# EDGAR Filing Document

**Accession Number:** 0001099692
**File Stem:** 0001193125-26-128924
**Filing Date:** 2026-3
**Character Count:** 376176
**Document Hash:** 391126d5cc2885b6bb755b60f0c459bb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-128924.hdr.sgml**: 20260327

**ACCESSION NUMBER**: 0001193125-26-128924

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 33

**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-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09999
- **FILM NUMBER:** 26807067

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

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

#### FORM N-CSR

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

---

| | |
|:---|:---|
| Investment Company Act file number: | 811-09999 |
| Exact name of registrant as specified in charter: | Prudential Investment Portfolios 2 |
| (This Form N-CSR relates solely to the Registrant's PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Index Fund). | (This Form N-CSR relates solely to the Registrant's PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Index Fund). |
| Address of principal executive offices: | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Name and address of agent for service: | Andrew R. French |
|  | 655 Broad Street, 6<sup>th</sup> Floor |
|  | Newark, New Jersey 07102 |
| Registrant's telephone number, including area code: | 800-225-1852 |
| Date of fiscal year end: | 7/31/2026 |
| 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).

------

![](g72213g1tsrbanner_2026.jpg)

PGIM Jennison Small-Cap Core Equity Fund

Class R6:

PQJCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

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

(the "Fund") for the period of August 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 U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Jennison Small-Cap Core Equity Fund—Class R6 | $52 | 0.95% |

---

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

---

| | |
|:---|:---|
| Fund's net assets | $12965061<br>|
| Number of fund holdings | 130 |
| Portfolio turnover rate for the period | 40% |

---

MF242E2

![](g72213g1pgimlogo_2026.jpg)

------

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

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 9.9% |
| Semiconductors & Semiconductor Equipment | 8.2% |
| Biotechnology | 5.8% |
| Software | 5.4% |
| Metals & Mining | 5.1% |
| Aerospace & Defense | 4.6% |
| Health Care Providers & Services | 4.1% |
| Machinery | 3.7% |
| Insurance | 3.4% |
| Capital Markets | 2.8% |
| Oil, Gas & Consumable Fuels | 2.5% |
| Hotels, Restaurants & Leisure | 2.4% |
| Construction & Engineering | 2.4% |
| Energy Equipment & Services | 2.4% |
| Professional Services | 2.3% |
| Pharmaceuticals | 2.3% |
| Affiliated Mutual Fund - Short-Term Investment <br>(1.5% represents investments purchased with <br>collateral from securities on loan)<br>| 2.3% |
| Specialty Retail | 2.0% |
| Textiles, Apparel & Luxury Goods | 1.8% |
| Electric Utilities | 1.7% |
| Electronic Equipment, Instruments & Components | 1.7% |
| Residential REITs | 1.6% |
| Building Products | 1.4% |
| Consumer Staples Distribution & Retail | 1.4% |
| Chemicals | 1.4% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Life Sciences Tools & Services | 1.4% |
| Automobile Components | 1.3% |
| Gas Utilities | 1.2% |
| Food Products | 1.1% |
| Trading Companies & Distributors | 1.1% |
| Mortgage Real Estate Investment Trusts (REITs) | 1.1% |
| Commercial Services & Supplies | 1.0% |
| Marine Transportation | 0.9% |
| Health Care Equipment & Supplies | 0.9% |
| Communications Equipment | 0.9% |
| Office REITs | 0.9% |
| Financial Services | 0.9% |
| Retail REITs | 0.9% |
| Household Durables | 0.7% |
| Consumer Finance | 0.7% |
| Specialized REITs | 0.6% |
| Electrical Equipment | 0.5% |
| IT Services | 0.5% |
| Others\* | 0.8% |
|  | 100.0% |
| Liabilities in excess of other assets | (0.0)%\*\* |
|  | 100.0% |

---

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

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

\*\* Less than 0.05%

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside the U.S.

![](g72213g1qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Jennison Small-Cap Core Equity Fund

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

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

MF242E2

![](g72213g1pgimlogo_2026.jpg)

------

![](g72213g2tsrbanner_2026.jpg)

PGIM Core Conservative Bond Fund

Class R6:

PQCNX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

This semiannual shareholder report contains important information about the Class R6 shares of the PGIM Core Conservative Bond Fund (the

"Fund") for the period of August 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 U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

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

---

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

---

| | |
|:---|:---|
| Fund's net assets | $52325263<br>|
| Number of fund holdings | 557 |
| Portfolio turnover rate for the period | 86% |

---

MF242E21

![](g72213g2pgimlogo_2026.jpg)

------

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 (%) |
| AAA | 31.0 |
| AA | 43.3 |
| A | 11.3 |
| BBB | 14.1 |
| Cash/Cash Equivalents | 0.3 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside the U.S.

![](g72213g2qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Core Conservative Bond Fund

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

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

MF242E21

![](g72213g2pgimlogo_2026.jpg)

------

![](g72213g3tsrbanner_2026.jpg)

PGIM TIPS Fund

Class R6:

PQTSX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

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

of August 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 U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM TIPS Fund—Class R6 | $15 | 0.30% |

---

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

---

| | |
|:---|:---|
| Fund's net assets | $63876798<br>|
| Number of fund holdings | 35 |
| Portfolio turnover rate for the period | 33% |

---

MF242E23

![](g72213g3pgimlogo_2026.jpg)

------

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 (%) |
| AAA | 91.3 |
| AA | 8.5 |
| Cash/Cash Equivalents | 0.3 |
| Total | 100.0 |

---

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

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

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

100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside the U.S.

![](g72213g3qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM TIPS Fund

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

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

MF242E23

![](g72213g3pgimlogo_2026.jpg)

------

![](g72213g4tsrbanner_2026.jpg)

PGIM Quant Solutions Commodity Strategies Fund

Class Z:

PQCZX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

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

Fund (the "Fund") for the period of August 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 U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Commodity Strategies Fund—Class Z | $39 | 0.70% |

---

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

---

| | |
|:---|:---|
| Fund's net assets | $31344258<br>|
| Number of fund holdings | 33 |
| Portfolio turnover rate for the period | 0% |

---

MF242E23Z

![](g72213g4pgimlogo_2026.jpg)

------

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

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 81.0% |
| Affiliated Mutual Fund - Short-Term Investment | 22.4% |
|  | 103.4% |
| Liabilities in excess of other assets\* | (3.4)% |
|  | 100.0% |

---

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

Commodity Futures Contracts outstanding at January 31, 2026

(1),(2)

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

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| Gold 100 OZ | 15.0% |
| Brent Crude | 9.0% |
| Natural Gas | 8.3% |
| WTI Crude | 7.7% |
| Corn | 5.3% |
| LME Zinc | 4.6% |
| LME Nickel | 4.4% |
| Copper | 4.3% |
| Sugar No. 11 | 4.2% |
| Lean Hogs | 4.1% |
| Soft Red Winter Wheat | 3.8% |
| Silver | 3.8% |
| LME PRI Aluminum | 3.8% |
| Coffee 'C' | 3.6% |

---

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| Live Cattle | 3.3% |
| Low Sulphur Gas Oil | 3.3% |
| Soybean | 3.1% |
| Gasoline RBOB | 2.9% |
| Soybean Meal | 2.6% |
| NY Harbor ULSD | 2.4% |
| Cotton No. 2 | 2.1% |
| Hard Red Winter Wheat | 1.7% |
| Soybean Oil | 1.6% |
| Cocoa | 1.2% |
| LME Lead | 1.1% |
|  | 107.2% |

---

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

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

---

| | |
|:---|:---|
| Commodity Futures Contracts: Short Positions | % of Net <br>Assets<br>|
| LME Lead | (0.1)% |
| LME PRI Aluminum | (1.3)% |
| LME Zinc | (2.2)% |
| LME Nickel | (3.1)% |
|  | (6.7)% |

---

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

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

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

(2) Represents the current notional amount of the commodity future contracts (USD) as a percentage of net assets as of January 31, 2026.

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside the U.S.

![](g72213g4qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Commodity Strategies Fund

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

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

MF242E23Z

![](g72213g4pgimlogo_2026.jpg)

------

![](g72213g5tsrbanner_2026.jpg)

PGIM Quant Solutions Commodity Strategies Fund

Class R6:

PQCMX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

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

Strategies Fund (the "Fund") for the period of August 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 U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Commodity Strategies Fund—Class R6 | $39 | 0.70% |

---

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

---

| | |
|:---|:---|
| Fund's net assets | $31344258<br>|
| Number of fund holdings | 33 |
| Portfolio turnover rate for the period | 0% |

---

MF242E23R6

![](g72213g5pgimlogo_2026.jpg)

------

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

---

| | |
|:---|:---|
| Investment Allocation | % of Net <br>Assets<br>|
| U.S. Treasury Obligations | 81.0% |
| Affiliated Mutual Fund - Short-Term Investment | 22.4% |
|  | 103.4% |
| Liabilities in excess of other assets\* | (3.4)% |
|  | 100.0% |

---

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

Commodity Futures Contracts outstanding at January 31, 2026

(1),(2)

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

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| Gold 100 OZ | 15.0% |
| Brent Crude | 9.0% |
| Natural Gas | 8.3% |
| WTI Crude | 7.7% |
| Corn | 5.3% |
| LME Zinc | 4.6% |
| LME Nickel | 4.4% |
| Copper | 4.3% |
| Sugar No. 11 | 4.2% |
| Lean Hogs | 4.1% |
| Soft Red Winter Wheat | 3.8% |
| Silver | 3.8% |
| LME PRI Aluminum | 3.8% |
| Coffee 'C' | 3.6% |

---

---

| | |
|:---|:---|
| Commodity Futures Contracts: Long Positions | % of Net <br>Assets<br>|
| Live Cattle | 3.3% |
| Low Sulphur Gas Oil | 3.3% |
| Soybean | 3.1% |
| Gasoline RBOB | 2.9% |
| Soybean Meal | 2.6% |
| NY Harbor ULSD | 2.4% |
| Cotton No. 2 | 2.1% |
| Hard Red Winter Wheat | 1.7% |
| Soybean Oil | 1.6% |
| Cocoa | 1.2% |
| LME Lead | 1.1% |
|  | 107.2% |

---

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

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

---

| | |
|:---|:---|
| Commodity Futures Contracts: Short Positions | % of Net <br>Assets<br>|
| LME Lead | (0.1)% |
| LME PRI Aluminum | (1.3)% |
| LME Zinc | (2.2)% |
| LME Nickel | (3.1)% |
|  | (6.7)% |

---

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

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

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

(2) Represents the current notional amount of the commodity future contracts (USD) as a percentage of net assets as of January 31, 2026.

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside the U.S.

![](g72213g5qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Commodity Strategies Fund

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

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

MF242E23R6

![](g72213g5pgimlogo_2026.jpg)

------

![](g72213g6tsrbanner_2026.jpg)

PGIM Quant Solutions Mid-Cap Index Fund

Class R6:

PQCCX

SEMIANNUAL SHAREHOLDER REPORT – January 31, 2026

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

(the "Fund") for the period of August 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 U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

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

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;Costs of a<br>$10,000 investment<br>| &nbsp;&nbsp;Costs paid as a percentage<br>of a $10,000 investment<br>|
| PGIM Quant Solutions Mid-Cap Index Fund—Class R6 | $10 | 0.19% |

---

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

---

| | |
|:---|:---|
| Fund's net assets | $15098732<br>|
| Number of fund holdings | 404 |
| Portfolio turnover rate for the period | 20% |

---

MF242E24

![](g72213g6pgimlogo_2026.jpg)

------

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

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

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Banks | 5.8% |
| Machinery | 5.5% |
| Electronic Equipment, Instruments & Components | 4.4% |
| Aerospace & Defense | 3.8% |
| Insurance | 3.6% |
| Affiliated Mutual Fund - Short-Term Investment <br>(3.5% represents investments purchased with <br>collateral from securities on loan)<br>| 3.5% |
| Specialty Retail | 3.2% |
| Semiconductors & Semiconductor Equipment | 3.2% |
| Oil, Gas & Consumable Fuels | 2.9% |
| Capital Markets | 2.8% |
| Software | 2.7% |
| Unaffiliated Exchange-Traded Funds - Equity | 2.7% |
| Professional Services | 2.7% |
| Metals & Mining | 2.7% |
| Consumer Staples Distribution & Retail | 2.6% |
| Hotels, Restaurants & Leisure | 2.5% |
| Biotechnology | 2.4% |
| Construction & Engineering | 2.3% |
| Electrical Equipment | 1.9% |
| Building Products | 1.9% |
| Life Sciences Tools & Services | 1.9% |
| Communications Equipment | 1.8% |
| Health Care Providers & Services | 1.8% |
| Household Durables | 1.7% |
| Trading Companies & Distributors | 1.7% |
| Commercial Services & Supplies | 1.6% |
| Financial Services | 1.5% |
| Ground Transportation | 1.4% |
| Health Care Equipment & Supplies | 1.4% |
| Specialized REITs | 1.3% |

---

---

| | |
|:---|:---|
| Industry Classification | % of Net <br>Assets<br>|
| Chemicals | 1.3% |
| IT Services | 1.2% |
| Energy Equipment & Services | 1.1% |
| Gas Utilities | 1.1% |
| Automobile Components | 1.0% |
| Containers & Packaging | 1.0% |
| Industrial REITs | 1.0% |
| Media | 1.0% |
| Health Care REITs | 0.9% |
| Diversified Consumer Services | 0.9% |
| Retail REITs | 0.9% |
| Electric Utilities | 0.8% |
| Food Products | 0.8% |
| Residential REITs | 0.8% |
| Consumer Finance | 0.7% |
| Independent Power & Renewable Electricity <br>Producers<br>| 0.7% |
| Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
| Pharmaceuticals | 0.6% |
| Technology Hardware, Storage & Peripherals | 0.6% |
| Leisure Products | 0.5% |
| Beverages | 0.5% |
| Textiles, Apparel & Luxury Goods | 0.5% |
| Real Estate Management & Development | 0.5% |
| Office REITs | 0.5% |
| Others\* | 4.0% |
|  | 102.7% |
| Liabilities in excess of other assets | (2.7)% |
|  | 100.0% |

---

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

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

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

------

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

(973) 367-3529 from outside the U.S.

![](g72213g6qrcode_retailtsr.jpg)

To receive your fund documents online, go to

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

and enroll.

PGIM Quant Solutions Mid-Cap Index Fund

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

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

MF242E24

![](g72213g6pgimlogo_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 – Not required, as this is not an annual filing.

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

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

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

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

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

------

![LOGO](g72213g85e28.jpg)

## PRUDENTIAL INVESTMENT PORTFOLIOS 2
PGIM Jennison Small-Cap Core Equity Fund

PGIM Core Conservative Bond Fund

PGIM TIPS Fund

PGIM Quant Solutions Commodity Strategies Fund

PGIM Quant Solutions Mid-Cap Index Fund

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

#### FINANCIAL STATEMENTS AND OTHER INFORMATION

#### JANUARY 31, 2026
![LOGO](g72213snap9.jpg)

------

<u> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Glossary](#edgar72213_1) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Jennison Small-Cap Core Equity Fund](#edgar72213_2) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Core Conservative Bond Fund](#edgar72213_3) | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM TIPS Fund](#edgar72213_4) | 36 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Quant Solutions Commodity Strategies Fund](#edgar72213_5) | 42 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [PGIM Quant Solutions Mid-Cap Index Fund](#edgar72213_6) | 50 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [Notes to Financial Statements](#edgar72213_7) | 68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; [**Other Information -** Form N-CSR Items 8-11](#edgar72213_8) |  |

---

------

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

#### Glossary
The following abbreviations are used in the Funds' descriptions:

USD—US Dollar

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

AID—Agency for International Development

BABs—Build America Bonds

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LME—London Metal Exchange

LP—Limited Partnership

MSC—Morgan Stanley & Co. LLC

MTN—Medium Term Note

PRI—Primary Rate Interface

RBOB—Reformulated Gasoline Blendstock for Oxygen Blending

REITs—Real Estate Investment Trust

S&P—Standard & Poor's

SOFR—Secured Overnight Financing Rate

TIPS—Treasury Inflation-Protected Securities

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 97.8%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 4.6%** |  |  |
| &nbsp;&nbsp; Firefly Aerospace, Inc.\*(a) | 815 | $20538 |
| &nbsp;&nbsp; Hexcel Corp. | 2141 | 177296 |
| &nbsp;&nbsp; Karman Holdings, Inc.\* | 470 | 48786 |
| &nbsp;&nbsp; Mercury Systems, Inc.\* | 1109 | 104113 |
| &nbsp;&nbsp; VSE Corp. | 1117 | 244143 |
|  |  | 594876 |
| &nbsp;&nbsp; **Automobile Components 1.3%** |  |  |
| &nbsp;&nbsp; Dorman Products, Inc.\* | 1318 | 163696 |
| &nbsp;&nbsp; **Banks 10.0%** |  |  |
| &nbsp;&nbsp; Ameris Bancorp | 2591 | 208887 |
| &nbsp;&nbsp; Eastern Bankshares, Inc. | 9578 | 196205 |
| &nbsp;&nbsp; Enterprise Financial Services Corp. | 2202 | 126285 |
| &nbsp;&nbsp; First Bancorp | 2900 | 167997 |
| &nbsp;&nbsp; First Interstate BancSystem, Inc. (Class A Stock) | 2164 | 76757 |
| &nbsp;&nbsp; Heritage Financial Corp. | 4391 | 113332 |
| &nbsp;&nbsp; Horizon Bancorp, Inc. | 6806 | 119922 |
| &nbsp;&nbsp; MidWestOne Financial Group, Inc. | 1297 | 60077 |
| &nbsp;&nbsp; Renasant Corp. | 2316 | 87336 |
| &nbsp;&nbsp; Wintrust Financial Corp. | 923 | 136133 |
|  |  | 1292931 |
| &nbsp;&nbsp; **Biotechnology 5.9%** |  |  |
| &nbsp;&nbsp; Arcutis Biotherapeutics, Inc.\* | 7465 | 189387 |
| &nbsp;&nbsp; CG oncology, Inc.\* | 965 | 50228 |
| &nbsp;&nbsp; Immunovant, Inc.\* | 1478 | 38428 |
| &nbsp;&nbsp; Newamsterdam Pharma Co. NV (Netherlands)\* | 3662 | 113962 |
| &nbsp;&nbsp; Protagonist Therapeutics, Inc.\* | 490 | 40082 |
| &nbsp;&nbsp; Rhythm Pharmaceuticals, Inc.\* | 1015 | 104058 |
| &nbsp;&nbsp; Scholar Rock Holding Corp.\* | 2461 | 109121 |
| &nbsp;&nbsp; Twist Bioscience Corp.\* | 2289 | 94009 |
| &nbsp;&nbsp; uniQure NV (Netherlands)\* | 902 | 20493 |
|  |  | 759768 |
| &nbsp;&nbsp; **Building Products 1.4%** |  |  |
| &nbsp;&nbsp; Griffon Corp. | 840 | 68418 |
| &nbsp;&nbsp; Hayward Holdings, Inc.\* | 7249 | 116999 |
|  |  | 185417 |
| &nbsp;&nbsp; **Capital Markets 2.8%** |  |  |
| &nbsp;&nbsp; Acadian Asset Management, Inc. | 3460 | 191753 |
| &nbsp;&nbsp; Marex Group PLC (United Kingdom) | 2156 | 85119 |
| &nbsp;&nbsp; Moelis & Co. (Class A Stock) | 1272 | 91164 |
|  |  | 368036 |
| &nbsp;&nbsp; **Chemicals 1.4%** |  |  |
| &nbsp;&nbsp; Avient Corp. | 1568 | 56683 |
| &nbsp;&nbsp; Element Solutions, Inc. | 4159 | 121027 |
|  |  | 177710 |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Commercial Services & Supplies 1.0%** |  |  |
| &nbsp;&nbsp; ACV Auctions, Inc. (Class A Stock)\* | 9604 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;75007 |
| &nbsp;&nbsp; Casella Waste Systems, Inc. (Class A Stock)\* | 501 | 50541 |
|  |  | 125548 |
| &nbsp;&nbsp; **Communications Equipment 0.9%** |  |  |
| &nbsp;&nbsp; Applied Optoelectronics, Inc.\* | 1022 | 44569 |
| &nbsp;&nbsp; Viavi Solutions, Inc.\* | 2825 | 69100 |
|  |  | 113669 |
| &nbsp;&nbsp; **Construction & Engineering 2.4%** |  |  |
| &nbsp;&nbsp; Argan, Inc. | 204 | 70810 |
| &nbsp;&nbsp; Concrete Pumping Holdings, Inc.\* | 6745 | 38986 |
| &nbsp;&nbsp; Construction Partners, Inc. (Class A Stock)\* | 849 | 93288 |
| &nbsp;&nbsp; Great Lakes Dredge & Dock Corp.\* | 7221 | 108171 |
|  |  | 311255 |
| &nbsp;&nbsp; **Consumer Finance 0.7%** |  |  |
| &nbsp;&nbsp; LendingTree, Inc.\* | 1586 | 89863 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 1.4%** |  |  |
| &nbsp;&nbsp; Chefs' Warehouse, Inc. (The)\* | 2853 | 179454 |
| &nbsp;&nbsp; **Electric Utilities 1.7%** |  |  |
| &nbsp;&nbsp; IDACORP, Inc. | 1648 | 218838 |
| &nbsp;&nbsp; **Electrical Equipment 0.5%** |  |  |
| &nbsp;&nbsp; Allient, Inc. | 690 | 42097 |
| &nbsp;&nbsp; Powell Industries, Inc. | 63 | 27946 |
|  |  | 70043 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 1.7%** |  |  |
| &nbsp;&nbsp; Mirion Technologies, Inc.\* | 3717 | 92330 |
| &nbsp;&nbsp; TTM Technologies, Inc.\* | 1250 | 122750 |
|  |  | 215080 |
| &nbsp;&nbsp; **Energy Equipment & Services 2.4%** |  |  |
| &nbsp;&nbsp; Cactus, Inc. (Class A Stock) | 2136 | 120107 |
| &nbsp;&nbsp; Expro Group Holdings NV\* | 7553 | 120924 |
| &nbsp;&nbsp; Solaris Energy Infrastructure, Inc. | 1176 | 64903 |
|  |  | 305934 |
| &nbsp;&nbsp; **Financial Services 0.9%** |  |  |
| &nbsp;&nbsp; Flywire Corp.\* | 8885 | 111951 |
| &nbsp;&nbsp; **Food Products 1.1%** |  |  |
| &nbsp;&nbsp; Freshpet, Inc.\* | 826 | 57572 |
| &nbsp;&nbsp; Utz Brands, Inc. | 7964 | 83941 |
|  |  | 141513 |
| &nbsp;&nbsp; **Gas Utilities 1.2%** |  |  |
| &nbsp;&nbsp; Chesapeake Utilities Corp. | 1221 | 157118 |

---

See Notes to Financial Statements.

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

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 0.9%** |  |  |
| &nbsp;&nbsp; Glaukos Corp.\* | 318 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37963 |
| &nbsp;&nbsp; IRhythm Holdings, Inc.\* | 536 | 82817 |
|  |  | 120780 |
| &nbsp;&nbsp; **Health Care Providers & Services 4.1%** |  |  |
| &nbsp;&nbsp; Concentra Group Holdings Parent, Inc. | 3531 | 78317 |
| &nbsp;&nbsp; GeneDx Holdings Corp.\* | 399 | 38408 |
| &nbsp;&nbsp; Guardant Health, Inc.\* | 1180 | 134567 |
| &nbsp;&nbsp; Guardian Pharmacy Services, Inc. (Class A Stock)\* | 860 | 25972 |
| &nbsp;&nbsp; LifeStance Health Group, Inc.\* | 15470 | 109373 |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 1235 | 41990 |
| &nbsp;&nbsp; RadNet, Inc.\* | 1487 | 104239 |
|  |  | 532866 |
| &nbsp;&nbsp; **Health Care Technology 0.4%** |  |  |
| &nbsp;&nbsp; Waystar Holding Corp.\* | 1954 | 51898 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.4%** |  |  |
| &nbsp;&nbsp; Summit Hotel Properties, Inc. | 11514 | 50892 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.4%** |  |  |
| &nbsp;&nbsp; Black Rock Coffee Bar, Inc. (Class A Stock)\*(a) | 2294 | 34204 |
| &nbsp;&nbsp; Churchill Downs, Inc. | 792 | 77901 |
| &nbsp;&nbsp; Navan, Inc. (Class A Stock)\*(a) | 2288 | 26266 |
| &nbsp;&nbsp; Penn Entertainment, Inc.\* | 2821 | 36222 |
| &nbsp;&nbsp; Shake Shack, Inc. (Class A Stock)\* | 1564 | 138523 |
|  |  | 313116 |
| &nbsp;&nbsp; **Household Durables 0.7%** |  |  |
| &nbsp;&nbsp; Century Communities, Inc. | 1430 | 90061 |
| &nbsp;&nbsp; **Insurance 3.4%** |  |  |
| &nbsp;&nbsp; Axis Capital Holdings Ltd. | 1684 | 173755 |
| &nbsp;&nbsp; Exzeo Group, Inc.\* | 948 | 19264 |
| &nbsp;&nbsp; Lincoln National Corp. | 4189 | 174304 |
| &nbsp;&nbsp; Skyward Specialty Insurance Group, Inc.\* | 1687 | 75274 |
|  |  | 442597 |
| &nbsp;&nbsp; **IT Services 0.5%** |  |  |
| &nbsp;&nbsp; ASGN, Inc.\* | 1283 | 66831 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.3%** |  |  |
| &nbsp;&nbsp; Adaptive Biotechnologies Corp.\* | 5979 | 110612 |
| &nbsp;&nbsp; Sotera Health Co.\* | 3570 | 64688 |
|  |  | 175300 |
| &nbsp;&nbsp; **Machinery 3.7%** |  |  |
| &nbsp;&nbsp; Enerpac Tool Group Corp. | 1693 | 68329 |
| &nbsp;&nbsp; Gates Industrial Corp. PLC\* | 6927 | 159459 |
| &nbsp;&nbsp; Helios Technologies, Inc. | 1383 | 89591 |
| &nbsp;&nbsp; Lindsay Corp. | 499 | 62510 |
| &nbsp;&nbsp; Trinity Industries, Inc. | 3394 | 97544 |
|  |  | 477433 |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Marine Transportation 0.9%** |  |  |
| &nbsp;&nbsp; Kirby Corp.\* | 1032 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;121425 |
| &nbsp;&nbsp; **Metals & Mining 5.1%** |  |  |
| &nbsp;&nbsp; Eldorado Gold Corp. (Turkey)\* | 9877 | 423921 |
| &nbsp;&nbsp; ERO Copper Corp. (Brazil)\* | 7137 | 239161 |
|  |  | 663082 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 1.1%** |  |  |
| &nbsp;&nbsp; Ladder Capital Corp. | 12528 | 137432 |
| &nbsp;&nbsp; **Office REITs 0.9%** |  |  |
| &nbsp;&nbsp; Cousins Properties, Inc. | 4493 | 113403 |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 2.4%** |  |  |
| &nbsp;&nbsp; Crescent Energy Co. (Class A Stock) | 12123 | 118442 |
| &nbsp;&nbsp; Gulfport Energy Corp.\* | 976 | 199270 |
|  |  | 317712 |
| &nbsp;&nbsp; **Pharmaceuticals 2.3%** |  |  |
| &nbsp;&nbsp; Crinetics Pharmaceuticals, Inc.\* | 1496 | 74710 |
| &nbsp;&nbsp; Prestige Consumer Healthcare, Inc.\* | 906 | 58410 |
| &nbsp;&nbsp; Tarsus Pharmaceuticals, Inc.\* | 2585 | 166836 |
|  |  | 299956 |
| &nbsp;&nbsp; **Professional Services 2.3%** |  |  |
| &nbsp;&nbsp; First Advantage Corp.\*(a) | 2730 | 36855 |
| &nbsp;&nbsp; Huron Consulting Group, Inc.\* | 914 | 154466 |
| &nbsp;&nbsp; Korn Ferry | 969 | 67317 |
| &nbsp;&nbsp; Public Policy Holding Co., Inc. | 3453 | 42299 |
|  |  | 300937 |
| &nbsp;&nbsp; **Residential REITs 1.6%** |  |  |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 7288 | 121709 |
| &nbsp;&nbsp; UMH Properties, Inc. | 5806 | 90748 |
|  |  | 212457 |
| &nbsp;&nbsp; **Retail REITs 0.8%** |  |  |
| &nbsp;&nbsp; Urban Edge Properties | 5716 | 111062 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 8.3%** |  |  |
| &nbsp;&nbsp; Credo Technology Group Holding Ltd.\* | 551 | 69029 |
| &nbsp;&nbsp; Impinj, Inc.\* | 761 | 105094 |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 1443 | 116190 |
| &nbsp;&nbsp; Onto Innovation, Inc.\* | 917 | 185280 |
| &nbsp;&nbsp; Semtech Corp.\* | 2211 | 176327 |
| &nbsp;&nbsp; SiTime Corp.\* | 334 | 121279 |
| &nbsp;&nbsp; Tower Semiconductor Ltd. (Israel)\* | 1928 | 259760 |
| &nbsp;&nbsp; Universal Display Corp. | 333 | 38235 |
|  |  | 1071194 |
| &nbsp;&nbsp; **Software 5.5%** |  |  |
| &nbsp;&nbsp; Agilysys, Inc.\* | 684 | 59337 |
| &nbsp;&nbsp; AvePoint, Inc.\* | 8225 | 95657 |
| &nbsp;&nbsp; Cipher Mining, Inc.\*(a) | 4011 | 64015 |
| &nbsp;&nbsp; Core Scientific, Inc.\* | 1541 | 27723 |

---

See Notes to Financial Statements.

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

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Software (cont'd.)** |  |  |
| &nbsp;&nbsp; I3 Verticals, Inc. (Class A Stock)\* | 1870 | $41533 |
| &nbsp;&nbsp; Intapp, Inc.\* | 3179 | 107927 |
| &nbsp;&nbsp; JFrog Ltd.\* | 1359 | 74473 |
| &nbsp;&nbsp; Q2 Holdings, Inc.\* | 2016 | 123480 |
| &nbsp;&nbsp; Varonis Systems, Inc.\* | 2558 | 76331 |
| &nbsp;&nbsp; Vertex, Inc. (Class A Stock)\* | 1830 | 33946 |
| &nbsp;&nbsp; Via Transportation, Inc. (Class A Stock)\* | 437 | 10160 |
|  |  | 714582 |
| &nbsp;&nbsp; **Specialized REITs 0.6%** |  |  |
| &nbsp;&nbsp; National Storage Affiliates Trust | 2536 | 80670 |
| &nbsp;&nbsp; **Specialty Retail 2.0%** |  |  |
| &nbsp;&nbsp; Boot Barn Holdings, Inc.\*(a) | 392 | 69964 |
| &nbsp;&nbsp; Five Below, Inc.\* | 450 | 86238 |
| &nbsp;&nbsp; Warby Parker, Inc. (Class A Stock)\* | 3888 | 99183 |
|  |  | 255385 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 1.8%** |  |  |
| &nbsp;&nbsp; Figs, Inc. (Class A Stock)\* | 4496 | 48602 |
| &nbsp;&nbsp; Kontoor Brands, Inc. | 2016 | 120416 |
| &nbsp;&nbsp; Wolverine World Wide, Inc. | 3517 | 62321 |
|  |  | 231339 |
| &nbsp;&nbsp; **Trading Companies & Distributors 1.1%** |  |  |
| &nbsp;&nbsp; Herc Holdings, Inc. | 429 | 61493 |
| &nbsp;&nbsp; Rush Enterprises, Inc. (Class A Stock) | 1235 | 79275 |
|  |  | 140768 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS** <br> (cost $9,212,211) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12675878 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 2.2%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)(wb) | 103821 | 103821 |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<br>(cost $190,417; includes $189,739 of cash collateral for securities on loan)(b)(wb) | 190538 | 190423 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br> (cost $294,238) |  | 294244 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 100.0%** <br> (cost $9,506,449) |  | 12970122 |
|  Liabilities in excess of other assets (0.0)% |  | (5061) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $12965061 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $176,921; cash collateral of $189,739 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### 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** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $594876 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 163696 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Banks | 1292931 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 759768 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Building Products | 185417 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 368036 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 177710 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 125548 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 113669 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 311255 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 89863 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 179454 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 218838 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 70043 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 215080 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 305934 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 111951 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Food Products | 141513 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 157118 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 120780 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 532866 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 51898 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 50892 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 313116 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 90061 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Insurance | 442597 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; IT Services | 66831 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 175300 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Machinery | 477433 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 121425 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 663082 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 137432 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 113403 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 317712 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 299956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 300937 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 212457 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 111062 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 1071194 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Software | 714582 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 80670 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 255385 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 231339 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 140768 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 294244 |  |  |
|  **Total** | $12970122 | $— | $— |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 10.0 |
|  Semiconductors & Semiconductor Equipment | 8.3 |
|  Biotechnology | 5.9 |
|  Software | 5.5 |
|  Metals & Mining | 5.1 |
|  Aerospace & Defense | 4.6 |
|  Health Care Providers & Services | 4.1 |
|  Machinery | 3.7 |
|  Insurance | 3.4 |
|  Capital Markets | 2.8 |
|  Oil, Gas & Consumable Fuels | 2.4 |
|  Hotels, Restaurants & Leisure | 2.4 |
|  Construction & Engineering | 2.4 |
|  Energy Equipment & Services | 2.4 |
|  Professional Services | 2.3 |
|  Pharmaceuticals | 2.3 |
|  Affiliated Mutual Funds (1.5% represents investments purchased with collateral from securities on loan) | 2.2 |
|  Specialty Retail | 2.0 |
|  Textiles, Apparel & Luxury Goods | 1.8 |
|  Electric Utilities | 1.7 |
|  Electronic Equipment, Instruments & Components | 1.7 |
|  Residential REITs | 1.6 |
|  Building Products | 1.4 |
|  Consumer Staples Distribution & Retail | 1.4 |
|  Chemicals | 1.4 |
|  Life Sciences Tools & Services | 1.3 |

---

---

| | | |
|:---|:---|:---|
|  Automobile Components | 1.3 | % |
|  Gas Utilities | 1.2 |  |
|  Food Products | 1.1 |  |
|  Trading Companies & Distributors | 1.1 |  |
|  Mortgage Real Estate Investment Trusts (REITs) | 1.1 |  |
|  Commercial Services & Supplies | 1 |  |
|  Marine Transportation | 0.9 |  |
|  Health Care Equipment & Supplies | 0.9 |  |
|  Communications Equipment | 0.9 |  |
|  Office REITs | 0.9 |  |
|  Financial Services | 0.9 |  |
|  Retail REITs | 0.8 |  |
|  Household Durables | 0.7 |  |
|  Consumer Finance | 0.7 |  |
|  Specialized REITs | 0.6 |  |
|  Electrical Equipment | 0.5 |  |
|  IT Services | 0.5 |  |
|  Health Care Technology | 0.4 |  |
|  Hotel & Resort REITs | 0.4 |  |
|  | 100 |  |
|  Liabilities in excess of other assets | (0.0) |)\* |
|  | 100 | % |

---

\* Less than 0.05% 

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

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

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $176921 | $(176921) | $— |

---

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

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value, including securities on loan of $176,921: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $9,212,211) | $12675878 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $294,238) | 294244 |
| &nbsp;&nbsp; Receivable for investments sold | 190103 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 145847 |
| &nbsp;&nbsp; Dividends receivable | 3737 |
| &nbsp;&nbsp; Due from Manager | 2152 |
| &nbsp;&nbsp; Prepaid expenses | 902 |
| &nbsp;&nbsp; **Total Assets** | 13312863 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable to broker for collateral for securities on loan | 189739 |
| &nbsp;&nbsp; Payable for investments purchased | 106502 |
| &nbsp;&nbsp; Audit fee payable | 13880 |
| &nbsp;&nbsp; Custodian and accounting fees payable | 12537 |
| &nbsp;&nbsp; Professional fees payable | 11274 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 8655 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 4308 |
| &nbsp;&nbsp; Trustees' fees payable | 790 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 117 |
| &nbsp;&nbsp; **Total Liabilities** | 347802 |
| &nbsp;&nbsp; **Net Assets** | $12965061 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $9377575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3587486 |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $12965061 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br>($12,965,061 ÷ 858,733 shares of beneficial interest issued and outstanding) | $15.10 |

---

See Notes to Financial Statements.

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

------

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income | $65002 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 6556 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $858) | 987 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 72545 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 46766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 20795 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 15819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 13879 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 8316 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 1203 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $353) | 614 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 3256 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 120916 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (61678) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 59238 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 13307 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $34) | 358213 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(9)) | 1370602 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 1728815 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1742122 |

---

See Notes to Financial Statements.

------

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | Six Months Ended<br>January 31, 2026 | Year Ended<br>July 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $13307 | $16798 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 358213 | 551385 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 1370602 | (496607) |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1742122 | 71576 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (367465) | (817907) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (188,625 and 447,539 shares, respectively) | 2729299 | 6131280 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (24,862 and 53,388 shares, respectively) | 367465 | 817907 |
| &nbsp;&nbsp; Cost of shares purchased (177,322 and 329,229 shares, respectively) | (2609180) | (4781856) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 487584 | 2167331 |
| &nbsp;&nbsp; Total increase (decrease) | 1862241 | 1421000 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 11102820 | 9681820 |
| &nbsp;&nbsp; End of period | $12965061 | $11102820 |

---

See Notes to Financial Statements.

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

------

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31,<br>2026 | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | Six Months<br>Ended<br>January 31,<br>2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $13.50 | $14.88 | $13.29 | $12.28 | $19.43 | $12.48 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.02 | 0.02 | 0.04 | 0.05 | 0.02 | (0.06) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 2.02 | (0.03)<sup>(b)</sup> | 1.66 | 1.02 | (2.98) | 7.65 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 2.04 | (0.01) | 1.70 | 1.07 | (2.96) | 7.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income |  | (0.03) | (0.02) | (0.04) |  |  |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (0.02) |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.44) | (1.34) | (0.09) |  | (4.19) | (0.64) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.44) | (1.37) | (0.11) | (0.06) | (4.19) | (0.64) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $15.10 | $13.50 | $14.88 | $13.29 | $12.28 | $19.43 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 15.17% | (1.19)% | 12.91% | 8.77% | (19.13)% | 62.10% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $12965 | $11103 | $9682 | $9837 | $29650 | $32765 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $12369 | $10139 | $9243 | $27601 | $32596 | $28667 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.95 %<sup>(e)</sup> | 0.95% | 1.00 %<sup>(f)</sup> | 0.95% | 0.95% | 0.95% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.94 %<sup>(e)</sup> | 2.22% | 2.36% | 1.25% | 1.15% | 1.19% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.21 %<sup>(e)</sup> | 0.17% | 0.28% | 0.38% | 0.11% | (0.39)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)</sup>  | 40% | 61% | 87% | 40% | 49% | 67% |

---

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

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

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

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

(e) Annualized.

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

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

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal Amount<br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 98.3%** |  |  |  |  |
| &nbsp;&nbsp; **COMMERCIAL MORTGAGE-BACKED SECURITIES 4.1%** |  |  |  |  |
| &nbsp;&nbsp; 3650R Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-PF01, Class A4 | 2.253% | 11/15/54 | 100 | $89134 |
| &nbsp;&nbsp; BANK, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-BN29, Class A3 | 1.742 | 11/15/53 | 98 | 87660 |
| &nbsp;&nbsp; Barclays Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-C04, Class A4 | 2.661 | 08/15/52 | 87 | 83158 |
| &nbsp;&nbsp; Benchmark Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B19, Class A3 | 1.787 | 09/15/53 | 175 | 170857 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-B21, Class A4 | 1.704 | 12/17/53 | 100 | 90145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B23, Class A4A1 | 1.823 | 02/15/54 | 200 | 176412 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-B30, Class A4 | 2.329 | 11/15/54 | 150 | 133812 |
| &nbsp;&nbsp; BMO Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2022-C01, Class A4 | 3.119 | 02/17/55 | 150 | 138229 |
| &nbsp;&nbsp; CCUBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-C01, Class A3 | 3.283(cc) | 11/15/50 | 64 | 62894 |
| &nbsp;&nbsp; Citigroup Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2017-P08, Class A3 | 3.203 | 09/15/50 | 75 | 74016 |
| &nbsp;&nbsp; CSAIL Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-C07, Class A4 | 3.210 | 11/15/49 | 16 | 16400 |
| &nbsp;&nbsp; GS Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-GC47, Class A4 | 2.125 | 05/12/53 | 100 | 92257 |
| &nbsp;&nbsp; JPMCC Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2019-COR04, Class A3 | 3.763 | 03/10/52 | 125 | 123544 |
| &nbsp;&nbsp; JPMorgan Chase Commercial Mortgage Securities Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP02, Class A3 | 2.559 | 08/15/49 | 5 | 5172 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-JP04, Class A3 | 3.393 | 12/15/49 | 121 | 120135 |
| &nbsp;&nbsp; Morgan Stanley Capital I Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-UB12, Class A3 | 3.337 | 12/15/49 | 113 | 112419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2021-L06, Class A3 | 2.196(cc) | 06/15/54 | 225 | 205094 |
| &nbsp;&nbsp; UBS Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2018-C08, Class A3 | 3.720 | 02/15/51 | 160 | 158362 |
| &nbsp;&nbsp; Wells Fargo Commercial Mortgage Trust, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2016-LC25, Class A3 | 3.374 | 12/15/59 | 112 | 111561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Series 2020-C55, Class A4 | 2.474 | 02/15/53 | 125 | 116636 |
| &nbsp;&nbsp; **TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES**<br>(cost $2,333,983) |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2167897 |
| &nbsp;&nbsp; **CORPORATE BONDS 27.9%** |  |  |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 0.8%** |  |  |  |  |
| &nbsp;&nbsp; Boeing Co. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.196 | 02/04/26 | 75 | 75000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/01/27 | 20 | 19754 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 05/01/26 | 10 | 9971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 02/01/35 | 25 | 21881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 03/01/38 | 30 | 25278 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.705 | 05/01/40 | 15 | 15335 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.930 | 05/01/60 | 60 | 59061 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 6.298 | 05/01/29 | 90 | 95600 |
| &nbsp;&nbsp; L3Harris Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 01/15/27 | 50 | 50696 |
| &nbsp;&nbsp; RTX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 10/15/40 | 20 | 19283 |
|  |  |  |  | 391859 |
| &nbsp;&nbsp; **Agriculture 0.9%** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.390 | 08/15/37 | 110 | 100573 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal Amount<br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Agriculture (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; BAT Capital Corp. (United Kingdom), (cont'd.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.625% | 03/22/33 | 25 | $24725 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 04/02/27 | 95 | 95643 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.625 | 08/15/35 | 20 | 20732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.834 | 02/20/31 | 15 | 15907 |
| &nbsp;&nbsp; Philip Morris International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.875 | 02/15/28 | 85 | 86562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/15/30 | 100 | 103240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/13/31 | 30 | 31033 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;478415 |
| &nbsp;&nbsp; **Airlines 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Southwest Airlines Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/28 | 25 | 25136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 06/15/27 | 30 | 30364 |
|  |  |  |  | 55500 |
| &nbsp;&nbsp; **Auto Manufacturers 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Ford Motor Credit Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 11/13/30 | 100 | 95094 |
| &nbsp;&nbsp; General Motors Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.250 | 10/02/43 | 15 | 15298 |
| &nbsp;&nbsp; General Motors Financial Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/04/28 | 56 | 57095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 05/08/27 | 20 | 20323 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.550 | 07/15/29 | 30 | 31151 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 01/07/29 | 10 | 10428 |
|  |  |  |  | 229389 |
| &nbsp;&nbsp; **Banks 6.9%** |  |  |  |  |
| &nbsp;&nbsp; Bank of America Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.687(ff) | 04/22/32 | 325 | 297997 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419(ff) | 12/20/28 | 125 | 123637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.972(ff) | 02/04/33 | 100 | 91412 |
| &nbsp;&nbsp; Barclays PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.894(ff) | 11/24/32 | 135 | 122439 |
| &nbsp;&nbsp; Capital One NA, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.650 | 09/13/28 | 15 | 15204 |
| &nbsp;&nbsp; Citigroup, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.666(ff) | 01/29/31 | 220 | 206081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.904(ff) | 11/03/42 | 30 | 22090 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.668(ff) | 07/24/28 | 205 | 203957 |
| &nbsp;&nbsp; Comerica, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.982(ff) | 01/30/30 | 130 | 135882 |
| &nbsp;&nbsp; Deutsche Bank AG (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sub. Notes | 3.742(ff) | 01/07/33 | 200 | 185733 |
| &nbsp;&nbsp; Goldman Sachs Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.992(ff) | 01/27/32 | 115 | 102043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.223(ff) | 05/01/29 | 200 | 200415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.369(ff) | 10/21/31 | 65 | 64653 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.939(ff) | 10/21/36 | 10 | 9862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.065(ff) | 01/21/37 | 25 | 24892 |
| &nbsp;&nbsp; HSBC Holdings PLC (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.013(ff) | 09/22/28 | 105 | 101479 |
| &nbsp;&nbsp; Huntington Bancshares, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.623(ff) | 01/28/32 | 20 | 20031 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; JPMorgan Chase & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 1.953%(ff) | 02/04/32 | 20 | $17807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.522(ff) | 04/22/31 | 115 | 107092 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.580(ff) | 04/22/32 | 75 | 68464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.739(ff) | 10/15/30 | 25 | 23759 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.509(ff) | 01/23/29 | 210 | 207961 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.882(ff) | 07/24/38 | 80 | 71470 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.452(ff) | 12/05/29 | 44 | 44419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.572(ff) | 04/22/36 | 25 | 26102 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.766(ff) | 04/22/35 | 10 | 10588 |
| &nbsp;&nbsp; Morgan Stanley, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.073(ff) | 01/30/37 | 25 | 24922 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.123(ff) | 02/01/29 | 95 | 96880 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.587(ff) | 01/18/36 | 15 | 15593 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, GMTN | 2.239(ff) | 07/21/32 | 65 | 57648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 1.794(ff) | 02/13/32 | 150 | 131634 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 1.928(ff) | 04/28/32 | 195 | 171317 |
| &nbsp;&nbsp; PNC Financial Services Group, Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.615(ff) | 10/20/27 | 30 | 30546 |
| &nbsp;&nbsp; UBS Group AG (Switzerland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 04/17/26 | 100 | 100148 |
| &nbsp;&nbsp; Wells Fargo & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 10/23/26 | 55 | 54670 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.389(ff) | 04/24/34 | 70 | 72361 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN(a) | 2.572(ff) | 02/11/31 | 70 | 65385 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 2.879(ff) | 10/30/30 | 125 | 119040 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 3.350(ff) | 03/02/33 | 50 | 46600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 5.707(ff) | 04/22/28 | 95 | 96912 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3589125 |
| &nbsp;&nbsp; **Beverages 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 02/01/36 | 185 | 182477 |
| &nbsp;&nbsp; Constellation Brands, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 12/06/26 | 5 | 4989 |
|  |  |  |  | 187466 |
| &nbsp;&nbsp; **Biotechnology 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Amgen, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.250 | 03/02/30 | 115 | 119335 |
| &nbsp;&nbsp; **Building Materials 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Carlisle Cos., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 03/01/32 | 50 | 43751 |
| &nbsp;&nbsp; **Chemicals 0.5%** |  |  |  |  |
| &nbsp;&nbsp; CF Industries, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.300 | 11/26/35 | 30 | 29995 |
| &nbsp;&nbsp; DuPont de Nemours, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.725 | 11/15/28 | 40 | 40527 |
| &nbsp;&nbsp; Nutrien Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.900 | 03/27/28 | 60 | 61022 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 06/21/27 | 140 | 142105 |
|  |  |  |  | 273649 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal Amount<br>(000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Commercial Services 0.5%** |  |  |  |  |
| &nbsp;&nbsp; California Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650% | 09/01/2119 | 15 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9491 |
| &nbsp;&nbsp; Global Payments, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 11/15/28 | 65 | 65278 |
| &nbsp;&nbsp; Massachusetts Institute of Technology, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series F | 2.989 | 07/01/50 | 15 | 10133 |
| &nbsp;&nbsp; President & Fellows of Harvard College, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.150 | 07/15/46 | 9 | 6576 |
| &nbsp;&nbsp; Quanta Services, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750 | 08/09/27 | 20 | 20241 |
| &nbsp;&nbsp; RELX Capital, Inc. (United Kingdom), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/27/35 | 70 | 71775 |
| &nbsp;&nbsp; Trustees of the University of Pennsylvania (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.610 | 02/15/2119 | 5 | 3162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.396 | 10/01/50 | 15 | 8828 |
| &nbsp;&nbsp; University of Southern California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.976 | 10/01/53 | 7 | 6482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2017 | 3.841 | 10/01/47 | 10 | 8001 |
| &nbsp;&nbsp; Washington University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2022 | 3.524 | 04/15/54 | 25 | 18180 |
| &nbsp;&nbsp; Yale University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.402 | 04/15/50 | 45 | 26886 |
|  |  |  |  | 255033 |
| &nbsp;&nbsp; **Computers 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Genpact Luxembourg Sarl/Genpact USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.750 | 04/10/26 | 35 | 34832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 06/04/29 | 25 | 26208 |
|  |  |  |  | 61040 |
| &nbsp;&nbsp; **Diversified Financial Services 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Jefferies Financial Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 10/15/32 | 55 | 48033 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/15/36 | 15 | 14798 |
|  |  |  |  | 62831 |
| &nbsp;&nbsp; **Electric 2.9%** |  |  |  |  |
| &nbsp;&nbsp; AEP Texas, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.450 | 05/15/29 | 50 | 51874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 05/15/34 | 30 | 31273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 2.100 | 07/01/30 | 25 | 22805 |
| &nbsp;&nbsp; Alabama Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 12/01/42 | 10 | 8195 |
| &nbsp;&nbsp; Ameren Illinois Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 4.150 | 03/15/46 | 35 | 28960 |
| &nbsp;&nbsp; Arizona Public Service Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.200 | 12/15/31 | 35 | 30781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 05/15/46 | 15 | 11488 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 08/15/34 | 60 | 62925 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 12/15/32 | 30 | 32713 |
| &nbsp;&nbsp; Atlantic City Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.300 | 03/15/31 | 10 | 9077 |
| &nbsp;&nbsp; Commonwealth Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.600 | 08/15/43 | 45 | 40088 |
| &nbsp;&nbsp; Constellation Energy Generation LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 01/08/28 | 40 | 39960 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity<br>Date | Principal Amount <br>(000)# | **Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electric (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Dominion Energy South Carolina, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.450% | 02/01/41 | 20 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20102 |
| &nbsp;&nbsp; Duke Energy Carolinas LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.250 | 12/15/41 | 15 | 13225 |
| &nbsp;&nbsp; Duke Energy Florida LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.875 | 11/15/33 | 90 | 96764 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.350 | 09/15/37 | 31 | 34335 |
| &nbsp;&nbsp; Florida Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.700 | 12/01/47 | 10 | 7672 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 3.800 | 12/15/42 | 30 | 24542 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 02/01/41 | 25 | 24921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.600 | 02/15/66 | 5 | 4930 |
| &nbsp;&nbsp; Fortis, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.055 | 10/04/26 | 7 | 6949 |
| &nbsp;&nbsp; Jersey Central Power & Light Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 01/15/35 | 25 | 25333 |
| &nbsp;&nbsp; Nevada Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series N | 6.650 | 04/01/36 | 30 | 33559 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Ref. Mortgage, Series R | 6.750 | 07/01/37 | 10 | 11221 |
| &nbsp;&nbsp; Ohio Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.875 | 07/15/36 | 25 | 28546 |
| &nbsp;&nbsp; Pacific Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.000 | 12/01/46 | 50 | 37600 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.500 | 07/01/40 | 105 | 91416 |
| &nbsp;&nbsp; PacifiCorp, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 2.700 | 09/15/30 | 25 | 23055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125 | 01/15/49 | 70 | 52467 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.250 | 06/15/35 | 35 | 34933 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.750 | 04/01/37 | 10 | 10159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.350 | 07/15/38 | 15 | 15775 |
| &nbsp;&nbsp; PPL Electric Utilities Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.125 | 06/15/44 | 50 | 41824 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.850 | 02/15/34 | 5 | 5042 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 6.250 | 05/15/39 | 20 | 21891 |
| &nbsp;&nbsp; Public Service Co. of Colorado, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 05/15/34 | 100 | 102699 |
| &nbsp;&nbsp; Public Service Co. of New Hampshire, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 4.400 | 07/01/28 | 50 | 50588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.350 | 10/01/33 | 60 | 62429 |
| &nbsp;&nbsp; Public Service Electric & Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage, MTN | 3.950 | 05/01/42 | 10 | 8417 |
| &nbsp;&nbsp; Public Service Enterprise Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450 | 11/15/31 | 30 | 26892 |
| &nbsp;&nbsp; Puget Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes(a) | 4.100 | 06/15/30 | 45 | 44153 |
| &nbsp;&nbsp; San Diego Gas & Electric Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage, Series RRR | 3.750 | 06/01/47 | 5 | 3805 |
| &nbsp;&nbsp; Sempra, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 02/01/48 | 15 | 11455 |
| &nbsp;&nbsp; Southern California Edison Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.000 | 04/01/47 | 25 | 18874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Ref. Mortgage | 4.650 | 10/01/43 | 50 | 42631 |
| &nbsp;&nbsp; Virginia Electric & Power Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 08/15/34 | 8 | 8098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series A | 6.000 | 05/15/37 | 20 | 21437 |
| &nbsp;&nbsp; Wisconsin Public Service Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 12/01/29 | 60 | 60964 |
|  |  |  |  | 1498842 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Electronics 0.1%** |  |  |  |  |
| &nbsp;&nbsp; TD SYNNEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300% | 01/17/29 | 60 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59974 |
| &nbsp;&nbsp; **Foods 0.1%** |  |  |  |  |
| &nbsp;&nbsp; JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.950 | 04/20/35 | 25 | 26233 |
| &nbsp;&nbsp; Mondelez International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.750 | 04/13/30 | 10 | 9425 |
| &nbsp;&nbsp; Tyson Foods, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 06/02/27 | 10 | 9941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.350 | 03/01/29 | 15 | 15066 |
|  |  |  |  | 60665 |
| &nbsp;&nbsp; **Gas 0.7%** |  |  |  |  |
| &nbsp;&nbsp; CenterPoint Energy Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.750 | 10/01/30 | 75 | 66860 |
| &nbsp;&nbsp; NiSource, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 02/15/43 | 15 | 14321 |
| &nbsp;&nbsp; Southern California Gas Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; First Mortgage | 5.050 | 09/01/34 | 25 | 25337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 04/15/27 | 255 | 252395 |
|  |  |  |  | 358913 |
| &nbsp;&nbsp; **Healthcare-Products 0.0%** |  |  |  |  |
| &nbsp;&nbsp; Agilent Technologies, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.300 | 03/12/31 | 20 | 18125 |
| &nbsp;&nbsp; Thermo Fisher Scientific, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 10/15/41 | 10 | 7387 |
|  |  |  |  | 25512 |
| &nbsp;&nbsp; **Healthcare-Services 1.7%** |  |  |  |  |
| &nbsp;&nbsp; Advocate Health & Hospitals Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.387 | 10/15/49 | 15 | 10743 |
| &nbsp;&nbsp; AHS Hospital Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.780 | 07/01/51 | 10 | 6213 |
| &nbsp;&nbsp; Ascension Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series B(a) | 2.532 | 11/15/29 | 15 | 14230 |
| &nbsp;&nbsp; Baylor Scott & White Holdings, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 1.777 | 11/15/30 | 30 | 26843 |
| &nbsp;&nbsp; Children's Health System of Texas, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 2.511 | 08/15/50 | 10 | 5925 |
| &nbsp;&nbsp; Children's Hospital Corp. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, Series 2017 | 4.115 | 01/01/47 | 10 | 8362 |
| &nbsp;&nbsp; Cigna Group (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 12/15/48 | 15 | 13293 |
| &nbsp;&nbsp; CommonSpirit Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 5.205 | 12/01/31 | 50 | 51578 |
| &nbsp;&nbsp; Elevance Health, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.650 | 12/01/27 | 40 | 39813 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.625 | 05/15/42 | 60 | 53733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 11/01/31 | 16 | 16311 |
| &nbsp;&nbsp; Kaiser Foundation Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2021 | 2.810 | 06/01/41 | 50 | 37140 |
| &nbsp;&nbsp; Memorial Sloan-Kettering Cancer Center, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 07/01/42 | 30 | 28914 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2020 | 2.955 | 01/01/50 | 10 | 6588 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest<br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount<br>(000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Healthcare-Services (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Methodist Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 20A | 2.705% | 12/01/50 | 25 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15361 |
| &nbsp;&nbsp; New York & Presbyterian Hospital (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 4.024 | 08/01/45 | 45 | 37209 |
| &nbsp;&nbsp; NYU Langone Hospitals, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 4.368 | 07/01/47 | 15 | 13006 |
| &nbsp;&nbsp; OhioHealth Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 2.297 | 11/15/31 | 30 | 26957 |
| &nbsp;&nbsp; Orlando Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.475 | 10/01/35 | 65 | 67887 |
| &nbsp;&nbsp; PeaceHealth Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.335 | 11/15/28 | 15 | 15079 |
| &nbsp;&nbsp; Piedmont Healthcare, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes, Series 2042 | 2.719 | 01/01/42 | 15 | 10673 |
| &nbsp;&nbsp; Providence St. Joseph Health Obligated Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 19A | 2.532 | 10/01/29 | 10 | 9399 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series H | 2.746 | 10/01/26 | 30 | 29658 |
| &nbsp;&nbsp; Sentara Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 2021 | 2.927 | 11/01/51 | 15 | 9593 |
| &nbsp;&nbsp; Stanford Health Care, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes | 3.027 | 08/15/51 | 30 | 19655 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 3.795 | 11/15/48 | 15 | 11656 |
| &nbsp;&nbsp; Sutter Health, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsec'd. Notes, Series 2018 | 4.091 | 08/15/48 | 15 | 12169 |
| &nbsp;&nbsp; UnitedHealth Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.050 | 05/15/41 | 35 | 26309 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 08/15/39 | 25 | 20635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/33 | 120 | 118414 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 01/15/30 | 90 | 92037 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.200 | 04/15/63 | 5 | 4448 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.300 | 06/15/35 | 10 | 10290 |
| &nbsp;&nbsp; UPMC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sec'd. Notes | 5.035 | 05/15/33 | 25 | 25450 |
|  |  |  |  | 895571 |
| &nbsp;&nbsp; **Home Builders 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Toll Brothers Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.875 | 03/15/27 | 115 | 115792 |
| &nbsp;&nbsp; **Insurance 1.4%** |  |  |  |  |
| &nbsp;&nbsp; Arch Capital Finance LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.011 | 12/15/26 | 260 | 259922 |
| &nbsp;&nbsp; Brown & Brown, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.250 | 06/23/32 | 10 | 10195 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.550 | 06/23/35 | 10 | 10222 |
| &nbsp;&nbsp; Chubb INA Holdings LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.000 | 05/11/37 | 15 | 16269 |
| &nbsp;&nbsp; CNA Financial Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 05/01/29 | 25 | 24838 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 02/15/34 | 5 | 5028 |
| &nbsp;&nbsp; Corebridge Financial, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 04/05/32 | 75 | 71389 |
| &nbsp;&nbsp; Everest Reinsurance Holdings, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 10/15/50 | 60 | 41750 |
| &nbsp;&nbsp; Fairfax Financial Holdings Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.850 | 04/17/28 | 65 | 65795 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.350 | 03/22/54 | 55 | 57333 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br> Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount<br>(000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Insurance (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Markel Group, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.300% | 11/01/47 | 15 | $12138 |
| &nbsp;&nbsp; Unum Group, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 06/15/29 | 130 | 128760 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.750 | 08/15/42 | 20 | 19949 |
|  |  |  |  | 723588 |
| &nbsp;&nbsp; **Internet 0.4%** |  |  |  |  |
| &nbsp;&nbsp; Alphabet, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.375 | 11/15/32 | 10 | 10027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.700 | 11/15/35 | 30 | 29851 |
| &nbsp;&nbsp; Beignet Investor LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes, 144A | 6.581 | 05/30/49 | 42 | 43876 |
| &nbsp;&nbsp; Meta Platforms, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 11/15/32 | 30 | 30057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 4.875 | 11/15/35 | 90 | 88928 |
|  |  |  |  | 202739 |
| &nbsp;&nbsp; **Iron/Steel 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Reliance, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.150 | 08/15/30 | 50 | 45448 |
| &nbsp;&nbsp; **Lodging 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Hyatt Hotels Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 5.750 | 04/23/30 | 75 | 78422 |
| &nbsp;&nbsp; Marriott International, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 04/15/37 | 30 | 30594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series R | 3.125 | 06/15/26 | 30 | 29904 |
|  |  |  |  | 138920 |
| &nbsp;&nbsp; **Machinery-Diversified 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Flowserve Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.800 | 01/15/32 | 10 | 8975 |
| &nbsp;&nbsp; IDEX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 09/01/29 | 45 | 45945 |
|  |  |  |  | 54920 |
| &nbsp;&nbsp; **Media 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Charter Communications Operating LLC/Charter Communications Operating Capital, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.484 | 10/23/45 | 35 | 33007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 6.650 | 02/01/34 | 50 | 52642 |
| &nbsp;&nbsp; Time Warner Cable LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Sec'd. Notes | 7.300 | 07/01/38 | 20 | 21140 |
|  |  |  |  | 106789 |
| &nbsp;&nbsp; **Mining 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Barrick North America Finance LLC (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.700 | 05/30/41 | 30 | 30448 |
| &nbsp;&nbsp; BHP Billiton Finance USA Ltd. (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.125 | 02/21/32 | 50 | 51591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 09/08/33 | 55 | 56851 |
| &nbsp;&nbsp; Rio Tinto Finance USA PLC (Australia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.250 | 03/14/35 | 30 | 30737 |
|  |  |  |  | 169627 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Miscellaneous Manufacturing 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Textron, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.450% | 03/15/31 | 65 | $58946 |
| &nbsp;&nbsp; **Office/Business Equipment 0.1%** |  |  |  |  |
| &nbsp;&nbsp; CDW LLC/CDW Finance Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.276 | 12/01/28 | 30 | 29215 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.100 | 03/01/30 | 25 | 25482 |
|  |  |  |  | 54697 |
| &nbsp;&nbsp; **Oil & Gas 0.7%** |  |  |  |  |
| &nbsp;&nbsp; Canadian Natural Resources Ltd. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.850 | 06/01/27 | 50 | 49932 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.000 | 12/15/29 | 85 | 87293 |
| &nbsp;&nbsp; Cenovus Energy, Inc. (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.650 | 01/15/32 | 90 | 80324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 02/15/52 | 15 | 10594 |
| &nbsp;&nbsp; Diamondback Energy, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.400 | 04/18/34 | 20 | 20499 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.250 | 03/15/33 | 80 | 86287 |
| &nbsp;&nbsp; Equinor ASA (Norway), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.700 | 04/06/50 | 20 | 15124 |
|  |  |  |  | 350053 |
| &nbsp;&nbsp; **Pharmaceuticals 1.4%** |  |  |  |  |
| &nbsp;&nbsp; AbbVie, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 3.200 | 11/21/29 | 50 | 48510 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.050 | 11/21/39 | 75 | 66676 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 05/14/45 | 45 | 40644 |
| &nbsp;&nbsp; CVS Health Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.875 | 02/28/31 | 60 | 52804 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.780 | 03/25/38 | 45 | 42180 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.125 | 07/20/45 | 15 | 13466 |
| &nbsp;&nbsp; Eli Lilly & Co., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 08/14/34 | 85 | 85081 |
| &nbsp;&nbsp; Utah Acquisition Sub, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.950 | 06/15/26 | 43 | 42933 |
| &nbsp;&nbsp; Viatris, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.300 | 06/22/27 | 160 | 155872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.850 | 06/22/40 | 60 | 46129 |
| &nbsp;&nbsp; Zoetis, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.150 | 08/17/28 | 125 | 125697 |
|  |  |  |  | 719992 |
| &nbsp;&nbsp; **Pipelines 2.2%** |  |  |  |  |
| &nbsp;&nbsp; Energy Transfer LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 07/15/26 | 55 | 54971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.200 | 04/15/27 | 85 | 85145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.125 | 12/15/45 | 70 | 69591 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.625 | 10/15/36 | 10 | 10943 |
| &nbsp;&nbsp; MPLX LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.650 | 08/15/30 | 175 | 162256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.500 | 04/15/38 | 30 | 27362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 02/15/31 | 55 | 55616 |
| &nbsp;&nbsp; Northwest Pipeline LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.000 | 04/01/27 | 25 | 25004 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | Principal Amount<br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Pipelines (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; ONEOK, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.400% | 09/01/29 | 75 | $72807 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.050 | 09/01/33 | 105 | 111266 |
| &nbsp;&nbsp; Targa Resources Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.200 | 02/01/33 | 35 | 33491 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.350 | 01/15/29 | 30 | 30154 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.900 | 09/15/30 | 15 | 15304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.950 | 04/15/52 | 5 | 4271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.550 | 08/15/35 | 30 | 30732 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.125 | 03/15/33 | 25 | 26703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 6.150 | 03/01/29 | 90 | 94820 |
| &nbsp;&nbsp; Transcontinental Gas Pipe Line Co. LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.250 | 05/15/30 | 100 | 96136 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 03/15/48 | 10 | 8678 |
| &nbsp;&nbsp; Williams Cos., Inc. (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.750 | 06/15/27 | 50 | 49877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.800 | 11/15/29 | 55 | 56125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.100 | 09/15/45 | 10 | 9199 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.800 | 11/15/43 | 20 | 19856 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1150307 |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) 1.9%** |  |  |  |  |
| &nbsp;&nbsp; Alexandria Real Estate Equities, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.550 | 03/15/52 | 30 | 20962 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.700 | 07/01/30 | 60 | 60507 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.850 | 04/15/49 | 10 | 8565 |
| &nbsp;&nbsp; American Tower Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.700 | 12/15/32 | 19 | 19007 |
| &nbsp;&nbsp; Brixmor Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.250 | 04/01/28 | 155 | 149157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.500 | 08/16/31 | 45 | 40443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.900 | 03/15/27 | 25 | 24963 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.125 | 06/15/26 | 50 | 50000 |
| &nbsp;&nbsp; Broadstone Net Lease LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 11/01/32 | 30 | 30008 |
| &nbsp;&nbsp; COPT Defense Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.900 | 12/01/33 | 30 | 25602 |
| &nbsp;&nbsp; Essex Portfolio LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.700 | 03/01/28 | 15 | 14302 |
| &nbsp;&nbsp; GLP Capital LP/GLP Financing II, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.250 | 01/15/32 | 10 | 9055 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.750 | 06/01/28 | 35 | 35874 |
| &nbsp;&nbsp; Healthpeak OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 01/15/30 | 20 | 18977 |
| &nbsp;&nbsp; Host Hotels & Resorts LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.700 | 07/01/34 | 10 | 10317 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series I | 3.500 | 09/15/30 | 50 | 47637 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series J | 2.900 | 12/15/31 | 15 | 13583 |
| &nbsp;&nbsp; Invitation Homes Operating Partnership LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.150 | 04/15/32 | 60 | 57904 |
| &nbsp;&nbsp; Kimco Realty OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 1.900 | 03/01/28 | 60 | 57650 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.200 | 04/01/32 | 45 | 41761 |
| &nbsp;&nbsp; Realty Income Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.700 | 02/15/32 | 40 | 36161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.100 | 12/15/29 | 85 | 82047 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.400 | 01/15/28 | 20 | 19797 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Real Estate Investment Trusts (REITs) (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; VICI Properties LP, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.750% | 04/01/28 | 15 | $15156 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.950 | 02/15/30 | 10 | 10119 |
| &nbsp;&nbsp; Welltower OP LLC, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 2.700 | 02/15/27 | 10 | 9884 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 4.500 | 07/01/30 | 75 | 75712 |
| &nbsp;&nbsp; WP Carey, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.400 | 02/01/31 | 35 | 31604 |
|  |  |  |  | 1016754 |
| &nbsp;&nbsp; **Retail 0.1%** |  |  |  |  |
| &nbsp;&nbsp; AutoNation, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.800 | 11/15/27 | 25 | 24860 |
| &nbsp;&nbsp; Ferguson Enterprises, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 5.000 | 10/03/34 | 15 | 15054 |
|  |  |  |  | 39914 |
| &nbsp;&nbsp; **Semiconductors 0.5%** |  |  |  |  |
| &nbsp;&nbsp; Broadcom, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.500 | 02/15/41 | 10 | 8117 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.419 | 04/15/33 | 90 | 83098 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.469 | 04/15/34 | 60 | 54563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.050 | 04/15/30 | 40 | 41213 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, 144A | 4.000 | 04/15/29 | 75 | 74789 |
|  |  |  |  | 261780 |
| &nbsp;&nbsp; **Software 0.3%** |  |  |  |  |
| &nbsp;&nbsp; Fiserv, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.550 | 02/15/31 | 30 | 29812 |
| &nbsp;&nbsp; Intuit, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.350 | 07/15/27 | 5 | 4835 |
| &nbsp;&nbsp; Oracle Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.950 | 04/01/30 | 85 | 78546 |
| &nbsp;&nbsp; ServiceNow, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.400 | 09/01/30 | 25 | 22035 |
| &nbsp;&nbsp; Workday, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 04/01/27 | 10 | 9949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.700 | 04/01/29 | 25 | 24661 |
|  |  |  |  | 169838 |
| &nbsp;&nbsp; **Telecommunications 0.9%** |  |  |  |  |
| &nbsp;&nbsp; AT&T, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes(a) | 2.550 | 12/01/33 | 40 | 34011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 06/01/41 | 110 | 86421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.550 | 09/15/55 | 30 | 19888 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 04/30/56 | 25 | 24794 |
| &nbsp;&nbsp; Deutsche Telekom International Finance BV (Germany), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 8.750 | 06/15/30 | 50 | 58245 |
| &nbsp;&nbsp; Motorola Solutions, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.600 | 02/23/28 | 25 | 25266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.400 | 04/15/34 | 25 | 25739 |
| &nbsp;&nbsp; T-Mobile USA, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.000 | 02/15/41 | 30 | 22236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes | 3.875 | 04/15/30 | 90 | 88416 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **CORPORATE BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **Telecommunications (cont'd.)** |  |  |  |  |
| &nbsp;&nbsp; Verizon Communications, Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.812% | 03/15/39 | 30 | $28391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.401 | 07/02/37 | 44 | 44368 |
|  |  |  |  | 457775 |
| &nbsp;&nbsp; **Transportation 0.2%** |  |  |  |  |
| &nbsp;&nbsp; CSX Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 4.100 | 03/15/44 | 10 | 8412 |
| &nbsp;&nbsp; Fedex Freight Holding Co., Inc., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.300 | 03/15/29 | 20 | 20016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gtd. Notes, 144A | 4.650 | 03/15/31 | 30 | 29963 |
| &nbsp;&nbsp; Norfolk Southern Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.950 | 03/15/64 | 15 | 15294 |
| &nbsp;&nbsp; Union Pacific Corp., |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.000 | 04/15/27 | 15 | 14868 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.600 | 09/15/37 | 10 | 8867 |
|  |  |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;97420 |
| &nbsp;&nbsp; **TOTAL CORPORATE BONDS**<br> (cost $14,749,657) |  |  |  | 14582169 |
| &nbsp;&nbsp; **MUNICIPAL BONDS 0.9%** |  |  |  |  |
| &nbsp;&nbsp; **Arizona 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Salt River Project Agricultural Improvement & Power District, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs | 4.839 | 01/01/41 | 35 | 34051 |
| &nbsp;&nbsp; **California 0.2%** |  |  |  |  |
| &nbsp;&nbsp; Bay Area Toll Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, BABs, Series F2 | 6.263 | 04/01/49 | 35 | 37118 |
| &nbsp;&nbsp; Regents of the University of California Medical Center Pooled Revenue, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series Q | 4.563 | 05/15/53 | 15 | 12857 |
| &nbsp;&nbsp; State of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable, BABs | 7.550 | 04/01/39 | 30 | 36043 |
| &nbsp;&nbsp; University of California, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series AQ | 4.767 | 05/15/2115 | 30 | 24308 |
|  |  |  |  | 110326 |
| &nbsp;&nbsp; **Illinois 0.0%** |  |  |  |  |
| &nbsp;&nbsp; State of Illinois, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; General Obligation Unlimited, Taxable | 5.100 | 06/01/33 | 22 | 22300 |
| &nbsp;&nbsp; **Michigan 0.1%** |  |  |  |  |
| &nbsp;&nbsp; Michigan Finance Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds | 3.384 | 12/01/40 | 15 | 12680 |
| &nbsp;&nbsp; Michigan State University, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.165 | 08/15/2122 | 15 | 10697 |
| &nbsp;&nbsp; University of Michigan, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Sustainability Bond, Series B | 3.504 | 04/01/52 | 15 | 11063 |
|  |  |  |  | 34440 |
| &nbsp;&nbsp; **New Jersey 0.1%** |  |  |  |  |
| &nbsp;&nbsp; New Jersey Turnpike Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series F | 7.414 | 01/01/40 | 45 | 53459 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **MUNICIPAL BONDS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; **New York 0.3%** |  |  |  |  |
| &nbsp;&nbsp; City of New York, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, General Obligation Unlimited, Series D-1 | 5.114% | 10/01/54 | 15 | $14028 |
| &nbsp;&nbsp; New York State Dormitory Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series B | 5.228 | 07/01/35 | 105 | 108267 |
| &nbsp;&nbsp; Port Authority of New York & New Jersey, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consolidated, Taxable, Revenue Bonds, Series 174 | 4.458 | 10/01/62 | 15 | 12609 |
|  |  |  |  | 134904 |
| &nbsp;&nbsp; **Ohio 0.0%** |  |  |  |  |
| &nbsp;&nbsp; JobsOhio Beverage System, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds, Series A | 2.833 | 01/01/38 | 5 | 4265 |
| &nbsp;&nbsp; Ohio State University (The), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series A | 4.800 | 06/01/2111 | 15 | 12458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, BABs, Series C | 4.910 | 06/01/40 | 10 | 10001 |
|  |  |  |  | 26724 |
| &nbsp;&nbsp; **Virginia 0.1%** |  |  |  |  |
| &nbsp;&nbsp; University of Virginia, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxable, Revenue Bonds, Series B | 2.584 | 11/01/51 | 40 | 24489 |
| &nbsp;&nbsp; Williamsburg Economic Development Authority, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue Bonds | 4.957 | 11/01/35 | 15 | 15168 |
|  |  |  |  | 39657 |
| &nbsp;&nbsp; **TOTAL MUNICIPAL BONDS**<br> (cost $517,994) |  |  |  | 455861 |
| &nbsp;&nbsp; **SOVEREIGN BONDS 2.6%** |  |  |  |  |
| &nbsp;&nbsp; Indonesia Government International Bond (Indonesia), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 3.500 | 01/11/28 | 200 | 198200 |
| &nbsp;&nbsp; Israel Government International Bond (Israel), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 05Y | 5.375 | 02/19/30 | 200 | 206235 |
| &nbsp;&nbsp; Mexico Government International Bond (Mexico), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.375 | 03/22/33 | 200 | 197800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.850 | 07/02/32 | 200 | 205200 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 6.000 | 05/13/30 | 200 | 208800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, MTN | 4.750 | 03/08/44 | 26 | 21268 |
| &nbsp;&nbsp; Peruvian Government International Bond (Peru), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 1.862 | 12/01/32 | 50 | 41550 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 2.783 | 01/23/31 | 32 | 29600 |
| &nbsp;&nbsp; Philippine Government International Bond (Philippines), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes | 5.500 | 02/04/35 | 200 | 208250 |
| &nbsp;&nbsp; Province of Quebec (Canada), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series PD | 7.500 | 09/15/29 | 25 | 28008 |
| &nbsp;&nbsp; Republic of Poland Government International Bond (Poland), |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sr. Unsec'd. Notes, Series 30Y | 5.500 | 03/18/54 | 40 | 37846 |
| &nbsp;&nbsp; **TOTAL SOVEREIGN BONDS**<br> (cost $1,364,685) |  |  |  | 1382757 |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS 27.0%** |  |  |  |  |
| &nbsp;&nbsp; Federal Farm Credit Bank | 1.480 | 11/26/32 | 35 | 29118 |
| &nbsp;&nbsp; Federal Farm Credit Bank | 2.350 | 03/10/36 | 30 | 24217 |
| &nbsp;&nbsp; Federal Home Loan Bank | 1.250 | 07/23/30 | 60 | 53247 |
| &nbsp;&nbsp; Federal Home Loan Bank | 2.090 | 02/22/36 | 30 | 23687 |
| &nbsp;&nbsp; Federal Home Loan Bank | 4.250 | 09/10/32 | 20 | 20133 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 09/01/36 | 43 | 39138 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 01/01/37 | 21 | 19101 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 1.500 | 10/01/50 | 175 | 135510 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000% | 01/01/32 | 15 | $14494 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 12/01/50 | 328 | 268339 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.000 | 05/01/51 | 265 | 217095 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 10/01/51 | 254 | 219492 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 2.500 | 07/01/52 | 124 | 105397 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 12 | 11392 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 02/01/32 | 12 | 11418 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/37 | 6 | 5429 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/37 | 8 | 7531 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/42 | 58 | 53638 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 11/01/46 | 18 | 16245 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 01/01/47 | 116 | 104691 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 03/01/47 | 80 | 72906 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 12/01/47 | 44 | 40188 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.000 | 04/01/52 | 274 | 242992 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/37 | 9 | 9089 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 06/01/42 | 15 | 14601 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 04/01/46 | 19 | 18154 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 26 | 24808 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 11/01/47 | 33 | 31042 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 3.500 | 02/01/48 | 95 | 88732 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 10/01/45 | 17 | 16523 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 05/01/46 | 34 | 33110 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 03/01/47 | 15 | 14338 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 01/01/48 | 22 | 21323 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.000 | 06/01/52 | 261 | 250069 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 07/01/47 | 35 | 34900 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 4.500 | 12/01/48 | 8 | 8295 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 08/01/53 | 467 | 468293 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.000 | 01/01/55 | 245 | 244649 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 07/01/54 | 147 | 149117 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 5.500 | 02/01/55 | 500 | 507338 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp. | 6.750 | 03/15/31 | 25 | 28352 |
| &nbsp;&nbsp; Federal Home Loan Mortgage Corp., MTN | 1.220 | 08/19/30 | 25 | 22124 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 0.875 | 08/05/30 | 10 | 8808 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 10/01/50 | 184 | 142884 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 1.500 | 11/01/50 | 187 | 144959 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/36 | 361 | 334136 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 07/01/40 | 132 | 117055 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/41 | 310 | 273284 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/41 | 321 | 281681 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 09/01/50 | 246 | 202039 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 12/01/50 | 131 | 108390 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 01/01/51 | 234 | 191773 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 03/01/51 | 107 | 87832 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 05/01/51 | 131 | 107283 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.000 | 10/01/51 | 92 | 74596 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 06/01/28 | 16 | 15264 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/35 | 38 | 36468 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 02/01/43 | 23 | 21080 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 25 | 21749 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 09/01/46 | 42 | 36902 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/50 | 135 | 116386 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/50 | 169 | 144776 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 10/01/50 | 440 | 377119 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 04/01/51 | 319 | 273026 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 05/01/51 | 187 | 160217 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 08/01/51 | 79 | 68674 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 2.500 | 11/01/51 | 345 | 295041 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/28 | 12 | 11463 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/30 | 32 | 31256 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000% | 12/01/36 | 17 | $16527 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 10/01/42 | 11 | 9936 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 12/01/42 | 69 | 63944 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/43 | 133 | 122694 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 04/01/43 | 35 | 32485 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 08/01/43 | 106 | 98254 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/47 | 120 | 108672 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 02/01/47 | 81 | 73436 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 01/01/50 | 226 | 203091 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.000 | 11/01/50 | 85 | 76132 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/31 | 16 | 15534 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/32 | 7 | 6501 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 06/01/33 | 9 | 9341 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/42 | 46 | 44310 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/42 | 51 | 48405 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 10/01/42 | 138 | 131440 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 11/01/42 | 34 | 32412 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 08/01/43 | 45 | 42637 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 03/01/45 | 72 | 68390 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/46 | 14 | 13518 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 12/01/46 | 153 | 144390 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 01/01/47 | 31 | 29236 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 3.500 | 09/01/47 | 44 | 41652 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 01/01/41 | 85 | 83819 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/41 | 45 | 43991 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 02/01/47 | 44 | 43228 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/48 | 79 | 76227 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 03/01/49 | 151 | 146645 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.000 | 04/01/52 | 171 | 164312 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 03/01/41 | 43 | 42788 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/44 | 38 | 38269 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 01/01/45 | 41 | 41005 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 04/01/48 | 22 | 22285 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 05/01/48 | 7 | 7005 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 08/01/48 | 9 | 8655 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 02/01/49 | 7 | 7001 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 4.500 | 06/01/52 | 85 | 84098 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 11/01/35 | 49 | 50491 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 04/01/40 | 84 | 84989 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 06/01/40 | 9 | 8946 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.000 | 03/01/42 | 21 | 21895 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 11/01/52 | 275 | 280645 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 5.500 | 02/01/53 | 207 | 210791 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.000 | 11/01/53 | 173 | 178330 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.500 | 05/01/55 | 57 | 58802 |
| &nbsp;&nbsp; Federal National Mortgage Assoc. | 6.625 | 11/15/30 | 40 | 44848 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.000 | 12/20/50 | 403 | 335506 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 03/20/43 | 5 | 4875 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 12/20/46 | 9 | 8341 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 05/20/51 | 394 | 342030 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 2.500 | 10/20/51 | 69 | 59529 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 01/20/43 | 49 | 45241 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 04/20/45 | 19 | 17815 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 07/20/46 | 34 | 31489 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 09/20/46 | 35 | 32015 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 03/20/49 | 41 | 37785 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.000 | 06/20/51 | 68 | 61344 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/42 | 98 | 92962 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 01/20/44 | 27 | 25389 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 04/20/45 | 14 | 13387 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/46 | 62 | 57571 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500% | 08/20/46 | 95 | $89280 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 09/20/46 | 15 | 13636 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 07/20/47 | 40 | 37294 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 11/20/47 | 26 | 24530 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 10/20/49 | 186 | 174041 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 3.500 | 12/20/50 | 73 | 68008 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 12/20/45 | 43 | 41141 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 10/20/46 | 2 | 2392 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/47 | 20 | 19233 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 07/20/47 | 25 | 23800 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 09/20/47 | 306 | 295017 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/49 | 10 | 9706 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.000 | 03/20/52 | 124 | 117894 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 04/20/41 | 8 | 8430 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 03/20/44 | 23 | 22754 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 12/20/44 | 21 | 20565 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 11/20/46 | 11 | 10583 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 01/20/47 | 3 | 3284 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 4.500 | 08/20/52 | 219 | 215780 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 04/20/45 | 15 | 15605 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.000 | 11/20/54 | 376 | 376774 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 12/15/33 | 5 | 5345 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 05/20/53 | 1 | 921 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 08/20/54 | 25 | 25672 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 09/20/54 | 331 | 336094 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 5.500 | 05/20/55 | 117 | 118590 |
| &nbsp;&nbsp; Government National Mortgage Assoc. | 6.000 | 09/20/54 | 164 | 168263 |
| &nbsp;&nbsp; Israel Government AID Bond, U.S. Gov't. Gtd. Notes, Series 30Y | 5.500 | 09/18/33 | 55 | 59311 |
| &nbsp;&nbsp; Tennessee Valley Authority, Sr. Unsec'd. Notes | 5.250 | 02/01/55 | 60 | 59383 |
| &nbsp;&nbsp; **TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $15,072,378) |  |  |  | 14115003 |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS 35.8%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 11/15/41 | 65 | 45206 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.000 | 02/15/50 | 50 | 29219 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.250 | 08/15/49 | 2230 | 1393053 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 2.375 | 02/15/42 | 650 | 476734 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.000 | 11/15/44 | 350 | 269992 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 3.625 | 08/15/43 | 1470 | 1265348 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.000 | 11/15/52 | 835 | 720709 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.500 | 11/15/54 | 175 | 164145 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.625 | 05/15/54 | 548 | 524796 |
| &nbsp;&nbsp; U.S. Treasury Bonds | 4.750 | 11/15/53 | 797 | 778320 |
| &nbsp;&nbsp; U.S. Treasury Notes | 0.500 | 10/31/27 | 1230 | 1167683 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.375 | 10/31/28 | 2200 | 2073500 |
| &nbsp;&nbsp; U.S. Treasury Notes | 1.500 | 11/30/28 | 1450 | 1368891 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 07/31/27 | 1615 | 1596831 |
| &nbsp;&nbsp; U.S. Treasury Notes | 2.750 | 05/31/29 | 490 | 476334 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.125 | 08/31/29 | 770 | 755803 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.750 | 01/31/31 | 315 | 314225 |
| &nbsp;&nbsp; U.S. Treasury Notes | 3.875 | 08/15/33 | 1055 | 1041153 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 01/31/33 | 1090 | 1088169 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.000 | 11/15/35 | 505 | 494663 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.125 | 11/15/27 | 600 | 605977 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 02/15/28 | 130 | 131777 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 02/28/31 | 595 | 606668 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.250 | 05/15/35 | 105 | 105230 |
| &nbsp;&nbsp; U.S. Treasury Notes | 4.625 | 09/30/30 | 960 | 994275 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 2.272(s) | 08/15/39 | 140 | 73754 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.277(s) | 08/15/41 | 35 | 16362 |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 3.621(s) | 05/15/44(k) | 295 | 117053 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br> (000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value** |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS (Continued)** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Strips Coupon | 5.031%(s) | 08/15/42 | 30 | $13186 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $18,927,741) |  |  |  | 18709056 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $52,966,438) |  |  |  | 51412743 |
|  |  |  | Shares |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 4.2%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)(wb) |  |  | 1162580 | 1162580 |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<br>(cost $1,061,155; includes $1,060,303 of cash collateral for securities<br>on loan)(b)(wb) |  |  | 1061793 | 1061155 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS**<br> (cost $2,223,735) |  |  |  | 2223735 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.5%**<br> (cost $55,190,173) |  |  |  | 53636478 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (2.5)% |  |  |  | (1311215) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52325263 |

---

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

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

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,038,778; cash collateral of $1,060,303 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

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

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number<br>of<br>Contracts | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value /<br>Unrealized<br>Appreciation<br>(Depreciation) |
| Long Position: | Long Position: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4 | 2 Year U.S. Treasury Notes | Mar. 2026 | $833969 | $(699) |

---

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |

---

---

| | | |
|:---|:---|:---|
|  CGM | $— | $25395 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### 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** |  |  |  |
|  Commercial Mortgage-Backed Securities | $— | $2167897 | $— |
|  Corporate Bonds |  | 14582169 |  |
|  Municipal Bonds |  | 455861 |  |
|  Sovereign Bonds |  | 1382757 |  |
|  U.S. Government Agency Obligations |  | 14115003 |  |
|  U.S. Treasury Obligations |  | 18709056 |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 2223735 |  |  |
|  **Total** | $2223735 | $51412743 | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Liabilities** |  |  |  |
|  Futures Contracts | $(699) | $— | $— |

---

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

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 35.8 |
|  U.S. Government Agency Obligations | 27.0 |
|  Banks | 6.9 |
|  Affiliated Mutual Funds (2.0% represents investments purchased with collateral from securities on loan) | 4.2 |
|  Commercial Mortgage-Backed Securities | 4.1 |
|  Electric | 2.9 |
|  Sovereign Bonds | 2.6 |
|  Pipelines | 2.2 |
|  Real Estate Investment Trusts (REITs) | 1.9 |
|  Healthcare-Services | 1.7 |
|  Insurance | 1.4 |
|  Pharmaceuticals | 1.4 |
|  Agriculture | 0.9 |
|  Telecommunications | 0.9 |
|  Municipal Bonds | 0.9 |
|  Aerospace & Defense | 0.8 |
|  Gas | 0.7 |
|  Oil & Gas | 0.7 |
|  Chemicals | 0.5 |
|  Semiconductors | 0.5 |
|  Commercial Services | 0.5 |
|  Auto Manufacturers | 0.4 |
|  Internet | 0.4 |
|  Beverages | 0.4 |
|  Software | 0.3 |
|  Mining | 0.3 |

---

---

| | |
|:---|:---|
|  Lodging | 0.3% |
|  Biotechnology | 0.2 |
|  Home Builders | 0.2 |
|  Media | 0.2 |
|  Transportation | 0.2 |
|  Diversified Financial Services | 0.1 |
|  Computers | 0.1 |
|  Foods | 0.1 |
|  Electronics | 0.1 |
|  Miscellaneous Manufacturing | 0.1 |
|  Airlines | 0.1 |
|  Machinery-Diversified | 0.1 |
|  Office/Business Equipment | 0.1 |
|  Iron/Steel | 0.1 |
|  Building Materials | 0.1 |
|  Retail | 0.1 |
|  Healthcare-Products | 0.0 \* |
|  | 102.5 |
|  Liabilities in excess of other assets | (2.5) |
|  | 100.0% |

---

\* Less than 0.05% 

#### Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:
The Fund invested in derivative instruments during the reporting period. The primary of risk associated with these derivative instruments Interest risk. See the Notes to Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund's financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

Fair values of derivative instruments as of January 31, 2026 as presented in the Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair <br>Value** | **Statement of**<br> **Assets and**<br> **Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair <br>Value** |
|  Interest rate contracts |  | $— | Due from/to broker-variation margin futures | $699\* |

---

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

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2026 are as follows:

---

| | |
|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **<u>instruments, carried at fair value</u>** | Futures |
|  Interest rate contracts | $1206 |

---

---

| | |
|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **<u>carried at fair value</u>** | Futures |
|  Interest rate contracts | $(699) |

---

For the six months ended January 31, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $625060 |

---

\* Average volume is based on average quarter end balances for the six months ended January 31, 2026.

(1) Notional Amount in USD.

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

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

---

| | | | |
|:---|:---|:---|:---|
| Description | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $1038778 | $(1038778) | $— |

---

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

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $1,038,778: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $52,966,438) | $51412743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $2,223,735) | 2223735 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 2115513 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends and interest receivable | 421509 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 162599 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 8430 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from broker—variation margin futures | 344 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 909 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 56345782 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 2882641 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 1060303 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 71558 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 5165 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 86 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 4020519 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $52325263 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $60116812 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (7791549) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2026** | $52325263 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($52,325,263 ÷ 6,002,276 shares of beneficial interest issued and outstanding) | $8.72 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest income | $1215740 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 23041 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $37) | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 1238819 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 55626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 32108 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 20818 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 19697 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9525 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 5162 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 4296 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $268) | 475 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 322 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 6228 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 154257 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (98631) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 55626 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 1183193 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 120104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 1206 |
|  | 121310 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 807252 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | (699) |
|  | 806553 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 927863 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $2111056 |

---

See Notes to Financial Statements.

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

------

PGIM Core Conservative Bond Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended**<br>January 31, 2026 | Year Ended<br>July 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1183193 | $2090985 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 121310 | (431735) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 806553 | 169680 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 2111056 | 1828930 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (1223651) | (2175434) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (508,958 and 3,277,744 shares, respectively) | 4443788 | 28136435 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (139,979 and 252,443 shares, respectively) | 1221553 | 2175434 |
| &nbsp;&nbsp; Cost of shares purchased (1,366,813 and 1,605,748 shares, respectively) | (11923728) | (13805872) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (6258387) | 16505997 |
| &nbsp;&nbsp; Total increase (decrease) | (5370982) | 16159493 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 57696245 | 41536752 |
| &nbsp;&nbsp; End of period | $52325263 | $57696245 |

---

See Notes to Financial Statements.

------

PGIM Core Conservative Bond Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31,<br>2026 | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | Six Months<br>Ended<br>January 31,<br>2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.59 | $8.66 | $8.55 | $9.15 | $10.39 | $10.81 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.18 | 0.34 | 0.29 | 0.23 | 0.15 | 0.13 |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 0.13 | (0.05) | 0.13 | (0.57) | (1.16) | (0.25) |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.31 | 0.29 | 0.42 | (0.34) | (1.01) | (0.12) |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.18) | (0.36) | (0.31) | (0.26) | (0.20) | (0.21) |
| &nbsp;&nbsp;&nbsp; Tax return of capital distributions |  |  |  | (-)<sup>(b)</sup> |  |  |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.03) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.18) | (0.36) | (0.31) | (0.26) | (0.23) | (0.30) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.72 | $8.59 | $8.66 | $8.55 | $9.15 | $10.39 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(c)</sup>:** | 3.67% | 3.38% | 5.07% | (3.66)% | (9.79)% | (1.07)% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $52325 | $57696 | $41537 | $44529 | $51685 | $62780 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $58076 | $52227 | $45717 | $49258 | $58320 | $62768 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(d)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(e)</sup> | 0.19% | 0.49 %<sup>(f)</sup> | 0.50% | 0.50% | 0.50% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.53 %<sup>(e)</sup> | 0.57% | 0.68% | 0.63% | 0.55% | 0.55% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 4.04 %<sup>(e)</sup> | 4.00% | 3.45% | 2.66% | 1.49% | 1.28% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(g)(h)</sup>  | 86% | 128% | 155% | 191% | 171% | 194% |

---

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

(b) Amount rounds to zero.

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

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

(e) Annualized.

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

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

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

See Notes to Financial Statements.

------

PGIM TIPS Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description | Interest <br>Rate | Maturity <br>Date | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal Amount <br>(000)# | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Value**  |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.3%** |  |  |  |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125% | 04/15/27 | 2956 | $2925975 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/30 | 5669 | 5439814 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 07/15/30 | 923 | 881713 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/31 | 3661 | 3454856 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.125 | 01/15/32 | 4449 | 4114835 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.250 | 07/15/29 | 272 | 265631 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.250 | 02/15/50 | 1872 | 1077293 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.500 | 01/15/28 | 1872 | 1857104 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.625 | 07/15/32 | 167 | 158691 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.625 | 02/15/43 | 1487 | 1111007 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 02/15/42 | 1506 | 1176261 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.750 | 02/15/45 | 688 | 502501 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.875 | 01/15/29 | 4140 | 4119040 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 0.875 | 02/15/47 | 195 | 140393 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/46 | 896 | 675841 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/48 | 361 | 263975 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.000 | 02/15/49 | 773 | 555838 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.125 | 01/15/33 | 3003 | 2909686 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.250 | 04/15/28 | 1459 | 1466091 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.375 | 07/15/33 | 1035 | 1018341 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.375 | 02/15/44 | 932 | 781647 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.500 | 02/15/53 | 2808 | 2185442 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.625 | 04/15/30 | 3004 | 3050036 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.750 | 01/15/28 | 6668 | 6774231 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.750 | 01/15/34 | 3864 | 3873543 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.875 | 07/15/34 | 1880 | 1902000 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.875 | 07/15/35 | 2317 | 2324130 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 1.875 | 01/15/36 | 1052 | 1048375 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 01/15/35 | 3636 | 3725231 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/40 | 67 | 66994 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/41 | 252 | 247081 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.125 | 02/15/54 | 121 | 108941 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 2.500 | 01/15/29 | 3034 | 3161343 |
| &nbsp;&nbsp; U.S. Treasury Inflation Indexed Bonds, TIPS | 3.875 | 04/15/29 | 79 | 85655 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br>(cost $63,336,980) |  |  |  | 63449535 |
|  |  |  | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares**  |  |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENT 2.7%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<br>(cost $1,715,448)(wb) |  |  | 1715448 | 1715448 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.0%**<br>(cost $65,052,428) |  |  |  | 65164983 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.0)% |  |  |  | (1288185) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63876798 |

---

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

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

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

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

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

See Notes to Financial Statements.

------

PGIM TIPS Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

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** |  |  |  |
|  U.S. Treasury Obligations | $— | $63449535 | $— |
|  **Short-Term Investment** |  |  |  |
|  Affiliated Mutual Fund | 1715448 |  |  |
|  **Total** | $1715448 | $63449535 | $— |

---

#### Security Allocations:
The sector allocations of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 99.3% |
|  Affiliated Mutual Fund | 2.7 |
|  | 102.0 |
|  Liabilities in excess of other assets | (2.0) |
|  | 100.0% |

---

See Notes to Financial Statements.

------

PGIM TIPS Fund

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

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $63,336,980) | $63449535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $1,715,448) | 1715448 |
| &nbsp;&nbsp; Receivable for investments sold | 503503 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 172150 |
| &nbsp;&nbsp; Interest receivable | 101870 |
| &nbsp;&nbsp; Prepaid expenses | 1176 |
| &nbsp;&nbsp; **Total Assets** | 65943682 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Payable for investments purchased | 2001429 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 50993 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 10059 |
| &nbsp;&nbsp; Management fee payable | 3504 |
| &nbsp;&nbsp; Trustees' fees payable | 799 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 100 |
| &nbsp;&nbsp; **Total Liabilities** | 2066884 |
| &nbsp;&nbsp; **Net Assets** | $63876798 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $80504081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (16627283) |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $63876798 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($63,876,798 ÷ 7,597,467 shares of beneficial interest issued and outstanding) | $8.41 |

---

See Notes to Financial Statements.

------

PGIM TIPS Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $1115960 |
| &nbsp;&nbsp; Affiliated dividend income | 11829 |
| &nbsp;&nbsp; Affiliated income from securities lending, net | 9 |
| &nbsp;&nbsp; **Total income** | 1127798 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 73445 |
| &nbsp;&nbsp; Audit fee | 18660 |
| &nbsp;&nbsp; Custodian and accounting fees | 17823 |
| &nbsp;&nbsp; Professional fees | 16714 |
| &nbsp;&nbsp; Shareholders' reports | 7447 |
| &nbsp;&nbsp; Trustees' fees | 5212 |
| &nbsp;&nbsp; Commitment fees | 2952 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $277) | 431 |
| &nbsp;&nbsp; Registration fees | 322 |
| &nbsp;&nbsp; Miscellaneous | 5668 |
| &nbsp;&nbsp; **Total expenses** | 148674 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (52876) |
| &nbsp;&nbsp; **Net expenses** | 95798 |
| &nbsp;&nbsp; Net investment income (loss) | 1032000 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (35262) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 424407 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 389145 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1421145 |

---

See Notes to Financial Statements.

------

PGIM TIPS Fund

Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Year Ended<br>July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $1032000 | $2522666 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | (35262) | (1050214) |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 424407 | 862921 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 1421145 | 2335373 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class R6 | (1271712) | (2646222) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (1,101,738 and 2,434,229 shares, respectively) | 9291980 | 20445971 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (150,311 and 313,982 shares, respectively) | 1269971 | 2645926 |
| &nbsp;&nbsp; Cost of shares purchased (1,122,651 and 2,632,639 shares, respectively) | (9447987) | (22054439) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | 1113964 | 1037458 |
| &nbsp;&nbsp; Total increase (decrease) | 1263397 | 726609 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 62613401 | 61886792 |
| &nbsp;&nbsp; End of period | $63876798 | $62613401 |

---

See Notes to Financial Statements.

------

PGIM TIPS Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31,<br>2026 |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31,<br>2026 | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | Six Months<br>Ended<br>January 31,<br>2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $8.38 | $8.42 | $8.50 | $9.44 | $10.83 | $10.67 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.14 | 0.34 | 0.37 | 0.36 | 0.68 | 0.36 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment and foreign currency transactions | 0.06 | (0.03) | (0.04) | (0.88) | (1.08) | 0.32 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.20 | 0.31 | 0.33 | (0.52) | (0.40) | 0.68 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.17) | (0.35) | (0.41) | (0.42) | (0.78) | (0.43) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains |  |  |  |  | (0.21) | (0.09) |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.17) | (0.35) | (0.41) | (0.42) | (0.99) | (0.52) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $8.41 | $8.38 | $8.42 | $8.50 | $9.44 | $10.83 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 2.39% | 3.76% | 4.11% | (5.52)% | (3.91)% | 6.49% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $63877 | $62613 | $61887 | $80522 | $90662 | $83793 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $63345 | $63034 | $68536 | $84102 | $83845 | $79151 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.30 %<sup>(d)</sup> | 0.32% | 0.40% | 0.40% | 0.39% | 0.40% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.47 %<sup>(d)</sup> | 0.49% | 0.44% | 0.40% | 0.39% | 0.41% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.23 %<sup>(d)</sup> | 4.00% | 4.50% | 4.18% | 6.66% | 3.39% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(e)</sup>  | 33% | 85% | 66% | 68% | 73% | 72% |

---

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

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

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

(d) Annualized.

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | | | |
|:---|:---|:---|:---|:---|
| Description |  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares | Value |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 103.4%** |  |  |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUND 22.4%** |  |  |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<br>(cost $7,024,425)(bb)(wb) |  |  | 7024425 | $7024425 |
|  | Interest<br>Rate | Maturity<br>Date | Principal Amount<br>(000)# |  |
| &nbsp;&nbsp; **U.S. TREASURY OBLIGATIONS(n) 81.0%** |  |  |  |  |
| &nbsp;&nbsp; U.S. Treasury Bills | 3.671% | 04/07/26 | 12500 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12420439 |
| &nbsp;&nbsp; U.S. Treasury Bills | 3.789 | 03/03/26 | 9870 | 9841179 |
| &nbsp;&nbsp; U.S. Treasury Bills | 3.804 | 03/03/26(bb)(k) | 3130 | 3120860 |
| &nbsp;&nbsp; **TOTAL U.S. TREASURY OBLIGATIONS**<br> (cost $25,377,521) |  |  |  | 25382478 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 103.4%**<br> (cost $32,401,946) |  |  |  | 32406903 |
| &nbsp;&nbsp; Liabilities in excess of other assets(z) (3.4)% |  |  |  | (1062645) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  |  |  | $31344258 |

---

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

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

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

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

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

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

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

#### Commodity Futures contracts outstanding at January 31, 2026(1):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Number<br>of<br>Contracts** | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| Long Positions: | Long Positions: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 41 | Brent Crude | May. 2026 | $2813010 | $305468 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Cocoa | Mar. 2026 | 374850 | (87179) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Coffee 'C' | Mar. 2026 | 1121344 | (133786) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 | Copper | Mar. 2026 | 1332900 | 173218 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 77 | Corn | Mar. 2026 | 1648763 | (60789) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 21 | Cotton No. 2 | Mar. 2026 | 663285 | (24643) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | Gasoline RBOB | Mar. 2026 | 897296 | 61294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 | Gold 100 OZ | Apr. 2026 | 4745100 | 262757 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 20 | Hard Red Winter Wheat | Mar. 2026 | 544750 | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34 | Lean Hogs | Apr. 2026 | 1294040 | 51190 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11 | Live Cattle | Apr. 2026 | 1041920 | 3723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | LME Lead | Mar. 2026 | 348446 | (3058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13 | LME Nickel | Mar. 2026 | 1392371 | 247271 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 15 | LME PRI Aluminum | Mar. 2026 | 1176716 | 87524 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 | LME Zinc | Mar. 2026 | 1450058 | 147376 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14 | Low Sulphur Gas Oil | Mar. 2026 | 1021300 | 124562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 | Natural Gas | Mar. 2026 | 2612400 | 347931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 | NY Harbor ULSD | Mar. 2026 | 744702 | 87819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3 | Silver | Mar. 2026 | 1177965 | 157787 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 | Soft Red Winter Wheat | Mar. 2026 | 1183600 | 17921 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18 | Soybean | Mar. 2026 | 957825 | (50068) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28 | Soybean Meal | Mar. 2026 | 822080 | (59263) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16 | Soybean Oil | Mar. 2026 | 513696 | 36784 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Commodity Futures contracts outstanding at January 31, 2026(1) (continued):

---

| | | | | |
|:---|:---|:---|:---|:---|
| Number<br>of<br>Contracts | **Type** | Expiration<br>Date | Current<br>Notional<br>Amount | Value/<br>Unrealized<br>Appreciation<br>(Depreciation) |
| Long Positions (cont'd): | Long Positions (cont'd): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;82 | Sugar No. 11 | Mar. 2026 | $1310557 | $(67635) |
| 37 | WTI Crude | Mar. 2026 | 2412770 | 262179 |
|  |  |  |  | 1888106 |
| Short Positions: | Short Positions: |  |  |  |
| 1 | LME Lead | Mar. 2026 | 49778 | 629 |
| 9 | LME Nickel | Mar. 2026 | 963949 | 9053 |
| 5 | LME PRI Aluminum | Mar. 2026 | 392239 | (10877) |
| 8 | LME Zinc | Mar. 2026 | 682380 | (60710) |
|  |  |  |  | (61905) |
|  |  |  |  | $1826201 |

---

(1) Represents positions held in the Cayman Subsidiary.

#### Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:
Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:

---

| | | |
|:---|:---|:---|
| **Broker** | **Cash and/or Foreign Currency** | **Securities Market Value** |

---

---

| | | |
|:---|:---|:---|
|  MSC | $417209 | $2991240 |

---

#### 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** |  |  |  |
|  Affiliated Mutual Fund | $7024425 | $— | $— |
|  U.S. Treasury Obligations |  | 25382478 |  |
|  **Total** | $7024425 | $25382478 | $— |
|  **Other Financial Instruments\*** |  |  |  |
|  **Assets** |  |  |  |
|  Commodity Futures Contracts | $2384486 | $— | $— |
|  **Liabilities** |  |  |  |
|  Commodity Futures Contracts | $(558285) | $— | $— |

---

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

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited) (continued)

as of January 31, 2026

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

---

| | |
|:---|:---|
|  U.S. Treasury Obligations | 81.0% |
|  Affiliated Mutual Fund | 22.4 |
|  | 103.4 |
|  Liabilities in excess of other assets | (3.4) |
|  | 100.0% |

---

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

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

Fair values of derivative instruments as of January 31, 2026 as presented in the Consolidated Statement of Assets and Liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Asset Derivatives | Asset Derivatives | Liability Derivatives | Liability Derivatives |
| **Derivatives not accounted for**<br> **as hedging instruments,**<br> **carried at fair value** | **Consolidated**<br> **Statement of**<br> **Assets and**<br> **Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair** <br> **Value** | **Consolidated**<br> **Statement of**<br> **Assets and**<br> **Liabilities Location** | **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair** <br> **Value** |
|  Commodity contracts | Due from/to broker-variation margin futures | $2,384,486\* | Due from/to broker-variation margin futures | $558,285\* |

---

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

The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended January 31, 2026 are as follows:

---

| | |
|:---|:---|
| Amount of Realized Gain (Loss) on Derivatives Recognized in Income | Amount of Realized Gain (Loss) on Derivatives Recognized in Income |
| **Derivatives not accounted for as hedging**<br> **<u>instruments, carried at fair value</u>** | Futures |
|  Commodity contracts | $3604919 |

---

---

| | |
|:---|:---|
| Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income | Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income |
| Derivatives not accounted for<br>as hedging instruments,<br><u>carried at fair value</u> | Futures |
|  Commodity contracts | $2356091 |

---

For the six months ended January 31, 2026, the Fund's average volume of derivative activities is as follows:

---

| | |
|:---|:---|
| Derivative Contract Type | Average Volume of Derivative Activities\* |
|  Futures Contracts - Long Positions (1) | $41377547 |
|  Futures Contracts - Short Positions (1) | 3823280 |

---

\* Average volume is based on average quarter end balances for the six months ended January 31, 2026.

(1) Notional Amount in USD.

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp; Investments at value: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $25,377,521) | $25382478 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $7,024,425) | 7024425 |
| &nbsp;&nbsp; Deposit with broker for centrally cleared/exchange-traded derivatives | 417209 |
| &nbsp;&nbsp; Receivable for Fund shares sold | 5693 |
| &nbsp;&nbsp; Prepaid expenses | 908 |
| &nbsp;&nbsp; **Total Assets** | 32830713 |
| &nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp; Due to broker—variation margin futures | 1049816 |
| &nbsp;&nbsp; Payable for Fund shares purchased | 396549 |
| &nbsp;&nbsp; Accrued expenses and other liabilities | 37863 |
| &nbsp;&nbsp; Management fee payable | 1025 |
| &nbsp;&nbsp; Trustees' fees payable | 863 |
| &nbsp;&nbsp; Affiliated transfer agent fee payable | 339 |
| &nbsp;&nbsp; **Total Liabilities** | 1486455 |
| &nbsp;&nbsp; **Net Assets** | $31344258 |
| &nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $46702511 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | (15358253) |
| &nbsp;&nbsp; **Net assets, January 31, 2026** | $31344258 |
| &nbsp;&nbsp; **Class Z** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($271,349 ÷ 35,140 shares of beneficial interest issued and outstanding) | $7.72 |
| &nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp; Net asset value, offering price and redemption price per share, |  |
| &nbsp;&nbsp; ($31,072,909 ÷ 4,036,409 shares of beneficial interest issued and outstanding) | $7.70 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Operations (unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp; Income |  |
| &nbsp;&nbsp; Interest income | $642050 |
| &nbsp;&nbsp; Affiliated dividend income | 125508 |
| &nbsp;&nbsp; **Total income** | 767558 |
| &nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp; Management fee | 87559 |
| &nbsp;&nbsp; Professional fees | 25862 |
| &nbsp;&nbsp; Custodian and accounting fees | 17207 |
| &nbsp;&nbsp; Audit fee | 15743 |
| &nbsp;&nbsp; Shareholders' reports | 10942 |
| &nbsp;&nbsp; Fund data services | 10476 |
| &nbsp;&nbsp; Registration fees(a) | 9671 |
| &nbsp;&nbsp; Trustees' fees | 5112 |
| &nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $1,020)(a) | 2852 |
| &nbsp;&nbsp; Miscellaneous | 2864 |
| &nbsp;&nbsp; **Total expenses** | 188288 |
| &nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement(a) | (56432) |
| &nbsp;&nbsp; **Net expenses** | 131856 |
| &nbsp;&nbsp; Net investment income (loss) | 635702 |
| &nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp; Net realized gain (loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment transactions | 7814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures transactions | 3604919 |
|  | 3612733 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments | 4632 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Futures | 2356091 |
|  | 2360723 |
| &nbsp;&nbsp; Net gain (loss) on investment transactions | 5973456 |
| &nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $6609158 |

---

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

---

| | | |
|:---|:---|:---|
|  | Class Z | Class R6 |
|  Registration fees | 7857 | 1814 |
|  Transfer agent's fees and expenses | 1579 | 1273 |
|  Fee waiver and/or expense reimbursement | (11805) | (44627) |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets (unaudited)

---

| | | |
|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | Year Ended<br>July 31, 2025 |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |
| &nbsp;&nbsp; Net investment income (loss) | $635702 | $1694037 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions | 3612733 | 133329 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments | 2360723 | 1770120 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations | 6609158 | 3597486 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |
| &nbsp;&nbsp; Class Z | (17315) | (5699) |
| &nbsp;&nbsp; Class R6 | (2713240) | (1753137) |
| &nbsp;&nbsp; Total dividends and distributions | (2730555) | (1758836) |
| &nbsp;&nbsp; **Fund share transactions (Net of share conversions)** |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold | 4373833 | 26419154 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions | 2730535 | 1371892 |
| &nbsp;&nbsp; Cost of shares purchased | (25134339) | (29355819) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions | (18029971) | (1564773) |
| &nbsp;&nbsp; Total increase (decrease) | (14151368) | 273877 |
| &nbsp;&nbsp; **Net Assets:** |  |  |
| &nbsp;&nbsp; Beginning of period | 45495626 | 45221749 |
| &nbsp;&nbsp; End of period | $31344258 | $45495626 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights (unaudited)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class Z Shares** |  |  | | |  |
|  | **Six Months<br>Ended**<br> **January 31,** |  |  |  | **December 14, 2021<sup>(a)</sup>** <br> **through July 31,** |
|  | **Six Months<br>Ended**<br> **January 31,** | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | **December 14, 2021<sup>(a)</sup>** <br> **through July 31,** |
|  | 2026 | 2025 | 2024 | 2023 | 2022 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(b)</sup>:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $6.89 | $6.65 | $7.22 | $10.53 | $7.94 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.26 <sup>(c)</sup> | 0.31 | 0.24 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.01<sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.27 | 0.25 <sup>(d)</sup> | (0.63) | (1.23) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.58 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 0.51 | (0.32) | (0.99) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.59 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.56) | (0.27) | (0.25) | (2.32) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.72 | $6.89 | $6.65 | $7.22 | $10.53 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(e)</sup>:** | 21.08% | 7.90% | (4.37)% | (10.36)% | &nbsp;&nbsp;&nbsp;&nbsp;32.62% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $271 | $12738 | $202 | $738 | $532 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $3100 | $3108 | $491 | $5071 | $424 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(f)</sup>: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70 %<sup>(g)</sup> | 0.70% | 0.71 %<sup>(h)</sup> | 0.70% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.70%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.46 %<sup>(g)</sup> | 1.66% | 5.24% | 1.41% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.94%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.65 %<sup>(g)</sup> | 3.66% | 4.56% | 3.10% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.08%<sup>(g)</sup> |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(i)</sup>  | 0% | 0% | 0% | 0% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0% |

---

(a) Commencement of offering.

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

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

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

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

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

(g) Annualized.

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights (unaudited) (continued)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | Six Months<br>Ended<br>January 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, | Year Ended July 31, |
|  | 2026 | 2025 | 2024 | 2023 | 2022 | 2021 |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $6.87 | $6.64 | $7.21 | $10.53 | $12.02 | $8.34 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.12 | 0.27 <sup>(b)</sup> | 0.32 | 0.24 | (0.02) | (0.05) |
| &nbsp;&nbsp;&nbsp; Net realized and unrealized gain (loss) on investment transactions | 1.27 | 0.23 <sup>(c)</sup> | (0.63) | (1.22) | 2.45 | 3.73 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 1.39 | 0.50 | (0.31) | (0.98) | 2.43 | 3.68 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.56) | (0.27) | (0.26) | (2.34) | (3.92) |  |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $7.70 | $6.87 | $6.64 | $7.21 | $10.53 | $12.02 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(d)</sup>:** | 21.22% | 7.76% | (4.19)% | (10.42)% | 30.61% | 44.12% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $31073 | $32758 | $45020 | $60679 | $80579 | $61721 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $34266 | $40336 | $51951 | $69187 | $67445 | $53974 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(e)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.70 %<sup>(f)</sup> | 0.70% | 0.71 %<sup>(g)</sup> | 0.65% | 0.62% | 0.64% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 0.96 %<sup>(f)</sup> | 0.89% | 0.82% | 0.72% | 0.68% | 0.71% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 3.35 %<sup>(f)</sup> | 3.92% | 4.58% | 3.04% | (0.18)% | (0.53)% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(h)</sup>  | 0% | 0% | 0% | 0% | 0% | 0% |

---

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

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

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

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

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

(f) Annualized.

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

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

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **LONG-TERM INVESTMENTS 99.2%** |  |  |
| &nbsp;&nbsp; **COMMON STOCKS 96.5%** |  |  |
| &nbsp;&nbsp; **Aerospace & Defense 3.8%** |  |  |
| &nbsp;&nbsp; AeroVironment, Inc.\* | 139 | $38696 |
| &nbsp;&nbsp; ATI, Inc.\* | 585 | 70376 |
| &nbsp;&nbsp; BWX Technologies, Inc. | 400 | 82172 |
| &nbsp;&nbsp; Carpenter Technology Corp. | 218 | 69287 |
| &nbsp;&nbsp; Curtiss-Wright Corp. | 160 | 105070 |
| &nbsp;&nbsp; Hexcel Corp. | 345 | 28570 |
| &nbsp;&nbsp; Kratos Defense & Security Solutions, Inc.\* | 730 | 75197 |
| &nbsp;&nbsp; StandardAero, Inc.\* | 800 | 24712 |
| &nbsp;&nbsp; Woodward, Inc. | 262 | 83274 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577354 |
| &nbsp;&nbsp; **Air Freight & Logistics 0.2%** |  |  |
| &nbsp;&nbsp; GXO Logistics, Inc.\* | 495 | 28012 |
| &nbsp;&nbsp; **Automobile Components 1.0%** |  |  |
| &nbsp;&nbsp; Autoliv, Inc. (Sweden) | 300 | 36372 |
| &nbsp;&nbsp; BorgWarner, Inc. | 950 | 45039 |
| &nbsp;&nbsp; Gentex Corp. | 955 | 21975 |
| &nbsp;&nbsp; Goodyear Tire & Rubber Co. (The)\* | 1245 | 11715 |
| &nbsp;&nbsp; Lear Corp. | 220 | 25760 |
| &nbsp;&nbsp; Visteon Corp. | 120 | 10903 |
|  |  | 151764 |
| &nbsp;&nbsp; **Automobiles 0.2%** |  |  |
| &nbsp;&nbsp; Harley-Davidson, Inc. | 510 | 10098 |
| &nbsp;&nbsp; Thor Industries, Inc. | 230 | 25730 |
|  |  | 35828 |
| &nbsp;&nbsp; **Banks 5.8%** |  |  |
| &nbsp;&nbsp; Associated Banc-Corp. | 700 | 19082 |
| &nbsp;&nbsp; Bank OZK | 475 | 22591 |
| &nbsp;&nbsp; Columbia Banking System, Inc. | 1335 | 39302 |
| &nbsp;&nbsp; Commerce Bancshares, Inc. | 562 | 29584 |
| &nbsp;&nbsp; Cullen/Frost Bankers, Inc. | 280 | 38590 |
| &nbsp;&nbsp; East West Bancorp, Inc. | 598 | 68435 |
| &nbsp;&nbsp; First Financial Bankshares, Inc. | 585 | 18615 |
| &nbsp;&nbsp; First Horizon Corp. | 2185 | 53511 |
| &nbsp;&nbsp; Flagstar Bank NA | 1336 | 17662 |
| &nbsp;&nbsp; FNB Corp. | 1606 | 28185 |
| &nbsp;&nbsp; Glacier Bancorp, Inc. | 575 | 29141 |
| &nbsp;&nbsp; Hancock Whitney Corp. | 365 | 25112 |
| &nbsp;&nbsp; Home BancShares, Inc. | 820 | 23698 |
| &nbsp;&nbsp; International Bancshares Corp. | 245 | 17062 |
| &nbsp;&nbsp; Old National Bancorp | 1510 | 36889 |
| &nbsp;&nbsp; Pinnacle Financial Partners, Inc. | 654 | 62189 |
| &nbsp;&nbsp; Prosperity Bancshares, Inc. | 425 | 29329 |
| &nbsp;&nbsp; SOUTHSTATE BANK Corp. | 440 | 45025 |
| &nbsp;&nbsp; Texas Capital Bancshares, Inc.\* | 195 | 19728 |
| &nbsp;&nbsp; UMB Financial Corp. | 310 | 39413 |
| &nbsp;&nbsp; United Bankshares, Inc. | 610 | 25821 |
| &nbsp;&nbsp; Valley National Bancorp | 2150 | 26789 |
| &nbsp;&nbsp; Webster Financial Corp. | 695 | 45710 |
| &nbsp;&nbsp; Western Alliance Bancorp | 450 | 40118 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Banks (cont'd.)** |  |  |
| &nbsp;&nbsp; Wintrust Financial Corp. | 291 | $42920 |
| &nbsp;&nbsp; Zions Bancorp NA | 640 | 38342 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;882843 |
| &nbsp;&nbsp; **Beverages 0.5%** |  |  |
| &nbsp;&nbsp; Boston Beer Co., Inc. (The) (Class A Stock)\* | 30 | 6409 |
| &nbsp;&nbsp; Celsius Holdings, Inc.\* | 695 | 36473 |
| &nbsp;&nbsp; Coca-Cola Consolidated, Inc. | 245 | 37255 |
|  |  | 80137 |
| &nbsp;&nbsp; **Biotechnology 2.4%** |  |  |
| &nbsp;&nbsp; BioMarin Pharmaceutical, Inc.\* | 840 | 47494 |
| &nbsp;&nbsp; Cytokinetics, Inc.\* | 535 | 33807 |
| &nbsp;&nbsp; Exelixis, Inc.\* | 1170 | 48391 |
| &nbsp;&nbsp; Halozyme Therapeutics, Inc.\* | 510 | 36572 |
| &nbsp;&nbsp; Neurocrine Biosciences, Inc.\* | 435 | 59186 |
| &nbsp;&nbsp; Roivant Sciences Ltd.\* | 1925 | 41618 |
| &nbsp;&nbsp; United Therapeutics Corp.\* | 188 | 88264 |
|  |  | 355332 |
| &nbsp;&nbsp; **Broadline Retail 0.4%** |  |  |
| &nbsp;&nbsp; Macy's, Inc. | 1185 | 23724 |
| &nbsp;&nbsp; Ollie's Bargain Outlet Holdings, Inc.\* | 265 | 29232 |
|  |  | 52956 |
| &nbsp;&nbsp; **Building Products 1.9%** |  |  |
| &nbsp;&nbsp; AAON, Inc. | 305 | 27773 |
| &nbsp;&nbsp; Advanced Drainage Systems, Inc. | 310 | 47133 |
| &nbsp;&nbsp; Carlisle Cos., Inc. | 181 | 61701 |
| &nbsp;&nbsp; Fortune Brands Innovations, Inc. | 520 | 28132 |
| &nbsp;&nbsp; Owens Corning | 354 | 42423 |
| &nbsp;&nbsp; Simpson Manufacturing Co., Inc. | 180 | 31821 |
| &nbsp;&nbsp; Trex Co., Inc.\* | 455 | 18846 |
| &nbsp;&nbsp; UFP Industries, Inc. | 250 | 25820 |
|  |  | 283649 |
| &nbsp;&nbsp; **Capital Markets 2.8%** |  |  |
| &nbsp;&nbsp; Affiliated Managers Group, Inc. | 121 | 37884 |
| &nbsp;&nbsp; Carlyle Group, Inc. (The) | 1125 | 66127 |
| &nbsp;&nbsp; Evercore, Inc. (Class A Stock) | 169 | 59703 |
| &nbsp;&nbsp; Federated Hermes, Inc. | 320 | 17050 |
| &nbsp;&nbsp; Hamilton Lane, Inc. (Class A Stock) | 175 | 24717 |
| &nbsp;&nbsp; Houlihan Lokey, Inc. | 235 | 39555 |
| &nbsp;&nbsp; Janus Henderson Group PLC | 535 | 25749 |
| &nbsp;&nbsp; Jefferies Financial Group, Inc. | 721 | 44111 |
| &nbsp;&nbsp; Morningstar, Inc. | 99 | 20007 |
| &nbsp;&nbsp; SEI Investments Co. | 405 | 35579 |
| &nbsp;&nbsp; Stifel Financial Corp. | 443 | 54622 |
|  |  | 425104 |
| &nbsp;&nbsp; **Chemicals 1.3%** |  |  |
| &nbsp;&nbsp; Ashland, Inc. | 200 | 12232 |
| &nbsp;&nbsp; Avient Corp. | 390 | 14098 |
| &nbsp;&nbsp; Axalta Coating Systems Ltd.\* | 930 | 31229 |
| &nbsp;&nbsp; Cabot Corp. | 230 | 16604 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Chemicals (cont'd.)** |  |  |
| &nbsp;&nbsp; NewMarket Corp. | 35 | $23478 |
| &nbsp;&nbsp; Olin Corp. | 505 | 10509 |
| &nbsp;&nbsp; RPM International, Inc. | 560 | 59898 |
| &nbsp;&nbsp; Scotts Miracle-Gro Co. (The) | 185 | 11881 |
| &nbsp;&nbsp; Westlake Corp.(a) | 145 | 11501 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;191430 |
| &nbsp;&nbsp; **Commercial Services & Supplies 1.6%** |  |  |
| &nbsp;&nbsp; Brink's Co. (The) | 180 | 22867 |
| &nbsp;&nbsp; Clean Harbors, Inc.\* | 220 | 57180 |
| &nbsp;&nbsp; MSA Safety, Inc. | 160 | 28344 |
| &nbsp;&nbsp; RB Global, Inc. (Canada) | 810 | 91992 |
| &nbsp;&nbsp; Tetra Tech, Inc. | 1145 | 43121 |
|  |  | 243504 |
| &nbsp;&nbsp; **Communications Equipment 1.8%** |  |  |
| &nbsp;&nbsp; Ciena Corp.\* | 615 | 154863 |
| &nbsp;&nbsp; Lumentum Holdings, Inc.\* | 310 | 121471 |
|  |  | 276334 |
| &nbsp;&nbsp; **Construction & Engineering 2.3%** |  |  |
| &nbsp;&nbsp; AECOM | 579 | 55833 |
| &nbsp;&nbsp; API Group Corp.\* | 1620 | 67343 |
| &nbsp;&nbsp; Dycom Industries, Inc.\* | 128 | 46642 |
| &nbsp;&nbsp; Fluor Corp.\* | 700 | 32333 |
| &nbsp;&nbsp; MasTec, Inc.\* | 265 | 63727 |
| &nbsp;&nbsp; Sterling Infrastructure, Inc.\* | 136 | 48676 |
| &nbsp;&nbsp; Valmont Industries, Inc. | 85 | 37873 |
|  |  | 352427 |
| &nbsp;&nbsp; **Construction Materials 0.3%** |  |  |
| &nbsp;&nbsp; Eagle Materials, Inc. | 137 | 27922 |
| &nbsp;&nbsp; Knife River Corp.\* | 255 | 17128 |
|  |  | 45050 |
| &nbsp;&nbsp; **Consumer Finance 0.7%** |  |  |
| &nbsp;&nbsp; Ally Financial, Inc. | 1225 | 51793 |
| &nbsp;&nbsp; FirstCash Holdings, Inc. | 170 | 28985 |
| &nbsp;&nbsp; SLM Corp. | 895 | 24299 |
|  |  | 105077 |
| &nbsp;&nbsp; **Consumer Staples Distribution & Retail 2.6%** |  |  |
| &nbsp;&nbsp; Albertson's Cos., Inc. (Class A Stock) | 1730 | 28805 |
| &nbsp;&nbsp; BJ's Wholesale Club Holdings, Inc.\* | 575 | 53153 |
| &nbsp;&nbsp; Casey's General Stores, Inc. | 162 | 98253 |
| &nbsp;&nbsp; Maplebear, Inc.\* | 795 | 29542 |
| &nbsp;&nbsp; Performance Food Group Co.\* | 685 | 65383 |
| &nbsp;&nbsp; Sprouts Farmers Market, Inc.\* | 425 | 30137 |
| &nbsp;&nbsp; US Foods Holding Corp.\* | 975 | 81529 |
|  |  | 386802 |
| &nbsp;&nbsp; **Containers & Packaging 1.0%** |  |  |
| &nbsp;&nbsp; AptarGroup, Inc. | 285 | 35611 |
| &nbsp;&nbsp; Crown Holdings, Inc. | 500 | 52340 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Containers & Packaging (cont'd.)** |  |  |
| &nbsp;&nbsp; Graphic Packaging Holding Co. | 1280 | $18752 |
| &nbsp;&nbsp; Greif, Inc. (Class A Stock) | 110 | 7768 |
| &nbsp;&nbsp; Silgan Holdings, Inc. | 375 | 16181 |
| &nbsp;&nbsp; Sonoco Products Co. | 430 | 20640 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;151292 |
| &nbsp;&nbsp; **Diversified Consumer Services 0.9%** |  |  |
| &nbsp;&nbsp; Duolingo, Inc.\* | 170 | 22790 |
| &nbsp;&nbsp; Graham Holdings Co. (Class B Stock) | 14 | 16333 |
| &nbsp;&nbsp; Grand Canyon Education, Inc.\* | 120 | 20861 |
| &nbsp;&nbsp; H&R Block, Inc. | 560 | 22092 |
| &nbsp;&nbsp; Service Corp. International | 610 | 49062 |
|  |  | 131138 |
| &nbsp;&nbsp; **Diversified REITs 0.4%** |  |  |
| &nbsp;&nbsp; WP Carey, Inc. | 960 | 66960 |
| &nbsp;&nbsp; **Electric Utilities 0.8%** |  |  |
| &nbsp;&nbsp; IDACORP, Inc. | 235 | 31206 |
| &nbsp;&nbsp; OGE Energy Corp. | 875 | 38220 |
| &nbsp;&nbsp; Portland General Electric Co. | 490 | 24622 |
| &nbsp;&nbsp; TXNM Energy, Inc. | 430 | 25336 |
|  |  | 119384 |
| &nbsp;&nbsp; **Electrical Equipment 1.9%** |  |  |
| &nbsp;&nbsp; Acuity, Inc. | 132 | 40820 |
| &nbsp;&nbsp; EnerSys | 160 | 28830 |
| &nbsp;&nbsp; Nextpower, Inc. (Class A Stock)\* | 650 | 76108 |
| &nbsp;&nbsp; nVent Electric PLC | 705 | 79143 |
| &nbsp;&nbsp; Regal Rexnord Corp. | 290 | 46835 |
| &nbsp;&nbsp; Sensata Technologies Holding PLC | 650 | 22484 |
|  |  | 294220 |
| &nbsp;&nbsp; **Electronic Equipment, Instruments & Components 4.4%** |  |  |
| &nbsp;&nbsp; Advanced Energy Industries, Inc. | 160 | 40858 |
| &nbsp;&nbsp; Arrow Electronics, Inc.\* | 220 | 29148 |
| &nbsp;&nbsp; Avnet, Inc. | 375 | 23396 |
| &nbsp;&nbsp; Belden, Inc. | 165 | 19389 |
| &nbsp;&nbsp; Cognex Corp. | 725 | 28086 |
| &nbsp;&nbsp; Coherent Corp.\* | 685 | 145343 |
| &nbsp;&nbsp; Crane NXT Co. | 215 | 10862 |
| &nbsp;&nbsp; Fabrinet (Thailand)\* | 156 | 76353 |
| &nbsp;&nbsp; Flex Ltd.\* | 1615 | 101810 |
| &nbsp;&nbsp; IPG Photonics Corp.\* | 110 | 10165 |
| &nbsp;&nbsp; Littelfuse, Inc. | 107 | 34642 |
| &nbsp;&nbsp; Novanta, Inc.\* | 150 | 20181 |
| &nbsp;&nbsp; TD SYNNEX Corp. | 331 | 52520 |
| &nbsp;&nbsp; TTM Technologies, Inc.\* | 430 | 42226 |
| &nbsp;&nbsp; Vontier Corp. | 625 | 23437 |
|  |  | 658416 |
| &nbsp;&nbsp; **Energy Equipment & Services 1.1%** |  |  |
| &nbsp;&nbsp; NOV, Inc. | 1595 | 29268 |
| &nbsp;&nbsp; TechnipFMC PLC (United Kingdom) | 1770 | 98625 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Energy Equipment & Services (cont'd.)** |  |  |
| &nbsp;&nbsp; Valaris Ltd.\* | 280 | $16164 |
| &nbsp;&nbsp; Weatherford International PLC | 310 | 29165 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;173222 |
| &nbsp;&nbsp; **Entertainment 0.1%** |  |  |
| &nbsp;&nbsp; Warner Music Group Corp. (Class A Stock) | 635 | 19037 |
| &nbsp;&nbsp; **Financial Services 1.5%** |  |  |
| &nbsp;&nbsp; Corebridge Financial, Inc. | 1185 | 36534 |
| &nbsp;&nbsp; Equitable Holdings, Inc. | 1245 | 57768 |
| &nbsp;&nbsp; Essent Group Ltd. | 420 | 26426 |
| &nbsp;&nbsp; Euronet Worldwide, Inc.\* | 175 | 12680 |
| &nbsp;&nbsp; MGIC Investment Corp. | 990 | 26651 |
| &nbsp;&nbsp; Shift4 Payments, Inc. (Class A Stock)\*(a) | 290 | 17122 |
| &nbsp;&nbsp; Voya Financial, Inc. | 420 | 32197 |
| &nbsp;&nbsp; WEX, Inc.\* | 150 | 23085 |
|  |  | 232463 |
| &nbsp;&nbsp; **Food Products 0.8%** |  |  |
| &nbsp;&nbsp; Darling Ingredients, Inc.\* | 710 | 32418 |
| &nbsp;&nbsp; Flowers Foods, Inc. | 855 | 9773 |
| &nbsp;&nbsp; Ingredion, Inc. | 277 | 32714 |
| &nbsp;&nbsp; Marzetti Company (The) | 85 | 14583 |
| &nbsp;&nbsp; Pilgrim's Pride Corp. | 175 | 7590 |
| &nbsp;&nbsp; Post Holdings, Inc.\* | 210 | 21485 |
|  |  | 118563 |
| &nbsp;&nbsp; **Gas Utilities 1.1%** |  |  |
| &nbsp;&nbsp; National Fuel Gas Co. | 390 | 32662 |
| &nbsp;&nbsp; New Jersey Resources Corp. | 450 | 22266 |
| &nbsp;&nbsp; ONE Gas, Inc. | 260 | 20686 |
| &nbsp;&nbsp; Southwest Gas Holdings, Inc. | 290 | 24018 |
| &nbsp;&nbsp; Spire, Inc. | 265 | 22390 |
| &nbsp;&nbsp; UGI Corp. | 962 | 38586 |
|  |  | 160608 |
| &nbsp;&nbsp; **Ground Transportation 1.4%** |  |  |
| &nbsp;&nbsp; Avis Budget Group, Inc.\* | 70 | 8049 |
| &nbsp;&nbsp; Knight-Swift Transportation Holdings, Inc. | 705 | 38846 |
| &nbsp;&nbsp; Landstar System, Inc. | 150 | 22404 |
| &nbsp;&nbsp; Ryder System, Inc. | 175 | 33474 |
| &nbsp;&nbsp; Saia, Inc.\* | 115 | 38510 |
| &nbsp;&nbsp; XPO, Inc.\* | 510 | 75536 |
|  |  | 216819 |
| &nbsp;&nbsp; **Health Care Equipment & Supplies 1.4%** |  |  |
| &nbsp;&nbsp; DENTSPLY SIRONA, Inc. | 870 | 10849 |
| &nbsp;&nbsp; Envista Holdings Corp.\* | 700 | 16429 |
| &nbsp;&nbsp; Globus Medical, Inc. (Class A Stock)\* | 485 | 43980 |
| &nbsp;&nbsp; Haemonetics Corp.\* | 200 | 13332 |
| &nbsp;&nbsp; Lantheus Holdings, Inc.\* | 295 | 19741 |
| &nbsp;&nbsp; LivaNova PLC\* | 230 | 15113 |
| &nbsp;&nbsp; Masimo Corp.\* | 200 | 27466 |
| &nbsp;&nbsp; Penumbra, Inc.\* | 171 | 61247 |
|  |  | 208157 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Health Care Providers & Services 1.8%** |  |  |
| &nbsp;&nbsp; Chemed Corp. | 63 | $26910 |
| &nbsp;&nbsp; Encompass Health Corp. | 440 | 41593 |
| &nbsp;&nbsp; Ensign Group, Inc. (The) | 250 | 42915 |
| &nbsp;&nbsp; HealthEquity, Inc.\* | 375 | 32126 |
| &nbsp;&nbsp; Hims & Hers Health, Inc.\* | 925 | 25058 |
| &nbsp;&nbsp; Option Care Health, Inc.\* | 700 | 23800 |
| &nbsp;&nbsp; Tenet Healthcare Corp.\* | 380 | 71927 |
|  |  | 264329 |
| &nbsp;&nbsp; **Health Care REITs 0.9%** |  |  |
| &nbsp;&nbsp; American Healthcare REIT, Inc. | 730 | 34245 |
| &nbsp;&nbsp; Healthcare Realty Trust, Inc. | 1570 | 26360 |
| &nbsp;&nbsp; Omega Healthcare Investors, Inc. | 1290 | 56605 |
| &nbsp;&nbsp; Sabra Health Care REIT, Inc. | 1075 | 20135 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;137345 |
| &nbsp;&nbsp; **Health Care Technology 0.2%** |  |  |
| &nbsp;&nbsp; Doximity, Inc. (Class A Stock)\* | 615 | 23044 |
| &nbsp;&nbsp; **Hotel & Resort REITs 0.1%** |  |  |
| &nbsp;&nbsp; Park Hotels & Resorts, Inc. | 880 | 9618 |
| &nbsp;&nbsp; **Hotels, Restaurants & Leisure 2.5%** |  |  |
| &nbsp;&nbsp; Aramark | 1145 | 44071 |
| &nbsp;&nbsp; Boyd Gaming Corp. | 250 | 21135 |
| &nbsp;&nbsp; Cava Group, Inc.\* | 445 | 26976 |
| &nbsp;&nbsp; Choice Hotels International, Inc. | 85 | 8738 |
| &nbsp;&nbsp; Churchill Downs, Inc. | 290 | 28524 |
| &nbsp;&nbsp; Dutch Bros, Inc. (Class A Stock)\* | 530 | 28827 |
| &nbsp;&nbsp; Hilton Grand Vacations, Inc.\* | 270 | 12180 |
| &nbsp;&nbsp; Hyatt Hotels Corp. (Class A Stock) | 185 | 28928 |
| &nbsp;&nbsp; Planet Fitness, Inc. (Class A Stock)\* | 360 | 32774 |
| &nbsp;&nbsp; Texas Roadhouse, Inc. | 290 | 52159 |
| &nbsp;&nbsp; Travel + Leisure Co. | 280 | 19471 |
| &nbsp;&nbsp; Vail Resorts, Inc.(a) | 150 | 19961 |
| &nbsp;&nbsp; Wingstop, Inc. | 121 | 32117 |
| &nbsp;&nbsp; Wyndham Hotels & Resorts, Inc. | 330 | 24021 |
|  |  | 379882 |
| &nbsp;&nbsp; **Household Durables 1.7%** |  |  |
| &nbsp;&nbsp; KB Home | 275 | 15823 |
| &nbsp;&nbsp; Somnigroup International, Inc. | 915 | 80383 |
| &nbsp;&nbsp; Taylor Morrison Home Corp.\* | 425 | 25904 |
| &nbsp;&nbsp; Toll Brothers, Inc. | 416 | 60108 |
| &nbsp;&nbsp; TopBuild Corp.\* | 121 | 56634 |
| &nbsp;&nbsp; Whirlpool Corp.(a) | 250 | 19997 |
|  |  | 258849 |
| &nbsp;&nbsp; **Independent Power & Renewable Electricity Producers 0.7%** |  |  |
| &nbsp;&nbsp; Ormat Technologies, Inc. | 265 | 33109 |
| &nbsp;&nbsp; Talen Energy Corp.\* | 200 | 69672 |
|  |  | 102781 |
| &nbsp;&nbsp; **Industrial REITs 1.0%** |  |  |
| &nbsp;&nbsp; EastGroup Properties, Inc. | 230 | 41777 |
| &nbsp;&nbsp; First Industrial Realty Trust, Inc. | 575 | 33367 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Industrial REITs (cont'd.)** |  |  |
| &nbsp;&nbsp; Rexford Industrial Realty, Inc. | 1025 | $41544 |
| &nbsp;&nbsp; STAG Industrial, Inc. | 835 | 31321 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;148009 |
| &nbsp;&nbsp; **Insurance 3.6%** |  |  |
| &nbsp;&nbsp; American Financial Group, Inc. | 300 | 39081 |
| &nbsp;&nbsp; Brighthouse Financial, Inc.\* | 250 | 16015 |
| &nbsp;&nbsp; CNO Financial Group, Inc. | 435 | 18292 |
| &nbsp;&nbsp; Fidelity National Financial, Inc. | 1115 | 60645 |
| &nbsp;&nbsp; First American Financial Corp. | 440 | 27799 |
| &nbsp;&nbsp; Hanover Insurance Group, Inc. (The) | 155 | 26992 |
| &nbsp;&nbsp; Kemper Corp. | 250 | 9852 |
| &nbsp;&nbsp; Kinsale Capital Group, Inc. | 95 | 37609 |
| &nbsp;&nbsp; Old Republic International Corp. | 995 | 38974 |
| &nbsp;&nbsp; Primerica, Inc. | 139 | 36562 |
| &nbsp;&nbsp; Reinsurance Group of America, Inc. | 288 | 58392 |
| &nbsp;&nbsp; RenaissanceRe Holdings Ltd. (Bermuda) | 204 | 57467 |
| &nbsp;&nbsp; RLI Corp. | 410 | 23956 |
| &nbsp;&nbsp; Ryan Specialty Holdings, Inc. | 505 | 24381 |
| &nbsp;&nbsp; Selective Insurance Group, Inc. | 260 | 21861 |
| &nbsp;&nbsp; Unum Group | 680 | 51660 |
|  |  | 549538 |
| &nbsp;&nbsp; **Interactive Media & Services 0.4%** |  |  |
| &nbsp;&nbsp; Pinterest, Inc. (Class A Stock)\* | 2595 | 57428 |
| &nbsp;&nbsp; ZoomInfo Technologies, Inc.\* | 1185 | 9539 |
|  |  | 66967 |
| &nbsp;&nbsp; **IT Services 1.2%** |  |  |
| &nbsp;&nbsp; ASGN, Inc.\* | 185 | 9637 |
| &nbsp;&nbsp; Kyndryl Holdings, Inc.\* | 995 | 22885 |
| &nbsp;&nbsp; Okta, Inc.\* | 735 | 62093 |
| &nbsp;&nbsp; Twilio, Inc. (Class A Stock)\* | 660 | 79503 |
|  |  | 174118 |
| &nbsp;&nbsp; **Leisure Products 0.5%** |  |  |
| &nbsp;&nbsp; Brunswick Corp. | 280 | 22462 |
| &nbsp;&nbsp; Mattel, Inc.\* | 1375 | 28724 |
| &nbsp;&nbsp; Polaris, Inc. | 225 | 14364 |
| &nbsp;&nbsp; YETI Holdings, Inc.\* | 340 | 15541 |
|  |  | 81091 |
| &nbsp;&nbsp; **Life Sciences Tools & Services 1.9%** |  |  |
| &nbsp;&nbsp; Avantor, Inc.\* | 3045 | 33251 |
| &nbsp;&nbsp; Bio-Rad Laboratories, Inc. (Class A Stock)\* | 79 | 23202 |
| &nbsp;&nbsp; Bruker Corp. | 495 | 21923 |
| &nbsp;&nbsp; Illumina, Inc.\* | 665 | 96299 |
| &nbsp;&nbsp; Medpace Holdings, Inc.\* | 97 | 56501 |
| &nbsp;&nbsp; Repligen Corp.\* | 230 | 34355 |
| &nbsp;&nbsp; Sotera Health Co.\* | 905 | 16399 |
|  |  | 281930 |
| &nbsp;&nbsp; **Machinery 5.5%** |  |  |
| &nbsp;&nbsp; AGCO Corp. | 271 | 30734 |
| &nbsp;&nbsp; Chart Industries, Inc.\* | 190 | 39395 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Machinery (cont'd.)** |  |  |
| &nbsp;&nbsp; CNH Industrial NV | 3855 | $41480 |
| &nbsp;&nbsp; Crane Co. | 210 | 38354 |
| &nbsp;&nbsp; Donaldson Co., Inc. | 507 | 51684 |
| &nbsp;&nbsp; Esab Corp. | 245 | 29670 |
| &nbsp;&nbsp; Flowserve Corp. | 565 | 44155 |
| &nbsp;&nbsp; Graco, Inc. | 725 | 63314 |
| &nbsp;&nbsp; ITT, Inc. | 369 | 67269 |
| &nbsp;&nbsp; Lincoln Electric Holdings, Inc. | 241 | 63949 |
| &nbsp;&nbsp; Middleby Corp. (The)\* | 200 | 29434 |
| &nbsp;&nbsp; Mueller Industries, Inc. | 485 | 66028 |
| &nbsp;&nbsp; Oshkosh Corp. | 270 | 38831 |
| &nbsp;&nbsp; RBC Bearings, Inc.\* | 137 | 68455 |
| &nbsp;&nbsp; SPX Technologies, Inc.\* | 215 | 44808 |
| &nbsp;&nbsp; Terex Corp. | 295 | 16815 |
| &nbsp;&nbsp; Timken Co. (The) | 285 | 26559 |
| &nbsp;&nbsp; Toro Co. (The) | 425 | 38887 |
| &nbsp;&nbsp; Watts Water Technologies, Inc. (Class A Stock) | 119 | 35618 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;835439 |
| &nbsp;&nbsp; **Marine Transportation 0.2%** |  |  |
| &nbsp;&nbsp; Kirby Corp.\* | 230 | 27062 |
| &nbsp;&nbsp; **Media 1.0%** |  |  |
| &nbsp;&nbsp; EchoStar Corp. (Class A Stock)\* | 580 | 65668 |
| &nbsp;&nbsp; New York Times Co. (The) (Class A Stock) | 705 | 51684 |
| &nbsp;&nbsp; Nexstar Media Group, Inc. | 125 | 26547 |
|  |  | 143899 |
| &nbsp;&nbsp; **Metals & Mining 2.7%** |  |  |
| &nbsp;&nbsp; Alcoa Corp. | 1130 | 64195 |
| &nbsp;&nbsp; Cleveland-Cliffs, Inc.\* | 2545 | 35019 |
| &nbsp;&nbsp; Commercial Metals Co. | 485 | 37282 |
| &nbsp;&nbsp; Hecla Mining Co. | 2920 | 65758 |
| &nbsp;&nbsp; MP Materials Corp.\*(a) | 585 | 34381 |
| &nbsp;&nbsp; Reliance, Inc. | 229 | 75456 |
| &nbsp;&nbsp; Royal Gold, Inc. | 354 | 93212 |
|  |  | 405303 |
| &nbsp;&nbsp; **Mortgage Real Estate Investment Trusts (REITs) 0.6%** |  |  |
| &nbsp;&nbsp; Annaly Capital Management, Inc. | 2990 | 68800 |
| &nbsp;&nbsp; Starwood Property Trust, Inc. | 1545 | 27702 |
|  |  | 96502 |
| &nbsp;&nbsp; **Multi-Utilities 0.3%** |  |  |
| &nbsp;&nbsp; Black Hills Corp. | 325 | 23718 |
| &nbsp;&nbsp; Northwestern Energy Group, Inc. | 260 | 17644 |
|  |  | 41362 |
| &nbsp;&nbsp; **Office REITs 0.5%** |  |  |
| &nbsp;&nbsp; COPT Defense Properties | 495 | 15251 |
| &nbsp;&nbsp; Cousins Properties, Inc. | 715 | 18047 |
| &nbsp;&nbsp; Kilroy Realty Corp. | 490 | 16895 |
| &nbsp;&nbsp; Vornado Realty Trust | 720 | 22953 |
|  |  | 73146 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Oil, Gas & Consumable Fuels 2.9%** |  |  |
| &nbsp;&nbsp; Antero Midstream Corp. | 1495 | $28136 |
| &nbsp;&nbsp; Antero Resources Corp.\* | 1275 | 46372 |
| &nbsp;&nbsp; Chord Energy Corp. | 245 | 24559 |
| &nbsp;&nbsp; CNX Resources Corp.\* | 595 | 23086 |
| &nbsp;&nbsp; DT Midstream, Inc. | 445 | 56079 |
| &nbsp;&nbsp; HF Sinclair Corp. | 685 | 35613 |
| &nbsp;&nbsp; Matador Resources Co. | 525 | 23751 |
| &nbsp;&nbsp; Murphy Oil Corp. | 585 | 17603 |
| &nbsp;&nbsp; Ovintiv, Inc. | 1120 | 48686 |
| &nbsp;&nbsp; PBF Energy, Inc. (Class A Stock) | 345 | 11544 |
| &nbsp;&nbsp; Permian Resources Corp. (Class A Stock) | 3040 | 49035 |
| &nbsp;&nbsp; Range Resources Corp. | 1030 | 38985 |
| &nbsp;&nbsp; Viper Energy, Inc. (Class A Stock) | 755 | 31967 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;435416 |
| &nbsp;&nbsp; **Paper & Forest Products 0.2%** |  |  |
| &nbsp;&nbsp; Louisiana-Pacific Corp. | 285 | 23866 |
| &nbsp;&nbsp; **Passenger Airlines 0.4%** |  |  |
| &nbsp;&nbsp; Alaska Air Group, Inc.\* | 515 | 26177 |
| &nbsp;&nbsp; American Airlines Group, Inc.\* | 2875 | 38238 |
|  |  | 64415 |
| &nbsp;&nbsp; **Personal Care Products 0.3%** |  |  |
| &nbsp;&nbsp; BellRing Brands, Inc.\* | 565 | 14052 |
| &nbsp;&nbsp; Coty, Inc. (Class A Stock)\* | 1600 | 5072 |
| &nbsp;&nbsp; elf Beauty, Inc.\* | 270 | 22947 |
|  |  | 42071 |
| &nbsp;&nbsp; **Pharmaceuticals 0.6%** |  |  |
| &nbsp;&nbsp; Elanco Animal Health, Inc.\* | 2175 | 52374 |
| &nbsp;&nbsp; Jazz Pharmaceuticals PLC\* | 265 | 43590 |
|  |  | 95964 |
| &nbsp;&nbsp; **Professional Services 2.7%** |  |  |
| &nbsp;&nbsp; Booz Allen Hamilton Holding Corp. | 535 | 47305 |
| &nbsp;&nbsp; CACI International, Inc. (Class A Stock)\* | 96 | 59576 |
| &nbsp;&nbsp; Concentrix Corp. | 183 | 6835 |
| &nbsp;&nbsp; ExlService Holdings, Inc.\* | 695 | 27209 |
| &nbsp;&nbsp; Exponent, Inc. | 215 | 15452 |
| &nbsp;&nbsp; FTI Consulting, Inc.\* | 130 | 22707 |
| &nbsp;&nbsp; Genpact Ltd. | 700 | 30870 |
| &nbsp;&nbsp; KBR, Inc. | 555 | 23760 |
| &nbsp;&nbsp; Maximus, Inc. | 255 | 24082 |
| &nbsp;&nbsp; Parsons Corp.\* | 225 | 15763 |
| &nbsp;&nbsp; Paylocity Holding Corp.\* | 185 | 24971 |
| &nbsp;&nbsp; Science Applications International Corp. | 200 | 20352 |
| &nbsp;&nbsp; TransUnion | 850 | 67167 |
| &nbsp;&nbsp; UL Solutions, Inc. (Class A Stock) | 330 | 23176 |
|  |  | 409225 |
| &nbsp;&nbsp; **Real Estate Management & Development 0.5%** |  |  |
| &nbsp;&nbsp; Jones Lang LaSalle, Inc.\* | 208 | 74445 |
| &nbsp;&nbsp; **Residential REITs 0.8%** |  |  |
| &nbsp;&nbsp; American Homes 4 Rent (Class A Stock) | 1420 | 44474 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Residential REITs (cont'd.)** |  |  |
| &nbsp;&nbsp; Equity LifeStyle Properties, Inc. | 845 | $53379 |
| &nbsp;&nbsp; Independence Realty Trust, Inc. | 1010 | 16867 |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;114720 |
| &nbsp;&nbsp; **Retail REITs 0.9%** |  |  |
| &nbsp;&nbsp; Agree Realty Corp. | 500 | 36115 |
| &nbsp;&nbsp; Brixmor Property Group, Inc. | 1370 | 36702 |
| &nbsp;&nbsp; Kite Realty Group Trust | 940 | 22081 |
| &nbsp;&nbsp; NNN REIT, Inc. | 845 | 35211 |
|  |  | 130109 |
| &nbsp;&nbsp; **Semiconductors & Semiconductor Equipment 3.2%** |  |  |
| &nbsp;&nbsp; Allegro MicroSystems, Inc. (Japan)\* | 520 | 19193 |
| &nbsp;&nbsp; Amkor Technology, Inc. | 490 | 23682 |
| &nbsp;&nbsp; Cirrus Logic, Inc.\* | 220 | 28675 |
| &nbsp;&nbsp; Entegris, Inc. | 660 | 77926 |
| &nbsp;&nbsp; Lattice Semiconductor Corp.\* | 595 | 47909 |
| &nbsp;&nbsp; MACOM Technology Solutions Holdings, Inc.\* | 280 | 61337 |
| &nbsp;&nbsp; MKS, Inc. | 290 | 68269 |
| &nbsp;&nbsp; Onto Innovation, Inc.\* | 210 | 42431 |
| &nbsp;&nbsp; Rambus, Inc.\* | 470 | 53500 |
| &nbsp;&nbsp; Silicon Laboratories, Inc.\* | 140 | 19943 |
| &nbsp;&nbsp; Synaptics, Inc.\* | 165 | 13614 |
| &nbsp;&nbsp; Universal Display Corp. | 190 | 21816 |
|  |  | 478295 |
| &nbsp;&nbsp; **Software 2.7%** |  |  |
| &nbsp;&nbsp; Appfolio, Inc. (Class A Stock)\* | 100 | 18988 |
| &nbsp;&nbsp; Bentley Systems, Inc. (Class B Stock) | 640 | 22477 |
| &nbsp;&nbsp; BILL Holdings, Inc.\* | 390 | 16836 |
| &nbsp;&nbsp; Blackbaud, Inc.\* | 160 | 8592 |
| &nbsp;&nbsp; Commvault Systems, Inc.\* | 185 | 15855 |
| &nbsp;&nbsp; Docusign, Inc.\* | 870 | 45710 |
| &nbsp;&nbsp; Dolby Laboratories, Inc. (Class A Stock) | 265 | 17010 |
| &nbsp;&nbsp; Dropbox, Inc. (Class A Stock)\* | 770 | 19620 |
| &nbsp;&nbsp; Dynatrace, Inc.\* | 1320 | 50279 |
| &nbsp;&nbsp; Guidewire Software, Inc.\* | 366 | 51518 |
| &nbsp;&nbsp; Manhattan Associates, Inc.\* | 264 | 39867 |
| &nbsp;&nbsp; Nutanix, Inc. (Class A Stock)\* | 1180 | 46409 |
| &nbsp;&nbsp; Pegasystems, Inc. | 395 | 17258 |
| &nbsp;&nbsp; Qualys, Inc.\* | 155 | 20444 |
| &nbsp;&nbsp; UiPath, Inc. (Class A Stock)\*(a) | 1880 | 23669 |
|  |  | 414532 |
| &nbsp;&nbsp; **Specialized REITs 1.3%** |  |  |
| &nbsp;&nbsp; CubeSmart | 990 | 37154 |
| &nbsp;&nbsp; EPR Properties | 320 | 17357 |
| &nbsp;&nbsp; Gaming & Leisure Properties, Inc. | 1235 | 55266 |
| &nbsp;&nbsp; Lamar Advertising Co. (Class A Stock) | 371 | 47603 |
| &nbsp;&nbsp; National Storage Affiliates Trust | 300 | 9543 |
| &nbsp;&nbsp; PotlatchDeltic Corp. | 315 | 13145 |
| &nbsp;&nbsp; Rayonier, Inc. | 624 | 14190 |
|  |  | 194258 |
| &nbsp;&nbsp; **Specialty Retail 3.2%** |  |  |
| &nbsp;&nbsp; Abercrombie & Fitch Co. (Class A Stock)\* | 205 | 20014 |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **COMMON STOCKS (Continued)** |  |  |
| &nbsp;&nbsp; **Specialty Retail (cont'd.)** |  |  |
| &nbsp;&nbsp; AutoNation, Inc.\* | 125 | $25623 |
| &nbsp;&nbsp; Bath & Body Works, Inc. | 900 | 19620 |
| &nbsp;&nbsp; Burlington Stores, Inc.\* | 271 | 80178 |
| &nbsp;&nbsp; Chewy, Inc. (Class A Stock)\* | 995 | 28965 |
| &nbsp;&nbsp; Dick's Sporting Goods, Inc. | 290 | 58580 |
| &nbsp;&nbsp; Five Below, Inc.\* | 240 | 45994 |
| &nbsp;&nbsp; Floor & Decor Holdings, Inc. (Class A Stock)\* | 470 | 31001 |
| &nbsp;&nbsp; GameStop Corp. (Class A Stock)\* | 1790 | 42745 |
| &nbsp;&nbsp; Gap, Inc. (The) | 980 | 27420 |
| &nbsp;&nbsp; Lithia Motors, Inc. | 107 | 34608 |
| &nbsp;&nbsp; Murphy USA, Inc. | 75 | 31688 |
| &nbsp;&nbsp; Penske Automotive Group, Inc. | 75 | 11759 |
| &nbsp;&nbsp; RH\* | 65 | 12924 |
| &nbsp;&nbsp; Valvoline, Inc.\* | 540 | 17669 |
|  |  | 488788 |
| &nbsp;&nbsp; **Technology Hardware, Storage & Peripherals 0.6%** |  |  |
| &nbsp;&nbsp; Pure Storage, Inc. (Class A Stock)\* | 1365 | 94922 |
| &nbsp;&nbsp; **Textiles, Apparel & Luxury Goods 0.5%** |  |  |
| &nbsp;&nbsp; Capri Holdings Ltd.\* | 500 | 11285 |
| &nbsp;&nbsp; Columbia Sportswear Co. | 105 | 5804 |
| &nbsp;&nbsp; Crocs, Inc.\* | 230 | 19302 |
| &nbsp;&nbsp; PVH Corp. | 205 | 12784 |
| &nbsp;&nbsp; VF Corp. | 1415 | 27720 |
|  |  | 76895 |
| &nbsp;&nbsp; **Trading Companies & Distributors 1.7%** |  |  |
| &nbsp;&nbsp; Applied Industrial Technologies, Inc. | 165 | 42968 |
| &nbsp;&nbsp; Core & Main, Inc. (Class A Stock)\* | 830 | 44289 |
| &nbsp;&nbsp; GATX Corp. | 155 | 28196 |
| &nbsp;&nbsp; MSC Industrial Direct Co., Inc. (Class A Stock) | 205 | 17290 |
| &nbsp;&nbsp; Watsco, Inc. | 152 | 58740 |
| &nbsp;&nbsp; WESCO International, Inc. | 213 | 61648 |
|  |  | 253131 |
| &nbsp;&nbsp; **Water Utilities 0.3%** |  |  |
| &nbsp;&nbsp; Essential Utilities, Inc. | 1235 | 47906 |
| &nbsp;&nbsp; **TOTAL COMMON STOCKS**<br> (cost $11,406,612) |  | 14563054 |
| &nbsp;&nbsp; **UNAFFILIATED EXCHANGE-TRADED FUND 2.7%** |  |  |
| &nbsp;&nbsp; iShares Core S&P Mid-Cap ETF(a)<br>(cost $367,463) | 6000 | 412020 |
| &nbsp;&nbsp; **TOTAL LONG-TERM INVESTMENTS**<br> (cost $11,774,075) |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14975074 |
| &nbsp;&nbsp; **SHORT-TERM INVESTMENTS 3.5%** |  |  |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS** |  |  |
| &nbsp;&nbsp; PGIM Core Government Money Market Fund (7-day effective yield 3.805%)(wb) | 9122 | 9122 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | |
|:---|:---|:---|
| Description | Shares | Value |
| &nbsp;&nbsp; **AFFILIATED MUTUAL FUNDS (Continued)** |  |  |
| &nbsp;&nbsp; PGIM Institutional Money Market Fund (7-day effective yield 3.853%) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $523,657; includes $522,093 of cash collateral for securities on loan)(b)(wb) | 523983 | $523669 |
| &nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $532,779) |  | 532791 |
| &nbsp;&nbsp; **TOTAL INVESTMENTS 102.7%** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (cost $12,306,854) |  | 15507865 |
| &nbsp;&nbsp; Liabilities in excess of other assets (2.7)% |  | (409133) |
| &nbsp;&nbsp; **NET ASSETS 100.0%** |  | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15098732 |

---

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

\* Non-income producing security.

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $504,986; cash collateral of $522,093 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | Level 1 | Level 2 | Level 3 |
|  **Investments in Securities** |  |  |  |
|  **Assets** |  |  |  |
|  **Long-Term Investments** |  |  |  |
|  Common Stocks |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Aerospace & Defense | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;577354 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Air Freight & Logistics | 28012 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobile Components | 151764 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Automobiles | 35828 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banks | 882843 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beverages | 80137 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Biotechnology | 355332 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Broadline Retail | 52956 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Building Products | 283649 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Capital Markets | 425104 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Chemicals | 191430 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Commercial Services & Supplies | 243504 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Communications Equipment | 276334 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction & Engineering | 352427 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Construction Materials | 45050 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Finance | 105077 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Consumer Staples Distribution & Retail | 386802 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Containers & Packaging | 151292 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified Consumer Services | 131138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Diversified REITs | 66960 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electric Utilities | 119384 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electrical Equipment | 294220 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electronic Equipment, Instruments & Components | 658416 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Energy Equipment & Services | 173222 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Entertainment | 19037 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial Services | 232463 |  |  |

---

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

---

| | | | |
|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** |
|  **Investments in Securities (continued)** |  |  |  |
|  **Assets (continued)** |  |  |  |
|  **Long-Term Investments (continued)** |  |  |  |
|  Common Stocks (continued) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Food Products | $118563 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gas Utilities | 160608 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ground Transportation | 216819 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Equipment & Supplies | 208157 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Providers & Services | 264329 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care REITs | 137345 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Health Care Technology | 23044 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotel & Resort REITs | 9618 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hotels, Restaurants & Leisure | 379882 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Household Durables | 258849 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Independent Power & Renewable Electricity Producers | 102781 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Industrial REITs | 148009 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Insurance | 549538 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interactive Media & Services | 66967 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IT Services | 174118 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Leisure Products | 81091 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Life Sciences Tools & Services | 281930 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Machinery | 835439 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Marine Transportation | 27062 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Media | 143899 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Metals & Mining | 405303 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mortgage Real Estate Investment Trusts (REITs) | 96502 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Multi-Utilities | 41362 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Office REITs | 73146 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Oil, Gas & Consumable Fuels | 435416 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paper & Forest Products | 23866 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Passenger Airlines | 64415 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Personal Care Products | 42071 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pharmaceuticals | 95964 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Professional Services | 409225 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Management & Development | 74445 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Residential REITs | 114720 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Retail REITs | 130109 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Semiconductors & Semiconductor Equipment | 478295 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Software | 414532 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialized REITs | 194258 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Specialty Retail | 488788 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Technology Hardware, Storage & Peripherals | 94922 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Textiles, Apparel & Luxury Goods | 76895 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trading Companies & Distributors | 253131 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Water Utilities | 47906 |  |  |
|  Unaffiliated Exchange-Traded Fund | 412020 |  |  |
|  **Short-Term Investments** |  |  |  |
|  Affiliated Mutual Funds | 532791 |  |  |
|  **Total** | $**15507865** | **$—** | **$—** |

---

#### Industry Classification :
The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2026 were as follows:

---

| | |
|:---|:---|
|  Banks | 5.8 |
|  Machinery | 5.5 |
|  Electronic Equipment, Instruments & Components | 4.4 |
|  Aerospace & Defense | 3.8 |
|  Insurance | 3.6 |
|  Affiliated Mutual Funds (3.5% represents investments purchased with collateral from securities on loan) | 3.5 |
|  Specialty Retail | 3.2 |
|  Semiconductors & Semiconductor Equipment | 3.2 |

---

---

| | |
|:---|:---|
|  Oil, Gas & Consumable Fuels | 2.9 |
|  Capital Markets | 2.8 |
|  Software | 2.7 |
|  Unaffiliated Exchange-Traded Fund | 2.7 |
|  Professional Services | 2.7 |
|  Metals & Mining | 2.7 |
|  Consumer Staples Distribution & Retail | 2.6 |
|  Hotels, Restaurants & Leisure | 2.5 |
|  Biotechnology | 2.4 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2026

#### Industry Classification (continued) :

---

| | |
|:---|:---|
|  Construction & Engineering | 2.3 |
|  Electrical Equipment | 1.9 |
|  Building Products | 1.9 |
|  Life Sciences Tools & Services | 1.9 |
|  Communications Equipment | 1.8 |
|  Health Care Providers & Services | 1.8 |
|  Household Durables | 1.7 |
|  Trading Companies & Distributors | 1.7 |
|  Commercial Services & Supplies | 1.6 |
|  Financial Services | 1.5 |
|  Ground Transportation | 1.4 |
|  Health Care Equipment & Supplies | 1.4 |
|  Specialized REITs | 1.3 |
|  Chemicals | 1.3 |
|  IT Services | 1.2 |
|  Energy Equipment & Services | 1.1 |
|  Gas Utilities | 1.1 |
|  Automobile Components | 1 |
|  Containers & Packaging | 1 |
|  Industrial REITs | 1 |
|  Media | 1 |
|  Health Care REITs | 0.9 |
|  Diversified Consumer Services | 0.9 |
|  Retail REITs | 0.9 |
|  Electric Utilities | 0.8 |
|  Food Products | 0.8 |
|  Residential REITs | 0.8 |
|  Consumer Finance | 0.7 |
|  Independent Power & Renewable Electricity Producers | 0.7 |

---

---

| | |
|:---|:---|
|  Mortgage Real Estate Investment Trusts (REITs) | 0.6% |
|  Pharmaceuticals | 0.6 |
|  Technology Hardware, Storage & Peripherals | 0.6 |
|  Leisure Products | 0.5 |
|  Beverages | 0.5 |
|  Textiles, Apparel & Luxury Goods | 0.5 |
|  Real Estate Management & Development | 0.5 |
|  Office REITs | 0.5 |
|  Interactive Media & Services | 0.4 |
|  Diversified REITs | 0.4 |
|  Passenger Airlines | 0.4 |
|  Broadline Retail | 0.4 |
|  Water Utilities | 0.3 |
|  Construction Materials | 0.3 |
|  Personal Care Products | 0.3 |
|  Multi-Utilities | 0.3 |
|  Automobiles | 0.2 |
|  Air Freight & Logistics | 0.2 |
|  Marine Transportation | 0.2 |
|  Paper & Forest Products | 0.2 |
|  Health Care Technology | 0.2 |
|  Entertainment | 0.1 |
|  Hotel & Resort REITs | 0.1 |
|  | 102.7 |
|  Liabilities in excess of other assets | (2.7) |
|  | 100.0% |

---

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

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

---

| | | | |
|:---|:---|:---|:---|
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
| **Description** | **Gross Market**<br> **Value of**<br> **Recognized**<br> **Assets/(Liabilities)** | **Collateral**<br> **Pledged/(Received)(1)** | **Net**<br> **Amount** |
|  Securities on Loan | $504986 | $(504986) | $— |

---

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

See Notes to Financial Statements.

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

------

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Assets** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Investments at value, including securities on loan of $504,986: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated investments (cost $11,774,075) | $14975074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Affiliated investments (cost $532,779) | 532791 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for Fund shares sold | 150840 |
| &nbsp;&nbsp;&nbsp;&nbsp; Receivable for investments sold | 106948 |
| &nbsp;&nbsp;&nbsp;&nbsp; Due from Manager | 11110 |
| &nbsp;&nbsp;&nbsp;&nbsp; Dividends receivable | 2662 |
| &nbsp;&nbsp;&nbsp;&nbsp; Prepaid expenses | 1328 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Assets** | 15780753 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Liabilities** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable to broker for collateral for securities on loan | 522093 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for investments purchased | 103923 |
| &nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses and other liabilities | 32337 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees payable | 15024 |
| &nbsp;&nbsp;&nbsp;&nbsp; Payable for Fund shares purchased | 7766 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees payable | 790 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated transfer agent fee payable | 88 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total Liabilities** | 682021 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Assets** | $15098732 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net assets were comprised of: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Paid-in capital | $11960280 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total distributable earnings (loss) | 3138452 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net assets, January 31, 2026** | $15098732 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Class R6** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net asset value, offering price and redemption price per share,<br> ($15,098,732 ÷ 1,475,333 shares of beneficial interest issued and outstanding) | $10.23 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2026

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Investment Income (Loss)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Income |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Unaffiliated dividend income (net of $123 foreign withholding tax) | $99440 |
| &nbsp;&nbsp;&nbsp;&nbsp; Affiliated dividend income | 587 |
| &nbsp;&nbsp;&nbsp;&nbsp; Income from securities lending, net (including affiliated income of $386) | 391 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total income** | 100418 |
| &nbsp;&nbsp;&nbsp;&nbsp; Expenses |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Management fee | 17543 |
| &nbsp;&nbsp;&nbsp;&nbsp; Custodian and accounting fees | 22970 |
| &nbsp;&nbsp;&nbsp;&nbsp; Professional fees | 16127 |
| &nbsp;&nbsp;&nbsp;&nbsp; Audit fee | 13872 |
| &nbsp;&nbsp;&nbsp;&nbsp; Shareholders' reports | 9644 |
| &nbsp;&nbsp;&nbsp;&nbsp; Fund data services | 5398 |
| &nbsp;&nbsp;&nbsp;&nbsp; Trustees' fees | 4870 |
| &nbsp;&nbsp;&nbsp;&nbsp; Commitment fees | 3416 |
| &nbsp;&nbsp;&nbsp;&nbsp; Transfer agent's fees and expenses (including affiliated expense of $255) | 404 |
| &nbsp;&nbsp;&nbsp;&nbsp; Registration fees | 352 |
| &nbsp;&nbsp;&nbsp;&nbsp; Miscellaneous | 1628 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Total expenses** | 96224 |
| &nbsp;&nbsp;&nbsp;&nbsp; Less: Fee waiver and/or expense reimbursement | (82714) |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net expenses** | 13510 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net investment income (loss) | 86908 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Realized And Unrealized Gain (Loss) On Investments** |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Net realized gain (loss) on investment transactions (including affiliated of $10) | 241888 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments (including affiliated of $6) | 987381 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net gain (loss) on investment transactions | 1229269 |
| &nbsp;&nbsp;&nbsp;&nbsp; **Net Increase (Decrease) In Net Assets Resulting From Operations** | $1316177 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Statements of Changes in Net Assets (unaudited)

---

| | | | |
|:---|:---|:---|:---|
|  | **Six Months Ended<br>January 31, 2026** | **Six Months Ended<br>January 31, 2026** | **Year Ended<br>July 31, 2025** |
| &nbsp;&nbsp; **Increase (Decrease) in Net Assets** | &nbsp;&nbsp; **&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;** |  |  |
| &nbsp;&nbsp; **Operations** |  |  |  |
| &nbsp;&nbsp; Net investment income (loss) |  | $86908 | $156288 |
| &nbsp;&nbsp; Net realized gain (loss) on investment transactions |  | 241888 | 209399 |
| &nbsp;&nbsp; Net change in unrealized appreciation (depreciation) on investments |  | 987381 | 137122 |
| &nbsp;&nbsp; Net increase (decrease) in net assets resulting from operations |  | 1316177 | 502809 |
| &nbsp;&nbsp; **Dividends and Distributions** |  |  |  |
| &nbsp;&nbsp; Distributions from distributable earnings |  |  |  |
| &nbsp;&nbsp; Class R6 |  | (475231) | (1876270) |
| &nbsp;&nbsp; **Fund share transactions** |  |  |  |
| &nbsp;&nbsp; Net proceeds from shares sold (278,162 and 599,230 shares, respectively) |  | 2775495 | 5702813 |
| &nbsp;&nbsp; Net asset value of shares issued in reinvestment of dividends and distributions (47,810 and 185,037 shares, respectively) |  | 475231 | 1876270 |
| &nbsp;&nbsp; Cost of shares purchased (193,209 and 465,133 shares, respectively) |  | (1949553) | (4679992) |
| &nbsp;&nbsp; Net increase (decrease) in net assets from Fund share transactions |  | 1301173 | 2899091 |
| &nbsp;&nbsp; Total increase (decrease) |  | 2142119 | 1525630 |
| &nbsp;&nbsp; **Net Assets:** |  |  |  |
| &nbsp;&nbsp; Beginning of period |  | 12956613 | 11430983 |
| &nbsp;&nbsp; End of period |  | $15098732 | $12956613 |

---

See Notes to Financial Statements.

------

PGIM Quant Solutions Mid-Cap Index Fund

Financial Highlights (unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **Class R6 Shares** |  |  |  |  |  |  |
|  | **Six Months<br>Ended<br>January 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** | **Year Ended July 31,** |
|  | **2026** | **2025** | **2024** | **2023** | **2022** | **2021** |
| &nbsp;&nbsp;&nbsp; **Per Share Operating Performance<sup>(a)</sup>:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; **Net Asset Value, Beginning of Period** | $9.65 | $11.17 | $10.30 | $10.75 | $14.27 | $9.72 |
| &nbsp;&nbsp;&nbsp; **Income (loss) from investment operations:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 0.06 | 0.13 | 0.11 | 0.08 | 0.10 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain (loss) on investment transactions | 0.87 | 0.27 | 1.47 | 1.02 | (0.47) | 4.54 |
| &nbsp;&nbsp;&nbsp; Total from investment operations | 0.93 | 0.40 | 1.58 | 1.10 | (0.37) | 4.63 |
| &nbsp;&nbsp;&nbsp; **Less Dividends and Distributions:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Dividends from net investment income | (0.13) | (0.14) | (0.12) |  | (0.13) | (0.08) |
| &nbsp;&nbsp;&nbsp; Distributions from net realized gains | (0.22) | (1.78) | (0.59) | (1.55) | (3.02) |  |
| &nbsp;&nbsp;&nbsp; Total dividends and distributions | (0.35) | (1.92) | (0.71) | (1.55) | (3.15) | (0.08) |
| &nbsp;&nbsp;&nbsp; Net asset value, end of period | $10.23 | $9.65 | $11.17 | $10.30 | $10.75 | $14.27 |
| &nbsp;&nbsp;&nbsp; **Total Return<sup>(b)</sup>:** | 9.72% | 2.74% | 16.66% | 11.78% | (3.86)% | 47.88% |
| &nbsp;&nbsp;&nbsp; **Ratios/Supplemental Data:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period (000) | $15099 | $12957 | $11431 | $13138 | $14741 | $23675 |
| &nbsp;&nbsp;&nbsp; Average net assets (000) | $13920 | $12142 | $11590 | $13192 | $18954 | $27862 |
| &nbsp;&nbsp;&nbsp; Ratios to average net assets<sup>(c)</sup>: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Expenses after waivers and/or expense reimbursement | 0.19 %<sup>(d)</sup> | 0.20 %<sup>(e)</sup> | 0.47 %<sup>(e)</sup> | 0.82 %<sup>(e)</sup> | 0.81% | 0.85% |
| &nbsp;&nbsp;&nbsp; Expenses before waivers and/or expense reimbursement | 1.37 %<sup>(d)</sup> | 1.50% | 1.84% | 1.55% | 1.21% | 0.97% |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | 1.24 %<sup>(d)</sup> | 1.29% | 1.07% | 0.79% | 0.80% | 0.73% |
| &nbsp;&nbsp;&nbsp; Portfolio turnover rate<sup>(f)</sup>  | 20% | 42% | 169% | 124% | 123% | 135% |

---

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

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

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

(d) Annualized.

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

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

See Notes to Financial Statements.

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

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

**1.** **Organization** 

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

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

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

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

As of January 31, 2026, the Cayman Subsidiary had net assets of $3,882,819, representing 12.39% of the Commodity Strategies Fund's net assets.

The Funds have the following investment objectives:

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| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund<br>| Outperform the Russell 2000 Index. |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund<br>| Outperform the Bloomberg U.S. Aggregate Bond Index over full market cycles. |
| &nbsp;&nbsp; PGIM TIPS Fund<br>| Seek to provide inflation protection and income by investing primarily in inflation protected debt securities. |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund<br>| Seek to generate returns over time in excess of the Bloomberg Commodity Index. |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund<br>| Seek to provide investment results that approximate the performance of the S&P MidCap 400 Index. |

---

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

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

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

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

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

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

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

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

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

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

Investments in open-end funds (other than ETFs) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

Fixed income securities traded in the over-the-counter ("OTC") market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Funds utilize the market approach as the primary method to value securities when market

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

prices of identical or comparable instruments are available. The third-party vendors' valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

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

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

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

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

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

------

embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Commodity Strategies Fund's investments to greater volatility than investments in traditional securities.

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

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

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

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

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

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

*Securities Lending:* Certain Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day's market value, such that the value of the collateral exceeds the value of the

------

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the loan, the borrower will return to the Funds securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Funds have the right to repurchase the securities in the open market using the collateral.

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

*Mortgage Dollar Rolls:* Certain Funds entered into mortgage dollar rolls in which the Funds sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Funds forgo principal and interest paid on the securities. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Funds maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Funds are subject to the risk that the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price.

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

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

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

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

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

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

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

**3.** **Agreements** 

The RIC, on behalf of 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.

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

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

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

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

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

The Manager has contractually agreed, through November 30, 2026, to limit total annual operating expenses after fee waivers and/or expense reimbursements. With respect to PGIM Quant Solutions Mid-Cap Index Fund, this waiver has no express termination date and may not be terminated by the Manager without prior approval of the Fund's Board of Trustees. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

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

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| | |
|:---|:---|
| **Fund** | **Fee Waivers and/or**<br> **Expense Limitations** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund<br>| contractually limit expenses to 0.95% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund<br>| contractually limit expenses to 0.19% |
| &nbsp;&nbsp; PGIM TIPS Fund<br>| contractually limit expenses to 0.30% |

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

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

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| | |
|:---|:---|
| **Fund** | **Fee Waivers and/or**<br> **Expense Limitations** |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund<br>| contractually limit expenses to 0.70%\* |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund<br>| contractually limit expenses to 0.19% |

---

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

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

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

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

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

The Funds may invest their overnight sweep cash in the PGIM Core Government Money Market Fund (the "Core Government Fund"), a series of the Prudential Government Money Market Fund, Inc., and their securities lending cash collateral in the PGIM Institutional Money Market Fund (the "Money Market Fund"), a series of Prudential Investment Portfolios 2, each registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies) as "Affiliated dividend income" and "Income from securities lending, net", respectively.

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

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

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

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of**<br> **Purchases** | **Proceeds**<br> **from Sales** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $4904322 | $4762355 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 12216063 | 15942634 |
| &nbsp;&nbsp; PGIM TIPS Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund |  |  |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 3383605 | 2801011 |

---

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

------

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of <br>Period**  | **Shares, <br>End** <br> **of <br>Period**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  |  |
| $315898 | $2889426 | $3101503 | $— | $— | $103821 | 103821 | $6556 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  |  |
| 226448 | 2303069 | 2339119 | &nbsp;&nbsp;&nbsp;&nbsp;(9) | 34 | 190423 | 190538 | 858<sup>(1)</sup> |  |
| $542346 | $5192495 | $5440622 | $(9) | $34 | $294244 |  | $7414 | $— |

---

#### PGIM Core Conservative Bond Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of** <br> **Period**  | **Shares, <br>End** <br> **of** <br> **Period**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  |  |
| $1348217 | $10962424 | $11148061 | $— | $— | $1162580 | 1162580 | $23041 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  |  |
| 54458 | 1132617 | 125920 |  |  | 1061155 | 1061793 | 37<sup>(1)</sup> |  |
| $1402675 | $12095041 | $11273981 | $— | $— | $2223735 |  | $23078 | $— |

---

#### PGIM TIPS Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of** <br> **Period**  | **Shares, <br>End** <br> **of** <br> **Period**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  |  |
| $611399 | $11228855 | $10124806 | $— | $— | $1715448 | 1715448 | $11829 | $— |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  |  |
|  | 550780 | 550780 |  |  |  |  | 9<sup>(1)</sup> |  |
| $611399 | $11779635 | $10675586 | $— | $— | $1715448 |  | $11838 | $— |

---

#### PGIM Quant Solutions Commodity Strategies Fund:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of** <br> **Period**  | **Shares, <br>End** <br> **of** <br> **Period**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** | **Short-Term Investments - Affiliated Mutual Fund:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(bb)(wb)</sup>  |  |
| $6512894 | $32476840 | $31965309 | $— | $— | $7024425 | 7024425 | $125508 | $— |

---

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,<br> Beginning<br> of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of <br>Period**  | **Shares, <br>End** <br> **of <br>Period**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** | **Short-Term Investments - Affiliated Mutual Funds:** |  |
|  PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  | PGIM Core Government Money Market Fund (7-day effective yield 3.805%)<sup>(wb)</sup>  |  |
| $10893 | $2249715 | $2251486 | $— | $— | $9122 | 9122 | $587 | $— |

---

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

------

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

#### PGIM Quant Solutions Mid-Cap Index Fund (cont'd.):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Value,**<br> **Beginning**<br> **of**<br> **Period** | Cost of<br>Purchases | Proceeds<br>from Sales | Change in <br>Unrealized <br>Gain <br>(Loss) | Realized <br>Gain <br>(Loss) | **Value, <br>End** <br> **of <br>Period**  | **Shares, <br>End** <br> **of <br>Period**  | Income | **Capital**<br> **Gain <br>Distributions**  |
|  PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  | PGIM Institutional Money Market Fund (7-day effective yield 3.853%)<sup>(b)(wb)</sup>  |  |
| $64514 | $4568750 | $4109611 | $6 | $10 | $523669 | 523983 | $386<sup>(1)</sup> | $— |
| $75407 | $6818465 | $6361097 | $6 | $10 | $532791 |  | $973 | $— |

---

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

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

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

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

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

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<br>(Depreciation)** |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $9711891 | $3857160 | $(598929) | $3258231 |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 55329916 | 382843 | (2076980) | (1694137) |
| &nbsp;&nbsp; PGIM TIPS Fund | 66205954 | 768513 | (1809484) | (1040971) |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 52867309 | 2389443 | (21023648) | (18634205) |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund | 12435227 | 3915455 | (842817) | 3072638 |

---

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2025 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

---

| | | |
|:---|:---|:---|
| Fund | Capital Loss<br>Carryforward | Capital Loss<br>Carryforward Utilized |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund | $— | $— |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund | 5877000 |  |
| &nbsp;&nbsp; PGIM TIPS Fund | 12436000 |  |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund | 465000 | 6000 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund |  |  |

---

The Manager has analyzed the Funds' tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds' financial statements (consolidated financial statements for Commodity Strategies Fund) for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds' U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2025 are subject to such review.

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

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

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

------

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

---

| | | |
|:---|:---|:---|
| Fund | Number of Shares | Percentage of<br>Outstanding Shares |
| &nbsp;&nbsp; PGIM Jennison Small-Cap Core Equity Fund–Class R6 | 765123 | 89.1% |
| &nbsp;&nbsp; PGIM Core Conservative Bond Fund–Class R6 | 5983445 | 99.7 |
| &nbsp;&nbsp; PGIM TIPS Fund–Class R6 | 7572869 | 99.7 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund–Class Z | 1924 | 5.5 |
| &nbsp;&nbsp; PGIM Quant Solutions Commodity Strategies Fund–Class R6 | 3723677 | 92.3 |
| &nbsp;&nbsp; PGIM Quant Solutions Mid-Cap Index Fund–Class R6 | 1475332 | 99.9 |

---

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

---

| | | |
|:---|:---|:---|
| Fund | Number of<br>Shareholders | Percentage of<br>Outstanding Shares |
|  **Affiliated:** |  |  |
|  PGIM Jennison Small-Cap Core Equity Fund | 8 | 85.8% |
|  PGIM Core Conservative Bond Fund | 6 | 90.2 |
|  PGIM TIPS Fund | 6 | 91.2 |
|  PGIM Quant Solutions Commodity Strategies Fund | 5 | 76.1 |
|  PGIM Quant Solutions Mid-Cap Index Fund | 8 | 88.4 |
|  **Unaffiliated:** |  |  |
|  PGIM Jennison Small-Cap Core Equity Fund | 1 | 10.1 |
|  PGIM Core Conservative Bond Fund |  |  |
|  PGIM TIPS Fund |  |  |
|  PGIM Quant Solutions Commodity Strategies Fund |  |  |
|  PGIM Quant Solutions Mid-Cap Index Fund |  |  |

---

Transactions in shares of beneficial interest were as follows:

#### PGIM Quant Solutions Commodity Strategies Fund:

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Class Z** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 38999 | $269423 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 2509 | 17315 |
| &nbsp;&nbsp; Shares purchased | (1856353) | (13065760) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (1814845) | (12779022) |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 16 | 119 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (1814829) | $(12778903) |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1932851 | $13230243 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 865 | 5699 |
| &nbsp;&nbsp; Shares purchased | (114203) | (794388) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | 1819513 | 12441554 |
| &nbsp;&nbsp; Shares issued upon conversion from other share class(es) | 119 | 820 |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | 1819632 | $12442374 |
| &nbsp;&nbsp; **Class R6** |  |  |
| &nbsp;&nbsp; **Six months ended January 31, 2026:** |  |  |
| &nbsp;&nbsp; Shares sold | 579031 | $4104410 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 394363 | 2713220 |
| &nbsp;&nbsp; Shares purchased | (1705618) | (12068579) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (732224) | (5250949) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (16) | (119) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (732240) | $(5251068) |

---

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

------

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

#### PGIM Quant Solutions Commodity Strategies Fund (cont'd.):

---

| | | |
|:---|:---|:---|
| Share Class | Shares | Amount |
| &nbsp;&nbsp; **Year ended July 31, 2025:** |  |  |
| &nbsp;&nbsp; Shares sold | 1936100 | $13188911 |
| &nbsp;&nbsp; Shares issued in reinvestment of dividends and distributions | 207628 | 1366193 |
| &nbsp;&nbsp; Shares purchased | (4156055) | (28561431) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding before conversion | (2012327) | (14006327) |
| &nbsp;&nbsp; Shares purchased upon conversion into other share class(es) | (120) | (820) |
| &nbsp;&nbsp; Net increase (decrease) in shares outstanding | (2012447) | $(14007147) |

---

**8.** **Borrowings** 

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

---

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

---

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

The Funds indicated below utilized the SCA during the reporting period ended January 31, 2026. The average balance outstanding is for the number of days the Funds utilized the SCA.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Fund | Average<br>Balance<br>Outstanding | Weighted<br>Average<br>Interest Rates | **Number**<br> **of Days**<br> **Outstanding** | Maximum<br>Balance<br>Outstanding | Balance<br>Outstanding at<br>January 31, 2026 |
|  PGIM Quant Solutions Mid-Cap Index Fund | $176143 | 3.56% | 7 | $293000 | $— |

---

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

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Risks | PGIM Jennison<br>Small-Cap Core<br>Equity Fund | PGIM Core<br>Conservative<br>Bond Fund | PGIM TIPS<br>Fund | PGIM Quant<br>Solutions<br>Commodity<br>Strategies Fund | PGIM Quant<br>Solutions<br>Mid-Cap<br>Index Fund |
|  Active Trading |  | X |  |  |  |
|  Adjustable and Floating Rate Securities |  |  | X |  |  |
|  Blend Style | X |  |  |  |  |
|  Cayman Subsidiary |  |  |  | X |  |
|  Commodity |  |  |  | X |  |
|  Commodity-Linked Notes |  |  |  | X |  |
|  Commodity Pooled Investment Vehicles |  |  |  | X |  |
|  Commodity Regulatory |  |  |  | X |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Risks | **PGIM Jennison**<br> **Small-Cap Core<br>Equity Fund** | PGIM Core<br>Conservative<br>Bond Fund | PGIM TIPS<br>Fund | PGIM Quant<br>Solutions<br>Commodity<br>Strategies Fund | PGIM Quant<br>Solutions<br>Mid-Cap<br>Index Fund |
|  Concentration |  |  |  | X |  |
|  Credit /Counterparty |  | X | X | X |  |
|  Debt Obligations |  | X | X | X |  |
|  Deflation |  |  |  | X |  |
|  Derivatives |  | X |  | X |  |
|  Economic and Market Events | X | X | X | X | X |
|  Equity and Equity-Related Securities | X |  |  |  | X |
|  Exchange-Traded Funds |  |  |  |  | X |
|  Foreign Securities |  | X | X |  |  |
|  Fund of Funds | X | X | X | X | X |
|  Futures and Forward Contracts |  |  |  | X |  |
|  Hedging |  |  |  | X |  |
|  Increase in Expenses | X | X | X | X | X |
|  Index Investment Approach |  |  |  |  | X |
|  Initial Public Offerings | X |  |  |  |  |
|  Interest Rate |  | X | X | X |  |
|  Large Shareholder and Large Scale Redemption | X | X | X | X | X |
|  Liquidity |  |  |  | X |  |
|  Management | X |  |  | X |  |
|  Market Disruption and Geopolitical | X | X | X | X | X |
|  Market | X | X | X | X | X |
|  Medium Capitalization (Mid-Cap) Company |  |  |  |  | X |
|  Mortgage-Backed and Asset-Backed Securities |  | X | X |  |  |
|  Sector Exposure | X |  |  |  | X |
|  Small Company | X |  |  |  |  |
|  Tax |  |  |  | X |  |
|  TIPS |  |  | X |  |  |
|  Tracking Error |  |  |  |  | X |
|  Trading on Foreign Exchanges |  |  |  | X |  |
|  U.S. Government and Agency Securities |  | X | X | X |  |
|  U.S. Treasury Strips |  |  | X | X |  |
|  Zero Coupon Bond |  | X |  |  |  |

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

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

*Blend Style Risk:* The Fund's blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund's portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund's portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security's intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund's assessment of market conditions or a company's value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

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

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

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

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

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

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

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

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

*Interest Rate Risk:* The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as "duration risk." When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as "prepayment risk." In addition, if the Fund purchases a fixed

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income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund's holdings may fall sharply. This is referred to as "extension risk." The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

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

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

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

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

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

*Medium Capitalization (Mid-Cap) Company Risk:* The Fund's investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies' securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.

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

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

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

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

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

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

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

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

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

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

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

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

10. Recent Accounting Pronouncement and Regulatory Developments

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

11. Subsequent Event

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;85

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

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

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

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

------

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

(a)(1) Code of Ethics – Not required, as this is not an annual filing.

(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.](d72213dex99cert.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.](d72213dex99906cert.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 18, 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 18, 2026 |
| By: | <u>/s/ Christian J. Kelly</u> |
|  | Christian J. Kelly |
|  | Chief Financial Officer (Principal Financial Officer) |
| Date: | March 18, 2026 |

---

## Ex-99.Cert

Item 19

**Prudential Investment Portfolios 2** 

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

&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;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;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;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 18, 2026

---

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

---

------

Item 19

**Prudential Investment Portfolios 2** 

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

&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;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;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;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 18, 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 18, 2026 | <u>/s/ Stuart S. Parker</u> |
|  | Stuart S. Parker |
|  | President and Principal Executive Officer |
| March 18, 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.*