Prudential Investment Portfolios 2

N-CSR 1 d531244dncsr.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, PGIM Quant Solutions Mid-Cap Core Fund and PGIM Quant Solutions US Broad Market Index 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:		7/31/2023

Date of reporting period:		7/31/2023

Item 1 – Reports to Stockholders

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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 Core Fund

PGIM Quant Solutions US Broad Market Index Fund

ANNUAL REPORT

JULY 31, 2023

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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			10

PGIM Quant Solutions Mid-Cap Core Fund			13

PGIM Quant Solutions US Broad Market Index Fund			16

Strategy and Performance Overview			19

Fees and Expenses			33

Holdings and Financial Statements			36

Approval of Advisory Agreements

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

The views expressed in this report and information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. Jennison Associates LLC is a registered investment adviser. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. © 2023 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 annual 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, PGIM Quant Solutions Mid-Cap Core Fund, and PGIM Quant Solutions US Broad Market Index Fund. This report covers performance for the 12-month period ended July 31, 2023.

Although central banks raised interest rates aggressively to tame surging inflation during the period, the global economy and financial markets demonstrated resilience. Employers continued to hire, consumers continued to spend, home prices rose, and recession fears receded.

Stocks fell early in the period, bottomed in October, and then began a rally that eventually ended a bear market. Despite a banking industry crisis in March, stocks have continued to rise globally throughout 2023 as inflation cooled and the Federal Reserve slowed the pace of its rate hikes. Equities in both US and international markets posted gains during the period.

Bond market returns were mixed during the period as rising interest rates lifted yields to their highest level in two decades. US and global investment-grade bonds fell, while US high yield corporate bonds and emerging-market debt rose.

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,

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Stuart S. Parker, President

PGIM Investments LLC

September 15, 2023

PGIM Investments LLC 3

PGIM Jennison Small-Cap Core Equity Fund

Your Fund’s Performance (unaudited)

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.



	Average Annual Total Returns as of 7/31/23

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	8.77	7.79	10.34 (11/15/2016)

Russell 2000 Index	7.91	5.09	7.85

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.

Growth of a $10,000 Investment

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The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Russell 2000 Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2023), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For purposes of

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the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

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.

Presentation of Fund Holdings as of 7/31/2023



PGIM Jennison Small-Cap Core Equity Fund Ten Largest Holdings	Line of Business	% of Net Assets

elf Beauty, Inc.	Personal Care Products	2.5%

Chord Energy Corp.	Oil, Gas & Consumable Fuels	2.0%

Cactus, Inc. (Class A Stock)	Energy Equipment & Services	1.9%

Kirby Corp.	Marine Transportation	1.8%

Trinity Industries, Inc.	Machinery	1.8%

Constellium SE	Metals & Mining	1.6%

Sprout Social, Inc. (Class A Stock)	Software	1.6%

Axis Capital Holdings Ltd.	Insurance	1.6%

Century Communities, Inc.	Household Durables	1.6%

Pinnacle Financial Partners, Inc.	Banks	1.5%

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

PGIM Core Conservative Bond Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/23

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-3.66	0.29	0.27 (11/15/2016)

Bloomberg US Aggregate Bond Index	-3.37	0.75	0.86

Growth of a $10,000 Investment

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The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Bloomberg US Aggregate Bond Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2023), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on November 30,

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2016. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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.



Credit Quality expressed as a percentage of total investments as of 7/31/23 (%)

AAA			71.7

AA			5.4

A			9.5

BBB			12.1

Cash/Cash Equivalents			1.3

Total			100

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 (unaudited)



	Average Annual Total Returns as of 7/31/23

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-5.52	2.27	1.88 (11/15/2016)

Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index

	-5.40	2.62	2.32

Growth of a $10,000 Investment

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The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Bloomberg US Treasury Inflation-Protected (TIPS) Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2023), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on

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November 30, 2016. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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 7/31/23 (%)

AAA			98.8

Cash/Cash Equivalents			1.2

Total			100

PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/23

	One Year (%)	Five Years (%)	Since Inception (%)

Class Z	-10.36	N/A	11.20 (12/14/2021)

Class R6	-10.42	7.26	6.06 (11/15/2016)

Bloomberg Commodity Index	-7.88	6.47	5.02



Average Annual Total Returns as of 7/31/23 Since Inception (%)

	Class Z 12/14/2021	Class R6 11/15/2016

Bloomberg Commodity Index	10.31	5.02

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Growth of a $10,000 Investment

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The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Bloomberg Commodity Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2023), as measured on a quarterly basis.The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class R6 shares only. As indicated in the tables provided earlier and in the following paragraphs, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance (continued)

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.



	Class Z	Class R6
Maximum initial sales charge	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	None	None

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 22 physical commodities traded on US exchanges, with the exception of aluminum, nickel, and zinc, which trade on the London Metal Exchange (LME).

Presentation of Fund Holdings as of 7/31/2023



PGIM Quant Solutions Commodity Strategies Fund Ten Largest Commodities Future Exposure Holdings		% of Net Assets

Gold 100 OZ		14.7%

WTI Crude		10.0%

Brent Crude		7.9%

Natural Gas		6.3%

Corn		6.2%

Soybean Oil		5.2%

Soybean		4.6%

Copper		4.4%

Gasoline RBOB		4.0%

Silver		3.7%

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PGIM Quant Solutions Mid-Cap Core Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/23

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	11.78	6.66	8.40 (11/17/2016)

S&P MidCap 400 Index	10.47	8.28	9.78

Growth of a $10,000 Investment

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The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the S&P MidCap 400 Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2023), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 17, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For

PGIM Quant Solutions Mid-Cap Core Fund

Your Fund’s Performance (continued)

purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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 ^© 2023 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.

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Presentation of Fund Holdings as of 7/31/2023



PGIM Quant Solutions Mid-Cap Core Fund Ten Largest Holdings	Asset Class/Line of Business	% of Net Assets

Owens Corning	Building Products	1.3%

EMCOR Group, Inc.	Construction & Engineering	1.3%

iShares Core S&P Mid-Cap ETF	Unaffiliated Exchange-Traded Funds	1.2%

United Therapeutics Corp.	Biotechnology	1.2%

Unum Group	Insurance	1.1%

Dynatrace, Inc.	Software	1.1%

Reinsurance Group of America, Inc.	Insurance	1.0%

Eagle Materials, Inc.	Construction Materials	1.0%

Tenet Healthcare Corp.	Health Care Providers & Services	1.0%

Paylocity Holding Corp.	Professional Services	1.0%

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

PGIM Quant Solutions US Broad Market Index Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/23

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	12.59	11.65	13.17 (11/17/2016)

S&P Composite 1500 Index	12.68	11.77	13.29

Growth of a $10,000 Investment

LOGO

The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the S&P Composite 1500 Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2023), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 17, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For

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Benchmark Definition

S&P Composite 1500 Index*—The S&P Composite 1500^® Index is an unmanaged index of the stocks of 1,500 US companies, with market capitalizations ranging from small to large. The S&P Composite 1500 Index is a combination of three leading US stock indices: The S&P 500 Index (which measures the performance of US large cap stocks), the S&P MidCap 400 Index (which measures the performance of mid cap stocks) and the S&P 600 Index (which measures the performance of US small cap stocks) and gives an indication of how the broad US stock market has performed.

*The S&P Composite 1500 Index (the 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© 2023 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 US Broad Market Index Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 7/31/2023



PGIM Quant Solutions US Broad Market Index Fund

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

Apple, Inc.	Technology Hardware, Storage & Peripherals	6.7%

Microsoft Corp.	Software	5.8%

Amazon.com, Inc.	Broadline Retail	2.8%

NVIDIA Corp.	Semiconductors & Semiconductor Equipment	2.7%

Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.8%

Tesla, Inc.	Automobiles	1.7%

Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	1.6%

Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.6%

Berkshire Hathaway, Inc. (Class B Stock)	Financial Services	1.5%

iShares Core S&P 500 ETF	Unaffiliated Exchange-Traded Funds	1.3%

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

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PGIM Jennison Small-Cap Core Equity Fund

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Jennison Small Cap Core Equity Fund’s Class R6 shares returned 8.77% in the 12-month reporting period ended July 31, 2023, outperforming the 7.91% return of the Russell 2000 Index (the Index).

What was the market environment?

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Prior to the start of the reporting period, in June 2022, inflation rose above 9%, the highest level in four decades. Between March 2022 and July 2023, the US Federal Reserve (Fed) raised the federal funds rate 11 times, from near zero to a range of 5.25–5.50%, reflecting the Fed’s urgency to reestablish price stability.

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The investment backdrop during the reporting period can be divided into two sections. In the last five months of 2022, investors remained uncertain about inflationary pressures and Fed policy, heightened geopolitical tension, war in Ukraine, and expectations that US economic growth would slow and could enter a recession.

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In the first seven months of 2023, however, the economy delivered better-than-feared results, with continued—albeit moderating—growth led by resilient consumer spending amid ongoing labor market strength. As inflationary pressures eased, the Fed slowed the pace of monetary tightening, which encouraged investors. Investors appeared to be surprised that many companies were able to effectively cut their costs and reduce their head counts, enabling them to exceed Wall Street expectations.

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The collapse in March 2023 of Silicon Valley Bank, the 16th largest US bank by assets, was largely contained. Regulators closed several ailing banks (Silicon Valley Bank, First Republic Bank, and Signature Bank, none of which were held by the Fund) and provided additional bank borrowing facilities and deposit guarantees. However, the underlying issue of asset/liability mismatch on many banks’ balance sheets remained unresolved.

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Interest in artificial intelligence (AI)—catalyzed by the launch of ChatGPT in late November 2022—continued to grow through the first half of 2023. Investors expressed the greatest enthusiasm for companies supplying the foundational components to design, build, and run AI and machine-learning capabilities.

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For the whole period, small-cap core stocks underperformed their large - and mid-cap counterparts. In the Index, the energy, consumer discretionary, information technology, industrials, materials, and consumer staples sectors outperformed. Healthcare gained, but lagged the Index, while the communication services, utilities, real estate, and financials sectors lost ground.

What worked?

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From a sector perspective, consumer staples holdings added the most value to the Fund’s performance relative to the Index. Stock selection in financials, materials, and consumer discretionary was also comparatively strong.

PGIM Jennison Small-Cap Core Equity Fund

Strategy and Performance Overview* (continued)

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Individual positions that performed well were diversified across sectors, with top performers including e.l.f. Beauty Inc., Shift4 Payments Inc., Apellis Pharmaceuticals Inc., Century Communities Inc., and KnowBe4 Inc.

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e.l.f. Beauty’s first-to-mass innovation focus drove a pickup in new product contribution to topline growth and attracted new consumers to the brand. Market share gains were driven by enhanced and efficient marketing spending, productivity improvements, and investments in innovation.

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Payment processing company Shift4 Payments processes payments for over 200,000 businesses in the retail, hospitality, leisure, and restaurant industries. Shares rose on strong demand by customers in key industries.

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Biotech company Apellis Pharmaceuticals focuses on complement therapeutics. In February 2023, the company had its second drug, Syfovre, approved for the treatment of geographic atrophy. Apellis also has a growing pipeline of complement therapeutics focused on rare disease, ophthalmology, and neurology; however, the position was eliminated from the Fund late in the period on reports of inflammation from Syfovre.

^●

Residential construction company Century Communities benefited from strong and accelerating demand. In addition, cycle times and supply-chain costs continued to improve, leading to much better margins.

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KnowBe4 operates the world’s largest integrated platform for security awareness training, combined with simulated phishing attacks. Heightened awareness of cyberattacks helped the company grow. Shares rose further in the lead-up to the company’s acquisition early in 2023 by private equity firm Vista Equity Partners.

What didn’t work?

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Holdings in information technology, real estate, industrials, and healthcare detracted the most from relative performance.

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Notably underperforming individual holdings, also diversified across sectors, included Grid Dynamics Holdings Inc., Great Lakes Dredge & Dock Corp., National Storage Affiliates Trust, NextEra Energy Partners LP, and Avid Bioservices Inc.

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Shares of global digital engineering company Grid Dynamics were weak amid budget tightening by customers and poor visibility, as well as an overall sell-off of higher valuation software stocks. Nevertheless, the company continues to effectively execute its recovery playbook, with improving customer diversification and incremental scale with existing customers, as well as through inorganic growth.

^●

Dredging services provider Great Lakes Dredge & Dock was hurt by poor weather and extended dry dock time, and its backlog reached the lowest level in several years. Late in the period, the business improved, with large projects that were delayed in 2022 coming to market for bid.

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^●

Industrial real estate investment trust (REIT) National Storage Affiliates suffered due to headwinds from interest expenses and declining occupancy in most markets. Jennison continues to like the company’s unique operating structure and focus on Sun Belt suburban markets.

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Shares in renewable energy utility NextEra Energy Partners declined amid rising rates and US bank failures and credit concerns that shone a light on the company’s complex financing model. Jennison continues to maintain the Fund’s holdings in the stock due to NextEra’s unmatched distribution growth and the presence of a strong, stable parent company (NextEra Energy Inc.) that supports that growth.

^●

Avid Bioservices, a drug substance and biologics contract manufacturing organization, posted inconsistent results in the period. Most recently, it posted growth in revenues and bookings, but these positives were more than offset by substantially weaker-than-expected revenue guidance and margin commentary. Management attributed the shortfall in guidance to the company’s mix of early-stage vs. late-stage bookings.

Current outlook

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The US economy stands in better shape than Jennison anticipated when the reporting period began. Robust employment has sustained consumer spending at a solid pace. Consumer confidence currently reflects optimism in the near term despite announced workforce reductions, interest rates at the highest levels in over a decade, and reduced credit availability in the financial system. It therefore seems likely that the slope of the economy’s slowing trajectory will remain shallower while employment remains healthy.

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Inflationary pressures, while still evident, will likely continue to moderate. Jennison expects further increases in interest rates, though evidence leans towards the bulk of the rate increases being behind us for this cycle.

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Trends in technology spending, which weakened earlier last year, have begun to stabilize. A combination of easing year-over-year comparisons and the priority of digital transformation, with an emerging impetus from AI, increasingly suggest a rebound in spending and a return to longer-term investment trends moving toward the end of 2023. The strong rebound in the prices of select technology shares year-to-date reflects both the depressed nature of valuations when 2023 began and the first signs of upgrades to near- and medium-term revenue and profit expectations from company managements.

^●

Jennison continues to believe the market is set up for a rotation of the past decade’s leadership. The banking crisis, fears of a potential recession, and the AI mania have put mega-cap technology-related shares back on top. But extreme valuation differentials, a bear market, the prospect of improving relative fundamentals for

PGIM Jennison Small-Cap Core Equity Fund

Strategy and Performance Overview* (continued)

small-cap stocks and the inevitable breakdown in blue chip growth, in Jennison’s view are likely to create the conditions required to usher in a new era of small-cap outperformance.

*This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s benchmark index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

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PGIM Core Conservative Bond Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Core Conservative Bond Fund’s Class R6 shares returned -3.66% in the 12-month reporting period that ended July 31, 2023, underperforming the -3.37% return of the Bloomberg US Aggregate Bond Index (the Index).

What were the market conditions?

^●

While there was no shortage of fear in the bond markets during the reporting period, which was largely marked by an overhang of uncertainty and economic negatives, the interest rate volatility, COVID-19-era supply/demand imbalances, and steep losses that predominated during the first half of the reporting period showed signs of dissipating in the second half. Despite a series of rolling crises—including a string of regional bank failures, the debt ceiling debate, ongoing recession concerns, and still-high inflation—the US economy avoided the worst of potential outcomes, and fixed income returns skewed largely positive over the last six months of the reporting period.

^●

Against the backdrop of historic lows in unemployment and still-high inflation, the US Federal Reserve (the Fed) continued its monetary tightening path, raising interest rates by an additional 300 basis points (bps) in a succession of rate hikes over the reporting period. (One basis point equals 0.01%.) Although the Fed raised interest rates by 25 bps and indicated that its inflation fight was not yet over at the July Federal Open Market Committee (FOMC) meeting, the main signal from the meeting was that the end of the rate-hiking cycle was likely close.

^●

A sharply higher federal funds rate, coupled with macroeconomic uncertainty, led to enormous volatility being priced into developed market interest rates, with sharply higher front-end rates and lower long-dated yields. From -0.22% on July 31, 2022, the 10-year/2-year US Treasury spread declined to -0.91% at the end of the reporting period, while the 2-year US Treasury yield rose by 199 bps to end the reporting period at 4.88%.

^●

Despite elevated volatility, US investment-grade corporate spreads tightened over the reporting period, as expectations for an economic hard landing moderated and fundamentals remained solid. Securitized credit spreads were mixed, with high-quality collateralized loan obligation (CLO) spreads tightening over the reporting period and commercial mortgage-backed securities (CMBS) spreads widening as the commercial real estate sector remained challenged. Meanwhile, agency mortgage-backed securities (MBS) underperformed versus US Treasuries over the reporting period, as elevated interest rate volatility weighed on the sector over the first half of the reporting period.

What worked?

^●

Overall security selection and sector allocation both contributed to the Fund’s performance over the reporting period. Within security selection, selection in investment-grade corporates, US Treasuries, and CMBS contributed the most.

PGIM Core Conservative Bond Fund

Strategy and Performance Overview* (continued)

^●

Within sector allocation, overweights relative to the Index in municipal bonds and MBS contributed the most.

^●

Within credit, selection in banking, midstream energy, and healthcare & pharmaceuticals contributed. In individual security selection, relative to the Index, the Fund benefited from overweight positioning in Energy Transfer LP (midstream energy), General Motors Co. (automotive) and The Boeing Co. (aerospace & defense).

What didn’t work?

^●

While overall security selection contributed to the Fund’s performance during the reporting period, selection in MBS and municipal bonds detracted.

^●

While overall sector allocation contributed to performance, underweights relative to the Index in investment-grade corporates and emerging markets detracted.

^●

Within credit, the Fund’s positioning in electric utilities and finance companies detracted from performance. In individual security selection, the Fund’s positioning in Berkshire Hathaway Inc. (electric utilities), AT&T Inc. (telecom), and Oracle Corp. (technology) also detracted.

^●

In aggregate, the Fund’s yield curve and duration positioning detracted from performance as US Treasury yields rose and the curve inverted further. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.) (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

Current outlook

^●

Although the rate-hike debate continues for the Fed, the increments of its hikes are getting smaller and it declined to raise rates at all at its June 2023 FOMC meeting—signs that most of the increases are behind us and that the hikes to come will increasingly be “fine-tuning” exercises. With the prospect of balance returning to the labor market, PGIM Fixed Income sees a path for core personal consumption expenditures to decelerate below 3.0% by the end of 2023, driven lower by core non-housing services prices.

^●

Clear and sustained evidence of moderating inflation, coupled with below-trend growth, should be enough, in PGIM Fixed Income’s view, for the Fed to pause its rate-hike campaign at 5.5% prior to initiating a 50-to-75 bps fine-tuning campaign of cuts as early as the fourth quarter of 2023.

^●

PGIM Fixed Income sees the US yield curve remaining solidly inverted due to only marginal repricing at the front end. Meanwhile, PGIM Fixed Income believes demand at the back end of the curve should remain consistent—particularly given the relatively high level of rates compared to past years—based on the rolling series of crises that continue to emerge but have yet to produce the more-feared outcomes.

24 Visit our website at pgim.com/investments

^●

With the pace of central bank tightening expected to dramatically downshift in the quarters ahead, and given PGIM Fixed Income’s expectation for the US 10-year Treasury yield to trade in its current range, interest rate volatility is likely to continue to decline, which should allow spreads to remain range bound or, more likely, to narrow in the months ahead, boosting fixed income returns. The combination of increased income and the potential for capital appreciation creates an attractive total return profile for those with longer-term time horizons, in PGIM Fixed Income’s view.

^●

PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term.

PGIM TIPS Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM TIPS Fund’s Class R6 shares returned -5.52% in the 12-month reporting period that ended July 31, 2023, underperforming the -5.40% return of the Bloomberg US Treasury Inflation-Protected (TIPS) Index (the Index).

What were the market conditions?

^●

The US saw a marked deceleration in inflation throughout the reporting period, with the consumer price index (CPI) rising 3% in June 2023 from the year before, the smallest advance in more than two years. Core CPI rose 4.8% in June 2023, which was also the lowest since 2021. Reflecting the decline in inflation expectations, the five-year breakeven inflation rate declined from 2.73% on July 31, 2022, to 2.27% at the end of the reporting period.

^●

Just as longer-term US Treasuries saw substantial volatility throughout the reporting period, yields on short-term securities, which influence money market yields, also rose substantially. The 3-month US Treasury bill rose from 2.37% to 5.42% during the reporting period, while the Secured Overnight Financing Rate rose from 2.27% to 5.31% over that same time.

26 Visit our website at pgim.com/investments

What worked?

^●

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

^●

Yield curve positioning also contributed to performance during the reporting period. (A yield curve is a line graph that illustrates the relationship between the yields and maturities of fixed income securities. It is created by plotting the yields of different maturities for the same type of bonds.)

What didn’t work?

The duration of the Fund was tactically managed relative to the Index during the reporting period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) Overall, duration positioning detracted from performance. The Fund ended the reporting period with a neutral duration position relative to the Index.

Current outlook

^●

PGIM TIPS Fund

Strategy and Performance Overview* (continued)

will not directly correlate to the amounts disclosed in the Statement of Operations which conform to US generally accepted accounting principles.

28 Visit our website at pgim.com/investments

PGIM Quant Solutions Commodity Strategies Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Quant Solutions Commodity Strategies Fund’s Class R6 shares returned -10.42% in the 12-month reporting period that ended July 31, 2023, underperforming the -7.88% return of the Bloomberg Commodity Index (the Index).

What were the market conditions?

For the reporting period, commodity prices generally declined, undercutting some of the gains realized in the initial, post-COVID-19, high inflation period as prices normalized to a degree, particularly in the energy sector. Carry from roll yields remained high compared to recent history at over 6% for the year. Agricultural commodities and industrial metals produced mixed returns, with precious metals gaining for the period.

What worked?

The Fund benefited from underweight positions relative to the Index in coffee and wheat.

What didn’t work?

Positions in livestock detracted most from the Fund’s performance, relative to the Index, for the period. Cash management was also a drag on performance.

Did the Fund hold derivatives?

The Fund primarily invests in listed, exchange-traded commodities futures contracts. These futures are a form of derivatives based on the underlying price of a specific commodity. Since the Fund is invested primarily in these derivatives, its performance during the reporting period is driven by derivatives.

Current outlook

As of the end of the period, the Fund held overweight positions relative to the Index in the energy, grain, and soft commodity sectors, and underweight positions in precious metals, industrial metals, and livestock. The largest individual active positions in the Fund were an overweight exposure to soybean oil and an underweight exposure to aluminum.

PGIM Quant Solutions Mid-Cap Core Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Quant Solutions Mid-Cap Core Fund’s Class R6 shares returned 11.78% in the 12-month reporting period that ended July 31, 2023, outperforming the 10.47% return of the S&P MidCap 400 Index (the Index).

What were the market conditions?

^●

US equity markets finished 2022 firmly in negative territory. The year was characterized by heightened volatility stemming from rising inflation and the corresponding interest rate hikes implemented by the US Federal Reserve (Fed).

^●

US equities reversed course in 2023, led higher by mega-cap, technology-related stocks. Inflationary pressures appeared to be easing, indicating that the Fed’s ongoing rate hike cycle might soon end.

What worked?

^●

The Fund is comprised of a diversified portfolio of stocks that PGIM Quant Solutions identifies as attractive using a proprietary quantitative model. The model evaluates stocks based on quality, earnings expectations, and relative-value metrics. The emphasis on these characteristics varies based on the growth rate of the company under evaluation.

^●

Relative to the Index, overweighting companies that were inexpensive with positive growth outlooks, while underweighting those that were expensive with negative growth outlooks, contributed positively to the Fund’s performance over the reporting period.

^●

The Fund delivered strong relative performance in the materials sector.

What didn’t work?

The Fund underperformed the Index in the utilities sector. Within this sector, companies that were cheap relative to peers, which PGIM Quant Solutions favored, underperformed those that were expensive relative to peers.

Did the Fund hold derivatives?

The Fund did not hold derivatives during the reporting period. The Fund did, however, hold exchange-traded funds that track the Index. PGIM Quant Solutions uses these instruments primarily to manage daily cash flows and provide liquidity, but not as a means of adding to performance. Subsequently, the effect on performance was minimal.

Current outlook

It is difficult at this point to predict whether prolonged inflation and the corresponding Fed rate hike cycle will result in a recession. Should a recession materialize, PGIM Quant Solutions’ return drivers that focus on safety should continue their strong year-to-date performance. Should a recession be avoided, cyclicals should outperform, benefiting PGIM Quant Solutions’ valuation measures. Therefore, PGIM Quant Solutions

30 Visit our website at pgim.com/investments

believes that the Fund’s core portfolios are properly positioned for the current market environment.

PGIM Quant Solutions US Broad Market Index Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Quant Solutions US Broad Market Index Fund’s Class R6 shares returned 12.59% in the 12-month reporting period that ended July 31, 2022, underperforming the 12.68% return of the S&P 1500 Composite Index (the Index).

What were the market conditions?

^●

The summer of 2022 saw US inflation peak at levels last seen in the early 1980s. Markets continued to see elevated volatility amid the backdrop of an aggressive US Federal Reserve (Fed) hiking rates to get inflation under control. Forward earnings estimates began rapidly declining over the course of the year in the face of ever higher interest rates and fears of a potential recession. Markets bottomed in early October before recovering and posting the only positive quarter of the year in the fourth quarter of 2022.

^●

Despite recession concerns entering 2023, economic data remained resilient with unemployment near historic lows and inflation showing signs of cooling off. However, not all was sanguine, as the effects of higher rates became evident in early March when a small number of domestic banks collapsed. Nevertheless, markets surged in the first half of the year thanks to stabilizing earnings forecasts, a tailwind from optimism related to developments in artificial intelligence (AI), and a firming belief that the Fed could indeed engineer a soft landing.

What worked?

^●

The Fund’s performance closely tracked the Index’s performance over the period.

^●

The Fund held all stocks included in the Index in approximately the same proportions.

Did the Fund hold derivatives?

The Fund held S&P 500, S&P 400, and Russell 2000 E-Mini stock index futures, a form of derivatives, to maintain exposure to equities and provide portfolio liquidity. Futures had minimal impact on performance over the period.

32 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

As a shareholder of a 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 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 July 31, 2023. The example is for illustrative purposes only; you should consult the Funds’ Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line in the tables below 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 in the tables below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 a 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.

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 in each 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 February 1, 2023	Ending Account Value July 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,016.80	0.96%	$4.80

	Hypothetical	$1,000.00	$1,020.03	0.96%	$4.81

Fees and Expenses (continued)



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

Class R6	Actual	$1,000.00	$ 987.20	0.51%	$2.51

	Hypothetical	$1,000.00	$1,022.27	0.51%	$2.56



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

Class R6	Actual	$1,000.00	$ 999.80	0.43%	$2.13

	Hypothetical	$1,000.00	$1,022.66	0.43%	$2.16


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

Class Z	Actual	$1,000.00	$ 970.50	0.72%	$3.52

	Hypothetical	$1,000.00	$1,021.22	0.72%	$3.61

Class R6	Actual	$1,000.00	$ 969.10	0.78%	$3.81

	Hypothetical	$1,000.00	$1,020.93	0.78%	$3.91



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

Class R6	Actual	$1,000.00	$1,039.40	0.82%	$4.15

	Hypothetical	$1,000.00	$1,020.73	0.82%	$4.11



PGIM Quant Solutions US Broad Market Index Fund		Beginning Account Value February 1, 2023	Ending Account Value July 31, 2023	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,125.20	0.21%	$1.11

	Hypothetical	$1,000.00	$1,023.75	0.21%	$1.05

*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 181 days in the six-month period ended July 31, 2023, and divided by the 365 days in the Fund’s fiscal year ended July 31, 2023 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

34 Visit our website at pgim.com/investments

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

CLO—Collateralized Loan Obligation

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

SPDR—Standard & Poor’s Depositary Receipts

TIPS—Treasury Inflation-Protected Securities

UBS—UBS Securities LLC

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments

as of July 31, 2023



Description	Shares		Value

LONG-TERM INVESTMENTS 97.2%

COMMON STOCKS

Aerospace & Defense 1.1%

Hexcel Corp.		1,514	$	107,010

Automobile Components 0.4%

Dorman Products, Inc.*		464		39,296

Banks 7.5%

Atlantic Union Bankshares Corp.		732		23,409
BankUnited, Inc.		1,364		40,702
Brookline Bancorp, Inc.		6,223		66,462
Eastern Bankshares, Inc.		5,427		76,629
Enterprise Financial Services Corp.		896		36,736
First Bancorp		1,304		43,136
First Interstate BancSystem, Inc. (Class A Stock)		2,468		70,906
Hilltop Holdings, Inc.		1,831		56,633
Pinnacle Financial Partners, Inc.		1,875		142,312
Western Alliance Bancorp		843		43,794
Wintrust Financial Corp.		928		78,286
WSFS Financial Corp.		1,228		53,725


				732,730

Biotechnology 2.7%

Arcutis Biotherapeutics, Inc.*		3,491		38,087
Avid Bioservices, Inc.*		5,190		65,705
Celldex Therapeutics, Inc.*		1,524		53,889
Syndax Pharmaceuticals, Inc.*		2,439		51,999
Vaxcyte, Inc.*		1,210		58,153


				267,833

Building Products 1.5%

Hayward Holdings, Inc.*		6,821		91,129
Zurn Elkay Water Solutions Corp.		1,841		56,040


				147,169

Capital Markets 3.1%

AssetMark Financial Holdings, Inc.*		1,658		49,574
Bridge Investment Group Holdings, Inc. (Class A Stock)		4,384		54,844
Brightsphere Investment Group, Inc.		1,428		30,388
Hamilton Lane, Inc. (Class A Stock)		733		64,819

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Capital Markets (cont’d.)

Houlihan Lokey, Inc.		845	$	84,373
Moelis & Co. (Class A Stock)		382		18,653


				302,651

Chemicals 1.0%

Avient Corp.		2,351		95,286

Commercial Services & Supplies 2.4%

ACV Auctions, Inc. (Class A Stock)*		5,674		99,238
Casella Waste Systems, Inc. (Class A Stock)*		1,299		104,816
VSE Corp.		554		29,778


				233,832

Construction & Engineering 1.9%

Concrete Pumping Holdings, Inc.*		6,782		54,731
Construction Partners, Inc. (Class A Stock)*		2,163		63,592
Great Lakes Dredge & Dock Corp.*		8,072		67,805


				186,128

Construction Materials 1.0%

Summit Materials, Inc. (Class A Stock)*		2,616		94,647

Consumer Staples Distribution & Retail 1.1%

Chefs’ Warehouse, Inc. (The)*		2,838		103,133
Performance Food Group Co.*		8		478


				103,611

Diversified REITs 0.1%

American Assets Trust, Inc.		607		13,658

Diversified Telecommunication Services 0.9%

Cogent Communications Holdings, Inc.		1,413		86,532

Electric Utilities 0.4%

PNM Resources, Inc.		931		41,727

Electronic Equipment, Instruments & Components 1.1%

Littelfuse, Inc.		358		109,047

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Energy Equipment & Services 3.3%

Cactus, Inc. (Class A Stock)		3,585	$	182,046
Patterson-UTI Energy, Inc.		1,316		20,846
Weatherford International PLC*		1,451		120,578


				323,470

Financial Services 1.4%

Shift4 Payments, Inc. (Class A Stock)*		2,025		139,705

Food Products 2.5%

Adecoagro SA (Brazil)		7,341		81,485
Freshpet, Inc.*		833		61,259
Utz Brands, Inc.		6,253		104,738


				247,482

Health Care Equipment & Supplies 4.9%

CONMED Corp.		971		117,539
Inari Medical, Inc.*		1,426		81,382
Inspire Medical Systems, Inc.*		270		77,709
Integra LifeSciences Holdings Corp.*		1,236		56,201
Outset Medical, Inc.*		2,524		51,944
Silk Road Medical, Inc.*		1,821		41,591
Tandem Diabetes Care, Inc.*		1,603		55,977


				482,343

Health Care Providers & Services 3.2%

Acadia Healthcare Co., Inc.*		1,277		100,921
Guardant Health, Inc.*		1,563		60,988
LifeStance Health Group, Inc.*		5,136		48,227
Progyny, Inc.*		2,484		103,732


				313,868

Health Care Technology 0.9%

Phreesia, Inc.*		2,861		90,751

Hotel & Resort REITs 0.7%

Summit Hotel Properties, Inc.		11,152		71,819

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure 3.4%

Bloomin’ Brands, Inc.		5,112	$	137,360
Cava Group, Inc.*		712		40,662
Golden Entertainment, Inc.*		1,095		46,362
Wingstop, Inc.		648		109,240


				333,624

Household Durables 1.6%

Century Communities, Inc.		1,981		152,973

Independent Power & Renewable Electricity Producers 1.0%

NextEra Energy Partners LP		1,863		101,440

Industrial REITs 1.1%

Plymouth Industrial REIT, Inc.		4,853		110,503

Insurance 2.5%

Axis Capital Holdings Ltd.		2,806		154,667
James River Group Holdings Ltd.		2,452		45,337
Skyward Specialty Insurance Group, Inc.*		1,874		44,395


				244,399

IT Services 0.9%

Grid Dynamics Holdings, Inc.*		8,708		90,737

Leisure Products 1.1%

Brunswick Corp.		1,296		111,858

Life Sciences Tools & Services 0.9%

BioLife Solutions, Inc.*		2,096		41,669
Olink Holding AB (Sweden), ADR*		2,453		46,607


				88,276

Machinery 4.2%

Energy Recovery, Inc.*		2,416		73,639
Enerpac Tool Group Corp.		3,944		108,381
EnPro Industries, Inc.		406		56,345
Trinity Industries, Inc.		6,845		179,476


				417,841

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Marine Transportation 1.8%

Kirby Corp.*		2,211	$	180,152

Metals & Mining 3.6%

B2Gold Corp. (Canada)		15,830		55,246
Constellium SE*		8,542		163,067
ERO Copper Corp. (Brazil)*		3,529		84,802
Materion Corp.		422		50,277


				353,392

Mortgage Real Estate Investment Trusts (REITs) 1.1%

Ladder Capital Corp.		9,535		104,790

Office REITs 0.3%

Cousins Properties, Inc.		1,038		25,358

Oil, Gas & Consumable Fuels 2.6%

Chord Energy Corp.		1,246		195,423
PDC Energy, Inc.		816		61,926


				257,349

Passenger Airlines 0.8%

Sun Country Airlines Holdings, Inc.*		3,431		73,972

Personal Care Products 2.5%

elf Beauty, Inc.*		2,067		241,260

Pharmaceuticals 2.6%

Pacira BioSciences, Inc.*		1,721		62,558
Prestige Consumer Healthcare, Inc.*		1,528		99,641
Revance Therapeutics, Inc.*		2,729		64,486
Verona Pharma PLC (United Kingdom), ADR*		1,207		26,663


				253,348

Professional Services 3.0%

ASGN, Inc.*		416		31,749
HireRight Holdings Corp.*		3,366		36,050

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Professional Services (cont’d.)

Huron Consulting Group, Inc.*		1,341	$	126,818
Paycor HCM, Inc.*		3,771		101,289


				295,906

Real Estate Management & Development 0.3%

Marcus & Millichap, Inc.		837		30,701

Residential REITs 2.0%

Independence Realty Trust, Inc.		6,371		108,562
UMH Properties, Inc.		5,078		84,549


				193,111

Retail REITs 0.7%

Retail Opportunity Investments Corp.		4,937		72,722

Semiconductors & Semiconductor Equipment 3.8%

MACOM Technology Solutions Holdings, Inc.*		1,707		119,353
MaxLinear, Inc.*		1,477		36,438
SiTime Corp.*		401		51,733
Tower Semiconductor Ltd. (Israel)*		3,307		124,839
Universal Display Corp.		312		45,515


				377,878

Software 7.0%

Clear Secure, Inc. (Class A Stock)		3,488		82,700
Descartes Systems Group, Inc. (The) (Canada)*		587		45,710
EngageSmart, Inc.*		4,018		76,181
Intapp, Inc.*		2,032		83,434
PagerDuty, Inc.*		2,931		75,972
Q2 Holdings, Inc.*		2,240		79,453
Riskified Ltd. (Class A Stock)*		1,584		7,651
Sprout Social, Inc. (Class A Stock)*		2,742		156,678
Varonis Systems, Inc.*		2,905		83,373


				691,152

Specialized REITs 0.9%

National Storage Affiliates Trust		2,726		92,112

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023



Description	Shares		Value

COMMON STOCKS (Continued)

Specialty Retail 1.6%

Boot Barn Holdings, Inc.*		1,077	$	101,130
Citi Trends, Inc.*		895		16,871
Foot Locker, Inc.		1,582		42,508


				160,509

Textiles, Apparel & Luxury Goods 1.2%

Kontoor Brands, Inc.		2,863		121,277

Trading Companies & Distributors 1.6%

Core & Main, Inc. (Class A Stock)*		1,828		57,783
Herc Holdings, Inc.		748		100,105


				157,888


TOTAL LONG-TERM INVESTMENTS (cost $7,047,524)				9,565,123


SHORT-TERM INVESTMENT 3.6%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (cost $353,977)(wi)		353,977		353,977


TOTAL INVESTMENTS 100.8% (cost $7,401,501)				9,919,100
Liabilities in excess of other assets (0.8)%				(81,961	)


NET ASSETS 100.0%			$	9,837,139

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

*	Non-income producing security.

(wi)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market Fund and PGIM Institutional Money Market Fund, if applicable.

Fair Value Measurements:

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

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

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023

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

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

The following is a summary of the inputs used as of July 31, 2023 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	107,010		$	—		$	—
Automobile Components		39,296			—			—
Banks		732,730			—			—
Biotechnology		267,833			—			—
Building Products		147,169			—			—
Capital Markets		302,651			—			—
Chemicals		95,286			—			—
Commercial Services & Supplies		233,832			—			—
Construction & Engineering		186,128			—			—
Construction Materials		94,647			—			—
Consumer Staples Distribution & Retail		103,611			—			—
Diversified REITs		13,658			—			—
Diversified Telecommunication Services		86,532			—			—
Electric Utilities		41,727			—			—
Electronic Equipment, Instruments & Components		109,047			—			—
Energy Equipment & Services		323,470			—			—
Financial Services		139,705			—			—
Food Products		247,482			—			—
Health Care Equipment & Supplies		482,343			—			—
Health Care Providers & Services		313,868			—			—
Health Care Technology		90,751			—			—
Hotel & Resort REITs		71,819			—			—
Hotels, Restaurants & Leisure		333,624			—			—
Household Durables		152,973			—			—
Independent Power & Renewable Electricity Producers		101,440			—			—
Industrial REITs		110,503			—			—
Insurance		244,399			—			—
IT Services		90,737			—			—
Leisure Products		111,858			—			—
Life Sciences Tools & Services		88,276			—			—
Machinery		417,841			—			—
Marine Transportation		180,152			—			—
Metals & Mining		353,392			—			—
Mortgage Real Estate Investment Trusts (REITs)		104,790			—			—
Office REITs		25,358			—			—
Oil, Gas & Consumable Fuels		257,349			—			—
Passenger Airlines		73,972			—			—

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Personal Care Products	$	241,260		$—		$—
Pharmaceuticals		253,348		—		—
Professional Services		295,906		—		—
Real Estate Management & Development		30,701		—		—
Residential REITs		193,111		—		—
Retail REITs		72,722		—		—
Semiconductors & Semiconductor Equipment		377,878		—		—
Software		691,152		—		—
Specialized REITs		92,112		—		—
Specialty Retail		160,509		—		—
Textiles, Apparel & Luxury Goods		121,277		—		—
Trading Companies & Distributors		157,888		—		—
Short-Term Investment
Affiliated Mutual Fund		353,977		—		—

Total	$	9,919,100		$—		$—

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2023 were as follows:


Banks	7.5	%
Software	7.0
Health Care Equipment & Supplies	4.9
Machinery	4.2
Semiconductors & Semiconductor Equipment	3.8
Affiliated Mutual Fund	3.6
Metals & Mining	3.6
Hotels, Restaurants & Leisure	3.4
Energy Equipment & Services	3.3
Health Care Providers & Services	3.2
Capital Markets	3.1
Professional Services	3.0
Biotechnology	2.7
Oil, Gas & Consumable Fuels	2.6
Pharmaceuticals	2.6
Food Products	2.5
Insurance	2.5
Personal Care Products	2.5
Commercial Services & Supplies	2.4


Residential REITs	2.0	%
Construction & Engineering	1.9
Marine Transportation	1.8
Specialty Retail	1.6
Trading Companies & Distributors	1.6
Household Durables	1.6
Building Products	1.5
Financial Services	1.4
Textiles, Apparel & Luxury Goods	1.2
Leisure Products	1.1
Industrial REITs	1.1
Electronic Equipment, Instruments & Components	1.1
Aerospace & Defense	1.1
Mortgage Real Estate Investment Trusts (REITs)	1.1
Consumer Staples Distribution & Retail	1.1
Independent Power & Renewable Electricity Producers	1.0
Chemicals	1.0
Construction Materials	1.0

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2023

Industry Classification (continued):


Specialized REITs	0.9	%
Health Care Technology	0.9
IT Services	0.9
Life Sciences Tools & Services	0.9
Diversified Telecommunication Services	0.9
Passenger Airlines	0.8
Retail REITs	0.7
Hotel & Resort REITs	0.7
Electric Utilities	0.4


Automobile Components	0.4	%
Real Estate Management & Development	0.3
Office REITs	0.3
Diversified REITs	0.1

	100.8
Liabilities in excess of other assets	(0.8	)


	100.0	%

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities

as of July 31, 2023


Assets

Investments at value:
Unaffiliated investments (cost $7,047,524)	$	9,565,123
Affiliated investments (cost $353,977)		353,977
Receivable for Fund shares sold		29,993
Receivable for investments sold		9,451
Prepaid expenses		71


Total Assets		9,958,615


Liabilities

Payable for Fund shares purchased		41,325
Audit fee payable		24,250
Custodian and accounting fees payable		18,439
Payable for investments purchased		18,390
Professional fees payable		5,823
Shareholders’ reports fee payable		5,059
Accrued expenses and other liabilities		4,620
Management fee payable		2,626
Trustees’ fees payable		827
Affiliated transfer agent fee payable		117


Total Liabilities		121,476


Net Assets	$	9,837,139




Net assets were comprised of:
Paid-in capital	$	8,006,671
Total distributable earnings (loss)		1,830,468


Net assets, July 31, 2023	$	9,837,139


Class R6

Net asset value, offering price and redemption price per share, ($9,837,139 ÷ 739,970 shares of beneficial interest issued and outstanding)	$	13.29

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations

Year Ended July 31, 2023


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $1,860 foreign withholding tax)	$	348,764
Affiliated dividend income		17,034
Income from securities lending, net (including affiliated income of $904)		1,175


Total income		366,973


Expenses
Management fee		207,004
Custodian and accounting fees		34,892
Professional fees		32,992
Audit fee		24,250
Shareholders’ reports		13,990
Trustees’ fees		9,864
Fund data services		9,772
Registration fees		2,173
Transfer agent’s fees and expenses (including affiliated expense of $746)		970
Miscellaneous		9,259


Total expenses		345,166
Less: Fee waiver and/or expense reimbursement		(81,718	)


Net expenses		263,448


Net investment income (loss)		103,525


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions (including affiliated of $66)		608,894
In-kind redemptions⁽¹⁾		1,644,775
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $(5))		(257,543	)


Net gain (loss) on investment transactions		1,996,126


Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,099,651

(1) See Note 9, Purchases & Redemption In-kind, in Notes to Financial Statements

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets



	Year Ended July 31,


	2023			2022

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	103,525		$	37,372
Net realized gain (loss) on investment transactions		2,253,669			(212,325	)
Net change in unrealized appreciation (depreciation) on investments		(257,543	)		(7,143,004	)

Net increase (decrease) in net assets resulting from operations		2,099,651			(7,317,957	)


Dividends and Distributions
Distributions from distributable earnings
Class R6		(107,054	)		(6,812,364	)
Tax return of capital distributions
Class R6		(37,626	)		—

Total dividends and distributions		(144,680	)		(6,812,364	)


Fund share transactions
Net proceeds from shares sold (208,270 and 818,250 shares, respectively)		2,545,201			12,157,522
Net asset value of shares issued in reinvestment of dividends and distributions (12,047 and 454,158 shares, respectively)		144,680			6,812,364
Cost of shares purchased (1,895,538 and 543,115 shares, respectively)		(24,457,311	)		(7,955,174	)

Net increase (decrease) in net assets from Fund share transactions		(21,767,430	)		11,014,712

Total increase (decrease)		(19,812,459	)		(3,115,609	)

Net Assets:
Beginning of year		29,649,598			32,765,207

End of year	$	9,837,139		$	29,649,598

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,
	2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.28			$19.43			$12.48			$11.82			$13.04
Income (loss) from investment operations:
Net investment income (loss)		0.05			0.02			(0.06	)		(-	)^(b)		0.01
Net realized and unrealized gain (loss) on investment transactions		1.02			(2.98	)		7.65			0.66			(0.53	)
Total from investment operations		1.07			(2.96	)		7.59			0.66			(0.52	)
Less Dividends and Distributions:
Dividends from net investment income		(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		(0.06	)		(4.19	)		(0.64	)		-			(0.70	)
Net asset value, end of year		$13.29			$12.28			$19.43			$12.48			$11.82
Total Return^(c):		8.77	%		(19.13	)%		62.10	%		5.50	%		(3.26	)%

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

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

(b)	Amount rounds to zero.

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

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

(e)	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

as of July 31, 2023



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

LONG-TERM INVESTMENTS 97.7%

ASSET-BACKED SECURITY 0.2%

Credit Cards

Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7 (cost $111,349)	3.960%	10/13/30		100	$	95,469


COMMERCIAL MORTGAGE-BACKED SECURITIES 7.0%
37 Capital CLO,
Series 2021-PF01, Class A4	2.253	11/15/54		100		79,689
BANK,
Series 2020-BN29, Class A3	1.742	11/15/53		100		76,962
Barclays Commercial Mortgage Securities Trust,
Series 2019-C04, Class A4	2.661	08/15/52		100		88,443
Benchmark Mortgage Trust,
Series 2018-B03, Class A3	3.746	04/10/51		30		28,770
Series 2020-B19, Class A3	1.787	09/15/53		175		152,111
Series 2020-B21, Class A4	1.704	12/17/53		100		79,496
Series 2021-B23, Class A4A1	1.823	02/15/54		200		153,878
Series 2021-B30, Class A4	2.329	11/15/54		150		120,223
BMO Mortgage Trust,
Series 2022-C01, Class A4	3.119	02/17/55		150		127,638
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		90		81,580
CD Mortgage Trust,
Series 2017-CD06, Class A3	3.104	11/13/50		40		38,307
Citigroup Commercial Mortgage Trust,
Series 2016-P06, Class A4	3.458	12/10/49		111		103,470
Series 2017-P08, Class A3	3.203	09/15/50		75		68,457
Commercial Mortgage Trust,
Series 2015-PC01, Class A4	3.620	07/10/50		51		49,475
Series 2016-DC02, Class A5	3.765	02/10/49		25		23,497
CSAIL Commercial Mortgage Trust,
Series 2016-C07, Class A4	3.210	11/15/49		43		40,574
Deutsche Bank Commercial Mortgage Trust,
Series 2017-C06, Class A3	3.269	06/10/50		90		87,305
GS Mortgage Securities Trust,
Series 2020-GC47, Class A4	2.124	05/12/53		100		82,140
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A3	3.763	03/10/52		125		113,580
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3	2.559	08/15/49		14		12,717

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
JPMorgan Chase Commercial Mortgage Securities Trust, (cont’d.)
Series 2016-JP04, Class A3	3.393%	12/15/49		125	$	116,635
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class A3	3.077	03/15/48		59		56,014
Series 2016-C32, Class A3	3.459	12/15/49		119		109,908
Morgan Stanley Capital I Trust,
Series 2016-UB12, Class A3	3.337	12/15/49		123		113,660
Series 2018-L01, Class A3	4.139	10/15/51		250		234,068
Series 2021-L06, Class A3	2.196(cc)	06/15/54		225		180,001
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3	3.720	02/15/51		160		146,150
Series 2018-C09, Class ASB	4.090	03/15/51		55		52,917
Series 2018-C13, Class A3	4.069	10/15/51		200		188,468
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC25, Class A3	3.374	12/15/59		121		113,317
Series 2017-C39, Class A3	2.878	09/15/50		100		96,372
Series 2020-C55, Class A4	2.474	02/15/53		125		105,224


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,559,639)						3,121,046


CORPORATE BONDS 24.5%

Aerospace & Defense 0.7%

Boeing Co. (The),
Sr. Unsec’d. Notes	2.196	02/04/26		100		92,286
Sr. Unsec’d. Notes	2.250	06/15/26		15		13,714
Sr. Unsec’d. Notes	2.700	02/01/27		20		18,339
Sr. Unsec’d. Notes	3.100	05/01/26		10		9,464
Sr. Unsec’d. Notes	3.900	05/01/49		20		15,411
Sr. Unsec’d. Notes	5.805	05/01/50		70		70,419
L3Harris Technologies, Inc.,
Sr. Unsec’d. Notes	5.400	01/15/27		60		60,141
Northrop Grumman Corp.,
Sr. Unsec’d. Notes	4.750	06/01/43		20		18,565
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		10		9,603


						307,942

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Agriculture 0.6%

Altria Group, Inc.,
Gtd. Notes	3.400%	02/04/41		70	$	48,763
BAT Capital Corp. (United Kingdom),
Gtd. Notes	3.557	08/15/27		60		55,683
Gtd. Notes	4.700	04/02/27		10		9,736
Gtd. Notes	6.421	08/02/33		55		55,000
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	5.125	02/15/30		60		59,609
Sr. Unsec’d. Notes	5.375	02/15/33		10		9,969
Sr. Unsec’d. Notes	5.625	11/17/29		15		15,328


						254,088

Airlines 0.2%

Southwest Airlines Co.,
Sr. Unsec’d. Notes	2.625	02/10/30		20		17,111
Sr. Unsec’d. Notes	5.125	06/15/27		45		44,881
United Airlines 2012-1 Class A Pass-Through Trust, Pass-Through Certificates	4.150	10/11/25		18		17,527


						79,519

Auto Manufacturers 0.2%

General Motors Co.,
Sr. Unsec’d. Notes	6.250	10/02/43		60		58,961
Sr. Unsec’d. Notes	6.750	04/01/46		15		15,283
General Motors Financial Co., Inc.,
Gtd. Notes	4.000	01/15/25		15		14,621


						88,865

Banks 6.0%

Bank of America Corp.,
Sr. Unsec’d. Notes	2.687(ff)	04/22/32		265		219,415
Sr. Unsec’d. Notes, MTN	2.496(ff)	02/13/31		115		96,431
Sr. Unsec’d. Notes, MTN	3.970(ff)	03/05/29		155		145,809
Sr. Unsec’d. Notes, MTN	4.083(ff)	03/20/51		30		25,015
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes	2.645(ff)	06/24/31		160		129,047

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023

Description

Interest

Rate

Maturity

Date

Principal
Amount
(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Citigroup, Inc.,

Sr. Unsec’d. Notes

2.666%(ff)

01/29/31

105

88,879

Sr. Unsec’d. Notes

2.904(ff)

11/03/42

14,156

Sr. Unsec’d. Notes

2.976(ff)

11/05/30

115

99,768

Sr. Unsec’d. Notes

3.668(ff)

07/24/28

42,053

Sr. Unsec’d. Notes

3.980(ff)

03/20/30

27,821

Sr. Unsec’d. Notes

4.650

07/30/45

4,467

Sub. Notes

6.174(ff)

05/25/34

45,654

Discover Bank,

Sr. Unsec’d. Notes

4.650

09/13/28

13,890

Fifth Third Bancorp,

Sr. Unsec’d. Notes

6.339(ff)

07/27/29

10,185

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.992(ff)

01/27/32

47,199

Sr. Unsec’d. Notes

3.814(ff)

04/23/29

27,942

Sr. Unsec’d. Notes

4.223(ff)

05/01/29

170

161,203

HSBC Holdings PLC (United Kingdom),

Sr. Unsec’d. Notes

4.583(ff)

06/19/29

80,134

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

1.953(ff)

02/04/32

15,915

Sr. Unsec’d. Notes

2.522(ff)

04/22/31

63,478

Sr. Unsec’d. Notes

2.580(ff)

04/22/32

33,188

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

52,060

Sr. Unsec’d. Notes

3.509(ff)

01/23/29

205

190,390

Sr. Unsec’d. Notes

3.882(ff)

07/24/38

69,055

Sr. Unsec’d. Notes

4.452(ff)

12/05/29

42,371

Sub. Notes

3.875

09/10/24

53,906

Morgan Stanley,

Sr. Unsec’d. Notes

3.217(ff)

04/22/42

15,114

Sr. Unsec’d. Notes

5.123(ff)

02/01/29

19,779

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

72,352

Sr. Unsec’d. Notes, GMTN

4.431(ff)

01/23/30

66,812

Sr. Unsec’d. Notes, MTN

1.794(ff)

02/13/32

110

85,511

Sr. Unsec’d. Notes, MTN

1.928(ff)

04/28/32

165

128,910

PNC Financial Services Group, Inc. (The),

Sr. Unsec’d. Notes

5.582(ff)

06/12/29

20,032

Sub. Notes

3.900

04/29/24

49,173

Truist Financial Corp.,

Sr. Unsec’d. Notes, MTN

5.867(ff)

06/08/34

15,127

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

U.S. Bancorp,
Sr. Unsec’d. Notes	5.836%(ff)	06/12/34		20	$	20,285
UBS Group AG (Switzerland),
Sr. Unsec’d. Notes	4.550	04/17/26		100		96,801
Wells Fargo & Co.,
Sr. Unsec’d. Notes	3.000	10/23/26		55		51,307
Sr. Unsec’d. Notes	5.389(ff)	04/24/34		20		19,848
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		45		38,016
Sr. Unsec’d. Notes, MTN	2.879(ff)	10/30/30		195		168,728


						2,667,226

Beverages 0.4%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.900	02/01/46		145		137,490
Constellation Brands, Inc.,
Gtd. Notes	3.700	12/06/26		5		4,785
Gtd. Notes	4.400	11/15/25		10		9,818
Sr. Unsec’d. Notes	2.250	08/01/31		45		36,390


						188,483

Biotechnology 0.5%

Amgen, Inc.,
Sr. Unsec’d. Notes	2.600	08/19/26		120		111,565
Sr. Unsec’d. Notes	2.800	08/15/41		40		28,273
Sr. Unsec’d. Notes	5.250	03/02/30		90		90,469


						230,307

Building Materials 0.2%

Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes	2.400	07/15/31		35		28,609
Owens Corning,
Sr. Unsec’d. Notes	4.200	12/01/24		35		34,289
Sr. Unsec’d. Notes	4.300	07/15/47		35		28,672
Vulcan Materials Co.,
Sr. Unsec’d. Notes	4.500	06/15/47		5		4,407


						95,977

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Chemicals 0.3%

Dow Chemical Co. (The),
Sr. Unsec’d. Notes	4.625%	10/01/44		15	$	12,914
FMC Corp.,
Sr. Unsec’d. Notes	3.450	10/01/29		15		13,156
Sr. Unsec’d. Notes	4.500	10/01/49		15		11,444
Sr. Unsec’d. Notes	5.650	05/18/33		30		29,007
LYB International Finance BV,
Gtd. Notes	4.875	03/15/44		30		25,937
LYB International Finance III LLC,
Gtd. Notes	3.375	10/01/40		5		3,698
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes	4.900	03/27/28		20		19,674
Sr. Unsec’d. Notes	5.250	01/15/45		10		9,259
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes	4.500	06/01/47		10		8,738


						133,827

Commercial Services 0.4%

California Institute of Technology,
Sr. Unsec’d. Notes	3.650	09/01/2119		15		10,021
Equifax, Inc.,
Sr. Unsec’d. Notes	2.600	12/01/24		20		19,146
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F	2.989	07/01/50		35		25,570
President & Fellows of Harvard College,
Unsec’d. Notes	3.150	07/15/46		9		6,836
Unsec’d. Notes	3.745	11/15/52		20		16,792
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610	02/15/2119		5		3,550
Unsec’d. Notes, Series 2020	2.396	10/01/50		15		9,569
University of Southern California,
Sr. Unsec’d. Notes	4.976	10/01/53		27		27,260
Unsec’d. Notes, Series 2017	3.841	10/01/47		10		8,558
Washington University (The),
Sr. Unsec’d. Notes, Series 2022	3.524	04/15/54		35		27,927
Yale University,
Unsec’d. Notes, Series 2020	2.402	04/15/50		45		29,054


						184,283

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Computers 0.2%

Apple, Inc.,
Sr. Unsec’d. Notes	3.250%	02/23/26		30	$	28,912
Sr. Unsec’d. Notes	3.850	08/04/46		35		30,469
Genpact Luxembourg Sarl/Genpact USA, Inc.,
Gtd. Notes	1.750	04/10/26		35		31,429
Teledyne FLIR LLC,
Sr. Unsec’d. Notes	2.500	08/01/30		5		4,147


						94,957

Diversified Financial Services 0.3%

Jefferies Financial Group, Inc.,
Sr. Unsec’d. Notes	2.750	10/15/32		50		38,469
Sr. Unsec’d. Notes	5.875	07/21/28		30		29,925
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series KK	3.550	01/15/24		25		24,739
U.S. Gov’t. Gtd. Notes, Series PP	1.400	07/15/28		45		38,912


						132,045

Electric 3.5%

AEP Texas, Inc.,
Sr. Unsec’d. Notes	3.450	05/15/51		15		10,582
Sr. Unsec’d. Notes	3.800	10/01/47		30		22,331
Sr. Unsec’d. Notes, Series I	2.100	07/01/30		70		57,285
Alabama Power Co.,
Sr. Unsec’d. Notes	3.850	12/01/42		10		8,260
Sr. Unsec’d. Notes	6.125	05/15/38		35		37,267
Ameren Illinois Co.,
Sr. Sec’d. Notes	4.150	03/15/46		25		20,935
Arizona Public Service Co.,
Sr. Unsec’d. Notes	2.600	08/15/29		5		4,334
Sr. Unsec’d. Notes	3.500	12/01/49		25		17,422
Sr. Unsec’d. Notes	3.750	05/15/46		25		18,358
Sr. Unsec’d. Notes	6.350	12/15/32		25		26,470
Atlantic City Electric Co.,
First Mortgage	2.300	03/15/31		10		8,242
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes	6.125	04/01/36		15		15,795

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Commonwealth Edison Co.,
First Mortgage	4.600%	08/15/43		70	$	63,507
First Mortgage	4.900	02/01/33		15		14,911
Connecticut Light & Power Co. (The),
First Mortgage	5.250	01/15/53		15		15,099
Dominion Energy South Carolina, Inc.,
First Mortgage	5.450	02/01/41		20		19,669
DTE Electric Co.,
General Ref. Mortgage	3.750	08/15/47		20		15,555
Duke Energy Carolinas LLC,
First Mortgage	4.250	12/15/41		15		12,894
First Ref. Mortgage	4.000	09/30/42		35		28,973
Duke Energy Corp.,
Sr. Unsec’d. Notes	2.650	09/01/26		70		64,900
Duke Energy Florida LLC,
First Mortgage	6.350	09/15/37		15		16,279
Duke Energy Indiana LLC,
First Mortgage, Series YYY	3.250	10/01/49		25		17,541
Entergy Texas, Inc.,
First Mortgage	1.750	03/15/31		45		35,708
Evergy Kansas Central, Inc.,
First Mortgage	4.125	03/01/42		15		12,494
First Mortgage	5.700	03/15/53		10		10,255
Eversource Energy,
Sr. Unsec’d. Notes, Series R	1.650	08/15/30		15		11,903
Florida Power & Light Co.,
First Mortgage	3.800	12/15/42		30		25,062
First Mortgage	5.250	02/01/41		25		24,982
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes	3.055	10/04/26		7		6,487
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes, Series IO	8.050	07/07/24		10		10,234
Nevada Power Co.,
General Ref. Mortgage, Series N	6.650	04/01/36		30		32,252
General Ref. Mortgage, Series R	6.750	07/01/37		10		10,859
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	2.750	11/01/29		25		21,830
Gtd. Notes	6.051	03/01/25		35		35,278
Pacific Gas & Electric Co.,
First Mortgage	3.950	12/01/47		55		37,866

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Pacific Gas & Electric Co., (cont’d.)
First Mortgage	4.000%	12/01/46		15	$	10,150
First Mortgage	4.500	07/01/40		20		15,759
PacifiCorp,
First Mortgage	2.700	09/15/30		25		20,899
First Mortgage	4.125	01/15/49		40		30,406
First Mortgage	5.250	06/15/35		45		42,362
First Mortgage	6.000	01/15/39		15		14,843
PECO Energy Co.,
First Mortgage	2.800	06/15/50		5		3,277
First Mortgage	4.375	08/15/52		5		4,396
First Mortgage	4.900	06/15/33		10		9,946
PPL Electric Utilities Corp.,
First Mortgage	4.125	06/15/44		15		12,615
First Mortgage	4.150	10/01/45		20		16,906
First Mortgage	5.250	05/15/53		20		20,135
First Mortgage	6.250	05/15/39		10		10,860
Public Service Co. of Colorado,
First Mortgage	5.250	04/01/53		35		33,516
Public Service Electric & Gas Co.,
First Mortgage, MTN	3.600	12/01/47		5		3,942
First Mortgage, MTN	4.900	12/15/32		15		15,002
First Ref. Mortgage, MTN	3.950	05/01/42		10		8,380
Sec’d. Notes, MTN	4.650	03/15/33		60		58,869
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes	2.450	11/15/31		20		16,141
Puget Energy, Inc.,
Sr. Sec’d. Notes	4.100	06/15/30		75		67,852
San Diego Gas & Electric Co.,
First Mortgage	5.350	04/01/53		40		39,823
First Mortgage, Series RRR	3.750	06/01/47		5		3,878
First Mortgage, Series UUU	3.320	04/15/50		25		17,722
Sempra,
Sr. Unsec’d. Notes	3.300	04/01/25		55		53,094
Sr. Unsec’d. Notes	4.000	02/01/48		15		11,702
Southern California Edison Co.,
First Mortgage	4.900	06/01/26		50		49,556
First Ref. Mortgage	4.000	04/01/47		20		16,046
First Ref. Mortgage	4.650	10/01/43		40		35,024

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Tucson Electric Power Co.,
Sr. Unsec’d. Notes	3.250%	05/15/32		30	$	26,033
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A	6.000	05/15/37		20		20,867
Sr. Unsec’d. Notes, Series B	6.000	01/15/36		10		10,429
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes	1.800	10/15/30		20		15,878
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	1.750	03/15/27		25		22,168
Sr. Unsec’d. Notes	4.000	06/15/28		35		33,312


						1,563,607

Electronics 0.1%

Agilent Technologies, Inc.,
Sr. Unsec’d. Notes	2.300	03/12/31		45		36,978

Entertainment 0.1%

Warnermedia Holdings, Inc.,
Gtd. Notes	5.141	03/15/52		45		36,458

Foods 0.0%

Mondelez International, Inc.,
Sr. Unsec’d. Notes	2.750	04/13/30		10		8,727

Gas 0.3%

CenterPoint Energy Resources Corp.,
Sr. Unsec’d. Notes	5.250	03/01/28		65		65,304
NiSource, Inc.,
Sr. Unsec’d. Notes	4.800	02/15/44		10		8,983
Sr. Unsec’d. Notes	5.250	02/15/43		30		28,581
Southern Co. Gas Capital Corp.,
Gtd. Notes	4.400	06/01/43		25		20,462
Spire Missouri, Inc.,
First Mortgage	4.800	02/15/33		20		19,610


						142,940

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Healthcare-Products 0.1%

Danaher Corp.,
Sr. Unsec’d. Notes	2.800%	12/10/51		15	$	10,139
Stryker Corp.,
Sr. Unsec’d. Notes	3.375	11/01/25		10		9,603
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes	2.800	10/15/41		15		11,040


						30,782

Healthcare-Services 1.7%

Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes	3.387	10/15/49		15		11,011
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021	2.780	07/01/51		10		6,463
Ascension Health,
Sr. Unsec’d. Notes, Series B	2.532	11/15/29		15		12,983
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021	1.777	11/15/30		30		23,921
Children’s Health System of Texas,
Unsec’d. Notes	2.511	08/15/50		10		6,130
Children’s Hospital Corp. (The),
Gtd. Notes, Series 2017	4.115	01/01/47		10		8,500
CommonSpirit Health,
Sr. Sec’d. Notes	2.760	10/01/24		20		19,298
Elevance Health, Inc.,
Sr. Unsec’d. Notes	3.650	12/01/27		40		37,924
Sr. Unsec’d. Notes	4.101	03/01/28		45		43,287
Sr. Unsec’d. Notes	4.625	05/15/42		40		36,146
Kaiser Foundation Hospitals,
Gtd. Notes	4.150	05/01/47		15		12,951
Unsec’d. Notes, Series 2021	2.810	06/01/41		70		50,795
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes	5.000	07/01/42		30		29,141
Unsec’d. Notes, Series 2020	2.955	01/01/50		10		6,858
Methodist Hospital (The),
Unsec’d. Notes, Series 20A	2.705	12/01/50		25		16,071
Mount Sinai Hospitals Group, Inc.,
Sec’d. Notes, Series 2019	3.737	07/01/49		10		7,589
New York & Presbyterian Hospital (The),
Unsec’d. Notes	4.024	08/01/45		45		37,514

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2023



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

CORPORATE BONDS (Continued)

Healthcare-Services (cont’d.)

NYU Langone Hospitals,
Sec’d. Notes	4.368%	07/01/47		15	$	13,149
OhioHealth Corp.,
Sec’d. Notes	2.297	11/15/31		30		24,350
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020	1.375	11/15/25		5		4,531
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042	2.719	01/01/42		15		10,134
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A	2.532	10/01/29		10		8,473
Unsec’d. Notes, Series H	2.746	10/01/26		30		27,458
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021	2.927	11/01/51		15		10,000
Stanford Health Care,
Unsec’d. Notes	3.027	08/15/51		30		20,514
Unsec’d. Notes, Series 2018	3.795	11/15/48		15		12,083
Sutter Health,
Unsec’d. Notes, Series 2018	4.091	08/15/48		30		24,499
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	3.050	05/15/41		30		22,887
Sr. Unsec’d. Notes	3.750	07/15/25		35		34,115
Sr. Unsec’d. Notes	4.250	06/15/48		15		13,095
Sr. Unsec’d. Notes	4.500	04/15/33		160		155,834
UPMC,
Sec’d. Notes	5.035	05/15/33		25		24,620


						772,324

Insurance 0.6%

Arch Capital Finance LLC,
Gtd. Notes	4.011	12/15/26		70		66,742
Chubb Corp. (The),
Gtd. Notes	6.000	05/11/37		15		16,150
CNA Financial Corp.,
Sr. Unsec’d. Notes	3.900	05/01/29		25		23,119
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes	3.900	04/05/32		30		26,457