Prudential Investment Portfolios 2 N-CSR Certified annual shareholder report (management investment company)

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 and PGIM Quant Solutions

Mid-Cap

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

Address of principal executive offices:	655 Broad Street, 6 th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 6 th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	07/31/2024
Date of reporting period:	07/31/2024

Item 1 – Reports to Stockholders

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

 

 

PGIM Jennison Small-Cap Core Equity Fund

Class R6:

PQJCX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

“Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Jennison Small-Cap Core Equity Fund—Class R6	$106	1.00%

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

■

During the reporting period, equities generally posted solid results driven by enthusiasm regarding generative artificial intelligence, the end to

US Federal Reserve interest rate hikes, and continued growth in the US economy. Small-cap stocks, as represented by the Russell 2000 Index,

performed well in aggregate but trailed the broader market, as represented by the S&P 500 Index.

■

Holdings in the consumer sector, especially hotels, restaurants, and leisure & personal care products, were strong contributors to the Fund’s

performance relative to the Index during the reporting period. The energy and industrials sectors were other areas of strength that contributed

to the Fund’s performance.

■

Stock selection within the healthcare sector was the primary detractor from the Fund’s performance during the reporting period due to

equipment & supplies and biotechnology positions. In the materials sector, metals and mining holdings drove underperformance relative to

the Index.

MF242E

 

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call

(800) 225-1852

for more recent performance data.

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

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

have been lower.

 

Cumulative Performance: November 15, 2016 to July 31, 2024

Initial Investment of $10,000

 

 

 

 

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	12.91%	11.18%	10.66% (11/15/2016)
Russell 2000 Index	14.25%	8.91%	8.66%
S&P 500 Index	22.15%	15.00%	14.76%

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

the class’s inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

 

Fund’s net assets	$ 9,681,820
Number of fund holdings	122
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	87%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS

OF

7/31/2024?

 

Industry Classification	% of Net Assets
Banks	9.7%
Software	7.4%
Biotechnology	6.4%
Semiconductors & Semiconductor Equipment	5.7%
Machinery	4.4%
Commercial Services & Supplies	3.9%
Affiliated Mutual Funds	3.8%
Metals & Mining	3.5%
Financial Services	3.3%
Health Care Providers & Services	3.2%
Food Products	3.1%
Capital Markets	3.0%
Energy Equipment & Services	2.8%
Oil, Gas & Consumable Fuels	2.5%
Hotels, Restaurants & Leisure	2.3%
Professional Services	2.3%
Construction & Engineering	2.3%
Residential REITs	2.3%
Insurance	2.2%
IT Services	2.1%
Specialty Retail	2.1%
Marine Transportation	1.5%
Pharmaceuticals	1.5%
Industrial REITs	1.5%
Health Care Equipment & Supplies	1.4%

Industry Classification	% of Net Assets
Household Durables	1.3%
Building Products	1.3%
Chemicals	1.2%
Gas Utilities	1.2%
Automobile Components	1.2%
Mortgage Real Estate Investment Trusts (REITs)	1.2%
Specialized REITs	1.1%
Consumer Staples Distribution & Retail	1.1%
Electronic Equipment, Instruments & Components	1.0%
Retail REITs	0.8%
Diversified Telecommunication Services	0.8%
Textiles, Apparel & Luxury Goods	0.8%
Trading Companies & Distributors	0.6%
Health Care Technology	0.6%
Office REITs	0.5%
Hotel & Resort REITs	0.4%
Life Sciences Tools & Services	0.3%
Real Estate Management & Development	0.3%
Leisure Products	0.3%
Personal Care Products	0.3%
	100.5%
Liabilities in excess of other assets	(0.5)%
	100.0%

 

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

The Fund's principal risk disclosure was revised to include Financials Sector Risk, Industrials Sector Risk and Information Technology Sector

Risk as principal risks of the Fund due to changes in the Fund's portfolio which may result in greater exposure to these sectors.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

 

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Jennison Small-Cap Core Equity Fund

 

SHARE CLASS	R6
NASDAQ	PQJCX
CUSIP	74440E805

MF242E

 

 

 

PGIM Core Conservative Bond Fund

Class R6:

PQCNX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Conservative Bond Fund—Class R6	$50	0.49%

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

■

Although the Federal Reserve (the Fed) has held policy rates steady for eight consecutive Federal Open Market Committee meetings,

moderating economic data provided markets greater confidence that the first Fed interest rate cut would come in the second half of 2024.

Against the backdrop of a steepening US Treasury curve, credit spreads across a broad spectrum of fixed income asset classes generally

tightened during the reporting period.

■

Overweights relative to the Index in the AAA-rated non-agency commercial mortgage-backed securities, US investment-grade corporate bond,

and taxable municipal bond sectors, along with an underweight relative to the Index in the emerging-market investment-grade bond sector;

security selection in US investment-grade corporates; and positioning in electric utilities, midstream energy, and metals & mining contributed

most to the Fund’s performance during the reporting period.

■

Security selection in the emerging-market investment-grade bond and mortgage-backed securities sectors; positioning in finance companies

and consumer non-cyclicals; and yield curve positioning detracted most from the Fund’s performance during the reporting period. (A yield curve

is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of

different maturities for the same type of bonds.)

MF242E1

 

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

 

Cumulative Performance: November 15, 2016 to July 31, 2024

Initial Investment of $10,000

 

 

 

 

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	5.07%	-0.22%	0.88% (11/15/2016)
Bloomberg US Aggregate Bond Index	5.10%	0.19%	1.41%

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

class’s inception date.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

 

Fund’s net assets	$ 41,536,752
Number of fund holdings	535
Total advisory fees paid for the year	$ 32,311
Portfolio turnover rate for the year	155%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

 

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	72.9
AA	4.7
A	10.2
BBB	12.3
Cash/Cash Equivalents	(0.1)
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

Effective July 1, 2024, the Fund’s contractual expense limitation was lowered from 0.50% to 0.19% of average daily net assets for Class R6

shares. Additionally, the contractual management fee was reduced from 0.27% to 0.19% of average daily net assets and the contractual

subadvisory fee was reduced from 0.12% to 0.09% of average daily net assets (sub-advisory fees are not paid directly by the Fund).

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

 

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Core Conservative Bond Fund

 

SHARE CLASS	R6
NASDAQ	PQCNX
CUSIP	74440E888

MF242E1

 

 

 

PGIM TIPS Fund

Class R6:

PQTSX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM TIPS Fund—Class R6	$41	0.40%

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

■

The US saw a marked deceleration in inflation throughout the reporting period, with the consumer price index rising just 2.9% from July 2023 to

July 2024—the smallest increase since March 2021. Against a backdrop of moderating economic conditions, expectations of Federal Reserve

interest-rate cuts in the second half of 2024 led to a steepening of the US Treasury yield curve. (A yield curve is a line graph that illustrates the

relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same

type of bonds.)

■

Security selection was the largest contributor to the Fund’s performance during the reporting period.

■

The duration of the Fund, which was tactically managed versus the Index, was a modest detractor from performance during the reporting

period. These tactical allocations were meant to adjust duration in response to short-term inefficiencies or opportunities in the market. (Duration

measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

MF242E3

 

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

 

Cumulative Performance: November 15, 2016 to July 31, 2024

Initial Investment of $10,000

 

 

 

 

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	4.11%	2.02%	2.16% (11/15/2016)
Bloomberg US Treasury Inflation-Protected Securities Index	4.41%	2.36%	2.59%
Bloomberg US Aggregate Bond Index	5.10 %	0.19 %	1.41 %

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

the class’s inception date.

The Fund has added the Bloomberg US Aggregate Bond Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

 

Fund’s net assets	$ 61,886,792
Number of fund holdings	33
Total advisory fees paid for the year	$ 128,034
Portfolio turnover rate for the year	66%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

 

Credit Quality expressed as a percentage of total investments as of 7/31/2024 (%)
AAA	99.9
Cash/Cash Equivalents	0.1
Total	100.0

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

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

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

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

Effective October 27, 2024, the Fund’s investment objective will be changed from “seek to outperform the Bloomberg US Treasury Inflation

Protected (TIPS) Index” to “seek to provide inflation protection and income by investing primarily in inflation protected debt securities” to more

closely align with the Fund’s current investment strategy. This will not result in any changes to the Fund’s current investment strategy or risk

profile.

■

Effective September 27, 2024, the Fund's contractual expense limitation will be lowered from 0.40% to 0.30% of average daily net assets for

Class R6 shares.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

 

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM TIPS Fund

 

SHARE CLASS	R6
NASDAQ	PQTSX
CUSIP	74440E870

MF242E3

 

 

 

PGIM Quant Solutions Commodity Strategies Fund

Class Z:

PQCZX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

(the “Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Commodity Strategies Fund—Class Z	$69	0.71%

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

■

During the reporting period, commodity prices generally declined, continuing to undercut some of the gains realized in the initial,

post-COVID-19, high inflation period as prices normalized to a degree, particularly in the grains sector. Carry from roll yields decreased from

the previous year but remained positive, which is high compared to historical levels. Energy commodities and industrial metals produced mixed

returns, with precious metals gaining during the reporting period.

■

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

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

■

The Fund benefited from underweight positioning relative to the Index in agricultural commodities, led by wheat, cotton and sugar. From a factor

perspective, growth measures were the largest outperformers relative to the Index during the reporting period.

■

Relative positions to the Index in natural gas and coffee detracted the most from the Fund’s performance during the reporting period, with

sentiment factors struggling.

MF242E3Z

 

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

 

Cumulative Performance: December 14, 2021 to July 31, 2024

Initial Investment of $10,000

 

 

 

 

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Since Inception (%)
Class Z	-4.37%	5.00% (12/14/2021)
Bloomberg Commodity Index	-5.17%	4.23%
S&P 500 Index	22.15%	9.08%

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

the class’s inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

 

Fund’s net assets	$ 45,221,749
Number of fund holdings	31
Total advisory fees paid for the year	$ 163,774
Portfolio turnover rate for the year	0%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

 

Investment Allocation	% of Net Assets
U.S. Treasury Obligations	86.0%
Affiliated Mutual Fund - Short-Term Investment	13.7%
	99.7%
Other assets in excess of liabilities*	0.3%
	100.0%

Commodity Futures Contracts outstanding at July 31, 2024

(1),(2)

 

Commodity Futures Contracts: Long Positions	% of Net Assets
Gold 100 OZ	18.7%
WTI Crude	9.7%
Brent Crude	7.6%
Natural Gas	6.3%
Soybean	6.1%
Copper	5.1%
Corn	4.2%
Live Cattle	4.0%
Silver	3.8%
Gasoline RBOB	3.6%
LME PRI Aluminum	3.6%
Cotton No. 2	3.4%
Sugar No. 11	3.2%

Commodity Futures Contracts: Long Positions	% of Net Assets
Soybean Meal	3.0%
Soybean Oil	2.9%
Lean Hogs	2.8%
LME Zinc	2.8%
Low Sulphur Gas Oil	2.6%
Coffee 'C'	2.5%
LME Nickel	2.2%
NY Harbor ULSD	1.8%
Hard Red Winter Wheat	1.6%
LME Lead	0.9%
Soft Red Winter Wheat	0.5%
	102.9%

 

 

Commodity Futures Contracts: Short Positions	% of Net Assets
LME Nickel	(0.5)%
LME Zinc	(1.6)%
LME PRI Aluminum	(1.6)%
	(3.7)%

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

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

(2) Represents the current notional amount of the commodity future contracts (USD) as a percentage of net assets as of July 31, 2024.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

 

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Commodity Strategies Fund

 

SHARE CLASS	Z
NASDAQ	PQCZX
CUSIP	74440E854

MF242E3Z

 

 

 

PGIM Quant Solutions Commodity Strategies Fund

Class R6:

PQCMX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

(the “Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Commodity Strategies Fund—Class R6	$70	0.71%

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

■

During the reporting period, commodity prices generally declined, continuing to undercut some of the gains realized in the initial,

post-COVID-19, high inflation period as prices normalized to a degree, particularly in the grains sector. Carry from roll yields decreased from

the previous year but remained positive, which is high compared to historical levels. Energy commodities and industrial metals produced mixed

returns, with precious metals gaining during the reporting period.

■

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

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

■

The Fund benefited from underweight positioning relative to the Index in agricultural commodities, led by wheat, cotton and sugar. From a factor

perspective, growth measures were the largest outperformers relative to the Index during the reporting period.

■

Relative positions to the Index in natural gas and coffee detracted the most from the Fund’s performance during the reporting period, with

sentiment factors struggling.

MF242E3R6

 

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

management

fees)

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

have been lower.

 

Cumulative Performance: November 15, 2016 to July 31, 2024

Initial Investment of $10,000

 

 

 

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	-4.19%	7.60%	4.67% (11/15/2016)
Bloomberg Commodity Index	-5.17%	6.51%	3.63%
S&P 500 Index	22.15%	15.00%	14.76%

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since

Inception

returns for the Indexes are measured from the closest month-end to

the class’s inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

 

Fund’s net assets	$ 45,221,749
Number of fund holdings	31
Total advisory fees paid for the year	$ 163,774
Portfolio turnover rate for the year	0%

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2024?

 

Investment Allocation	% of Net Assets
U.S. Treasury Obligations	86.0%
Affiliated Mutual Fund - Short-Term Investment	13.7%
	99.7%
Other assets in excess of liabilities*	0.3%
	100.0%

Commodity Futures Contracts outstanding at July 31, 2024

(1),(2)

 

Commodity Futures Contracts: Long Positions	% of Net Assets
Gold 100 OZ	18.7%
WTI Crude	9.7%
Brent Crude	7.6%
Natural Gas	6.3%
Soybean	6.1%
Copper	5.1%
Corn	4.2%
Live Cattle	4.0%
Silver	3.8%
Gasoline RBOB	3.6%
LME PRI Aluminum	3.6%
Cotton No. 2	3.4%
Sugar No. 11	3.2%

Commodity Futures Contracts: Long Positions	% of Net Assets
Soybean Meal	3.0%
Soybean Oil	2.9%
Lean Hogs	2.8%
LME Zinc	2.8%
Low Sulphur Gas Oil	2.6%
Coffee 'C'	2.5%
LME Nickel	2.2%
NY Harbor ULSD	1.8%
Hard Red Winter Wheat	1.6%
LME Lead	0.9%
Soft Red Winter Wheat	0.5%
	102.9%

 

 

Commodity Futures Contracts: Short Positions	% of Net Assets
LME Nickel	(0.5)%
LME Zinc	(1.6)%
LME PRI Aluminum	(1.6)%
	(3.7)%

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

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

(2) Represents the current notional amount of the commodity future contracts (USD) as a percentage of net assets as of July 31, 2024.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

 

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Commodity Strategies Fund

 

SHARE CLASS	R6
NASDAQ	PQCMX
CUSIP	74440E862

MF242E3R6

 

 

 

PGIM Quant Solutions Mid-Cap Index Fund

formerly, PGIM Quant Solutions Mid-Cap Core Fund

Class R6:

PQCCX

ANNUAL SHAREHOLDER REPORT – July 31, 2024

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

(the “Fund”) for the period of August 1, 2023 to July 31, 2024.

You can find additional information about the Fund at

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

. You can also request

this information by contacting us at (800) 225-1852.

This report describes changes to the Fund that occurred during the reporting period.

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment)

 

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Quant Solutions Mid-Cap Index Fund—Class R6	$51	0.47%

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

■

During the reporting period, the US equity and bond markets rallied as several bullish developments took hold, including continued strength in

the US economy, strong corporate earnings —largely driven by the largest technology companies (along with optimism about the future of AI

(artificial intelligence), an easing of inflation, and signals from the US Federal Reserve that its next move would be an interest rate cut.

■

The Fund employs a “passively managed” or index investment approach, holding all stocks included in the Index in approximately the same

proportions. Accordingly, the Fund’s performance closely tracked the Index’s performance over the reporting period.

■

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

MF242E4

 

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of

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

Visit

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

or call (800) 225-1852 for more recent performance data.

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

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

have been lower.

Effective December 11, 2023, the Fund converted from an actively managed fund to a passively managed fund that seeks to track the

performance of the S&P MidCap 400 Index.

 

Cumulative Performance: November 17, 2016 to July 31, 2024

Initial Investment of $10,000

 

 

 

 

Average Annual Total Returns as of 7/31/2024
	One Year (%)	Five Years (%)	Since Inception (%)
Class R6	16.66%	10.92%	9.44% (11/17/2016)
S&P MidCap 400 Index	15.41%	11.26%	10.49%
S&P 500 Index	22.15%	15.00%	14.76%

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

the class’s inception date.

The Fund has added the S&P 500 Index as a broad-based securities market index in response to new regulatory requirements.

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2024?

 

Fund’s net assets	$ 11,430,983
Number of fund holdings	402
Total advisory fees paid for the year	$ 0
Portfolio turnover rate for the year	169%

WHAT ARE SOME

CHARACTERISTICS

OF THE FUND’S HOLDINGS AS OF 7/31/2024?

 

Industry Classification	% of Net Assets
Banks	5.6%
Insurance	4.8%
Machinery	4.5%
Oil, Gas & Consumable Fuels	4.4%
Specialty Retail	4.1%
Building Products	3.8%
Hotels, Restaurants & Leisure	3.3%
Capital Markets	3.1%
Biotechnology	3.0%
Professional Services	2.6%
Semiconductors & Semiconductor Equipment	2.5%
Software	2.5%
Electronic Equipment, Instruments & Components	2.4%
Unaffiliated Exchange-Traded Funds	2.4%
Construction & Engineering	2.4%
Life Sciences Tools & Services	2.3%
Chemicals	2.2%
Consumer Staples Distribution & Retail	2.1%
Health Care Providers & Services	2.1%
Household Durables	2.1%
Metals & Mining	2.0%
Commercial Services & Supplies	1.9%
Financial Services	1.7%
Trading Companies & Distributors	1.7%
Ground Transportation	1.7%
Specialized REITs	1.7%
Containers & Packaging	1.7%
Health Care Equipment & Supplies	1.7%
Electrical Equipment	1.6%
Aerospace & Defense	1.2%
Industrial REITs	1.2%
Diversified Consumer Services	1.2%
Textiles, Apparel & Luxury Goods	1.2%
Food Products	1.1%
Automobile Components	1.0%
Residential REITs	1.0%
Energy Equipment & Services	1.0%

Industry Classification	% of Net Assets
Retail REITs	1.0%
Gas Utilities	1.0%
Electric Utilities	0.9%
Consumer Finance	0.7%
Leisure Products	0.7%
Personal Care Products	0.7%
Health Care REITs	0.7%
Technology Hardware, Storage & Peripherals	0.6%
Media	0.6%
Mortgage Real Estate Investment Trusts (REITs)	0.6%
Office REITs	0.6%
Beverages	0.5%
Construction Materials	0.5%
Diversified REITs	0.4%
Broadline Retail	0.4%
Real Estate Management & Development	0.4%
Communications Equipment	0.4%
Pharmaceuticals	0.4%
Entertainment	0.4%
IT Services	0.4%
Water Utilities	0.4%
Automobiles	0.4%
Diversified Telecommunication Services	0.3%
Multi-Utilities	0.3%
Marine Transportation	0.2%
Air Freight & Logistics	0.2%
Paper & Forest Products	0.2%
Interactive Media & Services	0.2%
Independent Power & Renewable Electricity Producers	0.1%
Health Care Technology	0.1%
Hotel & Resort REITs	0.1%
	101.2%
Liabilities in excess of other assets	(1.2)%
	100.0%

 

WERE THERE ANY CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2023:

■

Effective December 11, 2023, the Fund’s name changed from PGIM Quant Solutions Mid-Cap Core Fund to

PGIM Quant Solutions Mid-Cap

Index Fund

.

The Fund converted from an actively managed fund to a passively managed fund that seeks to track the performance of the S&P MidCap 400 Index. Accordingly,

the Fund’s investment objective changed from  “seek to outperform the S&P MidCap 400 Index” to “seek to

provide investment results that approximate the performance of the S&P MidCap 400 Index.

“

■

Effective December 11, 2023, the Fund’s contractual expense limitation was lowered from 0.80% to 0.19% of average daily net assets for

Class R6 shares. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of

the Fund’s Board of Trustees. Additionally, the contractual management fee was reduced from 0.50% to 0.25% of average daily net assets and

the contractual subadvisory fee was reduced from 0.35% to 0.10% of average daily net assets (sub-advisory fees are not paid directly by the

Fund).

■

The Fund's principal risk disclosure was revised to include Index Investment Approach Risk and Tracking Error Risk to reflect the Fund's

conversion from an actively managed to a passively managed fund, and Consumer Discretionary Sector Risk, Financials Sector Risk and

Industrials Sector Risk due to changes in the Fund's portfolio which may result in greater exposure to these sectors.

For more complete information, you should review the Fund's next prospectus, which we expect to be available by September 27, 2024 at

pgim.com/investments/mutual-funds/prospectuses-fact-sheets or by request at (800) 225-1852.

ADDITIONAL INFORMATION

You can find additional information at

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

or by scanning the QR code below,

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

contacting us at (800) 225-1852.

 

To receive your fund documents online, go to

pgim.com/investments/resource/edelivery

and enroll.

PGIM Quant Solutions Mid-Cap Index Fund

 

SHARE CLASS	R6
NASDAQ	PQCCX
CUSIP	74440E508

MF242E4

 

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

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

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended July 31, 2024 and July 31, 2023, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $172,621 and $188,900, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended July 31, 2024 and July 31, 2023: none.

(c) Tax Fees

For the fiscal years ended July 31, 2024 and July 31, 2023: none.

(d) All Other Fees

For the fiscal years ended July 31, 2024 and July 31, 2023: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

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

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

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

• periodic meetings with the accounting firm.

Policy for Audit and Non-Audit Services Provided to the Funds

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

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

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

Audit Services

The following categories of audit services are considered to be consistent with the role of the Fund’s independent accountants:

• Annual Fund financial statement audits

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

• SEC and regulatory filings and consents

Audit-related Services

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

• Accounting consultations

• Fund merger support services

• Agreed Upon Procedure Reports

• Attestation Reports

• Other Internal Control Reports

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

Tax Services

The following categories of tax services are considered to be consistent with the role of the Fund’s independent accountants:

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

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

• Sales and use tax compliance

• Timely RIC qualification reviews

• Tax distribution analysis and planning

• Tax authority examination services

• Tax appeals support services

• Accounting methods studies

• Fund merger support services

• Tax consulting services and related projects

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

Other Non-Audit Services

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

Proscribed Services

The Fund’s independent accountants will not render services in the following categories of non-audit services:

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

• Financial information systems design and implementation

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

• Actuarial services

• Internal audit outsourcing services

• Management functions or human resources

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

• Legal services and expert services unrelated to the audit

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

Pre-approval of Non-Audit Services Provided to Other Entities Within the PGIM Fund Complex

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

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

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

	Fiscal Year Ended July 31, 2024		Fiscal Year Ended July 31, 2023
4(b)	Not applicable.		Not applicable.
4(c)	Not applicable.		Not applicable.
4(d)	Not applicable.		Not applicable.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2024 and July 31, 2023 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

(i) Not applicable.

(j) Not applicable.

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

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

Items 7 – 11 (Refer to Report below)

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 (Formerly, PGIM Quant Solutions Mid-Cap Core Fund)

FINANCIAL STATEMENTS AND OTHER INFORMATION

JULY 31, 2024

  Table of Contents     Financial Statements and Other Information   July 31, 2024  

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

Glossary	1
PGIM Jennison Small-Cap Core Equity Fund	2
PGIM Core Conservative Bond Fund	15
PGIM TIPS Fund	45
PGIM Quant Solutions Commodity Strategies Fund	52
PGIM Quant Solutions Mid-Cap Index Fund	62
Notes to Financial Statements	85
Other Information - Form N-CSR Items 8-11

 

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.

BABs—Build America Bonds

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LME—London Metal Exchange

LP—Limited Partnership

MSC—Morgan Stanley & Co. LLC

MTN—Medium Term Note

PRI—Primary Rate Interface

RBOB—Reformulated Gasoline Blendstock for Oxygen Blending

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

SOFR—Secured Overnight Financing Rate

STRIPs—Separate Trading of Registered Interest and Principal of Securities

TIPS—Treasury Inflation-Protected Securities

UBS—UBS Securities LLC

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

1

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments

as of July 31, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS 96.7%
COMMON STOCKS
Automobile Components 1.2%
Dorman Products, Inc.*		1,121		$   113,636
Banks 9.7%
Atlantic Union Bankshares Corp.		1,343		55,452
BankUnited, Inc.		848		32,665
Brookline Bancorp, Inc.		5,848		61,346
Eastern Bankshares, Inc.		5,946		98,941
Enterprise Financial Services Corp.		1,648		87,130
First Bancorp		1,763		73,693
First Interstate BancSystem, Inc. (Class A Stock)		1,309		41,325
Heritage Financial Corp.		2,446		56,674
Hilltop Holdings, Inc.		581		19,167
Pinnacle Financial Partners, Inc.		1,227		118,185
Western Alliance Bancorp		1,614		129,862
Wintrust Financial Corp.		803		86,885
WSFS Financial Corp.		1,416		79,990
				941,315
Biotechnology 6.4%
Apellis Pharmaceuticals, Inc.*		1,709		67,676
Arcutis Biotherapeutics, Inc.*		10,332		104,043
Cabaletta Bio, Inc.*		5,080		36,068
Celldex Therapeutics, Inc.*		997		37,996
Crinetics Pharmaceuticals, Inc.*		1,897		100,768
Krystal Biotech, Inc.*		445		92,765
Tourmaline Bio, Inc.		708		11,951
Twist Bioscience Corp.*		947		52,852
Vaxcyte, Inc.*		1,085		85,596
Veracyte, Inc.*		1,230		29,520
				619,235
Building Products 1.3%
Hayward Holdings, Inc.*		4,572		67,620
Zurn Elkay Water Solutions Corp.		1,715		55,669
				123,289
Capital Markets 3.0%
AssetMark Financial Holdings, Inc.*		1,299		44,816
Bridge Investment Group Holdings, Inc. (Class A Stock)		4,614		37,604

See Notes to Financial Statements.

2

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
Brightsphere Investment Group, Inc.		2,438	$	63,851
Hamilton Lane, Inc. (Class A Stock)		554		79,981
Marex Group PLC (United Kingdom)*		1,785		38,163
Moelis & Co. (Class A Stock)		332		22,576
				286,991
Chemicals 1.2%
Avient Corp.		2,598		117,534
Commercial Services & Supplies 3.9%
ACV Auctions, Inc. (Class A Stock)*		7,056		120,516
Casella Waste Systems, Inc. (Class A Stock)*		1,335		138,253
VSE Corp.		1,287		114,530
				373,299
Construction & Engineering 2.3%
Concrete Pumping Holdings, Inc.*		5,909		39,413
Construction Partners, Inc. (Class A Stock)*		1,686		109,000
Great Lakes Dredge & Dock Corp.*		7,867		74,186
				222,599
Consumer Staples Distribution & Retail 1.1%
Chefs’ Warehouse, Inc. (The)*		2,464		102,478
Diversified Telecommunication Services 0.8%
Cogent Communications Holdings, Inc.		1,113		78,567
Electronic Equipment, Instruments & Components 1.0%
Littelfuse, Inc.		344		91,886
Mirion Technologies, Inc.*		213		2,245
				94,131
Energy Equipment & Services 2.8%
Cactus, Inc. (Class A Stock)		1,779		112,291
Expro Group Holdings NV*		6,065		140,829
Weatherford International PLC*		122		14,379
				267,499

See Notes to Financial Statements.

 3

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Financial Services 3.3%
AvidXchange Holdings, Inc.*		4,865	$	43,493
Essent Group Ltd.		985		61,897
Flywire Corp.*		3,060		56,029
Shift4 Payments, Inc. (Class A Stock)*		2,360		162,345
				323,764
Food Products 3.1%
Adecoagro SA (Brazil)		7,212		69,668
Freshpet, Inc.*		1,224		148,961
Utz Brands, Inc.		5,398		80,106
				298,735
Gas Utilities 1.2%
Chesapeake Utilities Corp.		981		115,787
Health Care Equipment & Supplies 1.4%
Inari Medical, Inc.*		1,222		56,896
Tandem Diabetes Care, Inc.*		2,145		79,322
				136,218
Health Care Providers & Services 3.2%
Acadia Healthcare Co., Inc.*		1,145		74,253
Guardant Health, Inc.*		1,532		53,819
LifeStance Health Group, Inc.*		5,987		32,988
NeoGenomics, Inc.*		4,046		71,736
Option Care Health, Inc.*		1,188		35,272
Progyny, Inc.*		1,603		45,205
				313,273
Health Care Technology 0.6%
Evolent Health, Inc. (Class A Stock)*		1,335		31,132
Waystar Holding Corp.*		1,064		24,472
				55,604
Hotel & Resort REITs 0.4%
Summit Hotel Properties, Inc.		6,804		43,137

See Notes to Financial Statements.

4

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure 2.3%
Bloomin’ Brands, Inc.		2,966	$	61,841
Golden Entertainment, Inc.		1,794		59,973
Penn Entertainment, Inc.*		1,371		27,379
Shake Shack, Inc. (Class A Stock)*		884		77,456
				226,649
Household Durables 1.3%
Century Communities, Inc.		1,233		129,107
Industrial REITs 1.5%
Plymouth Industrial REIT, Inc.		5,959		142,539
Insurance 2.2%
Axis Capital Holdings Ltd.		1,827		138,395
Skyward Specialty Insurance Group, Inc.*		1,790		70,831
TWFG, Inc.*		143		3,612
				212,838
IT Services 2.1%
ASGN, Inc.*		972		92,019
Grid Dynamics Holdings, Inc.*		8,641		111,469
				203,488
Leisure Products 0.3%
Brunswick Corp.		366		29,811
Life Sciences Tools & Services 0.3%
Fortrea Holdings, Inc.*		1,183		32,639
Machinery 4.4%
Enerpac Tool Group Corp.		2,942		118,268
Enpro, Inc.		532		90,940
Gates Industrial Corp. PLC*		3,694		68,671
Trinity Industries, Inc.		4,575		151,250
				429,129
Marine Transportation 1.5%
Kirby Corp.*		1,201		147,579

See Notes to Financial Statements.

 5

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining 3.5%
Constellium SE*		6,911	$	123,085
Eldorado Gold Corp. (Turkey)*		5,911		100,251
ERO Copper Corp. (Brazil)*		5,682		110,799
				334,135
Mortgage Real Estate Investment Trusts (REITs) 1.2%
Ladder Capital Corp.		9,447		113,364
Office REITs 0.5%
Cousins Properties, Inc.		1,746		48,032
Oil, Gas & Consumable Fuels 2.5%
Crescent Energy Co. (Class A Stock)		5,426		66,360
Kosmos Energy Ltd. (Ghana)*		16,699		92,346
Northern Oil & Gas, Inc.		1,858		80,247
				238,953
Personal Care Products 0.3%
elf Beauty, Inc.*		141		24,334
Pharmaceuticals 1.5%
Prestige Consumer Healthcare, Inc.*		1,399		99,063
Tarsus Pharmaceuticals, Inc.*		1,842		44,742
				143,805
Professional Services 2.3%
First Advantage Corp.		1,141		19,648
Huron Consulting Group, Inc.*		965		106,160
Korn Ferry		1,366		100,701
				226,509
Real Estate Management & Development 0.3%
Marcus & Millichap, Inc.		806		31,926

See Notes to Financial Statements.

6

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Residential REITs 2.3%
Independence Realty Trust, Inc.		7,595	$	141,647
UMH Properties, Inc.		4,452		79,067
				220,714
Retail REITs 0.8%
Urban Edge Properties		3,913		79,434
Semiconductors & Semiconductor Equipment 5.7%
Credo Technology Group Holding Ltd.*		2,631		73,010
Impinj, Inc.*		461		73,433
MACOM Technology Solutions Holdings, Inc.*		1,210		122,113
MaxLinear, Inc.*		1,693		23,939
SiTime Corp.*		665		94,397
Tower Semiconductor Ltd. (Israel)*		4,079		166,423
				553,315
Software 7.4%
Intapp, Inc.*		3,910		140,095
LiveRamp Holdings, Inc.*		1,240		37,547
Q2 Holdings, Inc.*		2,688		181,359
Riskified Ltd. (Class A Stock)*		8,504		53,405
Sprout Social, Inc. (Class A Stock)*		2,866		111,975
Varonis Systems, Inc.*		2,549		140,527
Vertex, Inc. (Class A Stock)*		1,268		50,276
				715,184
Specialized REITs 1.1%
National Storage Affiliates Trust		2,591		110,299
Specialty Retail 2.1%
Boot Barn Holdings, Inc.*		447		59,665
Citi Trends, Inc.*		1,231		24,140
Foot Locker, Inc.		1,715		49,838
Warby Parker, Inc. (Class A Stock)*		4,038		66,506
				200,149
Textiles, Apparel & Luxury Goods 0.8%
Kontoor Brands, Inc.		1,099		77,095

See Notes to Financial Statements.

 7

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors 0.6%
Herc Holdings, Inc.		371	$	57,817
TOTAL LONG-TERM INVESTMENTS  (cost $6,766,257)				9,355,935
SHORT-TERM INVESTMENT 3.8%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)  (cost $370,014)(wb)		370,014		370,014
TOTAL INVESTMENTS 100.5%  (cost $7,136,271)				9,725,949
Liabilities in excess of other assets (0.5)%				(44,129	)
NET ASSETS 100.0%			$	9,681,820

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

* Non-income producing security.

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

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2024 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Automobile Components	$	113,636		$—		$—
Banks		941,315		—		—
Biotechnology		619,235		—		—

See Notes to Financial Statements.

8

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Building Products	$	123,289		$—		$—
Capital Markets		286,991		—		—
Chemicals		117,534		—		—
Commercial Services & Supplies		373,299		—		—
Construction & Engineering		222,599		—		—
Consumer Staples Distribution & Retail		102,478		—		—
Diversified Telecommunication Services		78,567		—		—
Electronic Equipment, Instruments & Components		94,131		—		—
Energy Equipment & Services		267,499		—		—
Financial Services		323,764		—		—
Food Products		298,735		—		—
Gas Utilities		115,787		—		—
Health Care Equipment & Supplies		136,218		—		—
Health Care Providers & Services		313,273		—		—
Health Care Technology		55,604		—		—
Hotel & Resort REITs		43,137		—		—
Hotels, Restaurants & Leisure		226,649		—		—
Household Durables		129,107		—		—
Industrial REITs		142,539		—		—
Insurance		212,838		—		—
IT Services		203,488		—		—
Leisure Products		29,811		—		—
Life Sciences Tools & Services		32,639		—		—
Machinery		429,129		—		—
Marine Transportation		147,579		—		—
Metals & Mining		334,135		—		—
Mortgage Real Estate Investment Trusts (REITs)		113,364		—		—
Office REITs		48,032		—		—
Oil, Gas & Consumable Fuels		238,953		—		—
Personal Care Products		24,334		—		—
Pharmaceuticals		143,805		—		—
Professional Services		226,509		—		—
Real Estate Management & Development		31,926		—		—
Residential REITs		220,714		—		—
Retail REITs		79,434		—		—
Semiconductors & Semiconductor Equipment		553,315		—		—
Software		715,184		—		—
Specialized REITs		110,299		—		—
Specialty Retail		200,149		—		—
Textiles, Apparel & Luxury Goods		77,095		—		—
Trading Companies & Distributors		57,817		—		—

See Notes to Financial Statements.

 9

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2024

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$	370,014		$	—		$	—
Total	$	9,725,949		$	—		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2024 were as follows:

Banks	9.7	%
Software	7.4
Biotechnology	6.4
Semiconductors & Semiconductor Equipment	5.7
Machinery	4.4
Commercial Services & Supplies	3.9
Affiliated Mutual Fund	3.8
Metals & Mining	3.5
Financial Services	3.3
Health Care Providers & Services	3.2
Food Products	3.1
Capital Markets	3.0
Energy Equipment & Services	2.8
Oil, Gas & Consumable Fuels	2.5
Hotels, Restaurants & Leisure	2.3
Professional Services	2.3
Construction & Engineering	2.3
Residential REITs	2.3
Insurance	2.2
IT Services	2.1
Specialty Retail	2.1
Marine Transportation	1.5
Pharmaceuticals	1.5
Industrial REITs	1.5
Health Care Equipment & Supplies	1.4

Household Durables	1.3	%
Building Products	1.3
Chemicals	1.2
Gas Utilities	1.2
Automobile Components	1.2
Mortgage Real Estate Investment Trusts (REITs)	1.2
Specialized REITs	1.1
Consumer Staples Distribution & Retail	1.1
Electronic Equipment, Instruments & Components	1.0
Retail REITs	0.8
Diversified Telecommunication Services	0.8
Textiles, Apparel & Luxury Goods	0.8
Trading Companies & Distributors	0.6
Health Care Technology	0.6
Office REITs	0.5
Hotel & Resort REITs	0.4
Life Sciences Tools & Services	0.3
Real Estate Management & Development	0.3
Leisure Products	0.3
Personal Care Products	0.3
	100.5
Liabilities in excess of other assets	(0.5	)
	100.0	%

See Notes to Financial Statements.

10

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities

as of July 31, 2024

Assets
Investments at value:
Unaffiliated investments (cost $6,766,257)	$	9,355,935
Affiliated investments (cost $370,014)		370,014
Receivable for Fund shares sold		30,101
Receivable for investments sold		23,080
Due from Manager		7,295
Prepaid expenses		73
Total Assets		9,786,498
Liabilities
Payable for Fund shares purchased		47,233
Audit fee payable		25,441
Custodian and accounting fees payable		9,489
Payable for investments purchased		7,643
Professional fees payable		6,038
Accrued expenses and other liabilities		4,607
Shareholders’ reports fee payable		3,327
Trustees’ fees payable		799
Affiliated transfer agent fee payable		101
Total Liabilities		104,678
Net Assets	$	9,681,820
Net assets were comprised of:
Paid-in capital	$	6,722,660
Total distributable earnings (loss)		2,959,160
Net assets, July 31, 2024	$	9,681,820
Class R6
Net asset value, offering price and redemption price per share,
($9,681,820 ÷ 650,870 shares of beneficial interest issued and outstanding)	$	14.88

See Notes to Financial Statements.

 11

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations

Year Ended July 31, 2024

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $464 foreign withholding tax)	$	100,616
Affiliated dividend income		15,397
Income from securities lending, net (including affiliated income of $634)		2,200
Total income		118,213
Expenses
Management fee		69,319
Custodian and accounting fees		41,230
Professional fees		38,574
Audit fee		25,441
Shareholders’ reports		12,011
Fund data services		10,913
Trustees’ fees		9,652
Registration fees		2,201
Transfer agent’s fees and expenses (including affiliated expense of $628)		775
Miscellaneous		7,563
Total expenses		217,679
Less: Fee waiver and/or expense reimbursement		(125,663	)
Net expenses		92,016
Net investment income (loss)		26,197
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $4)		1,123,401
Net change in unrealized appreciation (depreciation) on investments		72,079
Net gain (loss) on investment transactions		1,195,480
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,221,677

See Notes to Financial Statements.

12

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets

	Year Ended July 31,
	2024			2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	26,197		$	103,525
Net realized gain (loss) on investment transactions		1,123,401			2,253,669
Net change in unrealized appreciation (depreciation) on investments		72,079			(257,543	)
Net increase (decrease) in net assets resulting from operations		1,221,677			2,099,651
Dividends and Distributions
Distributions from distributable earnings
Class R6		(92,985	)		(107,054	)
Tax return of capital distributions
Class R6		—			(37,626	)
Total dividends and distributions		(92,985	)		(144,680	)
Fund share transactions
Net proceeds from shares sold (389,031 and 208,270 shares, respectively)		5,068,393			2,545,201
Net asset value of shares issued in reinvestment of dividends and distributions (6,986 and 12,047 shares, respectively)		92,985			144,680
Cost of shares purchased (485,117 and 1,895,538 shares, respectively)		(6,445,389	)		(24,457,311	)
Net increase (decrease) in net assets from Fund share transactions		(1,284,011	)		(21,767,430	)
Total increase (decrease)		(155,319	)		(19,812,459	)
Net Assets:
Beginning of year		9,837,139			29,649,598
End of year	$	9,681,820		$	9,837,139

See Notes to Financial Statements.

 13

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights

Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$13.29			$12.28			$19.43			$12.48			$11.82
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.05			0.02			(0.06	)		(-	)(b)
Net realized and unrealized gain (loss) on investment transactions		1.66			1.02			(2.98	)		7.65			0.66
Total from investment operations		1.70			1.07			(2.96	)		7.59			0.66
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.04	)		-			-			-
Tax return of capital distributions		-			(0.02	)		-			-			-
Distributions from net realized gains		(0.09	)		-			(4.19	)		(0.64	)		-
Total dividends and distributions		(0.11	)		(0.06	)		(4.19	)		(0.64	)		-
Net asset value, end of year		$14.88			$13.29			$12.28			$19.43			$12.48
Total Return(c):		12.91	%		8.77	%		(19.13	)%		62.10	%		5.50	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$9,682			$9,837			$29,650			$32,765			$21,439
Average net assets (000)		$9,243			$27,601			$32,596			$28,667			$17,831
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.00	%(e)		0.95	%		0.95	%		0.95	%		0.95	%
Expenses before waivers and/or expense reimbursement		2.36	%		1.25	%		1.15	%		1.19	%		1.52	%
Net investment income (loss)		0.28	%		0.38	%		0.11	%		(0.39	)%		(0.03	)%
Portfolio turnover rate(f)		87	%		40	%		49	%		67	%		54	%

(a) Calculated based on average shares outstanding during the year. (b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

14

PGIM Core Conservative Bond Fund

Schedule of Investments

as of July 31, 2024

Description	Interest  Rate	Maturity  Date	Principal   Amount   (000)#		Value
LONG-TERM INVESTMENTS  100.6%
ASSET-BACKED SECURITIES  0.5%
Credit Cards
Chase Issuance Trust,
Series 2024-A02, Class A	4.630%	01/15/31		100	$	100,972
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7	3.960	10/13/30		100		98,031
TOTAL ASSET-BACKED SECURITIES (cost $208,646)						199,003
COMMERCIAL MORTGAGE-BACKED SECURITIES  6.0%
3650R Commercial Mortgage Trust,
Series 2021-PF01, Class A4	2.253	11/15/54		100		84,789
BANK,
Series 2020-BN29, Class A3	1.742	11/15/53		100		81,660
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4	2.661	08/15/52		93		85,297
Benchmark Mortgage Trust,
Series 2018-B03, Class A3	3.746	04/10/51		30		29,289
Series 2020-B19, Class A3	1.787	09/15/53		175		159,175
Series 2020-B21, Class A4	1.704	12/17/53		100		84,424
Series 2021-B23, Class A4A1	1.823	02/15/54		200		163,468
Series 2021-B30, Class A4	2.329	11/15/54		150		125,888
BMO Mortgage Trust,
Series 2022-C01, Class A4	3.119	02/17/55		150		133,829
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		90		85,902
CD Mortgage Trust,
Series 2017-CD06, Class A3	3.104	11/13/50		40		38,489
Citigroup Commercial Mortgage Trust,
Series 2017-P08, Class A3	3.203	09/15/50		75		71,636
Commercial Mortgage Trust,
Series 2015-PC01, Class A4	3.620	07/10/50		51		51,122
Series 2016-DC02, Class A5	3.765	02/10/49		25		24,391
CSAIL Commercial Mortgage Trust,
Series 2016-C07, Class A4	3.210	11/15/49		43		42,062
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3	3.269	06/10/50		73		71,668
GS Mortgage Securities Trust,
Series 2020-GC47, Class A4	2.125	05/12/53		100		86,181
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A3	3.763	03/10/52		125		117,807

See Notes to Financial Statements.

 15

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate	Maturity  Date	Principal   Amount   (000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3	2.559%	08/15/49		12	$	11,776
Series 2016-JP04, Class A3	3.393	12/15/49		125		120,435
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class A3	3.077	03/15/48		54		53,799
Morgan Stanley Capital I Trust,
Series 2016-UB12, Class A3	3.337	12/15/49		123		118,434
Series 2021-L06, Class A3	2.196(cc)	06/15/54		225		187,835
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3	3.720	02/15/51		160		153,590
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC25, Class A3	3.374	12/15/59		121		117,344
Series 2017-C39, Class A3	2.878	09/15/50		100		95,309
Series 2020-C55, Class A4	2.474	02/15/53		125		110,553
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,798,555)						2,506,152
CORPORATE BONDS  24.8%
Aerospace & Defense  0.7%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.700	02/01/27		20		18,716
Sr. Unsec’d. Notes	3.100	05/01/26		10		9,603
Sr. Unsec’d. Notes	5.805	05/01/50		5		4,657
Sr. Unsec’d. Notes	5.930	05/01/60		60		55,224
Sr. Unsec’d. Notes, 144A	6.298	05/01/29		100		103,408
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes	5.400	01/15/27		50		50,708
Northrop Grumman Corp.,
Sr. Unsec’d. Notes	4.750	06/01/43		20		18,363
RTX Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		10		9,796
						270,475
Agriculture  0.6%
BAT Capital Corp. (United Kingdom),
Gtd. Notes	4.390	08/15/37		70		61,421
Gtd. Notes	4.700	04/02/27		10		9,955
Gtd. Notes	5.834	02/20/31		15		15,576

See Notes to Financial Statements.

16

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Agriculture (cont’d.)
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		4.875%		02/15/28		20	$	20,143
Sr. Unsec’d. Notes		5.125		02/15/30		110		111,835
Sr. Unsec’d. Notes		5.125		02/13/31		10		10,139
								229,069
Airlines  0.1%
Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		30		30,142
Auto Manufacturers  0.5%
Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.000		11/13/30		100		90,812
General Motors Co.,
Sr. Unsec’d. Notes		6.250		10/02/43		30		30,458
General Motors Financial Co., Inc.,
Sr. Unsec’d. Notes		5.350		07/15/27		15		15,156
Sr. Unsec’d. Notes		5.400		05/08/27		20		20,218
Sr. Unsec’d. Notes		5.550		07/15/29		30		30,583
								187,227
Banks  5.8%
Bank of America Corp.,
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		295		255,375
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		95		83,777
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		2.645(ff)		06/24/31		160		139,444
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.666(ff)		01/29/31		70		62,278
Sr. Unsec’d. Notes		2.904(ff)		11/03/42		30		21,497
Sr. Unsec’d. Notes		2.976(ff)		11/05/30		135		122,674
Sr. Unsec’d. Notes		3.668(ff)		07/24/28		20		19,319
Comerica, Inc.,
Sr. Unsec’d. Notes		5.982(ff)		01/30/30		45		45,082
Discover Bank,
Sr. Unsec’d. Notes		4.650		09/13/28		15		14,675

See Notes to Financial Statements.

 17

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate			Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Fifth Third Bancorp,
Sr. Unsec’d. Notes		6.339	%(ff)		07/27/29		10	$	10,423
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.992	(ff)		01/27/32		80		66,355
Sr. Unsec’d. Notes		4.223	(ff)		05/01/29		150		146,420
Sr. Unsec’d. Notes		5.851	(ff)		04/25/35		10		10,446
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes		2.013	(ff)		09/22/28		105		95,638
Huntington Bancshares, Inc.,
Sr. Unsec’d. Notes		6.208	(ff)		08/21/29		29		30,135
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		1.953	(ff)		02/04/32		20		16,685
Sr. Unsec’d. Notes		2.522	(ff)		04/22/31		170		150,280
Sr. Unsec’d. Notes		2.580	(ff)		04/22/32		30		25,855
Sr. Unsec’d. Notes		2.739	(ff)		10/15/30		25		22,589
Sr. Unsec’d. Notes		3.509	(ff)		01/23/29		60		57,574
Sr. Unsec’d. Notes		3.882	(ff)		07/24/38		80		70,358
Sr. Unsec’d. Notes		4.452	(ff)		12/05/29		44		43,366
Sr. Unsec’d. Notes		5.336	(ff)		01/23/35		10		10,166
KeyCorp,
Sr. Unsec’d. Notes		6.401	(ff)		03/06/35		15		15,640
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		2.239	(ff)		07/21/32		35		29,232
Sr. Unsec’d. Notes, MTN		1.794	(ff)		02/13/32		150		122,918
Sr. Unsec’d. Notes, MTN		1.928	(ff)		04/28/32		195		160,314
PNC Financial Services Group, Inc. (The),
Sr. Unsec’d. Notes		6.615	(ff)		10/20/27		30		31,062
Truist Financial Corp.,
Sr. Unsec’d. Notes, MTN		5.435	(ff)		01/24/30		35		35,516
Sr. Unsec’d. Notes, MTN		5.867	(ff)		06/08/34		15		15,480
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes		4.550			04/17/26		100		99,099
Wells Fargo & Co.,
Sr. Unsec’d. Notes		3.000			10/23/26		55		52,927
Sr. Unsec’d. Notes		5.389	(ff)		04/24/34		40		40,476
Sr. Unsec’d. Notes, MTN		2.572	(ff)		02/11/31		70		61,966
Sr. Unsec’d. Notes, MTN		2.879	(ff)		10/30/30		235		212,690
									2,397,731

See Notes to Financial Statements.

18

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Beverages  0.5%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc. (Belgium),
Gtd. Notes		4.700%		02/01/36		165	$	160,724
Constellation Brands, Inc.,
Gtd. Notes		3.700		12/06/26		5		4,877
Gtd. Notes		4.400		11/15/25		25		24,800
Sr. Unsec’d. Notes		2.250		08/01/31		40		33,649
								224,050
Biotechnology  0.3%
Amgen, Inc.,
Sr. Unsec’d. Notes		2.600		08/19/26		110		105,364
Sr. Unsec’d. Notes		5.250		03/02/30		15		15,395
Sr. Unsec’d. Notes		5.750		03/02/63		20		20,101
								140,860
Building Materials  0.1%
Carrier Global Corp.,
Sr. Unsec’d. Notes		5.900		03/15/34		45		48,145
Vulcan Materials Co.,
Sr. Unsec’d. Notes		4.500		06/15/47		5		4,316
								52,461
Chemicals  0.3%
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes		5.319		11/15/38		3		3,180
Sr. Unsec’d. Notes		5.419		11/15/48		5		5,278
FMC Corp.,
Sr. Unsec’d. Notes		4.500		10/01/49		15		11,806
LYB International Finance BV,
Gtd. Notes		4.875		03/15/44		10		8,896
LYB International Finance III LLC,
Gtd. Notes		3.375		10/01/40		5		3,772
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900		03/27/28		20		20,037
Sr. Unsec’d. Notes		5.200		06/21/27		40		40,362
Sr. Unsec’d. Notes		5.250		01/15/45		10		9,407

See Notes to Financial Statements.

 19

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Chemicals (cont’d.)
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes		4.500%		06/01/47		10	$	8,709
								111,447
Commercial Services  0.3%
California Institute of Technology,
Sr. Unsec’d. Notes		3.650		09/01/2119		15		10,429
Equifax, Inc.,
Sr. Unsec’d. Notes		2.600		12/01/24		20		19,800
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F		2.989		07/01/50		15		10,865
President & Fellows of Harvard College,
Unsec’d. Notes		3.150		07/15/46		9		6,855
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		5		3,519
Unsec’d. Notes, Series 2020		2.396		10/01/50		15		9,418
University of Southern California,
Sr. Unsec’d. Notes		4.976		10/01/53		17		17,002
Unsec’d. Notes, Series 2017		3.841		10/01/47		10		8,390
Washington University (The),
Sr. Unsec’d. Notes, Series 2022		3.524		04/15/54		25		19,342
Yale University,
Unsec’d. Notes, Series 2020		2.402		04/15/50		45		28,901
								134,521
Computers  0.2%
Apple, Inc.,
Sr. Unsec’d. Notes		3.850		08/04/46		25		21,161
Genpact Luxembourg Sarl/Genpact USA, Inc.,
Gtd. Notes		1.750		04/10/26		35		33,054
Teledyne FLIR LLC,
Sr. Unsec’d. Notes		2.500		08/01/30		55		47,966
								102,181

See Notes to Financial Statements.

20

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services 0.2%
Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		2.750%		10/15/32		55	$	45,212
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP		1.400		07/15/28		45		40,370
								85,582
Electric 3.0%
AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.800		10/01/47		30		22,286
Sr. Unsec’d. Notes, Series I		2.100		07/01/30		65		55,570
Alabama Power Co.,
Sr. Unsec’d. Notes		3.850		12/01/42		10		8,221
Algonquin Power & Utilities Corp. (Canada),
Sr. Unsec’d. Notes		5.365		06/15/26		20		20,000
Ameren Illinois Co.,
Sr. Sec’d. Notes		4.150		03/15/46		25		20,981
Arizona Public Service Co.,
Sr. Unsec’d. Notes		2.200		12/15/31		35		28,866
Sr. Unsec’d. Notes		2.600		08/15/29		5		4,522
Sr. Unsec’d. Notes		3.750		05/15/46		25		18,939
Sr. Unsec’d. Notes		6.350		12/15/32		25		26,943
Atlantic City Electric Co.,
First Mortgage		2.300		03/15/31		10		8,554
Commonwealth Edison Co.,
First Mortgage		4.600		08/15/43		40		36,002
Consumers Energy Co.,
First Mortgage		4.900		02/15/29		25		25,319
Dominion Energy South Carolina, Inc.,
First Mortgage		5.450		02/01/41		20		20,077
DTE Energy Co.,
Sr. Unsec’d. Notes		4.950		07/01/27		35		35,159
Duke Energy Carolinas LLC,
First Mortgage		4.250		12/15/41		15		12,964
First Ref. Mortgage		4.000		09/30/42		35		29,018
Duke Energy Florida LLC,
First Mortgage		5.875		11/15/33		70		74,643
First Mortgage		6.350		09/15/37		31		34,067
Entergy Texas, Inc.,
First Mortgage		1.750		03/15/31		30		24,825

See Notes to Financial Statements.

 21

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Florida Power & Light Co.,
First Mortgage		3.800%		12/15/42		30	$	24,719
First Mortgage		5.150		06/15/29		65		66,661
First Mortgage		5.250		02/01/41		25		25,064
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes		3.055		10/04/26		7		6,711
Nevada Power Co.,
General Ref. Mortgage, Series N		6.650		04/01/36		30		33,159
General Ref. Mortgage, Series R		6.750		07/01/37		10		11,272
Pacific Gas & Electric Co.,
First Mortgage		3.950		12/01/47		55		40,678
First Mortgage		4.000		12/01/46		40		29,795
First Mortgage		4.500		07/01/40		40		34,018
PacifiCorp,
First Mortgage		2.700		09/15/30		25		22,171
First Mortgage		4.125		01/15/49		60		47,193
First Mortgage		5.250		06/15/35		45		45,114
First Mortgage		6.350		07/15/38		15		16,027
PPL Electric Utilities Corp.,
First Mortgage		4.125		06/15/44		15		12,707
First Mortgage		4.150		10/01/45		20		17,032
First Mortgage		4.850		02/15/34		5		4,991
First Mortgage		6.250		05/15/39		20		22,177
Public Service Co. of Colorado,
First Mortgage		5.250		04/01/53		45		42,567
Public Service Co. of New Hampshire,
First Mortgage		5.350		10/01/33		45		46,369
Public Service Electric & Gas Co.,
First Ref. Mortgage, MTN		3.950		05/01/42		10		8,423
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes		2.450		11/15/31		30		25,344
Puget Energy, Inc.,
Sr. Sec’d. Notes		4.100		06/15/30		40		37,749
San Diego Gas & Electric Co.,
First Mortgage, Series RRR		3.750		06/01/47		5		3,864
First Mortgage, Series UUU		3.320		04/15/50		30		21,164
Sempra,
Sr. Unsec’d. Notes		4.000		02/01/48		15		11,748
Southern California Edison Co.,
First Ref. Mortgage		4.000		04/01/47		25		19,771

See Notes to Financial Statements.

22

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest  Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Southern California Edison Co., (cont’d.)
First Ref. Mortgage		4.650%		10/01/43		40	$	35,486
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A		6.000		05/15/37		20		21,198
								1,240,128
Entertainment 0.0%
Warnermedia Holdings, Inc.,
Gtd. Notes		5.141		03/15/52		20		14,874
Foods 0.2%
Kraft Heinz Foods Co.,
Gtd. Notes		4.375		06/01/46		25		20,983
Mondelez International, Inc.,
Sr. Unsec’d. Notes		2.750		04/13/30		10		9,057
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		3.550		06/02/27		25		24,122
Sr. Unsec’d. Notes		5.700		03/15/34		35		35,818
								89,980
Gas 0.2%
NiSource, Inc.,
Sr. Unsec’d. Notes		5.250		02/15/43		15		14,208
Southern California Gas Co.,
Sr. Unsec’d. Notes		2.950		04/15/27		60		57,336
Southern Co. Gas Capital Corp.,
Gtd. Notes		4.400		06/01/43		15		12,750
								84,294
Healthcare-Products 0.1%
Agilent Technologies, Inc.,
Sr. Unsec’d. Notes		2.300		03/12/31		20		17,070

See Notes to Financial Statements.

 23

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest  Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Products (cont’d.)
Stryker Corp.,
Sr. Unsec’d. Notes		3.375%		11/01/25		10	$	9,812
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		2.800		10/15/41		10		7,332
								34,214
Healthcare-Services 1.8%
Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes		3.387		10/15/49		15		11,348
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021		2.780		07/01/51		10		6,547
Ascension Health,
Sr. Unsec’d. Notes, Series B		2.532		11/15/29		15		13,641
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021		1.777		11/15/30		30		25,523
Children’s Health System of Texas,
Unsec’d. Notes		2.511		08/15/50		10		6,317
Children’s Hospital Corp. (The),
Gtd. Notes, Series 2017		4.115		01/01/47		10		8,634
CommonSpirit Health,
Sr. Sec’d. Notes		5.205		12/01/31		50		50,391
Elevance Health, Inc.,
Sr. Unsec’d. Notes		3.650		12/01/27		40		38,781
Sr. Unsec’d. Notes		4.625		05/15/42		50		45,224
Sr. Unsec’d. Notes		5.150		06/15/29		25		25,496
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021		2.810		06/01/41		50		37,160
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes		5.000		07/01/42		30		29,473
Unsec’d. Notes, Series 2020		2.955		01/01/50		10		6,955
Methodist Hospital (The),
Unsec’d. Notes, Series 20A		2.705		12/01/50		25		16,438
Mount Sinai Hospital (The),
Sec’d. Notes, Series 2019		3.737		07/01/49		10		7,427
New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024		08/01/45		45		38,860
NYU Langone Hospitals,
Sec’d. Notes		4.368		07/01/47		15		13,245

See Notes to Financial Statements.

24

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest  Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
OhioHealth Corp.,
Sec’d. Notes		2.297%		11/15/31		30	$	25,412
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020		1.375		11/15/25		5		4,746
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042		2.719		01/01/42		15		10,734
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532		10/01/29		10		8,973
Unsec’d. Notes, Series H		2.746		10/01/26		30		28,577
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021		2.927		11/01/51		15		10,189
Stanford Health Care,
Unsec’d. Notes		3.027		08/15/51		30		20,947
Unsec’d. Notes, Series 2018		3.795		11/15/48		15		12,362
Sutter Health,
Unsec’d. Notes, Series 2018		4.091		08/15/48		15		12,708
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.050		05/15/41		35		26,454
Sr. Unsec’d. Notes		4.500		04/15/33		180		175,461
UPMC,
Sec’d. Notes		5.035		05/15/33		25		25,099
								743,122
Home Builders 0.3%
Toll Brothers Finance Corp.,
Gtd. Notes		4.875		03/15/27		105		104,588
Insurance 1.0%
Arch Capital Finance LLC,
Gtd. Notes		4.011		12/15/26		85		83,071
Chubb Corp. (The),
Gtd. Notes		6.000		05/11/37		15		16,356
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.900		05/01/29		25		24,081
Sr. Unsec’d. Notes		5.125		02/15/34		5		4,969
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes		3.900		04/05/32		30		27,559

See Notes to Financial Statements.

 25

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal  Amount  (000)#		Value
CORPORATE BONDS (Continued)
Insurance (cont’d.)
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.500%		10/15/50		50	$	34,324
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		12/07/33		95		98,563
Lincoln National Corp.,
Sr. Unsec’d. Notes		3.050		01/15/30		5		4,546
Loews Corp.,
Sr. Unsec’d. Notes		3.200		05/15/30		15		13,850
Markel Group, Inc.,
Sr. Unsec’d. Notes		4.300		11/01/47		15		12,235
Unum Group,
Sr. Unsec’d. Notes		4.000		06/15/29		105		100,958
								420,512
Iron/Steel 0.1%
Nucor Corp.,
Sr. Unsec’d. Notes
		3.950		05/01/28		25		24,449
Lodging 0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R
		3.125		06/15/26		30		29,046
Machinery-Diversified 0.2%
Flowserve Corp.,
Sr. Unsec’d. Notes		2.800		01/15/32		10		8,469
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		3.450		11/15/26		70		67,740
Gtd. Notes		5.611		03/11/34		5		5,149
								81,358
Media 0.4%
Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		5.375		04/01/38		20		18,022
Sr. Sec’d. Notes		6.484		10/23/45		75		70,888

See Notes to Financial Statements.

26

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal  Amount  (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Comcast Corp.,
Gtd. Notes		3.750%		04/01/40		10	$	8,302
Gtd. Notes		5.500		05/15/64		50		49,149
Discovery Communications LLC,
Gtd. Notes		4.125		05/15/29		20		18,547
								164,908
Mining 0.9%
Barrick North America Finance LLC (Canada),
Gtd. Notes		5.700		05/30/41		115		117,038
Freeport-McMoRan, Inc.,
Gtd. Notes		4.125		03/01/28		20		19,403
Gtd. Notes		4.375		08/01/28		50		48,863
Gtd. Notes		5.400		11/14/34		25		25,002
Kinross Gold Corp. (Canada),
Gtd. Notes		4.500		07/15/27		25		24,626
Sr. Unsec’d. Notes		6.250		07/15/33		50		52,998
Newmont Corp.,
Gtd. Notes		2.250		10/01/30		40		34,936
Gtd. Notes		2.800		10/01/29		20		18,343
Gtd. Notes		5.450		06/09/44		25		24,902
Newmont Corp./Newcrest Finance Pty Ltd.,
Gtd. Notes, 144A		5.350		03/15/34		25		25,595
								391,706
Miscellaneous Manufacturing 0.2%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes		2.200		03/01/32		45		37,190
Pentair Finance Sarl,
Gtd. Notes		4.500		07/01/29		15		14,717
Textron, Inc.,
Sr. Unsec’d. Notes		2.450		03/15/31		45		38,466
								90,373
Oil & Gas 0.5%
BP Capital Markets America, Inc.,
Gtd. Notes		4.893		09/11/33		20		19,914

See Notes to Financial Statements.

 27

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal  Amount  (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas (cont’d.)
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.750%		02/15/52		15	$	10,896
ConocoPhillips Co.,
Gtd. Notes		5.050		09/15/33		35		35,473
Diamondback Energy, Inc.,
Gtd. Notes		5.400		04/18/34		10		10,122
Gtd. Notes		6.250		03/15/33		60		64,071
Equinor ASA (Norway),
Gtd. Notes		3.700		04/06/50		20		15,586
Exxon Mobil Corp.,
Sr. Unsec’d. Notes		4.114		03/01/46		15		12,834
Occidental Petroleum Corp.,
Sr. Unsec’d. Notes		5.200		08/01/29		5		5,048
Sr. Unsec’d. Notes		5.550		10/01/34		5		5,043
Phillips 66 Co.,
Gtd. Notes		4.900		10/01/46		25		22,377
TotalEnergies Capital International SA (France),
Gtd. Notes		2.829		01/10/30		25		22,899
								224,263
Pharmaceuticals 1.0%
AbbVie, Inc.,
Sr. Unsec’d. Notes		4.050		11/21/39		30		26,803
Sr. Unsec’d. Notes		4.550		03/15/35		45		43,815
Cigna Group (The),
Gtd. Notes		4.375		10/15/28		50		49,319
Gtd. Notes		4.900		12/15/48		15		13,471
CVS Health Corp.,
Sr. Unsec’d. Notes		1.875		02/28/31		60		49,282
Sr. Unsec’d. Notes		4.780		03/25/38		45		41,270
Sr. Unsec’d. Notes		5.125		07/20/45		25		22,520
Eli Lilly & Co.,
Sr. Unsec’d. Notes		4.700		02/09/34		70		70,155
Utah Acquisition Sub, Inc.,
Gtd. Notes		3.950		06/15/26		70		68,625
Viatris, Inc.,
Gtd. Notes		3.850		06/22/40		50		37,691
								422,951

See Notes to Financial Statements.

28

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal  Amount  (000)#		Value
CORPORATE BONDS (Continued)
Pipelines 1.9%
Energy Transfer LP,
Sr. Unsec’d. Notes		3.900%		07/15/26		55	$	53,839
Sr. Unsec’d. Notes		4.200		04/15/27		30		29,473
Sr. Unsec’d. Notes		4.750		01/15/26		40		39,838
Sr. Unsec’d. Notes		5.300		04/15/47		10		9,100
Sr. Unsec’d. Notes		6.125		12/15/45		60		60,670
Sr. Unsec’d. Notes		6.550		12/01/33		20		21,650
Sr. Unsec’d. Notes		6.625		10/15/36		10		10,834
Enterprise Products Operating LLC,
Gtd. Notes		4.850		03/15/44		20		18,492
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		150		132,440
Sr. Unsec’d. Notes		4.500		04/15/38		30		27,025
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30		55		50,236
Gtd. Notes		6.050		09/01/33		115		120,999
Targa Resources Corp.,
Gtd. Notes		4.200		02/01/33		20		18,397
Gtd. Notes		6.125		03/15/33		25		26,291
Gtd. Notes		6.500		02/15/53		10		10,722
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.250		05/15/30		110		101,337
Sr. Unsec’d. Notes		4.600		03/15/48		10		8,674
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		3.750		06/15/27		50		48,610
Sr. Unsec’d. Notes		5.100		09/15/45		10		9,239
								797,866
Real Estate Investment Trusts (REITs) 1.3%
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		2.250		04/01/28		30		27,242
Sr. Unsec’d. Notes		2.500		08/16/31		45		37,872
Sr. Unsec’d. Notes		3.900		03/15/27		25		24,263
Sr. Unsec’d. Notes		5.750		02/15/35		5		5,108
COPT Defense Properties LP,
Gtd. Notes		2.900		12/01/33		30		24,219
CubeSmart LP,
Gtd. Notes		2.250		12/15/28		20		17,962

See Notes to Financial Statements.

 29

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate	Maturity  Date	Principal  Amount  (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Essex Portfolio LP,
Gtd. Notes	1.700%	03/01/28		15	$	13,432
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		10		8,588
Gtd. Notes	5.750	06/01/28		35		35,475
Healthpeak OP LLC,
Gtd. Notes	3.000	01/15/30		20		18,178
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes	5.700	07/01/34		10		10,091
Sr. Unsec’d. Notes, Series J	2.900	12/15/31		15		12,790
Kimco Realty OP LLC,
Gtd. Notes	1.900	03/01/28		60		54,364
Gtd. Notes	3.200	04/01/32		25		22,005
Realty Income Corp.,
Sr. Unsec’d. Notes	2.700	02/15/32		25		21,336
Sr. Unsec’d. Notes	3.100	12/15/29		60		55,204
Sr. Unsec’d. Notes	3.400	01/15/28		20		19,118
Simon Property Group LP,
Sr. Unsec’d. Notes	2.450	09/13/29		20		17,939
Sr. Unsec’d. Notes	3.500	09/01/25		5		4,924
Sun Communities Operating LP,
Gtd. Notes	5.500	01/15/29		35		35,522
VICI Properties LP,
Sr. Unsec’d. Notes	4.750	02/15/28		25		24,755
Welltower OP LLC,
Gtd. Notes	2.700	02/15/27		10		9,534
WP Carey, Inc.,
Sr. Unsec’d. Notes	2.400	02/01/31		35		29,646
						529,567
Retail 0.2%
AutoZone, Inc.,
Sr. Unsec’d. Notes	6.250	11/01/28		15		15,865
Home Depot, Inc. (The),
Sr. Unsec’d. Notes	3.900	06/15/47		20		16,254

See Notes to Financial Statements.

30

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate	Maturity  Date	Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Retail (cont’d.)
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes	3.100%	05/03/27		20	$	19,180
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes	1.750	03/15/31		15		12,366
						63,665
Semiconductors 0.4%
Broadcom, Inc.,
Gtd. Notes, 144A	3.500	02/15/41		10		7,868
Sr. Unsec’d. Notes	5.050	07/12/27		50		50,457
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		67		59,223
Sr. Unsec’d. Notes, 144A	3.469	04/15/34		60		52,420
Intel Corp.,
Sr. Unsec’d. Notes	5.900	02/10/63		10		10,221
						180,189
Software 0.3%
Intuit, Inc.,
Sr. Unsec’d. Notes	1.350	07/15/27		5		4,576
Oracle Corp.,
Sr. Unsec’d. Notes	2.800	04/01/27		60		57,078
Sr. Unsec’d. Notes	3.600	04/01/50		5		3,588
Sr. Unsec’d. Notes	5.550	02/06/53		10		9,722
ServiceNow, Inc.,
Sr. Unsec’d. Notes	1.400	09/01/30		25		20,884
Workday, Inc.,
Sr. Unsec’d. Notes	3.500	04/01/27		10		9,700
Sr. Unsec’d. Notes	3.700	04/01/29		25		23,934
						129,482
Telecommunications 1.0%
AT&T, Inc.,
Sr. Unsec’d. Notes	3.500	06/01/41		120		94,417
Sr. Unsec’d. Notes	3.550	09/15/55		55		38,158
Motorola Solutions, Inc.,
Sr. Unsec’d. Notes	5.400	04/15/34		35		35,625

See Notes to Financial Statements.

 31

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
CORPORATE BONDS (Continued)
Telecommunications (cont’d.)
Rogers Communications, Inc. (Canada),
Gtd. Notes		5.300%		02/15/34		70	$	70,149
T-Mobile USA, Inc.,
Gtd. Notes		3.000		02/15/41		10		7,369
Gtd. Notes		3.875		04/15/30		115		109,683
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.355		03/15/32		25		20,916
Sr. Unsec’d. Notes		3.400		03/22/41		55		43,122
Sr. Unsec’d. Notes		4.016		12/03/29		10		9,662
								429,101
Transportation 0.1%
CSX Corp.,
Sr. Unsec’d. Notes		4.100		03/15/44		10		8,467
Union Pacific Corp.,
Sr. Unsec’d. Notes		3.000		04/15/27		15		14,424
Sr. Unsec’d. Notes		3.600		09/15/37		10		8,633
								31,524
TOTAL CORPORATE BONDS (cost $10,912,609)								10,287,906
MUNICIPAL BONDS 0.7%
Arizona 0.1%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs		4.839		01/01/41		35		33,893
California 0.2%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2		6.263		04/01/49		35		38,781
Regents of the University of California Medical Center
Pooled Revenue,
Taxable, Revenue Bonds, Series Q		4.563		05/15/53		15		13,641
State of California,
General Obligation Unlimited, Taxable, BABs		7.550		04/01/39		30		36,937
								89,359

See Notes to Financial Statements.

32

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest   Rate		Maturity  Date		Principal   Amount   (000)#		Value
MUNICIPAL BONDS (Continued)
Illinois 0.0%
State of Illinois,
General Obligation Unlimited, Taxable		5.100%		06/01/33		24	$	23,404
Michigan 0.1%
Michigan Finance Authority,
Taxable, Revenue Bonds		3.384		12/01/40		15		12,534
University of Michigan,
Taxable, Revenue Bonds, Series B		2.437		04/01/40		25		18,696
Taxable, Revenue Bonds, Sustainability Bond, Series B		3.504		04/01/52		15		11,851
								43,081
New Jersey 0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F		7.414		01/01/40		45		54,041
New York 0.0%
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174		4.458		10/01/62		15		13,549
Ohio 0.1%
JobsOhio Beverage System,
Taxable, Revenue Bonds, Series A		2.833		01/01/38		5		4,177
Ohio State University (The),
Taxable, Revenue Bonds, Series A		4.800		06/01/2111		15		13,785
Taxable, Revenue Bonds, BABs, Series C		4.910		06/01/40		10		9,852
								27,814
Virginia 0.1%
University of Virginia,
Taxable, Revenue Bonds, Series B		2.584		11/01/51		40		25,876
TOTAL MUNICIPAL BONDS (cost $377,749)								311,017
SOVEREIGN BONDS 2.1%
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		7.625		03/29/41		40		45,938

See Notes to Financial Statements.

 33

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest Rate	Maturity Date	Principal   Amount   (000)#		Value
SOVEREIGN BONDS (Continued)
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes	3.500%	01/11/28		200	$	191,062
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes	2.875	03/16/26		225		215,859
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes	4.500	04/22/29		200		194,500
Sr. Unsec’d. Notes, MTN	4.750	03/08/44		26		21,333
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes	2.783	01/23/31		32		27,810
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes	7.750	01/14/31		100		115,344
Republic of Poland Government International Bond (Poland),
Sr. Unsec’d. Notes	5.500	03/18/54		40		39,283
TOTAL SOVEREIGN BONDS (cost $928,157)						851,129
U.S. GOVERNMENT AGENCY OBLIGATIONS 26.6%
Federal Farm Credit Bank	1.480	11/26/32		30		23,495
Federal Farm Credit Bank	2.350	03/10/36		30		23,478
Federal Home Loan Bank	2.090	02/22/36		30		22,861
Federal Home Loan Bank	4.250	09/10/32		20		19,869
Federal Home Loan Mortgage Corp.	1.500	09/01/36		52		45,925
Federal Home Loan Mortgage Corp.	1.500	01/01/37		25		22,263
Federal Home Loan Mortgage Corp.	1.500	10/01/50		192		148,505
Federal Home Loan Mortgage Corp.	2.000	01/01/32		22		20,115
Federal Home Loan Mortgage Corp.	2.000	12/01/50		363		294,346
Federal Home Loan Mortgage Corp.	2.000	05/01/51		428		346,616
Federal Home Loan Mortgage Corp.	2.000	07/01/51		116		93,485
Federal Home Loan Mortgage Corp.	2.500	07/01/31		52		49,196
Federal Home Loan Mortgage Corp.	2.500	10/01/51		296		252,067
Federal Home Loan Mortgage Corp.	3.000	02/01/32		16		15,740
Federal Home Loan Mortgage Corp.	3.000	02/01/32		18		16,965
Federal Home Loan Mortgage Corp.	3.000	01/01/37		7		6,586
Federal Home Loan Mortgage Corp.	3.000	12/01/37		10		9,090
Federal Home Loan Mortgage Corp.	3.000	12/01/42		71		64,546
Federal Home Loan Mortgage Corp.	3.000	11/01/46		20		18,204
Federal Home Loan Mortgage Corp.	3.000	01/01/47		132		118,078
Federal Home Loan Mortgage Corp.	3.000	03/01/47		91		81,049
Federal Home Loan Mortgage Corp.	3.000	12/01/47		51		45,341
Federal Home Loan Mortgage Corp.	3.000	12/01/47		76		67,786

See Notes to Financial Statements.

34

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest Rate		Maturity Date		Principal   Amount   (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.		3.500%		11/01/37		11	$	10,837
Federal Home Loan Mortgage Corp.		3.500		06/01/42		18		16,794
Federal Home Loan Mortgage Corp.		3.500		04/01/46		22		20,630
Federal Home Loan Mortgage Corp.		3.500		11/01/47		31		28,826
Federal Home Loan Mortgage Corp.		3.500		11/01/47		38		35,053
Federal Home Loan Mortgage Corp.		3.500		02/01/48		111		102,157
Federal Home Loan Mortgage Corp.		4.000		10/01/45		20		18,986
Federal Home Loan Mortgage Corp.		4.000		05/01/46		41		39,003
Federal Home Loan Mortgage Corp.		4.000		03/01/47		20		19,222
Federal Home Loan Mortgage Corp.		4.000		01/01/48		27		25,548
Federal Home Loan Mortgage Corp.		4.500		07/01/47		40		39,593
Federal Home Loan Mortgage Corp.		4.500		12/01/48		10		9,746
Federal Home Loan Mortgage Corp.		6.750		03/15/31		25		28,825
Federal Home Loan Mortgage Corp., MTN		1.220		08/19/30		25		20,749
Federal National Mortgage Assoc.		0.500		06/17/25		50		48,165
Federal National Mortgage Assoc.		0.500		11/07/25		30		28,507
Federal National Mortgage Assoc.		0.875		08/05/30		10		8,305
Federal National Mortgage Assoc.		1.500		10/01/50		204		156,673
Federal National Mortgage Assoc.		1.500		11/01/50		206		158,997
Federal National Mortgage Assoc.		2.000		05/01/36		441		397,408
Federal National Mortgage Assoc.		2.000		07/01/40		152		130,747
Federal National Mortgage Assoc.		2.000		01/01/41		356		306,059
Federal National Mortgage Assoc.		2.000		05/01/41		366		314,190
Federal National Mortgage Assoc.		2.000		09/01/50		274		222,949
Federal National Mortgage Assoc.		2.000		12/01/50		142		116,503
Federal National Mortgage Assoc.		2.000		01/01/51		260		210,293
Federal National Mortgage Assoc.		2.000		03/01/51		119		96,107
Federal National Mortgage Assoc.		2.000		05/01/51		212		171,649
Federal National Mortgage Assoc.		2.500		06/01/28		34		32,781
Federal National Mortgage Assoc.		2.500		01/01/32		53		50,534
Federal National Mortgage Assoc.		2.500		02/01/43		28		24,126
Federal National Mortgage Assoc.		2.500		09/01/46		28		24,530
Federal National Mortgage Assoc.		2.500		09/01/46		49		41,948
Federal National Mortgage Assoc.		2.500		05/01/50		157		133,114
Federal National Mortgage Assoc.		2.500		08/01/50		189		160,578
Federal National Mortgage Assoc.		2.500		10/01/50		493		419,085
Federal National Mortgage Assoc.		2.500		04/01/51		357		301,553
Federal National Mortgage Assoc.		2.500		05/01/51		210		177,780
Federal National Mortgage Assoc.		2.500		08/01/51		90		76,302
Federal National Mortgage Assoc.		3.000		11/01/28		24		23,009
Federal National Mortgage Assoc.		3.000		01/01/30		52		50,108
Federal National Mortgage Assoc.		3.000		12/01/36		21		19,995

See Notes to Financial Statements.

 35

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest Rate		Maturity Date		Principal   Amount   (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		3.000%		10/01/42		13	$	11,768
Federal National Mortgage Assoc.		3.000		12/01/42		80		73,016
Federal National Mortgage Assoc.		3.000		02/01/43		157		142,179
Federal National Mortgage Assoc.		3.000		04/01/43		41		37,037
Federal National Mortgage Assoc.		3.000		08/01/43		119		107,075
Federal National Mortgage Assoc.		3.000		01/01/47		136		121,704
Federal National Mortgage Assoc.		3.000		02/01/47		92		82,397
Federal National Mortgage Assoc.		3.000		01/01/50		256		227,919
Federal National Mortgage Assoc.		3.000		11/01/50		98		86,653
Federal National Mortgage Assoc.		3.500		08/01/31		21		20,246
Federal National Mortgage Assoc.		3.500		10/01/32		9		8,658
Federal National Mortgage Assoc.		3.500		06/01/33		13		12,615
Federal National Mortgage Assoc.		3.500		01/01/42		55		51,804
Federal National Mortgage Assoc.		3.500		03/01/42		59		55,103
Federal National Mortgage Assoc.		3.500		10/01/42		158		147,685
Federal National Mortgage Assoc.		3.500		11/01/42		39		36,077
Federal National Mortgage Assoc.		3.500		08/01/43		52		48,561
Federal National Mortgage Assoc.		3.500		03/01/45		90		83,448
Federal National Mortgage Assoc.		3.500		01/01/46		17		15,624
Federal National Mortgage Assoc.		3.500		12/01/46		170		157,461
Federal National Mortgage Assoc.		3.500		01/01/47		36		33,255
Federal National Mortgage Assoc.		3.500		09/01/47		53		49,042
Federal National Mortgage Assoc.		4.000		01/01/41		103		99,733
Federal National Mortgage Assoc.		4.000		04/01/41		55		52,653
Federal National Mortgage Assoc.		4.000		02/01/47		51		48,462
Federal National Mortgage Assoc.		4.000		04/01/48		92		87,840
Federal National Mortgage Assoc.		4.000		12/01/48		82		78,796
Federal National Mortgage Assoc.		4.000		03/01/49		175		167,686
Federal National Mortgage Assoc.		4.000		04/01/52		203		190,343
Federal National Mortgage Assoc.		4.336(s)		03/17/31		50		36,954
Federal National Mortgage Assoc.		4.500		03/01/41		49		48,967
Federal National Mortgage Assoc.		4.500		02/01/44		45		44,155
Federal National Mortgage Assoc.		4.500		01/01/45		49		48,552
Federal National Mortgage Assoc.		4.500		04/01/48		26		25,599
Federal National Mortgage Assoc.		4.500		05/01/48		8		8,134
Federal National Mortgage Assoc.		4.500		08/01/48		10		10,111
Federal National Mortgage Assoc.		4.500		02/01/49		8		8,161
Federal National Mortgage Assoc.		4.500		06/01/52		100		96,114
Federal National Mortgage Assoc.		5.000		11/01/35		63		63,481
Federal National Mortgage Assoc.		5.000		06/01/40		13		13,013
Federal National Mortgage Assoc.		5.000		03/01/42		25		25,177
Federal National Mortgage Assoc.		5.500		01/01/38		48		48,797

See Notes to Financial Statements.

36

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest Rate		Maturity Date		Principal   Amount   (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.		5.500%		11/01/52		327	$	327,979
Federal National Mortgage Assoc.		6.000		08/01/53		80		81,118
Federal National Mortgage Assoc.		6.625		11/15/30		40		45,578
Government National Mortgage Assoc.		2.500		03/20/43		6		5,604
Government National Mortgage Assoc.		2.500		12/20/46		11		9,626
Government National Mortgage Assoc.		2.500		05/20/51		453		389,912
Government National Mortgage Assoc.		2.500		10/20/51		79		68,041
Government National Mortgage Assoc.		3.000		01/20/43		57		52,125
Government National Mortgage Assoc.		3.000		04/20/45		23		20,625
Government National Mortgage Assoc.		3.000		07/20/46		40		36,232
Government National Mortgage Assoc.		3.000		09/20/46		41		36,873
Government National Mortgage Assoc.		3.000		03/20/49		46		41,318
Government National Mortgage Assoc.		3.000		06/20/51		79		70,565
Government National Mortgage Assoc.		3.000		08/20/51		201		179,718
Government National Mortgage Assoc.		3.500		12/20/42		115		108,029
Government National Mortgage Assoc.		3.500		01/20/44		31		29,502
Government National Mortgage Assoc.		3.500		04/20/45		17		15,518
Government National Mortgage Assoc.		3.500		07/20/46		72		67,160
Government National Mortgage Assoc.		3.500		08/20/46		110		102,456
Government National Mortgage Assoc.		3.500		09/20/46		17		15,791
Government National Mortgage Assoc.		3.500		07/20/47		46		42,795
Government National Mortgage Assoc.		3.500		11/20/47		30		28,322
Government National Mortgage Assoc.		4.000		12/20/45		50		47,788
Government National Mortgage Assoc.		4.000		10/20/46		3		2,776
Government National Mortgage Assoc.		4.000		03/20/47		23		22,175
Government National Mortgage Assoc.		4.000		07/20/47		29		27,611
Government National Mortgage Assoc.		4.000		09/20/47		75		72,279
Government National Mortgage Assoc.		4.000		03/20/49		12		11,324
Government National Mortgage Assoc.		4.500		04/20/41		10		10,048
Government National Mortgage Assoc.		4.500		03/20/44		26		26,028
Government National Mortgage Assoc.		4.500		12/20/44		25		24,373
Government National Mortgage Assoc.		4.500		11/20/46		12		12,187
Government National Mortgage Assoc.		4.500		01/20/47		4		3,860
Government National Mortgage Assoc.		5.000		04/20/45		20		19,969
Government National Mortgage Assoc.		5.500		12/15/33		7		7,122
Tennessee Valley Authority, Sr. Unsec’d. Notes		0.750		05/15/25		25		24,188
Tennessee Valley Authority, Sr. Unsec’d. Notes		1.500		09/15/31		40		33,581
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $12,465,622)								11,055,821

See Notes to Financial Statements.

 37

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest Rate		Maturity Date		Principal   Amount   (000)#		Value
U.S. TREASURY OBLIGATIONS 39.9%
U.S. Treasury Bonds		1.250%		05/15/50		270	$	138,670
U.S. Treasury Bonds		1.750		08/15/41		565		386,800
U.S. Treasury Bonds		2.000		02/15/50		745		467,720
U.S. Treasury Bonds		2.250		05/15/41		915		685,106
U.S. Treasury Bonds		2.250		08/15/49		130		86,856
U.S. Treasury Bonds		2.375		05/15/51		225		153,035
U.S. Treasury Bonds		3.625		08/15/43		240		214,838
U.S. Treasury Bonds		4.000		11/15/42		185		175,866
U.S. Treasury Bonds		4.000		11/15/52		1,045		982,953
U.S. Treasury Bonds		4.250		02/15/54		46		45,245
U.S. Treasury Bonds		4.625		05/15/44		23		23,622
U.S. Treasury Bonds		4.750		11/15/53		217		231,648
U.S. Treasury Notes		0.500		10/31/27		230		205,455
U.S. Treasury Notes		0.750		04/30/26		740		695,427
U.S. Treasury Notes		0.875		06/30/26		590		553,356
U.S. Treasury Notes		1.250		11/30/26		1,590		1,487,395
U.S. Treasury Notes		1.500		11/30/28		2,106		1,901,036
U.S. Treasury Notes		2.750		07/31/27		955		919,710
U.S. Treasury Notes		2.750		08/15/32		575		525,406
U.S. Treasury Notes		2.875		05/15/28		520		499,484
U.S. Treasury Notes		2.875		05/15/32		80		74,000
U.S. Treasury Notes		3.125		08/31/29		370		356,154
U.S. Treasury Notes		4.000		01/15/27		905		901,536
U.S. Treasury Notes		4.000		07/31/29		229		229,787
U.S. Treasury Notes		4.125		07/31/31		345		348,450
U.S. Treasury Notes		4.250		02/28/31		345		350,768
U.S. Treasury Notes		4.375		07/31/26		630		631,403
U.S. Treasury Notes		4.375		05/15/34		263		269,780
U.S. Treasury Notes		4.625		10/15/26		645		650,442
U.S. Treasury Notes		4.625		06/15/27		250		253,789
U.S. Treasury Notes		4.625		09/30/30		190		196,828
U.S. Treasury Notes		4.750		07/31/25		1,630		1,630,255
U.S. Treasury Strips Coupon		1.225(s)		02/15/41		15		7,114
U.S. Treasury Strips Coupon		1.394(s)		11/15/41		20		9,070
U.S. Treasury Strips Coupon		2.271(s)		08/15/39		185		94,841
U.S. Treasury Strips Coupon		3.277(s)		08/15/41		35		16,115
U.S. Treasury Strips Coupon		3.621(s)		05/15/44		295		117,493

See Notes to Financial Statements.

38

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Interest  Rate		Maturity  Date		Principal   Amount   (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Strips Coupon		4.398%(s)		08/15/42		90	$	39,196
TOTAL U.S. TREASURY OBLIGATIONS (cost $16,606,966)								16,556,649
TOTAL LONG-TERM INVESTMENTS (cost $44,298,304)								41,767,677
					Shares
SHORT-TERM INVESTMENT 1.6%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.561%) (cost $668,426)(wb)						668,426		668,426
TOTAL INVESTMENTS 102.2% (cost $44,966,730)								42,436,103
Liabilities in excess of other assets (2.2)%								(899,351	)
NET ASSETS 100.0%							$	41,536,752

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

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

(cc) Variable rate instrument. The rate shown is based on the latest available information as of July 31, 2024. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

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

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

 39

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2024

The following is a summary of the inputs used as of July 31, 2024 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Credit Cards	$	—	$	199,003			$—
Commercial Mortgage-Backed Securities		—		2,506,152			—
Corporate Bonds		—		10,287,906			—
Municipal Bonds		—		311,017			—
Sovereign Bonds		—		851,129			—
U.S. Government Agency Obligations		—		11,055,821			—
U.S. Treasury Obligations		—		16,556,649			—
Short-Term Investment
Affiliated Mutual Fund		668,426		—			—
Total	$	668,426	$	41,767,677			$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2024 were as follows:

U.S. Treasury Obligations	39.9	%
U.S. Government Agency Obligations	26.6
Commercial Mortgage-Backed Securities	6.0
Banks	5.8
Electric	3.0
Sovereign Bonds	2.1
Pipelines	1.9
Healthcare-Services	1.8
Affiliated Mutual Fund	1.6
Real Estate Investment Trusts (REITs)	1.3
Telecommunications	1.0
Pharmaceuticals	1.0
Insurance	1.0
Mining	0.9
Municipal Bonds	0.7
Aerospace & Defense	0.7
Agriculture	0.6
Oil & Gas	0.5
Beverages	0.5
Credit Cards	0.5
Auto Manufacturers	0.5
Semiconductors	0.4
Media	0.4
Biotechnology	0.3
Commercial Services	0.3
Software	0.3

Chemicals	0.3	%
Home Builders	0.3
Computers	0.2
Miscellaneous Manufacturing	0.2
Foods	0.2
Diversified Financial Services	0.2
Gas	0.2
Machinery-Diversified	0.2
Retail	0.2
Building Materials	0.1
Healthcare-Products	0.1
Transportation	0.1
Airlines	0.1
Lodging	0.1
Iron/Steel	0.1
Entertainment	0.0	*
	102.2
Liabilities in excess of other assets	(2.2	)
	100.0	%

*  Less than 0.05%

See Notes to Financial Statements.

40

PGIM Core Conservative Bond Fund

Statement of Assets & Liabilities

as of July 31, 2024

Assets
Investments at value:
Unaffiliated investments (cost $44,298,304)	$	41,767,677
Affiliated investments (cost $668,426)		668,426
Receivable for investments sold		773,657
Interest receivable		254,697
Receivable for Fund shares sold		21,066
Due from Manager		10,501
Prepaid expenses		74
Total Assets		43,496,098
Liabilities
Payable for investments purchased		1,289,373
Payable for Fund shares purchased		587,811
Accrued expenses and other liabilities		81,228
Trustees’ fees payable		830
Affiliated transfer agent fee payable		104
Total Liabilities		1,959,346
Net Assets	$	41,536,752
Net assets were comprised of:
Paid-in capital	$	49,869,202
Total distributable earnings (loss)		(8,332,450	)
Net assets, July 31, 2024	$	41,536,752
Class R6
Net asset value, offering price and redemption price per share, ($41,536,752 ÷ 4,795,713 shares of beneficial interest issued and outstanding)	$	8.66

See Notes to Financial Statements.

41

PGIM Core Conservative Bond Fund

Statement of Operations

Year Ended July 31, 2024

Net Investment Income (Loss)
Income
Interest income	$	1,775,575
Affiliated dividend income		21,589
Total income		1,797,164
Expenses
Management fee		120,617
Audit fee		58,883
Professional fees		43,713
Custodian and accounting fees		41,208
Shareholders’ reports		14,049
Trustees’ fees		10,224
Fund data services		8,118
Transfer agent’s fees and expenses (including affiliated expense of $ 537)		647
Registration fees		451
Miscellaneous		12,354
Total expenses		310,264
Less: Fee waiver and/or expense reimbursement		(88,306	)
Net expenses		221,958
Net investment income (loss)		1,575,206
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		(1,652,108	)
Net change in unrealized appreciation (depreciation) on investments		2,528,717
Net gain (loss) on investment transactions		876,609
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,451,815

See Notes to Financial Statements.

42

PGIM Core Conservative Bond Fund

Statements of Changes in Net Assets

	Year Ended July 31,
	2024			2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	1,575,206		$	1,308,806
Net realized gain (loss) on investment transactions		(1,652,108	)		(2,081,573	)
Net change in unrealized appreciation (depreciation) on investments		2,528,717			(1,044,366	)
Net increase (decrease) in net assets resulting from operations		2,451,815			(1,817,133	)
Dividends and Distributions
Distributions from distributable earnings
Class R6		(1,682,128	)		(1,499,460	)
Tax return of capital distributions
Class R6		—			(480	)
Total dividends and distributions		(1,682,128	)		(1,499,940	)
Fund share transactions
Net proceeds from shares sold (1,858,336 and 957,777 shares, respectively)		15,541,376			8,266,722
Net asset value of shares issued in reinvestment of dividends and distributions (199,009 and 174,137 shares, respectively)		1,682,128			1,499,940
Cost of shares purchased (2,467,442 and 1,576,977 shares, respectively)		(20,985,845	)		(13,605,604	)
Net increase (decrease) in net assets from Fund share transactions		(3,762,341	)		(3,838,942	)
Total increase (decrease)		(2,992,654	)		(7,156,015	)
Net Assets:
Beginning of year		44,529,406			51,685,421
End of year	$	41,536,752		$	44,529,406

See Notes to Financial Statements.

43

PGIM Core Conservative Bond Fund

Financial Highlights

Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$8.55			$9.15			$10.39			$10.81			$10.12
Income (loss) from investment operations:
Net investment income (loss)		0.29			0.23			0.15			0.13			0.22
Net realized and unrealized gain (loss) on investment transactions		0.13			(0.57	)		(1.16	)		(0.25	)		0.73
Total from investment operations		0.42			(0.34	)		(1.01	)		(0.12	)		0.95
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.26	)		(0.20	)		(0.21	)		(0.26	)
Tax return of capital distributions		-			(-	)(b)		-			-			-
Distributions from net realized gains		-			-			(0.03	)		(0.09	)		-
Total dividends and distributions		(0.31	)		(0.26	)		(0.23	)		(0.30	)		(0.26	)
Net asset value, end of year		$8.66			$8.55			$9.15			$10.39			$10.81
Total Return(c):		5.07	%		(3.66	)%		(9.79	)%		(1.07	)%		9.50	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$41,537			$44,529			$51,685			$62,780			$57,963
Average net assets (000)		$45,717			$49,258			$58,320			$62,768			$50,192
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.49	%(e)		0.50	%		0.50	%		0.50	%		0.50	%
Expenses before waivers and/or expense reimbursement		0.68	%		0.63	%		0.55	%		0.55	%		0.67	%
Net investment income (loss)		3.45	%		2.66	%		1.49	%		1.28	%		2.07	%
Portfolio turnover rate(f)(g)		155	%		191	%		171	%		194	%		174	%

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

(b) Amount rounds to zero.

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

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

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

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

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

See Notes to Financial Statements.

44

PGIM TIPS Fund

Schedule of Investments

as of July 31, 2024

Description	Interest  Rate		Maturity  Date		Principal   Amount   (000)#		Value
LONG-TERM INVESTMENTS 100.1%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125%		10/15/26		2,247	$	2,151,483
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/30		6,696		6,135,100
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/31		1,526		1,374,066
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/32		278		245,390
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		02/15/51		1,689		1,017,275
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250		01/15/25		1,518		1,486,244
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250		02/15/50		1,704		1,082,199
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375		07/15/25		1,834		1,788,983
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375		01/15/27		371		354,771
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375		07/15/27		777		743,632
U.S. Treasury Inflation Indexed Bonds, TIPS		0.500		01/15/28		5,201		4,957,864
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		01/15/26		1,011		980,708
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		07/15/32		211		192,918
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		02/15/43		2,561		1,982,140
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750		02/15/42		1,883		1,513,820
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750		02/15/45		934		722,454
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875		01/15/29		4,030		3,874,161
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875		02/15/47		247		191,602
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000		02/15/46		643		518,086
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000		02/15/49		368		289,319
U.S. Treasury Inflation Indexed Bonds, TIPS		1.125		01/15/33		79		74,722
U.S. Treasury Inflation Indexed Bonds, TIPS		1.250		04/15/28		1,696		1,656,895
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375		07/15/33		3,226		3,111,860
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375		02/15/44		586		517,300
U.S. Treasury Inflation Indexed Bonds, TIPS		1.500		02/15/53		1,125		978,877
U.S. Treasury Inflation Indexed Bonds, TIPS		1.750		01/15/28		615		611,246
U.S. Treasury Inflation Indexed Bonds, TIPS		1.750		01/15/34		3,346		3,316,462
U.S. Treasury Inflation Indexed Bonds, TIPS		2.000		01/15/26		949		938,975
U.S. Treasury Inflation Indexed Bonds, TIPS		2.375		01/15/27		6,736		6,768,558
U.S. Treasury Inflation Indexed Bonds, TIPS		2.500		01/15/29		892		919,201
U.S. Treasury Inflation Indexed Bonds, TIPS		3.375		04/15/32		8,829		9,820,878
U.S. Treasury Inflation Indexed Bonds, TIPS		3.625		04/15/28		1,573		1,667,852
TOTAL LONG-TERM INVESTMENTS (cost $63,159,814)								61,985,041

See Notes to Financial Statements.

 45

PGIM TIPS Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
SHORT-TERM INVESTMENT 0.9%
AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)
(cost $539,440)(wb)		539,440	$	539,440
TOTAL INVESTMENTS 101.0% (cost $63,699,254)				62,524,481
Liabilities in excess of other assets (1.0)%				(637,689	)
NET ASSETS 100.0%			$	61,886,792

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

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2024 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
U.S. Treasury Obligations	$	—	$	61,985,041	$—
Short-Term Investment
Affiliated Mutual Fund		539,440		—	—
Total	$	539,440	$	61,985,041	$—

Security Allocations:

The sector allocations of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2024 were as follows:

U.S. Treasury Obligations 100.1 % 

See Notes to Financial Statements.

46

PGIM TIPS Fund

Schedule of Investments (continued)

as of July 31, 2024

Security Allocations (continued):
Affiliated Mutual Fund	0.9	%
	101.0
Liabilities in excess of other assets	(1.0	)
	100.0	%

See Notes to Financial Statements.

 47

PGIM TIPS Fund

Statement of Assets & Liabilities

as of July 31, 2024

Assets
Investments at value:
Unaffiliated investments (cost $63,159,814)	$	61,985,041
Affiliated investments (cost $539,440)		539,440
Receivable for investments sold		2,040,464
Interest receivable		168,057
Receivable for Fund shares sold		36,259
Prepaid expenses		84
Total Assets		64,769,345
Liabilities
Payable for investments purchased		2,236,796
Payable for Fund shares purchased		586,003
Accrued expenses and other liabilities		53,087
Management fee payable		5,714
Trustees’ fees payable		854
Affiliated transfer agent fee payable		99
Total Liabilities		2,882,553
Net Assets	$	61,886,792
Net assets were comprised of:
Paid-in capital	$	78,352,659
Total distributable earnings (loss)		(16,465,867	)
Net assets, July 31, 2024	$	61,886,792
Class R6
Net asset value, offering price and redemption price per share,
($61,886,792 ÷ 7,352,497 shares of beneficial interest issued and outstanding)	$	8.42

See Notes to Financial Statements.

48

PGIM TIPS Fund

Statement of Operations

Year Ended July 31, 2024

Net Investment Income (Loss)
Income
Interest income	$	3,332,358
Affiliated dividend income		30,894
Total income		3,363,252
Expenses
Management fee		157,633
Professional fees		39,463
Audit fee		34,238
Custodian and accounting fees		34,122
Shareholders’ reports		11,957
Trustees’ fees		10,560
Commitment fees		6,512
Transfer agent’s fees and expenses (including affiliated expense of $530)		640
Registration fees		450
Miscellaneous		11,476
Total expenses		307,051
Less: Fee waiver and/or expense reimbursement		(29,599	)
Net expenses		277,452
Net investment income (loss)		3,085,800
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		(4,509,691	)
Net change in unrealized appreciation (depreciation) on investments		3,922,816
Net gain (loss) on investment transactions		(586,875	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,498,925

See Notes to Financial Statements.

 49

PGIM TIPS Fund

Statements of Changes in Net Assets

	Year Ended July 31,
	2024			2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	3,085,800		$	3,512,998
Net realized gain (loss) on investment transactions		(4,509,691	)		(6,682,362	)
Net change in unrealized appreciation (depreciation) on investments		3,922,816			(1,652,352	)
Net increase (decrease) in net assets resulting from operations		2,498,925			(4,821,716	)
Dividends and Distributions
Distributions from distributable earnings
Class R6		(3,328,568	)		(4,062,626	)
Fund share transactions
Net proceeds from shares sold (1,987,736 and 2,328,137 shares, respectively)		16,605,431			20,157,393
Net asset value of shares issued in reinvestment of dividends and distributions (402,226 and 463,474 shares, respectively)		3,328,568			4,062,626
Cost of shares purchased (4,511,723 and 2,919,634 shares, respectively)		(37,739,126	)		(25,476,194	)
Net increase (decrease) in net assets from Fund share transactions		(17,805,127	)		(1,256,175	)
Total increase (decrease)		(18,634,770	)		(10,140,517	)
Net Assets:
Beginning of year		80,521,562			90,662,079
End of year	$	61,886,792		$	80,521,562

See Notes to Financial Statements.

50

PGIM TIPS Fund

Financial Highlights

Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$8.50			$9.44			$10.83			$10.67			$9.87
Income (loss) from investment operations:
Net investment income (loss)		0.37			0.36			0.68			0.36			0.01
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.04	)		(0.88	)		(1.08	)		0.32			0.94
Total from investment operations		0.33			(0.52	)		(0.40	)		0.68			0.95
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.42	)		(0.78	)		(0.43	)		(0.15	)
Distributions from net realized gains		-			-			(0.21	)		(0.09	)		-
Total dividends and distributions		(0.41	)		(0.42	)		(0.99	)		(0.52	)		(0.15	)
Net asset value, end of year		$8.42			$8.50			$9.44			$10.83			$10.67
Total Return(b):		4.11	%		(5.52	)%		(3.91	)%		6.49	%		9.83	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$61,887			$80,522			$90,662			$83,793			$48,736
Average net assets (000)		$68,536			$84,102			$83,845			$79,151			$38,800
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.40	%		0.40	%		0.39	%		0.40	%		0.40	%
Expenses before waivers and/or expense reimbursement		0.44	%		0.40	%		0.39	%		0.41	%		0.58	%
Net investment income (loss)		4.50	%		4.18	%		6.66	%		3.39	%		0.12	%
Portfolio turnover rate(d)		66	%		68	%		73	%		72	%		102	%

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

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

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

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

See Notes to Financial Statements.

 51

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments

as of July 31, 2024

Description			Shares		Value
SHORT-TERM INVESTMENTS 99.7%
AFFILIATED MUTUAL FUND 13.8%
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)   (cost $6,217,809)(bb)(wb)				6,217,809	$	6,217,809
	Interest Rate	Maturity Date	Principal Amount (000)#
U.S. TREASURY OBLIGATIONS(n) 85.9%
U.S. Treasury Bills	5.133%	09/17/24(bb)(k)		4,500		4,469,027
U.S. Treasury Bills	5.281	11/05/24		19,000		18,740,540
U.S. Treasury Bills	5.327	09/17/24		15,750		15,641,594
TOTAL U.S. TREASURY OBLIGATIONS (cost $38,849,542)						38,851,161
TOTAL INVESTMENTS 99.7% (cost $45,067,351)						45,068,970
Other assets in excess of liabilities(z) 0.3%						152,779
NET ASSETS 100.0%					$	45,221,749

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

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

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

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

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

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

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

Commodity Futures contracts outstanding at July 31, 2024(1):

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Long Positions:
43	Brent Crude		Nov. 2024		$3,449,890		$ (208,759	)
13	Coffee ’C’		Sep. 2024		1,117,350		(33,247	)
22	Copper		Sep. 2024		2,297,075		(203,953	)
100	Corn		Sep. 2024		1,913,750		(305,942	)
44	Cotton No. 2		Dec. 2024		1,517,780		(67,652	)

See Notes to Financial Statements.

52

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2024

Commodity Futures contracts outstanding at July 31, 2024(1) (continued):

Number of Contracts		Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
	Long Positions (cont’d):
	16	Gasoline RBOB		Sep. 2024		$1,641,360	$	75,358
	34	Gold 100 OZ		Dec. 2024		8,408,200		281,470
	26	Hard Red Winter Wheat		Sep. 2024		713,700		(185,826	)
	42	Lean Hogs		Oct. 2024		1,275,540		7,791
	24	Live Cattle		Oct. 2024		1,792,080		14,681
	8	LME Lead		Sep. 2024		414,894		(27,806)
	10	LME Nickel		Sep. 2024		988,868		(120,793	)
	29	LME PRI Aluminum		Sep. 2024		1,638,275		(275,271	)
	19	LME Zinc		Sep. 2024		1,259,120		(123,977	)
	16	Low Sulphur Gas Oil		Sep. 2024		1,188,800		33,117
	141	Natural Gas		Sep. 2024		2,870,760		(922,604)
	8	NY Harbor ULSD		Sep. 2024		819,269		32,712
	12	Silver		Sep. 2024		1,736,280		(72,357	)
	9	Soft Red Winter Wheat		Sep. 2024		237,263		(45,585	)
	54	Soybean		Nov. 2024		2,760,750		(296,022	)
	43	Soybean Meal		Dec. 2024		1,357,510		(144,041)
	52	Soybean Oil		Dec. 2024		1,320,384		(62,479	)
	68	Sugar No. 11		Oct. 2024		1,442,470		5,899
	56	WTI Crude		Sep. 2024		4,362,960		216,098
								(2,429,188	)
	Short Positions:
	2	LME Nickel		Sep. 2024		197,774		5,326
	13	LME PRI Aluminum		Sep. 2024		734,399		79,226
	11	LME Zinc		Sep. 2024		728,965		43,332
								127,884
							$	(2,301,304	)

(1) Represents positions held in the Cayman Subsidiary.

See Notes to Financial Statements.

 53

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2024

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		$—		$3,873,157

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

The following is a summary of the inputs used as of July 31, 2024 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Affiliated Mutual Fund	$	6,217,809		$	—		$—
U.S. Treasury Obligations		—			38,851,161		—
Total	$	6,217,809		$	38,851,161		$—
Other Financial Instruments*
Assets
Commodity Futures Contracts	$	795,010		$	—		$—
Liabilities
Commodity Futures Contracts	$	(3,096,314	)	$	—		$—

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

Sector Allocation:

The sector allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of July 31, 2024 were as follows:

U.S. Treasury Obligations 85.9 % 

See Notes to Financial Statements.

54

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2024

Sector Allocation (continued):

Affiliated Mutual Fund	13.8	%
	99.7
Other assets in excess of liabilities	0.3
	100.0	%

Effects of Derivative Instruments on the Financial Statements and Primary Underlying Risk Exposure:

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

Fair values of derivative instruments as of July 31, 2024 as presented in the Consolidated Statement of Assets and Liabilities:

		Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value		Consolidated Statement of Assets and Liabilities Location	Fair Value			Consolidated Statement of Assets and Liabilities Location	Fair Value
Commodity contracts		Due from/to broker-variation margin futures	$	795,010	*	Due from/to broker-variation margin futures	$	3,096,314	*

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

The effects of derivative instruments on the Consolidated Statement of Operations for the year ended July 31, 2024 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	1,176,203

See Notes to Financial Statements.

 55

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2024

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	(6,110,170	)

For the year ended July 31, 2024, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$56,591,235
Futures Contracts - Short Positions (1)		4,081,488

* Average volume is based on average quarter end balances for the year ended July 31, 2024.

(1) Notional Amount in USD.

See Notes to Financial Statements.

56

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities

as of July 31, 2024

Assets
Investments at value:
Unaffiliated investments (cost $38,849,542)	$	38,851,161
Affiliated investments (cost $6,217,809)		6,217,809
Receivable for Fund shares sold		451,844
Due from broker—variation margin futures		391,399
Prepaid expenses		74
Total Assets		45,912,287
Liabilities
Deposit due to broker for centrally cleared/exchange-traded derivatives		419,961
Payable for Fund shares purchased		206,010
Audit fees payable		28,621
Accrued expenses and other liabilities		22,690
Custodian and accounting fee payable		7,964
Management fee payable		4,109
Trustees’ fees payable		841
Affiliated transfer agent fee payable		342
Total Liabilities		690,538
Net Assets	$	45,221,749
Net assets were comprised of:
Paid-in capital	$	66,297,255
Total distributable earnings (loss)		(21,075,506	)
Net assets, July 31, 2024	$	45,221,749
Class Z
Net asset value, offering price and redemption price per share,
($201,845 ÷ 30,337 shares of beneficial interest issued and outstanding)	$	6.65
Class R6
Net asset value, offering price and redemption price per share,
($45,019,904 ÷ 6,781,096 shares of beneficial interest issued and outstanding)	$	6.64

See Notes to Financial Statements.

 57

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Operations

Year Ended July 31, 2024

Net Investment Income (Loss)
Income
Interest income	$	2,389,130
Affiliated dividend income		378,553
Unaffiliated dividend income		7,789
Total income		2,775,472
Expenses
Management fee		244,343
Professional fees		59,249
Custodian and accounting fees		34,143
Audit fee		28,617
Registration fees(a)		25,656
Shareholders’ reports		22,770
Fund data services		17,613
Trustees’ fees		10,344
Transfer agent’s fees and expenses (including affiliated expense of $2,105)(a)		2,432
Miscellaneous		6,707
Total expenses		451,874
Less: Fee waiver and/or expense reimbursement(a)		(80,569	)
Net expenses		371,305
Net investment income (loss)		2,404,167
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		(4,250	)
Futures transactions		1,176,203
		1,171,953
Net change in unrealized appreciation (depreciation) on:
Investments		55,911
Futures		(6,110,170	)
		(6,054,259	)
Net gain (loss) on investment transactions		(4,882,306	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,478,139	)

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

	Class Z			Class R6
Registration fees		20,806			4,850
Transfer agent’s fees and expenses		1,006			1,426
Fee waiver and/or expense reimbursement		(22,232	)		(58,337	)

See Notes to Financial Statements.

58

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets

	Year Ended July 31,
	2024			2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	2,404,167		$	2,261,563
Net realized gain (loss) on investment transactions		1,171,953			(21,198,720	)
Net change in unrealized appreciation (depreciation) on investments		(6,054,259	)		9,512,363
Net increase (decrease) in net assets resulting from operations		(2,478,139	)		(9,424,794	)
Dividends and Distributions
Distributions from distributable earnings
Class Z		(20,248	)		(1,647,571	)
Class R6		(2,087,320	)		(17,608,485	)
Total dividends and distributions		(2,107,568	)		(19,256,056	)
Fund share transactions
Net proceeds from shares sold		15,515,022			29,022,918
Net asset value of shares issued in reinvestment of dividends and distributions		2,107,559			19,256,056
Cost of shares purchased		(29,231,411	)		(39,292,909	)
Net increase (decrease) in net assets from Fund share transactions		(11,608,830	)		8,986,065
Total increase (decrease)		(16,194,537	)		(19,694,785	)
Net Assets:
Beginning of year		61,416,286			81,111,071
End of year	$	45,221,749		$	61,416,286

See Notes to Financial Statements.

 59

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights

Class Z Shares
	Year Ended July 31,						December 14, 2021(a) through July 31, 2022
	2024			2023
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.22			$10.53			$7.94
Income (loss) from investment operations:
Net investment income (loss)		0.31			0.24			0.01	(c)
Net realized and unrealized gain (loss) on investment transactions		(0.63	)		(1.23	)		2.58
Total from investment operations		(0.32	)		(0.99	)		2.59
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(2.32	)		-
Net asset value, end of period		$6.65			$7.22			$10.53
Total Return(d):		(4.37	)%		(10.36	)%		32.62	%
Ratios/Supplemental Data:
Net assets, end of year (000)		$202			$738			$532
Average net assets (000)		$491			$5,071			$424
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.71	%(f)		0.70	%		0.70	%(g)
Expenses before waivers and/or expense reimbursement		5.24	%		1.41	%		9.94	%(g)
Net investment income (loss)		4.56	%		3.10	%		0.08	%(g)
Portfolio turnover rate(h)		0	%		0	%		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) 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) Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the year ended July 31, 2024.

(g) Annualized.

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

See Notes to Financial Statements.

60

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights (continued)

Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$7.21			$10.53			$12.02			$8.34			$9.44
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.24			(0.02	)		(0.05	)		0.01
Net realized and unrealized gain (loss) on investment transactions		(0.63	)		(1.22	)		2.45			3.73			(1.01	)
Total from investment operations		(0.31	)		(0.98	)		2.43			3.68			(1.00	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(2.34	)		(3.92	)		-			(0.10	)
Tax return of capital distributions		-			-			-			-			(-	)(b)
Total dividends and distributions		(0.26	)		(2.34	)		(3.92	)		-			(0.10	)
Net asset value, end of year		$6.64			$7.21			$10.53			$12.02			$8.34
Total Return(c):		(4.19	)%		(10.42	)%		30.61	%		44.12	%		(10.74	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$45,020			$60,679			$80,579			$61,721			$38,553
Average net assets (000)		$51,951			$69,187			$67,445			$53,974			$28,308
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.71	%(e)		0.65	%		0.62	%		0.64	%		0.80	%
Expenses before waivers and/or expense reimbursement		0.82	%		0.72	%		0.68	%		0.71	%		0.94	%
Net investment income (loss)		4.58	%		3.04	%		(0.18	)%		(0.53	)%		0.17	%
Portfolio turnover rate(f)		0	%		0	%		0	%		0	%		0	%

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

(b) Amount rounds to zero.

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

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

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

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

See Notes to Financial Statements.

 61

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments

as of July 31, 2024

Description	Shares		Value
LONG-TERM INVESTMENTS 101.2%
COMMON STOCKS 98.7%
Aerospace & Defense 1.2%
BWX Technologies, Inc.		370	$	36,811
Curtiss-Wright Corp.		150		44,205
Hexcel Corp.		340		22,511
Woodward, Inc.		245		38,218
				141,745
Air Freight & Logistics 0.2%
GXO Logistics, Inc.*		485		27,150
Automobile Components 1.0%
Adient PLC*		360		9,274
Autoliv, Inc. (Sweden)		290		29,330
Gentex Corp.		900		27,954
Goodyear Tire & Rubber Co. (The)*		1,155		13,513
Lear Corp.		225		27,459
Visteon Corp.*		105		12,132
				119,662
Automobiles 0.4%
Harley-Davidson, Inc.		495		18,563
Thor Industries, Inc.		210		22,289
				40,852
Banks 5.6%
Associated Banc-Corp.		580		13,328
Bank OZK		420		19,694
Cadence Bank		710		23,338
Columbia Banking System, Inc.		805		21,059
Commerce Bancshares, Inc.		475		30,737
Cullen/Frost Bankers, Inc.		250		29,265
East West Bancorp, Inc.		558		49,043
First Financial Bankshares, Inc.		500		19,230
First Horizon Corp.		2,190		36,639
FNB Corp.		1,441		22,105
Glacier Bancorp, Inc.		450		20,120
Hancock Whitney Corp.		340		18,608
Home BancShares, Inc.		730		20,681
International Bancshares Corp.		210		14,162
New York Community Bancorp, Inc.		1,016		10,688

See Notes to Financial Statements.

62

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Old National Bancorp		1,225	$	24,524
Pinnacle Financial Partners, Inc.		310		29,859
Prosperity Bancshares, Inc.		385		27,920
SouthState Corp.		305		30,186
Synovus Financial Corp.		570		26,647
Texas Capital Bancshares, Inc.*		195		12,890
UMB Financial Corp.		180		18,364
United Bankshares, Inc.		550		21,412
Valley National Bancorp		1,730		14,532
Webster Financial Corp.		690		34,238
Wintrust Financial Corp.		251		27,158
Zions Bancorp NA		575		29,710
				646,137
Beverages 0.5%
Boston Beer Co., Inc. (The) (Class A Stock)*		40		11,208
Celsius Holdings, Inc.*		580		27,162
Coca-Cola Consolidated, Inc.		17		19,480
				57,850
Biotechnology 3.0%
Arrowhead Pharmaceuticals, Inc.*		505		14,423
BioMarin Pharmaceutical, Inc.*		760		64,091
Cytokinetics, Inc.*		465		27,440
Exelixis, Inc.*		1,170		27,436
Halozyme Therapeutics, Inc.*		515		28,459
Neurocrine Biosciences, Inc.*		405		57,336
Roivant Sciences Ltd.*		1,300		14,105
Sarepta Therapeutics, Inc.*		380		54,051
United Therapeutics Corp.*		180		56,392
				343,733
Broadline Retail 0.4%
Macy’s, Inc.		1,060		18,317
Nordstrom, Inc.		380		8,675
Ollie’s Bargain Outlet Holdings, Inc.*		235		22,946
				49,938

See Notes to Financial Statements.

63

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products 3.8%
AAON, Inc.		265	$	23,460
Advanced Drainage Systems, Inc.		275		48,686
Carlisle Cos., Inc.		190		79,530
Fortune Brands Innovations, Inc.		500		40,405
Lennox International, Inc.		129		75,271
Owens Corning		349		65,047
Simpson Manufacturing Co., Inc.		175		33,616
Trex Co., Inc.*		435		36,379
UFP Industries, Inc.		250		32,983
				435,377
Capital Markets 3.1%
Affiliated Managers Group, Inc.		135		25,059
Carlyle Group, Inc. (The)		865		43,025
Evercore, Inc. (Class A Stock)		140		35,054
Federated Hermes, Inc.		310		10,642
Houlihan Lokey, Inc.		215		32,304
Interactive Brokers Group, Inc. (Class A Stock)		430		51,286
Janus Henderson Group PLC		520		19,360
Jefferies Financial Group, Inc.		676		39,526
Morningstar, Inc.		105		33,353
SEI Investments Co.		405		27,475
Stifel Financial Corp.		413		36,621
				353,705
Chemicals 2.2%
Arcadium Lithium PLC (United Kingdom)*		3,997		12,711
Ashland, Inc.		205		19,813
Avient Corp.		355		16,060
Axalta Coating Systems Ltd.*		880		31,372
Cabot Corp.		225		22,565
Chemours Co. (The)		580		14,019
NewMarket Corp.		28		15,704
Olin Corp.		470		21,437
RPM International, Inc.		515		62,552
Scotts Miracle-Gro Co. (The)		170		13,362
Westlake Corp.		130		19,222
				248,817

See Notes to Financial Statements.

64

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies 1.9%
Brink’s Co. (The)		180	$	19,798
Clean Harbors, Inc.*		203		48,462
MSA Safety, Inc.		155		29,241
RB Global, Inc. (Canada)		735		58,528
Stericycle, Inc.*		370		21,664
Tetra Tech, Inc.		205		43,714
				221,407
Communications Equipment 0.4%
Ciena Corp.*		560		29,535
Lumentum Holdings, Inc.*		280		14,498
				44,033
Construction & Engineering 2.4%
AECOM		544		49,292
Comfort Systems USA, Inc.		145		48,201
EMCOR Group, Inc.		188		70,583
Fluor Corp.*		685		32,948
MasTec, Inc.*		245		26,957
MDU Resources Group, Inc.		790		21,283
Valmont Industries, Inc.		85		25,361
				274,625
Construction Materials 0.5%
Eagle Materials, Inc.		137		37,305
Knife River Corp.*		230		18,290
				55,595
Consumer Finance 0.7%
Ally Financial, Inc.		1,095		49,286
FirstCash Holdings, Inc.		150		16,740
SLM Corp.		850		19,286
				85,312
Consumer Staples Distribution & Retail 2.1%
BJ’s Wholesale Club Holdings, Inc.*		535		47,059
Casey’s General Stores, Inc.		150		58,176
Performance Food Group Co.*		625		43,125

See Notes to Financial Statements.

 65

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Consumer Staples Distribution & Retail (cont’d.)
Sprouts Farmers Market, Inc.*		405	$	40,455
US Foods Holding Corp.*		905		49,223
				238,038
Containers & Packaging 1.7%
AptarGroup, Inc.		265		38,950
Berry Global Group, Inc.		465		30,560
Crown Holdings, Inc.		475		42,132
Graphic Packaging Holding Co.		1,220		36,722
Greif, Inc. (Class A Stock)		110		7,335
Silgan Holdings, Inc.		320		16,457
Sonoco Products Co.		390		21,029
				193,185
Diversified Consumer Services 1.2%
Duolingo, Inc.*		150		25,791
Graham Holdings Co. (Class B Stock)		13		10,073
Grand Canyon Education, Inc.*		125		19,494
H&R Block, Inc.		560		32,447
Service Corp. International		585		46,747
				134,552
Diversified REITs 0.4%
WP Carey, Inc.		875		50,584
Diversified Telecommunication Services 0.3%
Frontier Communications Parent, Inc.*		885		25,931
Iridium Communications, Inc.		470		13,489
				39,420
Electric Utilities 0.9%
ALLETE, Inc.		225		14,512
IDACORP, Inc.		200		19,550
OGE Energy Corp.		810		31,404
PNM Resources, Inc.		360		14,969
Portland General Electric Co.		415		19,663
				100,098

See Notes to Financial Statements.

66

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Electrical Equipment 1.6%
Acuity Brands, Inc.		119	$	29,910
EnerSys		160		17,589
NEXTracker, Inc. (Class A Stock)*		480		23,587
nVent Electric PLC		665		48,299
Regal Rexnord Corp.		260		41,777
Sensata Technologies Holding PLC		590		23,004
				184,166
Electronic Equipment, Instruments & Components 2.4%
Arrow Electronics, Inc.*		210		25,975
Avnet, Inc.		370		19,891
Belden, Inc.		165		15,294
Cognex Corp.		690		34,238
Coherent Corp.*		530		36,930
Crane NXT Co.		190		11,947
IPG Photonics Corp.*		110		8,844
Littelfuse, Inc.		105		28,047
Novanta, Inc.*		150		27,177
TD SYNNEX Corp.		301		35,870
Vishay Intertechnology, Inc.		490		11,912
Vontier Corp.		600		23,538
				279,663
Energy Equipment & Services 1.0%
ChampionX Corp.		770		26,380
NOV, Inc.		1,580		32,896
Valaris Ltd.*		250		19,647
Weatherford International PLC*		295		34,769
				113,692
Entertainment 0.4%
TKO Group Holdings, Inc.		230		25,150
Warner Music Group Corp. (Class A Stock)		550		16,506
				41,656
Financial Services 1.7%
Equitable Holdings, Inc.		1,225		53,422
Essent Group Ltd.		435		27,336
Euronet Worldwide, Inc.*		175		17,848

See Notes to Financial Statements.

 67

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Financial Services (cont’d.)
MGIC Investment Corp.		1,050	$	26,082
Voya Financial, Inc.		405		29,456
Western Union Co. (The)		1,360		16,170
WEX, Inc.*		160		29,352
				199,666
Food Products 1.1%
Darling Ingredients, Inc.*		620		24,632
Flowers Foods, Inc.		775		17,453
Ingredion, Inc.		267		33,207
Lancaster Colony Corp.		90		17,375
Pilgrim’s Pride Corp.*		160		6,597
Post Holdings, Inc.*		205		22,419
				121,683
Gas Utilities 1.0%
National Fuel Gas Co.		375		21,971
New Jersey Resources Corp.		380		17,765
ONE Gas, Inc.		220		15,319
Southwest Gas Holdings, Inc.		245		18,169
Spire, Inc.		230		15,316
UGI Corp.		837		20,741
				109,281
Ground Transportation 1.7%
Avis Budget Group, Inc.		70		7,071
Knight-Swift Transportation Holdings, Inc.		645		35,107
Landstar System, Inc.		150		28,537
Ryder System, Inc.		180		25,229
Saia, Inc.*		107		44,710
XPO, Inc.*		465		53,424
				194,078
Health Care Equipment & Supplies 1.7%
DENTSPLY SIRONA, Inc.		820		22,255
Enovis Corp.*		195		9,290
Envista Holdings Corp.*		670		11,437
Globus Medical, Inc. (Class A Stock)*		455		32,742
Haemonetics Corp.*		200		18,010

See Notes to Financial Statements.

68

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Lantheus Holdings, Inc.*		280	$	29,352
LivaNova PLC*		210		10,374
Masimo Corp.*		180		19,256
Neogen Corp.*		760		12,943
Penumbra, Inc.*		155		25,899
				191,558
Health Care Providers & Services 2.1%
Acadia Healthcare Co., Inc.*		380		24,643
Amedisys, Inc.*		135		13,237
Chemed Corp.		61		34,780
Encompass Health Corp.		405		37,641
HealthEquity, Inc.*		350		27,468
Option Care Health, Inc.*		690		20,486
Progyny, Inc.*		320		9,024
R1 RCM, Inc.*		770		9,917
Tenet Healthcare Corp.*		395		59,131
				236,327
Health Care REITs 0.7%
Healthcare Realty Trust, Inc.		1,470		26,004
Omega Healthcare Investors, Inc.		990		36,036
Sabra Health Care REIT, Inc.		900		14,607
				76,647
Health Care Technology 0.1%
Doximity, Inc. (Class A Stock)*		480		13,440
Hotel & Resort REITs 0.1%
Park Hotels & Resorts, Inc.		810		12,199
Hotels, Restaurants & Leisure 3.3%
Aramark		1,055		36,155
Boyd Gaming Corp.		265		16,131
Choice Hotels International, Inc.		90		11,470
Churchill Downs, Inc.		260		37,326
Hilton Grand Vacations, Inc.*		280		12,099
Hyatt Hotels Corp. (Class A Stock)		175		25,783
Light & Wonder, Inc.*		365		39,128

See Notes to Financial Statements.

69

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Marriott Vacations Worldwide Corp.		125	$	10,572
Planet Fitness, Inc. (Class A Stock)*		340		25,058
Texas Roadhouse, Inc.		260		45,399
Travel + Leisure Co.		280		12,905
Vail Resorts, Inc.		145		26,391
Wendy’s Co. (The)		650		11,004
Wingstop, Inc.		120		44,866
Wyndham Hotels & Resorts, Inc.		325		24,609
				378,896
Household Durables 2.1%
Helen of Troy Ltd.*		100		5,911
KB Home		290		24,963
Taylor Morrison Home Corp.*		425		28,509
Tempur Sealy International, Inc.		675		35,336
Toll Brothers, Inc.		416		59,367
TopBuild Corp.*		125		59,818
Whirlpool Corp.		210		21,414
				235,318
Independent Power & Renewable Electricity Producers 0.1%
Ormat Technologies, Inc.		210		16,304
Industrial REITs 1.2%
EastGroup Properties, Inc.		195		36,463
First Industrial Realty Trust, Inc.		535		29,275
Rexford Industrial Realty, Inc.		860		43,095
STAG Industrial, Inc.		735		29,995
				138,828
Insurance 4.8%
American Financial Group, Inc.		265		34,704
Brighthouse Financial, Inc.*		250		12,468
CNO Financial Group, Inc.		420		14,641
Erie Indemnity Co. (Class A Stock)		100		44,115
Fidelity National Financial, Inc.		1,040		57,626
First American Financial Corp.		410		24,838
Hanover Insurance Group, Inc. (The)		150		20,624
Kemper Corp.		250		16,015

See Notes to Financial Statements.

70

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Kinsale Capital Group, Inc.		88	$	40,222
Old Republic International Corp.		1,010		34,966
Primerica, Inc.		140		35,248
Reinsurance Group of America, Inc.		253		57,034
RenaissanceRe Holdings Ltd. (Bermuda)		210		48,701
RLI Corp.		165		24,847
Ryan Specialty Holdings, Inc.		410		25,252
Selective Insurance Group, Inc.		240		21,677
Unum Group		715		41,134
				554,112
Interactive Media & Services 0.2%
Ziff Davis, Inc.*		180		8,618
ZoomInfo Technologies, Inc.*		1,160		13,178
				21,796
IT Services 0.4%
ASGN, Inc.*		175		16,567
Kyndryl Holdings, Inc.*		915		24,586
				41,153
Leisure Products 0.7%
Brunswick Corp.		260		21,177
Mattel, Inc.*		1,370		26,427
Polaris, Inc.		210		17,489
YETI Holdings, Inc.*		340		14,059
				79,152
Life Sciences Tools & Services 2.3%
Avantor, Inc.*		2,570		68,747
Azenta, Inc.*		210		13,081
Bruker Corp.		390		26,719
Illumina, Inc.*		640		78,464
Medpace Holdings, Inc.*		95		36,339
Repligen Corp.*		200		33,470
Sotera Health Co.*		440		6,103
				262,923

See Notes to Financial Statements.

71

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery 4.5%
AGCO Corp.		251	$	23,699
Chart Industries, Inc.*		160		25,773
Crane Co.		190		30,480
Donaldson Co., Inc.		482		36,063
Esab Corp.		225		22,860
Flowserve Corp.		520		26,286
Graco, Inc.		680		57,834
ITT, Inc.		319		45,126
Lincoln Electric Holdings, Inc.		230		47,244
Middleby Corp. (The)*		220		29,828
Oshkosh Corp.		265		28,792
RBC Bearings, Inc.*		120		34,901
Terex Corp.		260		16,448
Timken Co. (The)		250		21,737
Toro Co. (The)		420		40,207
Watts Water Technologies, Inc. (Class A Stock)		110		22,827
				510,105
Marine Transportation 0.2%
Kirby Corp.*		225		27,648
Media 0.6%
New York Times Co. (The) (Class A Stock)		655		35,101
Nexstar Media Group, Inc.		120		22,175
TEGNA, Inc.		660		10,514
				67,790
Metals & Mining 2.0%
Alcoa Corp.		720		23,789
Cleveland-Cliffs, Inc.*		1,850		28,397
Commercial Metals Co.		470		28,247
MP Materials Corp.*		560		7,571
Reliance, Inc.		234		71,267
Royal Gold, Inc.		265		36,602
United States Steel Corp.		895		36,776
				232,649

See Notes to Financial Statements.

72

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Mortgage Real Estate Investment Trusts (REITs) 0.6%
Annaly Capital Management, Inc.		1,980	$	39,422
Starwood Property Trust, Inc.		1,215		24,239
				63,661
Multi-Utilities 0.3%
Black Hills Corp.		280		16,534
Northwestern Energy Group, Inc.		240		12,905
				29,439
Office REITs 0.6%
COPT Defense Properties		440		12,747
Cousins Properties, Inc.		590		16,231
Kilroy Realty Corp.		410		15,158
Vornado Realty Trust		650		19,493
				63,629
Oil, Gas & Consumable Fuels 4.4%
Antero Midstream Corp.		1,325		19,027
Antero Resources Corp.*		1,170		33,953
Chesapeake Energy Corp.		450		34,348
Chord Energy Corp.		245		42,057
Civitas Resources, Inc.		370		25,811
CNX Resources Corp.*		610		16,147
DT Midstream, Inc.		390		29,390
HF Sinclair Corp.		580		29,853
Matador Resources Co.		470		28,896
Murphy Oil Corp.		575		23,794
Ovintiv, Inc.		995		46,208
PBF Energy, Inc. (Class A Stock)		420		17,115
Permian Resources Corp.		2,055		31,524
Range Resources Corp.		945		29,512
Southwestern Energy Co.*		4,390		28,315
Texas Pacific Land Corp.		75		63,367
				499,317
Paper & Forest Products 0.2%
Louisiana-Pacific Corp.		245		24,049

See Notes to Financial Statements.

73

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Personal Care Products 0.7%
BellRing Brands, Inc.*		510	$	26,153
Coty, Inc. (Class A Stock)*		1,420		14,129
elf Beauty, Inc.*		220		37,967
				78,249
Pharmaceuticals 0.4%
Jazz Pharmaceuticals PLC*		255		28,114
Perrigo Co. PLC		525		14,842
				42,956
Professional Services 2.6%
CACI International, Inc. (Class A Stock)*		90		41,533
Concentrix Corp.		193		13,606
ExlService Holdings, Inc.*		640		22,566
Exponent, Inc.		200		21,216
FTI Consulting, Inc.*		140		30,516
Genpact Ltd.		670		23,229
Insperity, Inc.		150		15,408
KBR, Inc.		540		35,959
ManpowerGroup, Inc.		195		14,933
Maximus, Inc.		240		22,294
Paylocity Holding Corp.*		170		25,512
Science Applications International Corp.		205		25,502
				292,274
Real Estate Management & Development 0.4%
Jones Lang LaSalle, Inc.*		189		47,420
Residential REITs 1.0%
American Homes 4 Rent (Class A Stock)		1,290		46,556
Equity LifeStyle Properties, Inc.		750		51,510
Independence Realty Trust, Inc.		900		16,785
				114,851
Retail REITs 1.0%
Agree Realty Corp.		410		28,278
Brixmor Property Group, Inc.		1,205		30,691

See Notes to Financial Statements.

74

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Retail REITs (cont’d.)
Kite Realty Group Trust		880	$	21,701
NNN REIT, Inc.		735		32,994
				113,664
Semiconductors & Semiconductor Equipment 2.5%
Allegro MicroSystems, Inc. (Japan)*		280		6,731
Amkor Technology, Inc.		400		13,064
Cirrus Logic, Inc.*		210		27,401
Lattice Semiconductor Corp.*		550		29,150
MACOM Technology Solutions Holdings, Inc.*		210		21,193
MKS Instruments, Inc.		255		32,104
Onto Innovation, Inc.*		195		37,303
Power Integrations, Inc.		220		16,069
Rambus, Inc.*		440		22,634
Silicon Laboratories, Inc.*		130		15,617
Synaptics, Inc.*		160		13,971
Universal Display Corp.		180		40,072
Wolfspeed, Inc.*		490		9,237
				284,546
Software 2.4%
Altair Engineering, Inc. (Class A Stock)*		220		19,439
Appfolio, Inc. (Class A Stock)*		90		19,933
Aspen Technology, Inc.*		110		20,674
Blackbaud, Inc.*		155		12,304
CommVault Systems, Inc.*		180		27,513
Dolby Laboratories, Inc. (Class A Stock)		230		18,115
Dropbox, Inc. (Class A Stock)*		945		22,604
Dynatrace, Inc.*		965		42,383
Manhattan Associates, Inc.*		244		62,313
Qualys, Inc.*		155		23,117
Teradata Corp.*		375		12,158
				280,553
Specialized REITs 1.7%
CubeSmart		900		42,822
EPR Properties		295		13,275
Gaming & Leisure Properties, Inc.		1,085		54,467
Lamar Advertising Co. (Class A Stock)		351		42,071

See Notes to Financial Statements.

75

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Specialized REITs (cont’d.)
National Storage Affiliates Trust		270	$	11,494
PotlatchDeltic Corp.		310		13,751
Rayonier, Inc.		530		16,075
				193,955
Specialty Retail 4.1%
Abercrombie & Fitch Co. (Class A Stock)*		205		30,233
AutoNation, Inc.*		90		17,165
Burlington Stores, Inc.*		255		66,382
Dick’s Sporting Goods, Inc.		230		49,760
Five Below, Inc.*		225		16,366
Floor & Decor Holdings, Inc. (Class A Stock)*		430		42,140
GameStop Corp. (Class A Stock)*		1,060		24,030
Gap, Inc. (The)		860		20,193
Lithia Motors, Inc.		115		31,778
Murphy USA, Inc.		75		37,869
Penske Automotive Group, Inc.		70		12,188
RH*		65		18,855
Valvoline, Inc.*		500		23,250
Williams-Sonoma, Inc.		510		78,887
				469,096
Technology Hardware, Storage & Peripherals 0.6%
Pure Storage, Inc. (Class A Stock)*		1,225		73,414
Textiles, Apparel & Luxury Goods 1.2%
Capri Holdings Ltd.*		470		15,764
Carter’s, Inc.		150		9,082
Columbia Sportswear Co.		125		10,212
Crocs, Inc.*		240		32,249
PVH Corp.		220		22,438
Skechers USA, Inc. (Class A Stock)*		530		34,519
Under Armour, Inc. (Class A Stock)*		670		4,670
Under Armour, Inc. (Class C Stock)*		690		4,685
				133,619
Trading Companies & Distributors 1.7%
Applied Industrial Technologies, Inc.		150		32,728
Core & Main, Inc. (Class A Stock)*		680		36,360

See Notes to Financial Statements.

76

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont’d.)
GATX Corp.		135	$	18,833
MSC Industrial Direct Co., Inc. (Class A Stock)		180		16,011
Watsco, Inc.		124		60,697
WESCO International, Inc.		175		30,616
				195,245
Water Utilities 0.4%
Essential Utilities, Inc.		1,010		41,057
TOTAL COMMON STOCKS
(cost $9,263,845)				11,283,539
UNAFFILIATED EXCHANGE-TRADED FUND 2.5%
iShares Core S&P Mid-Cap ETF
(cost $222,670)		4,510		279,484
TOTAL INVESTMENTS 101.2%
(cost $9,486,515)				11,563,023
Liabilities in excess of other assets (1.2)%				(132,040	)
NET ASSETS 100.0%			$	11,430,983

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

* Non-income producing security.

Fair Value Measurements:

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

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

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

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

See Notes to Financial Statements.

77

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

The following is a summary of the inputs used as of July 31, 2024 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	141,745		$	—		$	—
Air Freight & Logistics		27,150			—			—
Automobile Components		119,662			—			—
Automobiles		40,852			—			—
Banks		646,137			—			—
Beverages		57,850			—			—
Biotechnology		343,733			—			—
Broadline Retail		49,938			—			—
Building Products		435,377			—			—
Capital Markets		353,705			—			—
Chemicals		248,817			—			—
Commercial Services & Supplies		221,407			—			—
Communications Equipment		44,033			—			—
Construction & Engineering		274,625			—			—
Construction Materials		55,595			—			—
Consumer Finance		85,312			—			—
Consumer Staples Distribution & Retail		238,038			—			—
Containers & Packaging		193,185			—			—
Diversified Consumer Services		134,552			—			—
Diversified REITs		50,584			—			—
Diversified Telecommunication Services		39,420			—			—
Electric Utilities		100,098			—			—
Electrical Equipment		184,166			—			—
Electronic Equipment, Instruments & Components		279,663			—			—
Energy Equipment & Services		113,692			—			—
Entertainment		41,656			—			—
Financial Services		199,666			—			—
Food Products		121,683			—			—
Gas Utilities		109,281			—			—
Ground Transportation		194,078			—			—
Health Care Equipment & Supplies		191,558			—			—
Health Care Providers & Services		236,327			—			—
Health Care REITs		76,647			—			—
Health Care Technology		13,440			—			—
Hotel & Resort REITs		12,199			—			—
Hotels, Restaurants & Leisure		378,896			—			—
Household Durables		235,318			—			—
Independent Power & Renewable Electricity Producers		16,304			—			—
Industrial REITs		138,828			—			—
Insurance		554,112			—			—
Interactive Media & Services		21,796			—			—

See Notes to Financial Statements.

78

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
IT Services	$	41,153		$	—		$	—
Leisure Products		79,152			—			—
Life Sciences Tools & Services		262,923			—			—
Machinery		510,105			—			—
Marine Transportation		27,648			—			—
Media		67,790			—			—
Metals & Mining		232,649			—			—
Mortgage Real Estate Investment Trusts (REITs)		63,661			—			—
Multi-Utilities		29,439			—			—
Office REITs		63,629			—			—
Oil, Gas & Consumable Fuels		499,317			—			—
Paper & Forest Products		24,049			—			—
Personal Care Products		78,249			—			—
Pharmaceuticals		42,956			—			—
Professional Services		292,274			—			—
Real Estate Management & Development		47,420			—			—
Residential REITs		114,851			—			—
Retail REITs		113,664			—			—
Semiconductors & Semiconductor Equipment		284,546			—			—
Software		280,553			—			—
Specialized REITs		193,955			—			—
Specialty Retail		469,096			—			—
Technology Hardware, Storage & Peripherals		73,414			—			—
Textiles, Apparel & Luxury Goods		133,619			—			—
Trading Companies & Distributors		195,245			—			—
Water Utilities		41,057			—			—
Unaffiliated Exchange-Traded Fund		279,484			—			—
Total	$	11,563,023		$	—		$	—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2024 were as follows:

Banks	5.6	%
Insurance	4.8
Machinery	4.5
Oil, Gas & Consumable Fuels	4.4
Specialty Retail	4.1
Building Products	3.8
Hotels, Restaurants & Leisure	3.3

Capital Markets	3.1	%
Biotechnology	3.0
Professional Services	2.6
Semiconductors & Semiconductor Equipment	2.5
Unaffiliated Exchange-Traded Fund	2.5
Software	2.4
Electronic Equipment, Instruments & Components	2.4

See Notes to Financial Statements.

79

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (continued)

as of July 31, 2024

Industry Classification (continued):

Construction & Engineering	2.4	%
Life Sciences Tools & Services	2.3
Chemicals	2.2
Consumer Staples Distribution & Retail	2.1
Health Care Providers & Services	2.1
Household Durables	2.1
Metals & Mining	2.0
Commercial Services & Supplies	1.9
Financial Services	1.7
Trading Companies & Distributors	1.7
Ground Transportation	1.7
Specialized REITs	1.7
Containers & Packaging	1.7
Health Care Equipment & Supplies	1.7
Electrical Equipment	1.6
Aerospace & Defense	1.2
Industrial REITs	1.2
Diversified Consumer Services	1.2
Textiles, Apparel & Luxury Goods	1.2
Food Products	1.1
Automobile Components	1.0
Residential REITs	1.0
Energy Equipment & Services	1.0
Retail REITs	1.0
Gas Utilities	1.0
Electric Utilities	0.9
Consumer Finance	0.7
Leisure Products	0.7
Personal Care Products	0.7
Health Care REITs	0.7

Technology Hardware, Storage & Peripherals	0.6	%
Media	0.6
Mortgage Real Estate Investment Trusts (REITs)	0.6
Office REITs	0.6
Beverages	0.5
Construction Materials	0.5
Diversified REITs	0.4
Broadline Retail	0.4
Real Estate Management & Development	0.4
Communications Equipment	0.4
Pharmaceuticals	0.4
Entertainment	0.4
IT Services	0.4
Water Utilities	0.4
Automobiles	0.4
Diversified Telecommunication Services	0.3
Multi-Utilities	0.3
Marine Transportation	0.2
Air Freight & Logistics	0.2
Paper & Forest Products	0.2
Interactive Media & Services	0.2
Independent Power & Renewable Electricity Producers	0.1
Health Care Technology	0.1
Hotel & Resort REITs	0.1
	101.2
Liabilities in excess of other assets	(1.2	)
	100.0	%

See Notes to Financial Statements.

80

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Assets & Liabilities

as of July 31, 2024

Assets
Unaffiliated investments (cost $9,486,515)	$	11,563,023
Due from Manager		20,497
Receivable for Fund shares sold		16,857
Receivable for investments sold		12,388
Dividends receivable		2,929
Prepaid expenses		80
Total Assets		11,615,774
Liabilities
Payable for Fund shares purchased		131,961
Audit fee payable		25,440
Custodian and accounting fees payable		11,087
Accrued expenses and other liabilities		7,539
Professional fees payable		6,036
Payable for investments purchased		1,082
Trustees’ fees payable		800
Payable to custodian		762
Affiliated transfer agent fee payable		84
Total Liabilities		184,791
Net Assets	$	11,430,983
Net assets were comprised of:
Paid-in capital	$	7,760,016
Total distributable earnings (loss)		3,670,967
Net assets, July 31, 2024	$	11,430,983
Class R6
Net asset value, offering price and redemption price per share, ($11,430,983 ÷ 1,023,436 shares of beneficial interest issued and outstanding)	$	11.17

See Notes to Financial Statements.

 81

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Operations

Year Ended July 31, 2024

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $21 foreign withholding tax)	$	176,874
Affiliated dividend income		2,048
Total income		178,922
Expenses
Management fee		40,163
Professional fees		57,161
Custodian and accounting fees		44,885
Audit fee		25,440
Shareholders’ reports		12,092
Fund data services		10,913
Trustees’ fees		9,687
Commitment fees		6,627
Transfer agent’s fees and expenses (including affiliated expense of $512)		646
Registration fees		498
Miscellaneous		5,542
Total expenses		213,654
Less: Fee waiver and/or expense reimbursement		(159,070	)
Net expenses		54,584
Net investment income (loss)		124,338
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		1,781,486
Net change in unrealized appreciation (depreciation) on investments		(28,662	)
Net gain (loss) on investment transactions		1,752,824
Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,877,162

See Notes to Financial Statements.

82

PGIM Quant Solutions Mid-Cap Index Fund

Statements of Changes in Net Assets

	Year Ended July 31,
	2024			2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	124,338		$	104,397
Net realized gain (loss) on investment transactions		1,781,486			953,858
Net change in unrealized appreciation (depreciation) on investments		(28,662	)		360,281
Net increase (decrease) in net assets resulting from operations		1,877,162			1,418,536
Dividends and Distributions
Distributions from distributable earnings
Class R6		(900,450	)		(2,029,621	)
Fund share transactions
Net proceeds from shares sold (641,938 and 332,362 shares, respectively)		6,336,354			3,200,816
Net asset value of shares issued in reinvestment of dividends and distributions (95,387 and 217,537 shares, respectively)		900,450			2,029,621
Cost of shares purchased (990,057 and 645,044 shares, respectively)		(9,920,904	)		(6,222,068	)
Net increase (decrease) in net assets from Fund share transactions		(2,684,100	)		(991,631	)
Total increase (decrease)		(1,707,388	)		(1,602,716	)
Net Assets:
Beginning of year		13,138,371			14,741,087
End of year	$	11,430,983		$	13,138,371

See Notes to Financial Statements.

83

PGIM Quant Solutions Mid-Cap Index Fund

Financial Highlights

Class R6 Shares
	Year Ended July 31,
	2024			2023			2022			2021			2020
Per Share Operating Performance(a):
Net Asset Value, Beginning of Year		$10.30			$10.75			$14.27			$9.72			$10.84
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.08			0.10			0.09			0.10
Net realized and unrealized gain (loss) on investment transactions		1.47			1.02			(0.47	)		4.54			(1.10	)
Total from investment operations		1.58			1.10			(0.37	)		4.63			(1.00	)
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		-			(0.13	)		(0.08	)		(0.12	)
Distributions from net realized gains		(0.59	)		(1.55	)		(3.02	)		-			-
Total dividends and distributions		(0.71	)		(1.55	)		(3.15	)		(0.08	)		(0.12	)
Net asset value, end of year		$11.17			$10.30			$10.75			$14.27			$9.72
Total Return(b):		16.66	%		11.78	%		(3.86	)%		47.88	%		(9.42	)%
Ratios/Supplemental Data:
Net assets, end of year (000)		$11,431			$13,138			$14,741			$23,675			$20,814
Average net assets (000)		$11,590			$13,192			$18,954			$27,862			$16,827
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.47	%(d)		0.82	%(d)		0.81	%		0.85	%		0.85	%
Expenses before waivers and/or expense reimbursement		1.84	%		1.55	%		1.21	%		0.97	%		1.32	%
Net investment income (loss)		1.07	%		0.79	%		0.80	%		0.73	%		1.02	%
Portfolio turnover rate(e)		169	%		124	%		123	%		135	%		140	%

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

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

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

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

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

See Notes to Financial Statements.

84

Notes to Financial Statements/Consolidated

Financial Statements

1. Organization

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

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

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

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

As of July 31, 2024, the Cayman Subsidiary had net assets of $6,398,129, representing 14.15% of the Commodity Strategies Fund’s net assets.

85

Notes to Financial Statements/Consolidated

Financial Statements

The Funds have the following investment objectives:

Fund	Investment Objective(s)
PGIM Jennison Small-Cap Core Equity Fund	Outperform the Russell 2000 Index.
PGIM Core Conservative Bond Fund	Outperform the Bloomberg U.S. Aggregate Bond Index over full market cycles.
PGIM TIPS Fund	Seek to outperform the Bloomberg U.S. Treasury Inflation-Protected Index.*
PGIM Quant Solutions Commodity Strategies Fund	Seek to generate returns over time in excess of the Bloomberg Commodity Index.
PGIM Quant Solutions Mid-Cap Index Fund	Seek to provide investment results that approximate the performance of the S&P MidCap 400 Index.

* Effective October 27, 2024, the Fund’s investment objective will be changed to “Seek to provide inflation protection and income by investing primarily in inflation protected debt securities” to more closely align with the Fund’s current investment strategy.

2. Accounting Policies

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

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” 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

86

the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

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

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

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements up to the time the 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.

87

Notes to Financial Statements/Consolidated

Financial Statements

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

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

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

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

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

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

88

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

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Notes to Financial Statements/Consolidated

Financial Statements

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 pledge to the broker 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, depending on the daily fluctuations in the value of the underlying security. 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 (Consolidated Statement of Operations for Commodity Strategies Fund) 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.

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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 the Funds, are subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Funds. A master netting arrangement between the Funds and the counterparty permits the Funds to offset amounts payable by the Funds to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by the Funds to cover the Funds’ 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. 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: The Funds lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Funds. Upon termination of the

91

Notes to Financial Statements/Consolidated

Financial Statements

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

92

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 all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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

Expected Distribution Schedule to Shareholders*	Frequency
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

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

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

3. Agreements

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

Fund	Subadviser(s)
PGIM Jennison Small-Cap Core Equity Fund	Jennison Associates, LLC (“Jennison”) (a wholly-owned subsidiary of PGIM, Inc.)

93

Notes to Financial Statements/Consolidated

Financial Statements

Fund	Subadviser(s)
PGIM Core Conservative Bond Fund	PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.); PGIM Fixed Income (a business unit of PGIM, Inc.)
PGIM TIPS Fund	PGIM Fixed Income
PGIM Quant Solutions Commodity Strategies Fund	PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”)(a wholly-owned subsidiary of PGIM, Inc.)
PGIM Quant Solutions Mid-Cap Index Fund	PGIM Quantitative Solutions

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended July 31, 2024, the contractual and effective management fee rates were as follows:

Fund	Management Fee	Effective Management Fee, before any waivers and/or expense reimbursements	Effective Management Fee, after any waivers and/or expense reimbursements
PGIM Jennison Small-Cap Core Equity Fund	0.75% of average daily net assets	0.75%	—#%
PGIM Core Conservative Bond Fund	0.19% of average daily net assets*	0.26	0.07
PGIM TIPS Fund	0.23% of average daily net assets	0.23	0.19
PGIM Quant Solutions Commodity Strategies Fund	0.40% of average daily net assets	0.47**	0.40
PGIM Quant Solutions Mid-Cap Index Fund	0.25% of average daily net assets***	0.35	—#

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

* Effective July 1, 2024. Prior to July 1, 2024, the management fee was 0.27% of the Fund’s average daily net assets.

** 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.

*** Effective December 11, 2023. Prior to December 11, 2023, the management fee was 0.50% of the Fund’s average daily net assets.

The Manager has contractually agreed, through November 30, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary

94

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:

Fund	Fee Waivers and/or Expense Limitations
PGIM Jennison Small-Cap Core Equity Fund	contractually limit expenses to 0.95%
PGIM Core Conservative Bond Fund	contractually limit expenses to 0.19%*
PGIM TIPS Fund	contractually limit expenses to 0.40%****
PGIM Quant Solutions Commodity Strategies Fund	contractually limit expenses to 0.70%**
PGIM Quant Solutions Mid-Cap Index Fund	contractually limit expenses to 0.19%***

* Effective July 1, 2024. Prior to July 1, 2024, the expense limitation was 0.50% of average daily net assets for class R6 shares.

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

*** Effective December 11, 2023. This waiver has no express termination date and may not be terminated by PGIM Investments without the prior approval of the Fund’s Board of Trustees. Prior to December 11, 2023, the expense limitation was 0.80% of average daily net assets for class R6 shares.

**** Effective September 27, 2024, the Fund’s contractual expense limitation will be lowered from 0.40% to 0.30% of average daily net assets for Class R6 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 the Funds. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Funds.

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

95

Notes to Financial Statements/Consolidated Financial Statements

4. Other Transactions with Affiliates

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

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

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the year ended July 31, 2024, no Rule 17a-7 transactions were entered into by the Funds.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the year ended July 31, 2024, were as follows:

Fund	Cost of Purchases			Proceeds from Sales
PGIM Jennison Small-Cap Core Equity Fund		$	7,818,339		$	9,176,601
PGIM Core Conservative Bond Fund			11,071,210			15,184,509
PGIM TIPS Fund			—			—
PGIM Quant Solutions Commodity Strategies Fund			—			—
PGIM Quant Solutions Mid-Cap Index Fund			19,446,266			22,779,750

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds and other investments for the year ended July 31, 2024, is presented as follows:

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PGIM Jennison Small-Cap Core Equity Fund:

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in  Unrealized  Gain  (Loss)	Realized  Gain  (Loss)	Value,  End of Year		Shares,  End  of Year		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(1)(wb)
$353,977	$6,022,286	$6,006,249	$—	$—		$370,014		370,014		$15,397
PGIM Institutional Money Market Fund (7-day effective yield 5.606%)(1)(b)(wb)
—	96,583	96,587	—	4		—		—		634	(2)
$353,977	$6,118,869	$6,102,836	$—	$4		$370,014				$16,031

PGIM Core Conservative Bond Fund:

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in  Unrealized  Gain  (Loss)	Realized  Gain  (Loss)	Value,  End of Year	Shares,  End  of Year	Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(1)(wb)
$726,361	$22,833,731	$22,891,666	$—	$—	$668,426	668,426		$21,589

PGIM TIPS Fund:

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in  Unrealized  Gain  (Loss)	Realized  Gain  (Loss)	Value,  End of Year	Shares,  End  of Year	Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(1)(wb)
$3,433,071	$26,491,915	$29,385,546	$—	$—	$539,440	539,440		$30,894

PGIM Quant Solutions Commodity Strategies Fund:

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in  Unrealized  Gain  (Loss)	Realized  Gain  (Loss)	Value,  End of Year	Shares,  End  of Year	Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(1)(bb)(wb)
$—	$71,556,692	$65,338,883	$—	$—	$6,217,809	6,217,809		$378,553

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Notes to Financial Statements/Consolidated Financial Statements

PGIM Quant Solutions Mid-Cap Index Fund:

Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in  Unrealized  Gain  (Loss)	Realized  Gain  (Loss)	Value,  End of Year	Shares,  End  of Year	Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Government Money Market Fund (7-day effective yield 5.561%)(1)(wb)
$42,196	$3,390,573	$3,432,769	$—	$—	$—	—		$2,048

(1) The Fund did not have any capital gain distributions during the reporting period.

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

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

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

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

6. Distributions and Tax Information

Distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. In order to present total distributable earnings (loss) and paid-in capital in excess of par on the Statement of Assets and Liabilities that more closely represent their tax character, certain adjustments have been made to total distributable earnings (loss) and paid-in capital in excess of par for the Funds indicated below.

For the year ended July 31, 2024, the adjustments were as follows:

Fund	Total Distributable Earnings (Loss)			Paid-in Capital in Excess of Par
PGIM Jennison Small-Cap Core Equity Fund		$	—		$	—
PGIM Core Conservative Bond Fund (a)			20			(20	)
PGIM TIPS Fund			—			—
PGIM Quant Solutions Commodity Strategies Fund			—			—
PGIM Quant Solutions Mid-Cap Index Fund			—			—

(a) Distribution in excess of income.

For the year ended July 31, 2024, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital	Total Dividends and Distributions
PGIM Jennison Small-Cap Core Equity Fund	$	26,142	$	66,843	$—	$	92,985
PGIM Core Conservative Bond Fund		1,682,128		—	—		1,682,128
PGIM TIPS Fund		3,328,568		—	—		3,328,568

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Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital	Total Dividends and Distributions
PGIM Quant Solutions Commodity Strategies Fund	$	2,107,568	$	—	$—	$	2,107,568
PGIM Quant Solutions Mid-Cap Index Fund		154,173		746,277	—		900,450

For the year ended July 31, 2023, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:

Fund	Ordinary Income		Long-Term Capital Gains		Tax Return of Capital		Total Dividends and Distributions
PGIM Jennison Small-Cap Core Equity Fund	$	107,054	$	—	$	37,626	$	144,680
PGIM Core Conservative Bond Fund		1,499,460		—		480		1,499,940
PGIM TIPS Fund		4,062,626		—		—		4,062,626
PGIM Quant Solutions Commodity Strategies Fund		19,256,057		—		—		19,256,057
PGIM Quant Solutions Mid-Cap Index Fund		—		2,029,621		—		2,029,621

For the year ended July 31, 2024, the Funds indicated below had the following amounts of accumulated undistributed earnings on a tax basis:

Fund	Undistributed Ordinary Income			Undistributed Long-Term Capital Gains
PGIM Jennison Small-Cap Core Equity Fund		$	—		$	550,448
PGIM Core Conservative Bond Fund			—			—
PGIM TIPS Fund			439			—
PGIM Quant Solutions Commodity Strategies Fund			1,082,715			—
PGIM Quant Solutions Mid-Cap Index Fund			964,281			758,551

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation/(depreciation) as of July 31, 2024 were as follows:

Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
PGIM Jennison Small-Cap Core Equity Fund	$	7,316,833	$	2,836,173	$	(427,057	)	$	2,409,116
PGIM Core Conservative Bond Fund		45,524,047		287,415		(3,375,359	)		(3,087,944	)
PGIM TIPS Fund		68,230,325		181,223		(5,887,067	)		(5,705,844	)
PGIM Quant Solutions Commodity Strategies Fund		62,616,755		9,433,954		(29,283,043	)		(19,849,089	)
PGIM Quant Solutions Mid-Cap Index Fund		9,614,888		2,316,192		(368,057	)		1,948,135

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Notes to Financial Statements/Consolidated Financial Statements

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2024 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 Carryforward			Capital Loss  Carryforward Utilized
PGIM Jennison Small-Cap Core Equity Fund		$	—		$	568,000
PGIM Core Conservative Bond Fund			5,244,000			—
PGIM TIPS Fund			10,760,000			—
PGIM Quant Solutions Commodity Strategies Fund			471,000			6,000
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, 2024 are subject to such review.

7. Capital and Ownership

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

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

As of July 31, 2024, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:

Fund	Number of Shares		Percentage of Outstanding Shares
PGIM Jennison Small-Cap Core Equity Fund–Class R6		650,640		99.9	%
PGIM Core Conservative Bond Fund–Class R6		4,794,633		99.9
PGIM TIPS Fund–Class R6		7,345,460		99.9
PGIM Quant Solutions Commodity Strategies Fund–Class Z		1,710		5.6
PGIM Quant Solutions Commodity Strategies Fund–Class R6		6,059,602		89.4

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Fund	Number of Shares	Percentage of  Outstanding Shares
PGIM Quant Solutions Mid-Cap Index Fund–Class R6	1,023,436	100.0%

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

Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
PGIM Jennison Small-Cap Core Equity Fund		9		93.4	%
PGIM Core Conservative Bond Fund		6		82.2
PGIM TIPS Fund		7		91.1
PGIM Quant Solutions Commodity Strategies Fund		5		64.2
PGIM Quant Solutions Mid-Cap Index Fund		8		88.2
Unaffiliated:
PGIM Jennison Small-Cap Core Equity Fund		—		—
PGIM Core Conservative Bond Fund		—		—
PGIM TIPS Fund		—		—
PGIM Quant Solutions Commodity Strategies Fund		1		7.7
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
Class Z
Year ended July 31, 2024:
Shares sold		14,214		$	98,917
Shares issued in reinvestment of dividends and distributions		3,174			20,248
Shares purchased		(89,140	)		(613,732	)
Net increase (decrease) in shares outstanding		(71,752	)	$	(494,567	)
Year ended July 31, 2023:
Shares sold		1,174,476		$	10,481,499
Shares issued in reinvestment of dividends and distributions		217,071			1,647,571
Shares purchased		(1,339,998	)		(9,467,101	)
Net increase (decrease) in shares outstanding		51,549		$	2,661,969
Class R6
Year ended July 31, 2024:
Shares sold		2,244,116		$	15,416,105
Shares issued in reinvestment of dividends and distributions		327,678			2,087,311
Shares purchased		(4,204,409	)		(28,617,679	)
Net increase (decrease) in shares outstanding		(1,632,615	)	$	(11,114,263	)

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

Share Class	Shares			Amount
Year ended July 31, 2023:
Shares sold		2,292,053		$	18,541,419
Shares issued in reinvestment of dividends and distributions		2,323,019			17,608,485
Shares purchased		(3,854,937	)		(29,825,808	)
Net increase (decrease) in shares outstanding		760,135		$	6,324,096

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
Term of Commitment	9/29/2023 - 9/26/2024	9/30/2022 – 9/28/2023
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero 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 utilized the SCA during the year ended July 31, 2024. The average balance

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outstanding is for the number of days the Funds utilized the credit facility.

Fund	Average Balance Outstanding			Weighted Average Interest Rates			Number of Days Outstanding		Maximum Balance Outstanding			Balance  Outstanding at  July 31, 2024
PGIM TIPS Fund		$	526,300		6.41	%		10		$	2,307,000		$	—
PGIM Quant Solutions Mid-Cap Index  Fund			319,273		6.43			22			2,652,000			—

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 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
Active Trading		—		X		—		—		—
Adjustable and Floating Rate Securities		—		—		X		—		—
Blend Style		X		—		—		—		—
Cayman Subsidiary		—		—		—		X		—
Commodity		—		—		—		X		—
Commodity-Linked Notes		—		—		—		X		—
Commodity Pooled Investment Vehicles		—		—		—		X		—
Commodity Regulatory		—		—		—		X		—
Concentration		—		—		—		X		—
Consumer Discretionary		—		—		—		—		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
Financial Sector		X		—		—		—		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
Industrials Sector		X		—		—		—		X
Information Technology Sector		X		—		—		—		—
Initial Public Offerings		X		—		—		—		—
Interest Rate		—		X		X		X		—
Large Shareholder and Large Scale Redemption		X		X		X		X		X

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Notes to Financial Statements/Consolidated Financial Statements

Risks	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
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		—		—
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		—		—		—
U.S. Treasury Strips		—		—		X		X		—
Zero Coupon Bond		—		X		—		—		—

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

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to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

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

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

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

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

 105

Notes to Financial Statements/Consolidated Financial Statements

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.

Consumer Discretionary Sector Risk: The consumer discretionary sector may be affected by changes in domestic and international economies, exchange and interest rates, supply chains, competition, consumers’ disposable income, consumer preferences, social trends and marketing campaigns.

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.

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Increasing the amount of Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund is subject. Not all securities in which the Fund invests are rated. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Debt Obligations Risk: Debt obligations are 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 the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

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

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

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

 107

Notes to Financial Statements/Consolidated Financial Statements

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.

Financials Sector Risk: Banks and other financial services companies can be adversely affected by, among other things, regulatory changes, interest rate movements, the availability of capital and cost to borrow, and the rate of debt defaults.

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

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as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

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

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

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

Hedging Risk: The decision as to whether and to what extent the Fund will engage in hedging transactions to hedge against certain risks, such as market risk and issuer risk, will depend on a number of factors, including prevailing market conditions, the composition of 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.

109

Notes to Financial Statements/Consolidated Financial Statements

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.

Industrials Sector Risk: Industrials Sector Risk. Companies in the industrials sector may be adversely affected by changes in the supply of and demand for products and services, product obsolescence, claims for environmental damage or product liability and changes in general economic conditions, among other factors.

Information Technology Sector: Information technology companies face intense competition, both domestically and internationally, which may have an adverse effect on their profit margins. Like other technology companies, information technology companies may have limited product lines, markets, financial resources, or personnel.

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

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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.” For premium bonds (bonds acquired at prices that exceed their par or principal value) purchased by the Fund, prepayment risk may be enhanced. 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

111

Notes to Financial Statements/Consolidated Financial Statements

cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

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

Medium Capitalization (Mid-Cap) Company Risk: The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more

112

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.

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,

113

Notes to Financial Statements/Consolidated Financial Statements

transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of distributions, tax gains or losses, changes to the Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

Trading on Foreign Exchanges Risk: The Fund is expected to trade in commodity forward contracts listed on UK futures exchanges and may, but is not expected to, trade in instruments listed on other exchanges located outside the United States. Some foreign exchanges may be principal markets so that no common clearing facility exists and a trader may look only to the broker for performance of the contract. Trading on U.S. futures exchanges is subject to regulation by the SEC and the CFTC and oversight, as applicable, including, for example, minimum capital requirements for commodity brokers, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements. Trading on foreign exchanges is not regulated by the SEC, CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and such regulations may be less vigorously enforced than regulations in the U.S. positions on foreign exchanges also are subject to the risk of exchange controls, expropriation, excessive taxation or government disruptions.

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

114

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.

115

Report of Independent Registered Public Accounting Firm

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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of each of the funds indicated in the table below (five of the funds constituting Prudential Investment Portfolios 2, hereafter collectively referred to as the “Funds”) as of July 31, 2024, the related statements of operations and of changes in net assets for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2024, the results of each of their operations and changes in each of their net assets, and each of the financial highlights for each of the periods indicated in the table below in conformity with accounting principles generally accepted in the United States of America.

Fund	Statements
PGIM Core Conservative Bond Fund, PGIM Jennison Small-Cap Core Equity Fund, PGIM Quant Solutions Mid-Cap Index Fund, PGIM TIPS Fund	Statement of assets and liabilities, including the schedule of investments as of July 31, 2024, the related statement of operations for the year ended July 31, 2024, the statements of changes in net assets for each of the two years in the period ended July 31, 2024 and the financial highlights for each of the four years in the period ended July 31, 2024
PGIM Quant Solutions Commodity Strategies Fund	Consolidated statement of assets and liabilities, including the consolidated schedule of investments as of July 31, 2024, the related consolidated statement of operations for the year ended July 31, 2024, the consolidated statements of changes in net assets for each of the two years in the period ended July 31, 2024 and the financial highlights for each of the periods indicated therein

The financial statements of the Funds as of and for the year ended July 31, 2020 and the financial highlights for the year ended July 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 18, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

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

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

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2024 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/PricewaterhouseCoopers LLP

New York, New York

September 20, 2024

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

116

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 as part of the financial statements filed under Item 7 of this Form.

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

Approval of Advisory Agreements

PGIM Jennison Small-Cap Core Equity Fund

PGIM Core Conservative Bond Fund

PGIM TIPS Fund

PGIM Quant Solutions Commodity Strategies Fund

PGIM Quant Solutions Mid-Cap Index Fund

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

The Funds’ Boards of Trustees

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

Annual Approval of the Funds’ Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew each Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and each Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”), Jennison Associates LLC (“Jennison”) and PGIM, Inc., (“PGIM”) on behalf of its PGIM Fixed Income unit, and PGIM Limited (collectively “PGIM Fixed Income”), as applicable. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 28 and June 4-6 , 2024 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2025, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in

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

Approval of Advisory Agreements (continued)

connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM Fixed Income, PGIM Quantitative Solutions and Jennison. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

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

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

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income. The Board noted that PGIM Quantitative Solutions, Jennison and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for each Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to each Fund, such as PGIM

Visit our website at pgim.com/investments

Investments’ role as administrator of the Funds’ liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income, including investment research and security selection, as well as adherence to each Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

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

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

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors,

Approval of Advisory Agreements (continued)

including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

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

Other Benefits to PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income

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

Visit our website at pgim.com/investments

 

Performance of the Funds / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-year and the three-year periods ended December 31, 2023.

The Board also considered each Fund’s actual management fee, as well as each Fund’s net total expense ratio, for the fiscal year ended July 31, 2023. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

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

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

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

Net Performance	1 Year	3 Years	5 Years	10 Years
	1st Quartile	1st Quartile	3rd Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 3rd Quartile

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

Approval of Advisory Agreements (continued)

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

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

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

PGIM Jennison Small-Cap Core Equity Fund

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	4th Quartile	1st Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

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

· The Board noted that the Fund’s one year performance began to turn, with the Fund outperforming its benchmark index over the last quarter of 2023 and ranking in the first quartile of peers in the first quarter of 2024.

· The Board considered that PGIM Investments is encouraged by the Fund’s strong returns over the long term as demonstrated by its three- and five-year performance that exceeded the benchmark index, and the Fund’s five-year peer ranking in the first quartile.

· The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.95% for Class R6 shares through November 30, 2024.

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

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

PGIM Core Conservative Bond Fund

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	4th Quartile	4th Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 4th Quartile

· The Board noted that the Fund underperformed its benchmark index (on a net basis) over all periods the Fund has performed above or within one basis point (gross of fees), over the one-, three- and five-year periods.

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· The Board considered PGIM Investments’ assertions that, relative to its peer universe, which has the flexibility to invest in emerging markets and below investment grade debt, the Fund’s more conservative investment approach limits exposure to these sectors, which can limit peer relative results.

· The Board considered PGIM Investments’ assertions that, therefore, the Fund’s benchmark index was a better measure for evaluating Fund performance.

· The Board also noted that a new portfolio manager was added to the Fund’s investment team in 2021 and another portfolio manager was added in 2023.

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

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

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

PGIM TIPS Fund

Net Performance	1 Year	3 Years	5 Years	10 Years
	3rd Quartile	3rd Quartile	3rd Quartile	N/A
Actual Management Fees: 2nd Quartile
Net Total Expenses: 2nd Quartile

· The Board noted that the Fund underperformed its benchmark index (on a net basis) over all periods, but that gross of fees, the Fund outperformed its benchmark (on a gross basis) in five of the last seven calendar years (since the Fund’s inception) and has outperformed (on a gross basis) over the one-, three- and five-year trailing periods.

· The Board noted that the Fund underperformed its benchmark index (on a net basis) during all periods, but that gross of fees, the Fund beat its benchmark index over all periods.

· The Board considered PGIM Investments’ assertions that the Fund’s benchmark index was a better measure for evaluating Fund performance in light of the Fund primarily serving as an underlying Fund for certain affiliated funds and to solely provide treasury inflation protection securities exposure through an enhanced index approach. In this regard, the Board noted that the Fund outperformed its benchmark (on a gross basis) in five of the last seven calendar years (since the Fund’s inception) and has outperformed (on a gross basis) over the one-, three- and five-year trailing periods.

· The Board also noted that three new portfolio managers were added to the Fund’s investment team in 2021.

Approval of Advisory Agreements (continued)

· The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.40% for Class R6 shares through November 30, 2024.

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

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

PGIM Quant Solutions Commodity Strategies Fund

Net Performance	1 Year	3 Years	5 Years	10 Years
	4th Quartile	2nd Quartile	2nd Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

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

· The Board considered PGIM Investments’ assertions that the Fund’s underperformance relative to the benchmark was primarily due to the interest received on cash collateral, which was lower than the 13-week Treasury Bill rate assumed by the benchmark, and that PGIM Investments is encouraged by the Fund’s strong returns over the long term as demonstrated by its five-year performance versus its benchmark and peers.

· The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.70% for Class R6 shares and 0.70% for Class Z shares through November 30, 2024. In addition, PGIM Investments has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

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

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

* * *

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

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

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

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

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

Item 16 –  Controls and Procedures

(a) It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b) There has been no significant change in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

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

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

Item 19 –  Exhibits

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

(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.

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) 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.

SIGNATURES

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

Registrant	Prudential Investment Portfolios 2
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	September 20, 2024

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:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	September 20, 2024
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Chief Financial Officer (Principal Financial Officer)
Date:	September 20, 2024