ThZeal - The Zeal

N-CSRS 1 d747493dncsrs.htm PRUDENTIAL INVESTMENT PORTFOLIOS 2 Prudential Investment Portfolios 2

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-09999

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 2

(This Form N-CSR relates solely to the Registrant’s: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund 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:		7/31/2024

Date of reporting period:		1/31/2024

Item 1 – Reports to Stockholders

LOGO

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)

SEMIANNUAL REPORT

JANUARY 31, 2024

LOGO

To enroll in e-delivery, go to pgim.com/investments/resource/edelivery

Table of Contents



Letter from the President			3

PGIM Jennison Small-Cap Core Equity Fund			4

PGIM Core Conservative Bond Fund			6

PGIM TIPS Fund			8

PGIM Quant Solutions Commodity Strategies Fund			9

PGIM Quant Solutions Mid-Cap Index Fund			11

Fees and Expenses			13

Holdings and Financial Statements			17

This report is not authorized for distribution to prospective investors unless preceded or accompanied by a current prospectus.

The information about the Fund’s portfolio holdings is for the period covered by this report and is subject to change thereafter.

The accompanying financial statements as of January 31, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC a Prudential Financial company and member SIPC. Jennison Associates LLC is a registered investment adviser. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. PGIM Quantitative Solutions LLC, is a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company ^© 2024 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder:

We hope you find this semiannual report for the following funds informative and useful: 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. This report covers performance for the six-month period ended January 31, 2024.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 14th-largest investment manager with more than $1.3 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President and CEO

PGIM Investments LLC

March 15, 2024

PGIM Jennison Small-Cap Core Equity Fund

Your Fund’s Performance

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.



	Total Returns as of 1/31/24 (without sales charges)	Average Annual Total Returns as of 1/31/24 (with sales charges)
	*Six Months (%)**	One Year (%)		Five Years (%)		Since Inception (%)

Fund	-0.14		1.54		10.11	9.56 (11/15/2016)

Russell 2000 Index

	-2.02		2.40		6.80	6.98

*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has 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.

Benchmark Definition

Russell 2000 Index—The Russell 2000^® Index is an unmanaged index of the 2,000 smallest US companies included in the Russell 3000^® Index. It gives an indication of how the stock prices of smaller companies have performed.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Presentation of Fund Holdings as of 1/31/24



Ten Largest Holdings	Line of Business	% of Net Assets

Sprout Social, Inc. (Class A Stock)	Software		2.0	%

elf Beauty, Inc.	Personal Care Products		2.0	%

Constellium SE	Metals & Mining		1.7	%

Shift4 Payments, Inc. (Class A Stock)	Financial Services		1.7	%

Kirby Corp.	Marine Transportation		1.6	%

Chord Energy Corp.	Oil, Gas & Consumable Fuels		1.6	%

Century Communities, Inc.	Household Durables		1.6	%

Cactus, Inc. (Class A Stock)	Energy Equipment & Services		1.6	%

Trinity Industries, Inc.	Machinery		1.5	%

Enerpac Tool Group Corp.	Machinery		1.5	%

Holdings reflect only long-term investments and are subject to change.

PGIM Core Conservative Bond Fund

Your Fund’s Performance



	Total Returns as of 1/31/24 (without sales charges)	Average Annual Total Returns as of 1/31/24 (with sales charges)
	*Six Months (%)**	One Year (%)		Five Years (%)		Since Inception (%)

Fund	3.14		1.82		0.40		0.68 (11/15/2016)

Bloomberg US Aggregate Bond Index

	3.15		2.10		0.83		1.24

*Not annualized

Benchmark Definition

Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are taxable and US dollar denominated. It covers the US investment-grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities.

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Credit Quality expressed as a percentage of total investments as of 1/31/24 (%)

AAA			74.9

AA			4.9

A			8.5

BBB			11.6

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. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.

PGIM TIPS Fund

Your Fund’s Performance



	Total Returns as of 1/31/24 (without sales charges)	Average Annual Total Returns as of 1/31/24 (with sales charges)
	*Six Months (%)**	One Year (%)		Five Years (%)		Since Inception (%)

Fund	1.85		1.82		2.55		2.00 (11/15/2016)

Bloomberg US Treasury Inflation-Protected (TIPS) Index

	2.04		2.21		2.91		2.44

*Not annualized

Benchmark Definition

Bloomberg US Treasury Inflation-Protected (TIPS) Index—The Bloomberg US Treasury Inflation-Protected (TIPS) Index is an unmanaged index that consists of inflation-protected securities issued by the US Treasury.



Credit Quality expressed as a percentage of total investments as of 1/31/24 (%)

AAA			99.2

Cash/Cash Equivalents			0.8

Total			100.0

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PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance



	Total Returns as of 1/31/24 (without sales charges)	Average Annual Total Returns as of 1/31/24 (with sales charges)
	*Six Months (%)**	One Year (%)	Five Years (%)	Since Inception (%)

Class Z	-4.80	-7.61	N/A	5.97 (12/14/2021)

Class R6	-4.63	-7.58	7.32	4.93 (11/15/2016)

Bloomberg Commodity Index

	-5.64	-7.09	6.18	—



Average Annual Total Returns as of 1/31/24 Since Inception (%)
	Class Z	Class R6
	(12/14/2021)	(11/15/2016)

Bloomberg Commodity Index	4.99	3.82

*Not annualized

Benchmark Definition

Bloomberg Commodity Index—The Bloomberg Commodity Index is a diversified benchmark for the commodity futures market. It is composed of futures contracts on 24 physical commodities traded on US exchanges, with the exception of aluminum, nickel, and zinc, which trade on the London Metal Exchange (LME).

PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 1/31/24



Ten Largest Commodities Future Exposure Holdings		% of Net Assets

Gold 100 OZ		14.4%

WTI Crude		9.6%

Brent Crude		7.8%

Natural Gas		6.8%

Copper		6.2%

Live Cattle		4.8%

LME PRI Aluminum		4.7%

Soybean		4.4%

Lean Hogs		3.9%

Cotton No. 2		3.8%

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PGIM Quant Solutions Mid-Cap Index Fund

Your Fund’s Performance



	Total Returns as of 1/31/24 (without sales charges)	Average Annual Total Returns as of 1/31/24 (with sales charges)
	*Six Months (%)**	One Year (%)		Five Years (%)		Since Inception (%)

Fund	2.25		6.27		9.04		8.12 (11/17/2016)

S&P MidCap 400 Index

	0.98		4.78		10.02		9.21

*Not annualized

The Fund’s total returns prior to December 11, 2023 are the returns of the Fund when it followed a different investment objective and strategies and was an actively-managed fund under the name “PGIM Quant Solutions Mid-Cap Core Fund.”

Benchmark Definition

S&P MidCap 400 Index*—The S&P MidCap 400 Index is an unmanaged index of 400 domestic stocks chosen for market capitalization, liquidity and industry representation. It gives a broad look at how US mid-cap stock prices have performed.

*The S&P MidCap 400 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ^© 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices, please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

PGIM Quant Solutions Mid-Cap Index Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 1/31/24



Ten Largest Holdings	Asset Class/Line of Business	% of Net Assets

iShares Core S&P Mid-Cap ETF	Unaffiliated Exchange-Traded Funds	3.7%

Super Micro Computer, Inc.	Technology Hardware, Storage & Peripherals	1.0%

Deckers Outdoor Corp.	Textiles, Apparel & Luxury Goods	0.7%

Reliance Steel & Aluminum Co.	Metals & Mining	0.6%

Carlisle Cos., Inc.	Building Products	0.6%

Manhattan Associates, Inc.	Software	0.6%

GoDaddy, Inc. (Class A Stock)	IT Services	0.6%

Graco, Inc.	Machinery	0.6%

Neurocrine Biosciences, Inc.	Biotechnology	0.5%

Lennox International, Inc.	Building Products	0.5%

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Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees, and other Fund expenses, as applicable. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2024. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information

Fees and Expenses (continued)

provided in the expense table. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.



PGIM Jennison Small-Cap Core Equity Fund		Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$998.60	0.98%	$4.92
	Hypothetical	$1,000.00	$1,020.21	0.98%	$4.98


PGIM Core Conservative Bond Fund		Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,031.40	0.51%	$2.60
	Hypothetical	$1,000.00	$1,022.57	0.51%	$2.59


PGIM TIPS Fund		Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,018.50	0.41%	$2.08
	Hypothetical	$1,000.00	$1,023.08	0.41%	$2.08


PGIM Quant Solutions Commodity Strategies Fund		Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class Z	Actual	$1,000.00	$ 952.00	0.71%	$3.48
	Hypothetical	$1,000.00	$1,021.57	0.71%	$3.61
Class R6	Actual	$1,000.00	$ 953.70	0.70%	$3.44
	Hypothetical	$1,000.00	$1,021.62	0.70%	$3.56

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PGIM Quant Solutions Mid-Cap Index Fund		Beginning Account Value August 1, 2023	Ending Account Value January 31, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,022.50	0.66%	$3.36
	Hypothetical	$1,000.00	$1,021.82	0.66%	$3.35

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2024, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which each Fund may invest.

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.

ADR—American Depositary Receipt

BABs—Build America Bonds

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

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

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited)

as of January 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 98.3%

COMMON STOCKS

Aerospace & Defense 0.5%

Hexcel Corp.		680		$ 45,145

Automobile Components 0.7%

Dorman Products, Inc.*		710		57,801

Banks 8.9%

Atlantic Union Bankshares Corp.		932		31,837
BankUnited, Inc.		1,685		47,618
Brookline Bancorp, Inc.		6,561		70,990
Eastern Bankshares, Inc.		4,157		58,032
Enterprise Financial Services Corp.		1,317		54,827
First Bancorp		1,383		47,796
First Interstate BancSystem, Inc. (Class A Stock)		1,111		30,575
Heritage Financial Corp.		752		15,153
Hilltop Holdings, Inc.		1,495		47,077
Pinnacle Financial Partners, Inc.		1,287		113,745
Western Alliance Bancorp		1,579		100,993
Wintrust Financial Corp.		794		77,002
WSFS Financial Corp.		996		44,332


				739,977

Biotechnology 5.3%

Apellis Pharmaceuticals, Inc.*		1,493		94,492
Arcutis Biotherapeutics, Inc.*		8,062		47,324
Cabaletta Bio, Inc.*		2,681		54,907
Crinetics Pharmaceuticals, Inc.*		1,694		61,797
Krystal Biotech, Inc.*		527		58,629
Tourmaline Bio, Inc.		374		12,488
Vaxcyte, Inc.*		1,124		80,276
Veracyte, Inc.*		1,204		30,124


				440,037

Building Products 1.1%

Hayward Holdings, Inc.*		4,113		51,495
Zurn Elkay Water Solutions Corp.		1,390		41,213


				92,708

Capital Markets 3.2%

AssetMark Financial Holdings, Inc.*		1,669		51,188

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Capital Markets (cont’d.)

Bridge Investment Group Holdings, Inc. (Class A Stock)		4,491	$	43,922
Brightsphere Investment Group, Inc.		1,704		37,693
Hamilton Lane, Inc. (Class A Stock)		434		50,318
Houlihan Lokey, Inc.		555		66,478
Moelis & Co. (Class A Stock)		327		17,975


				267,574

Chemicals 1.0%

Avient Corp.		2,387		86,433

Commercial Services & Supplies 2.9%

ACV Auctions, Inc. (Class A Stock)*		5,850		75,874
Casella Waste Systems, Inc. (Class A Stock)*		1,334		113,844
VSE Corp.		798		49,564


				239,282

Construction & Engineering 2.1%

Concrete Pumping Holdings, Inc.*		5,810		44,853
Construction Partners, Inc. (Class A Stock)*		1,620		73,710
Great Lakes Dredge & Dock Corp.*		6,917		52,846


				171,409

Construction Materials 0.2%

Summit Materials, Inc. (Class A Stock)*		468		16,932

Consumer Staples Distribution & Retail 0.9%

Chefs’ Warehouse, Inc. (The)*		2,432		77,386

Diversified Telecommunication Services 1.4%

Cogent Communications Holdings, Inc.		1,471		113,561

Electronic Equipment, Instruments & Components 0.3%

Littelfuse, Inc.		104		25,158

Energy Equipment & Services 2.9%

Cactus, Inc. (Class A Stock)		3,072		130,376
Weatherford International PLC*		1,293		115,788


				246,164

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Financial Services 2.7%

Essent Group Ltd.		969	$	53,450
Flywire Corp.*		1,566		33,465
Shift4 Payments, Inc. (Class A Stock)*		1,966		141,179


				228,094

Food Products 2.8%

Adecoagro SA (Brazil)		6,510		66,597
Freshpet, Inc.*		1,207		103,923
Utz Brands, Inc.		3,576		63,295


				233,815

Gas Utilities 0.7%

Chesapeake Utilities Corp.		553		56,008

Health Care Equipment & Supplies 3.4%

CONMED Corp.		832		79,539
Inari Medical, Inc.*		1,419		80,812
Inspire Medical Systems, Inc.*		287		60,520
Integra LifeSciences Holdings Corp.*		562		22,564
Tandem Diabetes Care, Inc.*		1,921		43,799


				287,234

Health Care Providers & Services 3.9%

Acadia Healthcare Co., Inc.*		1,236		101,525
Guardant Health, Inc.*		1,476		32,369
LifeStance Health Group, Inc.*		5,942		35,533
NeoGenomics, Inc.*		1,834		27,235
Option Care Health, Inc.*		1,158		36,176
Progyny, Inc.*		2,344		89,283


				322,121

Hotel & Resort REITs 0.4%

Summit Hotel Properties, Inc.		5,419		35,115

Hotels, Restaurants & Leisure 4.0%

Bloomin’ Brands, Inc.		2,606		69,372
Cava Group, Inc.*		1,447		67,720
Golden Entertainment, Inc.		1,344		51,583

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure (cont’d.)

Shake Shack, Inc. (Class A Stock)*		308	$	23,272
Wingstop, Inc.		429		120,596


				332,543

Household Durables 1.6%

Century Communities, Inc.		1,511		131,004

Industrial REITs 1.5%

Plymouth Industrial REIT, Inc.		5,679		125,733

Insurance 1.9%

Axis Capital Holdings Ltd.		1,623		96,601
James River Group Holdings Ltd.		2,101		20,106
Skyward Specialty Insurance Group, Inc.*		1,309		40,710


				157,417

IT Services 1.2%

Grid Dynamics Holdings, Inc.*		7,461		97,366

Leisure Products 0.7%

Brunswick Corp.		745		60,107

Machinery 4.1%

Enerpac Tool Group Corp.		4,085		127,575
Enpro, Inc.		594		88,732
Trinity Industries, Inc.		5,145		129,345


				345,652

Marine Transportation 1.6%

Kirby Corp.*		1,746		137,340

Metals & Mining 3.2%

B2Gold Corp. (Canada)		13,565		37,982
Constellium SE*		7,629		143,044
ERO Copper Corp. (Brazil)*		2,662		41,687
Materion Corp.		363		42,460


				265,173

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Mortgage Real Estate Investment Trusts (REITs) 1.1%

Ladder Capital Corp.		8,171	$ 89,309

Office REITs 0.5%

Cousins Properties, Inc.		1,732	39,680

Oil, Gas & Consumable Fuels 2.5%

Chord Energy Corp.		889	136,692
Kosmos Energy Ltd. (Ghana)*		12,245	74,205


			210,897

Passenger Airlines 0.4%

Sun Country Airlines Holdings, Inc.*		2,551	34,719

Personal Care Products 2.0%

elf Beauty, Inc.*		1,045	166,709

Pharmaceuticals 2.2%

Cymabay Therapeutics, Inc.*		2,729	64,159
Prestige Consumer Healthcare, Inc.*		1,451	89,294
Verona Pharma PLC (United Kingdom), ADR*		1,525	27,984


			181,437

Professional Services 3.1%

ASGN, Inc.*		791	73,421
HireRight Holdings Corp.*		2,884	35,762
Huron Consulting Group, Inc.*		729	75,473
Korn Ferry		335	19,654
Paycor HCM, Inc.*		2,943	57,182


			261,492

Real Estate Management & Development 0.6%

Marcus & Millichap, Inc.		1,247	47,498

Residential REITs 1.9%

Independence Realty Trust, Inc.		6,408	94,134
UMH Properties, Inc.		4,350	65,728


			159,862

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Retail REITs 1.0%
Retail Opportunity Investments Corp.		3,032	$ 41,205
Urban Edge Properties		2,340	40,412


			81,617

Semiconductors & Semiconductor Equipment 4.6%

Credo Technology Group Holding Ltd.*		3,076	63,089
MACOM Technology Solutions Holdings, Inc.*		1,021	88,041
MaxLinear, Inc.*		1,702	35,436
SiTime Corp.*		570	60,745
Tower Semiconductor Ltd. (Israel)*		3,300	95,205
Universal Display Corp.		267	45,328


			387,844

Software 8.3%

Clear Secure, Inc. (Class A Stock)		2,393	45,539
Descartes Systems Group, Inc. (The) (Canada)*		503	44,058
DoubleVerify Holdings, Inc.*		1,076	43,051
Intapp, Inc.*		1,982	85,385
LiveRamp Holdings, Inc.*		1,446	57,088
Q2 Holdings, Inc.*		2,722	115,821
Riskified Ltd. (Class A Stock)*		5,099	23,404
Sprout Social, Inc. (Class A Stock)*		2,730	167,431
Varonis Systems, Inc.*		2,489	111,706


			693,483

Specialized REITs 1.1%

National Storage Affiliates Trust		2,571	96,027

Specialty Retail 1.8%

Boot Barn Holdings, Inc.*		1,114	79,918
Citi Trends, Inc.*		1,191	32,074
Warby Parker, Inc. (Class A Stock)*		3,272	41,718


			153,710

Textiles, Apparel & Luxury Goods 1.0%

Kontoor Brands, Inc.		1,442	84,530

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Trading Companies & Distributors 1.1%
Herc Holdings, Inc.		641	$ 94,541

TOTAL LONG-TERM INVESTMENTS (cost $6,057,880)			8,217,644


SHORT-TERM INVESTMENT 4.2%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)
(cost $355,430)(wb)		355,430	355,430


TOTAL INVESTMENTS 102.5% (cost $6,413,310)			8,573,074

Liabilities in excess of other assets (2.5)%			(211,587)


NET ASSETS 100.0%			$ 8,361,487

See the Glossary for a list of the abbreviation(s) used in the semiannual 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 January 31, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3

Investments in Securities

Assets

Long-Term Investments
Common Stocks
Aerospace & Defense	$	45,145		$—		$—
Automobile Components		57,801		—		—
Banks		739,977		—		—

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024


	Level 1		Level 2		Level 3

Investments in Securities (continued)

Assets (continued)

Long-Term Investments (continued)
Common Stocks (continued)
Biotechnology	$	440,037		$—		$—
Building Products		92,708		—		—
Capital Markets		267,574		—		—
Chemicals		86,433		—		—
Commercial Services & Supplies		239,282		—		—
Construction & Engineering		171,409		—		—
Construction Materials.		16,932		—		—
Consumer Staples Distribution & Retail		77,386		—		—
Diversified Telecommunication Services		113,561		—		—
Electronic Equipment, Instruments & Components		25,158		—		—
Energy Equipment & Services.		246,164		—		—
Financial Services		228,094		—		—
Food Products		233,815		—		—
Gas Utilities		56,008		—		—
Health Care Equipment & Supplies.		287,234		—		—
Health Care Providers & Services		322,121		—		—
Hotel & Resort REITs		35,115		—		—
Hotels, Restaurants & Leisure		332,543		—		—
Household Durables		131,004		—		—
Industrial REITs		125,733		—		—
Insurance.		157,417		—		—
IT Services		97,366		—		—
Leisure Products		60,107		—		—
Machinery		345,652		—		—
Marine Transportation		137,340		—		—
Metals & Mining.		265,173		—		—
Mortgage Real Estate Investment Trusts (REITs)		89,309		—		—
Office REITs.		39,680		—		—
Oil, Gas & Consumable Fuels		210,897		—		—
Passenger Airlines.		34,719		—		—
Personal Care Products		166,709		—		—
Pharmaceuticals		181,437		—		—
Professional Services		261,492		—		—
Real Estate Management & Development		47,498		—		—
Residential REITs.		159,862		—		—
Retail REITs.		81,617		—		—
Semiconductors & Semiconductor Equipment		387,844		—		—
Software.		693,483		—		—
Specialized REITs.		96,027		—		—
Specialty Retail		153,710		—		—
Textiles, Apparel & Luxury Goods		84,530		—		—
Trading Companies & Distributors		94,541		—		—

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024


	Level 1		Level 2		Level 3

Investments in Securities (continued)

Assets (continued)

Short-Term Investment
Affiliated Mutual Fund.	$	355,430		$—		$—


Total	$	8,573,074		$—		$—

Industry Classification:

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


Banks	8.9	%
Software	8.3
Biotechnology	5.3
Semiconductors & Semiconductor Equipment	4.6
Affiliated Mutual Fund	4.2
Machinery	4.1
Hotels, Restaurants & Leisure	4.0
Health Care Providers & Services	3.9
Health Care Equipment & Supplies	3.4
Capital Markets	3.2
Metals & Mining	3.2
Professional Services	3.1
Energy Equipment & Services	2.9
Commercial Services & Supplies	2.9
Food Products	2.8
Financial Services	2.7
Oil, Gas & Consumable Fuels	2.5
Pharmaceuticals	2.2
Construction & Engineering	2.1
Personal Care Products	2.0
Residential REITs	1.9
Insurance	1.9
Specialty Retail	1.8
Marine Transportation	1.6
Household Durables	1.6
Industrial REITs	1.5


Diversified Telecommunication Services	1.4	%
IT Services	1.2
Specialized REITs	1.1
Trading Companies & Distributors	1.1
Building Products	1.1
Mortgage Real Estate Investment Trusts (REITs)	1.1
Chemicals	1.0
Textiles, Apparel & Luxury Goods	1.0
Retail REITs	1.0
Consumer Staples Distribution & Retail	0.9
Leisure Products	0.7
Automobile Components	0.7
Gas Utilities	0.7
Real Estate Management & Development	0.6
Aerospace & Defense	0.5
Office REITs	0.5
Hotel & Resort REITs	0.4
Passenger Airlines	0.4
Electronic Equipment, Instruments & Components	0.3
Construction Materials	0.2


	102.5
Liabilities in excess of other assets	(2.5	)


	100.0	%

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2024



Assets

Investments at value:
Unaffiliated investments (cost $6,057,880)	$	8,217,644
Affiliated investments (cost $355,430)		355,430
Receivable for investments sold		29,391
Receivable for Fund shares sold		24,456
Due from Manager		3,486
Dividends receivable		90
Prepaid expenses		863


Total Assets		8,631,360


Liabilities

Payable for Fund shares purchased		137,191
Payable for investments purchased		103,625
Audit fees payable		12,619
Accrued expenses and other liabilities		9,717
Custodian and accounting fee payable		5,760
Trustees’ fees payable		862
Affiliated transfer agent fee payable		99


Total Liabilities		269,873


Net Assets	$	8,361,487




Net assets were comprised of:
Paid-in capital	$	6,538,711
Total distributable earnings (loss)		1,822,776


Net assets, January 31, 2024	$	8,361,487


Class R6

Net asset value, offering price and redemption price per share,
($8,361,487 ÷ 635,206 shares of beneficial interest issued and outstanding)	$	13.16

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2024


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $328 foreign withholding tax)	$	62,649
Affiliated dividend income		8,248
Income from securities lending, net (including affiliated income of $634)		2,200


Total income		73,097


Expenses
Management fee		35,677
Custodian and accounting fees		17,406
Professional fees		16,846
Audit fee		12,619
Shareholders’ reports		5,584
Fund data services		5,510
Trustees’ fees		4,915
Registration fees		1,092
Transfer agent’s fees and expenses (including affiliated expense of $308)		441
Miscellaneous		2,871


Total expenses		102,961
Less: Fee waiver and/or expense reimbursement		(56,136	)


Net expenses		46,825


Net investment income (loss)		26,272


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions (including affiliated of $4)		416,856
Net change in unrealized appreciation (depreciation) on investments		(357,835	)


Net gain (loss) on investment transactions		59,021


Net Increase (Decrease) In Net Assets Resulting From Operations	$	85,293

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets (unaudited)



	Six Months Ended January 31, 2024				Year Ended July 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	26,272			$	103,525
Net realized gain (loss) on investment transactions			416,856				2,253,669
Net change in unrealized appreciation (depreciation) on investments			(357,835	)			(257,543	)


Net increase (decrease) in net assets resulting from operations			85,293				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 (270,508 and 208,270 shares, respectively)			3,416,614				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 (382,258 and 1,895,538 shares, respectively)			(4,977,559	)			(24,457,311	)


Net increase (decrease) in net assets from Fund share transactions			(1,467,960	)			(21,767,430	)


Total increase (decrease)			(1,475,652	)			(19,812,459	)

Net Assets:

Beginning of period			9,837,139				29,649,598


End of period		$	8,361,487			$	9,837,139

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights (unaudited)



Class R6 Shares
	Six Months
	Ended
	January 31,			Year Ended July 31,

	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$13.29			$12.28			$19.43			$12.48			$11.82			$13.04
Income (loss) from investment operations:
Net investment income (loss)		0.03			0.05			0.02			(0.06	)		(-	)^(b)		0.01
Net realized and unrealized gain (loss) on investment transactions		(0.05	)^(c)		1.02			(2.98	)		7.65			0.66			(0.53	)
Total from investment operations		(0.02	)		1.07			(2.96	)		7.59			0.66			(0.52	)
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.04	)		-			-			-			(0.04	)
Tax return of capital distributions		-			(0.02	)		-			-			-			(0.01	)
Distributions from net realized gains		-			-			(4.19	)		(0.64	)		-			(0.65	)
Total dividends and distributions		(0.11	)		(0.06	)		(4.19	)		(0.64	)		-			(0.70	)
Net asset value, end of period		$13.16			$13.29			$12.28			$19.43			$12.48			$11.82
Total Return^(d):		(0.14	)%		8.77	%		(19.13	)%		62.10	%		5.50	%		(3.26	)%



Ratios/Supplemental Data:
Net assets, end of period (000)		$8,361			$9,837			$29,650			$32,765			$21,439			$17,371
Average net assets (000)		$9,462			$27,601			$32,596			$28,667			$17,831			$16,167
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.98	%^(f)(g)		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses before waivers and/or expense reimbursement		2.16	%^(f)		1.25	%		1.15	%		1.19	%		1.52	%		1.64	%
Net investment income (loss)		0.55	%^(f)		0.38	%		0.11	%		(0.39	)%		(0.03	)%		0.07	%
Portfolio turnover rate^(h)		50	%		40	%		49	%		67	%		54	%		36	%

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

(b)	Amount rounds to zero.

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

(d)

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

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

(f)	Annualized.

(g)	Includes certain non-recurring expenses of 0.03% which are being excluded from the Funds’s contractual waiver for the six months ended January 31, 2024.

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

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 98.5%

ASSET-BACKED SECURITIES 0.4%

Credit Cards

Chase Issuance Trust,
Series 2024-A02, Class A	4.630%	01/15/31		100	$	100,167
Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7	3.960	10/13/30		100		97,748


TOTAL ASSET-BACKED SECURITIES (cost $209,949)						197,915


COMMERCIAL MORTGAGE-BACKED SECURITIES 5.6%

3650R Commercial Mortgage Trust,
Series 2021-PF01, Class A4	2.253	11/15/54		100		83,214
BANK,
Series 2020-BN29, Class A3	1.742	11/15/53		100		80,437
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4	2.661	08/15/52		100		91,321
Benchmark Mortgage Trust,
Series 2018-B03, Class A3	3.746	04/10/51		30		29,174
Series 2020-B19, Class A3	1.787	09/15/53		175		157,606
Series 2020-B21, Class A4	1.704	12/17/53		100		82,455
Series 2021-B23, Class A4A1	1.823	02/15/54		200		160,788
Series 2021-B30, Class A4	2.329	11/15/54		150		125,593
BMO Mortgage Trust,
Series 2022-C01, Class A4	3.119	02/17/55		150		132,315
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		90		84,212
CD Mortgage Trust,
Series 2017-CD06, Class A3	3.104	11/13/50		40		38,001
Citigroup Commercial Mortgage Trust,
Series 2017-P08, Class A3	3.203	09/15/50		75		70,635
Commercial Mortgage Trust,
Series 2015-PC01, Class A4	3.620	07/10/50		51		50,556
Series 2016-DC02, Class A5	3.765	02/10/49		25		24,085
CSAIL Commercial Mortgage Trust,
Series 2016-C07, Class A4	3.210	11/15/49		43		41,769
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3	3.269	06/10/50		85		83,484
GS Mortgage Securities Trust,
Series 2020-GC47, Class A4	2.125	05/12/53		100		85,059
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A3	3.763	03/10/52		125		115,130

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 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		14	$	13,155
Series 2016-JP04, Class A3	3.393	12/15/49		125		120,147
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class A3	3.077	03/15/48		54		53,144
Series 2016-C32, Class A3	3.459	12/15/49		119		113,961
Morgan Stanley Capital I Trust,
Series 2016-UB12, Class A3	3.337	12/15/49		123		117,362
Series 2021-L06, Class A3	2.196(cc)	06/15/54		225		187,782
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3	3.720	02/15/51		160		152,415
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC25, Class A3	3.374	12/15/59		121		116,104
Series 2017-C39, Class A3	2.878	09/15/50		100		94,765
Series 2020-C55, Class A4	2.474	02/15/53		125		109,856


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $2,939,198)						2,614,525


CORPORATE BONDS 22.4%

Aerospace & Defense 0.7%
Boeing Co. (The),
Sr. Unsec’d. Notes	2.196	02/04/26		140		131,956
Sr. Unsec’d. Notes	2.250	06/15/26		15		14,027
Sr. Unsec’d. Notes	2.700	02/01/27		20		18,725
Sr. Unsec’d. Notes	3.100	05/01/26		10		9,567
Sr. Unsec’d. Notes	5.930	05/01/60		90		89,738
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes	5.400	01/15/27		55		56,092
Northrop Grumman Corp.,
Sr. Unsec’d. Notes	4.750	06/01/43		20		18,958
RTX Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		10		9,746


						348,809

Agriculture 0.6%
Altria Group, Inc.,
Gtd. Notes	3.400	02/04/41		80		59,103
BAT Capital Corp. (United Kingdom),
Gtd. Notes	4.700	04/02/27		10		9,910

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Agriculture (cont’d.)

BAT Capital Corp. (United Kingdom), (cont’d.)
Gtd. Notes		6.421%		08/02/33		85	$	88,884
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		4.875		02/15/28		20		20,142
Sr. Unsec’d. Notes		5.125		02/15/30		90		91,503


								269,542

Airlines 0.1%

Southwest Airlines Co.,
Sr. Unsec’d. Notes		5.125		06/15/27		30		30,208

Auto Manufacturers 0.3%

Ford Motor Credit Co. LLC,
Sr. Unsec’d. Notes		4.000		11/13/30		100		89,161
General Motors Co.,
Sr. Unsec’d. Notes		6.250		10/02/43		55		56,158


								145,319

Banks 5.4%

Bank of America Corp.,
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		290		246,221
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		150		129,557
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		2.645(ff)		06/24/31		160		134,988
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.666(ff)		01/29/31		70		61,012
Sr. Unsec’d. Notes		2.904(ff)		11/03/42		30		21,890
Sr. Unsec’d. Notes		2.976(ff)		11/05/30		115		103,091
Sr. Unsec’d. Notes		3.668(ff)		07/24/28		20		19,139
Comerica, Inc.,
Sr. Unsec’d. Notes		5.982(ff)		01/30/30		15		14,949
Discover Bank,
Sr. Unsec’d. Notes		4.650		09/13/28		15		14,351
Fifth Third Bancorp,
Sr. Unsec’d. Notes		6.339(ff)		07/27/29		10		10,399
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.992(ff)		01/27/32		80		64,877
Sr. Unsec’d. Notes		4.223(ff)		05/01/29		170		164,396

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

HSBC Holdings PLC (United Kingdom),

Sr. Unsec’d. Notes

4.583%(ff)

06/19/29

82,287

Huntington Bancshares, Inc.,

Sr. Unsec’d. Notes

6.208(ff)

08/21/29

29,965

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

16,321

Sr. Unsec’d. Notes

2.522(ff)

04/22/31

140

121,891

Sr. Unsec’d. Notes

2.580(ff)

04/22/32

33,889

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

22,250

Sr. Unsec’d. Notes

3.509(ff)

01/23/29

165

156,856

Sr. Unsec’d. Notes

3.882(ff)

07/24/38

70,267

Sr. Unsec’d. Notes

4.452(ff)

12/05/29

43,131

Sr. Unsec’d. Notes

5.336(ff)

01/23/35

10,169

Morgan Stanley,

Sr. Unsec’d. Notes

5.466(ff)

01/18/35

10,211

Sr. Unsec’d. Notes, GMTN

2.239(ff)

07/21/32

28,612

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

79,117

Sr. Unsec’d. Notes, GMTN

4.431(ff)

01/23/30

68,225

Sr. Unsec’d. Notes, MTN

1.794(ff)

02/13/32

110

88,361

Sr. Unsec’d. Notes, MTN

1.928(ff)

04/28/32

165

133,118

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

5.582(ff)

06/12/29

20,418

Sr. Unsec’d. Notes

6.615(ff)

10/20/27

31,181

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.435(ff)

01/24/30

35,309

Sr. Unsec’d. Notes, MTN

5.867(ff)

06/08/34

15,336

U.S. Bancorp,

Sr. Unsec’d. Notes

5.836(ff)

06/12/34

20,628

UBS Group AG (Switzerland),

Sr. Unsec’d. Notes

4.550

04/17/26

100

98,779

Wells Fargo & Co.,

Sr. Unsec’d. Notes

3.000

10/23/26

52,402

Sr. Unsec’d. Notes

5.389(ff)

04/24/34

40,362

Sr. Unsec’d. Notes, MTN

2.572(ff)

02/11/31

60,841

Sr. Unsec’d. Notes, MTN

2.879(ff)

10/30/30

195

173,631

Sr. Unsec’d. Notes, MTN

3.350(ff)

03/02/33

21,944

2,550,371

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Beverages 0.4%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.900%		02/01/46		125	$	121,185
Constellation Brands, Inc.,
Gtd. Notes		3.700		12/06/26		5		4,867
Gtd. Notes		4.400		11/15/25		25		24,742
Sr. Unsec’d. Notes		2.250		08/01/31		45		37,464


								188,258

Biotechnology 0.5%

Amgen, Inc.,
Sr. Unsec’d. Notes		2.600		08/19/26		110		104,684
Sr. Unsec’d. Notes		2.800		08/15/41		20		14,438
Sr. Unsec’d. Notes		5.250		03/02/30		80		82,027
Sr. Unsec’d. Notes		5.750		03/02/63		20		20,592


								221,741

Building Materials 0.2%

Carrier Global Corp.,
Sr. Unsec’d. Notes, 144A		5.900		03/15/34		50		53,435
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		2.400		07/15/31		35		29,542
Vulcan Materials Co.,
Sr. Unsec’d. Notes		4.500		06/15/47		5		4,438


								87,415

Chemicals 0.2%

FMC Corp.,
Sr. Unsec’d. Notes		3.450		10/01/29		15		13,587
Sr. Unsec’d. Notes		4.500		10/01/49		15		11,549
Sr. Unsec’d. Notes		5.650		05/18/33		30		29,834
LYB International Finance BV,
Gtd. Notes		4.875		03/15/44		10		9,161
LYB International Finance III LLC,
Gtd. Notes		3.375		10/01/40		5		3,831
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		4.900		03/27/28		20		20,094

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Chemicals (cont’d.)

Nutrien Ltd. (Canada), (cont’d.)
Sr. Unsec’d. Notes		5.250%		01/15/45		10	$	9,675
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes		4.500		06/01/47		10		8,984


								106,715

Commercial Services 0.3%

California Institute of Technology,
Sr. Unsec’d. Notes		3.650		09/01/2119		15		10,776
Equifax, Inc.,
Sr. Unsec’d. Notes		2.600		12/01/24		20		19,543
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F		2.989		07/01/50		15		11,098
President & Fellows of Harvard College,
Unsec’d. Notes		3.150		07/15/46		9		6,941
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		5		3,511
Unsec’d. Notes, Series 2020		2.396		10/01/50		15		9,419
University of Southern California,
Sr. Unsec’d. Notes		4.976		10/01/53		17		17,362
Unsec’d. Notes, Series 2017		3.841		10/01/47		10		8,471
Washington University (The),
Sr. Unsec’d. Notes, Series 2022		3.524		04/15/54		25		19,870
Yale University,
Unsec’d. Notes, Series 2020		2.402		04/15/50		45		29,547


								136,538

Computers 0.1%

Apple, Inc.,
Sr. Unsec’d. Notes		3.850		08/04/46		25		21,582
Genpact Luxembourg Sarl/Genpact USA, Inc.,
Gtd. Notes		1.750		04/10/26		35		32,552
Teledyne FLIR LLC,
Sr. Unsec’d. Notes		2.500		08/01/30		5		4,305


								58,439

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Diversified Financial Services 0.3%

Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes		2.750%		10/15/32		60	$	49,189
Sr. Unsec’d. Notes		5.875		07/21/28		30		31,022
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series PP		1.400		07/15/28		45		39,976


								120,187

Electric 2.6%

AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.800		10/01/47		30		22,349
Sr. Unsec’d. Notes, Series I		2.100		07/01/30		80		67,336
Alabama Power Co.,
Sr. Unsec’d. Notes		3.850		12/01/42		10		8,330
Sr. Unsec’d. Notes		6.125		05/15/38		45		48,421
Ameren Illinois Co.,
Sr. Sec’d. Notes		4.150		03/15/46		25		21,310
Arizona Public Service Co.,
Sr. Unsec’d. Notes		2.200		12/15/31		35		28,589
Sr. Unsec’d. Notes		2.600		08/15/29		5		4,476
Sr. Unsec’d. Notes		3.500		12/01/49		25		17,579
Sr. Unsec’d. Notes		3.750		05/15/46		25		18,986
Sr. Unsec’d. Notes		5.550		08/01/33		10		10,325
Sr. Unsec’d. Notes		6.350		12/15/32		25		27,115
Atlantic City Electric Co.,
First Mortgage		2.300		03/15/31		10		8,432
Commonwealth Edison Co.,
First Mortgage		4.600		08/15/43		40		36,826
Dominion Energy South Carolina, Inc.,
First Mortgage		5.450		02/01/41		20		20,159
DTE Electric Co.,
General Ref. Mortgage		3.750		08/15/47		20		15,908
Duke Energy Carolinas LLC,
First Mortgage		4.250		12/15/41		15		13,148
First Ref. Mortgage		4.000		09/30/42		35		29,528
Duke Energy Florida LLC,
First Mortgage		6.350		09/15/37		15		16,565
Entergy Texas, Inc.,
First Mortgage		1.750		03/15/31		40		32,600

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 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	$	25,404
First Mortgage		5.250		02/01/41		25		25,322
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes		3.055		10/04/26		7		6,656
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes, Series IO		8.050		07/07/24		10		10,089
Nevada Power Co.,
General Ref. Mortgage, Series N		6.650		04/01/36		30		32,743
General Ref. Mortgage, Series R		6.750		07/01/37		10		11,251
Pacific Gas & Electric Co.,
First Mortgage		3.950		12/01/47		55		40,993
First Mortgage		4.000		12/01/46		50		37,514
First Mortgage		4.500		07/01/40		40		34,485
PacifiCorp,
First Mortgage		2.700		09/15/30		25		21,760
First Mortgage		4.125		01/15/49		75		59,881
First Mortgage		5.250		06/15/35		45		44,571
First Mortgage		6.000		01/15/39		15		15,707
PECO Energy Co.,
First Mortgage		2.800		06/15/50		5		3,317
First Mortgage		4.900		06/15/33		10		10,084
PPL Electric Utilities Corp.,
First Mortgage		4.125		06/15/44		15		12,973
First Mortgage		4.150		10/01/45		20		17,179
First Mortgage		4.850		02/15/34		5		5,016
First Mortgage		6.250		05/15/39		20		22,369
Public Service Co. of Colorado,
First Mortgage		5.250		04/01/53		45		44,176
Public Service Electric & Gas Co.,
First Mortgage, MTN		3.600		12/01/47		5		3,978
First Ref. Mortgage, MTN		3.950		05/01/42		10		8,607
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes		2.450		11/15/31		30		24,958
Puget Energy, Inc.,
Sr. Sec’d. Notes		4.100		06/15/30		45		41,430
San Diego Gas & Electric Co.,
First Mortgage, Series RRR		3.750		06/01/47		5		3,960
First Mortgage, Series UUU		3.320		04/15/50		30		21,450

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Electric (cont’d.)

Sempra,
Sr. Unsec’d. Notes		3.300%		04/01/25		55	$	53,812
Sr. Unsec’d. Notes		4.000		02/01/48		15		12,108
Southern California Edison Co.,
First Ref. Mortgage		4.000		04/01/47		30		24,299
First Ref. Mortgage		4.650		10/01/43		40		36,235
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A		6.000		05/15/37		20		21,295
Sr. Unsec’d. Notes, Series B		6.000		01/15/36		10		10,742
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes		1.800		10/15/30		20		16,391


								1,208,737

Entertainment 0.1%

Warnermedia Holdings, Inc.,
Gtd. Notes		5.141		03/15/52		30		25,816

Foods 0.1%

Kraft Heinz Foods Co.,
Gtd. Notes		4.375		06/01/46		25		21,663
Mondelez International, Inc.,
Sr. Unsec’d. Notes		2.750		04/13/30		10		9,005


								30,668

Gas 0.1%

NiSource, Inc.,
Sr. Unsec’d. Notes		5.250		02/15/43		30		29,303
Southern Co. Gas Capital Corp.,
Gtd. Notes		4.400		06/01/43		25		21,291


								50,594

Healthcare-Products 0.1%

Agilent Technologies, Inc.,
Sr. Unsec’d. Notes		2.300		03/12/31		20		17,090
Danaher Corp.,
Sr. Unsec’d. Notes		2.800		12/10/51		15		10,090

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 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	$	9,752
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		2.800		10/15/41		15		11,237


								48,169

Healthcare-Services 1.5%

Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes		3.387		10/15/49		15		11,138
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021		2.780		07/01/51		10		6,523
Ascension Health,
Sr. Unsec’d. Notes, Series B		2.532		11/15/29		15		13,524
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021		1.777		11/15/30		30		24,736
Children’s Health System of Texas,
Unsec’d. Notes		2.511		08/15/50		10		6,236
Children’s Hospital Corp. (The),
Gtd. Notes, Series 2017		4.115		01/01/47		10		8,580
Elevance Health, Inc.,
Sr. Unsec’d. Notes		3.650		12/01/27		40		38,570
Sr. Unsec’d. Notes		4.625		05/15/42		50		46,230
Kaiser Foundation Hospitals,
Unsec’d. Notes, Series 2021		2.810		06/01/41		70		52,647
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes		5.000		07/01/42		30		29,633
Unsec’d. Notes, Series 2020		2.955		01/01/50		10		6,922
Methodist Hospital (The),
Unsec’d. Notes, Series 20A		2.705		12/01/50		25		16,095
Mount Sinai Hospital,
Sec’d. Notes, Series 2019		3.737		07/01/49		10		7,456
New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024		08/01/45		45		39,280
NYU Langone Hospitals,
Sec’d. Notes		4.368		07/01/47		15		13,358
OhioHealth Corp.,
Sec’d. Notes		2.297		11/15/31		30		25,404
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020		1.375		11/15/25		5		4,669

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042		2.719%		01/01/42		15	$	10,457

Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532		10/01/29		10		8,790
Unsec’d. Notes, Series H		2.746		10/01/26		30		28,304

Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021		2.927		11/01/51		15		9,925

Stanford Health Care,
Unsec’d. Notes		3.027		08/15/51		30		20,865
Unsec’d. Notes, Series 2018		3.795		11/15/48		15		12,165

Sutter Health,
Unsec’d. Notes, Series 2018		4.091		08/15/48		15		12,778

UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.050		05/15/41		50		38,881
Sr. Unsec’d. Notes		3.750		07/15/25		35		34,539
Sr. Unsec’d. Notes		4.500		04/15/33		165		162,469

UPMC,
Sec’d. Notes		5.035		05/15/33		25		25,173


								715,347

Home Builders 0.2%

Toll Brothers Finance Corp.,
Gtd. Notes		4.875		03/15/27		100		99,262

Insurance 0.9%

Arch Capital Finance LLC,
Gtd. Notes		4.011		12/15/26		85		82,579
Chubb Corp. (The),
Gtd. Notes		6.000		05/11/37		15		16,628
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.900		05/01/29		25		23,911
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes		3.900		04/05/32		30		27,057
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.500		10/15/50		50		36,383
Fairfax Financial Holdings Ltd. (Canada),
Sr. Unsec’d. Notes, 144A		6.000		12/07/33		90		92,540
Lincoln National Corp.,
Sr. Unsec’d. Notes		3.050		01/15/30		5		4,439

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Insurance (cont’d.)

Loews Corp.,
Sr. Unsec’d. Notes		3.200%		05/15/30		15	$	13,736
Markel Group, Inc.,
Sr. Unsec’d. Notes		3.450		05/07/52		5		3,505
Sr. Unsec’d. Notes		4.300		11/01/47		15		12,341
Unum Group,
Sr. Unsec’d. Notes		4.000		06/15/29		100		94,959


								408,078

Lodging 0.1%

Marriott International, Inc.,
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		30		28,832

Machinery-Diversified 0.2%

Flowserve Corp.,
Sr. Unsec’d. Notes		2.800		01/15/32		10		8,298
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		3.450		11/15/26		70		67,301
Gtd. Notes		4.700		09/15/28		30		29,718


								105,317

Media 0.6%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes		5.375		04/01/38		20		18,074
Sr. Sec’d. Notes		6.484		10/23/45		85		81,608
Comcast Corp.,
Gtd. Notes		3.750		04/01/40		10		8,534
Gtd. Notes		5.500		05/15/64		55		56,446
Discovery Communications LLC,
Gtd. Notes		4.000		09/15/55		51		35,842
Gtd. Notes		4.125		05/15/29		20		18,948
Gtd. Notes		5.300		05/15/49		60		51,938


								271,390

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Mining 0.8%

Barrick North America Finance LLC (Canada),
Gtd. Notes	5.700%	05/30/41		105	$	109,310
Freeport-McMoRan, Inc.,
Gtd. Notes	4.125	03/01/28		20		19,220
Gtd. Notes	4.375	08/01/28		55		53,071
Gtd. Notes	5.400	11/14/34		25		24,995
Kinross Gold Corp. (Canada),
Sr. Unsec’d. Notes, 144A	6.250	07/15/33		55		57,771
Newmont Corp.,
Gtd. Notes	2.250	10/01/30		70		59,975
Gtd. Notes	2.800	10/01/29		45		40,778
Gtd. Notes	5.450	06/09/44		25		25,418


						390,538

Miscellaneous Manufacturing 0.3%

Carlisle Cos., Inc.,
Sr. Unsec’d. Notes	2.200	03/01/32		50		40,765
Pentair Finance Sarl,
Gtd. Notes	4.500	07/01/29		15		14,527
Teledyne Technologies, Inc.,
Gtd. Notes	2.250	04/01/28		75		67,815
Textron, Inc.,
Sr. Unsec’d. Notes	2.450	03/15/31		50		42,619


						165,726

Oil & Gas 0.5%

BP Capital Markets America, Inc.,
Gtd. Notes	4.893	09/11/33		20		20,062
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	3.750	02/15/52		15		10,855
ConocoPhillips Co.,
Gtd. Notes	5.050	09/15/33		55		55,962
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.600	07/15/41		10		9,605
Diamondback Energy, Inc.,
Gtd. Notes	6.250	03/15/33		65		69,343
Equinor ASA (Norway),
Gtd. Notes	3.700	04/06/50		20		16,244

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Exxon Mobil Corp.,
Sr. Unsec’d. Notes		4.114%		03/01/46		15	$	13,145
Phillips 66 Co.,
Gtd. Notes		4.900		10/01/46		25		23,094
TotalEnergies Capital International SA (France),
Gtd. Notes		2.829		01/10/30		25		22,934


								241,244

Packaging & Containers 0.1%

Berry Global, Inc.,
Sr. Sec’d. Notes		1.570		01/15/26		40		37,350

Pharmaceuticals 0.6%

AbbVie, Inc.,
Sr. Unsec’d. Notes		4.050		11/21/39		30		27,153
Sr. Unsec’d. Notes		4.550		03/15/35		45		44,063
Cigna Group (The),
Gtd. Notes		4.900		12/15/48		15		13,944
CVS Health Corp.,
Sr. Unsec’d. Notes		4.780		03/25/38		45		42,214
Sr. Unsec’d. Notes		5.125		02/21/30		30		30,306
Sr. Unsec’d. Notes		5.125		07/20/45		35		32,673
Utah Acquisition Sub, Inc.,
Gtd. Notes		3.950		06/15/26		20		19,422
Viatris, Inc.,
Gtd. Notes		3.850		06/22/40		65		49,184
Wyeth LLC,
Gtd. Notes		6.500		02/01/34		15		16,951


								275,910

Pipelines 1.9%

Energy Transfer LP,
Sr. Unsec’d. Notes		3.900		07/15/26		55		53,525
Sr. Unsec’d. Notes		4.200		04/15/27		30		29,257
Sr. Unsec’d. Notes		4.750		01/15/26		40		39,742
Sr. Unsec’d. Notes		5.300		04/15/47		10		9,206
Sr. Unsec’d. Notes		5.550		05/15/34		10		10,095
Sr. Unsec’d. Notes		6.000		06/15/48		25		25,099

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Energy Transfer LP, (cont’d.)
Sr. Unsec’d. Notes	6.125%	12/15/45		60	$	60,980
Sr. Unsec’d. Notes	6.550	12/01/33		10		10,796
Sr. Unsec’d. Notes	6.625	10/15/36		10		10,731
Enterprise Products Operating LLC,
Gtd. Notes	4.850	03/15/44		20		19,171
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		135		117,016
Sr. Unsec’d. Notes	4.500	04/15/38		30		26,870
Sr. Unsec’d. Notes	4.700	04/15/48		25		21,495
ONEOK, Inc.,
Gtd. Notes	3.100	03/15/30		95		85,340
Gtd. Notes	6.050	09/01/33		135		141,683
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		15		13,713
Gtd. Notes	6.125	03/15/33		30		31,390
Gtd. Notes	6.500	02/15/53		15		16,118
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes	3.250	05/15/30		90		81,999
Sr. Unsec’d. Notes	4.600	03/15/48		25		22,468
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	3.750	06/15/27		50		48,251
Sr. Unsec’d. Notes	5.100	09/15/45		10		9,500


						884,445

Real Estate Investment Trusts (REITs) 0.9%

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	2.500	08/16/31		50		41,617
Corporate Office Properties LP,
Gtd. Notes	2.900	12/01/33		30		23,376
CubeSmart LP,
Gtd. Notes	2.250	12/15/28		20		17,648
Essex Portfolio LP,
Gtd. Notes	1.700	03/01/28		15		13,136
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		10		8,420
Healthpeak OP LLC,
Gtd. Notes	3.000	01/15/30		20		17,868

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series J	2.900%	12/15/31		15	$	12,606
Kimco Realty OP LLC,
Gtd. Notes	1.900	03/01/28		65		57,547
Gtd. Notes	3.200	04/01/32		25		21,723
Realty Income Corp.,
Sr. Unsec’d. Notes	2.700	02/15/32		25		20,933
Sr. Unsec’d. Notes	3.100	12/15/29		60		54,810
Sr. Unsec’d. Notes	3.400	01/15/28		20		19,005
Simon Property Group LP,
Sr. Unsec’d. Notes	2.450	09/13/29		20		17,745
Sr. Unsec’d. Notes	3.500	09/01/25		5		4,903
Sun Communities Operating LP,
Gtd. Notes	5.500	01/15/29		40		40,380
VICI Properties LP,
Sr. Unsec’d. Notes	4.750	02/15/28		25		24,501
Welltower OP LLC,
Gtd. Notes	2.700	02/15/27		10		9,434
WP Carey, Inc.,
Sr. Unsec’d. Notes	2.400	02/01/31		40		33,592


						439,244

Retail 0.1%

AutoZone, Inc.,
Sr. Unsec’d. Notes	6.250	11/01/28		15		15,922
Home Depot, Inc. (The),
Sr. Unsec’d. Notes	3.900	06/15/47		20		16,883
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes	3.100	05/03/27		20		19,151
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes	1.750	03/15/31		15		12,167


						64,123

Semiconductors 0.4%

Broadcom, Inc.,
Gtd. Notes, 144A	3.500	02/15/41		20		15,957
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		67		58,783
Sr. Unsec’d. Notes, 144A	4.926	05/15/37		80		77,077

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Semiconductors (cont’d.)

Intel Corp.,
Sr. Unsec’d. Notes		5.625%		02/10/43		5	$	5,297
Sr. Unsec’d. Notes		5.900		02/10/63		20		21,642


								178,756

Software 0.4%

Intuit, Inc.,
Sr. Unsec’d. Notes		1.350		07/15/27		5		4,517
Oracle Corp.,
Sr. Unsec’d. Notes		2.800		04/01/27		60		56,584
Sr. Unsec’d. Notes		2.950		05/15/25		75		72,997
Sr. Unsec’d. Notes		3.600		04/01/50		5		3,672
Sr. Unsec’d. Notes		5.550		02/06/53		10		9,927
ServiceNow, Inc.,
Sr. Unsec’d. Notes		1.400		09/01/30		25		20,511
Workday, Inc.,
Sr. Unsec’d. Notes		3.500		04/01/27		10		9,676
Sr. Unsec’d. Notes		3.700		04/01/29		25		23,825


								201,709

Telecommunications 0.7%

AT&T, Inc.,
Sr. Unsec’d. Notes		3.500		06/01/41		130		103,060
Sr. Unsec’d. Notes		3.550		09/15/55		70		49,716
T-Mobile USA, Inc.,
Gtd. Notes		3.000		02/15/41		35		26,154
Gtd. Notes		3.875		04/15/30		95		89,761
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.355		03/15/32		25		20,732
Sr. Unsec’d. Notes		3.400		03/22/41		55		43,483
Sr. Unsec’d. Notes		4.016		12/03/29		10		9,610


								342,516

Transportation 0.1%

CSX Corp.,
Sr. Unsec’d. Notes		4.100		03/15/44		10		8,693

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

CORPORATE BONDS (Continued)

Transportation (cont’d.)

Union Pacific Corp.,
Sr. Unsec’d. Notes		3.000%		04/15/27		15	$	14,340
Sr. Unsec’d. Notes		3.600		09/15/37		10		8,813


								31,846


TOTAL CORPORATE BONDS (cost $11,385,905)								10,509,159


MUNICIPAL BONDS 0.7%

Arizona 0.1%

Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs		4.839		01/01/41		35		34,370

California 0.2%

Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2		6.263		04/01/49		35		40,597
Los Angeles Department of Water & Power, Power
System Revenue,
Revenue Bonds, BABs		5.716		07/01/39		20		21,425
State of California,
General Obligation Unlimited, Taxable, BABs		7.550		04/01/39		30		37,604


								99,626

Illinois 0.0%

State of Illinois,
General Obligation Unlimited, Taxable		5.100		06/01/33		25		24,797

Michigan 0.1%

Michigan Finance Authority,
Taxable, Revenue Bonds		3.384		12/01/40		15		12,291
University of Michigan,
Taxable, Revenue Bonds, Series B		2.437		04/01/40		25		18,854
Taxable, Revenue Bonds, Sustainability Bond, Series B		3.504		04/01/52		15		11,987


								43,132

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

MUNICIPAL BONDS (Continued)

New Jersey 0.1%

New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F		7.414%		01/01/40		45	$	55,869

New York 0.0%

Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174		4.458		10/01/62		15		13,602

Ohio 0.1%

JobsOhio Beverage System,
Taxable, Revenue Bonds, Series A		2.833		01/01/38		5		4,130
Ohio State University (The),
Taxable, Revenue Bonds, Series A		4.800		06/01/2111		15		13,791
Taxable, Revenue Bonds, BABs, Series C		4.910		06/01/40		10		9,981


								27,902

Texas 0.0%

Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B		3.922		12/31/49		15		12,435

Virginia 0.1%

University of Virginia,
Taxable, Revenue Bonds, Series B		2.584		11/01/51		40		25,872


TOTAL MUNICIPAL BONDS (cost $405,496)								337,605


SOVEREIGN BONDS 1.8%

Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		7.625		03/29/41		40		46,010
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.500		01/11/28		200		190,522
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes		2.875		03/16/26		225		213,680
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes		4.500		04/22/29		200		195,600
Sr. Unsec’d. Notes, MTN		4.750		03/08/44		26		21,749
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes		2.783		01/23/31		32		27,632

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

SOVEREIGN BONDS (Continued)

Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes		7.750%		01/14/31		100	$	117,000
Province of Quebec (Canada),
Debentures, Series NN		7.125		02/09/24		30		30,007


TOTAL SOVEREIGN BONDS (cost $925,879)								842,200


U.S. GOVERNMENT AGENCY OBLIGATIONS 28.3%
Federal Farm Credit Bank		1.480		11/26/32		30		23,464
Federal Farm Credit Bank		2.350		03/10/36		30		22,920
Federal Home Loan Bank		2.090		02/22/36		30		22,178
Federal Home Loan Bank		4.250		09/10/32		20		19,824
Federal Home Loan Mortgage Corp.		1.220		08/19/30		25		20,241
Federal Home Loan Mortgage Corp.		1.500		09/01/36		55		48,567
Federal Home Loan Mortgage Corp.		1.500		01/01/37		27		23,511
Federal Home Loan Mortgage Corp.		1.500		10/01/50		198		152,268
Federal Home Loan Mortgage Corp.		2.000		01/01/32		24		22,203
Federal Home Loan Mortgage Corp.		2.000		12/01/50		375		303,798
Federal Home Loan Mortgage Corp.		2.000		05/01/51		442		357,021
Federal Home Loan Mortgage Corp.		2.000		07/01/51		119		96,406
Federal Home Loan Mortgage Corp.		2.500		07/01/31		59		56,140
Federal Home Loan Mortgage Corp.		2.500		10/01/51		309		262,820
Federal Home Loan Mortgage Corp.		3.000		02/01/32		18		17,196
Federal Home Loan Mortgage Corp.		3.000		02/01/32		20		19,144
Federal Home Loan Mortgage Corp.		3.000		01/01/37		7		6,914
Federal Home Loan Mortgage Corp.		3.000		12/01/37		10		9,721
Federal Home Loan Mortgage Corp.		3.000		12/01/42		77		69,826
Federal Home Loan Mortgage Corp.		3.000		11/01/46		21		18,934
Federal Home Loan Mortgage Corp.		3.000		01/01/47		137		122,726
Federal Home Loan Mortgage Corp.		3.000		03/01/47		94		84,129
Federal Home Loan Mortgage Corp.		3.000		12/01/47		53		47,205
Federal Home Loan Mortgage Corp.		3.000		12/01/47		80		71,692
Federal Home Loan Mortgage Corp.		3.500		11/01/37		12		11,337
Federal Home Loan Mortgage Corp.		3.500		06/01/42		19		17,557
Federal Home Loan Mortgage Corp.		3.500		04/01/46		23		21,579
Federal Home Loan Mortgage Corp.		3.500		11/01/47		32		29,801
Federal Home Loan Mortgage Corp.		3.500		11/01/47		40		36,721
Federal Home Loan Mortgage Corp.		3.500		02/01/48		116		106,978
Federal Home Loan Mortgage Corp.		3.500		04/01/48		225		208,122
Federal Home Loan Mortgage Corp.		4.000		11/01/37		103		100,374
Federal Home Loan Mortgage Corp.		4.000		10/01/45		21		20,005

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal Home Loan Mortgage Corp.	4.000%	05/01/46		42	$	40,706
Federal Home Loan Mortgage Corp.	4.000	03/01/47		20		19,572
Federal Home Loan Mortgage Corp.	4.000	01/01/48		32		31,183
Federal Home Loan Mortgage Corp.	4.500	07/01/47		42		41,467
Federal Home Loan Mortgage Corp.	4.500	12/01/48		11		10,302
Federal Home Loan Mortgage Corp.	4.500	08/01/52		275		265,472
Federal Home Loan Mortgage Corp.	5.000	09/01/52		245		242,508
Federal Home Loan Mortgage Corp.	6.250	07/15/32		30		34,642
Federal Home Loan Mortgage Corp.	6.750	03/15/31		25		29,109
Federal National Mortgage Assoc.	0.500	06/17/25		50		47,386
Federal National Mortgage Assoc.	0.500	11/07/25		30		28,060
Federal National Mortgage Assoc.	0.875	08/05/30		10		8,188
Federal National Mortgage Assoc.	1.500	10/01/50		210		161,524
Federal National Mortgage Assoc.	1.500	11/01/50		212		163,286
Federal National Mortgage Assoc.	1.500	02/01/51		192		148,199
Federal National Mortgage Assoc.	2.000	05/01/36		468		422,722
Federal National Mortgage Assoc.	2.000	07/01/40		159		136,793
Federal National Mortgage Assoc.	2.000	01/01/41		371		318,286
Federal National Mortgage Assoc.	2.000	05/01/41		381		326,393
Federal National Mortgage Assoc.	2.000	09/01/50		282		229,572
Federal National Mortgage Assoc.	2.000	12/01/50		148		121,991
Federal National Mortgage Assoc.	2.000	01/01/51		268		217,461
Federal National Mortgage Assoc.	2.000	03/01/51		123		99,060
Federal National Mortgage Assoc.	2.000	05/01/51		219		176,649
Federal National Mortgage Assoc.	2.000	07/01/51		493		398,611
Federal National Mortgage Assoc.	2.500	02/05/24		65		65,000
Federal National Mortgage Assoc.	2.500	06/01/28		42		40,264
Federal National Mortgage Assoc.	2.500	01/01/32		60		56,461
Federal National Mortgage Assoc.	2.500	02/01/43		29		25,601
Federal National Mortgage Assoc.	2.500	09/01/46		29		25,265
Federal National Mortgage Assoc.	2.500	09/01/46		51		43,599
Federal National Mortgage Assoc.	2.500	05/01/50		164		138,876
Federal National Mortgage Assoc.	2.500	08/01/50		197		166,649
Federal National Mortgage Assoc.	2.500	10/01/50		511		432,956
Federal National Mortgage Assoc.	2.500	04/01/51		369		312,403
Federal National Mortgage Assoc.	2.500	05/01/51		217		183,642
Federal National Mortgage Assoc.	2.500	08/01/51		95		80,564
Federal National Mortgage Assoc.	3.000	11/01/28		28		27,395
Federal National Mortgage Assoc.	3.000	01/01/30		60		57,502
Federal National Mortgage Assoc.	3.000	12/01/36		23		21,184
Federal National Mortgage Assoc.	3.000	10/01/42		14		12,411
Federal National Mortgage Assoc.	3.000	12/01/42		84		76,693

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Federal National Mortgage Assoc.	3.000%	02/01/43		164	$	148,457
Federal National Mortgage Assoc.	3.000	04/01/43		43		38,671
Federal National Mortgage Assoc.	3.000	08/01/43		121		109,696
Federal National Mortgage Assoc.	3.000	01/01/47		141		126,075
Federal National Mortgage Assoc.	3.000	02/01/47		96		85,493
Federal National Mortgage Assoc.	3.000	01/01/50		268		237,410
Federal National Mortgage Assoc.	3.000	11/01/50		103		90,520
Federal National Mortgage Assoc.	3.000	06/01/51		117		102,345
Federal National Mortgage Assoc.	3.500	08/01/31		22		21,909
Federal National Mortgage Assoc.	3.500	10/01/32		10		9,650
Federal National Mortgage Assoc.	3.500	06/01/33		14		14,004
Federal National Mortgage Assoc.	3.500	01/01/42		59		55,406
Federal National Mortgage Assoc.	3.500	03/01/42		60		56,289
Federal National Mortgage Assoc.	3.500	10/01/42		166		154,960
Federal National Mortgage Assoc.	3.500	11/01/42		40		37,052
Federal National Mortgage Assoc.	3.500	08/01/43		54		50,076
Federal National Mortgage Assoc.	3.500	03/01/45		94		86,958
Federal National Mortgage Assoc.	3.500	01/01/46		18		16,428
Federal National Mortgage Assoc.	3.500	12/01/46		179		165,526
Federal National Mortgage Assoc.	3.500	01/01/47		38		34,933
Federal National Mortgage Assoc.	3.500	09/01/47		55		51,452
Federal National Mortgage Assoc.	4.000	01/01/41		108		103,599
Federal National Mortgage Assoc.	4.000	04/01/41		57		54,876
Federal National Mortgage Assoc.	4.000	02/01/47		55		52,943
Federal National Mortgage Assoc.	4.000	04/01/48		95		91,516
Federal National Mortgage Assoc.	4.000	12/01/48		86		82,085
Federal National Mortgage Assoc.	4.000	03/01/49		183		175,060
Federal National Mortgage Assoc.	4.000	04/01/52		215		202,381
Federal National Mortgage Assoc.	4.336(s)	03/17/31		50		36,680
Federal National Mortgage Assoc.	4.500	03/01/41		51		50,319
Federal National Mortgage Assoc.	4.500	02/01/44		46		46,037
Federal National Mortgage Assoc.	4.500	01/01/45		51		50,800
Federal National Mortgage Assoc.	4.500	04/01/48		28		27,405
Federal National Mortgage Assoc.	4.500	05/01/48		9		8,460
Federal National Mortgage Assoc.	4.500	08/01/48		11		10,699
Federal National Mortgage Assoc.	4.500	02/01/49		9		8,688
Federal National Mortgage Assoc.	4.500	06/01/52		104		100,868
Federal National Mortgage Assoc.	4.500	07/01/52		238		230,329
Federal National Mortgage Assoc.	5.000	11/01/35		67		67,961
Federal National Mortgage Assoc.	5.000	06/01/40		14		14,019
Federal National Mortgage Assoc.	5.000	03/01/42		27		27,079
Federal National Mortgage Assoc.	5.500	01/01/38		54		55,022

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 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		341	$	343,265
Federal National Mortgage Assoc.	6.625	11/15/30		40		45,962
Government National Mortgage Assoc.	2.500	03/20/43		7		5,884
Government National Mortgage Assoc.	2.500	12/20/46		12		10,130
Government National Mortgage Assoc.	2.500	05/20/51		474		410,568
Government National Mortgage Assoc.	2.500	10/20/51		82		71,310
Government National Mortgage Assoc.	3.000	01/20/43		60		54,759
Government National Mortgage Assoc.	3.000	04/20/45		24		21,715
Government National Mortgage Assoc.	3.000	07/20/46		42		37,972
Government National Mortgage Assoc.	3.000	09/20/46		43		38,649
Government National Mortgage Assoc.	3.000	03/20/49		50		44,902
Government National Mortgage Assoc.	3.000	06/20/51		83		74,065
Government National Mortgage Assoc.	3.000	08/20/51		211		188,582
Government National Mortgage Assoc.	3.500	12/20/42		121		113,772
Government National Mortgage Assoc.	3.500	01/20/44		33		31,179
Government National Mortgage Assoc.	3.500	04/20/45		17		16,317
Government National Mortgage Assoc.	3.500	07/20/46		76		70,589
Government National Mortgage Assoc.	3.500	08/20/46		115		107,417
Government National Mortgage Assoc.	3.500	09/20/46		18		16,603
Government National Mortgage Assoc.	3.500	07/20/47		49		45,298
Government National Mortgage Assoc.	3.500	11/20/47		32		29,760
Government National Mortgage Assoc.	4.000	12/20/45		52		50,203
Government National Mortgage Assoc.	4.000	10/20/46		3		2,919
Government National Mortgage Assoc.	4.000	03/20/47		24		23,336
Government National Mortgage Assoc.	4.000	07/20/47		30		29,169
Government National Mortgage Assoc.	4.000	09/20/47		79		75,809
Government National Mortgage Assoc.	4.000	03/20/49		12		11,919
Government National Mortgage Assoc.	4.500	04/20/41		11		10,646
Government National Mortgage Assoc.	4.500	03/20/44		28		27,626
Government National Mortgage Assoc.	4.500	12/20/44		26		25,725
Government National Mortgage Assoc.	4.500	11/20/46		13		13,060
Government National Mortgage Assoc.	4.500	01/20/47		4		4,113
Government National Mortgage Assoc.	5.000	04/20/45		21		21,000
Government National Mortgage Assoc.	5.500	12/15/33		8		7,781
Tennessee Valley Authority, Sr. Unsec’d. Notes	0.750	05/15/25		25		23,802
Tennessee Valley Authority, Sr. Unsec’d. Notes	1.500	09/15/31		40		32,723


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $14,773,525)						13,265,594


U.S. TREASURY OBLIGATIONS 39.3%
U.S. Treasury Bonds	1.250	05/15/50		825		429,387

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Interest Rate	Maturity Date	Principal Amount (000)#		Value

U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Bonds	1.375%	11/15/40		115	$	75,127
U.S. Treasury Bonds	1.750	08/15/41		975		668,652
U.S. Treasury Bonds	2.000	02/15/50		745		475,403
U.S. Treasury Bonds	2.250	05/15/41		945		709,341
U.S. Treasury Bonds	2.375	05/15/51		285		197,184
U.S. Treasury Bonds	4.000	11/15/42		525		503,590
U.S. Treasury Bonds	4.000	11/15/52		500		480,156
U.S. Treasury Bonds	4.125	08/15/53		115		113,005
U.S. Treasury Bonds	4.750	11/15/43		150		158,883
U.S. Treasury Notes	0.375	01/31/26		1,385		1,283,938
U.S. Treasury Notes	0.500	10/31/27		175		154,232
U.S. Treasury Notes	0.750	04/30/26		20		18,558
U.S. Treasury Notes	0.875	06/30/26		1,110		1,029,178
U.S. Treasury Notes	1.250	11/30/26		1,410		1,306,233
U.S. Treasury Notes	1.500	11/30/28		2,106		1,885,738
U.S. Treasury Notes	2.125	05/15/25		1,600		1,552,750
U.S. Treasury Notes	2.750	05/15/25		2,060		2,014,535
U.S. Treasury Notes	2.750	07/31/27		445		427,513
U.S. Treasury Notes	2.750	05/31/29		495		467,814
U.S. Treasury Notes	2.875	05/15/28		580		556,483
U.S. Treasury Notes	2.875	05/15/32		580		536,591
U.S. Treasury Notes	3.125	08/31/29		460		442,175
U.S. Treasury Notes	3.750	04/15/26		100		99,141
U.S. Treasury Notes	4.000	01/31/29		155		155,957
U.S. Treasury Notes	4.000	01/31/31		30		30,178
U.S. Treasury Notes	4.125	11/15/32		385		390,233
U.S. Treasury Notes	4.250	12/31/25		200		200,016
U.S. Treasury Notes	4.375	08/15/26		280		281,947
U.S. Treasury Notes	4.500	11/15/33		188		196,460
U.S. Treasury Notes	4.625	10/15/26		1,125		1,141,348
U.S. Treasury Notes	4.625	09/30/30		150		156,141
U.S. Treasury Strips Coupon	1.225(s)	02/15/41		15		7,004
U.S. Treasury Strips Coupon	1.394(s)	11/15/41		20		8,958
U.S. Treasury Strips Coupon	2.271(s)	08/15/39		185		93,736
U.S. Treasury Strips Coupon	2.350(s)	05/15/44		140		55,940
U.S. Treasury Strips Coupon	3.277(s)	08/15/41		35		15,873
U.S. Treasury Strips Coupon	4.398(s)	08/15/42		90		38,883

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024

Description

Interest
Rate

Maturity
Date

Principal

Amount

(000)#

Value

U.S. TREASURY OBLIGATIONS (Continued)

U.S. Treasury Strips Coupon

4.411%(s)

05/15/39

170

87,430

TOTAL U.S. TREASURY OBLIGATIONS
(cost $18,696,976)

18,445,711

TOTAL LONG-TERM INVESTMENTS
(cost $49,336,928)

46,212,709

Shares

SHORT-TERM INVESTMENT 1.2%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)
(cost $577,969)(wb)

577,969

TOTAL INVESTMENTS 99.7%
(cost $49,914,897)

46,790,678

Other assets in excess of liabilities 0.3%

137,786

NET ASSETS 100.0%

46,928,464

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

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

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of January 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.

PGIM Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024

The following is a summary of the inputs used as of January 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	$	—	$	197,915		$	—
Commercial Mortgage-Backed Securities		—		2,614,525			—
Corporate Bonds		—		10,509,159			—
Municipal Bonds		—		337,605			—
Sovereign Bonds		—		842,200			—
U.S. Government Agency Obligations		—		13,265,594			—
U.S. Treasury Obligations		—		18,445,711			—
Short-Term Investment
Affiliated Mutual Fund		577,969		—			—

Total	$	577,969	$	46,212,709		$	—

Industry Classification:

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


U.S. Treasury Obligations	39.3	%
U.S. Government Agency Obligations	28.3
Commercial Mortgage-Backed Securities	5.6
Banks	5.4
Electric	2.6
Pipelines	1.9
Sovereign Bonds	1.8
Healthcare-Services	1.5
Affiliated Mutual Fund	1.2
Real Estate Investment Trusts (REITs)	0.9
Insurance	0.9
Mining	0.8
Aerospace & Defense	0.7
Telecommunications	0.7
Municipal Bonds	0.7
Pharmaceuticals	0.6
Media	0.6
Agriculture	0.6
Oil & Gas	0.5
Biotechnology	0.5
Software	0.4
Credit Cards	0.4
Beverages	0.4
Semiconductors	0.4
Miscellaneous Manufacturing	0.3


Auto Manufacturers	0.3	%
Commercial Services	0.3
Diversified Financial Services	0.3
Chemicals	0.2
Machinery-Diversified	0.2
Home Builders	0.2
Building Materials	0.2
Retail	0.1
Computers	0.1
Gas	0.1
Healthcare-Products	0.1
Packaging & Containers	0.1
Transportation	0.1
Foods	0.1
Airlines	0.1
Lodging	0.1
Entertainment	0.1


	99.7
Other assets in excess of liabilities	0.3


	100.0	%

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2024



Assets

Investments at value:
Unaffiliated investments (cost $49,336,928)	$	46,212,709
Affiliated investments (cost $577,969)		577,969
Dividends and interest receivable		287,016
Receivable for Fund shares sold		264,207
Receivable for investments sold		203,083
Prepaid expenses and other assets		878


Total Assets		47,545,862


Liabilities

Payable for investments purchased		540,821
Audit fees payable		29,094
Payable for Fund shares purchased		22,973
Accrued expenses and other liabilities		18,256
Management fee payable		5,446
Trustees’ fees payable		724
Affiliated transfer agent fee payable		84


Total Liabilities		617,398


Net Assets	$	46,928,464




Net assets were comprised of:
Paid-in capital	$	55,120,316
Total distributable earnings (loss)		(8,191,852	)


Net assets, January 31, 2024	$	46,928,464


Class R6

Net asset value, offering price and redemption price per share, ($46,928,464 ÷ 5,419,524 shares of beneficial interest issued and outstanding)	$	8.66

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	905,121
Affiliated dividend income		10,932


Total income		916,053


Expenses
Management fee		63,694
Audit fee		29,094
Professional fees		19,473
Custodian and accounting fees		18,003
Shareholders’ reports		6,961
Trustees’ fees		5,108
Pricing fees		3,595
Fund data services		3,308
Transfer agent’s fees and expenses (including affiliated expense of $ 235)		374
Registration fees		212
Miscellaneous		4,516

Total expenses		154,338
Less: Fee waiver and/or expense reimbursement		(34,099	)


Net expenses		120,239


Net investment income (loss)		795,814


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		(965,381	)
Net change in unrealized appreciation (depreciation) on investments		1,935,125


Net gain (loss) on investment transactions		969,744


Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,765,558

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Statements of Changes in Net Assets (unaudited)



	Six Months Ended January 31, 2024				Year Ended July 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	795,814			$	1,308,806
Net realized gain (loss) on investment transactions			(965,381	)			(2,081,573	)
Net change in unrealized appreciation (depreciation) on investments			1,935,125				(1,044,366	)


Net increase (decrease) in net assets resulting from operations			1,765,558				(1,817,133	)


Dividends and Distributions
Distributions from distributable earnings
Class R6			(855,253	)			(1,499,460	)
Tax return of capital distributions
Class R6			—				(480	)

Total dividends and distributions			(855,253	)			(1,499,940	)


Fund share transactions
Net proceeds from shares sold (1,249,958 and 957,777 shares, respectively)			10,369,249				8,266,722
Net asset value of shares issued in reinvestment of dividends and distributions (101,623 and 174,137 shares, respectively)			855,253				1,499,940
Cost of shares purchased (1,137,867 and 1,576,977 shares, respectively)			(9,735,749	)			(13,605,604	)


Net increase (decrease) in net assets from Fund share transactions			1,488,753				(3,838,942	)

Total increase (decrease)			2,399,058				(7,156,015	)

Net Assets:

Beginning of period			44,529,406				51,685,421


End of period		$	46,928,464			$	44,529,406

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Financial Highlights (unaudited)



Class R6 Shares
	Six Months Ended January 31, 2024
				Year Ended July 31,
				Year Ended July 31,
				2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$8.55			$9.15			$10.39			$10.81			$10.12			$9.66
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.23			0.15			0.13			0.22			0.25
Net realized and unrealized gain (loss) on investment transactions		0.12^(b)			(0.57	)		(1.16	)		(0.25	)		0.73			0.49
Total from investment operations		0.26			(0.34	)		(1.01	)		(0.12	)		0.95			0.74
Less Dividends and Distributions:
Dividends from net investment income		(0.15)			(0.26	)		(0.20	)		(0.21	)		(0.26	)		(0.28	)
Tax return of capital distributions		-			(-	)^(c)		-			-			-			-
Distributions from net realized gains		-			-			(0.03	)		(0.09	)		-			-
Total dividends and distributions		(0.15)			(0.26	)		(0.23	)		(0.30	)		(0.26	)		(0.28	)
Net asset value, end of period		$8.66			$8.55			$9.15			$10.39			$10.81			$10.12
Total Return^(d):		3.14%			(3.66	)%		(9.79	)%		(1.07	)%		9.50	%		7.74	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$46,928			$44,529			$51,685			$62,780			$57,963			$46,905
Average net assets (000)		$ 46,925			$49,258			$58,320			$62,768			$50,192			$42,668
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.51%	^(f)(g)		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Expenses before waivers and/or expense reimbursement		0.65%	^(f)		0.63	%		0.55	%		0.55	%		0.67	%		0.77	%
Net investment income (loss)		3.37%	^(f)		2.66	%		1.49	%		1.28	%		2.07	%		2.55	%
Portfolio turnover rate^(h)(i)		79%			191	%		171	%		194	%		174	%		107	%

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

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

(c)	Amount rounds to zero.

(d)

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

(f)	Annualized.

(g)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Funds’s contractual waiver for the six months ended January 31, 2024.

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

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Financial Highlights (unaudited) (continued)

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

See Notes to Financial Statements.

PGIM TIPS Fund

Schedule of Investments (unaudited)

as of January 31, 2024



Description	Interest Rate		Maturity Date		Principal Amount (000)#		Value

LONG-TERM INVESTMENTS 98.2%

U.S. TREASURY OBLIGATIONS
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125%		10/15/26		5,315	$	5,082,999
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/30		7,363		6,733,553
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/31		2,713		2,446,113
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/32		360		318,888
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		02/15/51		1,840		1,128,267
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250		01/15/25		3,079		3,005,904
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250		02/15/50		2,048		1,324,054
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375		01/15/27		1,373		1,314,470
U.S. Treasury Inflation Indexed Bonds, TIPS		0.500		01/15/28		3,448		3,283,515
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		01/15/26		4,284		4,161,529
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		02/15/43		2,811		2,203,998
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750		02/15/42		4,063		3,302,760
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875		01/15/29		4,584		4,411,668
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875		02/15/47		134		104,969
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000		02/15/46		428		349,128
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000		02/15/49		1,086		869,530
U.S. Treasury Inflation Indexed Bonds, TIPS		1.250		04/15/28		845		827,225
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375		07/15/33		3,331		3,253,152
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375		02/15/44		138		123,866
U.S. Treasury Inflation Indexed Bonds, TIPS		1.750		01/15/28		110		109,872
U.S. Treasury Inflation Indexed Bonds, TIPS		2.000		01/15/26		1,934		1,928,992
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125		02/15/40		483		496,222
U.S. Treasury Inflation Indexed Bonds, TIPS		2.375		01/15/25		98		97,378
U.S. Treasury Inflation Indexed Bonds, TIPS		2.375		01/15/27		6,243		6,333,073
U.S. Treasury Inflation Indexed Bonds, TIPS		2.500		01/15/29		1,237		1,285,903
U.S. Treasury Inflation Indexed Bonds, TIPS		3.375		04/15/32		9,506		10,701,262
U.S. Treasury Inflation Indexed Bonds, TIPS		3.625		04/15/28		218		234,670


TOTAL LONG-TERM INVESTMENTS (cost $67,798,090)								65,432,960

See Notes to Financial Statements.

PGIM TIPS Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

SHORT-TERM INVESTMENT 1.3%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.560%) (cost $875,284)(wb)		875,284	$	875,284


TOTAL INVESTMENTS 99.5% (cost $68,673,374)				66,308,244
Other assets in excess of liabilities 0.5%				336,674


NET ASSETS 100.0%			$	66,644,918

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

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

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

Fair Value Measurements:

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

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
U.S. Treasury Obligations	$	—	$	65,432,960	$—
Short-Term Investment
Affiliated Mutual Fund		875,284		—	—


Total	$	875,284	$	65,432,960	$—

Sector Allocations:

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


U.S. Treasury Obligations			98.2	%

See Notes to Financial Statements.

PGIM TIPS Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024

Sector Allocations (continued):


Affiliated Mutual Fund	1.3	%

	99.5
Other assets in excess of liabilities	0.5


	100.0	%

See Notes to Financial Statements.

PGIM TIPS Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2024



Assets

Investments at value:
Unaffiliated investments (cost $67,798,090)	$	65,432,960
Affiliated investments (cost $875,284)		875,284
Receivable for investments sold		2,283,492
Receivable for Fund shares sold		547,810
Interest receivable		159,447
Prepaid expenses		992


Total Assets		69,299,985


Liabilities

Payable for investments purchased		2,562,102
Payable for Fund shares purchased		46,262
Accrued expenses and other liabilities		33,940
Management fee payable		11,988
Trustees’ fees payable		698
Affiliated transfer agent fee payable		77


Total Liabilities		2,655,067


Net Assets	$	66,644,918




Net assets were comprised of:
Paid-in capital	$	82,429,978
Total distributable earnings (loss)		(15,785,060	)


Net assets, January 31, 2024	$	66,644,918


Class R6

Net asset value, offering price and redemption price per share, ($66,644,918 ÷ 7,844,114 shares of beneficial interest issued and outstanding)	$	8.50

See Notes to Financial Statements.

PGIM TIPS Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	1,309,168
Affiliated dividend income		18,895


Total income		1,328,063


Expenses
Management fee		86,522
Professional fees		18,901
Audit fee		16,916
Custodian and accounting fees		16,483
Shareholders’ reports		5,337
Trustees’ fees		5,274
Commitment fees		2,407
Transfer agent’s fees and expenses (including affiliated expense of $ 243)		275
Registration fees		212
SEC registration fees		123
Miscellaneous		7,060


Total expenses		159,510
Less: Fee waiver and/or expense reimbursement		(5,605	)


Net expenses		153,905


Net investment income (loss)		1,174,158


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		(2,670,182	)
Net change in unrealized appreciation (depreciation) on investments		2,732,459


Net gain (loss) on investment transactions		62,277


Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,236,435

See Notes to Financial Statements.

PGIM TIPS Fund

Statements of Changes in Net Assets (unaudited)



	Six Months Ended January 31, 2024				Year Ended July 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	1,174,158			$	3,512,998
Net realized gain (loss) on investment transactions			(2,670,182	)			(6,682,362	)
Net change in unrealized appreciation (depreciation) on investments			2,732,459				(1,652,352	)


Net increase (decrease) in net assets resulting from operations			1,236,435				(4,821,716	)


Dividends and Distributions
Distributions from distributable earnings
Class R6			(1,385,271	)			(4,062,626	)


Fund share transactions
Net proceeds from shares sold (1,189,036 and 2,328,137 shares, respectively)			9,933,490				20,157,393
Net asset value of shares issued in reinvestment of dividends and distributions (168,256 and 463,474 shares, respectively)			1,385,271				4,062,626
Cost of shares purchased (2,987,436 and 2,919,634 shares, respectively)			(25,046,569	)			(25,476,194	)


Net increase (decrease) in net assets from Fund share transactions			(13,727,808	)			(1,256,175	)

Total increase (decrease)			(13,876,644	)			(10,140,517	)

Net Assets:

Beginning of period			80,521,562				90,662,079


End of period		$	66,644,918			$	80,521,562

See Notes to Financial Statements.

PGIM TIPS Fund

Financial Highlights (unaudited)



Class R6 Shares
	Six Months Ended January 31, 2024
				Year Ended July 31,
				Year Ended July 31,
				2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$8.50			$9.44			$10.83			$10.67			$9.87			$9.61
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.36			0.68			0.36			0.01			0.21
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.02			(0.88	)		(1.08	)		0.32			0.94			0.30
Total from investment operations		0.15			(0.52	)		(0.40	)		0.68			0.95			0.51
Less Dividends and Distributions:
Dividends from net investment income		(0.15)			(0.42	)		(0.78	)		(0.43	)		(0.15	)		(0.25	)
Distributions from net realized gains		-			-			(0.21	)		(0.09	)		-			-
Total dividends and distributions		(0.15)			(0.42	)		(0.99	)		(0.52	)		(0.15	)		(0.25	)
Net asset value, end of period		$8.50			$8.50			$9.44			$10.83			$10.67			$9.87
Total Return^(b):		1.85%			(5.52	)%		(3.91	)%		6.49	%		9.83	%		5.38	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$66,645			$80,522			$90,662			$83,793			$48,736			$35,938
Average net assets (000)		$74,828			$84,102			$83,845			$79,151			$38,800			$30,412
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.41%	^(d)(e)		0.40	%		0.39	%		0.40	%		0.40	%		0.40	%
Expenses before waivers and/or expense reimbursement		0.42%	^(d)		0.40	%		0.39	%		0.41	%		0.58	%		0.72	%
Net investment income (loss)		3.12%	^(d)		4.18	%		6.66	%		3.39	%		0.12	%		2.17	%
Portfolio turnover rate^(f)		35%			68	%		73	%		72	%		102	%		40	%

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

(b)

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

(d)	Annualized.

(e)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Funds’s contractual waiver for the six months ended January 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.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited)

as of January 31, 2024



Description			Shares		Value

SHORT-TERM INVESTMENTS 100.3%

AFFILIATED MUTUAL FUND 15.6%
PGIM Core Government Money Market Fund (7-day effective yield 5.560%) (cost $8,059,044)(bb)(wb)				8,059,044	$	8,059,044


	Interest Rate	Maturity Date	Principal Amount (000)#

U.S. TREASURY OBLIGATIONS(n) 84.7%
U.S. Treasury Bills	5.298%	04/11/24		24,000		23,757,271
U.S. Treasury Bills	5.302	02/27/24(bb)(k)		7,500		7,471,495
U.S. Treasury Bills	5.424	02/27/24		12,500		12,452,491


TOTAL U.S. TREASURY OBLIGATIONS (cost $43,679,536)						43,681,257


TOTAL INVESTMENTS 100.3% (cost $51,738,580)						51,740,301
Liabilities in excess of other assets(z) (0.3)%						(131,245	)


NET ASSETS 100.0%					$	51,609,056

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

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

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

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

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

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

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

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


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Long Positions:
50	Brent Crude		May 2024	$	4,013,500		$	108,407
19	Coffee ’C’		Mar. 2024		1,382,606			159,368
33	Copper		Mar. 2024		3,222,450			126,956
84	Corn		Mar. 2024		1,882,650			(138,514	)
46	Cotton No. 2		Mar. 2024		1,958,910			117,971

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited) (continued)

as of January 31, 2024

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


Number of Contracts	Type	Expiration Date		Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
19	Gasoline RBOB		Mar. 2024	$	1,780,498		$	115,101
36	Gold 100 OZ		Apr. 2024		7,442,640			3,441
30	Hard Red Winter Wheat		Mar. 2024		933,000			(38,952	)
59	Lean Hogs		Apr. 2024		2,001,870			276,149
34	Live Cattle		Apr. 2024		2,457,520			89,015
10	LME Lead		Mar. 2024		547,330			39,679
13	LME Nickel		Mar. 2024		1,259,856			(6,750	)
43	LME PRI Aluminum		Mar. 2024		2,434,789			114,248
30	LME Zinc		Mar. 2024		1,889,513			42,839
18	Low Sulphur Gas Oil		Mar. 2024		1,506,600			191,398
167	Natural Gas		Mar. 2024		3,507,000			(530,373	)
12	NY Harbor ULSD		Mar. 2024		1,403,741			142,844
15	Silver		Mar. 2024		1,737,675			(33,785	)
10	Soft Red Winter Wheat		Mar. 2024		297,625			(10,768	)
37	Soybean		Mar. 2024		2,261,163			(148,164	)
49	Soybean Meal		Mar. 2024		1,804,670			(168,035	)
62	Soybean Oil		Mar. 2024		1,711,944			(141,571	)
66	Sugar No. 11		Mar. 2024		1,783,690			28,388
65	WTI Crude		Mar. 2024		4,930,250			315,857

								654,749

Short Positions:
1	LME Lead		Mar. 2024		54,733			(1,929	)
4	LME Nickel		Mar. 2024		387,648			13,676
15	LME PRI Aluminum		Mar. 2024		849,345			(8,192	)
24	LME Zinc		Mar. 2024		1,511,610			(5,506	)

								(1,951	)

							$	652,798

(1)	Represents positions held in the Cayman Subsidiary.

Summary of Collateral for Centrally Cleared/Exchange-traded Derivatives:

Cash and securities segregated as collateral, including pending settlement for closed positions, to cover requirements for centrally cleared/exchange-traded derivatives are listed by broker as follows:


Broker	Cash and/or Foreign Currency	Securities Market Value
MSC	$188,065	$6,973,395

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited) (continued)

as of January 31, 2024

Fair Value Measurements:

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

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

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

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

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


	Level 1			Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Affiliated Mutual Fund	$	8,059,044		$	—		$—
U.S. Treasury Obligations		—			43,681,257		—


Total	$	8,059,044		$	43,681,257		$—


Other Financial Instruments*
Assets
Commodity Futures Contracts	$	1,885,337		$	—		$—


Liabilities
Commodity Futures Contracts	$	(1,232,539	)	$	—		$—

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 liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2024 were as follows:


U.S. Treasury Obligations	84.7	%
Affiliated Mutual Fund	15.6

	100.3
Liabilities in excess of other assets	(0.3	)


	100.0	%

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited) (continued)

as of January 31, 2024

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

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

Fair values of derivative instruments as of January 31, 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

1,885,337

Due from/to

broker-variation margin

futures

1,232,539

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

The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended January 31, 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	$	(984,483	)


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	(3,156,068	)

For the six months ended January 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)		$60,629,219

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (unaudited) (continued)

as of January 31, 2024


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Short Positions (1)		$ 3,903,078

*	Average volume is based on average quarter end balances for the six months ended January 31, 2024.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities (unaudited)

as of January 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $43,679,536)	$	43,681,257
Affiliated investments (cost $8,059,044)		8,059,044
Deposit with broker for centrally cleared/exchange-traded derivatives		188,065
Receivable for Fund shares sold		15,548
Prepaid expenses		896


Total Assets		51,944,810


Liabilities

Payable for Fund shares purchased		148,852
Due to broker—variation margin futures		140,402
Management fee payable		15,910
Accrued expenses and other liabilities		15,061
Audit fees payable		14,350
Trustees’ fees payable		825
Affiliated transfer agent fee payable		354


Total Liabilities		335,754


Net Assets	$	51,609,056



Net assets were comprised of:
Paid-in capital	$	72,982,579
Total distributable earnings (loss)		(21,373,523	)


Net assets, January 31, 2024	$	51,609,056


Class Z

Net asset value, offering price and redemption price per share, ($511,089 ÷ 77,153 shares of beneficial interest issued and outstanding)	$	6.62


Class R6

Net asset value, offering price and redemption price per share, ($51,097,967 ÷ 7,730,999 shares of beneficial interest issued and outstanding)	$	6.61

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Operations (unaudited)

Six Months Ended January 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	1,316,872
Affiliated dividend income		197,282
Unaffiliated dividend income		7,789


Total income		1,521,943


Expenses
Management fee		134,882
Professional fees		26,145
Custodian and accounting fees		16,977
Audit fee		14,346
Registration fees(a)		14,054
Fund data services		9,714
Shareholders’ reports		9,001
Trustees’ fees		5,288
Transfer agent’s fees and expenses (including affiliated expense of $1,083)(a)		3,889
SEC registration fees		139
Miscellaneous		3,241


Total expenses		237,676
Less: Fee waiver and/or expense reimbursement(a)		(35,332	)


Net expenses		202,344


Net investment income (loss)		1,319,599


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		(11,217	)
Futures transactions		(984,483	)


		(995,700	)

Net change in unrealized appreciation (depreciation) on:
Investments		56,013
Futures		(3,156,068	)


		(3,100,055	)


Net gain (loss) on investment transactions		(4,095,755	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,776,156	)

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


	Class Z			Class R6
Registration fees		12,974			1,080
Transfer agent’s fees and expenses		2,887			1,002
Fee waiver and/or expense reimbursement		(16,040	)		(19,292	)

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets (unaudited)



	Six Months Ended January 31, 2024				Year Ended July 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	1,319,599			$	2,261,563
Net realized gain (loss) on investment transactions			(995,700	)			(21,198,720	)
Net change in unrealized appreciation (depreciation) on investments			(3,100,055	)			9,512,363


Net increase (decrease) in net assets resulting from operations			(2,776,156	)			(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			6,908,511				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			(13,939,576	)			(39,292,909	)


Net increase (decrease) in net assets from Fund share transactions			(4,923,506	)			8,986,065


Total increase (decrease)			(9,807,230	)			(19,694,785	)

Net Assets:

Beginning of period			61,416,286				81,111,071


End of period		$	51,609,056			$	61,416,286

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights (unaudited)



Class Z Shares
	Six Months						December 14, 2021^(a)
	Ended						December 14, 2021^(a)
	January 31,			Year Ended July 31,			through July 31,
	2024			2023			2022

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)		0.16			0.24			0.01	^(c)
Net realized and unrealized gain (loss) on investment transactions		(0.51	)		(1.23	)		2.58
Total from investment operations		(0.35	)		(0.99	)		2.59
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		(2.32	)		-
Net asset value, end of period		$6.62			$7.22			$10.53
Total Return^(d):		(4.80	)%		(10.36	)%		32.62	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$511			$738			$532
Average net assets (000)		$641			$5,071			$424
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.71	%^(f)(g)		0.70	%		0.70	%^(f)
Expenses before waivers and/or expense reimbursement		5.69	%^(f)		1.41	%		9.94	%^(f)
Net investment income (loss)		4.55	%^(f)		3.10	%		0.08	%^(f)
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)

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

(f)	Annualized.

(g)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Funds’s contractual waiver for the six months ended January 31, 2024.

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

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights (unaudited) (continued)



Class R6 Shares
	Six Months
	Ended
	January 31,			Year Ended July 31,

	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$7.21			$10.53			$12.02			$8.34			$9.44			$10.31
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.24			(0.02	)		(0.05	)		0.01			0.14
Net realized and unrealized gain (loss) on investment transactions		(0.50	)		(1.22	)		2.45			3.73			(1.01	)		(0.74	)
Total from investment operations		(0.34	)		(0.98	)		2.43			3.68			(1.00	)		(0.60	)
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		(2.34	)		(3.92	)		-			(0.10	)		(0.27	)
Tax return of capital distributions		-			-			-			-			(-	)^(b)		-
Total dividends and distributions		(0.26	)		(2.34	)		(3.92	)		-			(0.10	)		(0.27	)
Net asset value, end of period		$6.61			$7.21			$10.53			$12.02			$8.34			$9.44
Total Return^(c):		(4.63	)%		(10.42	)%		30.61	%		44.12	%		(10.74	)%		(5.69	)%


Ratios/Supplemental Data:
Net assets, end of period (000)		$51,098			$60,679			$80,579			$61,721			$38,553			$21,123
Average net assets (000)		$56,731			$69,187			$67,445			$53,974			$28,308			$19,634
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.70	%^(e)		0.65	%		0.62	%		0.64	%		0.80	%		0.80	%
Expenses before waivers and/or expense reimbursement		0.77	%^(e)		0.72	%		0.68	%		0.71	%		0.94	%		1.10	%
Net investment income (loss)		4.58	%^(e)		3.04	%		(0.18	)%		(0.53	)%		0.17	%		1.42	%
Portfolio turnover rate^(f)		0	%		0	%		0	%		0	%		0	%		0	%

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

(b)	Amount rounds to zero.

(c)

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

(e)	Annualized.

(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.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited)

as of January 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 100.6%

COMMON STOCKS 96.9%

Aerospace & Defense 1.2%

BWX Technologies, Inc.		350		$ 28,518
Curtiss-Wright Corp.		140		31,159
Hexcel Corp.		320		21,245
Woodward, Inc.		235		32,376


				113,298

Air Freight & Logistics 0.3%

GXO Logistics, Inc.*		450		24,471

Automobile Components 1.4%
Adient PLC*		360		12,495
Autoliv, Inc. (Sweden)		290		31,065
Fox Factory Holding Corp.*		170		10,717
Gentex Corp.		875		28,989
Goodyear Tire & Rubber Co. (The)*		1,010		14,079
Lear Corp.		230		30,567
Visteon Corp.*		100		11,529


				139,441

Automobiles 0.4%

Harley-Davidson, Inc.		455		14,765
Thor Industries, Inc.		210		23,734


				38,499

Banks 5.3%

Associated Banc-Corp.		530		11,135
Bank OZK		400		18,044
Cadence Bank		690		18,368
Columbia Banking System, Inc.		790		15,926
Commerce Bancshares, Inc.		450		23,454
Cullen/Frost Bankers, Inc.		250		26,530
East West Bancorp, Inc.		523		38,080
First Financial Bankshares, Inc.		460		14,366
First Horizon Corp.		2,080		29,619
FNB Corp.		1,361		17,938
Glacier Bancorp, Inc.		420		16,237
Hancock Whitney Corp.		310		13,984
Home BancShares, Inc.		670		15,705
International Bancshares Corp.		210		11,101

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)

New York Community Bancorp, Inc.		2,690	$	17,404
Old National Bancorp		1,110		18,282
Pinnacle Financial Partners, Inc.		290		25,630
Prosperity Bancshares, Inc.		350		22,368
SouthState Corp.		290		24,099
Synovus Financial Corp.		550		20,713
Texas Capital Bancshares, Inc.*		190		11,590
UMB Financial Corp.		160		13,200
United Bankshares, Inc.		510		18,284
Valley National Bancorp		1,520		14,622
Webster Financial Corp.		645		31,915
Wintrust Financial Corp.		241		23,372


				511,966

Beverages 0.6%

Boston Beer Co., Inc. (The) (Class A Stock)*		35		12,224
Celsius Holdings, Inc.*		550		27,445
Coca-Cola Consolidated, Inc.		17		14,644


				54,313

Biotechnology 1.5%

Arrowhead Pharmaceuticals, Inc.*		440		14,124
Exelixis, Inc.*		1,160		25,242
Halozyme Therapeutics, Inc.*		500		16,925
Neurocrine Biosciences, Inc.*		370		51,715
United Therapeutics Corp.*		170		36,512


				144,518

Broadline Retail 0.4%

Macy’s, Inc.		1,030		18,839
Nordstrom, Inc.		350		6,352
Ollie’s Bargain Outlet Holdings, Inc.*		240		17,263


				42,454

Building Products 3.3%

Advanced Drainage Systems, Inc.		260		33,909
Carlisle Cos., Inc.		185		58,138
Fortune Brands Innovations, Inc.		470		36,468
Lennox International, Inc.		120		51,379

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Building Products (cont’d.)

Owens Corning		334	$	50,611
Simpson Manufacturing Co., Inc.		170		30,768
Trex Co., Inc.*		410		33,407
UFP Industries, Inc.		235		26,661


				321,341

Capital Markets 2.8%

Affiliated Managers Group, Inc.		140		20,838
Carlyle Group, Inc. (The)		810		32,416
Evercore, Inc. (Class A Stock)		140		24,042
Federated Hermes, Inc.		310		10,838
Houlihan Lokey, Inc.		200		23,956
Interactive Brokers Group, Inc. (Class A Stock)		400		35,500
Janus Henderson Group PLC		510		14,668
Jefferies Financial Group, Inc.		631		25,719
Morningstar, Inc.		95		26,533
SEI Investments Co.		380		24,031
Stifel Financial Corp.		383		27,940


				266,481

Chemicals 2.3%

Arcadium Lithium PLC (United Kingdom)*		3,867		18,910
Ashland, Inc.		200		18,724
Avient Corp.		325		11,768
Axalta Coating Systems Ltd.*		820		26,584
Cabot Corp.		220		15,862
Chemours Co. (The)		570		17,197
NewMarket Corp.		25		13,945
Olin Corp.		470		24,473
RPM International, Inc.		480		51,197
Scotts Miracle-Gro Co. (The)		150		8,439
Westlake Corp.		130		17,986


				225,085

Commercial Services & Supplies 1.3%

Brink’s Co. (The)		180		14,551
Clean Harbors, Inc.*		198		33,256
MSA Safety, Inc.		150		24,755

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Commercial Services & Supplies (cont’d.)

Stericycle, Inc.*		330	$	15,840
Tetra Tech, Inc.		210		33,218


				121,620

Communications Equipment 0.5%

Calix, Inc.*		210		6,968
Ciena Corp.*		560		29,680
Lumentum Holdings, Inc.*		260		14,284


				50,932

Construction & Engineering 1.9%

AECOM		524		46,212
Comfort Systems USA, Inc.		130		28,271
EMCOR Group, Inc.		173		39,463
Fluor Corp.*		640		24,134
MasTec, Inc.*		230		15,104
MDU Resources Group, Inc.		720		14,047
Valmont Industries, Inc.		90		20,314


				187,545

Construction Materials 0.5%

Eagle Materials, Inc.		142		32,131
Knife River Corp.*		220		14,408


				46,539

Consumer Finance 0.7%

Ally Financial, Inc.		1,010		37,047
FirstCash Holdings, Inc.		150		17,215
SLM Corp.		860		17,097


				71,359

Consumer Staples Distribution & Retail 1.9%

BJ’s Wholesale Club Holdings, Inc.*		500		32,170
Casey’s General Stores, Inc.		145		39,347
Grocery Outlet Holding Corp.*		350		8,673
Performance Food Group Co.*		585		42,518

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Consumer Staples Distribution & Retail (cont’d.)

Sprouts Farmers Market, Inc.*		390	$	19,644
US Foods Holding Corp.*		850		39,109


				181,461

Containers & Packaging 1.8%

AptarGroup, Inc.		250		32,470
Berry Global Group, Inc.		440		28,802
Crown Holdings, Inc.		450		39,825
Graphic Packaging Holding Co.		1,140		29,081
Greif, Inc. (Class A Stock)		90		5,635
Silgan Holdings, Inc.		290		13,323
Sonoco Products Co.		370		21,053


				170,189

Diversified Consumer Services 0.9%

Graham Holdings Co. (Class B Stock)		13		9,365
Grand Canyon Education, Inc.*		110		14,365
H&R Block, Inc.		540		25,294
Service Corp. International		550		36,916


				85,940

Diversified REITs 0.5%

WP Carey, Inc.		820		50,807

Diversified Telecommunication Services 0.4%

Frontier Communications Parent, Inc.*		840		20,689
Iridium Communications, Inc.		470		17,042


				37,731

Electric Utilities 0.9%

ALLETE, Inc.		225		13,300
IDACORP, Inc.		200		18,516
OGE Energy Corp.		750		24,930
PNM Resources, Inc.		310		11,231
Portland General Electric Co.		390		15,963


				83,940

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Electrical Equipment 1.5%

Acuity Brands, Inc.		119	$	28,341
EnerSys		160		15,291
nVent Electric PLC		620		37,225
Regal Rexnord Corp.		260		34,699
Sensata Technologies Holding PLC		580		20,979
Sunrun, Inc.*		770		11,150


				147,685

Electronic Equipment, Instruments & Components 2.2%

Arrow Electronics, Inc.*		210		23,341
Avnet, Inc.		350		15,855
Belden, Inc.		165		12,240
Cognex Corp.		640		23,130
Coherent Corp.*		500		23,770
Crane NXT Co.		190		11,073
IPG Photonics Corp.*		110		10,768
Littelfuse, Inc.		90		21,771
Novanta, Inc.*		130		20,091
TD SYNNEX Corp.		221		22,096
Vishay Intertechnology, Inc.		450		9,779
Vontier Corp.		590		20,408


				214,322

Energy Equipment & Services 0.9%

ChampionX Corp.		740		20,283
NOV, Inc.		1,470		28,680
Valaris Ltd.*		240		14,849
Weatherford International PLC*		280		25,074


				88,886

Entertainment 0.2%

TKO Group Holdings, Inc.		230		19,249

Financial Services 1.8%

Equitable Holdings, Inc.		1,190		38,901
Essent Group Ltd.		395		21,788
Euronet Worldwide, Inc.*		175		17,439
MGIC Investment Corp.		1,050		20,832
Voya Financial, Inc.		395		28,586

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Financial Services (cont’d.)

Western Union Co. (The)		1,300	$	16,341
WEX, Inc.*		170		34,746


				178,633

Food Products 1.1%

Darling Ingredients, Inc.*		600		25,980
Flowers Foods, Inc.		730		16,644
Ingredion, Inc.		247		26,570
Lancaster Colony Corp.		90		16,540
Pilgrim’s Pride Corp.*		140		3,804
Post Holdings, Inc.*		200		18,574


				108,112

Gas Utilities 0.9%

National Fuel Gas Co.		330		15,563
New Jersey Resources Corp.		350		14,291
ONE Gas, Inc.		220		13,501
Southwest Gas Holdings, Inc.		230		13,496
Spire, Inc.		210		11,922
UGI Corp.		792		17,535


				86,308

Ground Transportation 1.9%

Avis Budget Group, Inc.		70		11,460
Hertz Global Holdings, Inc.*		470		3,924
Knight-Swift Transportation Holdings, Inc.		600		34,428
Landstar System, Inc.		130		24,924
Ryder System, Inc.		175		19,875
Saia, Inc.*		100		45,058
Werner Enterprises, Inc.		230		9,096
XPO, Inc.*		430		36,739


				185,504

Health Care Equipment & Supplies 2.3%

Enovis Corp.*		195		11,446
Envista Holdings Corp.*		610		14,335
Globus Medical, Inc. (Class A Stock)*		430		22,700
Haemonetics Corp.*		200		15,292
Inari Medical, Inc.*		200		11,390

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Equipment & Supplies (cont’d.)

Integra LifeSciences Holdings Corp.*		240	$	9,636
Lantheus Holdings, Inc.*		260		13,502
LivaNova PLC*		190		9,249
Masimo Corp.*		160		20,630
Neogen Corp.*		700		10,850
Penumbra, Inc.*		145		36,568
QuidelOrtho Corp.*		180		12,332
Shockwave Medical, Inc.*		140		31,675


				219,605

Health Care Providers & Services 2.0%

Acadia Healthcare Co., Inc.*		350		28,749
Amedisys, Inc.*		120		11,312
Chemed Corp.		57		33,789
Encompass Health Corp.		375		26,640
HealthEquity, Inc.*		320		24,186
Option Care Health, Inc.*		670		20,931
Progyny, Inc.*		300		11,427
R1 RCM, Inc.*		700		7,168
Tenet Healthcare Corp.*		380		31,441


				195,643

Health Care REITs 0.8%

Healthcare Realty Trust, Inc.		1,420		22,876
Medical Properties Trust, Inc.		2,130		6,603
Omega Healthcare Investors, Inc.		920		26,680
Physicians Realty Trust		850		10,404
Sabra Health Care REIT, Inc.		820		10,939


				77,502

Health Care Technology 0.1%

Doximity, Inc. (Class A Stock)*		420		11,319

Hotel & Resort REITs 0.1%

Park Hotels & Resorts, Inc.		750		11,310

Hotels, Restaurants & Leisure 3.4%

Aramark		970		28,208
Boyd Gaming Corp.		265		16,825

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure (cont’d.)

Choice Hotels International, Inc.		90	$	10,901
Churchill Downs, Inc.		260		31,452
Hilton Grand Vacations, Inc.*		250		10,425
Hyatt Hotels Corp. (Class A Stock)		160		20,539
Light & Wonder, Inc.*		340		27,329
Marriott Vacations Worldwide Corp.		120		10,067
Penn Entertainment, Inc.*		540		12,177
Planet Fitness, Inc. (Class A Stock)*		320		21,683
Texas Roadhouse, Inc.		260		32,687
Travel + Leisure Co.		260		10,509
Vail Resorts, Inc.		140		31,080
Wendy’s Co. (The)		590		11,257
Wingstop, Inc.		115		32,328
Wyndham Hotels & Resorts, Inc.		320		24,938


				332,405

Household Durables 1.8%

Helen of Troy Ltd.*		100		11,450
KB Home		290		17,281
Leggett & Platt, Inc.		470		10,909
Taylor Morrison Home Corp.*		405		21,117
Tempur Sealy International, Inc.		640		31,930
Toll Brothers, Inc.		401		39,839
TopBuild Corp.*		125		46,141


				178,667

Independent Power & Renewable Electricity Producers 0.7%

Ormat Technologies, Inc.		210		13,583
Vistra Corp.		1,250		51,287


				64,870

Industrial REITs 1.3%

EastGroup Properties, Inc.		180		31,938
First Industrial Realty Trust, Inc.		500		25,760
Rexford Industrial Realty, Inc.		790		41,546
STAG Industrial, Inc.		680		25,119


				124,363

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Insurance 4.6%

American Financial Group, Inc.		250	$	30,100
Brighthouse Financial, Inc.*		250		12,942
CNO Financial Group, Inc.		400		10,872
Erie Indemnity Co. (Class A Stock)		100		34,583
Fidelity National Financial, Inc.		970		48,529
First American Financial Corp.		390		23,536
Hanover Insurance Group, Inc. (The)		130		17,161
Kemper Corp.		230		13,800
Kinsale Capital Group, Inc.		80		31,806
Old Republic International Corp.		970		27,199
Primerica, Inc.		130		30,441
Reinsurance Group of America, Inc.		258		44,864
RenaissanceRe Holdings Ltd. (Bermuda)		190		43,478
RLI Corp.		160		21,819
Selective Insurance Group, Inc.		220		23,069
Unum Group		685		33,113


				447,312

Interactive Media & Services 0.3%

Ziff Davis, Inc.*		180		12,132
ZoomInfo Technologies, Inc.*		1,120		17,965


				30,097

IT Services 0.8%

GoDaddy, Inc. (Class A Stock)*		530		56,530
Kyndryl Holdings, Inc.*		875		17,955


				74,485

Leisure Products 0.8%

Brunswick Corp.		260		20,977
Mattel, Inc.*		1,320		23,615
Polaris, Inc.		210		18,891
YETI Holdings, Inc.*		310		13,631


				77,114

Life Sciences Tools & Services 1.1%

Azenta, Inc.*		230		14,996
Bruker Corp.		350		25,029
Medpace Holdings, Inc.*		85		24,784

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Life Sciences Tools & Services (cont’d.)

Repligen Corp.*		200	$	37,880
Sotera Health Co.*		350		5,152


				107,841

Machinery 4.8%

AGCO Corp.		236		28,870
Chart Industries, Inc.*		170		19,842
Crane Co.		190		23,581
Donaldson Co., Inc.		452		29,195
Esab Corp.		225		19,348
Flowserve Corp.		500		19,965
Graco, Inc.		630		53,739
ITT, Inc.		314		37,925
Lincoln Electric Holdings, Inc.		220		48,888
Middleby Corp. (The)*		210		29,625
Oshkosh Corp.		250		27,525
RBC Bearings, Inc.*		115		30,882
Terex Corp.		260		15,972
Timken Co. (The)		250		20,477
Toro Co. (The)		390		36,067
Watts Water Technologies, Inc. (Class A Stock)		100		19,801


				461,702

Marine Transportation 0.2%

Kirby Corp.*		230		18,092

Media 0.7%

Cable One, Inc.		16		8,783
New York Times Co. (The) (Class A Stock)		610		29,622
Nexstar Media Group, Inc.		130		23,102
TEGNA, Inc.		700		10,913


				72,420

Metals & Mining 2.2%

Alcoa Corp.		670		19,933
Cleveland-Cliffs, Inc.*		1,880		37,694
Commercial Metals Co.		445		23,238
MP Materials Corp.*		510		8,063
Reliance Steel & Aluminum Co.		214		61,080

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Metals & Mining (cont’d.)

Royal Gold, Inc.		250	$	28,597
United States Steel Corp.		835		39,262


				217,867

Mortgage Real Estate Investment Trusts (REITs) 0.6%

Annaly Capital Management, Inc.		1,870		35,885
Starwood Property Trust, Inc.		1,120		22,770


				58,655

Multi-Utilities 0.2%

Black Hills Corp.		240		12,423
Northwestern Energy Group, Inc.		220		10,586


				23,009

Office REITs 0.5%

COPT Defense Properties		400		9,424
Cousins Properties, Inc.		540		12,371
Kilroy Realty Corp.		410		14,662
Vornado Realty Trust		610		16,586


				53,043

Oil, Gas & Consumable Fuels 3.9%

Antero Midstream Corp.		1,215		14,872
Antero Resources Corp.*		1,070		23,904
Chesapeake Energy Corp.		420		32,386
Chord Energy Corp.		150		23,064
Civitas Resources, Inc.		320		20,739
CNX Resources Corp.*		570		11,514
DT Midstream, Inc.		360		19,328
Equitrans Midstream Corp.		1,640		16,712
HF Sinclair Corp.		590		33,329
Matador Resources Co.		420		23,054
Murphy Oil Corp.		550		21,285
Ovintiv, Inc.		950		40,299
PBF Energy, Inc. (Class A Stock)		420		21,214
Permian Resources Corp.		1,570		21,164

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)

Range Resources Corp.		900	$	26,136
Southwestern Energy Co.*		4,105		26,477


				375,477

Paper & Forest Products 0.2%

Louisiana-Pacific Corp.		250		16,637

Personal Care Products 0.8%

BellRing Brands, Inc.*		490		27,082
Coty, Inc. (Class A Stock)*		1,420		17,154
elf Beauty, Inc.*		200		31,906


				76,142

Pharmaceuticals 0.5%

Jazz Pharmaceuticals PLC*		240		29,453
Perrigo Co. PLC		485		15,559


				45,012

Professional Services 2.9%

ASGN, Inc.*		190		17,636
CACI International, Inc. (Class A Stock)*		90		30,936
Concentrix Corp.		173		15,374
ExlService Holdings, Inc.*		630		19,706
Exponent, Inc.		200		17,638
FTI Consulting, Inc.*		130		24,909
Genpact Ltd.		635		22,796
Insperity, Inc.		130		14,910
KBR, Inc.		510		26,576
ManpowerGroup, Inc.		190		14,087
Maximus, Inc.		240		19,469
Paylocity Holding Corp.*		170		26,930
Science Applications International Corp.		210		26,809


				277,776

Real Estate Management & Development 0.3%

Jones Lang LaSalle, Inc.*		174		30,808

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Residential REITs 0.8%

Apartment Income REIT Corp.		550	$	17,979
Equity LifeStyle Properties, Inc.		700		47,383
Independence Realty Trust, Inc.		800		11,752


				77,114

Retail REITs 1.0%

Agree Realty Corp.		380		22,652
Brixmor Property Group, Inc.		1,120		25,133
Kite Realty Group Trust		830		17,762
NNN REIT, Inc.		680		27,431


				92,978

Semiconductors & Semiconductor Equipment 2.7%

Allegro MicroSystems, Inc. (Japan)*		250		6,485
Amkor Technology, Inc.		370		11,714
Cirrus Logic, Inc.*		210		16,212
Lattice Semiconductor Corp.*		515		31,343
MACOM Technology Solutions Holdings, Inc.*		210		18,108
MKS Instruments, Inc.		240		25,548
Onto Innovation, Inc.*		190		30,685
Power Integrations, Inc.		220		16,491
Rambus, Inc.*		400		27,412
Silicon Laboratories, Inc.*		130		16,037
Synaptics, Inc.*		160		17,090
Universal Display Corp.		165		28,012
Wolfspeed, Inc.*		450		14,647


				259,784

Software 2.6%

Aspen Technology, Inc.*		100		19,199
Blackbaud, Inc.*		170		13,756
CommVault Systems, Inc.*		160		14,669
Dolby Laboratories, Inc. (Class A Stock)		230		19,131
Dropbox, Inc. (Class A Stock)*		960		30,413
Dynatrace, Inc.*		895		51,015
Manhattan Associates, Inc.*		234		56,759
Qualys, Inc.*		150		28,375
Teradata Corp.*		375		17,318


				250,635

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Specialized REITs 1.7%

CubeSmart		840	$	36,305
EPR Properties		265		11,732
Gaming & Leisure Properties, Inc.		1,000		45,650
Lamar Advertising Co. (Class A Stock)		331		34,649
National Storage Affiliates Trust		300		11,205
PotlatchDeltic Corp.		280		12,524
Rayonier, Inc.		490		14,847


				166,912

Specialty Retail 3.6%

AutoNation, Inc.*		110		15,363
Burlington Stores, Inc.*		250		47,788
Dick’s Sporting Goods, Inc.		235		35,031
Five Below, Inc.*		220		39,481
Floor & Decor Holdings, Inc. (Class A Stock)*		400		40,224
GameStop Corp. (Class A Stock)*		960		13,661
Gap, Inc. (The)		820		15,326
Lithia Motors, Inc.		100		29,485
Murphy USA, Inc.		70		24,676
Penske Automotive Group, Inc.		70		10,386
RH*		55		13,941
Valvoline, Inc.*		520		18,975
Williams-Sonoma, Inc.		250		48,347


				352,684

Technology Hardware, Storage & Peripherals 1.4%

Pure Storage, Inc. (Class A Stock)*		1,090		43,589
Super Micro Computer, Inc.*		175		92,682


				136,271

Textiles, Apparel & Luxury Goods 2.1%

Capri Holdings Ltd.*		440		21,446
Carter’s, Inc.		150		11,346
Columbia Sportswear Co.		140		11,096
Crocs, Inc.*		220		22,326
Deckers Outdoor Corp.*		96		72,358
PVH Corp.		230		27,660
Skechers USA, Inc. (Class A Stock)*		500		31,220

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Textiles, Apparel & Luxury Goods (cont’d.)

Under Armour, Inc. (Class A Stock)*		670	$	5,105
Under Armour, Inc. (Class C Stock)*		690		5,106


				207,663

Trading Companies & Distributors 1.5%

Core & Main, Inc. (Class A Stock)*		630		26,025
GATX Corp.		130		15,945
MSC Industrial Direct Co., Inc. (Class A Stock)		180		17,762
Watsco, Inc.		130		50,828
WESCO International, Inc.		175		30,366


				140,926

Water Utilities 0.3%

Essential Utilities, Inc.		935		33,529


TOTAL COMMON STOCKS (cost $8,364,874)				9,396,298


UNAFFILIATED EXCHANGE-TRADED FUND 3.7%

iShares Core S&P Mid-Cap ETF (cost $329,517)		1,314		357,855


TOTAL LONG-TERM INVESTMENTS (cost $8,694,391)				9,754,153


SHORT-TERM INVESTMENT 0.1%

AFFILIATED MUTUAL FUND

PGIM Core Government Money Market Fund (7-day effective yield 5.560%) (cost $8,077)(wb)		8,077		8,077


TOTAL INVESTMENTS 100.7% (cost $8,702,468)				9,762,230

Liabilities in excess of other assets (0.7)%				(69,550	)


NET ASSETS 100.0%			$	9,692,680

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

*	Non-income producing security.

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

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024

Fair Value Measurements:

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

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

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

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

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


	Level 1		Level 2	Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	113,298	$—	$—
Air Freight & Logistics		24,471	—	—
Automobile Components		139,441	—	—
Automobiles		38,499	—	—
Banks		511,966	—	—
Beverages		54,313	—	—
Biotechnology		144,518	—	—
Broadline Retail		42,454	—	—
Building Products		321,341	—	—
Capital Markets		266,481	—	—
Chemicals		225,085	—	—
Commercial Services & Supplies		121,620	—	—
Communications Equipment		50,932	—	—
Construction & Engineering		187,545	—	—
Construction Materials.		46,539	—	—
Consumer Finance.		71,359	—	—
Consumer Staples Distribution & Retail		181,461	—	—
Containers & Packaging		170,189	—	—
Diversified Consumer Services		85,940	—	—
Diversified REITs		50,807	—	—
Diversified Telecommunication Services		37,731	—	—
Electric Utilities		83,940	—	—
Electrical Equipment		147,685	—	—
Electronic Equipment, Instruments & Components		214,322	—	—
Energy Equipment & Services.		88,886	—	—
Entertainment		19,249	—	—
Financial Services		178,633	—	—
Food Products		108,112	—	—
Gas Utilities		86,308	—	—
Ground Transportation		185,504	—	—

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024


	Level 1		Level 2	Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Health Care Equipment & Supplies.	$	219,605	$—	$—
Health Care Providers & Services		195,643	—	—
Health Care REITs		77,502	—	—
Health Care Technology		11,319	—	—
Hotel & Resort REITs		11,310	—	—
Hotels, Restaurants & Leisure		332,405	—	—
Household Durables		178,667	—	—
Independent Power & Renewable Electricity Producers		64,870	—	—
Industrial REITs		124,363	—	—
Insurance.		447,312	—	—
Interactive Media & Services		30,097	—	—
IT Services		74,485	—	—
Leisure Products		77,114	—	—
Life Sciences Tools & Services		107,841	—	—
Machinery		461,702	—	—
Marine Transportation		18,092	—	—
Media		72,420	—	—
Metals & Mining.		217,867	—	—
Mortgage Real Estate Investment Trusts (REITs)		58,655	—	—
Multi-Utilities		23,009	—	—
Office REITs.		53,043	—	—
Oil, Gas & Consumable Fuels		375,477	—	—
Paper & Forest Products.		16,637	—	—
Personal Care Products		76,142	—	—
Pharmaceuticals		45,012	—	—
Professional Services		277,776	—	—
Real Estate Management & Development		30,808	—	—
Residential REITs.		77,114	—	—
Retail REITs.		92,978	—	—
Semiconductors & Semiconductor Equipment		259,784	—	—
Software.		250,635	—	—
Specialized REITs.		166,912	—	—
Specialty Retail		352,684	—	—
Technology Hardware, Storage & Peripherals		136,271	—	—
Textiles, Apparel & Luxury Goods		207,663	—	—
Trading Companies & Distributors		140,926	—	—
Water Utilities.		33,529	—	—
Unaffiliated Exchange-Traded Fund.		357,855	—	—

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024


	Level 1		Level 2	Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investment
Affiliated Mutual Fund	$ 8,077		$—	$—

Total	$	9,762,230	$—	$—

Industry Classification:

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


Banks	5.3	%

Machinery	4.8

Insurance	4.6

Oil, Gas & Consumable Fuels	3.9

Unaffiliated Exchange-Traded Fund	3.7

Specialty Retail	3.6

Hotels, Restaurants & Leisure	3.4

Building Products	3.3

Professional Services	2.9

Capital Markets	2.8

Semiconductors & Semiconductor Equipment	2.7

Software	2.6

Chemicals	2.3

Health Care Equipment & Supplies	2.3

Metals & Mining	2.2

Electronic Equipment, Instruments & Components	2.2

Textiles, Apparel & Luxury Goods	2.1

Health Care Providers & Services	2.0

Construction & Engineering	1.9

Ground Transportation	1.9

Consumer Staples Distribution & Retail	1.9

Household Durables	1.8

Financial Services	1.8

Containers & Packaging	1.8

Specialized REITs	1.7

Electrical Equipment	1.5

Biotechnology	1.5

Trading Companies & Distributors	1.5

Automobile Components	1.4

Technology Hardware, Storage & Peripherals	1.4

Industrial REITs	1.3

Commercial Services & Supplies	1.3


Aerospace & Defense	1.2	%

Food Products	1.1

Life Sciences Tools & Services	1.1

Retail REITs	1.0

Energy Equipment & Services	0.9

Gas Utilities	0.9

Diversified Consumer Services	0.9

Electric Utilities	0.9

Health Care REITs	0.8

Leisure Products	0.8

Residential REITs	0.8

Personal Care Products	0.8

IT Services	0.8

Media	0.7

Consumer Finance	0.7

Independent Power & Renewable Electricity Producers	0.7

Mortgage Real Estate Investment Trusts (REITs)	0.6

Beverages	0.6

Office REITs	0.5

Communications Equipment	0.5

Diversified REITs	0.5

Construction Materials	0.5

Pharmaceuticals	0.5

Broadline Retail	0.4

Automobiles	0.4

Diversified Telecommunication Services	0.4

Water Utilities	0.3

Real Estate Management & Development	0.3

Interactive Media & Services	0.3

Air Freight & Logistics	0.3

Multi-Utilities	0.2

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2024

Industry Classification (continued):


Entertainment	0.2	%

Marine Transportation	0.2

Paper & Forest Products	0.2

Health Care Technology	0.1

Hotel & Resort REITs	0.1



Affiliated Mutual Fund	0.1	%


	100.7

Liabilities in excess of other assets	(0.7	)


	100.0	%

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2024



Assets

Investments at value:
Unaffiliated investments (cost $8,694,391)	$	9,754,153
Affiliated investments (cost $8,077)		8,077
Cash		108
Receivable for Fund shares sold		23,281
Due from Manager		9,654
Dividends receivable		2,499
Prepaid expenses		15,552


Total Assets		9,813,324


Liabilities

Payable for Fund shares purchased		89,747
Audit fee payable		12,612
Custodian and accounting fees payable		6,340
Accrued expenses and other liabilities		4,811
Professional fees payable		4,241
Payable for investments purchased		2,034
Trustees’ fees payable		784
Affiliated transfer agent fee payable		75


Total Liabilities		120,644


Net Assets	$	9,692,680




Net assets were comprised of:
Paid-in capital	$	7,431,444
Total distributable earnings (loss)		2,261,236


Net assets, January 31, 2024	$	9,692,680


Class R6

Net asset value, offering price and redemption price per share, ($9,692,680 ÷ 990,495 shares of beneficial interest issued and outstanding)	$	9.79

See Notes to Financial Statements.

PGIM Quant Solutions Mid-Cap Index Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2024


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $21 foreign withholding tax)	$	101,293
Affiliated dividend income		1,147


Total income		102,440


Expenses
Management fee		26,972
Custodian and accounting fees		18,327
Professional fees		17,358
Audit fee		12,612
Shareholders’ reports		5,608
Fund data services		5,510
Trustees’ fees		4,871
Transfer agent’s fees and expenses (including affiliated expense of $246)		352
Registration fees		212
Miscellaneous		4,754


Total expenses		96,576
Less: Fee waiver and/or expense reimbursement		(54,869	)


Net expenses		41,707


Net investment income (loss)		60,733


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		1,452,106
Net change in unrealized appreciation (depreciation) on investments		(1,045,408	)


Net gain (loss) on investment transactions		406,698


Net Increase (Decrease) In Net Assets Resulting From Operations	$	467,431

See Notes to Financial Statements.

100

PGIM Quant Solutions Mid-Cap Index Fund

Statements of Changes in Net Assets (unaudited)



	Six Months Ended January 31, 2024				Year Ended July 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	60,733			$	104,397
Net realized gain (loss) on investment transactions			1,452,106				953,858
Net change in unrealized appreciation (depreciation) on investments			(1,045,408	)			360,281


Net increase (decrease) in net assets resulting from operations			467,431				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 (440,175 and 332,362 shares, respectively)			4,196,211				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 (821,235 and 645,044 shares, respectively)			(8,109,333	)			(6,222,068	)


Net increase (decrease) in net assets from Fund share transactions			(3,012,672	)			(991,631	)

Total increase (decrease)			(3,445,691	)			(1,602,716	)

Net Assets:

Beginning of period			13,138,371				14,741,087


End of period		$	9,692,680			$	13,138,371

See Notes to Financial Statements.

101

PGIM Quant Solutions Mid-Cap Index Fund

Financial Highlights (unaudited)



Class R6 Shares
	Six Months
	Ended
	January 31,			Year Ended July 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$10.30			$10.75			$14.27			$9.72			$10.84			$12.08
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.08			0.10			0.09			0.10			0.11
Net realized and unrealized gain (loss) on investment transactions		0.15			1.02			(0.47	)		4.54			(1.10	)		(0.67	)
Total from investment operations		0.20			1.10			(0.37	)		4.63			(1.00	)		(0.56	)
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		-			(0.13	)		(0.08	)		(0.12	)		(0.09	)
Distributions from net realized gains		(0.59	)		(1.55	)		(3.02	)		-			-			(0.59	)
Total dividends and distributions		(0.71	)		(1.55	)		(3.15	)		(0.08	)		(0.12	)		(0.68	)
Net asset value, end of period		$9.79			$10.30			$10.75			$14.27			$9.72			$10.84
Total Return^(b):		2.25	%		11.78	%		(3.86	)%		47.88	%		(9.42	)%		(4.08	)%


Ratios/Supplemental Data:
Net assets, end of period (000)		$9,693			$13,138			$14,741			$23,675			$20,814			$15,360
Average net assets (000)		$12,559			$13,192			$18,954			$27,862			$16,827			$13,541
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.66	%^(d)		0.82	%^(e)		0.81	%		0.85	%		0.85	%		0.85	%
Expenses before waivers and/or expense reimbursement		1.53	%^(d)		1.55	%		1.21	%		0.97	%		1.32	%		1.54	%
Net investment income (loss)		0.96	%^(d)		0.79	%		0.80	%		0.73	%		1.02	%		1.03	%
Portfolio turnover rate^(f)		135	%		124	%		123	%		135	%		140	%		120	%

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

(b)

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

(d)	Annualized.

(e)	Includes interest expense on borrowings from the Syndicated Credit Agreement and certain non-recurring expenses of 0.01% and 0.01%, respectively, which are being excluded from the Funds’s contractual waiver for the year ended July 31, 2023.

(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.

102

Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

1.	Organization

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

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

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

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

As of January 31, 2024, the Cayman Subsidiary had net assets of $9,363,905, representing 18.1% of the Commodity Strategies Fund’s net assets.

103

Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

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.

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 its 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 as Valuation Designee under Rule 2a-5. The valuation procedures permit the Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the estimated price that would be received

104

to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date.

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

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

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

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

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

105

Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

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.

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

106

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

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

Commodities: The Commodity Strategies Fund gains exposure to commodity markets through direct investment of the Commodity Strategies Fund’s assets or through the Cayman Subsidiary. The Commodity Strategies Fund gains exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Cayman Subsidiary. The Commodity Strategies Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman Subsidiary in order to gain exposure to commodities within the limitations of the federal tax law requirements applicable to regulated investment companies such as the Fund. The Commodity Strategies Fund may invest directly in commodity-linked structured notes (CLNs). The Commodity Strategies Fund may also gain direct exposure to commodities through direct investment in certain exchange-traded funds (ETFs) whose returns are linked to commodities or commodity indices within the limit of applicable tax law. Commodities are assets that have tangible properties, such as oil, agriculture products and precious metals. The value of commodities may be affected by, among other things, changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity, such as drought, floods, weather, livestock disease, embargos, tariffs and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity linked instruments than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional risks which subject the Commodity Strategies Fund’s investments to greater volatility than investments in traditional securities.

107

Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

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.

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

108

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, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of a Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received and by the receipt of collateral from the counterparty by the 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 Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

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

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

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

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

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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 the Funds, has a management agreement with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser’s performance of such services, and for rendering administrative services.



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

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Notes to Financial Statements/Consolidated

Financial Statements (unaudited)



Fund		Subadviser(s)
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 January 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	0.27% of average daily net assets		0.27		0.13
PGIM TIPS Fund	0.23% of average daily net assets		0.23		0.22
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**		0.43		—#

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

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

**	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, 2024, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by

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the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. 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 0.50%
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%**

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%.

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”).

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

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Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

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

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act that, subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31, 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 reporting period ended January 31, 2024, were as follows:



Fund	Cost of Purchases		Proceeds from Sales
PGIM Jennison Small-Cap Core Equity Fund	$	4,576,340	$	5,960,711
PGIM Core Conservative Bond Fund		4,970,331		6,470,310
PGIM TIPS Fund		—		—
PGIM Quant Solutions Commodity Strategies Fund		—		—
PGIM Quant Solutions Mid-Cap Index Fund		16,483,329		20,289,157

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

PGIM Jennison Small-Cap Core Equity Fund:





Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)^(1)(wb)
$353,977	$4,205,934	$4,204,481	$—		$—		$355,430		355,430		$8,248

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PGIM Jennison Small-Cap Core Equity Fund (cont’d.):





Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

PGIM Institutional Money Market Fund (7-day effective yield 5.727%)^(1)(b)(wb)

$ —		$ 96,583		$ 96,587		$—		$4		$ —		—		$ 634	⁽²⁾
$353,977		$4,302,517		$4,301,068		$—		$4		$355,430				$8,882

PGIM Core Conservative Bond Fund:





Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)^(1)(wb)
$726,361	$12,879,120	$13,027,512	$—	$—	$577,969	577,969	$10,932

PGIM TIPS Fund:





Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)^(1)(wb)
$3,433,071	$15,585,004	$18,142,791	$—		$—		$875,284		875,284		$18,895

PGIM Quant Solutions Commodity Strategies Fund:





Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)^(1)(bb)(wb)
$—	$40,245,713	$32,186,669	$—		$—		$8,059,044		8,059,044		$197,282

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Notes to Financial Statements/Consolidated

Financial Statements (unaudited)

PGIM Quant Solutions Mid-Cap Index Fund:



Value, Beginning of Period	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)	Value, End of Period	Shares, End of Period	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.560%)^(1)(wb)
$42,196	$1,608,864	$1,642,983	$—	$—	$8,077	8,077	$1,147

(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.	Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation/(depreciation) as of January 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	$	6,532,056	$	2,311,486	$	(270,468)	$	2,041,018
PGIM Core Conservative Bond Fund		49,996,529		314,495		(3,520,346)		(3,205,851	)
PGIM TIPS Fund		71,095,188		212,411		(4,999,355)		(4,786,944	)
PGIM Quant Solutions Commodity Strategies Fund		72,676,929		2,097,632		(22,381,462)		(20,283,830	)
PGIM Quant Solutions Mid-Cap Index Fund		8,811,254		1,200,875		(249,899)		950,976

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

For federal income tax purposes, the following Funds had an approximated capital loss carryforward as of July 31, 2023 which can be carried forward for an unlimited period. No

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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			3,613,000			—
PGIM TIPS Fund			5,603,000			—
PGIM Quant Solutions Commodity Strategies Fund			476,000			—

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, 2023 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 January 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		635,026		99.9	%
PGIM Core Conservative Bond Fund–Class R6		5,417,518		99.9
PGIM TIPS Fund–Class R6		7,842,130		99.9
PGIM Quant Solutions Commodity Strategies Fund–Class Z		1,710		2.2
PGIM Quant Solutions Commodity Strategies Fund–Class R6		7,087,977		91.7
PGIM Quant Solutions Mid-Cap Index Fund–Class R6		990,495		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		7		86.6	%
PGIM Core Conservative Bond Fund		5		85.9
PGIM TIPS Fund		6		89.8
PGIM Quant Solutions Commodity Strategies Fund		5		72.1
PGIM Quant Solutions Mid-Cap Index Fund		9		96.0

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Notes to Financial Statements/Consolidated

Financial Statements (unaudited)



Fund	Number of Shareholders		Percentage of Outstanding Shares
Unaffiliated:
PGIM Jennison Small-Cap Core Equity Fund		—		—	%
PGIM Core Conservative Bond Fund		—		—
PGIM TIPS Fund		—		—
PGIM Quant Solutions Commodity Strategies Fund		1		5.8
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
Six months ended January 31, 2024:
Shares sold		3,821		$	27,098
Shares issued in reinvestment of dividends and distributions		3,174			20,248
Shares purchased		(31,931	)		(224,727	)
Net increase (decrease) in shares outstanding		(24,936	)	$	(177,381	)

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
Six months ended January 31, 2024:
Shares sold		999,245		$	6,881,413
Shares issued in reinvestment of dividends and distributions		327,678			2,087,311
Shares purchased		(2,009,635	)		(13,714,849	)
Net increase (decrease) in shares outstanding		(682,712	)	$	(4,746,125	)

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

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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 reporting period ended January 31, 2024. The average balance 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 January 31, 2024
PGIM TIPS Fund		$526,300		6.41	%	10		$2,307,000	$—
PGIM Quant Solutions Mid-Cap Index Fund		394,143		6.43		14		2,652,000	—

9.	Risks of Investing in the Funds

Each Fund’s 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	—

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Notes to Financial Statements/Consolidated

Financial Statements (unaudited)



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
Commodity	—	—	—	X	—
Commodity-Linked Notes	—	—	—	X	—
Commodity Pooled Investment Vehicles	—	—	—	X	—
Commodity Regulatory	—	—	—	X	—
Concentration	—	—	—	X	—
Credit /Counterparty	—	X	X	X	—
Debt Obligations	—	X	X	X	—
Deflation	—	—	—	X	—
Derivatives	—	X	X	X	—
Economic and Market Events	X	X	X	X	X
Equity and Equity-Related Securities	X	—	—	—	X
Exchange-Traded Funds (“ETFs”)	—	—	—	—	X
Foreign Securities	—	X	X	—	—
Fund of Funds	X	X	X	X	X
Futures and Forward Contracts	—	—	—	X	—
Hedging	—	—	—	X	—
Increase in Expenses	X	X	X	X	X
Index Investment Approach	—	—	—	—	X
Initial Public Offerings	X	—	—	—	—
Interest Rate	—	X	X	X	—
Large Shareholder and Large Scale Redemption	X	X	X	X	X
Liquidity	—	—	—	X	—
Management	X	—	—	X	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	—	—
Non-Diversified Investment Company	—	—	—	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	—	—	—

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover involves correspondingly greater brokerage commissions and other

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transaction costs, which are borne directly by the Fund; which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

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

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

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

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political, economic, military and regulatory developments. These risks may subject the Fund to greater volatility than investments in traditional instruments or securities.

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

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

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

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

Credit Risk/Counterparty Risk: The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a

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

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

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 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

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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: Economic and market events risk is the risk that one or more markets in which the Portfolio invests will decline in value, including the possibility that the markets will decline sharply and unpredictably. While a Portfolio’s Manager or Subadviser(s) may make efforts to control the risks associated with market changes, and may attempt to identify changes as they occur, market environment changes can be sudden and extreme. Significant shocks to or disruptions of the financial markets or the economy, including those relating to general economic, political, or financial market conditions; significant or unexpected failures, near-failures or credit downgrades of key institutions; investor sentiment and market perceptions; unexpected changes in the prices of key commodities; government actions; geopolitical events or changes; and factors related to a specific issuer, geography, industry or sector, could adversely affect the liquidity and volatility of securities held by the Portfolio. In periods of market volatility and/or declines, the Portfolio may experience high levels of shareholder redemptions, and may have to sell securities at times when it would otherwise not do so, and at unfavorable prices.

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

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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, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investments in ETFs are subject to the risk that the listing exchange may halt trading of an ETF’s shares, in which case the Fund would be unable to sell its ETF shares unless and until trading is resumed.

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

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

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

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Financial Statements (unaudited)

caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of commodities prices, interest rates, currency exchange rates, supply and demand relationships, weather, agricultural, trade, fiscal, monetary and exchange control programs, political events, and other economic factors; and (e) the possibility that the clearing broker for the futures or forward contract will default in the performance of its obligations.

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

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

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

Initial Public Offerings Risk: The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires to acquire shares in such an offering, it may not be able to buy any shares at the offering

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price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund’s performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

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

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market trends affecting a particular security, industry or sector or about market movements may be incorrect. Additionally, the investments selected for the Fund by the subadviser may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as 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

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

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

Non-Diversified Investment Company Risk: Funds that are “non-diversified” for purposes of the 1940 Act, may invest a greater percentage of their assets in securities of a single issuer. Accordingly, a non-diversified fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund might be.

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

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Financial Statements (unaudited)

satisfy its distribution requirements as a regulated investment company under the Internal Revenue Code (the Code). Also, to the extent that the Fund invests in inflation-indexed bonds, income distributions are more likely to fluctuate.

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

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

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

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

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

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

10.

Recent Regulatory Developments

Effective January 24, 2023, the Securities and Exchange Commission adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Funds.

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∎ MAIL	∎ TELEPHONE	∎ WEBSITE
655 Broad Street	(800)225-1852	pgim.com/investments
Newark, NJ 07102

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadvisers the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Funds. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852 or by visiting the Securities and Exchange Commission’s website at sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

Ellen S. Alberding ● Kevin J. Bannon ● Scott E. Benjamin ●Linda W. Bynoe ● Barry H. Evans ● Keith F. Hartstein ● Laurie Simon Hodrick ● Stuart S. Parker ● Brian K. Reid ● Grace C. Torres

OFFICERS

Stuart S. Parker, President and Principal Executive Officer ● Scott E. Benjamin, Vice President ● Christian J. Kelly, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ● Andrew Donohue, Chief Compliance Officer ● Russ Shupak, Treasurer and Principal Accounting Officer ● Kelly Florio, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● George Hoyt, Assistant Secretary ● Devan Goolsby, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer ● Robert W. McCormack, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISERS (as applicable)	PGIM Quantitative Solutions LLC	655 Broad Street Newark, NJ 07102

	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom

DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 534432 Pittsburgh, PA 15253

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

An investor should consider the investment objectives, risks, charges, and expenses of each Fund carefully before investing. The prospectus and summary prospectus contain this and other information about the Funds. An investor may obtain a prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to pgim.com/investments/resource/edelivery and enroll. Instead of receiving printed documents by mail, you will receive notification via email when new materials are available. You can cancel your enrollment or change your email address at any time by visiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, 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, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. Each Funds’ Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Funds’ full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at sec.gov.

Mutual Funds:



ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY	MAY LOSE VALUE	ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE

LOGO



	NASDAQ	CUSIP		NASDAQ	CUSIP

PGIM JENNISON SMALL-CAP CORE EQUITY FUND	PQJCX	74440E805	PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND (Class R6)	PQCMX	74440E862

PGIM CORE CONSERVATIVE BOND FUND	PQCNX	74440E888	PGIM QUANT SOLUTIONS MID-CAP INDEX FUND	PQCCX	74440E508

PGIM TIPS FUND	PQTSX	74440E870

PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND (Class Z)	PQCZX	74440E854

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

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

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

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

Item 6 –

Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 –

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

Item 8 – Portfolio Managers of Closed-End Management Investment Companies – Not applicable.

Item 9 –

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

Item 10 –

Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 – 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 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End

Management Investment Companies – Not applicable.

Item 13 – Exhibits

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

(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – Not applicable.

(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – 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:		March 19, 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:		March 19, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		March 19, 2024