|
| **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** | **Amount of Realized Gain (Loss) on Derivatives Recognized in Income** |
| **Derivatives not accounted for as hedging**<br> **instruments, carried at fair value** | **Futures** |
|  Interest rate contracts | $(404458) |

---

---

| | |
|:---|:---|
| **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** |
|  Interest rate contracts | $83666 |

---

For the year ended March 31, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Derivative Contract Type** | **Average Volume of Derivative Activities\*** |
| &nbsp;&nbsp; Futures Contracts - Short Positions (1) | $5720316 |

---

\* Average volume is based on average quarter end balances for the year ended March 31, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 13

------

Statement of Assets and Liabilities

as of March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $290,982,052) | $290269500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $6,055,626) | 6055626 |
| &nbsp;&nbsp; Dividends and interest receivable | 3528351 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 392263 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 357000 |
| &nbsp;&nbsp; Prepaid expenses | 976 |
| &nbsp;&nbsp; **Total Assets** | 300603716 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 3263138 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 1429672 |
| &nbsp;&nbsp; Dividends and Distributions payable | 129848 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 108020 |
| &nbsp;&nbsp; Distribution fee payable | 23194 |
| &nbsp;&nbsp; Management fee payable | 22223 |
| &nbsp;&nbsp; Due to broker—variation margin futures | 16625 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 472 |
| &nbsp;&nbsp; Trustees' fees payable | 10 |
| &nbsp;&nbsp; **Total Liabilities** | 4993202 |
| &nbsp;&nbsp; **Net Assets** | $295610514 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $29630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 312074955 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (16494071) |
| &nbsp;&nbsp; **Net assets, March 31, 2026** | $295610514 |

---

See Notes to Financial Statements.

------

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

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

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value and redemption price per share, ($100,446,275 ÷ 10,066,035 shares of beneficial interest issued and outstanding) | $9.98 |
| &nbsp;&nbsp; Maximum sales charge (2.25% of offering price) | 0.23 |
| &nbsp;&nbsp; Maximum offering price to public | $10.21 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($2,313,435 ÷ 232,245 shares of beneficial interest issued and outstanding) | $9.96 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($163,273,460 ÷ 16,366,964 shares of beneficial interest issued and outstanding) | $9.98 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($29,577,344 ÷ 2,965,060 shares of beneficial interest issued and outstanding) | $9.98 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 15

------

Statement of Operations

Year Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $8384976 |
| &nbsp;&nbsp; Affiliated dividend income | 400437 |
| &nbsp;&nbsp; **Total income** | 8785413 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 727124 |
| &nbsp;&nbsp; Distribution fee(a) | 239567 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $2,966)(a) | 186690 |
| &nbsp;&nbsp; Registration fees(a) | 55646 |
| &nbsp;&nbsp; Audit fee | 46821 |
| &nbsp;&nbsp; Custodian and accounting fees | 41082 |
| &nbsp;&nbsp; Professional fees | 35481 |
| &nbsp;&nbsp; Shareholders' reports | 18897 |
| &nbsp;&nbsp; Trustees' fees | 12770 |
| &nbsp;&nbsp; Miscellaneous | 33507 |
| &nbsp;&nbsp; **Total expenses** | 1397585 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (333655) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Custodian fee credit | (95) |
| &nbsp;&nbsp; **Net expenses** | 1063835 |
| &nbsp;&nbsp; Net investment income (loss) | 7721578 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 538652 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | (404458) |
|  | 134194 |
|  Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments | 1294468 |
| &nbsp;&nbsp;&nbsp;&nbsp; Futures | 83666 |
|  | 1378134 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 1512328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $9233906 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class A** | **Class C** | **Class Z** | **Class R6** |
|  Distribution fee | 212917 | 26650 |  |  |
|  Transfer agent's fees and expenses | 31893 | 2438 | 151966 | 393 |
|  Registration fees | 15045 | 8199 | 16986 | 15416 |
|  Fee waiver and/or expense reimbursement | (63906) | (4411) | (231792) | (33546) |

---

See Notes to Financial Statements.

------

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>March 31,** | **Year Ended<br>March 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $7721578 | $5641474 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 134194 | (949149) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1378134 | 1095300 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 9233906 | 5787625 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class A | (2466465) | (1838138) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class C | (51828) | (56144) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class Z | (4418538) | (3207089) |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (756951) | (512032) |
|  | (7693782) | (5613403) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold | 154554042 | 101879225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 6512587 | 4629326 |
| &nbsp;&nbsp;&nbsp;&nbsp; Cost of shares purchased | (88510953) | (90993651) |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 72555676 | 15514900 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 74095800 | 15689122 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of year | 221514714 | 205825592 |
| &nbsp;&nbsp;&nbsp;&nbsp; End of year | $295610514 | $221514714 |

---

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 17

------

Financial Highlights

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class A Shares** |  |  |  |  |  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $9.89 | $9.88 | $9.81 | $9.89 | $10.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.29 | 0.26 | 0.22 | 0.13 | 0.08 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.09 | 0.01 | 0.07 | (0.07) | (0.57) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.38 | 0.27 | 0.29 | 0.06 | (0.49) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.29) | (0.26) | (0.22) | (0.14) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.98 | $9.89 | $9.88 | $9.81 | $9.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 3.86% | 2.71% | 2.96% | 0.60% | (4.73)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $100446 | $75263 | $69282 | $71030 | $104310 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $85167 | $71306 | $70852 | $88279 | $116393 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.60% | 0.61% | 0.62% | 0.62% | 0.61% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.68% | 0.70% | 0.71% | 0.69% | 0.65% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 2.91% | 2.59% | 2.22% | 1.38% | 0.77% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(c)(d)</sup> | 65% | 79% | 76% | 87% | 74% |

---

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

(b) Total return does not consider the effects of sales loads. 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) 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.

(d) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class C Shares** |  |  |  |  |  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $9.88 | $9.87 | $9.80 | $9.89 | $10.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.19 | 0.16 | 0.12 | 0.05 | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.08 | 0.01 | 0.07 | (0.09) | (0.57) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.27 | 0.17 | 0.19 | (0.04) | (0.57) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.19) | (0.16) | (0.12) | (0.05) | (-)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.96 | $9.88 | $9.87 | $9.80 | $9.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 2.80% | 1.71% | 1.97% | (0.37)% | (5.43)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $2313 | $2984 | $4208 | $7101 | $10151 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $2665 | $3562 | $5310 | $8543 | $12026 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 1.60% | 1.60% | 1.60% | 1.49% | 1.37% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.77% | 1.73% | 1.69% | 1.56% | 1.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.89% | 1.59% | 1.23% | 0.52% | 0.02% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 65% | 79% | 76% | 87% | 74% |

---

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

(b) Amount rounds to zero.

(c) Total return does not consider the effects of sales loads. 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) 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.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 19

------

Financial Highlights (continued)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  |  |  |  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $9.89 | $9.88 | $9.80 | $9.89 | $10.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.29 | 0.25 | 0.16 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.09 | - <sup>(b)</sup> | 0.07 | (0.08) | (0.57) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.29 | 0.32 | 0.08 | (0.46) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.28) | (0.24) | (0.17) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.98 | $9.89 | $9.88 | $9.80 | $9.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 4.15% | 3.02% | 3.37% | 0.80% | (4.44)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $163273 | $123037 | $117154 | $148873 | $201704 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $139264 | $111813 | $131149 | $163511 | $213040 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.32% | 0.32% | 0.32% | 0.32% | 0.32% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.49% | 0.51% | 0.51% | 0.48% | 0.46% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.18% | 2.88% | 2.52% | 1.69% | 1.06% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(d)(e)</sup> | 65% | 79% | 76% | 87% | 74% |

---

(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) 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.

(e) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

------

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |
|  | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** | **Year Ended March 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Year** | $9.89 | $9.88 | $9.80 | $9.89 | $10.46 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.32 | 0.29 | 0.25 | 0.18 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.09 | 0.01 | 0.08 | (0.10) | (0.57) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.41 | 0.30 | 0.33 | 0.08 | (0.46) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.32) | (0.29) | (0.25) | (0.17) | (0.11) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of year | $9.98 | $9.89 | $9.88 | $9.80 | $9.89 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 4.18% | 3.05% | 3.40% | 0.83% | (4.41)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of year (000) | $29577 | $20231 | $15181 | $11841 | $7276 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $23637 | $17604 | $13495 | $9770 | $3145 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.29% | 0.29% | 0.29% | 0.29% | 0.29% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.43% | 0.45% | 0.51% | 0.53% | 0.77% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.21% | 2.92% | 2.57% | 1.81% | 1.05% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(c)(d)</sup> | 65% | 79% | 76% | 87% | 74% |

---

(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) 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.

(d) The portfolio turnover rate includes variable rate demand notes.

See Notes to Financial Statements.

PGIM Short Duration Muni Fund 21

------

Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios 12 (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 relate only to the PGIM Short Duration Muni Fund (the "Fund"), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek a high level of current income exempt from federal income taxes.

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

The Fund follows 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 Fund in the preparation of its financial statements. The policies conform to U.S. generally accepted accounting principles ("GAAP"). The Fund consistently follows such policies in the preparation of its financial statements.

The Fund 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 Fund's 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 the Fund's chief operating decision maker ("CODM"). The CODM has determined that the Fund has a single operating segment as the CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of its respective prospectus, based on a defined investment strategy which is executed by the Fund's subadviser.

The CODM allocates resources and assesses performance based on the operating results of the 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 Fund holds 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 Fund's 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 Fund's 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 Fund 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 Fund 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 Fund's foreign investments may change on days when investors cannot purchase or redeem Fund shares.

Various inputs determine how the Fund's 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.

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.

------

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 Fund utilizes 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.

*Financial Futures Contracts:* A financial 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 financial futures contract, the Fund is 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 Fund 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 Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. 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 Fund since the exchanges' clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

*Delayed-Delivery Transactions:* The Fund 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 Fund 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 Fund 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 Fund assumes 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 Fund 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 Fund forfeits its eligibility to realize future gains (losses) with respect to the security.

*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 Fund becomes 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. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are

PGIM Short Duration Muni Fund 23

------

Notes to Financial Statements (continued)

allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*Custody Fee Credits:* The Fund has an arrangement with its custodian bank, whereby uninvested monies earn credits which reduce the fees charged by the custodian. Such custody fee credits, if any, are presented as a reduction of gross expenses in the accompanying Statement of Operations.

*Taxes:* It is the 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 in excess of par, 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.

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
| &nbsp;&nbsp; Net Investment Income |  | Monthly |
| &nbsp;&nbsp; Short-Term Capital Gains |  | Annually |
| &nbsp;&nbsp; Long-Term Capital Gains |  | Annually |

---

\* Under certain circumstances, the 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 requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

**3.** **Agreements** 

The RIC, on behalf of the Fund, has entered into a management agreement 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.

The Manager has entered into a subadvisory agreement with PGIM, Inc. (the "subadviser"), which provides subadvisory services to the Fund through its investment group PGIM Credit. Effective April 8, 2026, PGIM Fixed Income was renamed PGIM Credit. PGIM Credit continues to be an investment group of PGIM, Inc. The Manager pays for the services of PGIM, Inc.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended March 31, 2026, the contractual and effective management fee rates were as follows:

---

| | |
|:---|:---|
| **Contractual Management Rate** | **Effective Management Fee, before any waivers and/or expense <br>reimbursements** |
| &nbsp;&nbsp; 0.29% on average daily net assets up to $5 billion; | 0.29% |
| &nbsp;&nbsp; 0.28% on average daily net assets over $5 billion. |  |

---

The Manager has contractually agreed, through July 31, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver

------

and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment.

The expense limitations attributable to each class are as follows:

---

| | |
|:---|:---|
| **Class** | **Expense<br>Limitations** |
| &nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;0.85% |
| &nbsp;&nbsp; C | 1.60 |
| &nbsp;&nbsp; Z | 0.32 |
| &nbsp;&nbsp; R6 | 0.29 |

---

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC ("PIMS"), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund's Class A and Class C shares, pursuant to the plans of distribution (the "Distribution Plans"), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund's annual gross and net distribution rates, where applicable, are as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Gross Distribution Fee** | **Net Distribution Fee** |
| &nbsp;&nbsp; A | &nbsp;&nbsp;&nbsp;&nbsp;0.25% | &nbsp;&nbsp;&nbsp;&nbsp;0.25% |
| &nbsp;&nbsp; C | 1.00 | 1.00 |
| &nbsp;&nbsp; Z | N/A | N/A |
| &nbsp;&nbsp; R6 | N/A | N/A |

---

For the year ended March 31, 2026, PIMS received front-end sales charges ("FESL") resulting from sales of certain class shares and contingent deferred sales charges ("CDSC") imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:

---

| | | |
|:---|:---|:---|
| **Class** | **FESL** | **CDSC** |
| &nbsp;&nbsp; A | $26396 | $22713 |
| &nbsp;&nbsp; C | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

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

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

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a series of Prudential Investment Portfolios 2, and the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., 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 Fund and the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Fund and the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

The Fund 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 March 31, 2026, no Rule 17a-7 transactions were entered into by the Fund.

PGIM Short Duration Muni Fund 25

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Notes to Financial Statements (continued)

**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 March 31, 2026, were as follows:

---

| | |
|:---|:---|
| **Cost of Purchases** | **Proceeds from Sales** |
| $228175676 | $162130895 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended March 31, 2026, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **&nbsp;&nbsp;&nbsp;&nbsp; Value,**<br> **Beginning**<br> **&nbsp;&nbsp;&nbsp;&nbsp; of**<br> **&nbsp;&nbsp;&nbsp;&nbsp;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 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> | PGIM Core Government Money Market Fund (7-day effective yield 3.781%)<sup>(wb)</sup> |  |
|  $— | $119319096 | $113263470 | $— | $— | $6055626 | 6055626 | $262892 | $— |
|  PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> | PGIM Core Ultra Short Bond Fund<sup>(wb)</sup> |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 661826 | 71505933 | 72167759 |  |  |  |  | 137545 |  |
| $661826 | $190825029 | $185431229 | $— | $— | $6055626 |  | $400437 | $— |

---

(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 March 31, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ordinary<br> Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Tax-Exempt<br>Income** | **Total Dividends** <br> **and Distributions**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$363325 | $— | $— | $7330457 | $7693782 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Ordinary<br> Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Tax-Exempt<br>Income** | **Total Dividends <br>and Distributions** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$217089 | $— | $— | $5396314 | $5613403 |

---

For the year ended March 31, 2026, the Fund had the following amounts of accumulated undistributed earnings on a tax basis:

---

| | | |
|:---|:---|:---|
| **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** | **Undistributed<br>Tax Exempt<br>Income** |
|  $— | $— | $437788 |

---

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of March 31, 2026 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net** <br> **Unrealized** <br> **Depreciation**  |
| $296801245 | $1789248 | $(2204568) | $(415320) |

---

The differences between GAAP basis and tax basis were primarily attributable to deferred losses on wash sales, differences in the treatment of accreting market discount for GAAP and tax purposes, and mark-to-market of futures contracts.

------

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of March 31, 2026 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.

---

| | |
|:---|:---|
| **Capital Loss<br>Carryforward** | **Capital Loss<br>Carryforward Utilized** |
| $16281000 | $205000 |

---

The Manager has analyzed the Fund's 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 Fund's financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund's U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended March 31, 2026 are subject to such review.

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

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 2.25%. Investors who purchase $250,000 or more of Class A shares and sell those shares within 18 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class Z and Class R6.

As of March 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

---

| | | |
|:---|:---|:---|
| **Class** | **Number of Shares** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; R6 | 1204 | 0.1% |

---

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

---

| | | |
|:---|:---|:---|
|  | **Number of Shareholders** | **Percentage of Outstanding Shares** |
| &nbsp;&nbsp; Affiliated |  | —% |
| &nbsp;&nbsp; Unaffiliated | 8 | 91.3 |

---

PGIM Short Duration Muni Fund 27

------

Notes to Financial Statements (continued)

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 4910616 | $49102819 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 223217 | 2230389 |
| &nbsp;&nbsp; Shares purchased | (2710155) | (27041599) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2423678 | 24291609 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 218699 | 2189006 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (187137) | (1874025) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2455240 | $24606590 |
| &nbsp;&nbsp; **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 3288251 | $32601512 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 165673 | 1642128 |
| &nbsp;&nbsp; Shares purchased | (2951235) | (29230680) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 502689 | 5012960 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 229866 | 2277213 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (132656) | (1317182) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 599899 | $5972991 |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 61869 | $616919 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4405 | 43939 |
| &nbsp;&nbsp; Shares purchased | (59342) | (592704) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 6932 | 68154 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (76734) | (765568) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (69802) | $(697414) |
| &nbsp;&nbsp; **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 17747 | $175952 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 4191 | 41487 |
| &nbsp;&nbsp; Shares purchased | (43674) | (432632) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (21736) | (215193) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (102523) | (1016058) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (124259) | $(1231251) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 8860729 | $88729364 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 348471 | 3481381 |
| &nbsp;&nbsp; Shares purchased | (5284435) | (52734938) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 3924765 | 39475807 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 143948 | 1441572 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (146781) | (1470537) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 3921932 | $39446842 |
| &nbsp;&nbsp; **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 6041058 | $59833345 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 245652 | 2433684 |
| &nbsp;&nbsp; Shares purchased | (5678684) | (56305961) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 608026 | 5961068 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 123547 | 1226522 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (145921) | (1443850) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 585652 | $5743740 |

---

------

---

| | | |
|:---|:---|:---|
| **Share Class** | **Shares** | **Amount** |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Year ended March 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 1612265 | $16104940 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 75758 | 756878 |
| &nbsp;&nbsp; Shares purchased | (817259) | (8141712) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 870764 | 8720106 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 47981 | 479552 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 918745 | $9199658 |
| &nbsp;&nbsp; **Year ended March 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 936665 | $9268416 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 51670 | 512027 |
| &nbsp;&nbsp; Shares purchased | (506310) | (5024378) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 482025 | 4756065 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 27613 | 273355 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 509638 | $5029420 |

---

**8.** **Borrowings** 

The RIC, on behalf of the Fund, 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** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | $1200000000 | $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent<br>| 1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent<br>|

---

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 Fund did not utilize the SCA during the year ended March 31, 2026.

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

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

*Credit Risk*: This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. 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.

PGIM Short Duration Muni Fund 29

------

Notes to Financial Statements (continued)

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

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

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

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

*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.

*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. 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.

*Junk Bonds Risk*: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market's psychology.

*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*: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors' interests in the Fund. 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 subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund 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 the Middle East, South America, Eastern Europe, and Asia, 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.

*Municipal Bonds Risk*: Municipal bonds 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 municipal bond market movements. Municipal bonds are also subject to the risk that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund's yield or the value of the Fund's investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project's ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund's investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund's income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer.

*Tax Risk*: Municipal bonds are subject to tax risk. This is the risk that federal income tax rates may decrease, which could decrease the demand for municipal bonds, or that a change in the law may limit or eliminate the exemption of interest on municipal bonds from such taxes. In addition, the income from municipal bonds could be declared taxable because of non-compliant conduct of an issuer.

PGIM Short Duration Muni Fund 31

------

Notes to Financial Statements (continued)

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Fund adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Fund did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these financial statements.

**11.** **Subsequent Event** 

The 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 March 31, 2026.

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 12 and Shareholders of PGIM Short Duration Muni Fund

*Opinion on the Financial Statements* 

We have audited the accompanying statement of assets and liabilities, including the schedule of investments, of PGIM Short Duration Muni Fund (one of the funds constituting Prudential Investment Portfolios 12, referred to hereafter as the "Fund") as of March 31, 2026, the related statement of operations for the year ended March 31, 2026, the statements of changes in net assets for each of the two years in the period ended March 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended March 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of March 31, 2026, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period ended March 31, 2026 and the financial highlights for each of the five years in the period ended March 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinion* 

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's 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 Fund 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 March 31, 2026, 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 opinion.

/s/PricewaterhouseCoopers LLP

New York, New York

May 19, 2026

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

PGIM Short Duration Muni Fund 33

------

#### 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 - None.

------

![LOGO](g256062g02g01.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 12
PGIM Conservative Retirement Spending Fund

PGIM Enhanced Retirement Spending Fund

PGIM Moderate Retirement Spending Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### MARCH 31, 2026
![LOGO](g256062g02g02.jpg)

------

<u> **Table of Contents** </u>   <u> Financial Statements and Other Information </u>   <u> March 31, 2026 </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; [PGIM Conservative Retirement Spending Fund](#edgar256062_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Enhanced Retirement Spending Fund](#edgar256062_2) | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Moderate Retirement Spending Fund](#edgar256062_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar256062_4) | 19 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> [**Other Information -** Form N-CSR Items 8-11](#edgar256062_5)<br>

------

PGIM Conservative Retirement Spending Fund

Schedule of Investments

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **Value** |
|  **LONG-TERM INVESTMENTS 86.5%** |  |  |
|  **AFFILIATED EXCHANGE-TRADED FUND 2.0%** |  |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $107,558)(wa) | 3115 | $107873 |
|  **AFFILIATED MUTUAL FUNDS 81.0%** |  |  |
|  **Domestic Equity 25.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 16992 | 774994 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 10984 | 110717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM US Real Estate Fund (Class R6) | 29216 | 478556 |
|  |  | 1364267 |
|  **Fixed Income 43.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 162465 | 1403701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 15323 | 135000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 96423 | 808986 |
|  |  | 2347687 |
|  **International Equity 12.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Global Infrastructure Fund (Class R6) | 24695 | 475870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 13074 | 221342 |
|  |  | 697212 |
| &nbsp;&nbsp; **TOTAL AFFILIATED MUTUAL FUNDS**<br> (cost $4,074,775)(wa) |  | 4409166 |
|  **UNAFFILIATED EXCHANGE-TRADED FUND 3.5%** |  |  |
|  Vanguard Long-Term Bond ETF<br> (cost $192,112) | 2750 | 189145 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $4,374,445) |  | 4706184 |
|  **SHORT-TERM INVESTMENT 14.7%** |  |  |
|  **AFFILIATED MUTUAL FUND** |  |  |
|  PGIM Core Ultra Short Bond Fund<br> (cost $796,678)(wa) | 796678 | 796678 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 101.2%**<br> (cost $5,171,123) |  | 5502862 |
| &nbsp;&nbsp; Liabilities in excess of other assets (1.2)% |  | (64593) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5438269 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds 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.

See Notes to Financial Statements.

PGIM Conservative Retirement Spending Fund 1

------

PGIM Conservative Retirement Spending Fund

Schedule of Investments (continued)

as of March 31, 2026

The following is a summary of the inputs used as of March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $107873 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 1364267 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 2347687 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 697212 |  |  |
|  Unaffiliated Exchange-Traded Fund | 189145 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 796678 |  |  |
|  **Total** | $**5502862** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Fixed Income | 45.1 |
|  Domestic Equity | 25.1 |
|  Short-Term | 14.7 |

---

---

| | |
|:---|:---|
|  International Equity | 12.8% |
|  Unaffiliated Exchange-Traded Fund | 3.5 |
|  | 101.2 |
|  Liabilities in excess of other assets | (1.2) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Conservative Retirement Spending Fund

Statement of Assets & Liabilities

as of March 31, 2026

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $4,979,011) | $5313717 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $192,112) | 189145 |
|  Receivable for investments sold | 59746 |
|  Due from Manager | 18943 |
|  Dividends receivable | 682 |
|  Prepaid expenses | 585 |
|  **Total Assets** | 5582818 |
| **Liabilities** |  |
|  Payable for investments purchased | 86540 |
|  Audit fee payable | 19293 |
|  Custodian and accounting fees payable | 16769 |
|  Professional fees payable | 13800 |
|  Accrued expenses and other liabilities | 6030 |
|  Shareholders' reports fee payable | 2104 |
|  Affiliated transfer agent fee payable | 13 |
|  **Total Liabilities** | 144549 |
|  **Net Assets** | $5438269 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5010432 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 427336 |
|  **Net assets, March 31, 2026** | $5438269 |
| **Class R6** |  |
|  Net asset value, offering price and redemption price per share,<br> ($5,438,269 ÷ 501,092 shares of beneficial interest issued and outstanding) | $10.85 |

---

See Notes to Financial Statements.

PGIM Conservative Retirement Spending Fund 3

------

PGIM Conservative Retirement Spending Fund

Statement of Operations

Year Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $177311 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 8754 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 186065 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 49330 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 38304 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 19293 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 16242 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 10112 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 5570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $76) | 139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering fees | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 4347 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 161813 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (161442) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 185694 |
| &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 $34,727) | 34652 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 80576 |
|  | 115228 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $199,195) | 195139 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 310367 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $496061 |

---

See Notes to Financial Statements.

------

PGIM Conservative Retirement Spending Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>March 31, 2026** | **April 03, 2024\* <br>through <br>March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $185694 | $183362 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 115228 | 77901 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 195139 | 136600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 496061 | 397863 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (267038) | (199585) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (0 and 501,000 shares, respectively) |  | 5010000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (53 and 39 shares, respectively) | 563 | 405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 563 | 5010405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 229586 | 5208683 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5208683 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5438269 | $5208683 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Conservative Retirement Spending Fund 5

------

PGIM Conservative Retirement Spending Fund

Financial Highlights

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> **Class R6 Shares**<br>| | |
|  |<br>**Year Ended March 31,<br>2026** |<br>**April 03, 2024<sup>(a)</sup><br>through March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.40 | $10.00 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.37 | 0.37 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.61 | 0.43 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.98 | 0.80 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.39) | (0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.14) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.53) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $10.85 | $10.40 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 9.62% | 8.09% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $5438 | $5209 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $5380 | $5176 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.01% | 0.00 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 3.01% | 3.44 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.45% | 3.56 %<sup>(e)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 13% | 13% |

---

(a) Commencement of operations.

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

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

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

(e) Annualized.

(f) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Investments on the Statement of Operations.

(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 Enhanced Retirement Spending Fund

Schedule of Investments

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| <br> **Description** | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | <br> **Value** |
|  **LONG-TERM INVESTMENTS 99.9%** |  |  |
|  **AFFILIATED EXCHANGE-TRADED FUND 3.0%** |  |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $178,627)(wa) | 5167 | $178933 |
|  **AFFILIATED MUTUAL FUNDS 93.0%** |  |  |
|  **Domestic Equity 40.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | 12842 | 185050 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | 34650 | 1580385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | 25524 | 257280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM US Real Estate Fund (Class R6) | 25300 | 414416 |
|  |  | 2437131 |
|  **Fixed Income 18.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | 48366 | 417884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | 21121 | 149534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | 41343 | 364236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | 24877 | 208719 |
|  |  | 1140373 |
|  **International Equity 34.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | 28321 | 599559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Global Infrastructure Fund (Class R6) | 28561 | 550365 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | 13129 | 183281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | 43401 | 734773 |
|  |  | 2067978 |
|  **TOTAL AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,018,399)(wa) |  | 5645482 |
|  **UNAFFILIATED EXCHANGE-TRADED FUND 3.9%** |  |  |
|  Vanguard Long-Term Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $242,615) | 3476 | 239079 |
|  **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,439,641) |  | 6063494 |
|  **SHORT-TERM INVESTMENT 0.9%** |  |  |
|  **AFFILIATED MUTUAL FUND** |  |  |
|  PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $55,334)(wa) | 55334 | 55334 |
|  **TOTAL INVESTMENTS 100.8%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,494,975) |  | 6118828 |
|  Liabilities in excess of other assets (0.8)% |  | (49406) |
|  **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6069422 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds 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.

See Notes to Financial Statements.

PGIM Enhanced Retirement Spending Fund 7

------

PGIM Enhanced Retirement Spending Fund

Schedule of Investments (continued)

as of March 31, 2026

The following is a summary of the inputs used as of March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $178933 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 2437131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1140373 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 2067978 |  |  |
|  Unaffiliated Exchange-Traded Fund | 239079 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 55334 |  |  |
|  **Total** | $**6118828** | **$—** | **$—** |

---

#### Investment Allocation:
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Domestic Equity | 40.1 |
|  International Equity | 34.1 |
|  Fixed Income | 21.8 |

---

---

| | |
|:---|:---|
|  Unaffiliated Exchange-Traded Fund | 3.9% |
|  Short-Term | 0.9 |
|  | 100.8 |
|  Liabilities in excess of other assets | (0.8) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Enhanced Retirement Spending Fund

Statement of Assets & Liabilities

as of March 31, 2026

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $5,252,360) | $5879749 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $242,615) | 239079 |
|  Receivable for investments sold | 126167 |
|  Due from Manager | 18225 |
|  Dividends receivable | 1164 |
|  Prepaid expenses | 584 |
|  **Total Assets** | 6264968 |
| **Liabilities** |  |
|  Payable for investments purchased | 127152 |
|  Audit fee payable | 19292 |
|  Custodian and accounting fees payable | 16710 |
|  Registration fees payable | 11911 |
|  Professional fees payable | 11507 |
|  Accrued expenses and other liabilities | 8956 |
|  Affiliated transfer agent fee payable | 18 |
|  **Total Liabilities** | 195546 |
|  **Net Assets** | $6069422 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5253248 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 815649 |
|  **Net assets, March 31, 2026** | $6069422 |
| **Class R6** |  |
|  Net asset value, offering price and redemption price per share,<br> ($6,069,422 ÷ 524,710 shares of beneficial interest issued and outstanding) | $11.57 |

---

See Notes to Financial Statements.

PGIM Enhanced Retirement Spending Fund 9

------

PGIM Enhanced Retirement Spending Fund

Statement of Operations

Year Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $166076 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 10956 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 177032 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 50055 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 33599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 19292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 16196 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 9887 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 5569 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $127) | 225 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering fees | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7143 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 161448 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (161448) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 177032 |
| &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 $56,758) | 56543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 174023 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment from Manager | 7543 |
|  | 238109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $491,084) | 486250 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 724359 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $901391 |

---

See Notes to Financial Statements.

------

PGIM Enhanced Retirement Spending Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>March 31, 2026** | **April 03, 2024\*<br>through<br>March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $177032 | $156487 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 238109 | 136881 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 486250 | 137603 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 901391 | 430971 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (311482) | (205275) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (10,557 and 512,454 shares, respectively) | 110000 | 5125000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (1,237 and 462 shares, respectively) | 13987 | 4830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 123987 | 5129830 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 713896 | 5355526 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5355526 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $6069422 | $5355526 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Enhanced Retirement Spending Fund 11

------

PGIM Enhanced Retirement Spending Fund

Financial Highlights

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | |
|  |<br>**Year Ended March 31,<br>2026** |<br>**April 03, 2024<sup>(a)</sup>through March 31,**<br>**2025** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.44 | $10.00 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.34 | 0.31 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 1.38 | 0.53 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.72 | 0.84 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.37) | (0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.22) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.59) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $11.57 | $10.44 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 16.73% | 8.45% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $6069 | $5356 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $5900 | $5354 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 2.74% | 3.50 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.00% | 2.94 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 16% | 15% |

---

(a) Commencement of operations.

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

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

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

(e) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Investments on the Statement of Operations.

(f) Annualized.

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

See Notes to Financial Statements.

------

PGIM Moderate Retirement Spending Fund

Schedule of Investments

as of March 31, 2026

---

| | | |
|:---|:---|:---|
| <br> **Description** | <br> **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares** | <br> **Value** |
|  **LONG-TERM INVESTMENTS 94.0%** |  |  |
|  **AFFILIATED EXCHANGE-TRADED FUND 2.0%** |  |  |
|  **Fixed Income** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Active High Yield Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $110,691)(wa) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3204 | $110954 |
|  **AFFILIATED MUTUAL FUNDS 86.1%** |  |  |
|  **Domestic Equity 33.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7959 | 114688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Large-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24724 | 1127650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11300 | 113908 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM US Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 30362 | 497331 |
|  |  | 1853577 |
|  **Fixed Income 30.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Conservative Bond Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96399 | 832885 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15715 | 111264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27863 | 245476 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM TIPS Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 59500 | 499204 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1688829 |
|  **International Equity 23.0%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Global Real Estate Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11758 | 248920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Jennison Global Infrastructure Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29958 | 577292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27574 | 466825 |
|  |  | 1293037 |
|  **TOTAL AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,359,555)(wa) |  | 4835443 |
|  **UNAFFILIATED EXCHANGE-TRADED FUND 5.9%** |  |  |
|  Vanguard Long-Term Bond ETF |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $338,740) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4850 | 333583 |
|  **TOTAL LONG-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,808,986) |  | 5279980 |
|  **SHORT-TERM INVESTMENT 7.1%** |  |  |
|  **AFFILIATED MUTUAL FUND** |  |  |
|  PGIM Core Ultra Short Bond Fund |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $399,008)(wa) | 399008 | 399008 |
|  **TOTAL INVESTMENTS 101.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $5,207,994) |  | 5678988 |
|  Liabilities in excess of other assets (1.1)% |  | (61577) |
|  **NET ASSETS 100.0%** |  | $5617411 |

---

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

ETF—Exchange-Traded Fund

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

(wa) Represents investments in Funds 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.

See Notes to Financial Statements.

PGIM Moderate Retirement Spending Fund 13

------

PGIM Moderate Retirement Spending Fund

Schedule of Investments (continued)

as of March 31, 2026

The following is a summary of the inputs used as of March 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Affiliated Exchange-Traded Fund |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | $110954 | $— | $— |
|  Affiliated Mutual Funds |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Domestic Equity | 1853577 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Fixed Income | 1688829 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; International Equity | 1293037 |  |  |
|  Unaffiliated Exchange-Traded Fund | 333583 |  |  |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 399008 |  |  |
|  **Total** | $**5678988** | **$—** | **$—** |

---

#### Investment Allocation :
The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of March 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Domestic Equity | 33.0 |
|  Fixed Income | 32.1 |
|  International Equity | 23.0 |

---

---

| | |
|:---|:---|
|  Short-Term | 7.1% |
|  Unaffiliated Exchange-Traded Fund | 5.9 |
|  | 101.1 |
|  Liabilities in excess of other assets | (1.1) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM Moderate Retirement Spending Fund

Statement of Assets & Liabilities

as of March 31, 2026

---

| | |
|:---|:---|
|  **Assets** |  |
|  Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $4,869,254) | $5345405 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $338,740) | 333583 |
|  Receivable for investments sold | 90470 |
|  Due from Manager | 23872 |
|  Dividends receivable | 710 |
|  Prepaid expenses | 584 |
|  **Total Assets** | 5794624 |
| **Liabilities** |  |
|  Payable for investments purchased | 107997 |
|  Audit fee payable | 19292 |
|  Custodian and accounting fees payable | 16731 |
|  Professional fees payable | 13319 |
|  Registration fees payable | 11910 |
|  Accrued expenses and other liabilities | 7955 |
|  Affiliated transfer agent fee payable | 9 |
|  **Total Liabilities** | 177213 |
|  **Net Assets** | $5617411 |
|  Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $501 |
| &nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 5010454 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 606456 |
|  **Net assets, March 31, 2026** | $5617411 |
| **Class R6** |  |
|  Net asset value, offering price and redemption price per share,<br> ($5,617,411 ÷ 501,093 shares of beneficial interest issued and outstanding) | $11.21 |

---

See Notes to Financial Statements.

PGIM Moderate Retirement Spending Fund 15

------

PGIM Moderate Retirement Spending Fund

Statement of Operations

Year Ended March 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | $162661 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | 15377 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 178038 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 49867 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 36181 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 19292 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 16375 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 9886 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 9600 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 8849 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 5570 |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance expense | 1006 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $69) | 137 |
| &nbsp;&nbsp;&nbsp;&nbsp; Offering fees | 27 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 7348 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 164138 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (164138) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 178038 |
| &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 $47,509) | 47313 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated net capital gain distributions received | 113897 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payment from Manager | 3739 |
|  | 164949 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $329,745) | 322722 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 487671 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $665709 |

---

See Notes to Financial Statements.

------

PGIM Moderate Retirement Spending Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended<br>March 31, 2026** | **April 03, 2024\*<br>through<br>March 31, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | $178038 | $168382 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions | 164949 | 103818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 322722 | 148272 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 665709 | 420472 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Class R6 | (281647) | (198116) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net proceeds from shares sold (0 and 501,000 shares, respectively) |  | 5010000 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (54 and 39 shares, respectively) | 592 | 401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 592 | 5010401 |
| &nbsp;&nbsp;&nbsp;&nbsp; Total increase (decrease) | 384654 | 5232757 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Beginning of period | 5232757 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; End of period | $5617411 | $5232757 |

---

\* Commencement of operations.

See Notes to Financial Statements.

PGIM Moderate Retirement Spending Fund 17

------

PGIM Moderate Retirement Spending Fund

Financial Highlights

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** | | |
|  |<br>**Year Ended March 31,<br>2026** |<br>**April 03, 2024<sup>(a)</sup>through March 31,<br>2025** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(b)</sup>:** |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Period** | $10.44 | $10.00 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.36 | 0.34 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.97 | 0.50 |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 1.33 | 0.84 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.39) | (0.37) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | (0.17) | (0.03) |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.56) | (0.40) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of period | $11.21 | $10.44 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 12.85% | 8.54% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |  |  |
| &nbsp;&nbsp;&nbsp;Net assets, end of period (000) | $5617 | $5233 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $5515 | $5220 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets<sup>(d)</sup>: |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.00 %<sup>(e)</sup> | 0.00 %<sup>(e)(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 2.98% | 3.57 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 3.23% | 3.24 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(g)</sup> | 15% | 14% |

---

(a) Commencement of operations.

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

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

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

(e) The Fund presents a portion of the acquired fund fees and expenses waived by the Manager as Payment from Manager within Realized and Unrealized Gain (Loss) on Investments on the Statement of Operations.

(f) Annualized.

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

See Notes to Financial Statements.

------

Notes to Financial Statements

**1.** **Organization** 

Prudential Investment Portfolios 12 (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 relate to the following series of the RIC: PGIM Conservative Retirement Spending Fund ("Conservative Retirement Spending"), PGIM Enhanced Retirement Spending Fund ("Enhanced Retirement Spending") and PGIM Moderate Retirement Spending Fund ("Moderate Retirement Spending") (each, a "Fund" and collectively, the "Funds"). The Funds are classified as diversified funds for purposes of the 1940 Act. Each Fund is structured as a "fund of funds," meaning that instead of buying individual securities directly, each Fund invests primarily in mutual funds and exchange-traded funds ("ETFs") (collectively, the "Underlying Funds").

The investment objective of each Fund is to seek a balance between growth and conservation of capital.

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

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 Funds, as listed in each 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.

19

------

Notes to Financial Statements (continued)

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.

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.

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.

*Offering and Organization Costs:* Offering costs paid in connection with the initial offering of shares of the Fund are being amortized on a straight-line basis over twelve months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund were expensed as incurred.

*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. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent's fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

*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 in excess of par, 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.

---

| | | |
|:---|:---|:---|
| **Expected Distribution Schedule to Shareholders\*** | **Frequency** | **Frequency** |
|  Net Investment Income |  | Monthly |
|  Short-Term Capital Gains |  | Annually |
|  Long-Term Capital Gains |  | Annually |

---

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

20.0 ------

*Estimates:* The preparation of financial statements 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 entered into 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.

Each Fund does not pay the Manager a management fee. For the reporting period ended March 31, 2026, the contractual and effective management fee rates for each of the funds were 0.00% of each Fund's average daily net assets.

The Manager has entered into subadvisory agreements with PGIM DC Solutions LLC ("PGIM DC Solutions" or the "subadviser").

The Manager has contractually agreed to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Expenses waived or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a stated expense ratio limit may be recouped by the Manager within the same fiscal year in which such waiver and/or reimbursement is made. Any such recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time the waiver and/or reimbursement was made or (ii) the expense limitation in effect at the time of recoupment. This waiver has no express termination date and may not be terminated by PGIM Investments without prior approval of the Fund's Board of Trustees.

The expense limitation attributable to below class is:

---

| | |
|:---|:---|
| **Class** | **Expense**<br> **Limitations**  |
|  R6 | 0.35% |

---

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

PGIM Investments, PIMS and PGIM DC 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. Transfer agent's fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the "Core Fund"), a series of Prudential Investment Portfolios 2, 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 Fund. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments are disclosed on the Statement of Operations as "Affiliated dividend income".

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended March 31, 2026, 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 reporting period ended March 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds<br>from Sales** |
|  Conservative Retirement Spending | $590487 | $618079 |

---

21

------

Notes to Financial Statements (continued)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of<br>Purchases** | **Proceeds <br>from Sales** |
|  Enhanced Retirement Spending | $1104140 | $934712 |
|  Moderate Retirement Spending | 778482 | 784158 |

---

A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the year ended March 31, 2026, is presented as follows:

#### Conservative Retirement Spending

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning**<br> **of**<br> **Period** | **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>**Period** | **Shares,<br>End**<br>**of<br>Period** | **Income** | **Capital<br>Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |
|  PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |
| $103729 | $10406 | $5541 | $(677) | $(44) | $107873 | 3115 | $8299 | $— |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| 1352595 | 142412 | 93001 | 1503 | 192 | 1403701 | 162465 | 58522 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;454369 | 43340 | 91801 | 60006 | 9956 | 475870 | 24695 | 7588 | 25195 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;130672 | 29486 | 56034 | 24926 | 5950 | 135000 | 15323 | 10418 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;205384 | 30728 | 51868 | 31616 | 5482 | 221342 | 13074 | 7509 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;730366 | 136936 | 153590 | 48803 | 12479 | 774994 | 16992 | 9110 | 52945 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;104015 | 16334 | 22939 | 15622 | (2315) | 110717 | 10984 | 1349 | 2436 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;781432 | 94270 | 57168 | (9148) | (400) | 808986 | 96423 | 32819 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;458683 | 64992 | 75090 | 26544 | 3427 | 478556 | 29216 | 9685 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $4217516 | $558498 | $601491 | $199872 | $34771 | $4409166 |  | $137000 | $80576 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $747334 | $272378 | $223034 | $— | $— | $796678 | 796678 | $32012 | $— |
| $5068579 | $841282 | $830066 | $199195 | $34727 | $5313717 |  | $177311 | $80576 |

---

#### Enhanced Retirement Spending

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | **Cost of<br>Purchases** | **Proceeds<br>from<br>Sales** | **Change in<br>Unrealized<br>Gain<br>(Loss)** | **Realized<br>Gain<br>(Loss)** | **Value,<br>End**<br>**of<br>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital<br>Gain<br>Distributions** |
|  **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |
|  PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |
| $160137 | $34786 | $14549 | $(1226) | $(215) | $178933 | 5167 | $13639 | $— |
|  **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;374760 | 83801 | 41079 | 612 | (210) | 417884 | 48366 | 17257 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |

---

22.0 ------

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning**<br> **of**<br> **Period** | **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>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital<br>Gain<br>Distributions** |
|  PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) |
| $133342 | $23802 | $11766 | $4130 | $26 | $149534 | 21121 | $10484 | $— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;530326 | 96904 | 76483 | 44307 | 4505 | 599559 | 28321 | 17396 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;488962 | 72470 | 90049 | 73223 | 5759 | 550365 | 28561 | 8595 | 29354 |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;159624 | 35791 | 28288 | 18575 | (652) | 185050 | 12842 |  | 5409 |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;328137 | 97565 | 147346 | 68285 | 17595 | 364236 | 41343 | 28320 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) | PGIM Quant Solutions Emerging Markets Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;159816 | 53779 | 56599 | 19860 | 6425 | 183281 | 13129 | 5215 | 24853 |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;634000 | 103084 | 120536 | 108724 | 9501 | 734773 | 43401 | 25098 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;1385179 | 302544 | 221943 | 99530 | 15075 | 1580385 | 34650 | 18705 | 108708 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;224789 | 37300 | 34932 | 33391 | (3268) | 257280 | 25524 | 3157 | 5699 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;187644 | 45094 | 21630 | (2196) | (193) | 208719 | 24877 | 8317 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;369565 | 69774 | 51202 | 23869 | 2410 | 414416 | 25300 | 8259 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $4976144 | $1021908 | $901853 | $492310 | $56973 | $5645482 |  | $150803 | $174023 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |
| $52261 | $208736 | $205663 | $— | $— | $55334 | 55334 | $1634 | $— |
| $5188542 | $1265430 | $1122065 | $491084 | $56758 | $5879749 |  | $166076 | $174023 |

---

#### Moderate Retirement Spending

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | **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>Period** | **Shares,<br>End<br>of<br>Period** | **Income** | **Capital<br>Gain<br>Distributions** |
| **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Exchange-Traded Fund<sup>(wa)</sup>:** |
|  PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF | PGIM Active High Yield Bond ETF |
| $104216 | $14770 | $7220 | $(728) | $(84) | $110954 | 3204 | $8506 | $— |
| **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** | **Long-Term Investments - Affiliated Mutual Funds<sup>(wa)</sup>:** |
|  PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) | PGIM Core Conservative Bond Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;784171 | 115966 | 68162 | 1045 | (135) | 832885 | 96399 | 34595 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) | PGIM Emerging Markets Debt Hard Currency Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;104167 | 13030 | 9136 | 3093 | 110 | 111264 | 15715 | 7841 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) | PGIM Global Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;231203 | 35304 | 38152 | 17976 | 2589 | 248920 | 11758 | 7303 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
|  PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) | PGIM Jennison Global Infrastructure Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;538520 | 50062 | 95299 | 75008 | 9001 | 577292 | 29958 | 9137 | 30694 |
|  PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | PGIM Jennison Small-Cap Core Equity Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;103917 | 21056 | 21536 | 11671 | (420) | 114688 | 7959 |  | 3343 |

---

23

------

Notes to Financial Statements (continued)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br>Beginning**<br> **of Period** | **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>**Period** | **Shares,<br>End**<br>**of<br>Period** | **Income** | **Capital<br>Gain<br>Distributions** |
|  PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) | PGIM Quant Solutions Commodity Strategies Fund (Class R6) |
| $232168 | $57542 | $101025 | $45555 | $11236 | $245476 | 27863 | $19024 | $— |
|  PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) | PGIM Quant Solutions International Developed Markets Index Fund (Class R6) |
| 423074 | 61635 | 94793 | 67724 | 9185 | 466825 | 27574 | 15900 | &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 Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) | PGIM Quant Solutions Large-Cap Index Fund (Class R6) |
| 1038028 | 200011 | 196070 | 70488 | 15193 | 1127650 | 24724 | 13309 | 77344 |
|  PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) | PGIM Quant Solutions Mid-Cap Index Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;104525 | 15854 | 19970 | 15475 | (1976) | 113908 | 11300 | 1394 | &nbsp;&nbsp;&nbsp;&nbsp;2516 |
|  PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) | PGIM TIPS Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;471162 | 77262 | 43367 | (5508) | (345) | 499204 | 59500 | 20117 | &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 US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) | PGIM US Real Estate Fund (Class R6) |
| &nbsp;&nbsp;&nbsp;&nbsp;465692 | 68459 | 67921 | 27946 | 3155 | 497331 | 30362 | 10008 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— |
| $4496627 | $716181 | $755431 | $330473 | $47593 | $4835443 |  | $138628 | $113897 |
|  **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** | **Short-Term Investments - Affiliated Mutual Fund<sup>(wa)</sup>:** |
|  PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund | PGIM Core Ultra Short Bond Fund |  |  |
| $366276 | $248620 | $215888 | $— | $— | $399008 | 399008 | $15527 | $— |
| $4967119 | $979571 | $978539 | $329745 | $47509 | $5345405 |  | $162661 | $113897 |

---

(wa) Represents investments in Funds 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 March 31, 2026, 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** |
|  Conservative Retirement Spending | $212042 | $54996 | $— | $267038 |
|  Enhanced Retirement Spending | 219517 | 91965 | &nbsp;&nbsp;&nbsp;&nbsp;— | 311482 |
|  Moderate Retirement Spending | 208523 | 73124 | &nbsp;&nbsp;&nbsp;&nbsp;— | 281647 |

---

For the reporting period ended March 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** |
|  Conservative Retirement Spending | $199585 | $— | $— | $199585 |
|  Enhanced Retirement Spending | 205275 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 205275 |
|  Moderate Retirement Spending | 198116 | &nbsp;&nbsp;&nbsp;&nbsp;— | &nbsp;&nbsp;&nbsp;&nbsp;— | 198116 |

---

For the reporting period ended March 31, 2026, the Funds 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** |
|  Conservative Retirement Spending | $13171 | $86048 |
|  Enhanced Retirement Spending | 19598 | 181395 |
|  Moderate Retirement Spending | 14138 | 127476 |

---

24.0 ------

The United States federal income tax basis of the investments and the net unrealized appreciation (depreciation) as of March 31, 2026 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net <br>Unrealized <br>Appreciation** |
|  Conservative Retirement Spending | $5174745 | $336832 | $(8715) | $328117 |
|  Enhanced Retirement Spending | 5504172 | 633278 | (18622) | 614656 |
|  Moderate Retirement Spending | 5214146 | 478753 | (13911) | 464842 |

---

The difference between book basis and tax basis was primarily attributable to deferred losses on wash sales.

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 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 two fiscal years up to the most recent fiscal year ended March 31, 2026 are subject to such review.

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

The RIC is authorized to issue an unlimited number of shares of beneficial interest of each Fund, at $0.001 par value per share, currently divided into one class, designated Class R6 shares.

As of March 31, 2026, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of each Fund as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of<br>Shares** | **Percentage of <br>Outstanding Shares** |
|  Conservative Retirement Spending–Class R6 | 501092 | 100.0% |
|  Enhanced Retirement Spending–Class R6 | 501094 | 95.5 |
|  Moderate Retirement Spending–Class R6 | 501093 | 100.0 |

---

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:** |  |  |
|  Conservative Retirement Spending | 1 | 99.8% |
|  Enhanced Retirement Spending | 1 | 95.3 |
|  Moderate Retirement Spending | 1 | 99.8 |
|  **Unaffiliated:** |  |  |
|  Conservative Retirement Spending |  |  |
|  Enhanced Retirement Spending |  |  |
|  Moderate Retirement Spending |  |  |

---

**8.** **Borrowings** 

The RIC, on behalf of each Fund, 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** |
|  **Term of Commitment** | 9/26/2025 - 9/24/2026 | 9/27/2024 - 9/25/2025 |
|  **Total Commitment** | $1200000000 | $1200000000 |
|  **Annualized Commitment Fee on the**<br> **Unused Portion of the SCA** | 0.15% | 0.15% |
| **Annualized Interest Rate on**<br> **Borrowings** | 1.00% plus the higher of (1)<br>the effective federal funds<br>rate, (2) the daily SOFR rate<br>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 rate<br>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

25

------

Notes to Financial Statements (continued)

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 did not utilize the SCA during the year ended March 31, 2026.

**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.

*Affiliated Funds Risk:* The Fund's Manager serves as manager of certain of the Underlying Funds. In addition, the Fund may invest in certain Underlying Funds for which the subadviser serves as subadviser. It is possible that a conflict of interest among the Fund and the Underlying Funds could affect how the Manager and subadviser fulfill their fiduciary duties to the Fund and the Underlying Funds. For example, the subadviser may have an incentive to allocate the Fund's assets to those Underlying Funds for which the fees paid to the Manager or the subadviser are higher than the fees paid by other Underlying Funds for which the subadviser also serves as a subadviser. However, the Fund has adopted procedures to mitigate these concerns. The fees charged by Underlying Funds may not necessarily be the least expensive.

*Asset Allocation Risk:* The Fund's risks will directly correspond to the risks of the Underlying Funds in which it invests. By investing in many Underlying Funds, the Fund has partial exposure to the risks of many different areas in the market, and the Fund's overall level of risk should decline over time. However, the selection of the Underlying Funds and the allocation of the Fund's assets among the various asset classes and market sectors could cause the Fund to underperform other funds with a similar investment objective.

*Asset Class Variation Risk:* The Underlying Funds invest principally in the securities constituting their asset class (i.e., fixed income, equity and non-traditional). However, an Underlying Fund may vary the percentage of assets in these securities (subject to any applicable regulatory requirements). Depending on the percentage of securities in a particular asset class held by the Underlying Funds at any given time and the percentage of the Fund's assets invested in various Underlying Funds, the Fund's actual exposure to the securities in a particular asset class may vary substantially from the allocation to that asset class. There is a risk that the Manager's and/or the subadviser's evaluations and assumptions regarding asset classes or Underlying Funds may be incorrect in view of actual market conditions.

In addition, there is no guarantee that the Underlying Funds will achieve their investment objectives, and the Underlying Funds' performance may be lower than the performance of the asset class which they were selected to represent. The Underlying Funds may change their investment objectives or policies without the approval of the Fund. If an Underlying Fund were to change its investment objective or policies, the Fund might be forced to withdraw its investment from the Underlying Fund at a disadvantageous time and price.

*Credit Risk:* This is the risk that the issuer, the guarantor, or the insurer of a fixed income security, or the counterparty to a contract may be unable or unwilling to make timely principal and interest payments or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer, or counterparty to pay back debt. 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.

*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.

26.0 ------

*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 an Underlying Fund invests could go down. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

*Fund of Funds Risk:* The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund's allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund's fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

*Fund Rebalancing Risk:* Underlying Funds may experience relatively large redemptions or investments due to a rebalancing of a Fund's allocations. In such event, an Underlying Fund may be required to sell securities or to invest cash at a time when it is not advantageous to do so. Rebalancing may increase brokerage and/or other transaction costs of an Underlying Fund, increase the Underlying Fund's expenses or result in the Underlying Fund's becoming too small to be economically viable. Rebalancing may also adversely affect an Underlying Fund's performance and thus the Fund's performance. The impact of rebalancing is likely to be greater when a Fund purchases, redeems or invests in a substantial portion of an Underlying Fund.

The subadviser will seek to cooperate with the subadvisers of the Underlying Funds to minimize any adverse impact on the Underlying Funds. The subadvisers of the Underlying Funds may take such actions as they deem appropriate to minimize such adverse impact, considering the potential benefits of such investments to the Underlying Funds and consistent with their obligations to the Underlying Funds. Such actions may delay the rebalancing of the Fund's investments in the event of significant market or other events that may require more rapid action.

*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 Underlying Fund securities can increase expenses.

*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 an Underlying Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if an Underlying Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Underlying 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 an Underlying 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.

*Management Risk:* Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser's judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund's benchmark and other funds with similar investment objectives.

*Market Capitalization Risk:* Certain Underlying Funds may invest in stocks of small- and medium-size companies which may present above-average risks. These companies usually offer a smaller range of products and services than larger companies. They may also have limited financial resources and may lack management depth. As a result, the prices of stocks issued by small- and medium-size companies tend to fluctuate more than the stocks of larger, more established companies. In exchange for potentially lower risks of investing in large capitalization companies, such investments may not rise as much in value as the value of investments in smaller-capitalized companies.

*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

27

------

Notes to Financial Statements (continued)

the Middle East, South America, Eastern Europe, and Asia, 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 an Underlying 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 an Underlying Fund fall, the value of the Fund's investment in the Fund will decline.

*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, an Underlying Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

*New Fund Risk:* The Fund recently commenced operations. As a new and relatively small fund, the Fund's performance may not represent how the Fund is expected to or may perform in the long term if it becomes larger and after it has fully implemented its investment strategies. Investment positions may have a disproportionate impact (negative or positive) on performance in new and smaller funds. New and smaller funds may also require a period of time before they are invested in securities that meet their investment objectives and policies and achieve a representative portfolio composition. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could result in transaction costs and have negative tax consequences for shareholders.

*Real Estate Related Securities Risk:* The Fund's investment in certain Underlying Funds will expose the Fund to the performance of the real estate markets. The value of real estate securities in general, and real estate investment trusts (REITs) in particular, is subject to the same risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of prepayments that occur earlier or later than expected, and such loans may also include so-called "subprime" mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property, interest rates and, with respect to REITs, the management skill and creditworthiness of the issuer. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties. REITs may be more volatile and/or more illiquid than other types of equity securities. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each REIT in which it invests, in addition to the expenses of the Fund.

*U.S. Government and Agency Securities Risk:* U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by an Underlying Fund. The maximum potential liability of the issuers of some U.S. Government securities held by an Underlying Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. Government would

28.0 ------

provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U.S. Government securities may be affected by changes in the credit rating of the U.S. Government.

**10.** **Recent Accounting Pronouncement and Regulatory Developments** 

During the reporting period, the Funds adopted Accounting Standards Update 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures ("ASU 2023-09"). The amendments enhance income tax disclosures by requiring greater disclosure of income taxes paid by jurisdiction. The Funds did not pay a significant amount of foreign or U.S. federal, state or local income taxes and therefore did not include any additional disclosures in these 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 March 31, 2026.

29

------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 12 and Shareholders of PGIM Conservative Retirement Spending Fund, PGIM Moderate Retirement Spending Fund and PGIM Enhanced Retirement Spending Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Conservative Retirement Spending Fund, PGIM Moderate Retirement Spending Fund and PGIM Enhanced Retirement Spending Fund (three of the funds constituting Prudential Investment Portfolios 12, hereafter collectively referred to as the "Funds") as of March 31, 2026, the related statements of operations for the year ended March 31, 2026, and the statements of changes in net assets and the financial highlights for the year ended March 31, 2026 and for the period April 3, 2024 (commencement of operations) through March 31, 2025, including the related notes (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 as of March 31, 2026, the results of each of their operations for the year ended March 31, 2026, and the changes in each of their net assets and each of the financial highlights for the year ended March 31, 2026 and for the period April 3, 2024 (commencement of operations) through March 31, 2025 in conformity with accounting principles generally accepted in the United States of America.

*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 March 31, 2026, 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

May 19, 2026

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

30.0 ------

#### 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 - None.

------

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.](d56477dex99codeeth.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.](d56477dex99cert.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.](d56477dex99906cert.htm) | (b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d56477dex99906cert.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 12</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | May 19, 2026 |

---

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: | May 19, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | May 19, 2026 |

---

## 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:

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&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.

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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 12** 

Annual period ending 3/31/26

File No. 811-08565

**<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):

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&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.

May 19, 2026

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

---

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Item 19

**Prudential Investment Portfolios 12** 

Annual period ending 3/31/26

File No. 811-08565

**<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.

May 19, 2026

---

| |
|:---|
| <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 12</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.

---

| | |
|:---|:---|
| May 19, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| May 19, 2026 | <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.*