# EDGAR Filing Document

**Accession Number:** 0001052118
**File Stem:** 0001193125-25-164133
**Filing Date:** 2025-7
**Character Count:** 126868
**Document Hash:** 061d0e288f7c2cd970f13d5b3329938c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-164133.hdr.sgml**: 20250724

**ACCESSION NUMBER**: 0001193125-25-164133

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250724

**DATE AS OF CHANGE**: 20250724

**EFFECTIVENESS DATE**: 20250724

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** PRUDENTIAL INVESTMENT PORTFOLIOS 18
- **CENTRAL INDEX KEY:** 0001052118

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1130

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-08587
- **FILM NUMBER:** 251145461

**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 JENNISON 20/20 FOCUS FUND
- **DATE OF NAME CHANGE:** 20100219

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** JENNISON 20/20 FOCUS FUND
- **DATE OF NAME CHANGE:** 20030716

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PRUDENTIAL 20/20 FOCUS FUND
- **DATE OF NAME CHANGE:** 19980424

## Series and Classes Contracts Data

### PGIM Jennison Energy Infrastructure Fund (Series ID: S000043468)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000134821 | Class A      | PRPAX           |
| C000134822 | Class C      | PRPCX           |
| C000134823 | Class Z      | PRPZX           |
| C000198344 | Class R6     | PRPQX           |

?xml version='1.0' encoding='ASCII'? Prudential Investment Portfolios 18

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: | 811-08587 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 18 |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup>Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 11/30/2025 |
| Date of reporting period: | 5/31/2025 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g79357g1tsrbanner.jpg)

PGIM Jennison Energy Infrastructure Fund

(Formerly, PGIM Jennison MLP Fund)

Class A:

PRPAX

SEMIANNUAL SHAREHOLDER REPORT – May 31, 2025

This semiannual shareholder report contains important information about the Class A shares of PGIM Jennison Energy Infrastructure Fund (the

"Fund") for the period of December 1, 2024 to May 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Energy Infrastructure Fund—Class A | $71 | 1.46% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $509147131<br>|
| Number of fund holdings | 27 |
| Portfolio turnover rate for the period | 16% |

---

MF218E2A

![](g79357g1pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil & Gas Storage & Transportation | 93.2% |
| Affiliated Mutual Fund - Short Term Investment (4.4% represents investments purchased with collateral from securities on loan) | 4.8% |
| Heavy Electrical Equipment | 2.1% |
| Oil & Gas Exploration & Production | 1.7% |
| Electric Utilities | 1.6% |
| Independent Power Producers & Energy Traders | 1.4% |
|  | 104.8% |
| Liabilities in excess of other assets | (4.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g79357g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Energy Infrastructure Fund

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

SHARE CLASS A <br> NASDAQ PRPAX <br> CUSIP 74440G701

MF218E2A

![](g79357g1pgim_investments.jpg)

------

![](g79357g2tsrbanner.jpg)

PGIM Jennison Energy Infrastructure Fund

(Formerly, PGIM Jennison MLP Fund)

Class C:

PRPCX

SEMIANNUAL SHAREHOLDER REPORT – May 31, 2025

This semiannual shareholder report contains important information about the Class C shares of PGIM Jennison Energy Infrastructure Fund (the

"Fund") for the period of December 1, 2024 to May 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Energy Infrastructure Fund—Class C | $109 | 2.24% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $509147131<br>|
| Number of fund holdings | 27 |
| Portfolio turnover rate for the period | 16% |

---

MF218E2C

![](g79357g2pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil & Gas Storage & Transportation | 93.2% |
| Affiliated Mutual Fund - Short Term Investment (4.4% represents investments purchased with collateral from securities on loan) | 4.8% |
| Heavy Electrical Equipment | 2.1% |
| Oil & Gas Exploration & Production | 1.7% |
| Electric Utilities | 1.6% |
| Independent Power Producers & Energy Traders | 1.4% |
|  | 104.8% |
| Liabilities in excess of other assets | (4.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g79357g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Energy Infrastructure Fund

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

SHARE CLASS C <br> NASDAQ PRPCX <br> CUSIP 74440G800

MF218E2C

![](g79357g2pgim_investments.jpg)

------

![](g79357g3tsrbanner.jpg)

PGIM Jennison Energy Infrastructure Fund

(Formerly, PGIM Jennison MLP Fund)

Class Z:

PRPZX

SEMIANNUAL SHAREHOLDER REPORT – May 31, 2025

This semiannual shareholder report contains important information about the Class Z shares of PGIM Jennison Energy Infrastructure Fund (the

"Fund") for the period of December 1, 2024 to May 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Energy Infrastructure Fund—Class Z | $59 | 1.20% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $509147131<br>|
| Number of fund holdings | 27 |
| Portfolio turnover rate for the period | 16% |

---

MF218E2Z

![](g79357g3pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil & Gas Storage & Transportation | 93.2% |
| Affiliated Mutual Fund - Short Term Investment (4.4% represents investments purchased with collateral from securities on loan) | 4.8% |
| Heavy Electrical Equipment | 2.1% |
| Oil & Gas Exploration & Production | 1.7% |
| Electric Utilities | 1.6% |
| Independent Power Producers & Energy Traders | 1.4% |
|  | 104.8% |
| Liabilities in excess of other assets | (4.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g79357g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Energy Infrastructure Fund

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

SHARE CLASS Z <br> NASDAQ PRPZX <br> CUSIP 74440G883

MF218E2Z

![](g79357g3pgim_investments.jpg)

------

![](g79357g4tsrbanner.jpg)

PGIM Jennison Energy Infrastructure Fund

(Formerly, PGIM Jennison MLP Fund)

Class R6:

PRPQX

SEMIANNUAL SHAREHOLDER REPORT – May 31, 2025

This semiannual shareholder report contains important information about the Class R6 shares of PGIM Jennison Energy Infrastructure Fund (the

"Fund") for the period of December 1, 2024 to May 31, 2025.

You can find additional information about the Fund at

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

. You can also request

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

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Energy Infrastructure Fund—Class R6 | $55 | 1.12% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Fund's net assets | $509147131<br>|
| Number of fund holdings | 27 |
| Portfolio turnover rate for the period | 16% |

---

MF218E2R6

![](g79357g4pgim_investments.jpg)

------

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 5/31/2025?

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Oil & Gas Storage & Transportation | 93.2% |
| Affiliated Mutual Fund - Short Term Investment (4.4% represents investments purchased with collateral from securities on loan) | 4.8% |
| Heavy Electrical Equipment | 2.1% |
| Oil & Gas Exploration & Production | 1.7% |
| Electric Utilities | 1.6% |
| Independent Power Producers & Energy Traders | 1.4% |
|  | 104.8% |
| Liabilities in excess of other assets | (4.8)% |
|  | 100.0% |

---

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

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

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

![](g79357g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Energy Infrastructure Fund

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

SHARE CLASS R6 <br> NASDAQ PRPQX <br> CUSIP 74440G859

MF218E2R6

![](g79357g4pgim_investments.jpg)

------

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

Item 2 – Code of Ethics – Not required, as this is not an annual filing.

Item 3 – Audit Committee Financial Expert – Not required, as this is not an annual filing.

Item 4 – Principal Accountant Fees and Services – Not required, as this is not an annual filing.

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

Item 6 – 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](g79357g69k63.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 18
PGIM Jennison Energy Infrastructure Fund

(Formerly, PGIM Jennison MLP Fund)

  

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### MAY 31, 2025
![LOGO](g79357sp005.jpg)

------

<u> **Table of Contents**</u>   <u> Financial Statements and Other Information</u>   <u> May 31, 2025</u>

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

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Energy Infrastructure Fund](#edgar79357_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar79357_2) | 13 |
| <br> [**Other Information -** Form N-CSR Items 8-11](#edgar79357_3) |  |

---

------

Schedule of Investments (unaudited)

as of May 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 100.0%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 69.5%** |  |  |
| &nbsp;&nbsp; **Electric Utilities 1.6%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Constellation Energy Corp.(a) | 26085 | $7985923 |
| &nbsp;&nbsp; **Heavy Electrical Equipment 2.1%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; GE Vernova, Inc. | 11712 | 5539542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Siemens Energy AG (Germany)\* | 54909 | 5366012 |
|  |  | 10905554 |
| &nbsp;&nbsp; **Independent Power Producers & Energy Traders 1.4%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. | 43823 | 7036659 |
| &nbsp;&nbsp; **Oil & Gas Exploration & Production 1.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; EQT Corp. | 154756 | 8531698 |
| &nbsp;&nbsp; **Oil & Gas Storage & Transportation 62.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Antero Midstream Corp. | 1072088 | 20133813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cheniere Energy, Inc. | 176324 | 41787025 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DT Midstream, Inc. | 215186 | 22538582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enbridge, Inc. (Canada) | 573937 | 26711375 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gibson Energy, Inc. (Canada) | 665745 | 10992663 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Keyera Corp. (Canada) | 428538 | 13062079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinder Morgan, Inc. | 885345 | 24825074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kinetik Holdings, Inc. | 207889 | 9259376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ONEOK, Inc.(a) | 264612 | 21391234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pembina Pipeline Corp. (Canada) | 341187 | 12786889 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; South Bow Corp. (Canada) | 541488 | 14034851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Targa Resources Corp. | 145249 | 22939175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TC Energy Corp. (Canada) | 727330 | 36855415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Williams Cos., Inc. (The)(a) | 689857 | 41743247 |
|  |  | 319060798 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $280,252,561) |  | 353520632 |
| &nbsp;&nbsp; **MASTER LIMITED PARTNERSHIPS 30.5%** |  |  |
| &nbsp;&nbsp; **Oil & Gas Storage & Transportation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Transfer LP | 1469836 | 25692733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Enterprise Products Partners LP | 742186 | 22874172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hess Midstream LP (Class A Stock)(f) | 610598 | 22592126 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; MPLX LP | 786624 | 40117824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plains GP Holdings LP (Class A Stock)\*(f) | 1233246 | 21705130 |

---

See Notes to Financial Statements.

PGIM Jennison Energy Infrastructure Fund 1

------

Schedule of Investments (unaudited) (continued)

as of May 31, 2025

---

| | | |
|:---|:---|:---|
| **Description** | **Shares** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Value** |
| &nbsp;&nbsp; **MASTER LIMITED PARTNERSHIPS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil & Gas Storage & Transportation (cont'd.)** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Western Midstream Partners LP | 599414 | $22418084 |
| &nbsp;&nbsp; **TOTAL MASTER LIMITED PARTNERSHIPS**<br> (cost $112,131,808) |  | 155400069 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $392,384,369) |  | 508920701 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.8%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 4.462%)(wb) | 2141170 | 2141170 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<br>(cost $22,272,120; includes $22,233,337 of cash collateral for securities on loan)(b)(wb) | 22288487 | 22270656 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $24,413,290) |  | 24411826 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 104.8%**<br> (cost $416,797,659) |  | 533332527 |
| Liabilities in excess of other assets (4.8)% |  | (24185396) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;509147131 |

---

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

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

LP — Limited Partnership

MLP — Master Limited Partnership

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 $21,898,904; cash collateral of $22,233,337 (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.

(f) Represents a security that is not a qualified publicly-traded partnership subject to the 25% investment limit under Subchapter M of the Internal Revenue Code.

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

See Notes to Financial Statements.

------

#### 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 May 31, 2025 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | **Level 2**  | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | $7985923 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Heavy Electrical Equipment | 5539542 | 5366012 |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Independent Power Producers & Energy Traders | 7036659 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Exploration & Production | 8531698 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Storage & Transportation | 319060798 |  |  |
|  Master Limited Partnerships |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil & Gas Storage & Transportation | 155400069 |  |  |
|  **Short-Term Investments** |  |  |  |
| Affiliated Mutual Funds | 24411826 |  |  |
|  **Total** | $527966515 | $5366012 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$— |

---

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

---

| | |
|:---|:---|
|  Oil & Gas Storage & Transportation | 93.2 |
|  Affiliated Mutual Funds (4.4% represents investments purchased with collateral from securities on loan) | 4.8 |
|  Heavy Electrical Equipment | 2.1 |
|  Oil & Gas Exploration & Production | 1.7 |
|  Electric Utilities | 1.6 |

---

---

| | |
|:---|:---|
|  Independent Power Producers & Energy Traders | 1.4% |
|  | 104.8 |
|  Liabilities in excess of other assets | (4.8) |
|  | 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.

See Notes to Financial Statements.

PGIM Jennison Energy Infrastructure Fund 3

------

Schedule of Investments (unaudited) (continued)

as of May 31, 2025

#### 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 | $21898904 | $(21898904) | $— |

---

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

See Notes to Financial Statements.

------

Statement of Assets and Liabilities (unaudited)

as of May 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $21,898,904: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $392,384,369) | $508920701 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $24,413,290) | 24411826 |
| &nbsp;&nbsp; Tax reclaim receivable | 459996 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 397302 |
| &nbsp;&nbsp; Dividends receivable | 379170 |
| &nbsp;&nbsp; Prepaid expenses and other assets | 1526 |
| &nbsp;&nbsp; **Total Assets** | 534570521 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 22233337 |
| &nbsp;&nbsp; Current tax liability | 1730543 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 764547 |
| &nbsp;&nbsp; Management fee payable | 430470 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 209964 |
| &nbsp;&nbsp; Distribution fee payable | 28722 |
| &nbsp;&nbsp; Franchise tax payable | 20999 |
| &nbsp;&nbsp; Trustees' fees payable | 2951 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 1857 |
| &nbsp;&nbsp; **Total Liabilities** | 25423390 |
| &nbsp;&nbsp; **Net Assets** | $509147131 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shares of beneficial interest, at par | $83064 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital in excess of par | 502402270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 6661797 |
| &nbsp;&nbsp; **Net assets, May 31, 2025** | $509147131 |

---

See Notes to Financial Statements.

PGIM Jennison Energy Infrastructure Fund 5

------

Statement of Assets and Liabilities (unaudited)

as of May 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Class A** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($48,797,261 ÷ 8,350,199 shares of beneficial interest issued and outstanding) | $5.84 |
| &nbsp;&nbsp; Maximum sales charge (5.50% of offering price) | 0.34 |
| &nbsp;&nbsp; Maximum offering price to public | $6.18 |
| &nbsp;&nbsp; **Class C** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($21,047,503 ÷ 4,357,655 shares of beneficial interest issued and outstanding) | $4.83 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($401,733,912 ÷ 64,372,871 shares of beneficial interest issued and outstanding) | $6.24 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($37,568,455 ÷ 5,983,036 shares of beneficial interest issued and outstanding) | $6.28 |

---

See Notes to Financial Statements.

------

Statement of Operations (unaudited)

Six Months Ended May 31, 2025

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Unaffiliated dividend income (net of $499,139 foreign withholding tax) | $8562433 |
| &nbsp;&nbsp; Affiliated dividend income | 196192 |
| &nbsp;&nbsp; Income from securities lending, net (including affiliated income of $41,311) | 55702 |
| &nbsp;&nbsp; **Total income** | 8814327 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 2636649 |
| &nbsp;&nbsp; Distribution fee(a) | 193723 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $7,128)(a) | 269303 |
| &nbsp;&nbsp; Professional fees | 75507 |
| &nbsp;&nbsp; Registration fees(a) | 38359 |
| &nbsp;&nbsp; Audit fee | 33270 |
| &nbsp;&nbsp; Custodian and accounting fees | 32435 |
| &nbsp;&nbsp; Shareholders' reports | 21441 |
| &nbsp;&nbsp; Trustees' fees | 8477 |
| &nbsp;&nbsp; Miscellaneous | 41769 |
| &nbsp;&nbsp; **Total expenses** | 3350933 |
| &nbsp;&nbsp; Less: Distribution fee waiver(a) | (12261) |
| &nbsp;&nbsp; **Net expenses** | 3338672 |
| &nbsp;&nbsp; Net investment income (loss) | 5475655 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions (including affiliated of $4,509) | 61924730 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency transactions | (131216) |
|  | 61793514 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments (including affiliated of $(1464)) | (96849509) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currencies | 15665 |
|  | (96833844) |
| &nbsp;&nbsp; Net gain (loss) on investment and foreign currency transactions | (35040330) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $(29564675) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Class A | Class C | Class Z | Class R6 |
|  Distribution fee | 73564 | 120159 |  |  |
|  Transfer agent's fees and expenses | 22719 | 10727 | 235373 | 484 |
|  Registration fees | 9474 | 7978 | 13927 | 6980 |
|  Distribution fee waiver | (12261) |  |  |  |

---

See Notes to Financial Statements.

PGIM Jennison Energy Infrastructure Fund 7

------

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>May 31, 2025** | **Year Ended<br>November 30, 2024** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss), after taxes | $5475655 | $(350019) |
| &nbsp;&nbsp; Net realized gain (loss) on investment and foreign currency transactions, after current and deferred taxes | 61793514 | 162328832 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments and foreign currencies, after current and deferred taxes | (96833844) | 31376731 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | (29564675) | 193355544 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class A | (17953643) | (2968412) |
| &nbsp;&nbsp; Class C | (11245100) | (2065832) |
| &nbsp;&nbsp; Class Z | (149572762) | (26341906) |
| &nbsp;&nbsp; Class R6 | (12853156) | (3774021) |
|  | (191624661) | (35150171) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 78419979 | 98724446 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 191389174 | 35102695 |
| &nbsp;&nbsp; Cost of shares purchased | (177838601) | (192399986) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 91970552 | (58572845) |
| &nbsp;&nbsp; Total increase (decrease) | (129218784) | 99632528 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 638365915 | 538733387 |
| &nbsp;&nbsp; End of period | $509147131 | $638365915 |

---

See Notes to Financial Statements.

------

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class A Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.30 | $7.12 | $7.03 | $5.76 | $4.42 | $5.87 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.06 | (0.03) | 0.03 | (0.02) | (-)<sup>(b)(c)</sup> | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.61) | 2.71 | 0.53 | 1.68 | 1.66 | (1.12) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.55) | 2.68 | 0.56 | 1.66 | 1.66 | (1.10) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (2.91) | (0.50) | (0.47) | (0.39) | (0.11) |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.91) | (0.50) | (0.47) | (0.39) | (0.32) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $5.84 | $9.30 | $7.12 | $7.03 | $5.76 | $4.42 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:**<br>| (4.01)% | 39.08% | 8.63% | 29.47% | 37.90% | (18.96)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $48797 | $55997 | $39391 | $38163 | $28139 | $20308 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $49178 | $45502 | $38031 | $33865 | $25733 | $28294 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, before taxes | 1.46 %<sup>(f)</sup> | 1.47% | 1.47% | 1.48% | 1.50% | 1.50% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, after taxes | 1.46 %<sup>(f)</sup> | 11.08 %<sup>(g)</sup> | 3.58 %<sup>(g)</sup> | 7.35 %<sup>(g)</sup> | 1.02 %<sup>(g)</sup> | 1.97 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement, before taxes | 1.51 %<sup>(f)</sup> | 1.52% | 1.52% | 1.53% | 1.55% | 1.57% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.89 %<sup>(f)</sup> | (0.40)% | 0.46% | (0.26)% | (0.03)% | 0.44% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), after taxes | 1.89 %<sup>(f)</sup> | (0.38)%<sup>(h)</sup> | 0.31 %<sup>(h)</sup> | (0.26)%<sup>(h)</sup> | (0.03)%<sup>(h)</sup> | 0.45 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 16% | 70% | 40% | 37% | 42% | 45% |

---

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

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

(c) Amount rounds to zero.

(d) 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 period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP. Total returns for periods less than one full year are not annualized.

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

(f) Annualized.

(g) Tax estimate for the ratio calculation is derived from the net investment income (loss), realized and unrealized gains (losses), which is not annualized.

(h) Tax estimate for the ratio calculation is derived from the net investment income (loss) only, which is not annualized.

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

See Notes to Financial Statements.

PGIM Jennison Energy Infrastructure Fund 9

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;Class C Shares |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | 2024 | 2023 | 2022 | 2021 | 2020 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.25 | $6.41 | $6.42 | $5.33 | $4.14 | $5.56 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.03 | (0.07) | (0.01)<sup>(b)</sup> | (0.06) | (0.03)<sup>(b)</sup> | (0.02)<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.56) | 2.41 | 0.47 | 1.54 | 1.54 | (1.05) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.53) | 2.34 | 0.46 | 1.48 | 1.51 | (1.07) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (2.89) | (0.50) | (0.47) | (0.39) | (0.11) |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.89) | (0.50) | (0.47) | (0.39) | (0.32) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $4.83 | $8.25 | $6.41 | $6.42 | $5.33 | $4.14 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | (4.25)% | 37.91% | 7.88% | 28.44% | 36.83% | (19.49)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $21048 | $33184 | $31067 | $34626 | $27871 | $22823 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $24098 | $29457 | $31833 | $31511 | $27590 | $27522 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, before taxes | 2.24 %<sup>(e)</sup> | 2.21% | 2.20% | 2.21% | 2.23% | 2.25% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, after taxes | 2.24 %<sup>(e)</sup> | 11.82 %<sup>(f)</sup> | 4.31 %<sup>(f)</sup> | 8.08 %<sup>(f)</sup> | 1.75 %<sup>(f)</sup> | 2.72 %<sup>(f)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement, before taxes | 2.24 %<sup>(e)</sup> | 2.21% | 2.20% | 2.21% | 2.23% | 2.25% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.08 %<sup>(e)</sup> | (1.01)% | (0.20)% | (0.96)% | (0.68)% | (0.38)% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), after taxes | 1.08 %<sup>(e)</sup> | (0.99)%<sup>(g)</sup> | (0.35)%<sup>(g)</sup> | (0.96)%<sup>(g)</sup> | (0.68)%<sup>(g)</sup> | (0.37)%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 16% | 70% | 40% | 37% | 42% | 45% |

---

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

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

(c) 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 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) Tax estimate for the ratio calculation is derived from the net investment income (loss), realized and unrealized gains (losses), which is not annualized.

(g) Tax estimate for the ratio calculation is derived from the net investment income (loss) only, which is not annualized.

(h) 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 Z Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.71 | $7.40 | $7.26 | $5.93 | $4.53 | $5.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | (-)<sup>(b)</sup> | 0.06 | - <sup>(b)(c)</sup> | 0.02 | 0.03 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.62) | 2.81 | 0.55 | 1.72 | 1.70 | (1.13) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.55) | 2.81 | 0.61 | 1.72 | 1.72 | (1.10) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (2.92) | (0.50) | (0.47) | (0.39) | (0.11) |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.92) | (0.50) | (0.47) | (0.39) | (0.32) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $6.24 | $9.71 | $7.40 | $7.26 | $5.93 | $4.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (3.79)% | 39.36% | 9.06% | 29.64% | 38.32% | (18.60)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $401734 | $505348 | $411752 | $425535 | $323886 | $252513 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $417182 | $430061 | $402196 | $387625 | $315208 | $267715 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, before taxes | 1.20 %<sup>(f)</sup> | 1.20% | 1.18% | 1.19% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, after taxes | 1.20 %<sup>(f)</sup> | 10.81 %<sup>(g)</sup> | 3.29 %<sup>(g)</sup> | 7.06 %<sup>(g)</sup> | 0.71 %<sup>(g)</sup> | 1.67 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement, before taxes | 1.20 %<sup>(f)</sup> | 1.20% | 1.18% | 1.19% | 1.19% | 1.20% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.14 %<sup>(f)</sup> | (0.05)% | 0.80% | 0.06% | 0.34% | 0.62% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), after taxes | 2.14 %<sup>(f)</sup> | (0.03)%<sup>(h)</sup> | 0.65 %<sup>(h)</sup> | 0.06 %<sup>(h)</sup> | 0.35 %<sup>(h)</sup> | 0.63 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 16% | 70% | 40% | 37% | 42% | 45% |

---

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

(b) Amount rounds to zero.

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

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

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

(f) Annualized.

(g) Tax estimate for the ratio calculation is derived from the net investment income (loss), realized and unrealized gains (losses), which is not annualized.

(h) Tax estimate for the ratio calculation is derived from the net investment income (loss) only, which is not annualized.

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

See Notes to Financial Statements.

PGIM Jennison Energy Infrastructure Fund 11

------

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;**Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** | <br> **Year Ended November 30,** |
|  | **Six Months<br>Ended<br>May 31,**<br> **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.75 | $7.42 | $7.28 | $5.93 | $4.53 | $5.98 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.07 | 0.03 <sup>(b)</sup> | 0.06 | - <sup>(b)(c)</sup> | 0.01 | 0.02 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | (0.62) | 2.80 | 0.55 | 1.74 | 1.71 | (1.12) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | (0.55) | 2.83 | 0.61 | 1.74 | 1.72 | (1.10) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (2.92) | (0.50) | (0.47) | (0.39) | (0.11) |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  |  | (0.21) | (0.35) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (2.92) | (0.50) | (0.47) | (0.39) | (0.32) | (0.35) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $6.28 | $9.75 | $7.42 | $7.28 | $5.93 | $4.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | (3.74)% | 39.53% | 9.04% | 29.99% | 38.32% | (18.60)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $37568 | $43836 | $56523 | $64413 | $42615 | $17116 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $38321 | $60381 | $55166 | $53695 | $35663 | $3836 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, before taxes | 1.12 %<sup>(f)</sup> | 1.11% | 1.09% | 1.10% | 1.11% | 1.20% |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement, after taxes | 1.12 %<sup>(f)</sup> | 10.72 %<sup>(g)</sup> | 3.20 %<sup>(g)</sup> | 6.97 %<sup>(g)</sup> | 0.63 %<sup>(g)</sup> | 1.67 %<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement, before taxes | 1.12 %<sup>(f)</sup> | 1.11% | 1.09% | 1.10% | 1.11% | 1.33% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 2.21 %<sup>(f)</sup> | 0.41% | 0.89% | 0.01% | 0.21% | 0.53% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss), after taxes | 2.21 %<sup>(f)</sup> | 0.43 %<sup>(h)</sup> | 0.74 %<sup>(h)</sup> | 0.01 %<sup>(h)</sup> | 0.22 %<sup>(h)</sup> | 0.54 %<sup>(h)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 16% | 70% | 40% | 37% | 42% | 45% |

---

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

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

(c) Amount rounds to zero.

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

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

(f) Annualized.

(g) Tax estimate for the ratio calculation is derived from the net investment income (loss), realized and unrealized gains (losses), which is not annualized.

(h) Tax estimate for the ratio calculation is derived from the net investment income (loss) only, which is not annualized.

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

See Notes to Financial Statements.

------

Notes to Financial Statements (unaudited)

**1.** **Organization** 

Prudential Investment Portfolios 18 (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 Jennison Energy Infrastructure Fund (the "Fund"), a series of the RIC. The Fund is classified as a non-diversified fund for purposes of the 1940 Act. Effective December 1, 2024, the Fund intends to invest in a manner that will allow it to be treated as a regulated investment company, rather than a "C" corporation, under the Internal Revenue Code of 1986, beginning with the tax year which runs from December 1, 2024 through November 30, 2025.

The investment objective of the Fund is to seek total return.

**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.

During the reporting period, 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. PGIM Investments LLC ("PGIM Investments" or the "Manager") acts 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.

PGIM Jennison Energy Infrastructure Fund 13

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Notes to Financial Statements (unaudited) (continued)

*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 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 period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the 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, MLPs, 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

PGIM Jennison Energy Infrastructure Fund 15

------

Notes to Financial Statements (unaudited) (continued)

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 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.

*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:* Effective December 1, 2024, the Fund elected and intends to qualify annually to be treated as a regulated investment company and comply with all related restrictions including limiting its investments in qualified publicly-traded partnerships to 25% under Subchapter M of the Internal Revenue Code beginning with the tax year which runs from December 1, 2024 through November 30, 2025. As a regulated investment company, the Fund must satisfy income, asset diversification and minimum distribution requirements. As long as each so qualifies, the Fund will not be subject to U.S. federal income tax. With the intent to qualify as a regulated investment company, the Fund intends to distribute substantially all of its investment company taxable 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. For the reporting period ended May 31, 2025, the Fund had a current tax liability of $1,730,543 relating to prior periods in which the Fund was a C-corporation. Income taxes relating to prior periods in which the Fund was taxed as a C-corporation are being calculated by applying the statutory federal income tax rate of 21% plus a blended state income tax rate of approximately 1.36% (total rate 22.36%).

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from

PGIM Jennison Energy Infrastructure Fund 17

------

Notes to Financial Statements (unaudited) (continued)

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 |  | Quarterly |
| &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 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 Jennison Associates LLC ("Jennison" or the "subadviser"). The Manager pays for the services of Jennison.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended May 31, 2025, the contractual and effective management fee rates were as follows:

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| | |
|:---|:---|
| Contractual Management Rate | Effective Management Fee, before any waivers <br>and/or expense reimbursements |
| &nbsp;&nbsp; 1.00% of average daily net assets up to $1 billion; | 1.00% |
| &nbsp;&nbsp; 0.98% of average daily net assets from $1 billion to $3 billion; |  |
| &nbsp;&nbsp; 0.96% of average daily net assets from $3 billion to $5 billion; |  |
| &nbsp;&nbsp; 0.95% of average daily net assets from $5 billion to $10 billion; |  |
| &nbsp;&nbsp; 0.94% of average daily net assets over $10 billion |  |

---

------

The Manager has contractually agreed, through March 31, 2026, 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 and, in addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the waiver/reimbursement and/or recoupment for that fiscal year, as applicable. The expense limitations attributable to each class are as follows:

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| | |
|:---|:---|
| Class | Expense<br>Limitations |
| &nbsp;&nbsp; A | 1.50% |
| &nbsp;&nbsp; C | 2.25 |
| &nbsp;&nbsp; Z | 1.25 |
| &nbsp;&nbsp; R6 | 1.20 |

---

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 March 31, 2026 to limit such fees on certain classes based on the daily 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:

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| | | |
|:---|:---|:---|
| Class | Gross Distribution Fee | Net Distribution Fee |
| &nbsp;&nbsp; A | 0.30% | 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 reporting period ended May 31, 2025, 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

PGIM Jennison Energy Infrastructure Fund 19

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Notes to Financial Statements (unaudited) (continued)

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 | $67622 | $— |
| &nbsp;&nbsp; C |  | 2236 |

---

The RIC, on behalf of the Fund, has entered into brokerage commission recapture agreements with certain registered broker-dealers. Under the brokerage commission recapture program, a portion of the commission is returned to the Fund on whose behalf the trades were made. Commission recapture is paid solely to the Fund generating the applicable trades. Such amounts are included within realized gain (loss) on investment transactions presented in the Statement of Operations. For the reporting period ended May 31, 2025, brokerage commissions recaptured under these agreements was $8,335.

PGIM Investments, PIMS and Jennison 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 reporting period ended May 31, 2025,

------

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 reporting period ended May 31, 2025, were as follows:

---

| | |
|:---|:---|
| Cost of Purchases | Proceeds from Sales |
| &nbsp;&nbsp; $85078303 | $181491220 |

---

A summary of the cost of purchases and proceeds from sales of shares of an affiliated mutual fund for the reporting period ended May 31, 2025, is presented as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **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 |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 4.462%)<sup>(wb)</sup>  |  |  |  |
| $6734008 | $115160363 | $119753201 | $— | $— | $2141170 | 2141170 | $196192 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 4.496%)<sup>(b)(wb)</sup>  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;— | 165739933 | 143472322 | (1464) | 4509 | 22270656 | 22288487 | 41311<sup>(1)</sup> |  |
| $6734008 | $280900296 | $263225523 | $(1464) | $4509 | $24411826 |  | $237503 | $— |

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(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** 

The Fund intends to be subject to tax as a regulated investment company in connection with the filing of its taxable year ending November 30, 2025 federal income tax returns. If the Fund satisfies the required qualification tests and timely elects to be subject to tax as a regulated investment company, the Fund generally will not be subject to federal income or excise taxes on any income and gains timely distributed to its shareholders. Management has determined that it is more likely than not the Fund will be able to qualify and elect to be subject to tax as a regulated investment company, effective as of its fiscal year ending November 30, 2025.

In prior years, the Fund was taxed as a C-corporation. In connection with the conversion from a C-corporation to a regulated investment company, the Fund declared the following

PGIM Jennison Energy Infrastructure Fund 21

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Notes to Financial Statements (unaudited) (continued)

dividends on December 16, 2024, which were paid on December 18, 2024 to shareholders of record on December 17, 2024. The ex-date was December 18, 2024.

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| | | |
|:---|:---|:---|
|  | Ordinary Income | Ordinary Income |
| Share Class | Per Share | Distribution Amount |
| &nbsp;&nbsp; A | $2.74829 | $16622979 |
| &nbsp;&nbsp; C | 2.74482 | 10567581 |
| &nbsp;&nbsp; R6 | 2.75106 | 11843374 |
| &nbsp;&nbsp; Z | 2.75018 | 138678962 |

---

The United States federal income tax basis of the Fund's investments and the net unrealized appreciation (depreciation) as of May 31, 2025 were as follows:

---

| | | | |
|:---|:---|:---|:---|
| Tax Basis | Gross<br>Unrealized<br>Appreciation | Gross<br>Unrealized<br>Depreciation | Net<br>Unrealized<br>Depreciation |
| $544222910 | $123232612 | $(134122995) | $(10890383) |

---

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

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, other than the income tax accrual associated with prior periods discussed in Note 2 above. 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 November 30, 2024 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 (ten years prior to January 22, 2021) 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 May 31, 2025, 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 | 5147268 | 86.0% |

---

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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;—% |
| &nbsp;&nbsp; Unaffiliated | 6 | 77.6 |

---

Transactions in shares of beneficial interest were as follows:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class A** |  |  |
| &nbsp;&nbsp; **Six months ended May 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 746830 | $4601937 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3159816 | 17872840 |
| &nbsp;&nbsp; Shares purchased | (1821311) | (10950342) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 2085335 | 11524435 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 479029 | 3253353 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (235615) | (1417623) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 2328749 | $13360165 |
| &nbsp;&nbsp; **Year ended November 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 436566 | $3239589 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 373034 | 2954055 |
| &nbsp;&nbsp; Shares purchased | (936509) | (7236725) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (126909) | (1043081) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 950088 | 7195571 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (330663) | (2490517) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 492516 | $3661973 |

---

PGIM Jennison Energy Infrastructure Fund 23

------

Notes to Financial Statements (unaudited) (continued)

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class C** |  |  |
| &nbsp;&nbsp; **Six months ended May 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 277173 | $1410428 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2393139 | 11240364 |
| &nbsp;&nbsp; Shares purchased | (1938119) | (9654736) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 732193 | 2996056 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (399319) | (2148603) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 332874 | $847453 |
| &nbsp;&nbsp; **Year ended November 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 500661 | $3552954 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 292646 | 2060912 |
| &nbsp;&nbsp; Shares purchased | (827492) | (5701053) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (34185) | (87187) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (786082) | (5298657) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (820267) | $(5385844) |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended May 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 10751928 | $69133159 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 24788188 | 149422814 |
| &nbsp;&nbsp; Shares purchased | (23277747) | (149355614) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 12262369 | 69200359 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 266315 | 1709070 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (182525) | (1398620) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 12346159 | $69510809 |
| &nbsp;&nbsp; **Year ended November 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 8910888 | $73761429 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 3194617 | 26313707 |
| &nbsp;&nbsp; Shares purchased | (16350846) | (133977253) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (4245341) | (33902117) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 953220 | 8500119 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (304345) | (2442220) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3596466) | $(27844218) |

---

------

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended May 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 499248 | $3274455 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2117589 | 12853156 |
| &nbsp;&nbsp; Shares purchased | (1129119) | (7877909) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1487718 | 8249702 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 4991 | 33389 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (4682) | (30966) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1488027 | $8252125 |
| &nbsp;&nbsp; **Year ended November 30, 2024:** |  |  |
| &nbsp;&nbsp; Shares sold | 2284742 | $18170474 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 457130 | 3774021 |
| &nbsp;&nbsp; Shares purchased | (5294755) | (45484955) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2552883) | (23540460) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 21251 | 182317 |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (586966) | (5646613) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (3118598) | $(29004756) |

---

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 SCA in effect at the reporting period-end.

---

| | |
|:---|:---|
|  | SCA |
| &nbsp;&nbsp; **Term of Commitment** | &nbsp;&nbsp; 9/27/2024 - 9/25/2025 |
| &nbsp;&nbsp; **Total Commitment** | &nbsp;&nbsp; $1200000000 |
| &nbsp;&nbsp; **Annualized Commitment Fee on the Unused Portion of the SCA** | &nbsp;&nbsp; 0.15% |
| &nbsp;&nbsp; **Annualized Interest Rate on 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 |

---

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.

PGIM Jennison Energy Infrastructure Fund 25

------

Notes to Financial Statements (unaudited) (continued)

The Fund utilized the SCA during the reporting period ended May 31, 2025. The average daily balance for the 4 days that the Fund had loans outstanding during the period was approximately $16,767,500, borrowed at a weighted average interest rate of 5.42%. The maximum loan outstanding amount during the period was $62,455,000. At May 31, 2025, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

The Fund's 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.

*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.

*Energy Sector Risk:* The Fund concentrates its investments in the energy sector, and will therefore be susceptible to adverse economic, environmental, business, regulatory or other occurrences affecting that sector. The energy sector has historically experienced substantial price volatility. Energy infrastructure companies may have relatively high levels of debt and may be more likely than other companies to restructure their businesses if there are downturns in energy markets or in the global economy. A downturn in the energy sector could have a larger impact on the Fund than on funds that are broadly diversified across many sectors and industries. At times, the performance of securities of companies in the energy sector may lag behind the performance of other sectors or industries or the broader market as a whole. Energy infrastructure companies are subject to specific risks, including, among others, fluctuations in commodity prices which may result from changes in general economic conditions or political circumstances (especially of key energy producing and consuming countries), market conditions, weather patterns, domestic production levels, volume of imports, energy conservation, domestic and foreign governmental regulation, international politics, policies of the Organization of Petroleum Exporting Countries ("OPEC"), taxation, tariffs, and the availability and costs of local, intrastate and interstate transportation methods; reduced consumer demand for commodities such as oil, natural gas or petroleum products; reduced availability of natural gas or other commodities for transporting, processing, storing or delivering; slowdowns in new construction; extreme weather or other natural disasters; and threats of attack by terrorists on energy assets. The energy sector is highly regulated. Changes in the regulatory environment for energy

------

companies may adversely impact their profitability. There is an inherent risk that energy infrastructure companies may incur environmental costs and liabilities due to the nature of their businesses and the substances they handle. Hydraulic fracturing, or "fracking," is a relatively new technique for releasing and extracting natural gas trapped in underground shale formations. The fracking sector is facing allegations from environmentalists and some landowners that the technique may cause serious difficulties, which has led to uncertainty about the nature, extent, and cost of the environmental regulation to which it may ultimately be subject.

*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.

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

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

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table 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.

*Infrastructure Companies Risk:* Securities of infrastructure companies are more susceptible to adverse economic, social, political and regulatory occurrences affecting their industries. Infrastructure companies may be subject to a variety of factors that may adversely affect their business or operations, including high interest costs in connection with capital

PGIM Jennison Energy Infrastructure Fund 27

------

Notes to Financial Statements (unaudited) (continued)

construction programs, high leverage, costs associated with environmental and other regulations, the effects of economic slowdown, surplus capacity, insufficient supply of necessary resources, increased competition from other providers of similar services, uncertainties concerning the availability of fuel at reasonable prices, the effects of energy conservation policies and other factors. Certain infrastructure companies may operate in limited areas or have few sources of revenue.

Infrastructure companies may also be affected by or subject to:

∎ regulation by various government authorities;

∎ government regulation of rates charged to customers;

∎ service interruption due to environmental, operational or other mishaps as well as political and social unrest;

∎ the imposition of special tariffs and changes in tax laws, regulatory policies and accounting standards; and

∎ general changes in market sentiment towards the assets of infrastructure companies.

*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 Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

The extent and duration of such events and resulting market disruptions cannot be predicted, but could be substantial and could magnify the impact of other risks to the Fund. These and other similar events could adversely affect the U.S. and foreign financial markets and lead to increased market volatility, reduced liquidity in the securities markets, significant negative impacts on issuers and the markets for certain securities and commodities and/or government intervention. They may also cause short- or long-term economic uncertainties in the United States and worldwide. As a result, whether or not the Fund invests in securities of issuers located in or with significant exposure to the countries directly affected, the value and liquidity of the Fund's investments may be negatively impacted. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

PGIM Jennison Energy Infrastructure Fund 29

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Notes to Financial Statements (unaudited) (continued)

*Master Limited Partnerships Risk:* The risks of investing in an MLP are generally those involved in investing in a partnership as opposed to a corporation. For example, state law governing partnerships is often less restrictive than state law governing corporations. Accordingly, there may be fewer protections afforded investors in an MLP than investors in a corporation. Investments held by MLPs may be relatively illiquid, limiting the MLPs' ability to vary their portfolios promptly in response to changes in economic or other conditions. MLPs may have limited financial resources, their securities may trade infrequently and in limited volume, and they may be subject to more abrupt or erratic price movements than securities of larger or more broadly-based companies. The Fund's investment in MLPs also subjects the Fund to the risks associated with the specific industry or industries in which the MLPs invest, risks related to limited control and limited rights to vote on matters affecting the MLP, risks related to potential conflicts of interest between the MLP and the MLP's general partner, cash flow risks, dilution risks and risks related to the general partner's right to require unit-holders to sell their common units at an undesirable time or price. MLPs are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide attractive returns. Since MLPs generally conduct business in multiple states, the Fund may be subject to income or franchise tax in each of the states in which the partnership does business. The additional cost of preparing and filing the tax returns and paying the related taxes may adversely impact the Fund's return on its investment in MLPs.

*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.

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

*Tax Risk:* The Fund's investment policies involve complicated and in some cases unsettled accounting, tax and valuation issues that may result in unexpected and potentially significant consequences for the Fund and its shareholders. Tax risks associated with investments in the Fund include but are not limited to the following:

------

*MLP Tax Risk:* A change in current tax law or a change in the underlying business mix of a given MLP could result in the MLP being treated as a corporation rather than a partnership for U.S. federal income tax purposes, which would result in the MLP being required to pay U.S. federal income tax (as well as state and local income taxes) on its taxable income. This would have the effect of reducing the amount of cash available for distribution by the MLP and could result in a reduction in the value of the Fund's investment in the MLP and lower income to the Fund.

*Tax Transition Risk:* Because of the Fund's investments in MLPs, it has historically not been eligible to elect to be treated as a Regulated Investment Company under Subchapter M of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). However, beginning with the tax year which runs from December 1, 2024 through November 30, 2025, the Fund intends to invest in a manner consistent with, and otherwise comply with, the requirements to allow it to elect to be treated as a Regulated Investment Company, thereby avoiding taxation as a C-Corp under the Internal Revenue Code. As a Regulated Investment Company beginning with the tax year which runs from December 1, 2024 through November 30, 2025, the Fund generally will not pay corporate-level federal income taxes on any ordinary income or capital gains that is distributed to shareholders as dividends. To obtain and maintain the federal income tax benefits of Regulated Investment Company status, the Fund must meet specified source-of-income and asset diversification requirements and distribute annually an amount equal to at least 90% of the sum of net ordinary income and realized net short-term capital gains in excess of realized net long-term capital losses, if any, out of assets legally available for distribution. In order to meet the tax requirements applicable to a Regulated Investment Company, the Fund will, beginning with February 28, 2025, the end of the first quarter of its first taxable year as a Regulated Investment Company, and as of the end of each quarter of its taxable year going forward, invest no more than 25% of the value of its total assets in the securities of MLPs and other entities treated as qualified publicly traded partnerships (generally defined as partnerships whose interests are publicly traded and that would not meet the source-of-income-requirements applicable to Regulated Investment Companies). The Fund may be required to dispose of all or a portion of certain of its MLP investments in order to comply with the asset diversification tests required to qualify as a Regulated Investment Company. Such dispositions, if made during the Fund's first taxable year as a Regulated Investment Company, could result in more taxable income to you than would otherwise be anticipated during the tax year.

*Distribution Risk:* Due to the tax characterization of distributions made by MLPs, the Fund expects that a significant portion of its distributions will consist of return of capital for U.S. federal tax purposes. Additionally, to the extent that the Fund's distributions to shareholders approximately equal the distribution rate that the Fund receives from the Fund's MLP investments and the other securities in which the Fund invests, including any income (without any deduction for Fund expenses), a larger portion of the Fund's distribution to shareholders will consist of return of capital for U.S. federal tax purposes than the distributions the Fund receives from the MLPs. Generally, a fund distribution

PGIM Jennison Energy Infrastructure Fund 31

------

Notes to Financial Statements (unaudited) (continued)

will constitute return of capital, rather than a qualified or other taxable dividend, to the extent that it exceeds the Fund's current and accumulated earnings and profits. Return of capital reduces a shareholder's adjusted cost basis in the Fund's shares, impacting the amount of any capital gains or loss realized by the shareholder upon selling the Fund's shares. Once a shareholder's adjusted cost basis has been reduced to zero (due to return of capital), any further distributions will be treated as capital gains.

*Utility Sector Risk:* The Fund is subject to risks of the utility industry, such as changing commodity prices, government regulation stipulating rates charged by utilities, increased tariffs, changes in tax laws, interest and exchange rate fluctuations, liabilities for environmental damage and changes in the cost of providing specific utility services, due to its concentration in utility securities. The utilities industry is also subject to potential terrorist attacks, natural disasters and severe weather conditions, as well as regulatory and operational burdens associated with the operation and maintenance of nuclear facilities. When interest rates go up, the value of securities issued by utility companies historically has gone down. Although the average dividend yield of utility industry stocks has been higher than those of other companies, the total return of utility securities has historically underperformed those of industrial companies. In most countries and localities, the utility industry is regulated by governmental entities, which can increase costs and delays for new projects and make it difficult to pass increased costs on to consumers. In certain areas, deregulation of utilities has resulted in increased competition and reduced profitability for certain companies, and increased the risk that a particular company will become bankrupt or fail completely. Reduced profitability, as well as new uses for or additional need of funds (such as for expansion, operations or stock buybacks), could result in reduced dividend payout rates for utility companies. In addition, utility companies face the risk of increases in the cost and reduced availability of fuel (such as oil, coal, natural gas or nuclear energy) and potentially high interest costs for borrowing to finance new projects. Energy conservation and changes in climate policy may also have a significant adverse impact on the revenues and expenses of utility companies. As a sector fund, the Fund's holdings can vary significantly from broad market indexes and the performance of the Fund can deviate from the performance indexes.

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

In December 2023, the FASB issued Accounting Standards Update (ASU), ASU 2023-09, Income Taxes (Topic 740) – "Improvements to Income Taxes Disclosures", which enhances the transparency of income tax disclosures. The ASU requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. The amendments under this

------

ASU are required to be applied prospectively and are effective for fiscal years beginning after December 15, 2024. Management is currently evaluating the impact and does not expect ASU to have a material impact on the financial statements.

11. Subsequent Event

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 May 31, 2025.

PGIM Jennison Energy Infrastructure Fund 33

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#### 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.

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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

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(1) | Code of Ethics – Not required, as this is not an annual filing. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(2) | Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d79357dex99cert.htm) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940- Not applicable. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)(5) | Change in the registrant's independent public accountant – Not applicable. |

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(b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d79357dex99906cert.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 18</u>

---

| | |
|:---|:---|
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | July 18, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | July 18, 2025 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | July 18, 2025 |

---

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 18** 

Semi-Annual period ending 5/31/25

File No. 811-08587

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

I, Stuart S. Parker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; 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.

July 18, 2025

---

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

---

------

Item 19

**Prudential Investment Portfolios 18** 

Semi-Annual period ending 5/31/25

File No. 811-08587

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

I, Christian J. Kelly, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the above-named Fund(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; 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.

July 18, 2025

---

| |
|:---|
| <u>/s/ Christian J. Kelly</u> |
| Christian J. Kelly |
| Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

Certification Pursuant to 18 U.S.C. Section 1350

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 18</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.

---

| | |
|:---|:---|
| July 18, 2025 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| July 18, 2025 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---