# EDGAR Filing Document

**Accession Number:** 0001099692
**File Stem:** 0001193125-26-128999
**Filing Date:** 2026-3
**Character Count:** 176884
**Document Hash:** 489d1e9aab965c9baa83fbbe9e0cfe6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-128999.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-128999

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 25

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260327

**DATE AS OF CHANGE**: 20260327

**EFFECTIVENESS DATE**: 20260327

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09999
- **FILM NUMBER:** 26807286

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

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

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

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

## Series and Classes Contracts Data

### PGIM Core Ultra Short Bond Fund (Series ID: S000004539)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000012441 | PGIM Core Ultra Short Bond Fund |  |

### PGIM Institutional Money Market Fund (Series ID: S000055237)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000173696 | PGIM Institutional Money Market Fund |  |

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09999 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 2 |
| (This Form N-CSR relates solely to the Registrant's: PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund) | (This Form N-CSR relates solely to the Registrant's: PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund) |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 1/31/2026 |
| Date of reporting period: | 1/31/2026 |

---

------

Item 1 – Reports to Stockholders

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

------

![](g214926g1tsrbanner_2026.jpg)

PGIM Core Ultra Short Bond Fund

ANNUAL SHAREHOLDER REPORT – January 31, 2026

This annual shareholder report contains important information about the shares of PGIM Core Ultra Short Bond Fund (the "Fund") for the period

of February 1, 2025 to January 31, 2026.

You can find additional information about the Fund at

pgim.com/mutual-fund-documents

. You can also request this information by contacting us

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Core Ultra Short Bond Fund | $1 | 0.01% |

---

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

■

During the reporting period, inflation remained above the US Federal Reserve's 2% target; employment data showed signs of softening; and

economic data slowed amid the US government shutdown in November. The US Federal Reserve's easing cycle, which was paused in the first

half of 2025, resumed with 25-basis-point (bp) interest rate cuts in September, October, and December as focus shifted to the labor market.

(One basis point equals 0.01%.) The yield on the 3-month Treasury bill declined from 4.29% to 3.66%, while the Secured Overnight Financing

Rate (SOFR) declined by 70 bps to end the reporting period at 3.68%.

■

The Fund's weighted average maturity (WAM) began the period shorter than peers, but extended to be in line with peers by the end of the

second quarter, before moving lower for the remainder of the period. Excluding the second quarter, the Fund's average weighted life

(WAL) remained longer than peers throughout most of the reporting period. The Fund increased its holdings in foreign corporates,

supranationals, Treasuries, and domestic banks as their relative value improved. Holdings of domestic corporates and government agencies

were reduced as offsets to those trades. Adjustable-rate holdings increased during the period, led by an increase in SOFR floaters. (Floaters

are bonds or other types of debt whose coupon rate changes with short-term interest rates.) Holdings of securities maturing in less than 90

days decreased over the period.

■

There were no notable detractors from the Fund's performance relative to the ICE US 1-Month Treasury Bill Index during the period.

NS13552

![](g214926g1pgimlogo_2026.jpg)

------

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

pgim.com/mutual-fund-documents

or call

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

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

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

been lower.

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

Cumulative Performance: January 31, 2016 to January 31, 2026<br>Initial Investment of $10,000<br>

![](g214926g1coreultrabond_fund.jpg)

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

---

| | | | |
|:---|:---|:---|:---|
| Average Annual Total Returns as of 1/31/2026 | Average Annual Total Returns as of 1/31/2026 | Average Annual Total Returns as of 1/31/2026 | Average Annual Total Returns as of 1/31/2026 |
|  | One Year (%) | Five Years (%) | Ten Years (%) |
| Fund | 4.46% | 3.53% | 2.46% |
| Bloomberg US Aggregate Bond Index\* | 6.85% | -0.20% | 1.88% |
| ICE US 1-Month Treasury Bill Index | 4.18% | 3.23% | 2.14% |
| Bloomberg 1-3 Month US Treasury Bill Index | 4.21% | 3.30% | 2.21% |

---

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

------

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $13087876943<br>|
| Number of fund holdings | 183 |
| Total advisory fees paid for the year | $989893<br>|
| Portfolio turnover rate for the year | 107% |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) | Credit Quality expressed as a percentage of total investments as of 1/31/2026 (%) |
| A-1+/P-1 | 71.9 |
| A-1/P-1 | 28.1 |
| Total | 100.0 |

---

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody's Investors Service, Inc. (Moody's), S&P Global

Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable

S&P/Fitch rating tier nomenclature. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

or by scanning the QR code below, including the Fund's prospectus,

financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or

(973) 367-3529 from outside the US.

![](g214926g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Core Ultra Short Bond Fund

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

CUSIP 74440E201

NS13552

![](g214926g1pgimlogo_2026.jpg)

------

![](g214926g2tsrbanner_2026.jpg)

PGIM Institutional Money Market Fund

ANNUAL SHAREHOLDER REPORT – January 31, 2026

This annual shareholder report contains important information about the shares of PGIM Institutional Money Market Fund (the "Fund") for the period of February 1, 2025 to January 31, 2026.

You can find additional information about the Fund at **pgim.com/mutual-fund-documents**. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | &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 Institutional Money Market Fund | $7 | 0.07% |

---

WHAT ARE SOME KEY FUND STATISTICS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Fund's net assets | $11069249929 |
| Number of fund holdings | 155 |
| Total advisory fees paid for the year | $6655090 |

---

WHAT ARE SOME CHARACTERISTICS OF THE FUND'S HOLDINGS AS OF 1/31/2026?

---

| | |
|:---|:---|
| Security Allocation | % of Net <br>Assets<br>|
| Commercial Paper | 38.8% |
| Repurchase Agreements | 35.4% |
| Time Deposits | 12.6% |
| Certificates of Deposit | 12.1% |
| Corporate Bonds | 0.5% |
|  | 99.4% |
| Other assets in excess of liabilities | 0.6% |
|  | 100.0% |

---

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

NS13552

![](g214926g2pgimlogo_2026.jpg)

------

ADDITIONAL INFORMATION

You can find additional information at **pgim.com/mutual-fund-documents** or by scanning the QR code below, including the Fund's prospectus, financial information, fund holdings, and proxy voting information. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the US.

![](g214926g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to **pgim.com/us/en/intermediary/resources/featured/e-delivery** and enroll.

**PGIM Institutional Money Market Fund** 

CUSIP 74440E300

NS13552

![](g214926g2pgimlogo_2026.jpg)

------

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

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

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended January 31, 2026 and January 31, 2025, PricewaterhouseCoopers LLP ("PwC"), the Registrant's principal accountant, billed the Registrant $57,124 and $54,927, respectively, for professional services rendered for the audit of the Registrant's annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

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

(c) Tax Fees

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

(d) All Other Fees

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

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

------

#### THE PGIM MUTUAL FUNDS

#### AUDIT COMMITTEE POLICY

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

*Accountants* 

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

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

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

• periodic meetings with the accounting firm.

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

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

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

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

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

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

• Accounting consultations

• Fund merger support services

------

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

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

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

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

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related project

------

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

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

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

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

• Financial information systems design and implementation

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

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

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

• Legal services and expert services unrelated to the audit

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

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

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

------

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

---

| | | |
|:---|:---|:---|
|  | <u>Fiscal Year Ended</u><br> <u>January 31, 2026</u> | <u>Fiscal Year Ended</u><br> <u>January 31, 2025</u> |
| 4(b) | Not applicable. | Not applicable. |
| 4(c) | Not applicable. | Not applicable. |
| 4(d) | Not applicable. | Not applicable. |

---

(f) <u>Percentage of hours expended attributable to work performed by other than full time employees of principal accountant if greater</u> <u>than 50%.</u> 

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

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

The aggregate non-audit fees billed by the Registrant's principal accountant for services rendered to the registrant's investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended January 31, 2026 and January 31, 2025 was $0 and $0, respectively.

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

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

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

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

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

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

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

------

![LOGO](g214926g23t83.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 2
PGIM Core Ultra Short Bond Fund

PGIM Institutional Money Market Fund

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JANUARY 31, 2026
![LOGO](g214926g56f90.jpg)

------

<u>**Table of Contents**</u>   <u> Financial Statements and Other Information </u>   <u>January 31, 2026</u>

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

---

| | |
|:---|:---|
|  [Glossary](#edgar214926_1) | 1 |
|  [PGIM Core Ultra Short Bond Fund](#edgar214926_2) | 2 |
|  [PGIM Institutional Money Market Fund](#edgar214926_3) | 13 |
|  [Notes to Financial Statements](#edgar214926_4) | 24 |

---

[**Other Information -** Form N-CSR Items 8-11](#edgar214926_5)

------

The following abbreviations are used in the Funds' descriptions:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

FFCSB—Federal Farm Credit System Bank

FHLB—Federal Home Loan Bank

FHLMC—Federal Home Loan Mortgage Corporation

FNMA—Federal National Mortgage Association

GNMA—Government National Mortgage Association

LP—Limited Partnership

MTN—Medium Term Note

N/A—Not Applicable

SOFR—Secured Overnight Financing Rate

------

PGIM Core Ultra Short Bond Fund

Schedule of Investments

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
|  **LONG-TERM INVESTMENTS 14.9%** |  |  |  |  |
|  **CERTIFICATES OF DEPOSIT 11.8%** |  |  |  |  |
|  Bank of America Securities, Inc., SOFR + 0.340% | 3.980%(c) | 04/27/26 | 85000 | $85033380 |
|  Bank of Montreal, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.390% | 4.040(c) | 08/20/26 | 66000 | 66052202 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.050(c) | 08/28/26 | 100000 | 100086930 |
|  Bank of Nova Scotia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.330% (Cap N/A, Floor 0.000%) | 3.980(c) | 07/24/26 | 70700 | 70735774 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.330% (Cap N/A, Floor 0.000%) | 3.980(c) | 08/07/26 | 55000 | 55026499 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% (Cap N/A, Floor 0.000%) | 4.000(c) | 12/04/26 | 136900 | 136950858 |
|  BNP Paribas SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.340% | 3.990(c) | 09/04/26 | 125000 | 125067350 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.360% | 4.010(c) | 11/05/26 | 30000 | 30019689 |
|  BNP Paribas SA | 4.600 | 02/17/26 | 36800 | 36813697 |
|  Canadian Imperial Bank of Commerce, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% (Cap N/A, Floor 0.000%) | 4.050(c) | 08/03/26 | 53500 | 53557208 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.430% | 4.080(c) | 05/08/26 | 50000 | 50046095 |
|  Citibank NA, SOFR + 0.410% (Cap N/A, Floor 0.000%) | 4.060(c) | 04/22/26 | 70000 | 70037009 |
|  Credit Agricole Corporate & Investment Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% | 3.960(c) | 02/17/26 | 27000 | 27003324 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.370% | 4.020(c) | 10/26/26 | 60000 | 60060498 |
|  Nordea Bank Abp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.970(c) | 07/23/26 | 150000 | 150117360 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% | 4.000(c) | 01/04/27 | 48000 | 48048643 |
|  Royal Bank of Canada, SOFR + 0.350% (Cap N/A, Floor 0.000%) | 4.000(c) | 12/07/26 | 40000 | 40020136 |
|  Svenska Handelsbanken, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.960(c) | 09/16/26 | 35000 | 35020545 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.960(c) | 09/24/26 | 70000 | 70041384 |
|  Swedbank AB, SOFR + 0.310% | 3.960(c) | 09/16/26 | 54000 | 54045333 |
|  Toronto-Dominion Bank (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% | 4.000(c) | 07/06/26 | 166300 | 166423162 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.390% | 4.040(c) | 08/14/26 | 15000 | 15012639 |
|  **TOTAL CERTIFICATES OF DEPOSIT** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,544,200,000) |  |  |  | 1545219715 |
|  **COMMERCIAL PAPER 2.6%** |  |  |  |  |
|  Bank of America Securities, Inc., SOFR + 0.350% | 3.990(c) | 10/28/26 | 7500 | 7504403 |
|  CDP Financial, Inc.,<br>144A, SOFR + 0.340% | 3.640(c) | 12/02/26 | 50000 | 50015860 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.320% | 3.960(c) | 01/28/27 | 25000 | 24997802 |
|  Citigroup Global Markets, Inc., 144A, SOFR + 0.350% | 3.640(c) | 06/22/26 | 100000 | 100034550 |
|  ING (U.S.) Funding LLC, 144A, SOFR + 0.340% | 4.740(c) | 07/06/26 | 75000 | 75034380 |
|  Royal Bank of Canada, 144A, SOFR + 0.340% | 3.650(c) | 10/30/26 | 78000 | 78045154 |
|  **TOTAL COMMERCIAL PAPER** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $335,500,000) |  |  |  | 335632149 |
|  **CORPORATE BOND 0.4%** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers** |  |  |  |  |
|  Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.300% |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $49,500,000) | 3.950(c) | 02/24/26 | 49500 | 49502349 |

---

See Notes to Financial Statements.

2.0 ------

PGIM Core Ultra Short Bond Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
|  **U.S. GOVERNMENT AGENCY OBLIGATION 0.1%** |  |  |  |  |
|  Federal Farm Credit Bank, SOFR + 0.100% (Cap N/A, Floor 0.000%)<br>(cost $20,749,994) | 3.750%(c) | 02/25/26 | 20750 | $20750592 |
|  **TOTAL LONG-TERM INVESTMENTS** |  |  |  |  |
|  &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(cost $1,949,949,994) |  |  |  | 1951104805 |
|  **SHORT-TERM INVESTMENTS 85.0%** |  |  |  |  |
|  **CERTIFICATES OF DEPOSIT 5.4%** |  |  |  |  |
|  Citibank NA, SOFR + 0.390% (Cap N/A, Floor 0.000%) | 4.040(c) | 03/27/26 | 49500 | 49523121 |
|  Credit Agricole Corporate & Investment Bank, SOFR + 0.270% | 3.920(c) | 06/10/26 | 50000 | 50038085 |
|  Natixis SA | 4.190 | 03/05/26 | 40000 | 40015040 |
|  Nordea Bank Abp | 4.330 | 02/27/26 | 30000 | 30014646 |
|  Nordea Bank Abp, SOFR + 0.320% | 3.970(c) | 06/29/26 | 30000 | 30022380 |
|  State Street Bank & Trust Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.250% | 3.900(c) | 05/28/26 | 111000 | 111026163 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.250% | 3.900(c) | 06/02/26 | 115000 | 115027129 |
|  Svenska Handelsbanken, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.240% | 3.890(c) | 02/26/26 | 100000 | 100011290 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.050(c) | 04/15/26 | 70000 | 70043638 |
|  Wells Fargo Bank NA, SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.960(c) | 06/03/26 | 111000 | 111055977 |
|  **TOTAL CERTIFICATES OF DEPOSIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; (cost $706,514,902) |  |  |  | 706777469 |
|  **COMMERCIAL PAPER 53.5%** |  |  |  |  |
|  Adventhealth Obligated Group | 3.779(n) | 04/01/26 | 100000 | 99371390 |
|  Advocate Health & Hospitals Corp. | 3.827(n) | 02/03/26 | 55000 | 54977246 |
|  Advocate Health & Hospitals Corp. | 3.868(n) | 03/10/26 | 9600 | 9560636 |
|  Bank of America Securities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.960(c) | 05/28/26 | 80000 | 80037744 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.330% | 3.970(c) | 08/05/26 | 100000 | 100053100 |
|  Bank of Montreal,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.370% | 3.650(c) | 05/27/26 | 147750 | 147769460 |
|  Bank of New York Mellon (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.250% | 3.890(c) | 03/26/26 | 172000 | 172035398 |
| &nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.260% | 4.590(c) | 04/07/26 | 80000 | 80022736 |
|  Caisse des Depots et Consignations,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.725(n) | 05/26/26 | 134000 | 132406445 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.733(n) | 04/15/26 | 26000 | 25799719 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.982(n) | 03/31/26 | 24000 | 23851999 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.065(n) | 02/06/26 | 133000 | 132905610 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.110(n) | 02/02/26 | 26000 | 25992104 |
|  CDP Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.682(n) | 02/23/26 | 100000 | 99751580 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.752(n) | 08/04/26 | 25000 | 24526218 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.791(n) | 07/27/26 | 15500 | 15218582 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.874(n) | 06/09/26 | 35000 | 34532362 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.002(n) | 04/09/26 | 8000 | 7943136 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.508(n) | 02/05/26 | 30000 | 29981658 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 02/03/26 | 47000 | 47000728 |
|  Citigroup Global Markets, Inc.,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.370% | 3.640(c) | 12/01/26 | 92000 | 92004505 |
|  City of San Antonio Electric & Gas Systems | 3.730 | 03/30/26 | 50000 | 49998500 |
|  Commonwealth Bank of Australia,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.210% | 3.850(c) | 03/09/26 | 31000 | 31003897 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.650(c) | 07/31/26 | 15000 | 15006594 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.320% | 3.960(c) | 06/30/26 | 50000 | 50023695 |
|  Cornell University | 2.625(n) | 02/02/26 | 49650 | 49639142 |
|  Emory University | 3.775(n) | 03/16/26 | 25770 | 25648961 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 3

------

PGIM Core Ultra Short Bond Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
|  **COMMERCIAL PAPER (Continued)** |  |  |  |  |
|  EssilorLuxottica SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.649%(n) | 03/26/26 | 135000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;134244783 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.714(n) | 04/01/26 | 61000 | 60620751 |
|  European Investment Bank | 4.030(n) | 02/04/26 | 125000 | 124936900 |
|  Federation Des Caisses Desjardins Du Quebec, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.728(n) | 02/25/26 | 9500 | 9474440 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.745(n) | 07/21/26 | 15000 | 14737844 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.757(n) | 07/14/26 | 8000 | 7865617 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.761(n) | 04/07/26 | 45000 | 44688492 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.808(n) | 03/18/26 | 85300 | 84884615 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.828(n) | 04/01/26 | 50000 | 49684115 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.967(n) | 02/04/26 | 85000 | 84956352 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.302(n) | 02/17/26 | 5000 | 4990652 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.345(n) | 02/19/26 | 31250 | 31185025 |
|  Hydro-Quebec, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.692(n) | 03/06/26 | 100000 | 99644330 |
|  ING (U.S.) Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.920(c) | 04/22/26 | 46000 | 46015778 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 3.980(c) | 08/18/26 | 19000 | 19006652 |
|  ITOCHU Treasury Center Americas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.713(n) | 02/02/26 | 65000 | 64979590 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.729(n) | 02/13/26 | 164000 | 163757165 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.331(n) | 02/05/26 | 21500 | 21486466 |
|  Johns Hopkins University | 3.670 | 05/19/26 | 14750 | 14750668 |
|  JPMorgan Securities LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.640(c) | 05/06/26 | 45500 | 45502862 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.640(c) | 05/13/26 | 45000 | 45002793 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.640(c) | 05/28/26 | 44500 | 44512656 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.330% | 3.970(c) | 10/13/26 | 45000 | 45016465 |
|  KFW, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.729(n) | 07/29/26 | 75000 | 73650000 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.943(n) | 03/04/26 | 69000 | 68771665 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.089(n) | 03/05/26 | 52000 | 51822711 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.174(n) | 02/27/26 | 30300 | 30215133 |
|  LVMH Moet Hennessy Louis Vuitton, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.721(n) | 06/08/26 | 50000 | 49353565 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.381(n) | 03/17/26 | 27000 | 26873891 |
|  Memorial Hermann Health System | 3.678(n) | 02/18/26 | 27500 | 27446722 |
|  Memorial Hermann Health System | 3.698(n) | 02/03/26 | 24500 | 24490075 |
|  Mercy Healthcare System | 3.739(n) | 02/04/26 | 25000 | 24987078 |
|  Mitsubishi Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.707(n) | 03/12/26 | 20300 | 20214350 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.725(n) | 04/01/26 | 32100 | 31898216 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.732(n) | 03/25/26 | 35500 | 35302442 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.808(n) | 03/13/26 | 76500 | 76169237 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.049(n) | 02/25/26 | 31000 | 30917441 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.072(n) | 02/27/26 | 140000 | 139598340 |
|  National Australia Bank Ltd., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.190% | 3.650(c) | 04/20/26 | 44000 | 44007515 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.250% | 3.650(c) | 02/23/26 | 14000 | 14001522 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.650(c) | 10/20/26 | 108000 | 108070362 |
|  National Securities Clearing Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.661(n) | 03/26/26 | 69500 | 69107130 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.699(n) | 05/04/26 | 5000 | 4951769 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.711(n) | 04/06/26 | 40000 | 39728740 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.711(n) | 04/07/26 | 98000 | 97325378 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.714(n) | 04/13/26 | 49000 | 48632578 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.715(n) | 04/16/26 | 45000 | 44648752 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.914(n) | 03/18/26 | 11500 | 11444448 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.915(n) | 03/19/26 | 25000 | 24876668 |

---

See Notes to Financial Statements.

4.0 ------

PGIM Core Ultra Short Bond Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
|  **COMMERCIAL PAPER (Continued)** |  |  |  |  |
|  New York Life Short Term Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.755%(n) | 04/22/26 | 35000 | $34704523 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.949(n) | 03/04/26 | 50000 | 49830690 |
|  Nordea Bank Abp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.250% | 3.650(c) | 05/08/26 | 38000 | 38018278 |
|  OMERS Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.740(n) | 05/14/26 | 40000 | 39569824 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.778(n) | 06/01/26 | 29000 | 28636372 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.778(n) | 06/02/26 | 10000 | 9873583 |
|  Ontario Teacher's Finance Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.738(n) | 08/12/26 | 16500 | 16179426 |
|  Pacific Life Insurance Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.743(n) | 04/01/26 | 49500 | 49188823 |
|  Port of Seattle | 3.700(n) | 05/06/26 | 41500 | 41499253 |
|  Province of Alberta, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.754(n) | 04/30/26 | 107000 | 106027637 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.755(n) | 04/20/26 | 9500 | 9423085 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.790(n) | 07/24/26 | 16000 | 15723630 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.876(n) | 03/31/26 | 88500 | 87960150 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.894(n) | 03/18/26 | 122500 | 121915344 |
|  Province of Ontario | 3.728(n) | 05/28/26 | 10000 | 9881617 |
|  Province of Ontario | 3.983(n) | 02/09/26 | 142000 | 141856083 |
|  Province of Ontario | 4.019(n) | 02/23/26 | 71000 | 70827740 |
|  Province of Ontario | 4.019(n) | 02/24/26 | 87000 | 86780221 |
|  Province Of Quebec, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.750(n) | 03/17/26 | 38000 | 37822513 |
|  PSP Capital, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.704(n) | 04/08/26 | 46250 | 45929501 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.704(n) | 04/09/26 | 130000 | 129085931 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.715(n) | 04/28/26 | 35300 | 34983723 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.933(n) | 03/30/26 | 100000 | 99398530 |
|  Sanofi SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.083(n) | 02/10/26 | 105000 | 104882631 |
|  Saudi Arabian Oil Co. | 3.735(n) | 04/22/26 | 35000 | 34704894 |
|  Saudi Arabian Oil Co. | 3.755(n) | 04/20/26 | 20000 | 19835408 |
|  Saudi Arabian Oil Co. | 3.767(n) | 04/09/26 | 44250 | 43935135 |
|  Saudi Arabian Oil Co. | 3.952(n) | 04/02/26 | 92750 | 92156048 |
|  Saudi Arabian Oil Co. | 3.959(n) | 03/02/26 | 46500 | 46352204 |
|  Saudi Arabian Oil Co. | 3.967(n) | 02/02/26 | 28000 | 27991370 |
|  Scripps Health Disc Co. | 3.684(n) | 03/10/26 | 35000 | 34856864 |
|  Sentara Healthcare | 3.755(n) | 03/25/26 | 20000 | 19885460 |
|  Skandinaviska Enskilda Banken AB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.250% | 3.640(c) | 05/11/26 | 15000 | 15005906 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 09/08/26 | 95000 | 95067735 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.320% | 3.960(c) | 06/26/26 | 79000 | 79049604 |
|  SSM Health Care Corp. | 3.692(n) | 02/03/26 | 12400 | 12394963 |
|  Svenska Handelsbanken, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.230% | 3.870(c) | 03/05/26 | 123000 | 123016802 |
|  Swedbank AB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.640(c) | 10/14/26 | 100000 | 100074660 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 09/09/26 | 70500 | 70556167 |
|  Texas Public Finance Authority | 3.800 | 03/25/26 | 35325 | 35326943 |
|  TotalEnergies Capital SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.733(n) | 03/23/26 | 40000 | 39785068 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.822(n) | 03/31/26 | 65650 | 65242970 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.996(n) | 03/03/26 | 94000 | 93690618 |
| &nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.061(n) | 02/27/26 | 143400 | 142987467 |
|  Toyota Credit Canada Inc. | 3.985(n) | 08/26/26 | 25000 | 24457755 |
|  University of Chicago (The) | 3.885(n) | 02/19/26 | 50000 | 49892315 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 5

------

PGIM Core Ultra Short Bond Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL PAPER (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Westpac Banking Corp.,<br>144A, SOFR + 0.300% | 3.650%(c) | 10/08/26 | 50000 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50020530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.650(c) | 10/09/26 | 50000 | 50020415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.400% | 3.650(c) | 04/10/26 | 94000 | 94050450 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $7,007,674,965) |  |  |  | 7007870743 |
| &nbsp;&nbsp; **REPURCHASE AGREEMENTS 24.1%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $430,462,610 collateralized by FHLMC (coupon rate 5.000%, maturity date 02/01/56) and GNMA (coupon rates 1.500%-7.500%, maturity dates 08/15/26-03/15/67) with the aggregate value, including accrued interest, of $439,071,862. |  |  | 430331 | 430331000 |
| &nbsp;&nbsp; CF Secured LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $150,045,875 collateralized by FHLMC (coupon rates 3.500%-6.500%, maturity dates 07/01/49-05/01/55), FNMA (coupon rates 5.000%-6.500%, maturity dates 11/01/53-02/01/56), GNMA (coupon rates 6.000%-7.000%, maturity dates 11/20/55-12/20/65) and U.S. Treasury Securities (coupon rates 3.250%-4.625%, maturity dates 02/28/26-12/31/30) with the aggregate value, including accrued interest, of $153,046,800. |  |  | 150000 | 150000000 |
| &nbsp;&nbsp; Clear Street LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, dated 01/30/26, due 02/02/26 in the amount of $300,092,250 collateralized by FFCSB (coupon rates 2.750%-5.440%, maturity dates 04/22/41-11/03/45), FHLB (coupon rates 4.750%-5.520%, maturity dates 12/10/32-02/10/40), FHLMC (coupon rates 2.000%-7.000%, maturity dates 01/01/43-07/01/55) and FNMA (coupon rates 2.500%-7.000%, maturity dates 12/01/30-11/01/55) with the aggregate value, including accrued interest, of $306,094,095. |  |  | 300000 | 300000000 |
| &nbsp;&nbsp; Credit Agricole Corporate & Investment Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/06/26, due 02/06/26 in the amount of $115,361,451 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.500%, maturity dates 04/09/26-08/15/53) with the aggregate value, including accrued interest, of $117,300,032. |  |  | 115000 | 115000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/08/26, due 02/09/26 in the amount of $100,324,444 collateralized by U.S. Treasury Securities (coupon rates 1.875%-4.125%, maturity dates 06/30/26-07/31/31) with the aggregate value, including accrued interest, of $102,000,063. |  |  | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/13/26, due 02/13/26 in the amount of $290,911,486 collateralized by U.S. Treasury Securities (coupon rates 0.375%-4.000%, maturity dates 01/15/27-02/15/33) with the aggregate value, including accrued interest, of $295,800,064. |  |  | 290000 | 290000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/16/26, due 02/17/26 in the amount of $112,363,378 collateralized by U.S. Treasury Securities (coupon rates 3.625%-4.000%, maturity dates 08/15/27-11/15/52) with the aggregate value, including accrued interest, of $114,240,075. |  |  | 112000 | 112000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/22/26, due 02/23/26 in the amount of $50,162,222 collateralized by U.S. Treasury Securities (coupon rates 3.625%-4.125%, maturity dates 03/31/28-02/29/32) with the aggregate value, including accrued interest, of $51,000,084. |  |  | 50000 | 50000000 |
| &nbsp;&nbsp; ING Financial Markets LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64%, dated 01/28/26, due 02/04/26 in the amount of $100,070,778 collateralized by FHLMC (coupon rates 3.000%-6.650%, maturity dates 12/01/32-01/01/56) and FNMA (coupon rates 2.000%-6.500%, maturity dates 02/01/34-09/01/57) with the aggregate value, including accrued interest, of $102,051,567. |  |  | 100000 | 100000000 |
| &nbsp;&nbsp; Natixis, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/29/26, due 03/19/26 in the amount of $563,802,351 collateralized by FHLMC (coupon rates 3.000%-7.000%, maturity dates 08/01/32-10/01/55), FNMA (coupon rates 3.000%-6.500%, maturity dates 02/01/31-12/01/55) and U.S. Treasury Securities (coupon rates 0.625%-4.750%, maturity dates 04/30/26-11/15/55) with the aggregate value, including accrued interest, of $572,220,014. |  |  | 561000 | 561000000 |
| &nbsp;&nbsp; NatWest Markets Securities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64%, dated 01/28/26, due 02/04/26 in the amount of $350,247,722 collateralized by FHLMC (coupon rate 5.500%, maturity date 08/01/53) and FNMA (coupon rate 4.500%, maturity date 06/01/49) with the aggregate value, including accrued interest, of $357,252,677. |  |  | 350000 | 350000000 |
| &nbsp;&nbsp; Northern Trust Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66%, dated 01/30/26, due 02/02/26 in the amount of $125,038,125 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.250%, maturity dates 01/31/26-03/12/26) with the aggregate value, including accrued interest, of $127,500,000. |  |  | 125000 | 125000000 |

---

See Notes to Financial Statements.

6.0 ------

PGIM Core Ultra Short Bond Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br>Rate** | **Maturity<br>Date** | **Principal Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **REPURCHASE AGREEMENTS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; State Street Bank & Trust Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.66%, dated 01/30/26, due 02/02/26 in the amount of $145,044,225 collateralized by U.S. Treasury Securities (coupon rates 2.500%-4.500%, maturity dates 03/31/27-04/15/27) with the aggregate value, including accrued interest, of $147,900,083. |  |  | 145000 | $145000000 |
| &nbsp;&nbsp; U.S. Bancorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $325,099,396 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.875%, maturity dates 01/21/27-11/15/55) with the aggregate value, including accrued interest, of $331,601,390. |  |  | 325000 | 325000000 |
| &nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,153,331,000) |  |  |  | 3153331000 |
| &nbsp;&nbsp; **TIME DEPOSITS 1.7%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 3.650% | 02/03/26 | 79000 | 79000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 3.650 | 02/04/26 | 79000 | 79000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 3.650 | 02/05/26 | 60000 | 60000000 |
| &nbsp;&nbsp; **TOTAL TIME DEPOSITS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $218,000,000) |  |  |  | 218000000 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATION(n) 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Bank |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $34,402,069) | 3.618 | 07/24/26 | 35000 | 34386829 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,119,922,936) |  |  |  | 11120366041 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.9%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $13,069,872,930) |  |  |  | 13071470846 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.1% |  |  |  | 16406097 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $13087876943 |

---

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

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

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

(n) Rate shown reflects yield to maturity at purchased date.

#### 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 January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Investments in Securities** |  |  |  |
| **Assets** |  |  |  |
| **Long-Term Investments** |  |  |  |
| Certificates of Deposit | $— | $1545219715 | $— |
| Commercial Paper |  | 335632149 |  |
| Corporate Bond |  | 49502349 |  |
| U.S. Government Agency Obligation. |  | 20750592 |  |
| **Short-Term Investments** |  |  |  |
| Certificates of Deposit |  | 706777469 |  |
| Commercial Paper |  | 7007870743 |  |
| Repurchase Agreements |  | 3153331000 |  |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 7

------

PGIM Core Ultra Short Bond Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
| **Investments in Securities (continued)** |  |  |  |
| **Assets (continued)** |  |  |  |
| **Short-Term Investments (continued)** |  |  |  |
| Time Deposits | $— | $218000000 | $— |
| U.S. Government Agency Obligation. |  | 34386829 |  |
| **Total** | **$—** | $**13071470846** | **$—** |

---

#### Security Allocation :
The security allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
| Commercial Paper | 56.1% |
| Repurchase Agreements | 24.1 |
| Certificates of Deposit | 17.2 |
| Time Deposits | 1.7 |
| U.S. Government Agency Obligations | 0.4 |
| Corporate Bond | 0.4 |
|  | 99.9 |
| Other assets in excess of liabilities | 0.1 |
|  | 100.0% |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross Market Value of**<br> **Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
| &nbsp;&nbsp; Repurchase Agreements | Banco Santander SA | $430331000 | $(430331000) | $— |
| &nbsp;&nbsp; Repurchase Agreements | CF Secured LLC | 150000000 | (150000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Clear Street LLC | 300000000 | (300000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Credit Agricole<br>Corporate &<br>Investment Bank | 667000000 | (667000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | ING Financial<br>Markets LLC | 100000000 | (100000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Natixis | 561000000 | (561000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | NatWest Markets<br>Securities, Inc. | 350000000 | (350000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Northern Trust Co. | 125000000 | (125000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | State Street Bank &<br>Trust Co. | 145000000 | (145000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | U.S. Bancorp | 325000000 | (325000000) |  |
|  |  | $3153331000 |  |  |

---

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

See Notes to Financial Statements.

8.0 ------

PGIM Core Ultra Short Bond Fund

Statement of Assets & Liabilities

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,916,541,930) | $9918139846 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (cost $3,153,331,000) | 3153331000 |
| &nbsp;&nbsp; Cash | 222433 |
| &nbsp;&nbsp; Interest receivable | 16396233 |
| &nbsp;&nbsp; Prepaid expenses | 35960 |
| &nbsp;&nbsp; **Total Assets** | 13088125472 |
| **Liabilities** |  |
| &nbsp;&nbsp; Custodian and accounting fees payable | 110524 |
| &nbsp;&nbsp; Management fee payable | 80244 |
| &nbsp;&nbsp; Audit fee payable | 28939 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 16667 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 11355 |
| &nbsp;&nbsp; Trustees' fees payable | 800 |
| &nbsp;&nbsp; **Total Liabilities** | 248529 |
| &nbsp;&nbsp; **Net Assets** | $13087876943 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $13086264519 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1612424 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $13087876943 |
| &nbsp;&nbsp; Net asset value and redemption price per share<br> ($13,087,876,943 ÷ 13,087,065,332 shares of beneficial interest issued and outstanding) | $1.00 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 9

------

PGIM Core Ultra Short Bond Fund

Statement of Operations

Year Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Interest income | $651380261 |
| &nbsp;&nbsp; <br> Expenses |  |
| &nbsp;&nbsp; Management fee | 989893 |
| &nbsp;&nbsp; Custodian and accounting fees | 400196 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $100,000) | 100523 |
| &nbsp;&nbsp; Insurance expense | 64526 |
| &nbsp;&nbsp; Professional fees | 32218 |
| &nbsp;&nbsp; Audit fee | 28938 |
| &nbsp;&nbsp; Shareholders' reports | 16064 |
| &nbsp;&nbsp; Trustees' fees | 9600 |
| &nbsp;&nbsp; Miscellaneous | 23017 |
| &nbsp;&nbsp; **Total expenses** | 1664975 |
| &nbsp;&nbsp; Net investment income (loss) | 649715286 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 19818 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1651008) |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | (1631190) |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $648084096 |

---

See Notes to Financial Statements.

10.0 ------

PGIM Core Ultra Short Bond Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**January 31,** | **Year Ended**<br>**January 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $649715286 | $955590595 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 19818 | 81041 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | (1651008) | (3420820) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 648084096 | 952250816 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (649720838) | (955671385) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (99,727,369,869 and 106,157,203,536 shares, respectively) | 99727369891 | 106157203631 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (649,271,833 and 953,302,127 shares, respectively) | 649271833 | 953302127 |
| &nbsp;&nbsp; Cost of shares purchased (103,089,824,079 and 111,142,833,253 shares, respectively) | (103089824079) | (111142833253) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (2713182355) | (4032327495) |
| &nbsp;&nbsp; Total increase (decrease) | (2714819097) | (4035748064) |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 15802696040 | 19838444104 |
| &nbsp;&nbsp; End of year | $13087876943 | $15802696040 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 11

------

PGIM Core Ultra Short Bond Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.04 | 0.05 | 0.05 | 0.02 | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions<sup>(b)</sup> |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.04 | 0.05 | 0.05 | 0.02 | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** | &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.04) | (0.05) | (0.05) | (0.02) | - <sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | -<sup>(b)</sup> | -<sup>(b)</sup> | -<sup>(b)</sup> | -<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.04) | (0.05) | (0.05) | (0.02) |  |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 4.46% | 5.44% | 5.50% | 2.20% | 0.13% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $13087877 | $15802696 | $19838444 | $20806273 | $23362544 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $14791251 | $17925685 | $18834633 | $23381342 | $31545754 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.01% | 0.01% | 0.01% | 0.01% | - %<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.01% | 0.01% | 0.01% | 0.01% | - %<sup>(b)</sup> |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.39% | 5.33% | 5.36% | 2.06% | 0.12% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(d)</sup> | 107% | 72% | 119% | 90% | 72% |

---

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

(b) Amount rounds to zero.

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

(d) The Portfolio turnover rate calculation, if any includes floating rate daily demand notes.

See Notes to Financial Statements.

12.0 ------

PGIM Institutional Money Market Fund

Schedule of Investments

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>| **Interest <br>Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| **SHORT-TERM INVESTMENTS 99.4%** | | | | |
| **CERTIFICATES OF DEPOSIT 12.1%** | | | | |
| &nbsp;&nbsp; Bank of America Securities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.340% | 3.980%(c) | 04/27/26 | 50000 | $50019635 |
| &nbsp;&nbsp; Bank of Montreal, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.390% | 4.040(c) | 08/20/26 | 32000 | 32025310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.050(c) | 08/28/26 | 47000 | 47040857 |
| &nbsp;&nbsp; Bank of Nova Scotia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.330% (Cap N/A, Floor 0.000%) | 3.980(c) | 08/07/26 | 20000 | 20009636 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% | 4.000(c) | 07/17/26 | 85500 | 85551488 |
| &nbsp;&nbsp; BNP Paribas SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.340% | 3.990(c) | 09/04/26 | 95000 | 95051186 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.360% | 4.010(c) | 11/05/26 | 56700 | 56737212 |
| &nbsp;&nbsp; BNP Paribas SA | 4.600 | 02/17/26 | 33300 | 33312394 |
| &nbsp;&nbsp; Canadian Imperial Bank of Commerce,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% (Cap N/A, Floor 0.000%) | 4.050(c) | 08/03/26 | 30000 | 30032079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.430% | 4.080(c) | 05/08/26 | 37500 | 37534571 |
| &nbsp;&nbsp; Citibank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.410% (Cap N/A, Floor 0.000%) | 4.060(c) | 04/22/26 | 15000 | 15007931 |
| &nbsp;&nbsp; Credit Agricole Corporate & Investment Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.270% | 3.920(c) | 06/10/26 | 20000 | 20015234 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% | 3.960(c) | 02/17/26 | 50000 | 50006155 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.340% | 3.990(c) | 04/20/26 | 11750 | 11757757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.370% | 4.020(c) | 10/26/26 | 50000 | 50050415 |
| &nbsp;&nbsp; Natixis SA | 4.190 | 03/05/26 | 57450 | 57471601 |
| &nbsp;&nbsp; Nordea Bank Abp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.970(c) | 06/29/26 | 60000 | 60044760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.970(c) | 07/23/26 | 100000 | 100078240 |
| &nbsp;&nbsp; Royal Bank of Canada, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% (Cap N/A, Floor 0.000%) | 4.000(c) | 12/07/26 | 30000 | 30015102 |
| &nbsp;&nbsp; State Street Bank & Trust Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.250% | 3.900(c) | 05/28/26 | 29000 | 29006835 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.250% | 3.900(c) | 06/02/26 | 77000 | 77018164 |
| &nbsp;&nbsp; Svenska Handelsbanken, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.240% | 3.890(c) | 02/26/26 | 25000 | 25002823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.960(c) | 09/16/26 | 35000 | 35020545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.960(c) | 09/24/26 | 43000 | 43025422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.400% | 4.050(c) | 04/15/26 | 35000 | 35021819 |
| &nbsp;&nbsp; Swedbank AB, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% | 3.960(c) | 09/16/26 | 25000 | 25020988 |
| &nbsp;&nbsp; Toronto-Dominion Bank (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% | 4.000(c) | 07/06/26 | 50000 | 50037030 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.390% | 4.040(c) | 08/14/26 | 70000 | 70058982 |
| &nbsp;&nbsp; Wells Fargo Bank NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.310% (Cap N/A, Floor 0.000%) | 3.960(c) | 06/03/26 | 66000 | 66033284 |
| &nbsp;&nbsp; **TOTAL CERTIFICATES OF DEPOSIT** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,336,207,208) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1337007455 |
| &nbsp;&nbsp; **COMMERCIAL PAPER 38.8%** |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp. | 3.870(n) | 03/10/26 | 20000 | 19917992 |
| &nbsp;&nbsp; Bank of America Securities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.320% | 3.960(c) | 05/28/26 | 6000 | 6002831 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.330% | 3.970(c) | 08/05/26 | 40000 | 40021240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.350% | 3.990(c) | 10/28/26 | 104000 | 104061048 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.370% | 3.640(c) | 11/18/26 | 49500 | 49529452 |
| &nbsp;&nbsp; Bank of Montreal,<br>144A, SOFR + 0.370% | 3.650(c) | 05/27/26 | 75000 | 75009878 |
| &nbsp;&nbsp; Bank of New York Mellon (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOFR + 0.260% | 4.590(c) | 04/07/26 | 95000 | 95026999 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 13

------

PGIM Institutional Money Market Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>| **Interest <br>Rate**<br>| **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL PAPER (Continued)** |  | | | |
| &nbsp;&nbsp;&nbsp; Caisse des Depots et Consignations,<br>144A | 3.733%(n) | 04/15/26 | 61000 | $&nbsp;&nbsp;&nbsp;&nbsp;60530111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.753(n) | 05/26/26 | 50000 | 49405390 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.982(n) | 03/31/26 | 20000 | 19876666 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.989(n) | 02/04/26 | 100000 | 99949350 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.110(n) | 02/02/26 | 15000 | 14995445 |
| &nbsp;&nbsp;&nbsp; CDP Financial, Inc.,<br>144A | 3.682(n) | 02/23/26 | 26900 | 26833175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.752(n) | 08/04/26 | 25000 | 24526217 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.874(n) | 06/08/26 | 5000 | 4933709 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.874(n) | 06/09/26 | 15000 | 14799584 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.002(n) | 04/09/26 | 55000 | 54609060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.680(c) | 09/14/26 | 29550 | 29562582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 02/03/26 | 32000 | 32000496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 3.640(c) | 12/02/26 | 37000 | 37011736 |
| &nbsp;&nbsp;&nbsp; Citigroup Global Markets, Inc.,<br>144A, SOFR + 0.350% | 3.640(c) | 06/22/26 | 33750 | 33761661 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.370% | 3.640(c) | 12/01/26 | 50000 | 50002448 |
| &nbsp;&nbsp;&nbsp; Commonwealth Bank of Australia,<br>144A, SOFR + 0.210% | 3.850(c) | 03/09/26 | 27000 | 27003394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.650(c) | 07/31/26 | 15000 | 15006594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.320% | 3.960(c) | 06/30/26 | 23000 | 23010900 |
| &nbsp;&nbsp; Emory University | 3.780(n) | 03/16/26 | 12000 | 11943637 |
| &nbsp;&nbsp; EssilorLuxottica SA,<br>144A | 3.714(n) | 04/01/26 | 55000 | 54658054 |
| &nbsp;&nbsp;&nbsp; Federation Des Caisses Desjardins,<br>144A | 3.754(n) | 07/22/26 | 28800 | 28293872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.867(n) | 03/09/26 | 42000 | 41835049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.430% | 3.650(c) | 04/13/26 | 85000 | 85045917 |
| &nbsp;&nbsp;&nbsp; Federation Des Caisses Desjardins Du Quebec,<br>144A | 3.728(n) | 02/25/26 | 33000 | 32911213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.745(n) | 07/21/26 | 13000 | 12772798 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.757(n) | 07/14/26 | 7000 | 6882415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.302(n) | 02/17/26 | 60000 | 59887824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.345(n) | 02/19/26 | 27500 | 27442822 |
| &nbsp;&nbsp; ING (U.S.) Funding LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.920(c) | 04/22/26 | 73500 | 73525210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 3.980(c) | 08/18/26 | 27000 | 27009453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.340% | 4.740(c) | 07/06/26 | 75700 | 75734701 |
| &nbsp;&nbsp;&nbsp; ITOCHU Treasury Center Americas, Inc.,<br>144A | 3.713(n) | 02/02/26 | 72000 | 71977392 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.331(n) | 02/05/26 | 33300 | 33279038 |
| &nbsp;&nbsp; Johns Hopkins University | 3.670 | 05/19/26 | 10000 | 10000453 |
| &nbsp;&nbsp; JPMorgan Securities LLC,<br>144A, SOFR + 0.270% | 3.640(c) | 06/09/26 | 75500 | 75517003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.640(c) | 05/06/26 | 39000 | 39002453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.280% | 3.640(c) | 05/13/26 | 50000 | 50003103 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.330% | 3.970(c) | 10/13/26 | 55000 | 55020124 |
| &nbsp;&nbsp;&nbsp; KFW,<br>144A | 3.729(n) | 07/29/26 | 17000 | 16694000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.980(n) | 05/22/26 | 47000 | 46472040 |
| &nbsp;&nbsp;&nbsp; LVMH Moet Hennessy Louis Vuitton,<br>144A | 4.381(n) | 03/17/26 | 35000 | 34836525 |
| &nbsp;&nbsp; Memorial Hermann Health System | 3.680(n) | 02/18/26 | 22500 | 22456409 |
| &nbsp;&nbsp; Memorial Hermann Health System | 3.700(n) | 02/03/26 | 20500 | 20491695 |
| &nbsp;&nbsp; Mitsubishi Corp,<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.836(n) | 03/18/26 | 8000 | 7961251 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.975(n) | 02/06/26 | 17000 | 16987901 |
| &nbsp;&nbsp; Mitsubishi Corp.,<br>144A | 3.725(n) | 04/01/26 | 23500 | 23352277 |

---

See Notes to Financial Statements.

14.0 ------

PGIM Institutional Money Market Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description**<br>| **Interest <br>Rate**<br>| **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| **COMMERCIAL PAPER (Continued)** |  | | | |
| &nbsp;&nbsp; Mitsubishi Corp., (cont'd.)<br>144A | 3.732%(n) | 03/25/26 | 32000 | $&nbsp;&nbsp;&nbsp;&nbsp;31821920 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.049(n) | 02/25/26 | 160000 | 159573888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.072(n) | 02/27/26 | 51500 | 51352246 |
| &nbsp;&nbsp; National Australia Bank Ltd.,<br>144A, SOFR + 0.190% | 3.650(c) | 04/20/26 | 50000 | 50008540 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.650(c) | 10/20/26 | 95000 | 95061892 |
| &nbsp;&nbsp; National Securities Clearing Corp.,<br>144A | 3.699(n) | 05/04/26 | 52740 | 52231254 |
| &nbsp;&nbsp; New York Life Short Term Funding LLC,<br>144A | 3.755(n) | 04/22/26 | 26600 | 26375437 |
| &nbsp;&nbsp; Nordea Bank Abp,<br>144A, SOFR + 0.250% | 3.650(c) | 05/08/26 | 25000 | 25012025 |
| &nbsp;&nbsp; Ontario Teacher's Finance Trust,<br>144A | 3.738(n) | 08/12/26 | 13500 | 13237713 |
| &nbsp;&nbsp; Province of Alberta,<br>144A | 3.754(n) | 04/30/26 | 50000 | 49545625 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.790(n) | 07/24/26 | 72000 | 70756337 |
| &nbsp;&nbsp; Province of Alberta Canada,<br>144A | 3.739(n) | 04/20/26 | 113992 | 113069087 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.745(n) | 05/21/26 | 62650 | 61951202 |
| &nbsp;&nbsp; Province of Ontario | 3.728(n) | 05/28/26 | 60000 | 59289702 |
| &nbsp;&nbsp; Province of Ontario | 4.019(n) | 02/23/26 | 60000 | 59854428 |
| &nbsp;&nbsp; Province of Ontario | 4.019(n) | 02/24/26 | 50000 | 49873690 |
| &nbsp;&nbsp; Province of Ontario | 4.313(n) | 02/19/26 | 50000 | 49898770 |
| &nbsp;&nbsp; PSP Capital, Inc.,<br>144A | 3.704(n) | 04/08/26 | 50000 | 49653515 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.983(n) | 03/20/26 | 50000 | 49750235 |
| &nbsp;&nbsp; Royal Bank of Canada,<br>144A, SOFR + 0.340% | 3.650(c) | 10/30/26 | 63000 | 63036471 |
| &nbsp;&nbsp; RWJ Barnabas Health, Inc. | 3.830(n) | 02/17/26 | 50000 | 49908870 |
| &nbsp;&nbsp; Sanofi SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 4.083(n) | 02/10/26 | 33000 | 32963113 |
| &nbsp;&nbsp; Saudi Arabian Oil Co. | 3.735(n) | 04/22/26 | 63250 | 62716701 |
| &nbsp;&nbsp; Saudi Arabian Oil Co. | 3.755(n) | 04/20/26 | 50000 | 49588520 |
| &nbsp;&nbsp; Saudi Arabian Oil Co. | 3.959(n) | 03/02/26 | 36000 | 35885578 |
| &nbsp;&nbsp; Saudi Arabian Oil Co. | 3.967(n) | 02/02/26 | 22000 | 21993220 |
| &nbsp;&nbsp; Sentara Healthcare | 3.760(n) | 03/25/26 | 15000 | 14914095 |
| &nbsp;&nbsp; Skandinaviska Enskilda Banken AB,<br>144A, SOFR + 0.250% | 3.640(c) | 05/11/26 | 9750 | 9753839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 08/14/26 | 31250 | 31271525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 09/08/26 | 93000 | 93066309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.320% | 3.960(c) | 06/26/26 | 30000 | 30018837 |
| &nbsp;&nbsp; Sutter Health | 3.810(n) | 02/19/26 | 45000 | 44904892 |
| &nbsp;&nbsp; Svenska Handelsbanken,<br>144A, SOFR + 0.230% | 3.870(c) | 03/05/26 | 50000 | 50006830 |
| &nbsp;&nbsp; Swedbank AB,<br>144A, SOFR + 0.300% | 3.640(c) | 10/14/26 | 100000 | 100074660 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.310% | 3.640(c) | 09/09/26 | 50000 | 50039835 |
| &nbsp;&nbsp; Texas Public Finance Authority | 3.800 | 03/25/26 | 9000 | 9000495 |
| &nbsp;&nbsp; TotalEnergies Capital SA,<br>144A | 3.733(n) | 03/23/26 | 35000 | 34811934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A | 3.791(n) | 03/31/26 | 87500 | 86957500 |
| &nbsp;&nbsp; Toyota Credit Canada Inc. | 3.985(n) | 08/26/26 | 25000 | 24457755 |
| &nbsp;&nbsp; Toyota Credit Canada Inc. | 4.158(n) | 06/10/26 | 28000 | 27618357 |
| &nbsp;&nbsp; Toyota Motor Credit Corp. | 4.378(n) | 04/14/26 | 10000 | 9923122 |
| &nbsp;&nbsp; Trinity Health Corp | 3.780(n) | 02/19/26 | 31000 | 30937237 |
| &nbsp;&nbsp; Westpac Banking Corp.,<br>144A, SOFR + 0.300% | 3.650(c) | 10/08/26 | 35000 | 35014371 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 15

------

PGIM Institutional Money Market Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Interest<br> Rate** | **Maturity<br>Date** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal <br>Amount**<br> **(000)#** | **Value** |
| &nbsp;&nbsp; **COMMERCIAL PAPER (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Westpac Banking Corp., (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.300% | 3.650%(c) | 10/09/26 | 50000 | $50020415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 144A, SOFR + 0.400% | 3.650(c) | 04/10/26 | 60000 | 60032202 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL PAPER** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $4,295,909,328) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4296616776 |
| &nbsp;&nbsp; **CORPORATE BONDS 0.5%** |  |  |  |  |
| &nbsp;&nbsp; **Auto Manufacturers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Toyota Motor Credit Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN, SOFR + 0.300% | 3.950(c) | 02/24/26 | 16500 | 16500783 |
| &nbsp;&nbsp; **Banks 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A, SOFR + 0.560% | 4.242(c) | 03/18/26 | 40000 | 40020000 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $56,514,558) |  |  |  | 56520783 |
| &nbsp;&nbsp; **REPURCHASE AGREEMENTS 35.4%** |  |  |  |  |
| &nbsp;&nbsp; Banco Santander SA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $302,355,442 collateralized by GNMA (coupon rates 5.000%-7.500%, maturity dates 10/20/52-11/15/60) with the aggregate value, including accrued interest, of $308,402,552. |  |  | 302263 | 302263000 |
| &nbsp;&nbsp; Cantor Fitzgerald LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $100,030,583 collateralized by FHLMC (coupon rates 2.000%-6.000%, maturity dates 01/01/41-12/01/55), FNMA (coupon rates 2.500%-7.000%, maturity dates 05/01/28-02/01/57) and U.S. Treasury Securities (coupon rates 0.000%-3.500%, maturity dates 06/11/26-04/30/30) with the aggregate value, including accrued interest, of $102,031,243. |  |  | 100000 | 100000000 |
| &nbsp;&nbsp; CF Secured LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $450,137,625 collateralized by FHLMC (coupon rates 3.000%-6.000%, maturity dates 07/01/49-11/01/55), FNMA (coupon rates 2.500%-6.500%, maturity dates 08/01/38-01/01/60), GNMA (coupon rates 3.500%-7.000%, maturity dates 07/20/50-04/20/74) and U.S. Treasury Securities (coupon rates 0.000%-3.750%, maturity dates 04/16/26-05/15/48) with the aggregate value, including accrued interest, of $459,140,382. |  |  | 450000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;450000000 |
| &nbsp;&nbsp; Clear Street LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.69%, dated 01/30/26, due 02/02/26 in the amount of $172,052,890 collateralized by FFCSB (coupon rates 1.140%-3.700%, maturity dates 10/14/27-04/22/41), FHLMC (coupon rates 2.500%-6.000%, maturity dates 02/01/34-02/01/55) and FNMA (coupon rates 2.000%-5.000%, maturity dates 08/01/30-11/01/53) with the aggregate value, including accrued interest, of $175,493,948. |  |  | 172000 | 172000000 |
| &nbsp;&nbsp; Credit Agricole Corporate & Investment Bank, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/06/26, due 02/06/26 in the amount of $100,314,306 collateralized by U.S. Treasury Securities (coupon rates 0.250%-4.625%, maturity dates 08/15/27-02/15/50) with the aggregate value, including accrued interest, of $102,000,004. |  |  | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/08/26, due 02/09/26 in the amount of $70,227,111 collateralized by U.S. Treasury Securities (coupon rates 0.125%-4.250%, maturity dates 06/15/26-05/15/43) with the aggregate value, including accrued interest, of $71,400,068. |  |  | 70000 | 70000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/13/26, due 02/13/26 in the amount of $185,581,465 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.500%, maturity dates 04/09/26-11/15/52) with the aggregate value, including accrued interest, of $188,700,018. |  |  | 185000 | 185000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.65%, dated 01/16/26, due 02/17/26 in the amount of $86,279,022 collateralized by U.S. Treasury Securities (coupon rates 2.250%-3.625%, maturity dates 03/31/28-05/15/41) with the aggregate value, including accrued interest, of $87,720,002. |  |  | 86000 | 86000000 |
| &nbsp;&nbsp; Deutsche Bank Securities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.67%, dated 01/30/26, due 02/02/26 in the amount of $165,050,463 collateralized by U.S. Treasury Securities (coupon rates 3.625%-4.375%, maturity dates 08/15/28-05/15/34) with the aggregate value, including accrued interest, of $168,300,039. |  |  | 165000 | 165000000 |
| &nbsp;&nbsp; ING Financial Markets LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3.64%, dated 01/28/26, due 02/04/26 in the amount of $140,099,089 collateralized by FHLMC (coupon rates 4.000%-7.000%, maturity dates 03/15/31-08/01/55) and FNMA (coupon rates 2.000%-7.000%, maturity dates 03/01/27-02/01/57) with the aggregate value, including accrued interest, of $142,872,193. |  |  | 140000 | 140000000 |

---

See Notes to Financial Statements.

16.0 ------

PGIM Institutional Money Market Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | | | **Principal<br>Amount<br>(000)#** | **Value** |
| &nbsp;&nbsp; **REPURCHASE AGREEMENTS (Continued)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Natixis,<br>3.67%, dated 01/29/26, due 03/19/26 in the amount of $577,872,285 collateralized by FFCSB (coupon rates 2.340%-2.780%, maturity dates 10/14/36-12/01/36), FHLMC (coupon rates 2.150%-6.500%, maturity dates 03/01/35-09/01/55), FNMA (coupon rates 1.610%-6.500%, maturity dates 02/01/29-10/01/55) and U.S. Treasury Securities (coupon rates 0.375%-4.625%, maturity dates 05/15/26-11/15/55) with the aggregate value, including accrued interest, of $586,500,024. |  |  | 575000 | $575000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NatWest Markets Securities, Inc.,<br>3.64%, dated 01/28/26, due 02/04/26 in the amount of $230,162,789 collateralized by FNMA (coupon rate 4.500%, maturity date 06/01/49) and U.S. Treasury Securities (coupon rates 1.375%-4.625%, maturity dates 08/31/26-09/30/32) with the aggregate value, including accrued interest, of $234,766,083. |  |  | 230000 | 230000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nomura International PLC,<br>3.67%, dated 01/30/26, due 02/02/26 in the amount of $208,063,613 collateralized by FHLMC (coupon rates 5.000%-6.000%, maturity dates 08/01/40-11/01/55), FNMA (coupon rates 4.500%-6.000%, maturity dates 02/01/47-10/01/55) and GNMA (coupon rates 3.500%-5.000%, maturity dates 09/20/53-09/20/55) with the aggregate value, including accrued interest, of $212,226,761. |  |  | 208000 | 208000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Santander US Capital Markets LLC,<br>3.67%, dated 01/30/26, due 02/02/26 in the amount of $250,076,458 collateralized by FHLMC (coupon rates 0.000%-7.000%, maturity dates 02/15/26-02/01/56), FNMA (coupon rates 0.000%-8.000%, maturity dates 02/25/26-08/01/55), GNMA (coupon rates 2.000%-7.500%, maturity dates 01/20/28-11/20/64) and U.S. Treasury Securities (coupon rates 0.000%-4.625%, maturity dates 02/15/26-02/15/50) with the aggregate value, including accrued interest, of $255,077,987. |  |  | 250000 | 250000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; U.S. Bancorp,<br>3.67%, dated 01/30/26, due 02/02/26 in the amount of $675,206,438 collateralized by U.S. Treasury Securities (coupon rates 0.125%-4.875%, maturity dates 07/31/26-05/15/44) with the aggregate value, including accrued interest, of $688,710,587. |  |  | 675000 | 675000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Wells Fargo Securities LLC,<br>3.68%, dated 01/30/26, due 02/06/26 in the amount of $215,153,844 collateralized by FNMA (coupon rates 2.000%-8.000%, maturity dates 03/01/30-01/01/57) with the aggregate value, including accrued interest, of $219,456,921. |  |  | 215000 | 215000000 |
| &nbsp;&nbsp; **TOTAL REPURCHASE AGREEMENTS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $3,923,263,000) |  |  |  | 3923263000 |
|  | **Interest<br>Rate** | **Maturity<br>Date** |  |  |
| &nbsp;&nbsp; **TIME DEPOSITS 12.6%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 3.650% | 02/03/26 | 68000 | 68000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 3.650 | 02/04/26 | 68000 | 68000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ABN AMRO Bank NV | 3.650 | 02/05/26 | 87000 | 87000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Australia & New Zealand Banking Group Ltd. | 3.650 | 02/02/26 | 300000 | 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Canadian Imperial Bank of Commerce | 3.630 | 02/02/26 | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperatieve Rabobank UA | 3.630 | 02/02/26 | 300000 | 300000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Credit Agricole Corporate & Investment Bank | 3.580 | 02/02/26 | 45000 | 45000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DNB Bank ASA/New York | 3.620 | 02/02/26 | 100000 | 100000000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mizuho Bank Ltd. | 3.640 | 02/02/26 | 273642 | 273642000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royal Bank of Canada | 3.580 | 02/02/26 | 50000 | 50000000 |
| &nbsp;&nbsp; **TOTAL TIME DEPOSITS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $1,391,642,000) |  |  |  | 1391642000 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 99.4%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $11,003,536,094) |  |  |  | 11005050014 |
| &nbsp;&nbsp; Other assets in excess of liabilities 0.6% |  |  |  | 64199915 |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11069249929 |

---

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

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

See Notes to Financial Statements.

Prudential Investment Portfolios 2 17

------

PGIM Institutional Money Market Fund

Schedule of Investments (continued)

as of January 31, 2026

(c) Variable rate instrument. The interest rate shown reflects the rate in effect at January 31, 2026.

(n) Rate shown reflects yield to maturity at purchased date.

#### 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 January 31, 2026 in valuing such portfolio securities:

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Short-Term Investments** |  |  |  |
|  Certificates of Deposit | $— | $1337007455 | $— |
|  Commercial Paper |  | 4296616776 |  |
|  Corporate Bonds |  | 56520783 |  |
|  Repurchase Agreements |  | 3923263000 |  |
|  Time Deposits |  | 1391642000 |  |
|  **Total** | **$—** | $**11005050014** | **$—** |

---

#### Security Allocation :
The security allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Commercial Paper | 38.8% |
|  Repurchase Agreements | 35.4 |
|  Time Deposits | 12.6 |
|  Certificates of Deposit | 12.1 |
|  Corporate Bonds | 0.5 |
|  | 99.4 |
|  Other assets in excess of liabilities | 0.6 |
|  | 100.0% |

---

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross Market Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
| &nbsp;&nbsp; Repurchase Agreements | Banco Santander SA | $302263000 | $(302263000) | $— |
| &nbsp;&nbsp; Repurchase Agreements | Cantor Fitzgerald LP | 100000000 | (100000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | CF Secured LLC | 450000000 | (450000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Clear Street LLC | 172000000 | (172000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Credit Agricole Corporate & Investment Bank | 441000000 | (441000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Deutsche Bank Securities, Inc. | 165000000 | (165000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | ING Financial Markets LLC | 140000000 | (140000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Natixis | 575000000 | (575000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | NatWest Markets Securities, Inc. | 230000000 | (230000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Nomura International PLC | 208000000 | (208000000) |  |

---

See Notes to Financial Statements.

18.0 ------

PGIM Institutional Money Market Fund

Schedule of Investments (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Counterparty** | **Gross Market Value of<br>Recognized<br>Assets/(Liabilities)** | **Collateral<br>Pledged/(Received)(1)** | **Net<br>Amount** |
| &nbsp;&nbsp; Repurchase Agreements | Santander US Capital<br>Markets LLC | $250000000 | $(250000000) | $— |
| &nbsp;&nbsp; Repurchase Agreements | U.S. Bancorp | 675000000 | (675000000) |  |
| &nbsp;&nbsp; Repurchase Agreements | Wells Fargo<br>Securities LLC | 215000000 | (215000000) |  |
|  |  | $3923263000 |  |  |

---

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

See Notes to Financial Statements.

Prudential Investment Portfolios 2 19

------

PGIM Institutional Money Market Fund

Statement of Assets & Liabilities

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $7,080,273,094) | $7081787014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repurchase Agreements (cost $3,923,263,000) | 3923263000 |
| &nbsp;&nbsp; Cash | 129574 |
| &nbsp;&nbsp; Receivable for investments sold | 51441619 |
| &nbsp;&nbsp; Interest receivable | 13322594 |
| &nbsp;&nbsp; Prepaid expenses | 11297 |
| &nbsp;&nbsp; **Total Assets** | 11069955098 |
| **Liabilities** |  |
| &nbsp;&nbsp; Management fee payable | 588747 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 40928 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 29840 |
| &nbsp;&nbsp; Audit fee payable | 28187 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 16667 |
| &nbsp;&nbsp; Trustees' fees payable | 800 |
| &nbsp;&nbsp; **Total Liabilities** | 705169 |
| &nbsp;&nbsp; **Net Assets** | $11069249929 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $11067615399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 1634530 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $11069249929 |
| &nbsp;&nbsp; <br> Net asset value, offering price and redemption price per share<br> ($11,069,249,929 ÷ 11,075,622,119 shares of beneficial interest issued and outstanding) | $0.9994 |

---

See Notes to Financial Statements.

20.0 ------

PGIM Institutional Money Market Fund

Statement of Operations

Year Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Interest income | $439781573 |
| &nbsp;&nbsp; <br> Expenses |  |
| &nbsp;&nbsp; Management fee | 15196367 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $100,000) | 175228 |
| &nbsp;&nbsp; Custodian and accounting fees | 96843 |
| &nbsp;&nbsp; Professional fees | 41363 |
| &nbsp;&nbsp; Audit fee | 28186 |
| &nbsp;&nbsp; Shareholders' reports | 14474 |
| &nbsp;&nbsp; Trustees' fees | 9600 |
| &nbsp;&nbsp; Miscellaneous | 70853 |
| &nbsp;&nbsp; **Total expenses** | 15632914 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (8541277) |
| &nbsp;&nbsp; **Net expenses** | 7091637 |
| &nbsp;&nbsp; Net investment income (loss) | 432689936 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 139654 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 257220 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 396874 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $433086810 |

---

See Notes to Financial Statements.

Prudential Investment Portfolios 2 21

------

PGIM Institutional Money Market Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**January 31,** | **Year Ended**<br>**January 31,** |
|  | **2026** | **2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $432689936 | $570047471 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 139654 | 184355 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 257220 | (4897299) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 433086810 | 565334527 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings | (432701777) | (570231581) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (111,500,592,466 and 107,654,142,324 shares, respectively) | 111428454136 | 107598568672 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (432,065,477 and 566,548,638 shares, respectively) | 431781495 | 566241572 |
| &nbsp;&nbsp; Cost of shares purchased (108,838,032,026 and 114,992,994,889 shares, respectively) | (108767541076) | (114933152269) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 3092694555 | (6768342025) |
| &nbsp;&nbsp; Total increase (decrease) | 3093079588 | (6773239079) |
| &nbsp;&nbsp; <br> **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of year | 7976170341 | 14749409420 |
| &nbsp;&nbsp; End of year | $11069249929 | $7976170341 |

---

See Notes to Financial Statements.

22.0 ------

PGIM Institutional Money Market Fund

Financial Highlights

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** | **Year Ended**<br> **January 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** |
| &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** | &nbsp;&nbsp;&nbsp;**Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Net Asset Value, Beginning of Year** | $0.9994 | $0.9997 | $0.9998 | $0.9993 | $0.9996 |
| &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** | &nbsp;&nbsp;&nbsp;**Income (loss) from investment operations:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 0.0427 | 0.0528 | 0.0531 | 0.0215 | 0.0009 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.0001 | (0.0009) | -<sup>(b)</sup> | 0.0004 | (0.0003) |
| &nbsp;&nbsp;&nbsp;Total from investment operations | 0.0428 | 0.0519 | 0.0531 | 0.0219 | 0.0006 |
| &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** | &nbsp;&nbsp;&nbsp;**Less Dividends and Distributions:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Dividends from net investment income | (0.0428) | (0.0522) | (0.0532) | (0.0214) | (0.0009) |
| &nbsp;&nbsp;&nbsp;Distributions from net realized gains | -<sup>(b)</sup> | -<sup>(b)</sup> | -<sup>(b)</sup> | -<sup>(b)</sup> |  |
| &nbsp;&nbsp;&nbsp;Total dividends and distributions | (0.0428) | (0.0522) | (0.0532) | (0.0214) | (0.0009) |
| &nbsp;&nbsp;&nbsp;Net asset value, end of year | $0.9994 | $0.9994 | $0.9997 | $0.9998 | $0.9993 |
| &nbsp;&nbsp;&nbsp;**Total Return<sup>(c)</sup>:** | 4.37% | 5.32% | 5.44% | 2.21% | 0.06% |
| &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** | &nbsp;&nbsp;&nbsp;**Ratios/Supplemental Data:** |
| &nbsp;&nbsp;&nbsp;Net assets, end of year (000) | $11069250 | $7976170 | $14749409 | $17450710 | $14013764 |
| &nbsp;&nbsp;&nbsp;Average net assets (000) | $10130911 | $10778459 | $16185539 | $17241721 | $16528965 |
| &nbsp;&nbsp;&nbsp;Ratios to average net assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Expenses after waivers and/or expense reimbursement | 0.07% | 0.07% | 0.07% | 0.07% | 0.07% |
| &nbsp;&nbsp;&nbsp;Expenses before waivers and/or expense reimbursement | 0.15% | 0.15% | 0.15% | 0.15% | 0.15% |
| &nbsp;&nbsp;&nbsp;Net investment income (loss) | 4.27% | 5.29% | 5.31% | 2.15% | 0.09% |

---

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

(b) Amount rounds to zero.

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

See Notes to Financial Statements.

Prudential Investment Portfolios 2 23

------

Notes to Financial Statements

1. Organization

Prudential Investment Portfolios 2 (the "Registered Investment Company" or "RIC") is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust.

These financial statements relate only to the following series of the RIC: the PGIM Core Ultra Short Bond Fund and the PGIM Institutional Money Market Fund (each, a "Fund" and collectively, the "Funds"). Shares of the Funds are not registered under the Securities Act of 1933, as amended. The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective(s)** |
| PGIM Core Ultra Short Bond Fund | Current income consistent with the preservation of capital and the maintenance of liquidity. |
| PGIM Institutional Money Market Fund | Current income consistent with the preservation of capital and the maintenance of liquidity. |

---

2. Accounting Policies

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

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

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

*Securities Valuation:* The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange ("NYSE") is open for trading. As described in further detail below, the Funds' investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC's Board of Trustees (the "Board") has approved the Funds' valuation policies and procedures for security valuation and designated PGIM Investments LLC ("PGIM Investments", the "Investment Manager" or the "Manager") as the "Valuation Designee," as defined by Rule 2a-5(b) under the 1940 Act, to perform the fair value determination relating to all Funds investments. Pursuant to the Board's oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities of the Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

24.0 ------

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

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

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

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

*Repurchase Agreements:* Certain Funds entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Fund's policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

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

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

*Mandatory Liquidity Fee:* The PGIM Institutional Money Market Fund has implemented a mandatory liquidity fee framework as required by Rule 2a-7 under the 1940 Act, whereby institutional prime money market funds must charge a liquidity fee to all shares that are redeemed when total daily net redemptions exceed 5% of the Fund's net assets. The liquidity fee is generally determined by making a good faith estimate of the transaction and market impact costs that would be incurred if a pro rata amount of each security in the portfolio was sold to satisfy the amount of net redemptions. Liquidity fees are not charged if such costs are deemed de minimis (less than one basis point or 0.01% of the value of the shares redeemed). For the year ended January 31, 2026, the Fund did not charge a liquidity fee.

25.0 ------

Notes to Financial Statements (continued)

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

*Dividends and Distributions:* Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

---

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

---

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

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

3. Agreements

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

---

| | |
|:---|:---|
| **Fund** | **Subadviser(s)** |
| PGIM Core Ultra Short Bond Fund | PGIM Fixed Income ("PFI")(a business unit of PGIM, Inc.); PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.) |
| PGIM Institutional Money Market Fund | PFI; PGIM Limited |

---

The PGIM Core Ultra Short Bond Fund reimburse PGIM Investments for its costs and expenses incurred in managing the Fund's investment operations and administering its business affairs. The costs are accrued daily and payable monthly. The management fee paid to the Manager by the PGIM Institutional Money Market Fund was accrued daily and payable monthly. For the year ended January 31, 2026, the effective management fees for the Funds were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Management Fee** | **Effective**<br> **Management Fee,**<br> **before any waivers**<br> **and/or expense<br>reimbursements** |
| PGIM Core Ultra Short Bond Fund | N/A | 0.01%\* |
| PGIM Institutional Money Market Fund | 0.15% of average daily net assets | 0.15% |

---

\* Amounts received by PGIM Investments from the Fund consist of reimbursement for costs and expenses.

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

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

26.0 ------

The expense limitations attributable to each Fund are as follows:

---

| | |
|:---|:---|
| **Fund** | **Fee Waivers and/or**<br> **Expense Limitations** |
| PGIM Core Ultra Short Bond Fund | N/A |
| PGIM Institutional Money Market Fund | contractually limit expenses to 0.07% |

---

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

4. Other Transactions with Affiliates

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

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended January 31, 2026, no 17a-7 transactions were entered into by the Funds.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended January 31, 2026, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of <br>Purchases** | **Proceeds <br>from Sales** |
| PGIM Core Ultra Short Bond Fund | $1929200000 | $1829150000 |
| PGIM Institutional Money Market Fund |  |  |

---

6. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date.

For the year ended January 31, 2026, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| PGIM Core Ultra Short Bond Fund | $649720838 | $— | $— | $649720838 |
| PGIM Institutional Money Market Fund | 432701777 |  |  | 432701777 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Ordinary<br>Income** | **Long-Term<br>Capital Gains** | **Tax Return<br>of Capital** | **Total Dividends<br>and Distributions** |
| PGIM Core Ultra Short Bond Fund | $955671385 | $— | $— | $955671385 |
| PGIM Institutional Money Market Fund | 570231581 |  |  | 570231581 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Undistributed<br>Ordinary<br>Income** | **Undistributed<br>Long-Term<br>Capital Gains** |
| PGIM Core Ultra Short Bond Fund | $14508 | $— |
| PGIM Institutional Money Market Fund | 126184 |  |

---

27.0 ------

Notes to Financial Statements (continued)

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Tax Basis** | **Gross<br>Unrealized<br>Appreciation** | **Gross<br>Unrealized<br>Depreciation** | **Net<br>Unrealized<br>Appreciation** |
| PGIM Core Ultra Short Bond Fund | $13069872930 | $2253529 | $(655613) | $1597916 |
| PGIM Institutional Money Market Fund | 11003536094 | 1755787 | (241867) | 1513920 |

---

There was no difference between GAAP basis and tax basis.

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended January 31, 2026 are subject to such review.

7. Capital and Ownership

Shares of the PGIM Core Ultra Short Bond Fund and the PGIM Institutional Money Market Fund are available only to investment companies managed by PGIM Investments and, as applicable, certain investment advisory clients of PGIM, Inc.

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

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

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| | | |
|:---|:---|:---|
| **Fund** | **Number of Shares** | **Percentage of<br>Outstanding Shares** |
| PGIM Core Ultra Short Bond Fund | 13087065332 | 100.0% |
| PGIM Institutional Money Market Fund | 10645442407 | 96.1 |

---

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Number of**<br> **Shareholders** | **Percentage of**<br> **Outstanding Shares** |
| **Affiliated:** |  |  |
| PGIM Core Ultra Short Bond Fund | 5 | 69.3% |
| PGIM Institutional Money Market Fund | 4 | 38.5 |
| **Unaffiliated:** |  |  |
| PGIM Core Ultra Short Bond Fund |  |  |
| PGIM Institutional Money Market Fund |  |  |

---

8. Risks of Investing in the Funds

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

---

| | | |
|:---|:---|:---|
| **Risks** | **PGIM Core<br>Ultra Short<br>Bond Fund** | **PGIM Institutional<br>Money**<br> **Market Fund** |
| &nbsp;&nbsp; Adjustable and Floating Rate Securities |  | X |
| &nbsp;&nbsp; Credit | X | X |
| &nbsp;&nbsp; Cyber Security | X | X |
| &nbsp;&nbsp; Debt Obligations | X | X |
| &nbsp;&nbsp; Economic and Market Events | X | X |

---

28.0 ------

---

| | | |
|:---|:---|:---|
| **Risks** | **PGIM Core** <br> **Ultra Short** <br> **Bond Fund**  | **PGIM Institutional** <br> **Money** <br> **Market Fund**  |
| &nbsp;&nbsp; Equity and Equity-Related Securities | X |  |
| &nbsp;&nbsp; Floating Net Asset Value |  | X |
| &nbsp;&nbsp; Foreign Securities | X | X |
| &nbsp;&nbsp; Forward Commitments |  | X |
| &nbsp;&nbsp; Increase in Expenses |  | X |
| &nbsp;&nbsp; Interest Rate | X | X |
| &nbsp;&nbsp; Large Shareholder and Large Scale Redemption | X | X |
| &nbsp;&nbsp; Management | X | X |
| &nbsp;&nbsp; Market Disruption and Geopolitical | X | X |
| &nbsp;&nbsp; Market | X | X |
| &nbsp;&nbsp; Mortgage-Backed and Asset-Backed Securities | X | X |
| &nbsp;&nbsp; Municipal Bonds | X | X |
| &nbsp;&nbsp; Portfolio Turnover | X |  |
| &nbsp;&nbsp; Repurchase Agreements | X | X |
| &nbsp;&nbsp; U.S. Government and Agency Securities | X | X |
| &nbsp;&nbsp; Variable and Floating Rate Bonds |  | X |
| &nbsp;&nbsp; When-Issued and Delayed-Delivery Transactions |  | X |
| &nbsp;&nbsp; Yield | X | X |

---

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

*Credit Risk:* The debt obligations in which the Fund invests are generally subject to the risk that the issuer may be unable to repay principal and make interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. All securities purchased by the Fund must present minimal credit risk in the opinion of the subadviser. The Fund is subject to the risk that the subadviser's credit risk determinations may be incorrect. In addition, the credit quality of the securities held by the Fund may change rapidly in certain market conditions, which could result in significant net asset value deterioration.

*Cyber Security Risk:* Failures or breaches of the electronic systems of the Fund, the Fund's manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund's business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund's service providers or issuers of securities in which the Fund invests. In addition, the rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks or result in cyber security incidents that implicate personal data.

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

*Economic and Market Events Risk:* Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. Relatively reduced liquidity in credit and fixed income markets could adversely affect issuers worldwide.

*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.

29.0 ------

Notes to Financial Statements (continued)

*Floating Net Asset Value Risk:* The Fund's NAV floats. The value of the Fund's shares is calculated to four decimal places and will vary, reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund. The Fund's shareholders should not rely on or expect the Fund's manager to purchase distressed assets from the Fund, enter into capital support agreements with the Fund, or make capital infusions into the Fund.

*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.

*Forward Commitments Risk:* Forward commitments are subject to the risk that the counterparty to the forward commitment may fail to make payment or delivery in a timely manner or at all. Forward commitments are also subject to the risk that the value of the security to be purchased may decline prior to the settlement date.

*Increase in Expenses Risk:* Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table of the Fund's prospectus for a variety of reasons. For example, expense ratios may be higher than those shown if average net assets decrease. Net assets are more likely to decrease and Fund expense ratios are more likely to increase when markets are volatile. Active and frequent trading of Fund securities can increase expenses.

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

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

*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.

30.0 ------

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

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

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

*Market Risk:* Securities markets may be volatile and the market prices of the Fund's securities may decline. Securities fluctuate in price based on changes in an issuer's financial condition and overall market and economic conditions.

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

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

*Portfolio Turnover Risk:* The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund's turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund's investment performance.

*Repurchase Agreements Risk:* Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Fund's ability to dispose of the underlying securities. To the extent that, in the meantime, the value of the securities that the Fund has purchased has decreased, the Fund could experience a loss.

31.0 ------

Notes to Financial Statements (continued)

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

*Variable and Floating Rate Bonds Risk:* Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults.

*When-Issued and Delayed-Delivery Transactions Risk:* When-issued and delayed-delivery securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security's price.

*Yield Risk:* The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund's expenses could absorb all or a significant portion of the Fund's income. If interest rates increase, the Fund's yield may not increase proportionately. For example, the Fund's investment manager may discontinue any temporary voluntary fee limitation.

9. Recent Accounting Pronouncement and Regulatory Developments

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

10. Subsequent Event

Each Fund's management evaluated subsequent events through the date of issuance of the financial statements. There have been no subsequent events that occurred during such period that would require disclosure in, or would be required to be recognized in, the financial statements as of January 31, 2026.

32.0 ------

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 2 and Shareholders of PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund

*Opinions on the Financial Statements* 

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund (two of the funds constituting Prudential Investment Portfolios 2, hereafter collectively referred to as the "Funds") as of January 31, 2026, the related statements of operations for the year ended January 31, 2026, the statements of changes in net assets for each of the two years in the period ended January 31, 2026, including the related notes, and the financial highlights for each of the five years in the period ended January 31, 2026 (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of January 31, 2026, the results of each of their operations for the year then ended, the changes in each of their net assets for each of the two years in the period ended January 31, 2026 and each of the financial highlights for each of the five years in the period ended January 31, 2026 in conformity with accounting principles generally accepted in the United States of America.

*Basis for Opinions* 

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the relevant ethical requirements relating to our audits, which include standards of the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct, as well as U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission.

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of January 31, 2026 by correspondence with the custodian and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

March 17, 2026

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

33.0 ------

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

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

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

**Form N-CSR Item 11** - Statement Regarding Basis for Approval of Investment Advisory Contract - None.

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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.

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| | |
|:---|:---|
| 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.  |

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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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| | |
|:---|:---|
| (a)(1) | [Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.](d214926dex99codeeth.htm) |
| (a)(2) | Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.](d214926dex99cert.htm) |
| (a)(4) | Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable. |
| (a)(5) | Change in the registrant's independent public accountant – Not applicable. |
| (b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d214926dex99906cert.htm) | (b) [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.](d214926dex99906cert.htm) |

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#### SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
| Registrant | <u>Prudential Investment Portfolios 2</u> |
| By: | <u>/s/ Andrew R. French</u> |
|  | Andrew R. French |
|  | Secretary |
| Date: | March 17, 2026 |

---

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

---

| | |
|:---|:---|
| By: | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| Date: | March 17, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | March 17, 2026 |

---

## Ex-99.Code

**CODE OF ETHICS FOR PRINCIPAL EXECUTIVE AND** 

**PRINCIPAL FINANCIAL OFFICERS** 

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

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

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

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

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

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

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

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

**II. Conflicts of Interest** 

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

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

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

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

Each Covered Officer must:

------

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

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

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

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

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

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

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

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

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

**III. Disclosure and Compliance** 

Each Covered Officer:

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

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

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

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

**IV. Reporting and Accountability** 

Each Covered Officer must:

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

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

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

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

------

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

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

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

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

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

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

**V. Other Policies and Procedures** 

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

**VI. Amendments** 

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

**VII. Confidentiality** 

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

**VIII. Internal Use** 

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

**IX. Recordkeeping** 

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

Adopted and approved as of September 3, 2003.

------

**EXHIBIT A** 

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

• The Prudential Investment Portfolios, Inc.

• Prudential Investment Portfolios 2

• Prudential Investment Portfolios 3

• Prudential Investment Portfolios 4

• Prudential Investment Portfolios 5

• Prudential Investment Portfolios 6

• Prudential Investment Portfolios 7

• Prudential Investment Portfolios 8

• Prudential Investment Portfolios 9

• Prudential Investment Portfolios, Inc. 10

• Prudential Investment Portfolios 12

• Prudential Government Money Market Fund, Inc.

• Prudential Investment Portfolios, Inc. 14

• Prudential Investment Portfolios, Inc. 15

• Prudential Investment Portfolios 16

• Prudential Investment Portfolios, Inc. 17

• Prudential Investment Portfolios 18

• Prudential Global Total Return Fund, Inc.

• Prudential Jennison Blend Fund, Inc.

• Prudential Jennison Mid-Cap Growth Fund, Inc.

• Prudential Jennison Natural Resources Fund, Inc.

• Prudential Jennison Small Company Fund, Inc.

• Prudential National Muni Fund, Inc.

• Prudential Sector Funds, Inc.

• Prudential Short-Term Corporate Bond Fund, Inc.

• Prudential World Fund, Inc.

• The Target Portfolio Trust

• PGIM ETF Trust

• PGIM High Yield Bond Fund, Inc.

• PGIM Global High Yield Fund, Inc.

• PGIM Short Duration High Yield Opportunities Fund

• Advanced Series Trust

• Prudential's Gibraltar Fund, Inc.

• The Prudential Series Fund

------

**EXHIBIT B** 

**Persons Covered by this Code of Ethics** 

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

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

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

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

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

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 2** 

Annual period ending 1/31/26

File No. 811-09999

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

I, Stuart S. Parker, certify that:

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

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

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

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

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

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

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

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

------

&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.

March 17, 2026

---

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

---

------

Item 19

**Prudential Investment Portfolios 2** 

Annual period ending 1/31/26

File No. 811-09999

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

I, Christian J. Kelly, certify that:

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

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

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

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

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

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

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

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

------

&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.

March 17, 2026

---

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

---

## Exhibit 99.906

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

As Adopted Pursuant to

Section 906 of the Sarbanes-Oxley Act of 2002

Name of Issuer: <u>Prudential Investment Portfolios 2</u>

In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his or her knowledge, that:

1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Issuer.

---

| | |
|:---|:---|
| March 17, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| March 17, 2026 | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |

---

*This certification is being furnished solely pursuant to 18 U.S.C. Section 1350 and is not being filed as part of the Report or as a separate disclosure document.*