Prudential Investment Portfolios 8 NCSRS Certified semi-annual shareholder report (management investment company)

Prudential Investment Portfolios 8 N-CSRSCertified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number:		811-06677

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 8

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:		9/30/2024

Date of reporting period:		3/31/2024

Item 1 – Reports to Stockholders

LOGO

PGIM QUANT SOLUTIONS LARGE-CAP INDEX FUND

(formerly known as PGIM Quant Solutions Stock Index Fund)

SEMIANNUAL REPORT

MARCH 31, 2024

LOGO

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

Table of Contents



Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			8

Holdings and Financial Statements			11

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

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

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

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


2		Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Quant Solutions Large-Cap Index Fund informative and useful. The report covers performance for the six-month period ended March 31, 2024.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Quant Solutions Large-Cap Index Fund

May 15, 2024


PGIM Quant Solutions Large-Cap Index Fund			3

Your Fund’s Performance

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



	Total Returns as of 3/31/24 (without sales charges) *Six Months (%)**	Average Annual Total Returns as of 3/31/24 (with sales charges)
		One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)

Class A	23.11	24.94	13.71	12.02	—

Class C	22.68	27.22	13.69	11.65	—

Class I	23.33	29.57	14.86	12.78	—

Class Z	23.29	29.49	14.79	12.71	—

Class R6	23.37	29.67	14.90	N/A	13.36 (11/28/2017)

S&P 500 Index

	23.48	29.88	15.05	12.96	—

Average Annual Total Returns as of 3/31/24 Since Inception (%)

Class R6
(11/28/2017)

S&P 500 Index

13.38

* Not annualized

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


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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 A	Class C	Class I	Class Z	Class R6

Maximum initial sales charge	3.25% of the public offering price	None	None	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)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None	None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30%	1.00%	None	None	None

Benchmark Definition

S&P 500 Index*—The S&P 500 Index is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how large company stocks in the United States have performed.

*The S&P 500 Index is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright © 2024 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

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.


PGIM Quant Solutions Large-Cap Index Fund			5

Your Fund’s Performance (continued)

Six-month performance (the S&P 500 Index) broken out by S&P 500 Index sectors as of 3/31/24.

S&P 500 Index as of 3/31/24

LOGO

*Sector weightings are subject to change.

Source: FactSet Research Systems Inc.


6		Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 3/31/24



Ten Largest Holdings	Line of Business	% of Net Assets
Microsoft Corp.	Software	7.0%
Apple, Inc.	Technology Hardware, Storage & Peripherals	5.6%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	5.0%
Amazon.com, Inc.	Broadline Retail	3.7%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	2.4%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	2.0%
Berkshire Hathaway, Inc. (Class B Stock)	Financial Services	1.7%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.7%
Eli Lilly & Co.	Pharmaceuticals	1.4%
Broadcom, Inc.	Semiconductors & Semiconductor Equipment	1.3%

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


PGIM Quant Solutions Large-Cap Index Fund			7

Fees and Expenses

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

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

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


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

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



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

Class A	Actual	$1,000.00	$1,231.10	0.53%	$2.96
	Hypothetical	$1,000.00	$1,022.35	0.53%	$2.68
Class C	Actual	$1,000.00	$1,226.80	1.25%	$6.96
	Hypothetical	$1,000.00	$1,018.75	1.25%	$6.31
Class I	Actual	$1,000.00	$1,233.30	0.19%	$1.06
	Hypothetical	$1,000.00	$1,024.05	0.19%	$0.96
Class Z	Actual	$1,000.00	$1,232.90	0.25%	$1.40
	Hypothetical	$1,000.00	$1,023.75	0.25%	$1.26
Class R6	Actual	$1,000.00	$1,233.70	0.12%	$0.67
	Hypothetical	$1,000.00	$1,024.40	0.12%	$0.61

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 183 days in the six-month period ended March 31, 2024, and divided by the 366 days in the Fund’s fiscal year ending September 30, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.


PGIM Quant Solutions Large-Cap Index Fund			9

Schedule of Investments (unaudited)

as of March 31, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 99.1%

COMMON STOCKS 98.3%

Aerospace & Defense 1.5%
Axon Enterprise, Inc.*		1,200	$	375,456
Boeing Co. (The)*		10,744		2,073,484
General Dynamics Corp.		4,332		1,223,747
Howmet Aerospace, Inc.		7,381		505,082
Huntington Ingalls Industries, Inc.		800		233,176
L3Harris Technologies, Inc.		3,616		770,570
Lockheed Martin Corp.		4,166		1,894,988
Northrop Grumman Corp.		2,708		1,296,211
RTX Corp.		24,931		2,431,520
Textron, Inc.		3,734		358,203
TransDigm Group, Inc.		1,050		1,293,180


			12,455,617

Air Freight & Logistics 0.4%
C.H. Robinson Worldwide, Inc.		2,400		182,736
Expeditors International of Washington, Inc.		2,700		328,239
FedEx Corp.		4,246		1,230,236
United Parcel Service, Inc. (Class B Stock)		13,690		2,034,745


			3,775,956

Automobile Components 0.1%
Aptiv PLC*		5,350		426,128
BorgWarner, Inc.		4,400		152,856


			578,984

Automobiles 1.3%
Ford Motor Co.		74,638		991,193
General Motors Co.		21,800		988,630
Tesla, Inc.*		52,170		9,170,964


			11,150,787

Banks 3.3%
Bank of America Corp.		129,995		4,929,410
Citigroup, Inc.		35,895		2,270,000
Citizens Financial Group, Inc.		9,000		326,610
Comerica, Inc.		2,461		135,330
Fifth Third Bancorp		12,873		479,004
Huntington Bancshares, Inc.		27,429		382,635
JPMorgan Chase & Co.		54,503		10,916,951

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund		11

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)
KeyCorp		18,835	$	297,781
M&T Bank Corp.		3,155		458,863
PNC Financial Services Group, Inc. (The)		7,372		1,191,315
Regions Financial Corp.		17,674		371,861
Truist Financial Corp.		25,272		985,103
U.S. Bancorp		29,595		1,322,897
Wells Fargo & Co.		68,036		3,943,367


			28,011,127

Beverages 1.4%
Brown-Forman Corp. (Class B Stock)		3,350		172,927
Coca-Cola Co. (The)		73,464		4,494,528
Constellation Brands, Inc. (Class A Stock)		3,070		834,303
Keurig Dr. Pepper, Inc.		19,700		604,199
Molson Coors Beverage Co. (Class B Stock)		3,694		248,422
Monster Beverage Corp.*		14,000		829,920
PepsiCo, Inc.		25,941		4,539,934


			11,724,233

Biotechnology 1.9%
AbbVie, Inc.		33,289		6,061,927
Amgen, Inc.		10,096		2,870,495
Biogen, Inc.*		2,680		577,888
Gilead Sciences, Inc.		23,600		1,728,700
Incyte Corp.*		3,500		199,395
Moderna, Inc.*		6,240		664,934
Regeneron Pharmaceuticals, Inc.*		1,990		1,915,355
Vertex Pharmaceuticals, Inc.*		4,760		1,989,728


			16,008,422

Broadline Retail 3.8%
Amazon.com, Inc.*		172,300		31,079,474
eBay, Inc.		9,740		514,077
Etsy, Inc.*		2,300		158,056


			31,751,607

Building Products 0.5%
A.O. Smith Corp.		2,400		214,704
Allegion PLC		1,533		206,510
Builders FirstSource, Inc.*		2,300		479,665
Carrier Global Corp.		15,929		925,953

See Notes to Financial Statements.


12



Description	Shares		Value

COMMON STOCKS (Continued)

Building Products (cont’d.)
Johnson Controls International PLC		12,887	$	841,779
Masco Corp.		4,226		333,347
Trane Technologies PLC		4,300		1,290,860


			4,292,818

Capital Markets 2.7%
Ameriprise Financial, Inc.		1,861		815,937
Bank of New York Mellon Corp. (The)		14,538		837,680
BlackRock, Inc.		2,610		2,175,957
Blackstone, Inc.		13,500		1,773,495
Cboe Global Markets, Inc.		2,100		385,833
Charles Schwab Corp. (The)		28,211		2,040,784
CME Group, Inc.		6,800		1,463,972
FactSet Research Systems, Inc.		700		318,073
Franklin Resources, Inc.		5,742		161,408
Goldman Sachs Group, Inc. (The)		6,180		2,581,324
Intercontinental Exchange, Inc.		10,800		1,484,244
Invesco Ltd.		8,100		134,379
MarketAxess Holdings, Inc.		710		155,667
Moody’s Corp.		2,966		1,165,727
Morgan Stanley		23,690		2,230,650
MSCI, Inc.		1,490		835,070
Nasdaq, Inc.		7,100		448,010
Northern Trust Corp.		3,862		343,409
Raymond James Financial, Inc.		3,500		449,470
S&P Global, Inc.		5,940		2,527,173
State Street Corp.		5,862		453,250
T. Rowe Price Group, Inc.		4,200		512,064


			23,293,576

Chemicals 1.5%
Air Products & Chemicals, Inc.		4,202		1,018,018
Albemarle Corp.		2,140		281,924
Celanese Corp.		2,000		343,720
CF Industries Holdings, Inc.		3,600		299,556
Corteva, Inc.		13,309		767,530
Dow, Inc.		13,309		770,990
DuPont de Nemours, Inc.		8,109		621,717
Eastman Chemical Co.		2,386		239,125
Ecolab, Inc.		4,742		1,094,928
FMC Corp.		2,300		146,510
International Flavors & Fragrances, Inc.		4,815		414,042
Linde PLC		9,168		4,256,886

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			13

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Chemicals (cont’d.)
LyondellBasell Industries NV (Class A Stock)		4,800	$	490,944
Mosaic Co. (The)		6,700		217,482
PPG Industries, Inc.		4,448		644,515
Sherwin-Williams Co. (The)		4,388		1,524,084


			13,131,971

Commercial Services & Supplies 0.6%
Cintas Corp.		1,640		1,126,729
Copart, Inc.*		16,600		961,472
Republic Services, Inc.		3,835		734,173
Rollins, Inc.		5,275		244,074
Veralto Corp.		4,140		367,052
Waste Management, Inc.		6,913		1,473,506


			4,907,006

Communications Equipment 0.8%
Arista Networks, Inc.*		4,780		1,386,104
Cisco Systems, Inc.		76,444		3,815,320
F5, Inc.*		1,100		208,549
Juniper Networks, Inc.		6,100		226,066
Motorola Solutions, Inc.		3,156		1,120,317


			6,756,356

Construction & Engineering 0.1%
Quanta Services, Inc.		2,700		701,460

Construction Materials 0.2%
Martin Marietta Materials, Inc.		1,160		712,170
Vulcan Materials Co.		2,500		682,300


			1,394,470

Consumer Finance 0.5%
American Express Co.		10,899		2,481,593
Capital One Financial Corp.		7,166		1,066,946
Discover Financial Services		4,618		605,373
Synchrony Financial		7,965		343,451


			4,497,363

Consumer Staples Distribution & Retail 1.8%
Costco Wholesale Corp.		8,358		6,123,322

See Notes to Financial Statements.


14



Description	Shares		Value

COMMON STOCKS (Continued)

Consumer Staples Distribution & Retail (cont’d.)
Dollar General Corp.		4,000	$	624,240
Dollar Tree, Inc.*		3,942		524,877
Kroger Co. (The)		12,568		718,010
Sysco Corp.		9,580		777,704
Target Corp.		8,582		1,520,816
Walgreens Boots Alliance, Inc.		13,578		294,507
Walmart, Inc.		80,858		4,865,226


			15,448,702

Containers & Packaging 0.2%
Amcor PLC		27,460		261,145
Avery Dennison Corp.		1,438		321,033
Ball Corp.		5,928		399,310
International Paper Co.		6,384		249,104
Packaging Corp. of America		1,670		316,932
Westrock Co.		4,933		243,937


			1,791,461

Distributors 0.1%
Genuine Parts Co.		2,599		402,663
LKQ Corp.		5,400		288,414
Pool Corp.		620		250,170


			941,247

Diversified Telecommunication Services 0.7%
AT&T, Inc.		135,807		2,390,203
Verizon Communications, Inc.		79,233		3,324,617


			5,714,820

Electric Utilities 1.5%
Alliant Energy Corp.		5,100		257,040
American Electric Power Co., Inc.		9,991		860,225
Constellation Energy Corp.		6,003		1,109,655
Duke Energy Corp.		14,639		1,415,738
Edison International		7,262		513,641
Entergy Corp.		4,015		424,305
Evergy, Inc.		4,300		229,534
Eversource Energy		6,600		394,482
Exelon Corp.		18,912		710,524
FirstEnergy Corp.		9,777		377,588
NextEra Energy, Inc.		38,928		2,487,888

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			15

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Electric Utilities (cont’d.)
NRG Energy, Inc.		4,200	$	284,298
PG&E Corp.		40,500		678,780
Pinnacle West Capital Corp.		2,300		171,879
PPL Corp.		13,952		384,099
Southern Co. (The)		20,715		1,486,094
Xcel Energy, Inc.		10,483		563,461


			12,349,231

Electrical Equipment 0.6%
AMETEK, Inc.		4,400		804,760
Eaton Corp. PLC		7,393		2,311,643
Emerson Electric Co.		10,850		1,230,607
Generac Holdings, Inc.*		1,100		138,754
Hubbell, Inc.		900		373,545
Rockwell Automation, Inc.		2,143		624,320


			5,483,629

Electronic Equipment, Instruments & Components 0.6%
Amphenol Corp. (Class A Stock)		11,300		1,303,455
CDW Corp.		2,500		639,450
Corning, Inc.		14,597		481,117
Jabil, Inc.		2,300		308,085
Keysight Technologies, Inc.*		3,300		516,054
TE Connectivity Ltd.		5,850		849,654
Teledyne Technologies, Inc.*		808		346,890
Trimble, Inc.*		4,700		302,492
Zebra Technologies Corp. (Class A Stock)*		1,020		307,469


			5,054,666

Energy Equipment & Services 0.3%
Baker Hughes Co.		19,045		638,008
Halliburton Co.		17,022		671,007
Schlumberger NV		27,132		1,487,105


			2,796,120

Entertainment 1.3%
Electronic Arts, Inc.		4,600		610,282
Live Nation Entertainment, Inc.*		2,600		275,002
Netflix, Inc.*		8,170		4,961,886
Take-Two Interactive Software, Inc.*		3,000		445,470

See Notes to Financial Statements.


16



Description	Shares		Value

COMMON STOCKS (Continued)

Entertainment (cont’d.)
Walt Disney Co. (The)		34,536	$	4,225,825
Warner Bros Discovery, Inc.*		42,085		367,402


			10,885,867

Financial Services 4.2%
Berkshire Hathaway, Inc. (Class B Stock)*		34,390		14,461,683
Corpay, Inc.*		1,320		407,273
Fidelity National Information Services, Inc.		11,160		827,849
Fiserv, Inc.*		11,200		1,789,984
Global Payments, Inc.		4,794		640,766
Jack Henry & Associates, Inc.		1,300		225,849
Mastercard, Inc. (Class A Stock)		15,500		7,464,335
PayPal Holdings, Inc.*		20,430		1,368,605
Visa, Inc. (Class A Stock)		29,850		8,330,538


			35,516,882

Food Products 0.8%
Archer-Daniels-Midland Co.		10,059		631,806
Bunge Global SA		2,800		287,056
Campbell Soup Co.		3,947		175,444
Conagra Brands, Inc.		9,643		285,819
General Mills, Inc.		10,644		744,761
Hershey Co. (The)		2,816		547,712
Hormel Foods Corp.		5,400		188,406
J.M. Smucker Co. (The)		1,970		247,964
Kellanova		4,870		279,002
Kraft Heinz Co. (The)		15,155		559,219
Lamb Weston Holdings, Inc.		2,700		287,631
McCormick & Co., Inc.		4,700		361,007
Mondelez International, Inc. (Class A Stock)		25,366		1,775,620
Tyson Foods, Inc. (Class A Stock)		5,300		311,269


			6,682,716

Gas Utilities 0.0%
Atmos Energy Corp.		2,800		332,836

Ground Transportation 1.1%
CSX Corp.		37,554		1,392,127
J.B. Hunt Transport Services, Inc.		1,450		288,912
Norfolk Southern Corp.		4,131		1,052,868
Old Dominion Freight Line, Inc.		3,600		789,516

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			17

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Ground Transportation (cont’d.)
Uber Technologies, Inc.*		38,800	$	2,987,212
Union Pacific Corp.		11,356		2,792,781


			9,303,416

Health Care Equipment & Supplies 2.5%
Abbott Laboratories		32,713		3,718,160
Align Technology, Inc.*		1,210		396,783
Baxter International, Inc.		9,574		409,193
Becton, Dickinson & Co.		5,465		1,352,314
Boston Scientific Corp.*		27,772		1,902,104
Cooper Cos., Inc. (The)		3,700		375,402
DENTSPLY SIRONA, Inc.		3,700		122,803
Dexcom, Inc.*		7,320		1,015,284
Edwards Lifesciences Corp.*		11,510		1,099,896
GE HealthCare Technologies, Inc.		7,900		718,189
Hologic, Inc.*		4,600		358,616
IDEXX Laboratories, Inc.*		1,540		831,492
Insulet Corp.*		1,300		222,820
Intuitive Surgical, Inc.*		6,680		2,665,921
Medtronic PLC		25,215		2,197,487
ResMed, Inc.		2,790		552,504
STERIS PLC		1,800		404,676
Stryker Corp.		6,360		2,276,053
Teleflex, Inc.		900		203,553
Zimmer Biomet Holdings, Inc.		3,911		516,174


			21,339,424

Health Care Providers & Services 2.6%
Cardinal Health, Inc.		4,473		500,529
Cencora, Inc.		3,160		767,848
Centene Corp.*		10,108		793,276
Cigna Group (The)		5,568		2,022,242
CVS Health Corp.		23,746		1,893,981
DaVita, Inc.*		1,000		138,050
Elevance Health, Inc.		4,430		2,297,132
HCA Healthcare, Inc.		3,700		1,234,061
Henry Schein, Inc.*		2,600		196,352
Humana, Inc.		2,300		797,456
Laboratory Corp. of America Holdings		1,600		349,536
McKesson Corp.		2,486		1,334,609
Molina Healthcare, Inc.*		1,000		410,830
Quest Diagnostics, Inc.		2,100		279,531

See Notes to Financial Statements.


18



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Providers & Services (cont’d.)
UnitedHealth Group, Inc.		17,458	$	8,636,473
Universal Health Services, Inc. (Class B Stock)		1,170		213,478


			21,865,384

Health Care REITs 0.2%
Healthpeak Properties, Inc.		13,200		247,500
Ventas, Inc.		7,633		332,341
Welltower, Inc.		10,500		981,120


			1,560,961

Hotel & Resort REITs 0.0%
Host Hotels & Resorts, Inc.		13,236		273,720

Hotels, Restaurants & Leisure 2.0%
Airbnb, Inc. (Class A Stock)*		8,200		1,352,672
Booking Holdings, Inc.		660		2,394,401
Caesars Entertainment, Inc.*		3,900		170,586
Carnival Corp.*		19,400		316,996
Chipotle Mexican Grill, Inc.*		517		1,502,800
Darden Restaurants, Inc.		2,253		376,589
Domino’s Pizza, Inc.		700		347,816
Expedia Group, Inc.*		2,400		330,600
Hilton Worldwide Holdings, Inc.		4,860		1,036,687
Las Vegas Sands Corp.		6,960		359,832
Marriott International, Inc. (Class A Stock)		4,640		1,170,718
McDonald’s Corp.		13,780		3,885,271
MGM Resorts International*		5,200		245,492
Norwegian Cruise Line Holdings Ltd.*		8,400		175,812
Royal Caribbean Cruises Ltd.*		4,400		611,644
Starbucks Corp.		21,380		1,953,918
Wynn Resorts Ltd.		1,800		184,014
Yum! Brands, Inc.		5,264		729,854


			17,145,702

Household Durables 0.4%
D.R. Horton, Inc.		5,500		905,025
Garmin Ltd.		2,900		431,723
Lennar Corp. (Class A Stock)		4,700		808,306
Mohawk Industries, Inc.*		940		123,036

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			19

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Household Durables (cont’d.)
NVR, Inc.*		55	$	445,498
PulteGroup, Inc.		4,011		483,807


			3,197,395

Household Products 1.2%
Church & Dwight Co., Inc.		4,600		479,826
Clorox Co. (The)		2,282		349,397
Colgate-Palmolive Co.		15,660		1,410,183
Kimberly-Clark Corp.		6,366		823,442
Procter & Gamble Co. (The)		44,463		7,214,122


			10,276,970

Independent Power & Renewable Electricity Producers 0.0%
AES Corp. (The)		13,500		242,055

Industrial Conglomerates 0.9%
3M Co.		10,288		1,091,248
General Electric Co.		20,400		3,580,812
Honeywell International, Inc.		12,485		2,562,546


			7,234,606

Industrial REITs 0.3%
Prologis, Inc.		17,289		2,251,374

Insurance 2.1%
Aflac, Inc.		10,100		867,186
Allstate Corp. (The)		4,908		849,133
American International Group, Inc.		13,351		1,043,648
Aon PLC (Class A Stock)		3,689		1,231,093
Arch Capital Group Ltd.*		7,100		656,324
Arthur J. Gallagher & Co.		4,100		1,025,164
Assurant, Inc.		1,100		207,064
Brown & Brown, Inc.		4,400		385,176
Chubb Ltd.		7,753		2,009,035
Cincinnati Financial Corp.		3,007		373,379
Everest Group Ltd.		810		321,975
Globe Life, Inc.		1,533		178,395
Hartford Financial Services Group, Inc. (The)		5,653		582,542
Loews Corp.		3,517		275,346
Marsh & McLennan Cos., Inc.		9,340		1,923,853
MetLife, Inc.		11,750		870,793
Principal Financial Group, Inc.		4,100		353,871

See Notes to Financial Statements.


20



Description	Shares		Value

COMMON STOCKS (Continued)

Insurance (cont’d.)
Progressive Corp. (The)		10,916	$	2,257,647
Prudential Financial, Inc.(g)		6,800		798,320
Travelers Cos., Inc. (The)		4,331		996,736
W.R. Berkley Corp.		3,800		336,072
Willis Towers Watson PLC		1,900		522,500


			18,065,252

Interactive Media & Services 6.1%
Alphabet, Inc. (Class A Stock)*		111,100		16,768,323
Alphabet, Inc. (Class C Stock)*		93,040		14,166,270
Match Group, Inc.*		5,400		195,912
Meta Platforms, Inc. (Class A Stock)		41,360		20,083,589


			51,214,094

IT Services 1.1%
Accenture PLC (Class A Stock)		11,690		4,051,871
Akamai Technologies, Inc.*		2,900		315,404
Cognizant Technology Solutions Corp. (Class A Stock)		9,500		696,255
EPAM Systems, Inc.*		1,000		276,160
Gartner, Inc.*		1,370		653,038
International Business Machines Corp.		17,274		3,298,643
VeriSign, Inc.*		1,580		299,426


			9,590,797

Leisure Products 0.0%
Hasbro, Inc.		2,554		144,352

Life Sciences Tools & Services 1.4%
Agilent Technologies, Inc.		5,498		800,014
Bio-Rad Laboratories, Inc. (Class A Stock)*		350		121,055
Bio-Techne Corp.		3,180		223,840
Charles River Laboratories International, Inc.*		850		230,307
Danaher Corp.		12,420		3,101,522
Illumina, Inc.*		3,030		416,080
IQVIA Holdings, Inc.*		3,410		862,355
Mettler-Toledo International, Inc.*		410		545,829
Revvity, Inc.		2,270		238,350
Thermo Fisher Scientific, Inc.		7,292		4,238,183
Waters Corp.*		1,220		419,961
West Pharmaceutical Services, Inc.		1,340		530,251


			11,727,747

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			21

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Machinery 1.8%
Caterpillar, Inc.		9,496	$	3,479,619
Cummins, Inc.		2,616		770,805
Deere & Co.		5,030		2,066,022
Dover Corp.		2,662		471,680
Fortive Corp.		6,650		572,033
IDEX Corp.		1,400		341,628
Illinois Tool Works, Inc.		5,186		1,391,559
Ingersoll Rand, Inc.		7,629		724,374
Nordson Corp.		900		247,086
Otis Worldwide Corp.		7,664		760,805
PACCAR, Inc.		9,746		1,207,432
Parker-Hannifin Corp.		2,368		1,316,111
Pentair PLC		3,146		268,794
Snap-on, Inc.		942		279,039
Stanley Black & Decker, Inc.		3,088		302,408
Westinghouse Air Brake Technologies Corp.		3,460		504,053
Xylem, Inc.		4,550		588,042


			15,291,490

Media 0.6%
Charter Communications, Inc. (Class A Stock)*		1,890		549,291
Comcast Corp. (Class A Stock)		74,820		3,243,447
Fox Corp. (Class A Stock)		5,066		158,414
Fox Corp. (Class B Stock)		2,666		76,301
Interpublic Group of Cos., Inc. (The)		7,288		237,807
News Corp. (Class A Stock)		7,375		193,077
News Corp. (Class B Stock)		2,700		73,062
Omnicom Group, Inc.		3,934		380,654
Paramount Global (Class B Stock)		9,597		112,957


			5,025,010

Metals & Mining 0.4%
Freeport-McMoRan, Inc.		27,242		1,280,919
Newmont Corp.		21,897		784,788
Nucor Corp.		4,612		912,715
Steel Dynamics, Inc.		2,900		429,867


			3,408,289

Multi-Utilities 0.6%
Ameren Corp.		4,969		367,507
CenterPoint Energy, Inc.		11,879		338,433
CMS Energy Corp.		5,500		331,870

See Notes to Financial Statements.


22



Description	Shares		Value

COMMON STOCKS (Continued)

Multi-Utilities (cont’d.)
Consolidated Edison, Inc.		6,551	$	594,896
Dominion Energy, Inc.		15,850		779,662
DTE Energy Co.		3,887		435,888
NiSource, Inc.		8,000		221,280
Public Service Enterprise Group, Inc.		9,394		627,331
Sempra		11,956		858,800
WEC Energy Group, Inc.		5,933		487,218


			5,042,885

Office REITs 0.1%
Alexandria Real Estate Equities, Inc.		2,900		373,839
Boston Properties, Inc.		2,880		188,093


			561,932

Oil, Gas & Consumable Fuels 3.6%
APA Corp.		6,648		228,558
Chevron Corp.		32,747		5,165,512
ConocoPhillips		22,181		2,823,198
Coterra Energy, Inc.		14,300		398,684
Devon Energy Corp.		12,100		607,178
Diamondback Energy, Inc.		3,380		669,815
EOG Resources, Inc.		11,000		1,406,240
EQT Corp.		8,200		303,974
Exxon Mobil Corp.		74,852		8,700,796
Hess Corp.		5,134		783,654
Kinder Morgan, Inc.		36,680		672,711
Marathon Oil Corp.		11,378		322,453
Marathon Petroleum Corp.		6,876		1,385,514
Occidental Petroleum Corp.		12,479		811,010
ONEOK, Inc.		11,000		881,870
Phillips 66		8,128		1,327,627
Pioneer Natural Resources Co.		4,400		1,155,000
Targa Resources Corp.		4,200		470,358
Valero Energy Corp.		6,400		1,092,416
Williams Cos., Inc. (The)		23,092		899,895


			30,106,463

Passenger Airlines 0.2%
American Airlines Group, Inc.*		12,750		195,713
Delta Air Lines, Inc.		12,200		584,014

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			23

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Passenger Airlines (cont’d.)
Southwest Airlines Co.		11,274	$	329,088
United Airlines Holdings, Inc.*		6,600		316,008


			1,424,823

Personal Care Products 0.2%
Estee Lauder Cos., Inc. (The) (Class A Stock)		4,270		658,221
Kenvue, Inc.		32,700		701,742


			1,359,963

Pharmaceuticals 3.8%
Bristol-Myers Squibb Co.		38,679		2,097,562
Catalent, Inc.*		3,400		191,930
Eli Lilly & Co.		15,057		11,713,744
Johnson & Johnson		45,709		7,230,707
Merck & Co., Inc.		47,793		6,306,286
Pfizer, Inc.		106,463		2,954,348
Viatris, Inc.		24,099		287,742
Zoetis, Inc.		8,700		1,472,127


			32,254,446

Professional Services 0.7%
Automatic Data Processing, Inc.		7,748		1,934,986
Broadridge Financial Solutions, Inc.		2,200		450,692
Dayforce, Inc.*		2,900		192,009
Equifax, Inc.		2,230		596,570
Jacobs Solutions, Inc.		2,300		353,579
Leidos Holdings, Inc.		2,600		340,834
Paychex, Inc.		6,225		764,430
Paycom Software, Inc.		850		169,158
Robert Half, Inc.		2,000		158,560
Verisk Analytics, Inc.		2,730		643,543


			5,604,361

Real Estate Management & Development 0.1%
CBRE Group, Inc. (Class A Stock)*		5,800		563,992
CoStar Group, Inc.*		7,700		743,820


			1,307,812

Residential REITs 0.3%
AvalonBay Communities, Inc.		2,711		503,053

See Notes to Financial Statements.


24



Description	Shares		Value

COMMON STOCKS (Continued)

Residential REITs (cont’d.)
Camden Property Trust		2,000	$	196,800
Equity Residential		6,500		410,215
Essex Property Trust, Inc.		1,100		269,291
Invitation Homes, Inc.		10,900		388,149
Mid-America Apartment Communities, Inc.		2,170		285,529
UDR, Inc.		5,700		213,237


			2,266,274

Retail REITs 0.3%
Federal Realty Investment Trust		1,300		132,756
Kimco Realty Corp.		13,400		262,774
Realty Income Corp.		15,600		843,960
Regency Centers Corp.		3,100		187,736
Simon Property Group, Inc.		6,189		968,517


			2,395,743

Semiconductors & Semiconductor Equipment 10.1%
Advanced Micro Devices, Inc.*		30,428		5,491,950
Analog Devices, Inc.		9,216		1,822,833
Applied Materials, Inc.		15,688		3,235,336
Broadcom, Inc.		8,299		10,999,577
Enphase Energy, Inc.*		2,520		304,870
First Solar, Inc.*		2,000		337,600
Intel Corp.		79,548		3,513,635
KLA Corp.		2,570		1,795,325
Lam Research Corp.		2,492		2,421,152
Microchip Technology, Inc.		10,220		916,836
Micron Technology, Inc.		20,816		2,453,998
Monolithic Power Systems, Inc.		890		602,904
NVIDIA Corp.		46,560		42,069,754
NXP Semiconductors NV (China)		4,760		1,179,385
ON Semiconductor Corp.*		8,200		603,110
Qorvo, Inc.*		1,771		203,364
QUALCOMM, Inc.		20,900		3,538,370
Skyworks Solutions, Inc.		3,000		324,960
Teradyne, Inc.		2,900		327,207
Texas Instruments, Inc.		17,252		3,005,471


			85,147,637

Software 10.5%
Adobe, Inc.*		8,500		4,289,100
ANSYS, Inc.*		1,600		555,456

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			25

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Software (cont’d.)
Autodesk, Inc.*		4,090	$	1,065,118
Cadence Design Systems, Inc.*		5,100		1,587,528
Fair Isaac Corp.*		460		574,820
Fortinet, Inc.*		12,100		826,551
Gen Digital, Inc.		11,317		253,501
Intuit, Inc.		5,270		3,425,500
Microsoft Corp.		140,112		58,947,921
Oracle Corp.		29,990		3,767,044
Palo Alto Networks, Inc.*		6,000		1,704,780
PTC, Inc.*		2,200		415,668
Roper Technologies, Inc.		2,020		1,132,897
Salesforce, Inc.		18,260		5,499,547
ServiceNow, Inc.*		3,840		2,927,616
Synopsys, Inc.*		2,880		1,645,920
Tyler Technologies, Inc.*		820		348,508


			88,967,475

Specialized REITs 1.0%
American Tower Corp.		8,650		1,709,154
Crown Castle, Inc.		8,200		867,806
Digital Realty Trust, Inc.		5,700		821,028
Equinix, Inc.		1,746		1,441,026
Extra Space Storage, Inc.		3,900		573,300
Iron Mountain, Inc.		5,505		441,556
Public Storage		3,000		870,180
SBA Communications Corp.		2,000		433,400
VICI Properties, Inc.		19,600		583,884
Weyerhaeuser Co.		13,839		496,958


			8,238,292

Specialty Retail 2.0%
AutoZone, Inc.*		330		1,040,045
Bath & Body Works, Inc.		4,222		211,184
Best Buy Co., Inc.		3,700		303,511
CarMax, Inc.*		3,200		278,752
Home Depot, Inc. (The)		18,764		7,197,870
Lowe’s Cos., Inc.		10,966		2,793,369
O’Reilly Automotive, Inc.*		1,100		1,241,768
Ross Stores, Inc.		6,400		939,264
TJX Cos., Inc. (The)		21,428		2,173,228

See Notes to Financial Statements.


26



Description	Shares		Value

COMMON STOCKS (Continued)

Specialty Retail (cont’d.)
Tractor Supply Co.		2,000	$	523,440
Ulta Beauty, Inc.*		940		491,507


			17,193,938

Technology Hardware, Storage & Peripherals 5.9%
Apple, Inc.		273,662		46,927,560
Hewlett Packard Enterprise Co.		24,302		430,874
HP, Inc.		16,502		498,690
NetApp, Inc.		3,900		409,383
Seagate Technology Holdings PLC		3,600		334,980
Super Micro Computer, Inc.*		950		959,529
Western Digital Corp.*		6,025		411,146


			49,972,162

Textiles, Apparel & Luxury Goods 0.5%
Deckers Outdoor Corp.*		480		451,805
Lululemon Athletica, Inc.*		2,100		820,365
NIKE, Inc. (Class B Stock)		23,074		2,168,495
Ralph Lauren Corp.		700		131,432
Tapestry, Inc.		4,500		213,660
VF Corp.		6,936		106,398


			3,892,155

Tobacco 0.5%
Altria Group, Inc.		33,579		1,464,716
Philip Morris International, Inc.		29,479		2,700,866


			4,165,582

Trading Companies & Distributors 0.3%
Fastenal Co.		10,800		833,112
United Rentals, Inc.		1,270		915,810
W.W. Grainger, Inc.		824		838,255


			2,587,177

Water Utilities 0.0%
American Water Works Co., Inc.		3,700		452,177

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			27

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



Description						Shares		Value

COMMON STOCKS (Continued)

Wireless Telecommunication Services 0.2%
T-Mobile US, Inc.							9,670	$	1,578,337


TOTAL COMMON STOCKS (cost $165,536,530)									831,107,602


UNAFFILIATED EXCHANGE-TRADED FUND 0.8%
iShares Core S&P 500 ETF (cost $4,846,477)							12,400		6,519,052


TOTAL LONG-TERM INVESTMENTS (cost $170,383,007)									837,626,654


SHORT-TERM INVESTMENTS 0.8%

AFFILIATED MUTUAL FUND 0.7%
PGIM Core Government Money Market Fund (7-day effective yield 5.552%) (cost $5,710,344)(wb)							5,710,344		5,710,344


	Interest Rate			Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATION(k)(n) 0.1%
U.S. Treasury Bills (cost $988,460)		5.270	%		06/20/24		1,000		988,408


TOTAL SHORT-TERM INVESTMENTS (cost $6,698,804)									6,698,752


TOTAL INVESTMENTS 99.9% (cost $177,081,811)									844,325,406
Other assets in excess of liabilities(z) 0.1%									1,247,015


NET ASSETS 100.0%								$	845,572,421

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

USD—US Dollar

ETF—Exchange-Traded Fund

OTC—Over-the-counter

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

SOFR—Secured Overnight Financing Rate

UBS—UBS Securities LLC

*	Non-income producing security.

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

See Notes to Financial Statements.


28

(g)	An affiliated security.

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

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

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

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

Futures contracts outstanding at March 31, 2024:

Number
of
Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Long Position:

34 S&P 500 E-Mini Index

Jun. 2024

9,024,450

199,232

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

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


Broker	Cash and/or Foreign Currency	Securities Market Value

UBS	$—	$988,408

Fair Value Measurements:

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

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	12,455,617	$	—	$	—
Air Freight & Logistics		3,775,956		—		—
Automobile Components		578,984		—		—
Automobiles		11,150,787		—		—
Banks		28,011,127		—		—
Beverages		11,724,233		—		—
Biotechnology		16,008,422		—		—
Broadline Retail		31,751,607		—		—

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			29

Schedule of Investments (unaudited) (continued)

as of March 31, 2024


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Building Products		$	4,292,818		$	—		$	—
Capital Markets			23,293,576			—			—
Chemicals			13,131,971			—			—
Commercial Services & Supplies			4,907,006			—			—
Communications Equipment			6,756,356			—			—
Construction & Engineering			701,460			—			—
Construction Materials			1,394,470			—			—
Consumer Finance			4,497,363			—			—
Consumer Staples Distribution & Retail			15,448,702			—			—
Containers & Packaging			1,791,461			—			—
Distributors			941,247			—			—
Diversified Telecommunication Services			5,714,820			—			—
Electric Utilities			12,349,231			—			—
Electrical Equipment			5,483,629			—			—
Electronic Equipment, Instruments & Components			5,054,666			—			—
Energy Equipment & Services			2,796,120			—			—
Entertainment			10,885,867			—			—
Financial Services			35,516,882			—			—
Food Products			6,682,716			—			—
Gas Utilities			332,836			—			—
Ground Transportation			9,303,416			—			—
Health Care Equipment & Supplies			21,339,424			—			—
Health Care Providers & Services			21,865,384			—			—
Health Care REITs			1,560,961			—			—
Hotel & Resort REITs			273,720			—			—
Hotels, Restaurants & Leisure			17,145,702			—			—
Household Durables			3,197,395			—			—
Household Products			10,276,970			—			—
Independent Power & Renewable Electricity Producers			242,055			—			—
Industrial Conglomerates			7,234,606			—			—
Industrial REITs			2,251,374			—			—
Insurance			18,065,252			—			—
Interactive Media & Services			51,214,094			—			—
IT Services			9,590,797			—			—
Leisure Products			144,352			—			—
Life Sciences Tools & Services			11,727,747			—			—
Machinery			15,291,490			—			—
Media			5,025,010			—			—
Metals & Mining			3,408,289			—			—
Multi-Utilities			5,042,885			—			—
Office REITs			561,932			—			—
Oil, Gas & Consumable Fuels			30,106,463			—			—
Passenger Airlines			1,424,823			—			—
Personal Care Products			1,359,963			—			—
Pharmaceuticals			32,254,446			—			—

See Notes to Financial Statements.


	30


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Professional Services		$	5,604,361		$	—		$	—
Real Estate Management & Development			1,307,812			—			—
Residential REITs			2,266,274			—			—
Retail REITs			2,395,743			—			—
Semiconductors & Semiconductor Equipment			85,147,637			—			—
Software			88,967,475			—			—
Specialized REITs			8,238,292			—			—
Specialty Retail			17,193,938			—			—
Technology Hardware, Storage & Peripherals			49,972,162			—			—
Textiles, Apparel & Luxury Goods			3,892,155			—			—
Tobacco			4,165,582			—			—
Trading Companies & Distributors			2,587,177			—			—
Water Utilities			452,177			—			—
Wireless Telecommunication Services			1,578,337			—			—
Unaffiliated Exchange-Traded Fund			6,519,052			—			—
Short-Term Investments
Affiliated Mutual Fund			5,710,344			—			—
U.S. Treasury Obligation			—			988,408			—

Total		$	843,336,998		$	988,408		$	—


Other Financial Instruments*
Assets
Futures Contracts		$	199,232		$	—		$	—

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

Industry Classification:

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


Software	10.5	%
Semiconductors & Semiconductor Equipment	10.1
Interactive Media & Services	6.1
Technology Hardware, Storage & Peripherals	5.9
Financial Services	4.2
Pharmaceuticals	3.8
Broadline Retail	3.8
Oil, Gas & Consumable Fuels	3.6
Banks	3.3


Capital Markets	2.7	%
Health Care Providers & Services	2.6
Health Care Equipment & Supplies	2.5
Insurance	2.1
Specialty Retail	2.0
Hotels, Restaurants & Leisure	2.0
Biotechnology	1.9
Consumer Staples Distribution & Retail	1.8
Machinery	1.8

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			31

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Industry Classification (continued):


Chemicals	1.5	%
Aerospace & Defense	1.5
Electric Utilities	1.5
Life Sciences Tools & Services	1.4
Beverages	1.4
Automobiles	1.3
Entertainment	1.3
Household Products	1.2
IT Services	1.1
Ground Transportation	1.1
Specialized REITs	1.0
Industrial Conglomerates	0.9
Communications Equipment	0.8
Food Products	0.8
Unaffiliated Exchange-Traded Fund	0.8
Diversified Telecommunication Services	0.7
Affiliated Mutual Fund	0.7
Professional Services	0.7
Electrical Equipment	0.6
Electronic Equipment, Instruments & Components	0.6
Multi-Utilities	0.6
Media	0.6
Commercial Services & Supplies	0.6
Consumer Finance	0.5
Building Products	0.5
Tobacco	0.5
Textiles, Apparel & Luxury Goods	0.5
Air Freight & Logistics	0.4
Metals & Mining	0.4
Household Durables	0.4
Energy Equipment & Services	0.3


Trading Companies & Distributors	0.3	%
Retail REITs	0.3
Residential REITs	0.3
Industrial REITs	0.3
Containers & Packaging	0.2
Wireless Telecommunication Services	0.2
Health Care REITs	0.2
Passenger Airlines	0.2
Construction Materials	0.2
Personal Care Products	0.2
Real Estate Management & Development	0.1
U.S. Treasury Obligation	0.1
Distributors	0.1
Construction & Engineering	0.1
Automobile Components	0.1
Office REITs	0.1
Water Utilities	0.0	*
Gas Utilities	0.0	*
Hotel & Resort REITs	0.0	*
Independent Power & Renewable Electricity Producers	0.0	*
Leisure Products	0.0	*

	99.9
Other assets in excess of liabilities	0.1

	100.0	%

*	Less than 0.05%

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

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

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

See Notes to Financial Statements.


32

Asset Derivatives

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at

fair value

Statement of
Assets and
Liabilities Location

Fair
Value

Statement of
Assets and
Liabilities Location

Fair
Value

Equity contracts

Due from/to
broker-variation margin
futures

199,232

—

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

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2024 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	1,590,381


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	709,099

For the six months ended March 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$11,383,283

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

(1)	Notional Amount in USD.

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			33

Statement of Assets and Liabilities (unaudited)

as of March 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $171,140,350)	$	837,816,742
Affiliated investments (cost $5,941,461)		6,508,664
Cash		200,556
Receivable for investments sold		2,114,571
Dividends and interest receivable		518,455
Receivable for Fund shares sold		316,888
Due from broker—variation margin futures		425
Prepaid expenses		1,081

Total Assets		847,477,382


Liabilities

Payable for Fund shares purchased		1,555,577
Distribution fee payable		114,919
Transfer agent fee payable		79,827
Management fee payable		56,558
Accrued expenses and other liabilities		44,736
Payable for investments purchased		34,378
Affiliated transfer agent fee payable		18,966

Total Liabilities		1,904,961


Net Assets	$	845,572,421




Net assets were comprised of:
Shares of beneficial interest, at par	$	20,905
Paid-in capital in excess of par		164,739,615
Total distributable earnings (loss)		680,811,901

Net assets, March 31, 2024	$	845,572,421

See Notes to Financial Statements.


34



Class A

Net asset value and redemption price per share, ($316,263,841 ÷ 7,855,067 shares of beneficial interest issued and outstanding)	$	40.26
Maximum sales charge (3.25% of offering price)		1.35

Maximum offering price to public	$	41.61


Class C

Net asset value, offering price and redemption price per share, ($42,344,427 ÷ 1,076,839 shares of beneficial interest issued and outstanding)	$	39.32


Class I

Net asset value, offering price and redemption price per share, ($129,604,480 ÷ 3,188,020 shares of beneficial interest issued and outstanding)	$	40.65


Class Z

Net asset value, offering price and redemption price per share, ($205,786,904 ÷ 5,060,972 shares of beneficial interest issued and outstanding)	$	40.66


Class R6

Net asset value, offering price and redemption price per share, ($151,572,769 ÷ 3,724,475 shares of beneficial interest issued and outstanding)	$	40.70

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			35

Statement of Operations (unaudited)

Six Months Ended March 31, 2024


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $1,509 foreign withholding tax)	$	5,920,278
Affiliated dividend income		299,561
Interest income		28,362
Income from securities lending, net (including affiliated income of $3,528)		5,493

Total income		6,253,694


Expenses
Management fee		571,153
Distribution fee(a)		643,823
Transfer agent’s fees and expenses (including affiliated expense of $50,006)(a)		344,384
Custodian and accounting fees		37,872
Shareholders’ reports		29,483
Registration fees(a)		29,286
Professional fees		19,870
Audit fee		12,767
Trustees’ fees		9,818
Miscellaneous		18,898

Total expenses		1,717,354
Less: Fee waiver and/or expense reimbursement(a)		(266,538	)

Net expenses		1,450,816

Net investment income (loss)		4,802,878


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions (including affiliated of $2,981)		8,823,933
Futures transactions		1,590,381

		10,414,314

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $149,815)		143,979,654
Futures		709,099

		144,688,753

Net gain (loss) on investment transactions		155,103,067

Net Increase (Decrease) In Net Assets Resulting From Operations	$	159,905,945

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


	Class A			Class C			Class I			Class Z			Class R6
Distribution fee		437,758			206,065			—			—			—
Transfer agent’s fees and expenses		154,881			22,785			42,266			123,705			747
Registration fees		8,534			5,759			3,504			5,360			6,129
Fee waiver and/or expense reimbursement		(102,121	)		(14,426	)		(42,258	)		(66,649	)		(41,084	)

See Notes to Financial Statements.


36

Statements of Changes in Net Assets (unaudited)



	Six Months Ended March 31, 2024			Year Ended September 30, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	4,802,878		$	8,684,128
Net realized gain (loss) on investment transactions		10,414,314			76,915,932
Net change in unrealized appreciation (depreciation) on investments		144,688,753			42,130,446

Net increase (decrease) in net assets resulting from operations		159,905,945			127,730,506


Dividends and Distributions
Distributions from distributable earnings
Class A		(34,982,269	)		(36,264,271	)
Class C		(4,963,062	)		(6,097,928	)
Class I		(15,030,163	)		(17,888,896	)
Class Z		(23,013,759	)		(24,479,615	)
Class R6		(7,799,669	)		(8,627,624	)

		(85,788,922	)		(93,358,334	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		144,645,334			61,513,891
Net asset value of shares issued in reinvestment of dividends and distributions		85,458,336			92,986,387
Cost of shares purchased		(123,867,613	)		(158,046,654	)

Net increase (decrease) in net assets from Fund share transactions		106,236,057			(3,546,376	)

Total increase (decrease)		180,353,080			30,825,796

Net Assets:

Beginning of period		665,219,341			634,393,545

End of period	$	845,572,421		$	665,219,341

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			37

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended March 31, 2024			Year Ended September 30,
	Six Months Ended March 31, 2024			2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Period		$37.23			$35.72			$47.35			$47.07			$48.46			$57.19

Income (loss) from investment operations:

Net investment income (loss)		0.21			0.42			0.42			0.42			0.60			0.70

Net realized and unrealized gain (loss) on investment transactions		7.69			6.42			(6.76	)		11.36			6.00			(0.04	)

Total from investment operations		7.90			6.84			(6.34	)		11.78			6.60			0.66

Less Dividends and Distributions:

Dividends from net investment income		(0.45	)		(0.45	)		(0.40	)		(0.72	)		(0.59	)		(1.04	)

Distributions from net realized gains		(4.42	)		(4.88	)		(4.89	)		(10.78	)		(7.40	)		(8.35	)

Total dividends and distributions		(4.87	)		(5.33	)		(5.29	)		(11.50	)		(7.99	)		(9.39	)

Net asset value, end of period		$40.26			$37.23			$35.72			$47.35			$47.07			$48.46

Total Return^(b):		23.11	%		20.99	%		(15.91	)%		29.24	%		14.72	%		3.75	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$316,264			$272,959			$248,714			$337,161			$295,551			$287,076

Average net assets (000)		$291,839			$270,969			$313,531			$331,222			$285,833			$266,336

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		0.53	%^(d)		0.54	%		0.52	%		0.52	%		0.53	%		0.54	%

Expenses before waivers and/or expense reimbursement		0.60	%^(d)		0.61	%		0.59	%		0.59	%		0.60	%		0.61	%

Net investment income (loss)		1.12	%^(d)		1.15	%		0.97	%		0.92	%		1.35	%		1.48	%

Portfolio turnover rate^(e)		9	%		2	%		3	%		5	%		2	%		3	%

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

(b)

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

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

(d)	Annualized.

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

See Notes to Financial Statements.


38



Class C Shares
	Six Months Ended March 31, 2024			Year Ended September 30,
	Six Months Ended March 31, 2024			2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Period		$36.35			$34.95			$46.45			$46.37			$47.92			$56.50

Income (loss) from investment operations:

Net investment income (loss)		0.07			0.16			0.12			0.12			0.30			0.39

Net realized and unrealized gain (loss) on investment transactions		7.52			6.28			(6.63	)		11.17			5.92			(0.02	)

Total from investment operations		7.59			6.44			(6.51	)		11.29			6.22			0.37

Less Dividends and Distributions:

Dividends from net investment income		(0.20	)		(0.16	)		(0.10	)		(0.43	)		(0.37	)		(0.60	)

Distributions from net realized gains		(4.42	)		(4.88	)		(4.89	)		(10.78	)		(7.40	)		(8.35	)

Total dividends and distributions		(4.62	)		(5.04	)		(4.99	)		(11.21	)		(7.77	)		(8.95	)

Net asset value, end of period		$39.32			$36.35			$34.95			$46.45			$46.37			$47.92

Total Return^(b):		22.68	%		20.11	%		(16.48	)%		28.37	%		13.98	%		3.08	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$42,344			$39,868			$46,543			$66,318			$66,347			$70,382

Average net assets (000)		$41,213			$44,481			$61,900			$67,968			$67,889			$84,898

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		1.25	%^(d)		1.24	%		1.21	%		1.19	%		1.20	%		1.19	%

Expenses before waivers and/or expense reimbursement		1.32	%^(d)		1.31	%		1.28	%		1.26	%		1.27	%		1.26	%

Net investment income (loss)		0.40	%^(d)		0.46	%		0.28	%		0.26	%		0.69	%		0.84	%

Portfolio turnover rate^(e)		9	%		2	%		3	%		5	%		2	%		3	%

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

(b)

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

(d)	Annualized.

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

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			39

Financial Highlights (unaudited) (continued)



Class I Shares
	Six Months Ended March 31, 2024			Year Ended September 30,
	Six Months Ended March 31, 2024			2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Period		$37.60			$36.06			$47.75			$47.38			$48.70			$57.50

Income (loss) from investment operations:

Net investment income (loss)		0.28			0.56			0.57			0.58			0.77			0.87

Net realized and unrealized gain (loss) on investment transactions		7.77			6.46			(6.81	)		11.44			6.03			(0.06	)

Total from investment operations		8.05			7.02			(6.24	)		12.02			6.80			0.81

Less Dividends and Distributions:

Dividends from net investment income		(0.58	)		(0.60	)		(0.56	)		(0.87	)		(0.72	)		(1.26	)

Distributions from net realized gains		(4.42	)		(4.88	)		(4.89	)		(10.78	)		(7.40	)		(8.35	)

Total dividends and distributions		(5.00	)		(5.48	)		(5.45	)		(11.65	)		(8.12	)		(9.61	)

Net asset value, end of period		$40.65			$37.60			$36.06			$47.75			$47.38			$48.70

Total Return^(b):		23.33	%		21.38	%		(15.63	)%		29.69	%		15.11	%		4.12	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$129,604			$113,462			$120,778			$172,635			$142,746			$228,063

Average net assets (000)		$120,759			$122,167			$161,968			$164,271			$204,880			$239,501

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		0.19	%^(d)		0.19	%		0.19	%		0.19	%		0.19	%		0.19	%

Expenses before waivers and/or expense reimbursement		0.26	%^(d)		0.26	%		0.26	%		0.26	%		0.26	%		0.26	%

Net investment income (loss)		1.46	%^(d)		1.51	%		1.30	%		1.26	%		1.72	%		1.83	%

Portfolio turnover rate^(e)		9	%		2	%		3	%		5	%		2	%		3	%

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

(b)

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

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

(d)	Annualized.

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

See Notes to Financial Statements.


40



Class Z Shares
	Six Months Ended March 31, 2024			Year Ended September 30,
	Six Months Ended March 31, 2024			2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Period		$37.60			$36.05			$47.74			$47.37			$48.70			$57.49

Income (loss) from investment operations:

Net investment income (loss)		0.27			0.53			0.55			0.56			0.74			0.84

Net realized and unrealized gain (loss) on investment transactions		7.77			6.47			(6.82	)		11.44			6.02			(0.05	)

Total from investment operations		8.04			7.00			(6.27	)		12.00			6.76			0.79

Less Dividends and Distributions:

Dividends from net investment income		(0.56	)		(0.57	)		(0.53	)		(0.85	)		(0.69	)		(1.23	)

Distributions from net realized gains		(4.42	)		(4.88	)		(4.89	)		(10.78	)		(7.40	)		(8.35	)

Total dividends and distributions		(4.98	)		(5.45	)		(5.42	)		(11.63	)		(8.09	)		(9.58	)

Net asset value, end of period		$40.66			$37.60			$36.05			$47.74			$47.37			$48.70

Total Return^(b):		23.29	%		21.32	%		(15.68	)%		29.62	%		15.03	%		4.05	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$205,787			$177,388			$160,674			$265,893			$244,155			$289,780

Average net assets (000)		$190,315			$176,709			$238,154			$263,618			$253,908			$315,161

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		0.25	%^(d)		0.25	%		0.24	%		0.24	%		0.25	%		0.25	%

Expenses before waivers and/or expense reimbursement		0.32	%^(d)		0.32	%		0.31	%		0.31	%		0.32	%		0.32	%

Net investment income (loss)		1.39	%^(d)		1.44	%		1.24	%		1.20	%		1.64	%		1.78	%

Portfolio turnover rate^(e)		9	%		2	%		3	%		5	%		2	%		3	%

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

(b)

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

(d)	Annualized.

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

See Notes to Financial Statements.


PGIM Quant Solutions Large-Cap Index Fund			41

Financial Highlights (unaudited) (continued)



Class R6 Shares
	Six Months Ended March 31, 2024			Year Ended September 30,
	Six Months Ended March 31, 2024			2023			2022			2021			2020			2019

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Period		$37.65			$36.09			$47.78			$47.40			$48.72			$57.52

Income (loss) from investment operations:

Net investment income (loss)		0.29			0.58			0.60			0.58			0.75			0.86

Net realized and unrealized gain (loss) on investment transactions		7.78			6.48			(6.83	)		11.46			6.05			(0.05	)

Total from investment operations		8.07			7.06			(6.23	)		12.04			6.80			0.81

Less Dividends and Distributions:

Dividends from net investment income		(0.60	)		(0.62	)		(0.57	)		(0.88	)		(0.72	)		(1.26	)

Distributions from net realized gains		(4.42	)		(4.88	)		(4.89	)		(10.78	)		(7.40	)		(8.35	)

Total dividends and distributions		(5.02	)		(5.50	)		(5.46	)		(11.66	)		(8.12	)		(9.61	)

Net asset value, end of period		$40.70			$37.65			$36.09			$47.78			$47.40			$48.72

Total Return^(b):		23.37	%		21.48	%		(15.59	)%		29.72	%		15.12	%		4.12	%



Ratios/Supplemental Data:

Net assets, end of period (000)		$151,573			$61,543			$57,685			$25,961			$13,960			$10,929

Average net assets (000)		$117,411			$61,657			$38,530			$19,506			$12,526			$8,080

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		0.12	%^(d)		0.14	%		0.14	%		0.16	%		0.18	%		0.18	%

Expenses before waivers and/or expense reimbursement		0.19	%^(d)		0.21	%		0.21	%		0.23	%		0.30	%		0.39	%

Net investment income (loss)		1.49	%^(d)		1.56	%		1.39	%		1.25	%		1.69	%		1.85	%

Portfolio turnover rate^(e)		9	%		2	%		3	%		5	%		2	%		3	%

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

(b)

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

(d)	Annualized.

(e)	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.


42

Notes to Financial Statements (unaudited)

1.	Organization

Prudential Investment Portfolios 8 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Quant Solutions Large-Cap Index Fund (formerly known as PGIM Quant Solutions Stock Index Fund) (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to provide investment results that correspond to the price and yield performance of the S&P 500 Index.

2.	Accounting Policies

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

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

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign


PGIM Quant Solutions Large-Cap Index Fund			43

Notes to Financial Statements (unaudited) (continued)

securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

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

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

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

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


44

Financial Futures Contracts: A financial futures contract is an agreement to purchase (long) or sell (short) an agreed amount of securities at a set price for delivery on a future date. Upon entering into a financial futures contract, the Fund is required to pledge to the broker an amount of cash and/or other assets equal to a certain percentage of the contract amount. This amount is known as the “initial margin.” Subsequent payments, known as “variation margin,” are made or received by the Fund each day, depending on the daily fluctuations in the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

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

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

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining open loans of the securities lending transactions are considered overnight and continuous.


PGIM Quant Solutions Large-Cap Index Fund			45

Notes to Financial Statements (unaudited) (continued)

Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.


46

income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.

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


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

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

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

3. Agreements

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

The Manager has entered into a subadvisory agreement with PGIM Quantitative

Solutions LLC (“PGIM Quantitative Solutions” or the “subadviser”). The Manager pays for the services of PGIM Quantitative Solutions.

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


Contractual Management Rate		Effective Management Fee, before any waivers and/or expense reimbursements
0.15% of average daily net assets up to and including $1 billion;		0.15%
0.10% of average daily net assets over $1 billion.

The Manager has contractually agreed, through January 31, 2025 to waive a portion of its management fee so that the effective management fee for the Fund will be 0.08% of the


PGIM Quant Solutions Large-Cap Index Fund			47

Notes to Financial Statements (unaudited) (continued)

average daily net assets of the Fund. Separately, the Manager has contractually agreed, through January 31, 2025, to limit transfer agency, shareholder servicing, sub-transfer agency and blue sky fees, as applicable. This contractual expense limitation excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for the fiscal year. The expense limitations attributable to each class are as follows:


Class		Expense Limitations
A		—%
C		—
I		—
Z		—
R6		0.18

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class I, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate based on average daily net assets per class. The distribution fees are accrued daily and payable monthly.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:


Class	Gross Distribution Fee			Net Distribution Fee
A		0.30	%		0.30	%
C		1.00			1.00
I		N/A			N/A
Z		N/A			N/A


48


Class	Gross Distribution Fee			Net Distribution Fee
R6		N/A	%		N/A	%

For the reporting period ended March 31, 2024, PIMS received front-end sales charges (“FESL”) resulting from sales of certain class shares and contingent deferred sales charges (“CDSC”) imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:


Class	FESL		CDSC
A	$	30,053	$	—
C		—		1,804

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

4. Other Transactions with Affiliates

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

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

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


PGIM Quant Solutions Large-Cap Index Fund			49

Notes to Financial Statements (unaudited) (continued)

5. Portfolio Securities

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


Cost of Purchases		Proceeds from Sales
$97,322,729		$65,398,075

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


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

Long-Term Investments - Affiliated Mutual Fund:

Prudential Financial, Inc.^(g)
$ 616,785		$ 81,146		$ 51,422		$151,105			$ 706		$ 798,320		—		$ 16,965

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Government Money Market Fund (7-day effective yield 5.552%)^(1)(wb)
11,116,185		69,258,488		74,664,329		—			—		5,710,344		5,710,344		282,596

PGIM Institutional Money Market Fund (7-day effective yield 5.664%)^(1)(b)(wb)
669,861		36,790,425		37,461,271		(1,290	)		2,275		—		—		3,528	⁽²⁾
$11,786,046		$106,048,913		$112,125,600		$ (1,290	)		$2,275		$5,710,344				$286,124
$12,402,831		$106,130,059		$112,177,022		$149,815			$2,981		$6,508,664				$303,089

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

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

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

(g)	An affiliated security.

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2024 were as follows:

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

$179,347,075

$675,367,726

$(10,190,163)

$665,177,563


	50

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended September 30, 2023 are subject to such review.

7. Capital and Ownership

The Fund offers Class A, Class C, Class Z, Class I and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a CDSC of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class I, Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest, below.

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, currently divided into five classes, designated Class A, Class C, Class I, Class Z and Class R6.

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


Class	Number of Shares	Percentage of Outstanding Shares
Z	62,985	1.2%
R6	2,038,528	54.7

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


	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	—	—%
Unaffiliated	3	62.1


PGIM Quant Solutions Large-Cap Index Fund		51

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A

Six months ended March 31, 2024:

Shares sold		163,054		$	6,172,107

Shares issued in reinvestment of dividends and distributions		986,936			34,730,283

Shares purchased		(695,140	)		(26,201,587	)

Net increase (decrease) in shares outstanding before conversion		454,850			14,700,803

Shares issued upon conversion from other share class(es)		88,197			3,312,984

Shares purchased upon conversion into other share class(es)		(20,243	)		(746,890	)

Net increase (decrease) in shares outstanding		522,804		$	17,266,897

Year ended September 30, 2023:

Shares sold		235,474		$	8,717,139

Shares issued in reinvestment of dividends and distributions		1,084,728			35,969,576

Shares purchased		(1,143,383	)		(41,603,045	)

Net increase (decrease) in shares outstanding before conversion		176,819			3,083,670

Shares issued upon conversion from other share class(es)		210,419			7,643,297

Shares purchased upon conversion into other share class(es)		(17,474	)		(641,825	)

Net increase (decrease) in shares outstanding		369,764		$	10,085,142

Class C

Six months ended March 31, 2024:

Shares sold		65,399		$	2,425,676

Shares issued in reinvestment of dividends and distributions		143,885			4,956,851

Shares purchased		(133,870	)		(4,894,491	)

Net increase (decrease) in shares outstanding before conversion		75,414			2,488,036

Shares purchased upon conversion into other share class(es)		(95,221	)		(3,501,746	)

Net increase (decrease) in shares outstanding		(19,807	)	$	(1,013,710)

Year ended September 30, 2023:

Shares sold		113,770		$	4,083,394

Shares issued in reinvestment of dividends and distributions		187,190			6,094,916

Shares purchased		(316,729	)		(11,357,490	)

Net increase (decrease) in shares outstanding before conversion		(15,769	)		(1,179,180	)

Shares purchased upon conversion into other share class(es)		(219,387	)		(7,800,666	)

Net increase (decrease) in shares outstanding		(235,156	)	$	(8,979,846)


	52



Share Class	Shares			Amount

Class I

Six months ended March 31, 2024:

Shares sold		154,160		$	5,784,440

Shares issued in reinvestment of dividends and distributions		423,249			15,025,334

Shares purchased		(409,745	)		(15,305,392	)

Net increase (decrease) in shares outstanding before conversion		167,664			5,504,382

Shares issued upon conversion from other share class(es)		3,138			122,372

Net increase (decrease) in shares outstanding		170,802		$	5,626,754

Year ended September 30, 2023:

Shares sold		261,665		$	9,746,509

Shares issued in reinvestment of dividends and distributions		535,437			17,883,604

Shares purchased		(1,138,312	)		(41,323,094	)

Net increase (decrease) in shares outstanding before conversion		(341,210	)		(13,692,981	)

Shares issued upon conversion from other share class(es)		8,952			326,318

Net increase (decrease) in shares outstanding		(332,258	)	$	(13,366,663)

Class Z

Six months ended March 31, 2024:

Shares sold		364,121		$	13,881,226

Shares issued in reinvestment of dividends and distributions		646,190			22,946,199

Shares purchased		(688,465	)		(26,227,428	)

Net increase (decrease) in shares outstanding before conversion		321,846			10,599,997

Shares issued upon conversion from other share class(es)		21,927			820,620

Shares purchased upon conversion into other share class(es)		(378	)		(15,113	)

Net increase (decrease) in shares outstanding		343,395		$	11,405,504

Year ended September 30, 2023:

Shares sold		776,670		$	29,155,137

Shares issued in reinvestment of dividends and distributions		730,421			24,410,667

Shares purchased		(1,259,031	)		(46,125,865	)

Net increase (decrease) in shares outstanding before conversion		248,060			7,439,939

Shares issued upon conversion from other share class(es)		15,501			568,048

Shares purchased upon conversion into other share class(es)		(2,904	)		(99,373	)

Net increase (decrease) in shares outstanding		260,657		$	7,908,614

Class R6

Six months ended March 31, 2024:

Shares sold		3,240,579		$	116,381,885

Shares issued in reinvestment of dividends and distributions		219,523			7,799,669

Shares purchased		(1,370,626	)		(51,238,715	)

Net increase (decrease) in shares outstanding before conversion		2,089,476			72,942,839

Shares issued upon conversion from other share class(es)		203			7,773

Net increase (decrease) in shares outstanding		2,089,679		$	72,950,612


PGIM Quant Solutions Large-Cap Index Fund		53

Notes to Financial Statements (unaudited) (continued)



Share Class	Shares			Amount

Year ended September 30, 2023:

Shares sold		264,214		$	9,811,712

Shares issued in reinvestment of dividends and distributions		258,080			8,627,624

Shares purchased		(485,931	)		(17,637,160	)

Net increase (decrease) in shares outstanding before conversion		36,363			802,176

Shares issued upon conversion from other share class(es)		115			4,201

Net increase (decrease) in shares outstanding		36,478		$	806,377

8. Borrowings

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


		SCA
Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

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

The Fund utilized the SCA during the reporting period ended March 31, 2024. The average daily balance for the 4 days that the Fund had loans outstanding during the period was approximately $6,139,250, borrowed at a weighted average interest rate of 6.42%. The maximum loan outstanding amount during the period was $10,433,000. At March 31, 2024, the Fund did not have an outstanding loan amount.


	54

9. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below. For further information on the Fund’s risks, please refer to the Fund’s Prospectus and Statement of Additional Information.

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

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

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

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

Large Capitalization Company Risk: Companies with large market capitalizations go in and out of favor based on market and economic conditions. Larger companies tend to be less volatile than companies with smaller market capitalizations. In exchange for this potentially lower risk, the Fund’s value may not rise or fall as much as the value of funds that emphasize companies with smaller market capitalizations.


PGIM Quant Solutions Large-Cap Index Fund		55

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences,


	56

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

10. Recent Regulatory Developments

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


PGIM Quant Solutions Large-Cap Index Fund		57

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments, the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 5-7, 2024, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.


	58



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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	PGIM Quantitative Solutions LLC	655 Broad Street 16th Floor Newark, NJ 07102

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

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

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

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

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

Mutual Funds:


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

LOGO

PGIM QUANT SOLUTIONS LARGE-CAP INDEX FUND



SHARE CLASS	A	C	I	Z	R6

NASDAQ	PSIAX	PSICX	PDSIX	PSIFX	PQSIX

CUSIP	74441F108	74441F306	74441F405	74441F504	74441F702

MF174E2

LOGO

PGIM SECURITIZED CREDIT FUND

SEMIANNUAL REPORT

MARCH 31, 2024

LOGO

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

Table of Contents


Letter from the President			3

Your Fund’s Performance			4

Fees and Expenses			7

Holdings and Financial Statements			9

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

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

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

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

2 Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder:

We hope you find the semiannual report for the PGIM Securitized Credit Fund informative and useful. The report covers performance for the six-month period ended March 31, 2024.

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

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Securitized Credit Fund

May 15, 2024

PGIM Securitized Credit Fund 3

Your Fund’s Performance



	Total Returns as of 3/31/24 (without sales charges) *Six Months (%)**	Average Annual Total Returns as of 3/31/24 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)

Class A	5.39	7.26	2.93		3.74 (11/16/2015)

Class C	4.90	9.03	2.81		3.36 (11/16/2015)

Class Z	5.55	11.15	3.87		4.42 (11/16/2015)

Class R6	5.58	11.21	3.92		4.47 (11/16/2015)

ICE BofA US 3-Month Treasury Bill Index

	2.68	5.24	2.02		1.65

Bloomberg US Aggregate Bond Index

	5.99	1.70	0.36		1.27

*Not annualized

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

4 Visit our website at pgim.com/investments



	Class A	Class C	Class Z	Class R6

Maximum initial sales charge	3.25% of the public offering price	None	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)	1.00% on sales of $500,000 or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.25%	1.00%	None	None

Benchmark Definitions

ICE BofA US 3-Month Treasury Bill Index—The ICE BofA US 3-Month Treasury Bill Index is an unmanaged index which is comprised of a single issue purchased at the beginning of the month and held for a full month. At the end of the month that issue is sold and rolled into a newly selected issue. The issue selected at each month-end rebalancing is the outstanding Treasury Bill that matures closest to, but not beyond, three months from the rebalancing date. To qualify for selection, an issue must have settled on or before the month-end rebalancing date.

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.

Investors cannot invest directly in an index. The returns for the Indexes 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.

PGIM Securitized Credit Fund 5

Your Fund’s Performance (continued)



Credit Quality expressed as a percentage of total investments as of 3/31/24 (%)

AAA			37.1

AA			25.8

A			4.0

BBB			20.9

BB			7.1

B			0.4

Not Rated			3.5

Cash/Cash Equivalents			1.2

Total			100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. These rating agencies are independent and are widely used. The Not Rated category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change.



Distributions and Yields as of 3/31/24

	Total Distributions Paid for Six Months ($)	SEC 30-Day Subsidized *Yield (%)**	SEC 30-Day Unsubsidized Yield** (%)

Class A	0.31	5.96	5.58

Class C	0.28	5.37	3.70

Class Z	0.33	6.37	6.23

Class R6	0.33	6.35	-50.99

*SEC 30-Day Subsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s net expenses (net of any expense waivers or reimbursements). The investor experience is represented by the SEC 30-Day Subsidized Yield.

**SEC 30-Day Unsubsidized Yield (%)—A standardized yield calculation created by the Securities and Exchange Commission, it reflects the income earned during a 30-day period, after the deduction of the Fund’s gross expenses. The investor experience is represented by the SEC 30-Day Subsidized Yield.

6 Visit our website at pgim.com/investments

Fees and Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes

PGIM Securitized Credit Fund 7

Fees and Expenses (continued)

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



PGIM Securitized Credit Fund		Beginning Account Value October 1, 2023	Ending Account Value March 31, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class A	Actual	$1,000.00	$1,053.90	0.90%	$4.62

	Hypothetical	$1,000.00	$1,020.50	0.90%	$4.55

Class C	Actual	$1,000.00	$1,049.00	1.65%	$8.45

	Hypothetical	$1,000.00	$1,016.75	1.65%	$8.32

Class Z	Actual	$1,000.00	$1,055.50	0.65%	$3.34

	Hypothetical	$1,000.00	$1,021.75	0.65%	$3.29

Class R6	Actual	$1,000.00	$1,055.80	0.62%	$3.19

	Hypothetical	$1,000.00	$1,021.90	0.62%	$3.13

8 Visit our website at pgim.com/investments

Schedule of Investments (unaudited)

as of March 31, 2024



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

LONG-TERM INVESTMENTS 95.7%

ASSET-BACKED SECURITIES 55.4%

Automobiles 4.0%

Avis Budget Rental Car Funding AESOP LLC,
Series 2023-05A, Class C, 144A	6.850%	04/20/28		1,000	$	1,020,757
Series 2024-01A, Class C, 144A	6.480	06/20/30		700		708,711

Bayview Opportunity Master Fund VII LLC,
Series 2024-CAR01, Class E, 144A, 30 Day Average SOFR + 3.600% (Cap N/A, Floor 0.000%)	10.320(c)	12/26/31		1,500		1,500,000

Bayview Opportunity Master Fund VII Trust,
Series 2024-CAR1F, Class A, 144A	6.971	07/29/32		882		890,610
Series 2024-SN01, Class D, 144A	6.360	07/16/29		1,000		1,005,106

OneMain Direct Auto Receivables Trust,
Series 2021-01A, Class C, 144A	1.420	07/14/28		900		825,690
Series 2022-01A, Class D, 144A	5.900	12/16/30		1,100		1,083,964
Series 2023-01A, Class D, 144A	7.070	02/14/33		1,000		1,011,106

Santander Bank Auto Credit-Linked Notes,
Series 2022-A, Class C, 144A	7.375	05/15/32		214		214,576
Series 2022-C, Class E, 144A	11.366	12/15/32		133		136,216
Series 2023-A, Class E, 144A	10.068	06/15/33		182		184,960
Series 2023-B, Class G, 144A	17.128	12/15/33		900		908,153

Santander Bank, NA,
Series 2021-01A, Class D, 144A	5.004	12/15/31		600		591,913

Santander Consumer Auto Receivables Trust,
Series 2021-AA, Class E, 144A	3.280	03/15/27		750		713,348


						10,795,110

Collateralized Loan Obligations 48.3%

Allegro CLO Ltd. (Cayman Islands),
Series 2019-01A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)	6.729(c)	07/20/32		500		500,000

Anchorage Capital CLO Ltd. (Cayman Islands),
Series 2016-09A, Class BR2, 144A, 3 Month SOFR + 2.012% (Cap N/A, Floor 1.750%)	7.326(c)	07/15/32		2,000		1,995,887
Series 2021-17A, Class A1, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)	6.746(c)	07/15/34		500		499,989
Series 2021-19A, Class B1, 144A, 3 Month SOFR + 2.112% (Cap N/A, Floor 1.850%)	7.426(c)	10/15/34		1,075		1,072,139

Anchorage Capital Europe CLO DAC (Ireland),
Series 06A, Class B1R, 144A, 3 Month EURIBOR + 2.750% (Cap N/A, Floor 2.750%)	6.619(c)	01/22/38	EUR	1,000		1,091,867

See Notes to Financial Statements.

PGIM Securitized Credit Fund 9

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Ares European CLO DAC (Ireland),

Series 10A, Class AR, 144A, 3 Month EURIBOR + 0.780% (Cap N/A, Floor 0.780%)

4.722%(c)

10/15/31

EUR

2,708

2,912,306

Atlas Static Senior Loan Fund Ltd. (Cayman Islands),

Series 2022-01A, Class BR, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)

7.964(c)

07/15/30

500

500,406

Avoca Capital CLO Ltd. (Ireland),

Series 10A, Class B1RR, 144A, 3 Month EURIBOR + 1.350% (Cap N/A, Floor 1.350%)

5.292(c)

04/15/35

EUR

750

791,172

Bain Capital Credit CLO Ltd. (Cayman Islands),

Series 2019-02A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.678(c)

10/17/32

750

751,542

Bain Capital Euro CLO DAC (Ireland),

Series 2018-02A, Class AR, 144A, 3 Month EURIBOR + 0.740% (Cap N/A, Floor 0.740%)

4.710(c)

01/20/32

EUR

1,159

1,240,245

Balboa Bay Loan Funding Ltd. (Cayman Islands),

Series 2020-01A, Class AR, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.120%)

6.699(c)

01/20/32

499

499,102

Barings Euro CLO DAC (Ireland),

Series 2015-01A, Class B1RR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%)

5.748(c)

07/25/35

EUR

2,000

2,128,874

Series 2021-01A, Class A, 144A, 3 Month EURIBOR + 0.800% (Cap N/A, Floor 0.800%)

4.745(c)

04/24/34

EUR

2,200

2,342,327

Series 2021-02A, Class D, 144A, 3 Month EURIBOR + 3.450% (Cap N/A, Floor 3.450%)

7.392(c)

10/15/34

EUR

1,500

1,519,160

Barrow Hanley CLO Ltd. (Cayman Islands),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.318(c)

04/20/35

825

827,973

Series 2023-02A, Class B, 144A, 3 Month SOFR + 3.000% (Cap N/A, Floor 3.000%)

8.339(c)

10/20/35

1,150

1,154,669

Battalion CLO Ltd. (Cayman Islands),

Series 2015-08A, Class A1R2, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.630(c)

07/18/30

381

381,285

Series 2015-09A, Class AR, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.676(c)

07/15/31

2,434

2,436,172

Series 2016-10A, Class A1R2, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.750(c)

01/25/35

500

500,196

Series 2018-12A, Class B2R, 144A, 3 Month SOFR + 2.342% (Cap N/A, Floor 2.080%)

7.661(c)

05/17/31

500

501,291

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Benefit Street Partners CLO Ltd. (Cayman Islands),

Series 2018-16A, Class A1R, 144A, 3 Month SOFR + 1.292% (Cap N/A, Floor 1.030%)

6.608%(c)

01/17/32

750

751,347

BlueMountain CLO Ltd. (Cayman Islands),

Series 2021-32A, Class A, 144A, 3 Month SOFR + 1.432% (Cap N/A, Floor 1.170%)

6.746(c)

10/15/34

4,000

3,986,800

BlueMountain Fuji Eur CLO DAC (Ireland),

Series 05A, Class B, 144A, 3 Month EURIBOR + 1.550% (Cap N/A, Floor 1.550%)

5.492(c)

01/15/33

EUR

1,500

1,592,622

Carlyle Euro CLO DAC (Ireland),

Series 2017-01A, Class A2AR, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%)

5.642(c)

07/15/34

EUR

5,125

5,419,963

Series 2021-02A, Class A2A, 144A, 3 Month EURIBOR + 1.750% (Cap N/A, Floor 1.750%)

5.692(c)

10/15/35

EUR

500

531,479

Carlyle Global Market Strategies CLO Ltd. (Cayman Islands),

Series 2015-05A, Class A1RR, 144A, 3 Month SOFR + 1.342% (Cap N/A, Floor 1.080%)

6.659(c)

01/20/32

1,246

1,245,413

Carlyle Global Market Strategies Euro CLO Ltd. (Ireland),

Series 2014-02A, Class AR1, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)

4.651(c)

11/15/31

EUR

1,098

1,172,988

CarVal CLO Ltd. (United Kingdom),

Series 2023-01A, Class A1, 144A, 3 Month SOFR + 2.200% (Cap N/A, Floor 2.200%)

7.518(c)

01/20/35

1,000

1,003,663

Carysfort Park CLO DAC (Ireland),

Series 2021-01A, Class A2, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)

5.175(c)

07/28/34

EUR

2,000

2,095,050

CBAM Ltd. (Cayman Islands),

Series 2018-07A, Class A, 144A, 3 Month SOFR + 1.362% (Cap N/A, Floor 1.100%)

6.679(c)

07/20/31

376

375,826

CIFC European Funding CLO DAC (Ireland),

Series 03A, Class A, 144A, 3 Month EURIBOR + 1.050% (Cap N/A, Floor 1.050%)

4.992(c)

01/15/34

EUR

1,500

1,607,231

CQS US CLO Ltd. (United Kingdom),

Series 2023-03A, Class B, 144A, 3 Month SOFR + 2.650% (Cap N/A, Floor 2.650%)

7.969(c)

01/25/37

2,400

2,409,147

Series 2023-03A, Class D, 144A, 3 Month SOFR + 4.200% (Cap N/A, Floor 4.200%)

9.519(c)

01/25/37

1,000

1,001,041

Crosthwaite Park CLO DAC (Ireland),

Series 01A, Class A2AR, 144A, 3 Month EURIBOR + 1.600% (Cap N/A, Floor 1.600%)

5.540(c)

03/15/34

EUR

1,500

1,580,364

See Notes to Financial Statements.

PGIM Securitized Credit Fund 11

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

CVC Cordatus Loan Fund DAC (Ireland),

Series 03A, Class B1RR, 144A, 3 Month EURIBOR + 1.300% (Cap N/A, Floor 1.300%)

5.201%(c)

08/15/32

EUR

2,500

2,660,978

Series 07A, Class ARR, 144A, 3 Month EURIBOR + 0.630% (Cap N/A, Floor 0.630%)

4.570(c)

09/15/31

EUR

2,168

2,318,339

Series 14A, Class A1R, 144A, 3 Month EURIBOR + 0.850% (Cap N/A, Floor 0.850%)

4.793(c)

05/22/32

EUR

3,999

4,282,705

Eaton Vance CLO Ltd. (Cayman Islands),

Series 2013-01A, Class A13R, 144A, 3 Month SOFR + 1.512% (Cap N/A, Floor 1.250%)

6.826(c)

01/15/34

800

800,904

Elevation CLO Ltd. (Cayman Islands),

Series 2014-02A, Class A1R, 144A, 3 Month SOFR + 1.492% (Cap N/A, Floor 0.000%)

6.808(c)

10/15/29

87,345

Ellington CLO Ltd. (Cayman Islands),

Series 2017-02A, Class A, 144A, 3 Month SOFR + 1.962% (Cap N/A, Floor 1.700%)

7.269(c)

02/15/29

12,106

Elmwood CLO Ltd. (Cayman Islands),

Series 2020-02A, Class AR, 144A, 3 Month SOFR + 1.412% (Cap N/A, Floor 1.150%)

6.729(c)

10/20/34

2,500

2,501,724

Series 2021-03A, Class A, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 1.040%)

6.619(c)

10/20/34

500

500,400

Gallatin CLO Ltd. (Bermuda),

Series 2023-01A, Class B, 144A, 3 Month SOFR + 3.050% (Cap N/A, Floor 3.050%)

8.364(c)

10/14/35

1,000

1,007,599

Greywolf CLO Ltd. (Cayman Islands),

Series 2020-03RA, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.290%)

6.868(c)

04/15/33

750

752,499

Hayfin Emerald CLO DAC (Ireland),

Series 02A, Class B1R, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%)

5.633(c)

05/27/34

EUR

750

797,719

HPS Loan Management Ltd. (Cayman Islands),

Series 2016-10A, Class A1RR, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.719(c)

04/20/34

1,750

1,750,989

ICG Euro CLO DAC (Ireland),

Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%)

5.742(c)

10/15/34

EUR

1,500

1,594,226

ICG US CLO Ltd. (Cayman Islands),

Series 2015-02RA, Class A2, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 0.000%)

7.376(c)

01/16/33

2,000

1,994,245

Invesco Euro CLO (Ireland),

Series 06A, Class B1, 144A, 3 Month EURIBOR + 1.650% (Cap N/A, Floor 1.650%)

5.592(c)

07/15/34

EUR

3,250

3,448,696

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Invesco Euro CLO DAC (Ireland),

Series 04A, Class B1, 144A, 3 Month EURIBOR + 1.700% (Cap N/A, Floor 1.700%)

5.642%(c)

04/15/33

EUR

2,000

2,119,469

Jubilee CLO DAC (Ireland),

Series 2016-17A, Class B1RR, 144A, 3 Month EURIBOR + 1.280% (Cap N/A, Floor 1.280%)

5.222(c)

04/15/31

EUR

500

528,473

KKR CLO Ltd. (Cayman Islands),

Series 18, Class AR, 144A, 3 Month SOFR + 1.202% (Cap N/A, Floor 0.940%)

6.500(c)

07/18/30

363

363,413

LCM Ltd. (Cayman Islands),

Series 33A, Class B, 144A, 3 Month SOFR + 1.912% (Cap N/A, Floor 1.650%)

7.229(c)

07/20/34

350

347,629

Madison Park Euro Funding XIII DAC (Ireland),

Series 13A, Class AR, 144A, 3 Month EURIBOR + 0.750% (Cap N/A, Floor 0.750%)

4.692(c)

01/15/32

EUR

4,447

4,749,236

Madison Park Funding Ltd. (Cayman Islands),

Series 2019-33A, Class AR, 144A, 3 Month SOFR + 1.290% (Cap N/A, Floor 1.290%)

6.604(c)

10/15/32

1,500

1,500,450

Series 2021-38A, Class A, 144A, 3 Month SOFR + 1.382% (Cap N/A, Floor 1.382%)

6.698(c)

07/17/34

750

750,450

Marble Point CLO Ltd. (Cayman Islands),

Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.502% (Cap N/A, Floor 1.240%)

6.818(c)

10/17/34

500

499,251

MidOcean Credit CLO (Cayman Islands),

Series 2014-03A, Class BR, 144A, 3 Month SOFR + 2.062% (Cap N/A, Floor 1.800%)

7.379(c)

04/21/31

250

249,647

Series 2017-07A, Class A1R, 144A, 3 Month SOFR + 1.302% (Cap N/A, Floor 0.000%)

6.616(c)

07/15/29

225

225,447

Series 2019-10A, Class BR, 144A, 3 Month SOFR + 2.162% (Cap N/A, Floor 1.900%)

7.477(c)

10/23/34

2,480

2,471,854

Mountain View CLO Ltd. (Cayman Islands),

Series 2015-09A, Class A2R, 144A, 3 Month SOFR + 2.042% (Cap N/A, Floor 0.000%)

7.356(c)

07/15/31

750

751,062

Northwoods Capital Ltd. (Cayman Islands),

Series 2020-22A, Class BRR, 144A, 3 Month SOFR + 2.450% (Cap N/A, Floor 2.450%)

7.783(c)

03/16/37

2,000

2,001,644

Series 2020-22A, Class DRR, 144A, 3 Month SOFR + 4.950% (Cap N/A, Floor 4.950%)

10.283(c)

03/16/37

1,500

1,501,092

Oaktree CLO Ltd. (Cayman Islands),

Series 2019-01A, Class A1R, 144A, 3 Month SOFR + 1.372% (Cap N/A, Floor 1.110%)

6.689(c)

04/22/30

250

250,297

See Notes to Financial Statements.

PGIM Securitized Credit Fund 13

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Oaktree CLO Ltd. (Cayman Islands), (cont’d.)

Series 2021-01A, Class A1, 144A, 3 Month SOFR + 1.422% (Cap N/A, Floor 1.160%)

6.736%(c)

07/15/34

1,100

1,099,452

Ocean Trails CLO Ltd. (United Kingdom),

Series 2024-15A, Class B, 144A, 3 Month SOFR + 2.500% (Cap N/A, Floor 2.500%)

7.822(c)

01/15/37

3,000

3,001,577

OFSI BSL Ltd. (Cayman Islands),

Series 2023-12A, Class A1, 144A, 3 Month SOFR + 2.400% (Cap N/A, Floor 2.400%)

7.718(c)

01/20/35

1,000

1,000,660

Series 2023-12A, Class B, 144A, 3 Month SOFR + 3.150% (Cap N/A, Floor 3.150%)

8.468(c)

01/20/35

1,000

1,000,089

Palmer Square European CLO DAC (Ireland),

Series 2023-02A, Class B2, 144A

6.700

10/15/36

EUR

1,250

1,341,112

Palmer Square Loan Funding Ltd. (Cayman Islands),

Series 2022-03A, Class A1AR, 144A, 3 Month SOFR + 1.100% (Cap N/A, Floor 1.100%)

6.421(c)

04/15/31

2,000

2,000,460

Park Avenue Institutional Advisers CLO Ltd. (Cayman Islands),

Series 2018-01A, Class A1AR, 144A, 3 Month SOFR + 1.262% (Cap N/A, Floor 1.000%)

6.579(c)

10/20/31

746

746,341

Penta CLO DAC (Ireland),

Series 2017-03A, Class BR, 144A, 3 Month EURIBOR + 1.800% (Cap N/A, Floor 1.800%)

5.728(c)

04/17/35

EUR

1,000

1,064,751

Rockford Tower CLO Ltd. (Cayman Islands),

Series 2020-01A, Class A1R, 144A, 3 Month SOFR + 1.520% (Cap N/A, Floor 1.520%)

6.839(c)

01/20/36

1,500

1,515,948

Series 2021-03A, Class A1, 144A, 3 Month SOFR + 1.442% (Cap N/A, Floor 1.180%)

6.759(c)

10/20/34

1,000

1,000,166

Rockford Tower Europe CLO DAC (Ireland),

Series 2018-01A, Class DR, 144A, 3 Month EURIBOR + 4.300% (Cap N/A, Floor 4.300%)

8.150(c)

04/24/37

EUR

1,250

1,348,563

Series 2019-01A, Class B2, 144A

2.200

01/20/33

EUR

900

877,971

Series 2021-01A, Class B1, 144A, 3 Month EURIBOR + 1.250% (Cap N/A, Floor 1.250%)

5.220(c)

04/20/34

EUR

2,000

2,101,025

Signal Peak CLO Ltd.,

Series 2018-05A, Class A1R, 144A, 3 Month SOFR + 1.550% (Cap N/A, Floor 1.550%)

6.876(c)

04/25/37

3,600

3,606,413

Sixth Street CLO Ltd. (Cayman Islands),

Series 2020-16A, Class A1R, 144A, 3 Month SOFR + 1.790% (Cap N/A, Floor 1.790%)

7.123(c)

01/20/37

1,000

1,008,289

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Collateralized Loan Obligations (cont’d.)

Sound Point CLO Ltd. (Cayman Islands),

Series 2013-01A, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.332%)

6.656%(c)

01/26/31

580

580,634

Series 2014-03RA, Class A1R, 144A, 3 Month SOFR + 1.332% (Cap N/A, Floor 1.070%)

6.647(c)

10/23/31

2,200

2,201,526

St. Pauls CLO (Netherlands),

Series 11A, Class C2R, 144A

2.500

01/17/32

EUR

750

722,726

TCW CLO Ltd. (Cayman Islands),

Series 2019-02A, Class BR, 144A, 3 Month SOFR + 1.850% (Cap N/A, Floor 1.850%)

7.168(c)

10/20/32

1,000

997,519

TICP CLO Ltd. (Cayman Islands),

Series 2017-07A, Class ASR2, 144A, 3 Month SOFR + 1.300% (Cap N/A, Floor 1.300%)

6.363(c)

04/15/33

2,000

2,000,000

Series 2017-09A, Class A, 144A, 3 Month SOFR + 1.402% (Cap N/A, Floor 1.140%)

6.719(c)

01/20/31

607

607,631

Trimaran Cavu Ltd.,

Series 2019-01A, Class B, 144A, 3 Month SOFR + 2.462% (Cap N/A, Floor 2.200%)

7.779(c)

07/20/32

500

500,158

Trinitas CLO Ltd. (Cayman Islands),

Series 2022-20A, Class B, 144A, 3 Month SOFR + 2.460% (Cap N/A, Floor 2.460%)

7.778(c)

07/20/35

1,000

999,911

Trinitas CLO Ltd. (Bermuda),

Series 2024-24A, Class B, 144A, 3 Month SOFR + 2.300% (Cap N/A, Floor 2.300%)

7.578(c)

04/25/37

2,500

2,512,468

Venture CLO Ltd. (Cayman Islands),

Series 2014-19A, Class ARR, 144A, 3 Month SOFR + 1.522% (Cap N/A, Floor 1.260%)

6.836(c)

01/15/32

1,750

1,752,485

Wind River CLO Ltd. (Cayman Islands),

Series 2016-01KRA, Class A2R2, 144A, 3 Month SOFR + 1.762% (Cap N/A, Floor 1.500%)

7.076(c)

10/15/34

500

498,693

Z Capital Credit Partners BSL CLO Ltd. (Cayman Islands),

Series 2024-01A, Class C, 144A, 3 Month SOFR + 3.650% (Cap N/A, Floor 3.650%)

8.981(c)

04/16/36

2,000

2,005,994

129,331,986

Consumer Loans 1.4%

OneMain Financial Issuance Trust,

Series 2022-02A, Class D, 144A

6.550

10/14/34

1,180

1,155,198

Series 2023-02A, Class D, 144A

7.520

09/15/36

2,500

2,563,015

3,718,213

See Notes to Financial Statements.

PGIM Securitized Credit Fund 15

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

ASSET-BACKED SECURITIES (Continued)

Credit Cards 0.2%

Master Credit Card Trust II (Canada),

Series 2022-01A, Class C, 144A

2.270%

07/21/26

500

483,723

Equipment 0.2%

Auxilior Term Funding LLC,

Series 2023-01A, Class D, 144A

7.270

12/16/30

500

503,476

Home Equity Loans 0.3%

JPMorgan Mortgage Trust,

Series 2023-HE03, Class M1, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

7.420(c)

05/25/54

705

710,279

Other 0.8%

Goodleap Sustainable Home Solutions Trust,

Series 2023-03C, Class A, 144A

6.500

07/20/55

474

489,254

Series 2023-04C, Class A, 144A

6.480

03/20/57

976

1,000,539

Loandepot GMSR Master Trust,

Series 2018-GT01, Class A, 144A, 1 Month SOFR + 3.664% (Cap N/A, Floor 2.800%)

8.991(c)

10/16/25

150

146,156

Sierra Timeshare Receivables Funding LLC,

Series 2023-02A, Class D, 144A

9.720

04/20/40

346

353,341

TH MSR Issuer Trust,

Series 2019-FT01, Class A, 144A, 1 Month SOFR + 2.914% (Cap N/A, Floor 2.800%)

8.244(c)

06/25/24

200

198,621

2,187,911

Residential Mortgage-Backed Securities 0.1%

TFS (Spain),

Series 2018-03^

0.000(s)

04/16/40

EUR

—

(r)

Series 2018-03, Class A1, 1 Month EURIBOR + 3.250%^

7.112(c)

03/15/26

EUR

211

193,166

193,167

Student Loan 0.1%

Laurel Road Prime Student Loan Trust,

Series 2019-A, Class R, 144A

0.000

10/25/48

1,062

230,504

TOTAL ASSET-BACKED SECURITIES
(cost $147,112,524)

148,154,369

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES 23.8%

20 Times Square Trust,

Series 2018-20TS, Class F, 144A (original cost $483,088; purchased 08/26/20 - 04/07/22)(f)

3.100%(cc)

05/15/35

520

390,469

Series 2018-20TS, Class G, 144A (original cost $184,522; purchased 06/28/19 - 08/26/20)(f)

3.100(cc)

05/15/35

200

146,181

Series 2018-20TS, Class H, 144A (original cost $94,181; purchased 06/28/19)(f)

3.100(cc)

05/15/35

100

71,090

BANK,

Series 2021-BN38, Class A1

1.274

12/15/64

591

557,268

BANK5,

Series 2023-05YR2, Class XA, IO

0.536(cc)

07/15/56

49,931

1,010,524

Series 2023-05YR3, Class XD, IO, 144A

3.315(cc)

09/15/56

9,000

1,106,459

Series 2023-05YR4, Class XD, IO, 144A

3.534(cc)

12/15/56

4,500

590,844

Barclays Commercial Mortgage Securities Trust,

Series 2016-ETC, Class B, 144A

3.189

08/14/36

100

89,109

Series 2016-ETC, Class C, 144A

3.391

08/14/36

100

86,372

Series 2016-ETC, Class E, 144A

3.609(cc)

08/14/36

250

200,074

Series 2018-CHRS, Class B, 144A

4.267(cc)

08/05/38

1,000

856,817

Series 2018-CHRS, Class C, 144A

4.267(cc)

08/05/38

1,000

818,986

Series 2018-CHRS, Class D, 144A

4.267(cc)

08/05/38

990

769,575

Series 2024-5C25, Class XD, IO, 144A

3.377(cc)

03/15/57

14,404

1,961,400

Series 2024-C24, Class XB, IO

1.331(cc)

02/15/57

5,200

519,272

Benchmark Mortgage Trust,

Series 2024-V06, Class XD, IO

3.502(cc)

12/15/28

8,634

1,165,677

BMO Mortgage Trust,

Series 2023-5C2, Class XD, IO, 144A

2.244(cc)

11/15/56

9,500

818,672

Series 2024-5C3, Class XD, IO, 144A

2.859(cc)

02/15/57

12,604

1,475,240

BPR Trust,

Series 2021-TY, Class B, 144A, 1 Month SOFR + 1.264% (Cap N/A, Floor 1.150%)

6.590(c)

09/15/38

355

350,608

Series 2021-TY, Class C, 144A, 1 Month SOFR + 1.814% (Cap N/A, Floor 1.700%)

7.140(c)

09/15/38

49,386

Series 2021-TY, Class D, 144A, 1 Month SOFR + 2.464% (Cap N/A, Floor 2.350%)

7.790(c)

09/15/38

761

750,061

Series 2023-BRK02, Class C, 144A

8.335(cc)

11/05/28

2,000

2,058,609

BX Commercial Mortgage Trust,

Series 2019-XL, Class J, 144A, 1 Month SOFR + 2.764% (Cap N/A, Floor 2.650%)

8.090(c)

10/15/36

422

415,542

Series 2022-AHP, Class E, 144A, 1 Month SOFR + 3.040% (Cap N/A, Floor 3.040%)

8.365(c)

01/17/39

1,010

978,815

BX Trust,

Series 2024-PAT, Class A, 144A, 1 Month SOFR + 2.090% (Cap N/A, Floor 2.090%)

7.340(c)

03/15/26

1,800

1,798,874

See Notes to Financial Statements.

PGIM Securitized Credit Fund 17

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

CFCRE Commercial Mortgage Trust,
Series 2016-C07, Class A3	3.839%	12/10/54		1,000	$	951,918

Citigroup Commercial Mortgage Trust,
Series 2017-C4, Class A4	3.471	10/12/50		400		376,836

Commercial Mortgage Trust,
Series 2014-CR16, Class A4	4.051	04/10/47		411		410,547
Series 2015-DC01, Class A5	3.350	02/10/48		3,200		3,133,803
Series 2016-COR01, Class A3	2.826	10/10/49		1,900		1,792,429

Credit Suisse Mortgage Capital Certificates,
Series 2019-ICE04, Class E, 144A, 1 Month SOFR + 2.197% (Cap N/A, Floor 2.150%)	7.523(c)	05/15/36		1,646		1,644,640

Credit Suisse Mortgage Trust,
Series 2014-USA, Class A1, 144A	3.304	09/15/37		2,679		2,348,728

CSAIL Commercial Mortgage Trust,
Series 2015-C03, Class A4	3.718	08/15/48		3,730		3,621,340
Series 2015-C04, Class XB, IO	0.250(cc)	11/15/48		25,076		75,519

DBGS Mortgage Trust,
Series 2018-BIOD, Class F, 144A, 1 Month SOFR + 2.296% (Cap N/A, Floor 2.000%)	7.621(c)	05/15/35		1,500		1,467,451

DBWF Mortgage Trust,
Series 2016-85T, Class E, 144A	3.808(cc)	12/10/36		500		343,475

Deco DAC (United Kingdom),
Series 2019-RAM, Class A, SONIA + 2.007% (Cap N/A, Floor 2.007%)	7.229(c)	08/07/30	GBP	138		172,326
Series 2019-RAM, Class B, SONIA + 3.607% (Cap N/A, Floor 3.607%)	8.829(c)	08/07/30	GBP	64		77,560

Eleven Madison Mortgage Trust,
Series 2015-11MD, Class C, 144A	3.555(cc)	09/10/35		350		292,175

FHLMC Multifamily Structured Pass-Through Certificates,
Series K052, Class X1, IO	0.625(cc)	11/25/25		2,099		17,140
Series K058, Class X1, IO	0.907(cc)	08/25/26		3,441		60,285

FREMF Mortgage Trust,
Series 2019-K735, Class X2A, IO, 144A	0.100	05/25/26		91,674		139,638

GS Mortgage Securities Corp. Trust,
Series 2021-IP, Class E, 144A, 1 Month SOFR +
3.664% (Cap N/A, Floor 3.550%)	8.990(c)	10/15/36		1,950		1,917,891
Series 2021-IP, Class F, 144A, 1 Month SOFR +
4.664% (Cap N/A, Floor 4.550%)	9.990(c)	10/15/36		140		136,747

JPMBB Commercial Mortgage Securities Trust,
Series 2014-C21, Class A5	3.775	08/15/47		539		535,494
Series 2014-C22, Class A4	3.801	09/15/47		2,000		1,979,096
Series 2014-C23, Class A5	3.934	09/15/47		1,560		1,544,689
Series 2014-C26, Class A4	3.494	01/15/48		4,350		4,270,115

See Notes to Financial Statements.

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

JPMBB Commercial Mortgage Securities Trust, (cont’d.)

Series 2015-C33, Class XB, IO

0.362%(cc)

12/15/48

1,620

8,551

JPMorgan Chase Commercial Mortgage Securities Trust,

Series 2018-AON, Class E, 144A

4.613(cc)

07/05/31

600

240,100

Last Mile Logistics Pan Euro Finance DAC (Ireland),

Series 01A, Class D, 144A, 3 Month EURIBOR + 1.900% (Cap N/A, Floor 1.900%)

5.815(c)

08/17/33

EUR

101,389

MHC Commercial Mortgage Trust,

Series 2021-MHC, Class F, 144A, 1 Month SOFR + 2.715% (Cap N/A, Floor 2.601%)

8.040(c)

04/15/38

252

249,147

Morgan Stanley Bank of America Merrill Lynch Trust,

Series 2015-C21, Class A4

3.338

03/15/48

1,000

972,994

Series 2015-C21, Class XB, IO, 144A

0.266(cc)

03/15/48

10,000

25,199

Morgan Stanley Capital I Trust,

Series 2019-MEAD, Class D, 144A

3.177(cc)

11/10/36

1,550

1,370,609

Series 2019-MEAD, Class E, 144A

3.177(cc)

11/10/36

525

450,777

ONE Mortgage Trust,

Series 2021-PARK, Class A, 144A, 1 Month SOFR + 0.814% (Cap N/A, Floor 0.700%)

6.139(c)

03/15/36

5,000

4,875,294

Series 2021-PARK, Class B, 144A, 1 Month SOFR + 1.064% (Cap N/A, Floor 0.950%)

6.389(c)

03/15/36

500

477,552

Series 2021-PARK, Class C, 144A, 1 Month SOFR + 1.214% (Cap N/A, Floor 1.100%)

6.539(c)

03/15/36

1,000

941,250

Series 2021-PARK, Class D, 144A, 1 Month SOFR + 1.614% (Cap N/A, Floor 1.500%)

6.939(c)

03/15/36

850

794,876

Series 2021-PARK, Class E, 144A, 1 Month SOFR + 1.864% (Cap N/A, Floor 1.750%)

7.189(c)

03/15/36

400

369,491

One New York Plaza Trust,

Series 2020-01NYP, Class AJ, 144A, 1 Month SOFR + 1.364% (Cap N/A, Floor 1.250%)

6.690(c)

01/15/36

600

573,070

Salus European Loan Conduit DAC (United Kingdom),

Series 33A, Class A, 144A, SONIA + 1.619% (Cap 6.850%, Floor 1.500%)

6.850(c)

01/23/29

GBP

2,000

2,455,043

SREIT Trust,

Series 2021-MFP, Class F, 144A, 1 Month SOFR + 2.739% (Cap N/A, Floor 2.625%)

8.065(c)

11/15/38

249

247,101

Taurus DAC (United Kingdom),

Series 2021-UK1A, Class D, 144A, SONIA + 2.600% (Cap N/A, Floor 2.600%)

7.821(c)

05/17/31

GBP

248

304,893

Series 2021-UK4A, Class D, 144A, SONIA + 2.100% (Cap N/A, Floor 2.100%)

7.321(c)

08/17/31

GBP

160

200,063

See Notes to Financial Statements.

PGIM Securitized Credit Fund 19

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Description

Interest
Rate

Maturity
Date

Principal
Amount
(000)#

Value

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)

Wells Fargo Commercial Mortgage Trust,

Series 2015-P02, Class XB, IO

0.408%(cc)

12/15/48

6,400

45,195

Series 2021-FCMT, Class C, 144A, 1 Month SOFR + 2.514% (Cap N/A, Floor 2.400%)

7.840(c)

05/15/31

1,100

1,057,525

Series 2021-FCMT, Class D, 144A, 1 Month SOFR + 3.614% (Cap N/A, Floor 3.500%)

8.940(c)

05/15/31

690

647,911

Series 2021-FCMT, Class E, 144A, 1 Month SOFR + 4.614% (Cap N/A, Floor 4.500%)

9.940(c)

05/15/31

1,000

904,831

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $63,992,613)

63,658,627

CORPORATE BONDS 3.7%

Banks 3.7%

Bank of America Corp.,

Jr. Sub. Notes, Series MM

4.300(ff)

01/28/25(oo)

3,150

3,071,605

Citigroup, Inc.,

Jr. Sub. Notes, Series V

4.700(ff)

01/30/25(oo)

3,255

3,184,454

JPMorgan Chase & Co.,

Jr. Sub. Notes, Series HH

4.600(ff)

02/01/25(oo)

1,650

1,626,164

Jr. Sub. Notes, Series II

4.000(ff)

04/01/25(oo)

1,500

1,459,177

Texas Capital Bank NA,

Sr. Unsec’d. Notes, 144A, 1 Month LIBOR + 4.500%

9.942(c)

09/30/24

436

434,408

9,775,808

Media 0.0%

Diamond Sports Group LLC/Diamond Sports Finance Co.,

Gtd. Notes, 144A (original cost $72,188; purchased 01/23/20)(f)

6.625

08/15/27(d)

2,135

Sec’d. Notes, 144A (original cost $17,188; purchased 01/31/24)(f)

5.375

08/15/26(d)

250

7,064

9,199

Pipelines 0.0%

Energy Transfer LP,

Jr. Sub. Notes, Series G

7.125(ff)

05/15/30(oo)

140

137,167

TOTAL CORPORATE BONDS

(cost $9,919,442)

9,922,174

See Notes to Financial Statements.

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

FLOATING RATE AND OTHER LOANS 0.4%

Auto Parts & Equipment 0.2%

Tenneco, Inc.,

Term B Loan, 3 Month SOFR + 5.100%

10.411%(c)

11/17/28

425

398,703

Commercial Services 0.1%

Fly Funding II Sarl (Luxembourg),

Term B Loan, 3 Month LIBOR + 1.750%

7.330(c)

08/11/25

318

310,691

Electric 0.0%

Heritage Power LLC,

Initial Term Loan, 3 Month SOFR + 4.850%

10.814(c)

07/20/28

12,730

Entertainment 0.1%

Allen Media LLC,

Term B Loan, 3 Month SOFR + 5.650%

10.959(c)

02/10/27

293

254,552

Media 0.0%

Diamond Sports Group LLC,

Dip Term Loan

10.000

12/02/24

74,474

First Lien Term Loan, 1 Month SOFR + 10.100%

15.426(c)

05/25/26

21,074

Second Lien Term Loan

10.000

08/24/26

459

12,175

107,723

TOTAL FLOATING RATE AND OTHER LOANS
(cost $1,285,203)

1,084,399

RESIDENTIAL MORTGAGE-BACKED SECURITIES 12.4%

Bayview Financing Trust,

Series 2023-01F, Class A, 144A, 30 Day Average SOFR + 4.000% (Cap N/A, Floor 4.000%)^

9.322(c)

07/01/26

481

481,464

Bellemeade Re Ltd.,

Series 2022-01, Class M1C, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

9.020(c)

01/26/32

510

518,886

Connecticut Avenue Securities Trust,

Series 2018-R07, Class 1B1, 144A, 30 Day Average SOFR + 4.464% (Cap N/A, Floor 0.000%)

9.785(c)

04/25/31

1,600

1,719,990

Series 2021-R01, Class 1B1, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)

8.420(c)

10/25/41

650

668,666

See Notes to Financial Statements.

PGIM Securitized Credit Fund 21

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

Connecticut Avenue Securities Trust, (cont’d.)

Series 2021-R03, Class 1M2, 144A, 30 Day Average SOFR + 1.650% (Cap N/A, Floor 1.650%)

6.970%(c)

12/25/41

800

803,446

Series 2022-R01, Class 1M2, 144A, 30 Day Average SOFR + 1.900% (Cap N/A, Floor 0.000%)

7.220(c)

12/25/41

100

100,691

Series 2022-R03, Class 1B1, 144A, 30 Day Average SOFR + 6.250% (Cap N/A, Floor 0.000%)

11.570(c)

03/25/42

3,000

3,348,411

Series 2022-R04, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 0.000%)

8.420(c)

03/25/42

380

394,930

Series 2022-R07, Class 1B1, 144A, 30 Day Average SOFR + 6.800% (Cap N/A, Floor 0.000%)

12.121(c)

06/25/42

800

905,250

Series 2022-R08, Class 1B1, 144A, 30 Day Average SOFR + 5.600% (Cap N/A, Floor 5.600%)

10.920(c)

07/25/42

2,725

3,000,991

Series 2023-R01, Class 1M2, 144A, 30 Day Average SOFR + 3.750% (Cap N/A, Floor 0.000%)

9.071(c)

12/25/42

120

128,243

Series 2023-R05, Class 1M2, 144A, 30 Day Average SOFR + 3.100% (Cap N/A, Floor 3.100%)

8.421(c)

06/25/43

600

630,065

Series 2023-R06, Class 1M2, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 0.000%)

8.020(c)

07/25/43

500

517,427

Eagle Re Ltd.,

Series 2021-01, Class M1C, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)

8.020(c)

10/25/33

124

124,102

Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.000% (Cap N/A, Floor 2.000%)

7.320(c)

09/26/33

400

401,569

FHLMC Structured Agency Credit Risk REMIC Trust,

Series 2020-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.414% (Cap N/A, Floor 0.000%)

7.735(c)

01/25/50

900

930,206

Series 2020-DNA02, Class B1, 144A, 30 Day Average SOFR + 2.614% (Cap N/A, Floor 0.000%)

7.935(c)

02/25/50

1,000

1,043,419

Series 2020-DNA06, Class B1, 144A, 30 Day Average SOFR + 3.000% (Cap N/A, Floor 0.000%)

8.320(c)

12/25/50

750

788,674

See Notes to Financial Statements.

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)

FHLMC Structured Agency Credit Risk REMIC Trust, (cont’d.)

Series 2021-DNA01, Class B1, 144A, 30 Day Average SOFR + 2.650% (Cap N/A, Floor 0.000%)

7.970%(c)

01/25/51

870

921,089

Series 2021-DNA02, Class B1, 144A, 30 Day Average SOFR + 3.400% (Cap N/A, Floor 0.000%)

8.720(c)

08/25/33

1,250

1,359,946

Series 2021-DNA03, Class B1, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)

8.820(c)

10/25/33

100

109,982

Series 2021-DNA03, Class M2, 144A, 30 Day Average SOFR + 2.100% (Cap N/A, Floor 0.000%)

7.420(c)

10/25/33

700

712,231

Series 2021-DNA05, Class B1, 144A, 30 Day Average SOFR + 3.050% (Cap N/A, Floor 0.000%)

8.370(c)

01/25/34

490

518,170

Series 2021-DNA06, Class M2, 144A, 30 Day Average SOFR + 1.500% (Cap N/A, Floor 0.000%)

6.820(c)

10/25/41

220

220,316

Series 2022-DNA01, Class M1B, 144A, 30 Day Average SOFR + 1.850% (Cap N/A, Floor 0.000%)

7.170(c)

01/25/42

620

623,199

Series 2022-DNA02, Class M1B, 144A, 30 Day Average SOFR + 2.400% (Cap N/A, Floor 0.000%)

7.720(c)

02/25/42

2,300

2,341,593

Series 2022-DNA03, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 0.000%)

8.220(c)

04/25/42

1,830

1,891,864

Legacy Mortgage Asset Trust,

Series 2019-PR01, Class A1, 144A

7.858(cc)

09/25/59

509

508,227

Series 2021-SL02, Class A, 144A

1.875

10/25/68

489

473,326

Oaktown Re VII Ltd.,

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 2.900% (Cap N/A, Floor 2.900%)

8.220(c)

04/25/34

800

813,622

PMT Credit Risk Transfer Trust,

Series 2019-02R, Class A, 144A, 1 Month SOFR + 3.864% (Cap N/A, Floor 2.750%)

9.197(c)

05/30/25

1,307

1,308,070

Series 2024-01R, Class A, 144A, 30 Day Average SOFR + 3.500% (Cap N/A, Floor 0.000%)^

8.820(c)

05/25/33

4,000

4,003,600

Radnor Re Ltd.,

Series 2021-02, Class M1B, 144A, 30 Day Average SOFR + 3.700% (Cap N/A, Floor 3.700%)

9.020(c)

11/25/31

300

307,176

See Notes to Financial Statements.

PGIM Securitized Credit Fund 23

Schedule of Investments (unaudited) (continued)

as of March 31, 2024



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

RESIDENTIAL MORTGAGE-BACKED SECURITIES (Continued)
Radnor Re Ltd., (cont’d.)
Series 2023-01, Class M1A, 144A, 30 Day Average SOFR + 2.700% (Cap N/A, Floor 2.700%)		8.020%(c)		07/25/33		450	$	456,223


TOTAL RESIDENTIAL MORTGAGE-BACKED SECURITIES (cost $31,989,347)								33,075,064


					Shares
COMMON STOCKS 0.0%

Oil, Gas & Consumable Fuels
Heritage Power LLC*^						1,852		31,484
Heritage Power LLC*^						81		1,377
Heritage Power LLC*^						2,132		1,066


TOTAL COMMON STOCKS (cost $20,254)								33,927


TOTAL LONG-TERM INVESTMENTS (cost $254,319,383)								255,928,560


SHORT-TERM INVESTMENT 2.3%

AFFILIATED MUTUAL FUND
PGIM Core Government Money Market Fund (7-day effective yield 5.552%)
(cost $6,233,341)(wb)						6,233,341		6,233,341


TOTAL INVESTMENTS, BEFORE OPTION WRITTEN 98.0% (cost $260,552,724)								262,161,901


*OPTION WRITTEN~ 0.0%** (premiums received $0)								—


TOTAL INVESTMENTS, NET OF OPTION WRITTEN 98.0% (cost $260,552,724)								262,161,901
Other assets in excess of liabilities(z) 2.0%								5,301,760


NET ASSETS 100.0%							$	267,463,661

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

EUR—Euro

GBP—British Pound

See Notes to Financial Statements.

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.

A—Annual payment frequency for swaps

BOA—Bank of America, N.A.

CLO—Collateralized Loan Obligation

DAC—Designated Activity Company

EURIBOR—Euro Interbank Offered Rate

FHLMC—Federal Home Loan Mortgage Corporation

FREMF—Freddie Mac Mortgage Trust

GSI—Goldman Sachs International

HSBC—HSBC Bank PLC

IO—Interest Only (Principal amount represents notional)

JPM—JPMorgan Chase Bank N.A.

JPS—J.P. Morgan Securities LLC

LIBOR—London Interbank Offered Rate

LP—Limited Partnership

M—Monthly payment frequency for swaps

MSI—Morgan Stanley & Co International PLC

OTC—Over-the-counter

REMIC—Real Estate Mortgage Investment Conduit

SCB—Standard Chartered Bank

SOFR—Secured Overnight Financing Rate

SONIA—Sterling Overnight Index Average

SSB—State Street Bank & Trust Company

T—Swap payment upon termination

*	Non-income producing security.

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

~	See tables subsequent to the Schedule of Investments for options detail. Options with maturity dates greater than one year from date of acquisition would be considered long-term investments.

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $4,712,426 and 1.8% of net assets.

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at March 31, 2024.

(cc)

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

(d)	Represents issuer in default on interest payments and/or principal repayment. Non-income producing security. Such securities may be post-maturity.

(f)

Indicates a restricted security that is acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer and is considered restricted as to disposition under federal securities law; the aggregate original cost of such securities is $851,167. The aggregate value of $616,939 is 0.2% of net assets.

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

(oo)	Perpetual security. Maturity date represents next call date.

(r)	Principal or notional amount is less than $500 par.

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

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

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

See Notes to Financial Statements.

PGIM Securitized Credit Fund 25

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

Option Written:

OTC Swaptions

Description

Call/
Put

Counterparty

Expiration
Date

Strike

Receive

Pay

Notional
Amount
(000)#

Value

GS_21-PJA^

Put

GSI

06/17/24

0.25

0.25%(M)

GS_21-PJA(M)

630

$—

(premiums received $0)

Futures contracts outstanding at March 31, 2024:


Number of Contracts	Type	Expiration Date	Current Notional Amount	Value / Unrealized Appreciation (Depreciation)

Short Positions:
107	2 Year U.S. Treasury Notes	Jun. 2024	$21,879,828			$ 22,895
10	5 Year Euro-Bobl	Jun. 2024	1,275,740			(8,154	)
137	5 Year U.S. Treasury Notes	Jun. 2024	14,661,141			(31,169	)
8	10 Year Euro-Bund	Jun. 2024	1,151,176			(12,004	)
12	10 Year U.S. Treasury Notes	Jun. 2024	1,329,563			(7,453	)
2	20 Year U.S. Treasury Bonds	Jun. 2024	240,875			(4,719	)
3	Euro Schatz Index	Jun. 2024	342,103			(229	)

					$	(40,833	)

Forward foreign currency exchange contracts outstanding at March 31, 2024:


Purchase Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 04/02/24		MSI		GBP	2,485		$ 3,132,261		$ 3,136,944		$4,683		$	—
Euro,
Expiring 04/02/24		JPM		EUR	50,373		54,577,962		54,355,168		—			(222,794	)

							$57,710,223		$57,492,112		4,683			(222,794	)


Sale Contracts	Counterparty		Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts:
British Pound,
Expiring 04/02/24		HSBC		GBP	2,485		$ 3,151,853		$3,136,944		$14,909		$	—
Expiring 05/02/24		MSI		GBP	2,485		3,132,769		3,137,445		—			(4,676	)
Euro,
Expiring 04/02/24		BOA		EUR	435		470,900		469,001		1,899			—
Expiring 04/02/24		HSBC		EUR	1,297		1,409,343		1,399,113		10,230			—

See Notes to Financial Statements.

Forward foreign currency exchange contracts outstanding at March 31, 2024 (continued):



Sale Contracts	Counterparty	Notional Amount (000)			Value at Settlement Date		Current Value		Unrealized Appreciation		Unrealized Depreciation

OTC Forward Foreign Currency Exchange Contracts (cont’d.):
Euro (cont’d.),
Expiring 04/02/24	JPM		EUR	42,742		$46,446,561		$46,121,378		$325,183		$	—
Expiring 04/02/24	SSB		EUR	4,450		4,809,219		4,801,880		7,339			—
Expiring 04/02/24	SSB		EUR	1,449		1,575,082		1,563,796		11,286			—
Expiring 05/02/24	HSBC		EUR	310		335,540		335,255		285			—
Expiring 05/02/24	JPM		EUR	50,373		54,644,308		54,418,747		225,561			—
Expiring 05/02/24	SCB		EUR	992		1,076,402		1,071,986		4,416			—

						$117,051,977		$116,455,545		601,108			(4,676	)


										$605,791		$	(227,470	)

Credit default swap agreement outstanding at March 31, 2024:

Reference

Entity/

Obligation

Termination
Date

Fixed
Rate

Notional
Amount
(000)#(3)

Implied
Credit
Spread at
March 31,
2024(4)

Fair
Value

Upfront
Premiums
Paid
(Received)

Unrealized
Appreciation
(Depreciation)

Counterparty

OTC Credit Default Swap Agreement on asset-backed and/or mortgage-backed securities - Sell Protection(2)^:

GS_21-PJA

04/14/24

0.500%(M)

404

$268

$(3)

$271

GSI

The Fund entered into credit default swaps (“CDS”) to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be short the credit as the value of the contract rises the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases.

(1)

If the Fund is a buyer of protection, it pays the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) receive from the seller of protection an amount equal to the notional amount of the swap and make delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) receive a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(2)

If the Fund is a seller of protection, it receives the fixed rate. When a credit event occurs, as defined under the terms of that particular swap agreement, the Fund will either (i) pay to the buyer of protection an amount equal to the notional amount of the swap and take delivery of the referenced obligation or underlying securities comprising the referenced index or (ii) pay a net settlement amount in the form of cash or securities equal to the notional amount of the swap less the recovery value of the referenced obligation or underlying securities comprising the referenced index.

(3)	Notional amount represents the maximum potential amount the Fund could be required to pay as a seller of credit protection or receive as a buyer of credit protection if a credit event occurs as defined under the terms of that particular swap agreement.

See Notes to Financial Statements.

PGIM Securitized Credit Fund 27

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

(4)

Implied credit spreads, represented in absolute terms, utilized in determining the fair value of credit default swap agreements where the Fund is the seller of protection as of the reporting date serve as an indicator of the current status of the payment/ performance risk and represent the likelihood of risk of default for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include up-front payments required to be made to enter into the agreement. Wider credit spreads represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

When an implied credit spread is not available, reference the fair value of credit default swap agreements on credit indices and asset-backed securities. Where the Fund is the seller of protection, it serves as an indicator of the current status of the payment/performance risk and represents the likelihood of an expected liability (or profit) for the credit derivative should the notional amount of the swap agreement be closed/sold as of the reporting date. Increasing fair value in absolute terms, when compared to the notional amount of the swap, represents a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Interest rate swap agreements outstanding at March 31, 2024:


Notional Amount (000)#	Termination Date		Fixed Rate			Floating Rate	Value at Trade Date		Value at March 31, 2024			Unrealized Appreciation (Depreciation)

Centrally Cleared Interest Rate Swap Agreements:
4,135		08/31/24		5.384	%(T)	1 Day SOFR(2)(T)/ 5.340%	$	—	$	(1,263	)	$	(1,263	)
2,135		08/31/25		4.805	%(A)	1 Day SOFR(1)(A)/ 5.340%		—		8,596			8,596

							$	—	$	7,333		$	7,333

(1)	The Fund pays the fixed rate and receives the floating rate.

(2)	The Fund pays the floating rate and receives the fixed rate.

Balances Reported in the Statement of Assets and Liabilities for OTC Swap Agreements:


	Premiums Paid	Premiums Received	Unrealized Appreciation	Unrealized Depreciation
OTC Swap Agreements	$—	$(3)	$271	$—

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

Broker

Cash and/or Foreign Currency

Securities Market Value

JPS

$636,000

$—

See Notes to Financial Statements.

Fair Value Measurements:

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

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

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

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

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


	Level 1			Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Securities
Automobiles	$	—		$	10,795,110	$	—
Collateralized Loan Obligations		—			129,331,986		—
Consumer Loans		—			3,718,213		—
Credit Cards		—			483,723		—
Equipment		—			503,476		—
Home Equity Loans		—			710,279		—
Other		—			2,187,911		—
Residential Mortgage-Backed Securities		—			—		193,167
Student Loan		—			230,504		—
Commercial Mortgage-Backed Securities		—			63,658,627		—
Corporate Bonds		—			9,922,174		—
Floating Rate and Other Loans		—			1,084,399		—
Residential Mortgage-Backed Securities		—			28,590,000		4,485,064
Common Stocks		—			—		33,927
Short-Term Investment
Affiliated Mutual Fund		6,233,341			—		—

Total	$	6,233,341		$	251,216,402	$	4,712,158


Liabilities
Option Written	$	—		$	—	$	—	**


Other Financial Instruments*
Assets
Futures Contracts	$	22,895		$	—	$	—
OTC Forward Foreign Currency Exchange Contracts		—			605,791		—
OTC Credit Default Swap Agreement		—			—		268
Centrally Cleared Interest Rate Swap Agreement		—			8,596		—

Total	$	22,895		$	614,387	$	268


Liabilities
Futures Contracts	$	(63,728	)	$	—	$	—

See Notes to Financial Statements.

PGIM Securitized Credit Fund 29

Schedule of Investments (unaudited) (continued)

as of March 31, 2024


	Level 1			Level 2			Level 3
*Other Financial Instruments (continued)**
Liabilities (continued)
OTC Forward Foreign Currency Exchange Contracts	$	—		$	(227,470	)	$	—
Centrally Cleared Interest Rate Swap Agreement		—			(1,263	)		—

Total	$	(63,728	)	$	(228,733	)	$	—

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

**	Includes Level 3 investments with an aggregate value of $0.

The following is a reconciliation of assets in which unobservable inputs (Level 3) were used in determining fair value:


	Asset-Backed Securities- Residential Mortgage-Backed Securities				Residential Mortgage-Backed Securities				Common Stocks		Option Written				OTC Credit Default Swap Agreement
Balance as of 09/30/23		$	208,769			$	—			$ —		$	(3	)		$	230
Realized gain (loss)			(1,239	)			—			—			—				12
Change in unrealized appreciation (depreciation)			9,069				3,889			13,673			13				176
Purchases/Exchanges/Issuances			—				4,500,000			20,254			—				—
Sales/Paydowns			(23,432	)			(18,825	)		—			(10	)			(153	)
Accrued discount/premium			—				—			—			—				3
Transfers into Level 3*			—				—			—			—				—
Transfers out of Level 3*			—				—			—			—				—

Balance as of 03/31/24		$	193,167			$	4,485,064			$33,927		$	—			$	268


Change in unrealized appreciation (depreciation) relating to securities still held at reporting period end		$	9,069			$	3,889			$13,673		$	13			$	176

It is the Fund’s policy to recognize transfers in and transfers out at the securities’ fair values as of the beginning of period. Securities transferred between Level 2 and Level 3 are due to changes in the method utilized in valuing the investments. Transfers from Level 2 to Level 3 are typically a result of a change from the use of methods used by independent pricing services (Level 2) to the use of a single broker quote or valuation technique which utilizes significant unobservable inputs due to an absence of current or reliable market quotations (Level 3). Transfers from Level 3 to Level 2 are a result of the availability of current and reliable market data provided by independent pricing services or other valuation techniques which utilize observable inputs. In accordance with the requirements of ASC 820, the amounts of transfers into and out of Level 3, if material, are disclosed in the Notes to the Schedule of Investments of the Fund.

See Notes to Financial Statements.

Level 3 securities as presented in the table above are being fair valued using pricing methodologies approved by the Board, which contain unobservable inputs as follows:

Level 3 Securities**

Fair Value as of
March 31, 2024

Valuation
Approach

Valuation

Methodology

Unobservable

Inputs

Asset-Backed Securities - Residential Mortgage-Backed Securities

Market

Contingent Value

Property Price Appreciation Forecast

Asset-Backed Securities - Residential Mortgage-Backed Securities

193,166

Market

Transaction Based

Unadjusted Trade Price

Common Stocks

33,927

Market

Enterprise Value

Implied/Recovery Value

227,094

** The table does not include Level 3 securities and/or derivatives that are valued by independent pricing vendors or brokers.

As of March 31, 2024, the aggregate value of these securities was $4,485,332. The unobservable inputs for these investments were not developed by the Fund and are not readily available (e.g. single broker quotes).

Industry Classification:

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


Collateralized Loan Obligations	48.3	%
Commercial Mortgage-Backed Securities	23.8
Residential Mortgage-Backed Securities	12.5
Automobiles	4.0
Banks	3.7
Affiliated Mutual Fund	2.3
Consumer Loans	1.4
Other	0.8
Home Equity Loans	0.3
Equipment	0.2
Credit Cards	0.2
Auto Parts & Equipment	0.2
Commercial Services	0.1
Entertainment	0.1
Student Loan	0.1


Pipelines	0.0	*%
Media	0.0	*
Oil, Gas & Consumable Fuels	0.0	*
Electric	0.0	*

	98.0
Option Written	(0.0	)*
Other assets in excess of liabilities	2.0

	100.0	%

*	Less than 0.05%

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

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

See Notes to Financial Statements.

PGIM Securitized Credit Fund 31

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

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


	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Credit contracts	—	$	—		Premiums received for OTC swap agreements	$	3
Credit contracts	Unrealized appreciation on OTC swap agreements		271		—		—
Foreign exchange contracts	Unrealized appreciation on OTC forward foreign currency exchange contracts		605,791		Unrealized depreciation on OTC forward foreign currency exchange contracts		227,470
Interest rate contracts	Due from/to broker-variation margin futures		22,895	*	Due from/to broker-variation margin futures		63,728	*
Interest rate contracts	Due from/to broker-variation margin swaps		8,596	*	Due from/to broker-variation margin swaps		1,263	*

		$	637,553			$	292,464

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

The effects of derivative instruments on the Statement of Operations for the six months ended March 31, 2024 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income



Derivatives not accounted for as hedging instruments, carried at fair value	Futures		Forward Currency Exchange Contracts			Swaps

Credit contracts	$	—	$	—		$	1,265
Foreign exchange contracts		—		(17,519	)		—
Interest rate contracts		109,499		—			(67	)

Total	$	109,499	$	(17,519	)	$	1,198

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income



Derivatives not accounted for as hedging instruments, carried at fair value	Options Written		Futures		Forward Currency Exchange Contracts		Swaps

Credit contracts	$	3	$	—	$	—		$36

See Notes to Financial Statements.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income



Derivatives not accounted for as hedging instruments, carried at fair value	Options Written		Futures			Forward Currency Exchange Contracts		Swaps
Foreign exchange contracts	$	—	$	—		$	70,597	$	—
Interest rate contracts		—		(182,755	)		—		1,360

Total	$	3	$	(182,755	)	$	70,597	$	1,396

For the six months ended March 31, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type	Average Volume of Derivative Activities*
Options Written (1)		$ 630,000
Futures Contracts - Long Positions (1)		3,154,333
Futures Contracts - Short Positions (1)		29,436,370
Forward Foreign Currency Exchange Contracts - Purchased (2)		23,342,392
Forward Foreign Currency Exchange Contracts - Sold (2)		55,437,658
Interest Rate Swap Agreements (1)		6,270,000
Credit Default Swap Agreements - Sell Protection (1)		346,572

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

(1)	Notional Amount in USD.

(2)	Value at Settlement Date.

Financial Instruments/Transactions—Summary of Offsetting and Netting Arrangements:

The Fund invested in OTC derivatives during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for OTC derivatives where the legal right to set-off exists is presented in the summary below.

Offsetting of OTC derivative assets and liabilities:


Counterparty	Gross Amounts of Recognized Assets(1)		Gross Amounts of Recognized Liabilities(1)			Net Amounts of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(2)		Net Amount
BOA	$	1,899	$	—		$	1,899	$	—	$	1,899
GSI		271		(3	)		268		—		268
HSBC		25,424		—			25,424		—		25,424
JPM		550,744		(222,794	)		327,950		—		327,950
MSI		4,683		(4,676	)		7		—		7
SCB		4,416		—			4,416		—		4,416
SSB		18,625		—			18,625		—		18,625

	$	606,062	$	(227,473	)	$	378,589	$	—	$	378,589

See Notes to Financial Statements.

PGIM Securitized Credit Fund 33

Schedule of Investments (unaudited) (continued)

as of March 31, 2024

(1)	Includes unrealized appreciation/(depreciation) on swaps and forwards, premiums paid/(received) on swap agreements and market value of purchased and written options, as represented on the Statement of Assets and Liabilities.

(2)	Collateral amount disclosed by the Fund is limited to the market value of financial instruments/transactions and the Fund’s OTC derivative exposure by counterparty.

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

as of March 31, 2024


Assets

Investments at value:
Unaffiliated investments (cost $254,319,383)	$	255,928,560
Affiliated investments (cost $6,233,341)		6,233,341
Cash		176
Foreign currency, at value (cost $5,897,483)		5,872,516
Receivable for Fund shares sold		6,840,359
Dividends and interest receivable		2,132,257
Deposit with broker for centrally cleared/exchange-traded derivatives		636,000
Unrealized appreciation on OTC forward foreign currency exchange contracts		605,791
Receivable for investments sold		41,917
Due from broker—variation margin futures		38,078
Due from broker—variation margin swaps		1,313
Unrealized appreciation on OTC swap agreements		271
Prepaid expenses		382

Total Assets		278,330,961


Liabilities

Payable for investments purchased		8,720,586
Payable for Fund shares purchased		1,730,238
Unrealized depreciation on OTC forward foreign currency exchange contracts		227,470
Accrued expenses and other liabilities		94,451
Management fee payable		92,905
Distribution fee payable		1,312
Affiliated transfer agent fee payable		335
Premiums received for OTC swap agreements		3

Total Liabilities		10,867,300


Net Assets	$	267,463,661



Net assets were comprised of:
Shares of beneficial interest, at par	$	27,685
Paid-in capital in excess of par		266,653,713
Total distributable earnings (loss)		782,263

Net assets, March 31, 2024	$	267,463,661

See Notes to Financial Statements.

PGIM Securitized Credit Fund 35

Statement of Assets and Liabilities (unaudited)

as of March 31, 2024


Class A

Net asset value and redemption price per share, ($3,550,371 ÷ 367,649 shares of beneficial interest issued and outstanding)	$	9.66
Maximum sales charge (3.25% of offering price)		0.32

Maximum offering price to public	$	9.98


Class C

Net asset value, offering price and redemption price per share, ($902,033 ÷ 93,436 shares of beneficial interest issued and outstanding)	$	9.65


Class Z

Net asset value, offering price and redemption price per share, ($262,999,261 ÷ 27,223,129 shares of beneficial interest issued and outstanding)	$	9.66


Class R6

Net asset value, offering price and redemption price per share, ($11,996 ÷ 1,242 shares of beneficial interest issued and outstanding)	$	9.66

See Notes to Financial Statements.

Statement of Operations (unaudited)

Six Months Ended March 31, 2024


Net Investment Income (Loss)

Income
Interest income	$	5,979,747
Affiliated dividend income		391,046

Total income		6,370,793


Expenses
Management fee		523,082
Distribution fee(a)		3,863
Transfer agent’s fees and expenses (including affiliated expense of $959)(a)		71,153
Audit fee		30,965
Custodian and accounting fees		28,013
Registration fees(a)		24,216
Professional fees		19,786
Shareholders’ reports		12,112
Trustees’ fees		5,611
Miscellaneous		15,276

Total expenses		734,077
Less: Fee waiver and/or expense reimbursement(a)		(161,762	)

Net expenses		572,315

Net investment income (loss)		5,798,478


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions		(285,051	)
Futures transactions		109,499
Forward currency contract transactions		(17,519	)
Swap agreement transactions		1,198
Foreign currency transactions		(102,690	)

		(294,563	)


Net change in unrealized appreciation (depreciation) on:
Investments		3,822,589
Futures		(182,755	)
Forward currency contracts		70,597
Options written		3
Swap agreements		1,396
Foreign currencies		10,400

		3,722,230

Net gain (loss) on investment and foreign currency transactions		3,427,667

Net Increase (Decrease) In Net Assets Resulting From Operations	$	9,226,145

See Notes to Financial Statements.

PGIM Securitized Credit Fund 37

Statement of Operations (unaudited)

Six Months Ended March 31, 2024

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


	Class A			Class C			Class Z			Class R6
Distribution fee		1,881			1,982			—			—
Transfer agent’s fees and expenses		459			159			70,486			49
Registration fees		4,112			4,207			12,397			3,500
Fee waiver and/or expense reimbursement		(4,956	)		(4,489	)		(148,741	)		(3,576	)

See Notes to Financial Statements.

Statements of Changes in Net Assets (unaudited)



	Six Months Ended March 31, 2024				Year Ended September 30, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	5,798,478			$	5,737,107
Net realized gain (loss) on investment and foreign currency transactions			(294,563	)			(258,877	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			3,722,230				2,458,148

Net increase (decrease) in net assets resulting from operations			9,226,145				7,936,378


Dividends and Distributions
Distributions from distributable earnings
Class A			(46,851	)			(78,505	)
Class C			(11,134	)			(5,132	)
Class Z			(5,808,579	)			(6,252,923	)
Class R6			(739	)			(5,462	)

			(5,867,303	)			(6,342,022	)

Fund share transactions (Net of share conversions)
Net proceeds from shares sold			196,055,559				90,146,233
Net asset value of shares issued in reinvestment of dividends and distributions			5,771,296				6,341,773
Cost of shares purchased			(74,428,454	)			(31,802,994	)

Net increase (decrease) in net assets from Fund share transactions			127,398,401				64,685,012


Total increase (decrease)			130,757,243				66,279,368

Net Assets:

Beginning of period			136,706,418				70,427,050

End of period		$	267,463,661			$	136,706,418

See Notes to Financial Statements.

PGIM Securitized Credit Fund 39

Financial Highlights (unaudited)



Class A Shares
	Six Months Ended March 31,			Year Ended September 30,												July 01, 2019^(a)through September 30,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.47			$9.34			$9.88			$9.45			$9.97			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.30			0.56			0.30			0.26			0.30			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.20			0.22			(0.54	)		0.40			(0.46	)		(0.03	)
Total from investment operations		0.50			0.78			(0.24	)		0.66			(0.16	)		0.05
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.65	)		(0.30	)		(0.23	)		(0.36	)		(0.08	)
Tax return of capital distributions		-			-			-			-			(-	)^(c)		-
Total dividends and distributions		(0.31	)		(0.65	)		(0.30	)		(0.23	)		(0.36	)		(0.08	)
Net asset value, end of period		$9.66			$9.47			$9.34			$9.88			$9.45			$9.97
Total Return^(d):		5.39	%		8.61	%		(2.46	)%		7.10	%		(1.57	)%		0.51	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$3,550			$661			$135			$39			$21			$10
Average net assets (000)		$1,505			$1,122			$96			$26			$16			$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.90	%^(f)		0.90	%		0.90	%		0.90	%		0.90	%		0.90	%^(g)
Expenses before waivers and/or expense reimbursement		1.56	%^(f)		1.89	%		10.95	%		26.65	%		94.01	%		813.14	%^(g)
Net investment income (loss)		6.15	%^(f)		6.03	%		3.09	%		2.70	%		3.15	%		3.07	%^(g)
Portfolio turnover rate^(h)		20	%		47	%		37	%		58	%		60	%		14	%

(a)	Commencement of operations.

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

(c)	Amount rounds to zero.

(d)

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

(f)	Annualized.

(g)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.



Class C Shares
	Six Months Ended March 31,			Year Ended September 30,												July 01, 2019^(a)through September 30,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.47			$9.34			$9.88			$9.44			$9.97			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.27			0.49			0.23			0.19			0.24			0.06
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.19			0.21			(0.54	)		0.41			(0.48	)		(0.03	)
Total from investment operations		0.46			0.70			(0.31	)		0.60			(0.24	)		0.03
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		(0.57	)		(0.23	)		(0.16	)		(0.29	)		(0.06	)
Tax return of capital distributions		-			-			-			-			(-	)^(c)		-
Total dividends and distributions		(0.28	)		(0.57	)		(0.23	)		(0.16	)		(0.29	)		(0.06	)
Net asset value, end of period		$9.65			$9.47			$9.34			$9.88			$9.44			$9.97
Total Return^(d):		4.90	%		7.79	%		(3.21	)%		6.41	%		(2.40	)%		0.33	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$902			$113			$92			$10			$10			$10
Average net assets (000)		$396			$83			$60			$10			$10			$10
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		1.65	%^(f)		1.65	%		1.65	%		1.65	%		1.65	%		1.65	%^(g)
Expenses before waivers and/or expense reimbursement		3.92	%^(f)		10.01	%		11.95	%		64.82	%		148.80	%		814.62	%^(g)
Net investment income (loss)		5.54	%^(f)		5.25	%		2.38	%		1.97	%		2.51	%		2.32	%^(g)
Portfolio turnover rate^(h)		20	%		47	%		37	%		58	%		60	%		14	%

(a)	Commencement of operations.

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

(c)	Amount rounds to zero.

(d)

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

(f)	Annualized.

(g)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Securitized Credit Fund 41

Financial Highlights (unaudited) (continued)



Class Z Shares
	Six Months Ended March 31,			Year Ended September 30,												July 01, 2019^(a)through September 30,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.47			$9.34			$9.88			$9.45			$9.97			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.32			0.60			0.31			0.29			0.33			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.20			0.20			(0.52	)		0.40			(0.47	)		(0.02	)
Total from investment operations		0.52			0.80			(0.21	)		0.69			(0.14	)		0.06
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.67	)		(0.33	)		(0.26	)		(0.37	)		(0.09	)
Tax return of capital distributions		-			-			-			-			(0.01	)		-
Total dividends and distributions		(0.33	)		(0.67	)		(0.33	)		(0.26	)		(0.38	)		(0.09	)
Net asset value, end of period		$9.66			$9.47			$9.34			$9.88			$9.45			$9.97
Total Return^(c):		5.55	%		8.87	%		(2.21	)%		7.37	%		(1.32	)%		0.57	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$262,999			$135,574			$70,190			$32,193			$28,137			$26,961
Average net assets (000)		$172,442			$88,825			$61,949			$29,735			$27,164			$20,410
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.65	%^(e)		0.65	%		0.65	%		0.65	%		0.65	%		0.65	%^(f)
Expenses before waivers and/or expense reimbursement		0.82	%^(e)		0.99	%		1.07	%		1.40	%		1.68	%		2.72	%^(f)
Net investment income (loss)		6.66	%^(e)		6.37	%		3.20	%		2.97	%		3.50	%		3.32	%^(f)
Portfolio turnover rate^(g)		20	%		47	%		37	%		58	%		60	%		14	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

(f)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.



Class R6 Shares
	Six Months Ended March 31,			Year Ended September 30,												July 01, 2019^(a)through September 30,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$9.47			$9.34			$9.88			$9.45			$9.97			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.36			0.64			0.32			0.29			0.34			0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		0.16			0.16			(0.53	)		0.40			(0.47	)		(0.02	)
Total from investment operations		0.52			0.80			(0.21	)		0.69			(0.13	)		0.06
Less Dividends and Distributions:
Dividends from net investment income		(0.33	)		(0.67	)		(0.33	)		(0.26	)		(0.38	)		(0.09	)
Tax return of capital distributions		-			-			-			-			(0.01	)		-
Total dividends and distributions		(0.33	)		(0.67	)		(0.33	)		(0.26	)		(0.39	)		(0.09	)
Net asset value, end of period		$9.66			$9.47			$9.34			$9.88			$9.45			$9.97
Total Return^(c):		5.58	%		8.91	%		(2.16	)%		7.42	%		(1.28	)%		0.58	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$358			$10			$11			$10			$10
Average net assets (000)		$17			$80			$17			$10			$10			$6,365
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.62	%^(e)(f)		0.61	%(f)		0.60	%		0.60	%		0.60	%		0.60	%^(g)
Expenses before waivers and/or expense reimbursement		41.96	%^(e)		9.41	%		35.37	%		62.68	%		146.78	%		3.44	%^(g)
Net investment income (loss)		8.49	%^(e)		6.68	%		3.31	%		3.02	%		3.56	%		3.33	%^(g)
Portfolio turnover rate^(h)		20	%		47	%		37	%		58	%		60	%		14	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

(f)	Includes certain non-recurring expenses of 0.02% and 0.01%, respectively, which are being excluded from the Fund’s contractual waiver for the six months ended March 31, 2024 and for the year ended September 30, 2023, respectively.

(g)	Annualized, with the exception of certain non-recurring expenses.

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

See Notes to Financial Statements.

PGIM Securitized Credit Fund 43

Notes to Financial Statements (unaudited)

1.	Organization

Prudential Investment Portfolios 8 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Securitized Credit Fund (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek to maximize total return, through a combination of current income and capital appreciation.

2.	Accounting Policies

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

Floating rate and other loans are generally valued at prices provided by approved independent pricing vendors. The pricing vendors utilize broker/dealer quotations and provide prices based on the average of such quotations. Floating rate and other loans valued using such vendor prices are generally classified as Level 2 in the fair value hierarchy. Floating rate and other loans valued based on a single broker quote or at the original transaction price in excess of five business days are classified as Level 3 in the fair value hierarchy.

PGIM Securitized Credit Fund 45

Notes to Financial Statements (unaudited) (continued)

OTC and centrally cleared derivative instruments are generally classified as Level 2 in the fair value hierarchy. Such derivative instruments are typically valued using the market approach and/or income approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach when quoted prices in broker-dealer markets are available but also includes consideration of alternative valuation approaches, including the income approach. In the absence of reliable market quotations, the income approach is typically utilized for purposes of valuing derivatives such as interest rate swaps based on a discounted cash flow analysis whereby the value of the instrument is equal to the present value of its future cash inflows or outflows. Such analysis includes projecting future cash flows and determining the discount rate (including the present value factors that affect the discount rate) used to discount the future cash flows. In addition, the third-party vendors’ valuation techniques used to derive the evaluated derivative price is based on evaluating observable inputs, including but not limited to, underlying asset prices, indices, spreads, interest rates and exchange rates. Certain derivatives may be classified as Level 3 when valued using the market approach by obtaining a single broker quote or when utilizing unobservable inputs in the income approach. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

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

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

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

Although the net assets of the Fund are presented at the foreign exchange rates and market values at the close of the period, the Fund does not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Fund does not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

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

Forward and Cross Currency Contracts: A forward currency contract is a commitment to purchase or sell a foreign currency at a future date at a negotiated forward rate. The Fund enters into forward currency contracts, as defined in the prospectus, in order to hedge its exposure to changes in foreign currency exchange rates on its foreign portfolio holdings or on specific receivables and payables denominated in a foreign currency and to gain exposure to certain currencies. The contracts are valued daily at current forward exchange rates and any unrealized gain (loss) is included in net unrealized appreciation or depreciation on forward and cross currency contracts. Gain (loss) is realized on the settlement date of the contract equal to the difference between the settlement value of the original and negotiated forward contracts. This gain (loss), if any, is included in net realized gain (loss) on forward and cross currency contract transactions. Risks may arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts. Forward currency contracts involve risks from currency exchange rate and credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities. The Fund’s maximum risk of loss from counterparty credit risk is the net value of the cash flows to be received from the counterparty at the end of the contract’s life. A cross currency contract is a forward contract where a specified amount of one foreign currency will be exchanged for a specified amount of another foreign currency.

Options: The Fund purchased and/or wrote options in order to hedge against adverse market movements or fluctuations in value caused by changes in prevailing interest rates, value of equities or foreign currency exchange rates with respect to securities or financial instruments which the Fund currently owns or intends to purchase. The Fund may also use

PGIM Securitized Credit Fund 47

Notes to Financial Statements (unaudited) (continued)

options to gain additional market exposure. The Fund’s principal reason for writing options is to realize, through receipt of premiums, a greater current return than would be realized on the underlying security alone. When the Fund purchases an option, it pays a premium and an amount equal to that premium is recorded as an asset. When the Fund writes an option, it receives a premium and an amount equal to that premium is recorded as a liability. The asset or liability is adjusted daily to reflect the current market value of the option. If an option expires unexercised, the Fund realizes a gain (loss) to the extent of the premium received or paid. If an option is exercised, the premium received or paid is recorded as an adjustment to the proceeds from the sale or the cost of the purchase in determining whether the Fund has realized a gain (loss). The difference between the premium and the amount received or paid at the closing of a purchase or sale transaction is also treated as a realized gain (loss). Gain (loss) on purchased options is included in net realized gain (loss) on investment transactions. Gain (loss) on written options is presented separately as net realized gain (loss) on options written transactions.

The Fund, as writer of an option, may have no control over whether the underlying securities or financial instruments may be sold (called) or purchased (put). As a result, the Fund bears the market risk of an unfavorable change in the price of the security or financial instrument underlying the written option. The Fund, as purchaser of an OTC option, bears the risk of the potential inability of the counterparties to meet the terms of their contracts. With exchange-traded options contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded options and guarantees the options contracts against default.

When the Fund writes an option on a swap, an amount equal to any premium received by the Fund is recorded as a liability and is subsequently adjusted to the current market value of the written option on the swap. If a call option on a swap is exercised, the Fund becomes obligated to pay a fixed interest rate (noted as the strike price) and receive a variable interest rate on a notional amount. If a put option on a swap is exercised, the Fund becomes obligated to pay a variable interest rate and receive a fixed interest rate (noted as the strike price) on a notional amount. Premiums received from writing options on swaps that expire or are exercised are treated as realized gains upon the expiration or exercise of such options on swaps. The risk associated with writing put and call options on swaps is that the Fund will be obligated to be party to a swap agreement if an option on a swap is exercised.

the value of the underlying security. Such variation margin is recorded for financial statement purposes on a daily basis as unrealized gain (loss). When the contract expires or is closed, the gain (loss) is realized and is presented in the Statement of Operations as net realized gain (loss) on futures transactions.

Swap Agreements: The Fund entered into certain types of swap agreements detailed in the disclosures below. A swap agreement is an agreement to exchange the return generated by one instrument for the return generated by another instrument. Swap agreements are negotiated in the OTC market and may be executed either directly with a counterparty (“OTC-traded”) or through a central clearing facility, such as a registered exchange. Swap agreements are valued daily at current market value and any change in value is included in the net unrealized appreciation or depreciation on swap agreements. Centrally cleared swaps pay or receive an amount known as “variation margin”, based on daily changes in the valuation of the swap contract. For OTC-traded, upfront premiums paid and received are shown as swap premiums paid and swap premiums received in the Statement of Assets and Liabilities. Risk of loss may exceed amounts recognized on the Statement of Assets and Liabilities. Swap agreements outstanding at period end, if any, are listed on the Schedule of Investments.

Interest Rate Swaps: Interest rate swaps represent an agreement between counterparties to exchange cash flows based on the difference between two interest rates, applied to a notional principal amount for a specified period. The Fund is subject to interest rate risk exposure in the normal course of pursuing its investment objective. The Fund used interest rate swaps to maintain its ability to generate steady cash flow by receiving a stream of fixed rate payments or to increase exposure to prevailing market rates by receiving floating rate payments. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net present value of the cash flows to be received from the counterparty over the contract’s remaining life.

Credit Default Swaps (“CDS”): CDS involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified payment in the event of a default or as a result of a default (collectively a “credit event”) for the referenced entity (typically corporate issues or sovereign issues of an emerging country) on its obligation; or in the event of a write-down, principal shortfall, interest shortfall or default of all or part of the referenced entities comprising a credit index.

PGIM Securitized Credit Fund 49

Notes to Financial Statements (unaudited) (continued)

The Fund is subject to credit risk in the normal course of pursuing its investment objectives, and as such, has entered into CDS contracts to provide a measure of protection against defaults or to take an active long or short position with respect to the likelihood of a particular issuer’s default or the reference entity’s credit soundness. CDS contracts generally trade based on a spread which represents the cost a protection buyer has to pay the protection seller. The protection buyer is said to be “short the credit” because the higher the contract value rises, the more the credit deteriorates. The value of the CDS contract increases for the protection buyer if the spread increases. The Fund’s maximum risk of loss from counterparty credit risk for purchased CDS is the inability of the counterparty to honor the contract up to the notional value due to a credit event.

As a seller of protection on credit default swap agreements, the Fund generally receives an agreed upon payment from the buyer of protection throughout the term of the swap, provided no credit event occurs. As the seller, the Fund effectively increases its investment risk because, in addition to its total net assets, the Fund may be subject to investment exposure on the notional amount of the swap.

The maximum amount of the payment that the Fund, as a seller of protection, could be required to make under a credit default swap agreement would be equal to the notional amount of the underlying security or index contract as a result of a credit event. This potential amount will be partially offset by any recovery values of the respective referenced obligations or net amounts received from the settlement of buy protection credit default swap agreements which the Fund entered into for the same referenced entity or index. As a buyer of protection, the Fund generally receives an amount up to the notional value of the swap if a credit event occurs.

Implied credit spreads, represented in absolute terms, utilized in determining the market value of credit default swap agreements where the Fund is the seller of protection as of period end are disclosed in the footnotes to the Schedule of Investments, if applicable. These spreads serve as indicators of the current status of the payment/performance risk and represent the likelihood of default risk for the credit derivative. The implied credit spread of a particular referenced entity reflects the cost of buying/selling protection and may include upfront payments required to enter into the agreement. Wider credit spreads and increased market value in absolute terms, when compared to the notional amount of the swap, represent a deterioration of the referenced entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement.

Floating Rate and Other Loans: The Fund invested in floating rate and other loans. Floating rate and other loans include loans that are privately negotiated between a corporate borrower and one or more financial institutions, including, but not limited to, term loans,

revolvers, and other instruments issued in the floating rate and other loans market. The Fund acquire interests in loans directly (by way of assignment from the selling institution) and/or indirectly (by way of the purchase of a participation interest from the selling institution). Under a floating rate and other loans assignment, the Fund generally will succeed to all the rights and obligations of an assigning lending institution and become a lender under the loan agreement with the relevant borrower in connection with that loan. Under a floating rate and other loans participation, the Fund generally will have a contractual relationship only with the lender, not with the relevant borrower. As a result, the Fund generally will have the right to receive payments of principal, interest, and any fees to which they are entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the relevant borrower. The Fund may not directly benefit from the collateral supporting the debt obligation in which they have purchased the participation. As a result, the Fund will assume the credit risk of both the borrower and the institution selling the participation to the Fund.

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

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

PGIM Securitized Credit Fund 51

Notes to Financial Statements (unaudited) (continued)

amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

The RIC, on behalf of the Fund, is a party to International Swaps and Derivatives Association, Inc. (“ISDA”) Master Agreements with certain counterparties that govern OTC derivative and foreign exchange contracts entered into from time to time. The Master Agreements may contain provisions regarding, among other things, the parties’ general obligations, representations, agreements, collateral requirements, events of default and early termination. With respect to certain counterparties, in accordance with the terms of the Master Agreements, collateral posted to the Fund is held in a segregated account by the Fund’s custodian and with respect to those amounts which can be sold or re-pledged, is presented in the Schedule of Investments. Collateral pledged by the Fund is segregated by the Fund’s custodian and identified in the Schedule of Investments. Collateral can be in the form of cash or debt securities issued by the U.S. Government or related agencies or other securities as agreed to by the Fund and the applicable counterparty. Collateral requirements are determined based on the Fund’s net position with each counterparty. Termination events applicable to the Fund may occur upon a decline in the Fund’s net assets below a specified threshold over a certain period of time. Termination events applicable to counterparties may occur upon a decline in the counterparty’s long-term and short-term credit ratings below a specified level. In each case, upon occurrence, the other party may elect to terminate early and cause settlement of all derivative and foreign exchange contracts outstanding, including the payment of any losses and costs resulting from such early termination, as reasonably determined by the terminating party. Any decision by one or more of the Fund’s counterparties to elect early termination could impact the Fund’s future derivative activity.

In addition to each instrument’s primary underlying risk exposure (e.g. interest rate, credit, equity or foreign exchange, etc.), swap agreements involve, to varying degrees, elements of credit, market and documentation risk. Such risks involve the possibility that no liquid market for these agreements will exist, the counterparty to the agreement may default on its obligation to perform or disagree on the contractual terms of the agreement, and changes in net interest rates will be unfavorable. In connection with these agreements, securities in the portfolio may be identified or received as collateral from the counterparty in accordance with the terms of the respective swap agreements to provide or receive assets of value and to serve as recourse in the event of default or bankruptcy/insolvency of either party. Such OTC derivative agreements include conditions which, when materialized, give the counterparty the right to cause an early termination of the transactions under those agreements. Any election by the counterparty for early termination of the contract(s) may impact the amounts reported on financial statements.

Short sales and OTC contracts, including forward foreign currency exchange contracts, swaps, forward rate agreements and written options involve elements of both market and

credit risk in excess of the amounts reflected on the Statement of Assets and Liabilities, if applicable. Such risks may be mitigated by engaging in master netting arrangements.

Securities Transactions and Net Investment Income: Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual expense amounts. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Such class specific expenses and waivers include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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



Expected Distribution Schedule to Shareholders*		Frequency

Net Investment Income		Monthly

Short-Term Capital Gains		Annually

Long-Term Capital Gains		Annually

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

PGIM Securitized Credit Fund 53

Notes to Financial Statements (unaudited) (continued)

3.	Agreements

The Manager has entered into a subadvisory agreement with PGIM, Inc., which provides subadvisory services to the Fund through its business unit PGIM Fixed Income and PGIM Limited (collectively the “subadviser”). The Manager pays for the services of the subadviser.

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



Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements

0.60% of the Fund’s average daily net assets up to $2.5 billion;		0.60%

0.55% of the Fund’s average daily net assets from $2.5 billion to $5 billion;

0.50% of the Fund’s average daily net assets over $5 billion.

The Manager has contractually agreed, through January 31, 2025, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:



Class		Expense Limitations

A		0.90%

C		1.65



Class		Expense Limitations

Z		0.65%

R6		0.60

The RIC, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS.

The Fund’s annual gross and net distribution rates, where applicable, are as follows:



Class	Gross Distribution Fee	Net Distribution Fee

A	0.25%	0.25%

C	1.00	1.00

Z	N/A	N/A

R6	N/A	N/A

For the reporting period ended March 31, 2024, PIMS did not receive any front-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended March 31, 2024, PIMS did not receive any contingent deferred sales charges imposed upon redemptions by certain shareholders. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs. The sales charges are as follows where applicable:



Class	FESL		CDSC

A		$11,594		$—

C		—		—

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

4.	Other Transactions with Affiliates

PGIM Securitized Credit Fund 55

Notes to Financial Statements (unaudited) (continued)

Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Government Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income”.

5.	Portfolio Securities



Cost of Purchases				Proceeds from Sales

$160,562,822				$29,817,599

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



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

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.552%)^(1)(wb)

$14,930,182	$138,500,917	$147,197,758	$—	$—	$6,233,341	6,233,341	$391,046

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

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

6.	Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of March 31, 2024 were as follows:

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of September 30, 2023 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.



		Capital Loss Carryforward				Capital Loss Carryforward Utilized
		$514,000				$—

7.	Capital and Ownership

The Fund offers Class A, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximum front-end sales charge of 3.25%. Investors who purchase $500,000 or more of Class A shares and sell those shares within 12 months of purchase are subject to a CDSC of 1% on sales although these purchases are not subject to a front-end sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class C shares will automatically convert to Class A shares on a monthly basis approximately eight years (ten years prior to January 22, 2021) after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.

PGIM Securitized Credit Fund 57

Notes to Financial Statements (unaudited) (continued)

The RIC has authorized an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share, currently divided into four classes, designated Class A, Class C, Class R6 and Class Z.

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



Class	Number of Shares		Percentage of Outstanding Shares
A		1,225	0.3%
C		1,182	1.3
Z		14,501	0.1
R6		1,242	100.0

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



	Number of Shareholders		Percentage of Outstanding Shares
Affiliated		—		—	%
Unaffiliated		5		97.4

Transactions in shares of beneficial interest were as follows:



Share Class	Shares			Amount

Class A
Six months ended March 31, 2024:
Shares sold		302,991		$	2,907,414
Shares issued in reinvestment of dividends and distributions		4,881			46,851
Shares purchased		(10,058	)		(95,845	)
Net increase (decrease) in shares outstanding		297,814		$	2,858,420

Year ended September 30, 2023:
Shares sold		187,180		$	1,753,194
Shares issued in reinvestment of dividends and distributions		8,384			78,280
Shares purchased		(141,104	)		(1,322,073	)
Net increase (decrease) in shares outstanding before conversion		54,460			509,401
Shares issued upon conversion from other share class(es)		961			8,994
Net increase (decrease) in shares outstanding		55,421		$	518,395



Share Class	Shares			Amount

Class C
Six months ended March 31, 2024:
Shares sold		80,484		$	771,474
Shares issued in reinvestment of dividends and distributions		1,154			11,056
Shares purchased		(145	)		(1,386	)
Net increase (decrease) in shares outstanding		81,493		$	781,144

Year ended September 30, 2023:
Shares sold		4,446		$	41,994
Shares issued in reinvestment of dividends and distributions		546			5,108
Shares purchased		(1,905	)		(17,907	)
Net increase (decrease) in shares outstanding before conversion		3,087			29,195
Shares purchased upon conversion into other share class(es)		(961	)		(8,994	)
Net increase (decrease) in shares outstanding		2,126		$	20,201

Class Z
Six months ended March 31, 2024:
Shares sold		20,042,486		$	192,376,671
Shares issued in reinvestment of dividends and distributions		596,763			5,712,987
Shares purchased		(7,724,926	)		(73,984,225	)
Net increase (decrease) in shares outstanding		12,914,323		$	124,105,433

Year ended September 30, 2023:
Shares sold		9,381,271		$	88,005,768
Shares issued in reinvestment of dividends and distributions		667,498			6,252,923
Shares purchased		(3,251,828	)		(30,457,403	)
Net increase (decrease) in shares outstanding		6,796,941		$	63,801,288

Class R6
Six months ended March 31, 2024:
Shares issued in reinvestment of dividends and distributions		42		$	402
Shares purchased		(36,633	)		(346,998	)
Net increase (decrease) in shares outstanding		(36,591	)	$	(346,596	)

Year ended September 30, 2023:
Shares sold		36,734		$	345,277
Shares issued in reinvestment of dividends and distributions		579			5,462
Shares purchased		(597	)		(5,611	)
Net increase (decrease) in shares outstanding		36,716		$	345,128

8.	Borrowings

PGIM Securitized Credit Fund 59

Notes to Financial Statements (unaudited) (continued)

funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.



		SCA
Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% or (3) zero percent

The Fund did not utilize the SCA during the reporting period ended March 31, 2024.

9.	Risks of Investing in the Fund

“Covenant-Lite” Risk: Some of the loans or debt obligations in which the Fund may invest or get exposure to may be “covenant-lite”, which means the loans or obligations contain fewer financial maintenance covenants than other loans or obligations (in some cases, none) and do not include terms which allow the lender to monitor the borrower’s performance and declare a default if certain criteria are breached. An investment by the Fund in a covenant-lite loan may potentially hinder the ability to reprice credit risk associated with the issuer and reduce the ability to restructure a problematic loan and mitigate potential loss. The Fund may also experience difficulty, expenses or delays in enforcing its rights on its holdings of covenant-lite loans or obligations. As a result of these risks, the Fund’s exposure to losses may be increased, which could result in an adverse impact on the Fund’s net income and NAV.

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

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

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

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

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

PGIM Securitized Credit Fund 61

Notes to Financial Statements (unaudited) (continued)

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

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

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

Floating Rate and Other Loans Risk: The Fund’s ability to receive payments of principal and interest and other amounts in connection with loans (whether through participations, assignments or otherwise) will depend primarily on the financial condition of the borrower. The failure by the Fund to receive scheduled interest or principal payments on a loan because of a default, bankruptcy or any other reason would adversely affect the income of the Fund and would likely reduce the value of its assets. Even with loans secured by collateral, there is the risk that the value of the collateral may decline, may be insufficient to meet the obligations of the borrower, or be difficult to liquidate. In the event of a default, the Fund may have difficulty collecting on any collateral and would not have the ability to collect on any collateral for an uncollateralized loan. Further, the Fund’s access to collateral, if any, may be limited by bankruptcy laws. Due to the nature of the private syndication of senior loans, including, for example, lack of publicly-available information, some senior loans are not as easily purchased or sold as publicly-traded securities. In addition, loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell loan participations in secondary markets. As a result, it may be difficult for the Fund to value loans or sell loans at an acceptable price when it wants to sell them. Loans trade in an

over-the-counter market, and confirmation and settlement, which are effected through standardized procedures and documentation, may take significantly longer than seven days to complete. Extended trade settlement periods may, in unusual market conditions with a high volume of shareholder redemptions, present a risk to shareholders regarding the Fund’s ability to pay redemption proceeds in a timely manner. In some instances, loans and loan participations are not rated by independent credit rating agencies; in such instances, a decision by the Fund to invest in a particular loan or loan participation could depend exclusively on the subadviser’s credit analysis of the borrower, or in the case of a loan participation, of the intermediary holding the portion of the loan that the Fund has purchased. To the extent the Fund invests in loans of non-U.S. issuers, the risks of investing in non-U.S. issuers are applicable. Loans may not be considered to be “securities” and as a result may not benefit from the protections of the federal securities laws, including anti-fraud protections and those with respect to the use of material non-public information, so that purchasers, such as the Fund, may not have the benefit of these protections. If the Fund is in possession of material non-public information about a borrower as a result of its investment in such borrower’s loan, the Fund may not be able to enter into a transaction with respect to a publicly-traded security of the borrower when it would otherwise be advantageous to do so.

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

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

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

PGIM Securitized Credit Fund 63

Notes to Financial Statements (unaudited) (continued)

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

Junk Bonds Risk: High-yield, high-risk bonds have predominantly speculative characteristics, including particularly high credit risk. Junk bonds tend to have lower market liquidity than higher-rated securities. The liquidity of particular issuers or industries within a particular investment category may shrink or disappear suddenly and without warning. The non-investment grade bond market can experience sudden and sharp price swings and become illiquid due to a variety of factors, including changes in economic forecasts, stock market activity, large sustained sales by major investors, a high profile default or a change in the market’s psychology.

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

Leverage Risk: Certain transactions in which the Fund may engage may give rise to leverage. The use of leverage exaggerates the effect of any increase or decrease in the value of the Fund’s holdings, and makes any change in the Fund’s net asset value (“NAV”) greater than it would be without the use of leverage. This could result in increased volatility of investment return. The Fund may be required to pledge its assets or post margin in connection with

certain borrowings or derivatives transactions that involve leverage. There is a possibility that posting or pledging a large portion of the assets of the Fund could impede portfolio management or the Fund’s ability to meet redemption requests or other current obligations or that the Fund may be required to dispose of some of its investment at unfavorable prices or times.

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

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

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

PGIM Securitized Credit Fund 65

Notes to Financial Statements (unaudited) (continued)

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

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

Structured Products Risk: Holders of structured product securities bear risks of the underlying investments, index or reference obligation. Certain structured products may be thinly traded or have a limited trading market, and as a result may be characterized as illiquid. The possible lack of a liquid secondary market for structured securities and the resulting inability of the Fund to sell a structured security could expose the Fund to losses and could make structured securities more difficult for the Fund to value accurately, which may also result in additional costs. Structured products are also subject to credit risk; the assets backing the structured product may be insufficient to pay interest or principal. In addition to the general risks associated with investments in fixed income, structured products carry additional risks, including, but not limited to: the possibility that distributions from collateral securities will not be adequate to make interest or other payments; the quality of the collateral may decline in value or default; and the possibility that the structured products are subordinate to other classes. Structured securities are generally privately negotiated debt obligations where the principal and/or interest or value of the structured security is determined by reference to the performance of a specific asset, benchmark asset, market or interest rate (“reference instrument”), and changes in the reference instrument or security may cause significant price fluctuations, or could cause the interest rate on the structured security to be reduced to zero. Holders of structured products indirectly bear risks associated with the reference instrument, are subject to counterparty risk and typically do not have direct rights against the reference instrument. Structured products may also entail structural complexity and documentation risk and there is no guarantee that the courts or administrators will interpret the priority of principal and interest payments as expected.

U.S. Government and Agency Securities Risk: U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government. Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example,

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

10.

Recent Regulatory Developments

PGIM Securitized Credit Fund 67

Liquidity Risk Management Program (unaudited)



∎ MAIL	∎ TELEPHONE	∎ WEBSITE

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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



MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISERS	PGIM Fixed Income	655 Broad Street
	PGIM Limited	Newark, NJ 07102

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

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

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

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

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS


Mutual Funds:

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

LOGO

PGIM SECURITIZED CREDIT FUND



SHARE CLASS	A	C	Z	R6

NASDAQ	SCFOX	SCFVX	SCFZX	SCFQX

CUSIP	74441F801	74441F884	74441F876	74441F868

MF241E2

Item 2 –

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

Item 3 –

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

Item 4 –

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

Item 5 –

Audit Committee of Listed Registrants – Not applicable.

Item 6 –

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

Item 7 –

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

Item 8 –

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

Item 9 –

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

Item 10 –

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

Item 11 –

Controls and Procedures

(a)

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

(b)

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

Item 12 –

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

Item 13 –

Recovery of Erroneously Awarded Compensation – Not applicable.

Item 14 –

Exhibits

(a)(1)

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

(a)(2)

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

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

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

(b)

Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

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


Registrant:		Prudential Investment Portfolios 8

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		May 16, 2024

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



By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		May 16, 2024

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

Date:		May 16, 2024

Tax Basis

Gross
Unrealized
Appreciation

Gross
Unrealized
Depreciation

Net
Unrealized
Appreciation

$260,557,209

$4,145,500

$(2,195,719)

$1,949,781