Prudential Investment Portfolios 2

PGIM Core Ultra Short Bond Fund

SEMIANNUAL SHAREHOLDER REPORT – July 31, 2026

This semiannual shareholder report contains important information about the shares of the PGIM Core Ultra Short Bond Fund (the “Fund”) for the period of February 1, 2026 to July 31, 2026.

You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Core Ultra Short Bond Fund	$0	0.01%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 17,021,663,785
Number of fund holdings	260
Portfolio turnover rate for the period	53%

NS14159

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Credit Quality expressed as a percentage of total investments as of 7/31/2026 (%)
A-1+/P-1	82.2
A-1/P-1	17.8
Total	100.0

Credit ratings reflect the highest rating assigned by a nationally recognized statistical rating organization (NRSRO) such as Moody’s Investors Service, Inc. (Moody’s), S&P Global Ratings (S&P), or Fitch Ratings, Inc. (Fitch). Credit ratings reflect the common nomenclature used by both S&P and Fitch. Where applicable, ratings are converted to the comparable S&P/Fitch rating tier nomenclature. The Not Rated (NR) category consists of securities that have not been rated by an NRSRO. Credit ratings are subject to change. Values may not sum to 100.0% due to rounding.

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Core Ultra Short Bond Fund

CUSIP

74440E201

NS14159

PGIM Institutional Money Market Fund

SEMIANNUAL SHAREHOLDER REPORT – July 31, 2026

This semiannual shareholder report contains important information about the shares of the PGIM Institutional Money Market Fund (the “Fund”) for the period of February 1, 2026 to July 31, 2026.

You can find additional information about the Fund at pgim.com/mutual-fund-documents. You can also request this information by contacting us at (800) 225-1852 or (973) 367-3529 from outside the U.S.

WHAT WERE THE FUND COSTS FOR THE LAST SIX MONTHS?

(Based on a hypothetical $10,000 investment)

	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
PGIM Institutional Money Market Fund	$3	0.07%

WHAT ARE SOME KEY FUND STATISTICS AS OF 7/31/2026?

Fund’s net assets	$ 10,578,269,093
Number of fund holdings	192

NS14159

WHAT ARE SOME CHARACTERISTICS OF THE FUND’S HOLDINGS AS OF 7/31/2026?

Security Allocation	% of Net Assets
Commercial Paper	40.7%
Repurchase Agreements	17.6%
Time Deposits	14.8%
Certificates of Deposit	11.5%
U.S. Treasury Obligations	10.8%
U.S. Government Agency Obligations	4.7%
	100.1%
Liabilities in excess of other assets	(0.1)%
	100.0%

ADDITIONAL INFORMATION

You can find additional information at

pgim.com/mutual-fund-documents

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

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

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

To receive your fund documents online, go to

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

and enroll.

PGIM Institutional Money Market Fund

CUSIP

74440E300

NS14159

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited)

as of July 31, 2026

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

LONG-TERM INVESTMENTS 12.8%

CERTIFICATES OF DEPOSIT 10.4%

Bank of America, SOFR + 0.360%

3.650%(c)

04/28/27

63,500

63,532,422

Bank of America, NA, SOFR + 0.350%

4.000(c)

07/01/27

102,000

102,005,789

Bank of Montreal

4.430

07/22/27

85,000

85,019,533

Bank of Nova Scotia,

SOFR + 0.330% (Cap N/A, Floor 0.000%)

3.980(c)

08/07/26

55,000

55,002,299

SOFR + 0.350% (Cap N/A, Floor 0.000%)

4.000(c)

12/04/26

136,900

136,956,636

BNP Paribas SA,

SOFR + 0.340%

3.990(c)

09/04/26

125,000

125,027,025

SOFR + 0.340%

3.990(c)

03/19/27

100,000

100,025,470

SOFR + 0.340%

3.990(c)

05/28/27

60,000

59,998,362

SOFR + 0.360%

4.010(c)

11/05/26

30,000

30,012,987

Credit Agricole Corporate & Investment Bank, SOFR + 0.370%

4.020(c)

10/26/26

60,000

60,038,226

Credit Industriel et Commercial, SOFR + 0.410%

4.060(c)

04/23/27

100,000

100,068,240

Natixis SA, SOFR + 0.420%

4.070(c)

04/13/27

40,000

40,034,864

Nordea Bank Abp, SOFR + 0.350%

4.000(c)

01/04/27

48,000

48,025,416

Royal Bank of Canada

4.210

04/01/27

123,500

123,466,309

Royal Bank of Canada

4.440

07/20/27

74,000

74,052,562

Royal Bank of Canada, SOFR + 0.350% (Cap N/A, Floor 0.000%)

4.000(c)

12/07/26

40,000

40,023,704

Svenska Handelsbanken,

SOFR + 0.310% (Cap N/A, Floor 0.000%)

3.960(c)

09/16/26

35,000

35,009,349

SOFR + 0.310% (Cap N/A, Floor 0.000%)

3.960(c)

09/24/26

70,000

70,022,001

SOFR + 0.340% (Cap N/A, Floor 0.000%)

3.990(c)

07/30/27

60,500

60,488,305

Swedbank AB,

SOFR + 0.310%

3.960(c)

09/16/26

54,000

54,014,423

SOFR + 0.390%

4.040(c)

04/01/27

28,000

28,018,474

Toronto-Dominion Bank (The),

SOFR + 0.400%

4.050(c)

08/06/27

166,600

166,643,583

SOFR + 0.420%

4.070(c)

04/23/27

85,000

85,083,629

Wells Fargo Bank NA, SOFR + 0.360% (Cap N/A, Floor 0.000%)

4.010(c)

07/14/27

35,000

34,998,096

TOTAL CERTIFICATES OF DEPOSIT

(cost $1,777,000,000)

1,777,567,704

COMMERCIAL PAPER 1.5%

Bank of America Securities, Inc.,

SOFR + 0.350%

4.000(c)

10/28/26

7,500

7,503,507

SOFR + 0.300%

3.970(c)

03/01/27

90,000

89,994,690

CDP Financial, Inc.,

144A, SOFR + 0.340%

3.650(c)

12/02/26

50,000

50,022,920

144A, SOFR + 0.320%

3.960(c)

01/28/27

25,000

25,011,168

Royal Bank of Canada, 144A, SOFR + 0.340%

3.650(c)

10/30/26

78,000

78,033,119

TOTAL COMMERCIAL PAPER

(cost $250,500,000)

250,565,404

U.S. TREASURY OBLIGATIONS 0.9%

U.S. Treasury Bills

3.922(s)

06/10/27

82,000

79,294,875

U.S. Treasury Notes

3.750

06/30/27

78,500

78,230,156

TOTAL U.S. TREASURY OBLIGATIONS

(cost $157,678,638)

157,525,031

TOTAL LONG-TERM INVESTMENTS

(cost $2,185,178,638)

2,185,658,139

SHORT-TERM INVESTMENTS 87.3%

CERTIFICATES OF DEPOSIT 4.3%

Canadian Imperial Bank of Commerce, SOFR + 0.370%

4.020(c)

07/01/27

25,000

25,010,440

Commonwealth Bank of Australia, SOFR + 0.300%

3.950(c)

04/20/27

90,000

90,002,790

See Notes to Financial Statements.


2

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

CERTIFICATES OF DEPOSIT (Continued)

Cooperatieve Centrale Raiffeisen-Boerenleenbank

4.000%

01/05/27

104,000

103,977,848

Mizuho Bank Ltd.,

SOFR + 0.190%

3.840(c)

08/10/26

52,000

52,001,461

SOFR + 0.200%

3.850(c)

08/24/26

10,000

10,000,757

MUFG Bank Ltd.,

SOFR + 0.220%

3.870(c)

09/15/26

71,000

71,008,868

SOFR + 0.330%

3.980(c)

10/16/26

50,000

50,013,610

Nordea Bank Abp, SOFR + 0.300%

3.950(c)

10/05/26

50,000

50,017,955

Sumitomo Mitsui Banking Corp.,

SOFR + 0.320%

3.970(c)

08/17/26

78,000

78,008,611

SOFR + 0.360%

4.010(c)

10/16/26

18,000

18,009,239

Svenska Handelsbanken, SOFR + 0.340% (Cap N/A, Floor 0.000%)

3.990(c)

11/25/26

8,000

8,004,942

Wells Fargo Bank NA

3.850

12/11/26

120,000

119,929,944

Wells Fargo Bank NA

4.060

04/16/27

62,000

61,919,258

TOTAL CERTIFICATES OF DEPOSIT

(cost $738,004,206)

737,905,723

COMMERCIAL PAPER 58.1%

ABN AMRO Funding USA LLC,
144A

3.930(n)

09/09/26

15,500

15,434,671

Adventist Health System/Sunbelt, Inc.

3.739(t)

08/05/26

50,000

49,974,555

Advocate Health & Hospitals Corp.

3.769(t)

08/18/26

45,000

44,912,731

Advocate Health & Hospitals Corp.

3.899(t)

09/15/26

39,600

39,401,683

Advocate Health & Hospitals Corp.

3.930(t)

09/29/26

40,000

39,739,332

American University

2.989(t)

08/04/26

15,000

14,995,020

American University

3.680(t)

08/17/26

20,000

19,965,304

Automatic Data Processing, Inc.,
144A

3.652(n)

08/06/26

100,000

99,938,860

Bank of America Securities, Inc.

3.926(n)

08/17/26

15,000

14,973,506

Bank of America Securities, Inc., SOFR + 0.330%

3.980(c)

08/05/26

100,000

100,002,910

Bank of New York Mellon (The)

4.157(n)

06/01/27

80,000

77,191,856

Caisse des Depots et Consignations,
144A

3.867(n)

10/02/26

147,000

146,036,092

Canadian Imperial Bank of Commerce,
144A

4.169(n)

03/24/27

90,000

87,588,495

Caterpillar, Inc.

4.221(n)

08/04/26

24,000

23,990,278

CDP Financial, Inc., 144A

3.752(n)

08/04/26

25,000

24,989,803

144A

3.761(n)

08/12/26

41,000

40,949,500

144A

3.816(n)

09/01/26

65,000

64,782,334

144A

3.879(n)

11/03/26

50,000

49,495,315

144A

4.161(n)

06/01/27

35,000

33,765,508

144A

4.205(n)

05/26/27

19,000

18,343,928

144A, SOFR + 0.300%

3.950(c)

02/02/27

50,000

50,017,580

144A, SOFR + 0.320%

3.970(c)

03/09/27

50,000

50,024,910

Charles Schwab & Co., Inc.,
144A

4.061(n)

10/06/26

23,000

22,834,499

Charlotte-Mecklenburg Hospital Authority

3.715(t)

09/01/26

20,000

19,934,168

Charlotte-Mecklenburg Hospital Authority

3.830

08/25/26

5,000

4,986,997

Chevron Corp.,
144A

3.993(n)

10/05/26

50,000

49,660,465

Cisco Systems, Inc.,

144A

3.868(n)

11/05/26

28,000

27,713,941

144A

3.903(n)

11/02/26

115,000

113,862,949

Citigroup Global Markets, Inc.,

144A

4.029(n)

01/25/27

104,250

102,173,736

144A

4.183(n)

04/28/27

77,000

74,585,742

144A, SOFR + 0.370%

3.650(c)

12/01/26

92,000

92,038,429

See Notes to Financial Statements.


Prudential Investment Portfolios 2			3

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026



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

COMMERCIAL PAPER (Continued)
Commonwealth Bank of Australia, 144A, SOFR + 0.340%	3.990%(c)	07/23/27		70,700	$	70,696,246
Cornell University	3.557(t)	08/11/26		55,000		54,940,286
Cornell University	3.732(t)	09/22/26		49,650		49,378,678
CPDE Investment Co. LLC, 144A	4.027(n)	09/22/26		151,000		150,150,791
Credit Industriel et Commercial (CIC) SA New York Branch, 144A	3.814(n)	08/21/26		15,000		14,967,549
Eli Lilly & Co.,
144A	3.779(n)	08/03/26		366,000		365,889,139
144A	3.796(n)	08/06/26		38,300		38,276,775
EssilorLuxottica SA,
144A	3.823(n)	09/16/26		135,000		134,348,638
144A	3.887(n)	09/22/26		172,000		171,063,666
144A	3.977(n)	08/17/26		27,000		26,953,622
Export Development Canada	3.884(n)	08/20/26		40,000		39,918,832
Federation des Caisses Desjardins du Quebec, 144A	3.760(n)	08/19/26		50,000		49,901,925
144A	3.765(n)	08/24/26		61,000		60,848,244
144A	3.785(n)	09/18/26		98,000		97,497,123
144A	3.844(n)	09/10/26		54,000		53,768,475
144A	3.862(n)	08/31/26		50,000		49,838,485
144A	4.092(n)	04/12/27		47,000		45,635,040
144A	4.190(n)	03/25/27		28,000		27,248,656
GlaxoSmithKline LLC, 144A	3.867(n)	08/06/26		89,225		89,170,466
Hackensack Meridian Health, Inc.	3.895(t)	08/21/26		20,000		19,953,840
ING (U.S.) Funding LLC,
144A, SOFR + 0.310%	3.960(c)	04/09/27		7,700		7,699,237
144A, SOFR + 0.340%	3.650(c)	02/01/27		41,250		41,259,153
144A, SOFR + 0.340%	3.990(c)	08/18/26		19,000		19,002,179
ING Bank N.V.,
SOFR + 0.310%	3.650(c)	04/15/27		74,000		73,991,409
SOFR + 0.350%	3.650(c)	07/29/27		39,750		39,735,014
ING Bank N.V.	4.010(n)	10/09/26		50,000		49,623,425
Itochu Treasury Center America, Inc.,
144A	3.810(n)	08/19/26		60,000		59,874,048
144A	3.811(n)	08/20/26		40,000		39,911,508
144A	3.812(n)	08/27/26		60,200		60,021,104
John Deere Financial, Inc.,
144A	3.794(n)	08/17/26		40,000		39,930,288
144A	3.865(n)	08/27/26		60,000		59,829,834
144A	3.866(n)	08/12/26		50,000		49,939,125
144A	3.867(n)	08/10/26		26,250		26,223,375
144A	3.868(n)	08/24/26		50,000		49,874,235
144A	3.872(n)	08/21/26		50,000		49,890,205
144A	3.889(n)	08/14/26		48,900		48,830,523
Johns Hopkins University (The)	3.850	08/20/26		25,000		24,999,138
Johns Hopkins University (The)	3.850	08/27/26		20,000		19,999,058
Johns Hopkins University (The)	3.850	09/23/26		5,000		4,999,527
Johns Hopkins University (The)	3.880	09/25/26		22,000		21,997,848
JPMorgan Securities LLC, 144A, SOFR + 0.350%	3.650(c)	05/18/27		20,000		19,996,968
Kreditanstalt Fuer Wiederaufbau,
144A	3.717(n)	08/06/26		80,000		79,951,888
144A	3.738(n)	08/21/26		35,000		34,924,866
144A	3.744(n)	08/03/26		72,500		72,478,221
144A	3.829(n)	09/01/26		39,150		39,021,635
144A	4.050(n)	01/25/27		34,918		34,245,238
Long Island Power Authority	3.800	08/25/26		40,000		39,998,480

See Notes to Financial Statements.


4

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

COMMERCIAL PAPER (Continued)

LVMH Moet Hennessy Louis Vuitton SE,

144A

3.728%(n)

08/18/26

50,000

$ 49,908,520

144A

3.850(n)

08/03/26

24,900

24,892,438

144A

3.885(n)

12/08/26

24,540

24,200,303

144A

3.909(n)

08/07/26

25,800

25,781,690

144A

3.986(n)

01/11/27

24,500

24,067,097

Memorial Hermann Health System

3.873(t)

10/14/26

40,000

39,684,168

Memorial Hermann Health System

3.896(t)

10/20/26

26,000

25,777,115

Mitsubishi Corp.,

144A

3.798(n)

08/18/26

79,500

79,353,187

144A

3.803(n)

09/01/26

96,751

96,429,990

144A

3.827(n)

08/05/26

50,000

49,974,555

144A

3.828(n)

08/06/26

40,000

39,975,552

144A

3.841(n)

09/21/26

67,000

66,637,081

National Australia Bank Ltd.,
144A, SOFR + 0.300%

3.650(c)

10/20/26

108,000

108,042,908

Nestle Finance International Ltd.,

144A

3.757(n)

08/11/26

31,000

30,965,503

144A

3.770(n)

08/07/26

30,000

29,978,766

144A

3.778(n)

09/30/26

57,600

57,236,734

144A

3.811(n)

09/02/26

15,000

14,949,249

144A

3.907(n)

10/30/26

18,000

17,827,934

New York Life Short Term Funding LLC,

144A

3.923(n)

09/09/26

127,500

126,969,689

144A

3.934(n)

08/26/26

35,000

34,906,022

144A

3.941(n)

09/02/26

185,000

184,366,782

144A

3.972(n)

09/23/26

66,600

66,225,375

Nordea Bank Abp,
144A, SOFR + 0.300%

3.640(c)

04/23/27

43,000

43,003,444

Novartis Finance Corp.,
144A

3.744(n)

08/04/26

82,000

81,966,142

OMERS Finance Trust,

144A

3.752(n)

08/07/26

56,000

55,960,257

144A

3.844(n)

09/29/26

45,000

44,706,960

144A

3.912(n)

09/17/26

12,000

11,940,000

144A

3.933(n)

08/24/26

69,500

69,328,947

Ontario Teacher’s Finance Trust,

144A

3.738(n)

08/12/26

16,500

16,479,821

144A

4.000(n)

01/04/27

20,000

19,652,246

Pacific Life Short Term Funding LLC,

144A

3.742(n)

08/21/26

40,000

39,913,088

144A

3.824(n)

08/25/26

12,800

12,766,752

144A

3.825(n)

08/10/26

8,000

7,991,818

144A

3.890(n)

08/28/26

75,000

74,781,120

144A

3.966(n)

08/05/26

25,000

24,987,268

144A

3.975(n)

08/06/26

30,000

29,981,658

Province of Alberta,

144A

3.827(n)

08/31/26

85,000

84,730,524

144A

3.882(n)

08/19/26

18,000

17,965,318

144A

3.943(n)

08/04/26

136,000

135,945,056

144A

3.951(n)

10/01/26

34,000

33,783,658

144A

4.053(n)

03/31/27

16,000

15,573,723

144A

4.074(n)

03/29/27

22,000

21,419,055

Province of Ontario

3.748(n)

08/10/26

230,000

229,767,355

Province of Ontario

3.761(n)

08/04/26

59,200

59,176,083

Province of Ontario

3.783(n)

09/02/26

55,000

54,813,104

Province of Ontario

3.790(n)

09/21/26

15,067

14,985,662

Province of Ontario

3.870(n)

09/28/26

8,318

8,267,020

PSP Capital, Inc.,
144A

3.800(n)

08/07/26

100,000

99,928,830

See Notes to Financial Statements.


Prudential Investment Portfolios 2			5

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest
Rate

Maturity
Date

Principal Amount
(000)#

Value

COMMERCIAL PAPER (Continued)

PSP Capital, Inc., (cont’d.)

144A

3.908%(n)

11/03/26

100,720

$ 99,722,852

144A

3.940(n)

11/12/26

50,000

49,455,060

144A

3.950(n)

10/08/26

100,000

99,292,560

Queensland Treasury Corp.

3.950(n)

12/04/26

59,000

58,211,583

Royal Bank of Canada,

144A, SOFR + 0.290%

3.650(c)

08/18/26

75,000

75,005,610

144A, SOFR + 0.310%

3.650(c)

09/11/26

25,000

25,004,685

RWJ Barnabas Health, Inc.

3.885(t)

08/17/26

25,000

24,956,940

San Antonio Texas Electric

3.900

10/14/26

60,000

59,996,154

San Francisco Public Utilities Commission

3.830

08/06/26

42,500

42,500,213

Sanofi SA,

144A

3.914(n)

09/22/26

11,600

11,536,783

144A

3.939(n)

10/22/26

15,000

14,870,532

144A

3.950(n)

10/16/26

26,000

25,792,590

144A

3.961(n)

09/10/26

180,600

179,837,254

Saudi Arabian Oil Co.

3.967(n)

09/28/26

34,000

33,780,992

Saudi Arabian Oil Co.

3.967(n)

10/01/26

42,500

42,205,050

Scripps Health

3.833(t)

09/03/26

16,000

15,943,384

Skandinaviska Enskilda Banken AB,

144A, SOFR + 0.310%

3.650(c)

09/08/26

95,000

95,019,712

144A, SOFR + 0.380%

3.660(c)

04/01/27

28,000

28,014,070

SSM Health Care Corp.

3.734(t)

08/06/26

60,000

59,963,328

SSM Health Care Corp.

3.766(t)

08/13/26

50,000

49,933,540

SSM Health Care Corp.

3.879(t)

09/15/26

40,000

39,808,332

SSM Health Care Corp.

4.063(t)

10/20/26

50,000

49,572,615

Sumitomo Mitsui Banking Corp.,
144A, SOFR + 0.320%

3.970(c)

08/20/26

143,000

143,017,761

Sumitomo Mitsui Trust Bank, Ltd.,
144A

3.873(n)

09/10/26

14,775

14,711,988

Sutter Health

3.942(t)

08/20/26

45,000

44,904,686

Swedbank AB,

144A, SOFR + 0.300%

3.650(c)

10/14/26

100,000

100,037,840

144A, SOFR + 0.310%

3.650(c)

09/09/26

70,500

70,514,981

Texas Public Finance Authority

3.910

09/08/26

27,775

27,773,436

Texas Public Finance Authority

3.920

09/10/26

30,000

29,999,958

TotalEnergies Capital SA,
144A

3.693(n)

08/06/26

10,000

9,993,824

144A

3.830(n)

08/31/26

91,000

90,706,825

144A

3.868(n)

09/29/26

50,000

49,686,665

144A

3.901(n)

08/03/26

90,000

89,972,307

144A

3.935(n)

09/28/26

70,000

69,568,646

Toyota Credit Canada Inc.

3.985(n)

08/26/26

25,000

24,931,660

Toyota Motor Credit Corp.

4.042(n)

01/27/27

47,000

46,081,150

Toyota Motor Credit Corp.

4.069(n)

12/14/26

92,000

90,656,349

Trinity Health Corp.

3.964(t)

09/23/26

50,000

49,722,800

Unilever Capital Corp.,

144A

3.761(n)

08/10/26

45,000

44,954,356

144A

3.866(n)

08/24/26

144,200

143,846,912

Unilever Finance Netherlands BV,

144A

3.764(n)

08/19/26

59,200

59,085,620

144A

3.766(n)

08/26/26

35,000

34,907,012

144A

3.778(n)

09/01/26

73,000

72,760,341

University of California

3.544(t)

09/10/26

9,000

8,963,820

University of Chicago (The)

3.833(t)

09/03/26

50,000

49,825,435

University of Chicago (The)

3.887(t)

09/17/26

14,000

13,930,710

University of Chicago (The)

3.931(t)

10/15/26

53,700

53,251,498

University of Chicago (The)

4.015(t)

10/22/26

22,000

21,798,238

See Notes to Financial Statements.


6

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026



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

COMMERCIAL PAPER (Continued)
Walmart, Inc.,
144A	3.641%(n)	08/03/26		25,000	$	24,992,365
144A	3.648(n)	08/06/26		100,000		99,938,860
144A	3.759(n)	08/10/26		25,000		24,974,453
144A	3.768(n)	08/31/26		50,000		49,839,850
Westpac Banking Corp.,
144A	4.196(n)	05/28/27		28,500		27,507,376
144A, SOFR + 0.270%	3.680(c)	02/23/27		35,000		34,994,792
144A, SOFR + 0.300%	3.650(c)	10/08/26		50,000		50,017,280
144A, SOFR + 0.300%	3.650(c)	10/09/26		50,000		50,017,470
144A, SOFR + 0.300%	3.950(c)	10/13/26		30,000		30,011,046


TOTAL COMMERCIAL PAPER
(cost $9,890,061,135)						9,889,286,818


REPURCHASE AGREEMENTS 7.0%
Banco Santander SA,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $84,025,550 collateralized by FHLMC (coupon rate 5.000%, maturity date 02/01/53) and U.S. Treasury Securities (coupon rate 4.125%, maturity date 10/31/31) with the aggregate value, including accrued interest, of $85,706,061.				84,000		84,000,000
Credit Agricole Corporate & Investment Bank,
3.65%, dated 07/01/26, due 08/03/26 in the amount of $200,669,167 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.750%, maturity dates 09/17/26-08/15/54) with the aggregate value, including accrued interest, of $204,000,072.				200,000		200,000,000
3.65%, dated 07/20/26, due 08/24/26 in the amount of $50,177,431 collateralized by U.S. Treasury Securities (coupon rates 0.125%-4.750%, maturity dates 10/15/26-05/15/54) with the aggregate value, including accrued interest, of $51,000,000.				50,000		50,000,000
3.65%, dated 07/31/26, due 08/03/26 in the amount of $150,045,625 collateralized by FFCSB (coupon rates 5.090%-5.570%, maturity dates 05/20/31-02/18/56), FHLB (coupon rates 2.090%-5.110%, maturity dates 02/22/36-08/15/42), FHLMC (coupon rates 3.950%-6.000%, maturity dates 02/12/29-01/01/54), FNMA (coupon rates 0.000%-6.500%, maturity dates 09/23/26-04/01/56), GNMA (coupon rates 3.000%-7.500%, maturity dates 06/15/27-07/20/56) and U.S. Treasury Securities (coupon rates 1.375%-4.375%, maturity dates 08/15/43-11/15/50) with the aggregate value, including accrued interest, of $153,000,007.				150,000		150,000,000
Natixis,
3.66%, dated 07/30/26, due 09/17/26 in the amount of $602,989,000 collateralized by FFCSB (coupon rate 5.120%, maturity date 07/14/42), FHLMC (coupon rates 2.150%-7.000%, maturity dates 11/01/37-07/01/56), FNMA (coupon rates 2.150%-7.000%, maturity dates12/01/32-07/01/56) and U.S. Treasury Securities (coupon rates 0.000%-4.625%, maturity dates 09/10/26-02/15/54) with the aggregate value, including accrued interest, of $612,000,019.				600,000		600,000,000
Nomura International PLC,
3.65%, dated 07/31/26, due 08/03/26 in the amount of $100,030,417 collateralized by FNMA (coupon rates 3.000%-6.000%, maturity dates 05/01/42-07/01/53) and GNMA (coupon rates 4.500%-5.000%, maturity date 06/20/52) with the aggregate value, including accrued interest, of $102,094,257.				100,000		100,000,000


TOTAL REPURCHASE AGREEMENTS
(cost $1,184,000,000)						1,184,000,000


TIME DEPOSITS 3.5%
ABN AMRO Bank NV	3.640	08/06/26		242,000		242,000,000
Australia & New Zealand Banking	3.630	08/03/26		100,000		100,000,000
Canadian Imperial Bank of Commerce	3.630	08/03/26		75,000		75,000,000
Cooperatieve Rabobank UA	3.620	08/03/26		50,000		50,000,000
Svenska Handelsbanken	3.610	08/03/26		125,000		125,000,000


TOTAL TIME DEPOSITS
(cost $592,000,000)						592,000,000


U.S. GOVERNMENT AGENCY OBLIGATIONS(n) 5.1%
Federal Home Loan Bank	3.672	09/11/26		76,400		76,074,664
Federal Home Loan Bank	3.675	09/16/26		77,000		76,633,073

See Notes to Financial Statements.


Prudential Investment Portfolios 2			7

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026



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

U.S. GOVERNMENT AGENCY OBLIGATIONS(n) (Continued)
Federal Home Loan Bank		3.678%		08/28/26		76,000	$	75,787,496
Federal Home Loan Bank		3.683		08/27/26		278,000		277,250,442
Federal Home Loan Bank		3.685		08/21/26		50,000		49,895,146
Federal Home Loan Bank		3.689		08/14/26		88,500		88,376,272
Federal Home Loan Mortgage Corp.		3.698		08/31/26		133,000		132,588,273
Federal National Mortgage Association		3.670		09/09/26		91,000		90,630,944


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS
(cost $867,292,865)								867,236,310


U.S. TREASURY OBLIGATIONS(n) 9.3%
U.S. Treasury Bills		3.659		09/03/26		233,000		232,269,815
U.S. Treasury Bills		3.670		08/18/26		224,000		223,663,299
U.S. Treasury Bills		3.670		09/15/26		44,400		44,207,622
U.S. Treasury Bills		3.671		09/10/26		39,500		39,348,649
U.S. Treasury Bills		3.672		10/29/26		26,000		25,768,981
U.S. Treasury Bills		3.687		10/01/26		81,000		80,512,276
U.S. Treasury Bills		3.709		10/13/26		107,200		106,426,749
U.S. Treasury Bills		3.714		09/17/26		100,000		99,542,800
U.S. Treasury Bills		3.714		11/27/26		129,000		127,436,719
U.S. Treasury Bills		3.721		09/24/26		140,300		139,550,600
U.S. Treasury Bills		3.723		09/22/26		180,000		179,079,100
U.S. Treasury Bills		3.734		12/03/26		98,000		96,752,203
U.S. Treasury Bills		3.739		08/25/26		127,000		126,720,600
U.S. Treasury Bills		3.789		03/18/27		61,500		60,043,842


TOTAL U.S. TREASURY OBLIGATIONS
(cost $1,581,107,112)								1,581,323,255


TOTAL SHORT-TERM INVESTMENTS
(cost $14,852,465,318)								14,851,752,106


TOTAL INVESTMENTS 100.1%
(cost $17,037,643,956)								17,037,410,245
Liabilities in excess of other assets (0.1)%								(15,746,460	)


NET ASSETS 100.0%							$	17,021,663,785

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2026.

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

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

(t)	Represents zero coupon. Rate quoted represents effective yield at July 31, 2026.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


8

PGIM Core Ultra Short Bond Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

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


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Certificates of Deposit		$—		$	1,777,567,704		$—
Commercial Paper		—			250,565,404		—
U.S. Treasury Obligations		—			157,525,031		—
Short-Term Investments
Certificates of Deposit		—			737,905,723		—
Commercial Paper		—			9,889,286,818		—
Repurchase Agreements		—			1,184,000,000		—
Time Deposits		—			592,000,000		—
U.S. Government Agency Obligations		—			867,236,310		—
U.S. Treasury Obligations		—			1,581,323,255		—

Total		$—		$	17,037,410,245		$—

Security Allocation:

The security allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Commercial Paper	59.6	%
Certificates of Deposit	14.7
U.S. Treasury Obligations	10.2
Repurchase Agreements	7.0
U.S. Government Agency Obligations	5.1
Time Deposits	3.5

	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

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

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

Offsetting of financial instrument/transaction assets and liabilities:


Description	Counterparty		Gross Market Value of Recognized Assets/(Liabilities)			Collateral Pledged/(Received)(1)				Net Amount
Repurchase Agreements		Banco Santander SA		$	84,000,000		$	(84,000,000	)		$	—
Repurchase Agreements		Credit Agricole Corporate & Investment Bank			400,000,000			(400,000,000	)			—
Repurchase Agreements		Natixis			600,000,000			(600,000,000	)			—
Repurchase Agreements		Nomura International PLC			100,000,000			(100,000,000	)			—

				$	1,184,000,000

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

See Notes to Financial Statements.


Prudential Investment Portfolios 2			9

PGIM Core Ultra Short Bond Fund

Statement of Assets & Liabilities (unaudited)

as of July 31, 2026


Assets
Investments at value:
Unaffiliated investments (cost $15,853,643,956)	$	15,853,410,245
Repurchase Agreements (cost $1,184,000,000)		1,184,000,000
Cash		50,778
Interest receivable		19,645,446

Total Assets		17,057,106,469


Liabilities
Payable for investments purchased		35,201,476
Accrued expenses and other liabilities		163,831
Management fee payable		66,843
Affiliated transfer agent fee payable		8,333
Dividends and Distributions payable		1,440
Trustees’ fees payable		761

Total Liabilities		35,442,684


Net Assets	$	17,021,663,785



Net assets were comprised of:
Paid-in capital	$	17,021,874,520
Total distributable earnings (loss)		(210,735	)


Net assets, July 31, 2026	$	17,021,663,785

Net asset value and redemption price per share ($17,021,663,785 ÷ 17,022,675,352 shares of beneficial interest issued and outstanding)	$	1.00

See Notes to Financial Statements.


10

PGIM Core Ultra Short Bond Fund

Statement of Operations (unaudited)

Six Months Ended July 31, 2026


Net Investment Income (Loss)

Interest income	$	276,005,791


Expenses
Management fee		455,118
Custodian and accounting fees		226,564
Transfer agent’s fees and expenses (including affiliated expense of $49,825)		49,825
Insurance expense		35,960
Professional fees		15,122
Audit fee		14,350
Shareholders’ reports		8,093
Trustees’ fees		4,760
Miscellaneous		12,217


Total expenses		822,009


Net investment income (loss)		275,183,782


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		6,818
Net change in unrealized appreciation (depreciation) on investments		(1,831,627	)


Net gain (loss) on investment transactions		(1,824,809	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	273,358,973

See Notes to Financial Statements.


Prudential Investment Portfolios 2			11

PGIM Core Ultra Short Bond Fund

Statements of Changes in Net Assets (unaudited)



	Six Months Ended July 31, 2026				Year Ended January 31, 2026
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	275,183,782			$	649,715,286
Net realized gain (loss) on investment transactions			6,818				19,818
Net change in unrealized appreciation (depreciation) on investments			(1,831,627	)			(1,651,008	)

Net increase (decrease) in net assets resulting from operations			273,358,973				648,084,096

Dividends and Distributions
Distributions from distributable earnings			(275,182,132	)			(649,720,838	)

Total dividends and distributions			(275,182,132	)			(649,720,838	)


Fund share transactions
Net proceeds from shares sold (60,392,938,874 and 99,727,369,869 shares, respectively)			60,392,938,855				99,727,369,891
Net asset value of shares issued in reinvestment of dividends and distributions (275,158,060 and 649,271,833 shares, respectively)			275,158,060				649,271,833
Cost of shares purchased (56,732,486,914 and 103,089,824,079 shares, respectively)			(56,732,486,914	)			(103,089,824,079	)


Net increase (decrease) in net assets from Fund share transactions			3,935,610,001				(2,713,182,355	)


Total increase (decrease)			3,933,786,842				(2,714,819,097	)

Net Assets:
Beginning of period			13,087,876,943				15,802,696,040

End of period		$	17,021,663,785			$	13,087,876,943

See Notes to Financial Statements.


12

PGIM Core Ultra Short Bond Fund

Financial Highlights (unaudited)



	Six Months Ended July 31, 2026			Year Ended January 31,
	Six Months Ended July 31, 2026			2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Income (loss) from investment operations:
Net investment income (loss)		0.02			0.04			0.05			0.05			0.02			-	^(b)
Net realized and unrealized gain (loss) on investment transactions^(b)		-			-			-			-			-			-
Total from investment operations		0.02			0.04			0.05			0.05			0.02			-	^(b)
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)		-	^(b)
Distributions from net realized gains		-			-^(b	⁾		-^(b	⁾		-^(b	⁾		-^(b	⁾		-
Total dividends and distributions		(0.02	)		(0.04	)		(0.05	)		(0.05	)		(0.02	)		-
Net asset value, end of period		$1.00			$1.00			$1.00			$1.00			$1.00			$1.00
Total Return^(c):		1.92	%		4.46	%		5.44	%		5.50	%		2.20	%		0.13	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$17,021,664			$13,087,877			$15,802,696			$19,838,444			$20,806,273			$23,362,544
Average net assets (000)		$14,408,953			$14,791,251			$17,925,685			$18,834,633			$23,381,342			$31,545,754
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.01	%^(d)		0.01	%		0.01	%		0.01	%		0.01	%		-	%^(b)
Expenses before waivers and/or expense reimbursement		0.01	%^(d)		0.01	%		0.01	%		0.01	%		0.01	%		-	%^(b)
Net investment income (loss)		3.85	%^(d)		4.39	%		5.33	%		5.36	%		2.06	%		0.12	%
Portfolio turnover rate^(e)		53	%		107	%		72	%		119	%		90	%		72	%

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

(b)	Amount rounds to zero.

(c)

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

(d)	Annualized.

(e)	The Portfolio turnover rate calculation, if any includes floating rate daily demand notes.

See Notes to Financial Statements.


Prudential Investment Portfolios 2			13

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited)

as of July 31, 2026

Description

Interest
Rate

Maturity

Date

Principal
Amount

(000)#

Value

SHORT-TERM INVESTMENTS 100.1%

CERTIFICATES OF DEPOSIT 11.6%

Bank of America, NA,

SOFR + 0.350%

4.000%(c)

07/01/27

18,000

18,001,022

Bank of Montreal

4.430

07/22/27

48,000

48,011,030

Bank of Montreal,

SOFR + 0.370%

4.020(c)

07/12/27

58,000

57,988,475

Bank of Nova Scotia,

SOFR + 0.330% (Cap N/A, Floor 0.000%)

3.980(c)

08/07/26

20,000

20,000,836

SOFR + 0.400% (Cap N/A, Floor 0.000%)

4.050(c)

05/20/27

30,000

30,020,484

BNP Paribas SA,

SOFR + 0.340%

3.990(c)

09/04/26

95,000

95,020,539

SOFR + 0.340%

3.990(c)

03/19/27

41,000

41,010,443

SOFR + 0.340%

3.990(c)

05/28/27

40,000

39,998,908

SOFR + 0.360%

4.010(c)

11/05/26

56,700

56,724,545

Canadian Imperial Bank of Commerce,

SOFR + 0.350% (Cap N/A, Floor 0.000%)

4.000(c)

06/04/27

32,000

32,011,978

Credit Agricole Corporate & Investment Bank,

SOFR + 0.370%

4.020(c)

10/26/26

50,000

50,031,855

Credit Industriel et Commercial,

SOFR + 0.410%

4.060(c)

04/23/27

45,500

45,531,049

MUFG Bank Ltd.,

SOFR + 0.330%

3.980(c)

10/16/26

25,000

25,006,805

Nordea Bank Abp

3.750

09/08/26

12,000

11,999,004

Nordea Bank Abp,

SOFR + 0.300%

3.950(c)

10/05/26

49,000

49,017,596

Royal Bank of Canada

4.440

07/20/27

75,000

75,053,272

Royal Bank of Canada,

SOFR + 0.350% (Cap N/A, Floor 0.000%)

4.000(c)

12/07/26

30,000

30,017,778

Sumitomo Mitsui Banking Corp.,

SOFR + 0.320%

3.970(c)

08/17/26

40,000

40,004,416

SOFR + 0.360%

4.010(c)

10/16/26

20,000

20,010,266

Svenska Handelsbanken,

SOFR + 0.310% (Cap N/A, Floor 0.000%)

3.960(c)

09/16/26

35,000

35,009,348

SOFR + 0.310% (Cap N/A, Floor 0.000%)

3.960(c)

09/24/26

43,000

43,013,515

SOFR + 0.340% (Cap N/A, Floor 0.000%)

3.990(c)

07/30/27

50,000

49,990,335

Swedbank AB,

SOFR + 0.310%

3.960(c)

09/16/26

25,000

25,006,678

SOFR + 0.390%

4.040(c)

04/01/27

75,000

75,049,485

Toronto-Dominion Bank (The),

SOFR + 0.400%

4.050(c)

08/06/27

50,000

50,013,080

SOFR + 0.420%

4.070(c)

04/23/27

55,000

55,054,113

Wells Fargo Bank NA

3.850

12/11/26

28,000

27,983,654

Wells Fargo Bank NA

4.060

04/16/27

50,000

49,934,885

Wells Fargo Bank NA,

SOFR + 0.360% (Cap N/A, Floor 0.000%)

4.010(c)

07/14/27

25,000

24,998,640

TOTAL CERTIFICATES OF DEPOSIT

(cost $1,221,201,245)

1,221,514,034

COMMERCIAL PAPER 40.6%

ABN AMRO Funding USA LLC,

144A

3.930(n)

09/09/26

8,000

7,966,282

Advocate Health & Hospitals Corp.

3.769(t)

08/18/26

30,000

29,941,821

Advocate Health & Hospitals Corp.

3.930(t)

09/29/26

10,000

9,934,833

Automatic Data Processing, Inc.,

144A

3.652(n)

08/06/26

118,000

117,927,855

Bank of America Securities, Inc.,

SOFR + 0.300%

3.970(c)

03/01/27

27,000

26,998,407

SOFR + 0.330%

3.980(c)

08/05/26

40,000

40,001,164

See Notes to Financial Statements.


14

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest
Rate

Maturity
Date

Principal
Amount

(000)#

Value

COMMERCIAL PAPER (Continued)

Bank of America Securities, Inc., (cont’d.)

SOFR + 0.350%

4.000%(c)

10/28/26

104,000

104,048,630

SOFR + 0.370%

3.650(c)

11/18/26

49,500

49,528,264

Bank of New York Mellon (The)

4.070(n)

03/01/27

40,000

39,045,288

Bank of New York Mellon (The)

4.157(n)

06/01/27

53,000

51,139,605

Caisse des Depots et Consignations,

144A

4.004(n)

01/12/27

40,000

39,272,168

Canadian Imperial Bank of Commerce,

144A

4.169(n)

03/24/27

68,000

66,177,974

Caterpillar, Inc.

4.221(n)

08/04/26

32,250

32,236,936

CDP Financial, Inc.,

144A

3.752(n)

08/04/26

25,000

24,989,802

144A

3.761(n)

08/12/26

50,000

49,938,415

144A

3.771(n)

09/01/26

5,500

5,481,582

144A

4.205(n)

05/26/27

35,000

33,791,446

144A

4.215(n)

06/01/27

50,000

48,236,440

144A, SOFR + 0.300%

3.950(c)

09/14/26

29,550

29,554,799

144A, SOFR + 0.300%

3.950(c)

02/02/27

19,000

19,006,680

144A, SOFR + 0.340%

3.650(c)

12/02/26

37,000

37,016,961

Cisco Systems, Inc.,

144A

3.868(n)

11/05/26

36,000

35,632,210

Citigroup Global Markets, Inc.,

144A

4.029(n)

01/25/27

37,460

36,713,939

144A

4.183(n)

04/28/27

86,000

83,303,556

144A, SOFR + 0.370%

3.650(c)

12/01/26

50,000

50,020,885

Commonwealth Bank of Australia,

144A, SOFR + 0.340%

4.000(c)

07/26/27

100,000

99,993,030

CPDE Investment Co. LLC,

144A

4.027(n)

09/22/26

24,000

23,865,026

Eli Lilly & Co.,

144A

3.753(n)

08/03/26

52,000

51,984,249

EssilorLuxottica SA,

144A

3.864(n)

08/05/26

42,000

41,978,727

144A

3.886(n)

08/24/26

30,000

29,926,941

144A

3.939(n)

10/08/26

54,500

54,111,311

144A

3.974(n)

08/28/26

25,000

24,928,750

Export Development Canada

3.834(n)

10/09/26

23,000

22,832,144

Federation des Caisses Desjardins du Quebec,

144A

3.760(n)

08/19/26

30,000

29,941,155

144A

3.765(n)

08/24/26

46,500

46,384,317

144A

3.862(n)

08/31/26

20,000

19,935,394

ING (U.S.) Funding LLC,

144A, SOFR + 0.310%

3.960(c)

04/09/27

50,000

49,995,045

144A, SOFR + 0.340%

3.990(c)

08/18/26

27,000

27,003,097

ING Bank N.V.,

SOFR + 0.310%

3.650(c)

04/15/27

10,000

9,998,839

SOFR + 0.350%

3.650(c)

07/29/27

40,000

39,984,920

Itochu Treasury Center America, Inc.,

144A

3.772(n)

08/05/26

50,000

49,972,875

144A

3.810(n)

08/19/26

15,000

14,968,512

144A

3.811(n)

08/20/26

9,000

8,980,089

144A

3.812(n)

08/27/26

25,000

24,925,708

JPMorgan Securities LLC,

144A, SOFR + 0.320%

3.650(c)

02/08/27

50,000

50,000,215

144A, SOFR + 0.400%

3.650(c)

07/12/27

89,000

88,996,645

Kreditanstalt Fuer Wiederaufbau,

144A

3.717(n)

08/06/26

24,750

24,735,115

144A

3.738(n)

08/21/26

50,000

49,892,665

Long Island Power Authority

3.800

08/25/26

10,000

9,999,620

See Notes to Financial Statements.


Prudential Investment Portfolios 2			15

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest
Rate

Maturity

Date

Principal
Amount

(000)#

Value

COMMERCIAL PAPER (Continued)

LVMH Moet Hennessy Louis Vuitton SE,

144A

3.728%(n)

08/18/26

35,600

35,534,866

144A

3.986(n)

01/11/27

25,000

24,558,263

144A

3.997(n)

12/01/26

44,000

43,425,127

144A

4.094(n)

05/04/27

50,000

48,461,840

Memorial Hermann Health System

3.873(t)

10/14/26

10,000

9,921,042

Memorial Hermann Health System

3.877(t)

10/15/26

45,000

44,639,635

Mitsubishi Corp.,

144A

3.798(n)

08/18/26

10,000

9,981,533

144A

3.827(n)

08/05/26

20,000

19,989,822

144A

3.828(n)

08/06/26

20,000

19,987,776

144A

3.841(n)

09/21/26

22,000

21,880,833

National Australia Bank Ltd.,

144A, SOFR + 0.300%

3.650(c)

10/20/26

95,000

95,037,743

New York Life Short Term Funding LLC,

144A

3.972(n)

09/02/26

50,000

49,828,860

Nordea Bank Abp,

144A, SOFR + 0.300%

3.640(c)

04/23/27

28,500

28,502,283

Novartis Finance Corp.,

144A

4.285(n)

08/06/26

25,000

24,984,505

OMERS Finance Trust,

144A

3.844(n)

09/29/26

15,000

14,902,320

144A

3.851(n)

08/12/26

7,000

6,991,462

144A

3.930(n)

09/17/26

5,000

4,975,000

144A

3.933(n)

08/24/26

26,000

25,936,009

Ontario Teacher’s Finance Trust,

144A

3.738(n)

08/12/26

13,500

13,483,490

144A

4.000(n)

01/04/27

25,000

24,565,308

144A

4.039(n)

01/14/27

7,400

7,262,792

Pacific Life Short Term Funding LLC,

144A

3.888(n)

08/28/26

15,000

14,956,224

144A

3.966(n)

08/05/26

15,000

14,992,361

144A

3.975(n)

08/06/26

30,000

29,981,658

Province of Alberta,

144A

4.046(n)

03/29/27

70,000

68,151,538

144A

4.053(n)

03/31/27

23,000

22,387,227

Province of Ontario

3.790(n)

09/21/26

7,000

6,962,211

Province of Ontario

3.870(n)

09/28/26

5,000

4,969,356

PSP Capital, Inc.,

144A

3.908(n)

11/03/26

66,000

65,346,587

144A

3.940(n)

11/12/26

50,000

49,455,060

144A

3.950(n)

10/08/26

44,000

43,688,726

Queensland Treasury Corp.

3.950(n)

12/04/26

39,000

38,478,843

Royal Bank of Canada,

144A, SOFR + 0.290%

3.650(c)

08/18/26

10,000

10,000,748

144A, SOFR + 0.310%

3.650(c)

09/11/26

10,000

10,001,874

144A, SOFR + 0.340%

3.650(c)

10/30/26

63,000

63,026,750

RWJ Barnabas Health, Inc.

3.885(t)

08/17/26

25,000

24,956,940

San Antonio Texas Electric

3.900

10/14/26

15,000

14,999,039

Sanofi SA,

144A

3.939(n)

10/22/26

39,660

39,317,687

144A

3.942(n)

10/16/26

89,720

89,004,277

144A

3.961(n)

09/10/26

17,000

16,928,202

Saudi Arabian Oil Co.

3.959(n)

08/03/26

10,000

9,996,876

Saudi Arabian Oil Co.

3.967(n)

09/28/26

25,000

24,838,965

Scripps Health

3.833(t)

09/03/26

19,000

18,932,769

Skandinaviska Enskilda Banken AB,

144A, SOFR + 0.310%

3.650(c)

08/14/26

31,250

31,252,406

144A, SOFR + 0.310%

3.650(c)

09/08/26

93,000

93,019,297

See Notes to Financial Statements.


16

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest

Rate

Maturity
Date

Principal
Amount

(000)#

Value

COMMERCIAL PAPER (Continued)

Skandinaviska Enskilda Banken AB, (cont’d.)

144A, SOFR + 0.380%

3.660%(c)

04/01/27

10,000

10,005,025

SSM Health Care Corp.

3.879(t)

09/15/26

10,000

9,952,083

ST Engineering North America,

144A

3.773(n)

08/05/26

44,000

43,977,771

Sumitomo Mitsui Banking Corp.,

144A, SOFR + 0.320%

3.970(c)

08/20/26

80,000

80,009,936

Svenska Handelsbanken,

144A

4.108(n)

05/20/27

35,180

33,986,008

Swedbank AB,

144A, SOFR + 0.300%

3.650(c)

10/14/26

100,000

100,037,840

144A, SOFR + 0.310%

3.650(c)

09/09/26

50,000

50,010,625

Texas Public Finance Authority

3.920

09/10/26

14,325

14,324,980

The Port of Seattle

3.850

08/13/26

18,000

17,999,944

TotalEnergies Capital SA,

144A

3.693(n)

08/06/26

79,000

78,951,210

144A

3.842(n)

08/31/26

65,000

64,790,589

144A

3.935(n)

09/28/26

18,500

18,385,999

Toyota Credit Canada Inc.

3.985(n)

08/26/26

25,000

24,931,660

Toyota Credit Canada Inc.

4.255(n)

03/03/27

31,200

30,437,066

Toyota Motor Credit Corp.

4.069(n)

12/14/26

25,000

24,634,878

Unilever Capital Corp.,

144A

3.875(n)

08/24/26

17,500

17,457,150

Unilever Finance Netherlands BV,

144A

3.764(n)

08/19/26

39,000

38,924,648

144A

3.766(n)

08/26/26

25,000

24,933,580

Walmart, Inc.,

144A

3.641(n)

08/03/26

12,000

11,996,335

144A

3.648(n)

08/06/26

91,000

90,944,363

144A

3.768(n)

08/31/26

50,000

49,839,850

Westpac Banking Corp.,

144A

4.170(n)

05/28/27

30,300

29,244,684

144A, SOFR + 0.300%

3.650(c)

10/08/26

35,000

35,012,096

144A, SOFR + 0.300%

3.650(c)

10/09/26

50,000

50,017,470

TOTAL COMMERCIAL PAPER

(cost $4,295,118,214)

4,294,542,251

REPURCHASE AGREEMENTS 17.6%

Banco Santander SA,

3.65%, dated 07/31/26, due 08/03/26 in the amount of $483,036,879 collateralized by FHLMC (coupon rate 2.000%, maturity date 10/01/36), FNMA (coupon rates 2.500%-6.500%, maturity dates 09/01/50-04/01/56), GNMA (coupon rates 4.500%-5.000%, maturity dates 05/20/52-08/20/52) and U.S. Treasury Securities (coupon rates 0.000%-3.625%, maturity dates 11/27/26-11/15/49) with the aggregate value, including accrued interest, of $492,697,659.

482,890

482,890,000

CF Secured LLC,

3.65%, dated 07/31/26, due 08/03/26 in the amount of $150,045,625 collateralized by FFCSB (coupon rate 3.900%, maturity date 01/29/27), FHLMC (coupon rates 0.000%-7.000%, maturity dates 03/15/31-08/01/56), FNMA (coupon rates 0.000%-7.000%, maturity dates 11/15/30-07/01/54), GNMA (coupon rates 5.000%-7.000%, maturity dates 01/20/65-06/20/66) and U.S. Treasury Securities (coupon rate 4.375%, maturity date 07/31/31) with the aggregate value, including accrued interest, of $153,046,570.

150,000

150,000,000

Clear Street LLC,

3.66%, dated 07/31/26, due 08/03/26 in the amount of $90,027,450 collateralized by FFCSB (coupon rates 1.090%-5.570%, maturity dates 11/12/26-01/12/49), FHLB (coupon rate 5.150%, maturity date 06/04/38), FHLMC (coupon rates 5.000%-7.000%, maturity dates 11/01/55-06/01/56), FNMA (coupon rates 2.500%-7.000%, maturity dates 04/01/30-08/01/56) and GNMA (coupon rates 3.000%-6.000%, maturity dates 05/20/45-07/20/56) with the aggregate value, including accrued interest, of $91,827,999.

90,000

90,000,000

See Notes to Financial Statements.


Prudential Investment Portfolios 2			17

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026


Description						Principal Amount (000)#		Value

REPURCHASE AGREEMENTS (Continued)
Credit Agricole Corporate & Investment Bank, 3.65%, dated 07/01/26, due 08/03/26 in the amount of $110,368,042 collateralized by U.S. Treasury Securities (coupon rates 0.000%-5.000%, maturity dates 08/15/26-11/15/55) with the aggregate value, including accrued interest, of $112,200,032.							110,000	$	110,000,000
3.65%, dated 07/20/26, due 08/24/26 in the amount of $60,212,917 collateralized by U.S. Treasury Securities (coupon rates 0.000%-4.750%, maturity dates 10/31/26-05/15/55) with the aggregate value, including accrued interest, of $61,200,000.							60,000		60,000,000
3.65%, dated 07/22/26, due 08/26/26 in the amount of $100,354,861 collateralized by U.S. Treasury Securities (coupon rates 0.250%-4.750%, maturity dates 07/15/27-11/15/54) with the aggregate value, including accrued interest, of $102,000,000.							100,000		100,000,000
3.65%, dated 07/31/26, due 08/03/26 in the amount of $104,374,738 collateralized by FHLMC (coupon rates 5.000%-5.500%, maturity dates 08/01/54-02/01/56), FNMA (coupon rates 3.000%-5.500%, maturity dates 03/01/52-07/01/56) and GNMA (coupon rates 3.000%-7.000%, maturity dates 07/20/50-07/20/56) with the aggregate value, including accrued interest, of $106,429,860.							104,343		104,343,000
Deutsche Bank Securities, Inc., 3.65%, dated 07/31/26, due 08/03/26 in the amount of $115,164,018 collateralized by U.S. Treasury Securities (coupon rates 3.625%-4.125%, maturity dates 04/15/28-11/30/31) with the aggregate value, including accrued interest, of $117,431,591.							115,129		115,129,000
Natixis, 3.66%, dated 07/30/26, due 09/17/26 in the amount of $482,391,200 collateralized by FFCSB (coupon rate 2.780%, maturity date 12/01/36), FHLMC (coupon rates 3.000%-5.000%, maturity dates 03/01/35-07/01/56), FNMA (coupon rates 1.610%-5.500%, maturity dates 02/01/29-07/01/56) and U.S. Treasury Securities (coupon rates 0.000%-4.875%, maturity dates 09/30/26-02/15/55) with the aggregate value, including accrued interest, of $489,600,084.							480,000		480,000,000
Nomura International PLC, 3.65%, dated 07/31/26, due 08/03/26 in the amount of $62,018,858 collateralized by FHLMC (coupon rates 3.000%-6.000%, maturity dates 06/01/48-04/01/55) and FNMA (coupon rates 5.000%-6.000%, maturity dates 05/01/53-11/01/55) with the aggregate value, including accrued interest, of $63,280,224.							62,000		62,000,000
State Street Bank & Trust Co., 3.64%, dated 07/31/26, due 08/03/26 in the amount of $95,028,817 collateralized by U.S. Treasury Securities (coupon rate 0.375%, maturity date 07/15/27) with the aggregate value, including accrued interest, of $96,900,108.							95,000		95,000,000
U.S. Bancorp, 3.65%, dated 07/31/26, due 08/03/26 in the amount of $15,004,563 collateralized by U.S. Treasury Securities (coupon rates 2.875%-4.250%, maturity dates 05/15/28-11/15/34) with the aggregate value, including accrued interest, of $15,304,693.							15,000		15,000,000


TOTAL REPURCHASE AGREEMENTS
(cost $1,864,362,000)									1,864,362,000

	Interest Rate			Maturity Date
TIME DEPOSITS 14.8%
ABN AMRO Bank NV		3.640%			08/06/26		150,000		150,000,000
Australia & New Zealand Banking		3.630			08/03/26		295,000		295,000,000
Canadian Imperial Bank of Commerce		3.630			08/03/26		275,000		275,000,000
Cooperatieve Rabobank UA		3.620			08/03/26		350,000		350,000,000
Credit Agricole Corporate & Investment Bank		3.580			08/03/26		45,000		45,000,000
DNB Bank ASA		3.620			08/03/26		100,000		100,000,000
Mizuho Bank Ltd.		3.640			08/03/26		129,486		129,486,000
Royal Bank of Canada		3.600			08/03/26		50,000		50,000,000
Svenska Handelsbanken		3.610			08/03/26		175,000		175,000,000


TOTAL TIME DEPOSITS
(cost $1,569,486,000)									1,569,486,000


U.S. GOVERNMENT AGENCY OBLIGATIONS 4.7%
Federal Home Loan Bank		3.672	(n)		09/11/26		45,200		45,007,523
Federal Home Loan Bank		3.675	(n)		09/16/26		40,000		39,809,389
Federal Home Loan Bank		3.679	(n)		08/28/26		40,000		39,888,156

See Notes to Financial Statements.


18

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026

Description

Interest

Rate

Maturity
Date

Principal
Amount

(000)#

Value

U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)

Federal Home Loan Bank

3.684%(n)

08/27/26

186,000

185,498,498

Federal Home Loan Bank

3.685(n)

08/21/26

33,000

32,930,796

Federal Home Loan Bank

3.689(n)

08/14/26

59,500

59,416,815

Federal Home Loan Mortgage Corp.

3.698(n)

08/31/26

38,500

38,380,816

Federal National Mortgage Association

3.670(n)

09/09/26

55,000

54,776,944

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

(cost $495,742,093)

495,708,937

U.S. TREASURY OBLIGATIONS 10.8%

U.S. Treasury Bills

3.659(n)

09/03/26

141,000

140,558,129

U.S. Treasury Bills

3.670(n)

08/18/26

138,000

137,792,568

U.S. Treasury Bills

3.670(n)

09/15/26

27,200

27,082,147

U.S. Treasury Bills

3.671(n)

09/10/26

27,750

27,643,671

U.S. Treasury Bills

3.672(n)

10/29/26

19,000

18,831,178

U.S. Treasury Bills

3.687(n)

10/01/26

54,000

53,674,851

U.S. Treasury Bills

3.709(n)

10/13/26

71,500

70,984,259

U.S. Treasury Bills

3.714(n)

09/17/26

70,000

69,679,960

U.S. Treasury Bills

3.714(n)

11/27/26

89,000

87,921,457

U.S. Treasury Bills

3.718(n)

09/22/26

115,000

114,411,647

U.S. Treasury Bills

3.720(n)

09/24/26

99,800

99,266,927

U.S. Treasury Bills

3.734(n)

12/03/26

64,000

63,185,112

U.S. Treasury Bills

3.739(n)

08/25/26

77,000

76,830,600

U.S. Treasury Bills

3.789(n)

03/18/27

50,000

48,816,132

U.S. Treasury Bills

3.922(n)

06/10/27

53,000

51,251,566

U.S. Treasury Notes

3.750

06/30/27

52,500

52,319,531

TOTAL U.S. TREASURY OBLIGATIONS

(cost $1,140,221,073)

1,140,249,735

TOTAL INVESTMENTS 100.1%

(cost $10,586,130,625)

10,585,862,957

Liabilities in excess of other assets (0.1)%

(7,593,864

)

NET ASSETS 100.0%

10,578,269,093

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

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

(c)	Variable rate instrument. The interest rate shown reflects the rate in effect at July 31, 2026.

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

(t)	Represents zero coupon. Rate quoted represents effective yield at July 31, 2026.

Fair Value Measurements:

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

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Certificates of Deposit		$—		$1,221,514,034		$—
Commercial Paper		—		4,294,542,251		—
Repurchase Agreements.		—		1,864,362,000		—

See Notes to Financial Statements.


Prudential Investment Portfolios 2			19

PGIM Institutional Money Market Fund

Schedule of Investments (unaudited) (continued)

as of July 31, 2026


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments (continued)
Time Deposits		$—	$	1,569,486,000		$—
U.S. Government Agency Obligations		—		495,708,937		—
U.S. Treasury Obligations .		—		1,140,249,735		—

Total		$—		$10,585,862,957		$—

Security Allocation:

The security allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2026 were as follows:


Commercial Paper	40.6	%
Repurchase Agreements	17.6
Time Deposits	14.8
Certificates of Deposit	11.6
U.S. Treasury Obligations	10.8
U.S. Government Agency Obligations	4.7

	100.1
Liabilities in excess of other assets	(0.1	)

	100.0	%

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

Offsetting of financial instrument/transaction assets and liabilities:


Description	Counterparty	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Repurchase Agreements	Banco Santander SA	$	482,890,000		$(482,890,000	)		$—
Repurchase Agreements	CF Secured LLC		150,000,000		(150,000,000	)		—
Repurchase Agreements	Clear Street LLC		90,000,000		(90,000,000	)		—
Repurchase Agreements	Credit Agricole Corporate & Investment Bank		374,343,000		(374,343,000	)		—
Repurchase Agreements	Deutsche Bank Securities, Inc.		115,129,000		(115,129,000	)		—
Repurchase Agreements	Natixis		480,000,000		(480,000,000	)		—
Repurchase Agreements	Nomura International PLC		62,000,000		(62,000,000	)		—
Repurchase Agreements	State Street Bank & Trust Co.		95,000,000		(95,000,000	)		—
Repurchase Agreements	U.S. Bancorp		15,000,000		(15,000,000	)		—

			$1,864,362,000

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

See Notes to Financial Statements.


20

PGIM Institutional Money Market Fund

Statement of Assets & Liabilities (unaudited)

as of July 31, 2026


Assets
Investments at value:
Unaffiliated investments (cost $8,721,768,625)	$	8,721,500,957
Repurchase Agreements (cost $1,864,362,000)		1,864,362,000
Cash		50,899
Interest receivable		9,918,913

Total Assets		10,595,832,769


Liabilities
Payable for investments purchased		16,910,805
Management fee payable		566,447
Accrued expenses and other liabilities		77,331
Affiliated transfer agent fee payable		8,333
Trustees’ fees payable		760

Total Liabilities		17,563,676


Net Assets	$	10,578,269,093



Net assets were comprised of:
Paid-in capital	$	10,578,351,296
Total distributable earnings (loss)		(82,203)


Net assets, July 31, 2026	$	10,578,269,093

Net asset value, offering price and redemption price per share ($10,578,269,093 ÷ 10,586,022,601 shares of beneficial interest issued and outstanding)	$	0.9993

See Notes to Financial Statements.


Prudential Investment Portfolios 2			21

PGIM Institutional Money Market Fund

Statement of Operations (unaudited)

Six Months Ended July 31, 2026


Net Investment Income (Loss)

Interest income	$	194,654,888

Expenses
Management fee		7,634,004
Transfer agent’s fees and expenses (including affiliated expense of $50,000)		86,876
Custodian and accounting fees		65,133
Professional fees		17,538
Audit fee		13,977
Shareholders’ reports		7,428
Trustees’ fees		4,760
Miscellaneous		32,105


Total expenses		7,861,821

Less: Fee waiver and/or expense reimbursement		(4,300,112	)


Net expenses		3,561,709


Net investment income (loss)		191,093,179


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		60,962
Net change in unrealized appreciation (depreciation) on investments		(1,781,588	)


Net gain (loss) on investment transactions		(1,720,626	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	189,372,553

See Notes to Financial Statements.


22

PGIM Institutional Money Market Fund

Statements of Changes in Net Assets (unaudited)



	Six Months Ended July 31, 2026			Year Ended January 31, 2026
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	191,093,179		$	432,689,936
Net realized gain (loss) on investment transactions		60,962			139,654
Net change in unrealized appreciation (depreciation) on investments		(1,781,588	)		257,220


Net increase (decrease) in net assets resulting from operations		189,372,553			433,086,810


Dividends and Distributions
Distributions from distributable earnings		(191,089,286	)		(432,701,777	)


Fund share transactions
Net proceeds from shares sold (52,114,051,988 and 111,500,592,466 shares, respectively)		52,077,305,108			111,428,454,136
Net asset value of shares issued in reinvestment of dividends and distributions (190,751,008 and 432,065,477 shares, respectively)		190,617,363			431,781,495
Cost of shares purchased (52,794,402,514 and 108,838,032,026 shares, respectively)		(52,757,186,574	)		(108,767,541,076	)

Net increase (decrease) in net assets from Fund share transactions		(489,264,103	)		3,092,694,555

Total increase (decrease)		(490,980,836	)		3,093,079,588
Net Assets:
Beginning of period		11,069,249,929			7,976,170,341

End of period	$	10,578,269,093		$	11,069,249,929

See Notes to Financial Statements.


Prudential Investment Portfolios 2			23

PGIM Institutional Money Market Fund

Financial Highlights (unaudited)



	Six Months Ended July 31, 2026			Year Ended January 31,
	Six Months Ended July 31, 2026			2026			2025			2024			2023			2022
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$0.9994			$0.9994			$0.9997			$0.9998			$0.9993			$0.9996
Income (loss) from investment operations:
Net investment income (loss)		0.0186			0.0427			0.0528			0.0531			0.0215			0.0009
Net realized and unrealized gain (loss) on investment transactions		(0.0001	)		0.0001			(0.0009	)		-^(b)			0.0004			(0.0003	)
Total from investment operations		0.0185			0.0428			0.0519			0.0531			0.0219			0.0006
Less Dividends and Distributions:
Dividends from net investment income		(0.0186	)		(0.0428	)		(0.0522	)		(0.0532	)		(0.0214	)		(0.0009	)
Distributions from net realized gains		-^(b	⁾		-^(b	⁾		-^(b	⁾		-^(b	⁾		-^(b	⁾		-
Total dividends and distributions		(0.0186	)		(0.0428	)		(0.0522	)		(0.0532	)		(0.0214	)		(0.0009	)
Net asset value, end of period		$0.9993			$0.9994			$0.9994			$0.9997			$0.9998			$0.9993
Total Return^(c):		1.86	%		4.37	%		5.32	%		5.44	%		2.21	%		0.06	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$10,578,269			$11,069,250			$7,976,170			$14,749,409			$17,450,710			$14,013,764
Average net assets (000)		$10,260,644			$10,130,911			$10,778,459			$16,185,539			$17,241,721			$16,528,965
Ratios to average net assets:
Expenses after waivers and/or expense reimbursement		0.07	%^(d)		0.07	%		0.07	%		0.07	%		0.07	%		0.07	%
Expenses before waivers and/or expense reimbursement		0.15	%^(d)		0.15	%		0.15	%		0.15	%		0.15	%		0.15	%
Net investment income (loss)		3.76	%^(d)		4.27	%		5.29	%		5.31	%		2.15	%		0.09	%

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

(b)	Amount rounds to zero.

(c)

(d)	Annualized.

See Notes to Financial Statements.


24

Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 2 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust.

These financial statements relate only to the following series of the RIC: the PGIM Core Ultra Short Bond Fund and the PGIM Institutional Money Market Fund (each, a “Fund” and collectively, the “Funds”). Shares of the Funds are not registered under the Securities Act of 1933, as amended. The Funds are classified as diversified funds for purposes of the 1940 Act.

The Funds have the following investment objectives:


Fund		Investment Objective(s)
PGIM Core Ultra Short Bond Fund		Current income consistent with the preservation of capital and the maintenance of liquidity.
PGIM Institutional Money Market Fund		Current income consistent with the preservation of capital and the maintenance of liquidity.

2. Accounting Policies

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

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

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

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

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


			25

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

Repurchase Agreements: Certain Funds entered into repurchase agreements. In connection with transactions in repurchase agreements with United States financial institutions, it is each Fund’s policy that its custodian or designated subcustodians under triparty repurchase agreements, as the case may be, take possession of the underlying collateral securities, the value of which exceeds the principal amount of the repurchase transactions, including accrued interest. To the extent that any repurchase transaction exceeds one business day, the value of the collateral is marked-to-market on a daily basis to ensure the adequacy of the collateral. If the seller defaults and the value of the collateral declines or, if bankruptcy proceedings are commenced with respect to the seller of the security, realization of the collateral by the Fund may be delayed or limited.

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

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

Mandatory Liquidity Fee: The PGIM Institutional Money Market Fund has implemented a mandatory liquidity fee framework as required by Rule 2a-7 under the 1940 Act, whereby institutional prime money market funds must charge a liquidity fee to all shares that are redeemed when total daily net redemptions exceed 5% of the Fund’s net assets. The liquidity fee is generally determined by making a good faith estimate of the transaction and market impact costs that would be incurred if a pro rata amount of each security in the


26

portfolio was sold to satisfy the amount of net redemptions. Liquidity fees are not charged if such costs are deemed de minimis (less than one basis point or 0.01% of the value of the shares redeemed). For the reporting period ended July 31, 2026, the Fund did not charge a liquidity fee.

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

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



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

*	Under certain circumstances, each Fund may make more than one distribution of 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 each Fund, has entered into management agreements with the Manager pursuant to which it has responsibility for all investment advisory services, including supervision of the subadviser’s performance of such services, and for rendering administrative services. The Manager has entered into subadvisory agreements with the subadvisers listed below (each a “subadviser” and collectively the “subadvisers”).



Fund		Subadviser(s)
PGIM Core Ultra Short Bond Fund		PGIM Credit (an investment group of PGIM, Inc.) In 2025, PGIM Fixed Income and PGIM Private Credit (formerly known as PGIM Private Capital) were combined to form PGIM Credit; PGIM Limited (an indirect, wholly-owned subsidiary of PGIM, Inc.)
PGIM Institutional Money Market Fund		PGIM Credit; PGIM Limited

The PGIM Core Ultra Short Bond Fund reimburses PGIM Investments for its costs and expenses incurred in managing the Fund’s investment operations and administering its business affairs. The costs are accrued daily and payable monthly. The management fee paid to the Manager by the PGIM Institutional Money Market Fund was accrued daily and payable monthly. For the reporting period ended July 31, 2026, the effective management fees for the Funds were as follows:



Fund	Contractual Management Rate	Effective Management Fee, before any waivers and/or expense reimbursements
PGIM Core Ultra Short Bond Fund	N/A	0.01%*
PGIM Institutional Money Market Fund	0.15% of average daily net assets	0.15%

*	Amounts received by PGIM Investments from the Fund consist of reimbursement for costs and expenses.

With respect to the PGIM Institutional Money Market Fund, the Manager has contractually agreed, through May 31, 2027, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.07% of the Fund’s average daily net assets. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Fees and/or expenses waived and/or reimbursed by the Manager for the purpose of preventing the expenses from exceeding a certain expense ratio limit may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.


			27

Notes to Financial Statements (unaudited) (continued)

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

4. Other Transactions with Affiliates

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

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

5. Portfolio Securities

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


Fund	Cost of Purchases		Proceeds from Sales
PGIM Core Ultra Short Bond Fund		$1,213,100,000		$1,135,550,000
PGIM Institutional Money Market Fund		—		—

6. Tax Information

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation (depreciation) as of July 31, 2026 were as follows:


Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
PGIM Core Ultra Short Bond Fund		$17,037,643,956		$1,477,652		$(1,711,363	)		$(233,711	)
PGIM Institutional Money Market Fund		10,586,130,625		938,762		(1,206,430	)		(267,668	)

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

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended January 31, 2026 are subject to such review.

7. Capital and Ownership

Shares of the PGIM Core Ultra Short Bond Fund and the PGIM Institutional Money Market Fund are available only to investment companies managed by PGIM Investments and, as applicable, certain investment advisory clients of PGIM, Inc.

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

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


Fund	Number of Shares		Percentage of Outstanding Shares
PGIM Core Ultra Short Bond Fund		17,022,675,352		100.0	%


28


Fund	Number of Shares		Percentage of Outstanding Shares
PGIM Institutional Money Market Fund		10,408,700,190		98.3	%

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


Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
PGIM Core Ultra Short Bond Fund		5		68.3%
PGIM Institutional Money Market Fund		3		32.8
Unaffiliated:
PGIM Core Ultra Short Bond Fund		—		—
PGIM Institutional Money Market Fund		—		—

8. Risks of Investing in the Funds

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



Risks	PGIM Core Ultra Short Bond Fund	PGIM Institutional Money Market Fund
Adjustable and Floating Rate Securities	—	X
Credit	X	X
Cyber Security	X	X
Debt Obligations	X	X
Economic and Market Events	X	X
Equity and Equity-Related Securities	X	—
Floating Net Asset Value	—	X
Foreign Securities	X	X
Forward Commitments	—	X
Increase in Expenses	—	X
Interest Rate	X	X
Large Shareholder and Large Scale Redemption	X	X
Management	X	X
Market Disruption and Geopolitical	X	X
Market	X	X
Mortgage-Backed and Asset-Backed Securities	X	X
Municipal Bonds	X	X
Portfolio Turnover	X	—
Repurchase Agreements	X	X
U.S. Government and Agency Securities	X	X
Variable and Floating Rate Bonds	—	X
When-Issued and Delayed-Delivery Transactions	—	X
Yield	X	X

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

Credit Risk: The debt obligations in which the Fund invests are generally subject to the risk that the issuer may be unable to repay principal and make interest payments when they are due. There is also the risk that the securities could lose value because of a loss of confidence in the ability of the borrower to pay back debt. All securities purchased by the Fund must present minimal credit risk in the opinion of the subadviser. The Fund is subject to the risk that the subadviser’s credit risk determinations may be incorrect. In addition, the credit quality of the securities held by the Fund may change rapidly in certain market conditions, which could result in significant net asset value deterioration.


			29

Notes to Financial Statements (unaudited) (continued)

Cyber Security Risk: Failures or breaches of the electronic systems of the Fund, the Fund’s manager, subadviser, distributor, and other service providers, or the issuers of securities in which the Fund invests have the ability to cause disruptions and negatively impact the Fund’s business operations, potentially resulting in financial losses to the Fund and its shareholders. While the Fund has established business continuity plans and risk management systems seeking to address system breaches or failures, there are inherent limitations in such plans and systems. Furthermore, the Fund cannot control the cyber security plans and systems of the Fund’s service providers or issuers of securities in which the Fund invests. In addition, the rapid development and increasingly widespread use of artificial intelligence, including machine learning technology and generative artificial intelligence, could exacerbate these risks or result in cyber security incidents that implicate personal data.

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

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.

Floating Net Asset Value Risk: The Fund’s NAV floats. The value of the Fund’s shares is calculated to four decimal places and will vary, reflecting the value of the portfolio of investments held by the Fund. It is possible to lose money by investing in the Fund. The Fund’s shareholders should not rely on or expect the Fund’s manager to purchase distressed assets from the Fund, enter into capital support agreements with the Fund, or make capital infusions into the Fund.

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.

Forward Commitments Risk: Forward commitments are subject to the risk that the counterparty to the forward commitment may fail to make payment or delivery in a timely manner or at all. Forward commitments are also subject to the risk that the value of the security to be purchased may decline prior to the settlement date.

Increase in Expenses Risk: Your actual cost of investing in the Fund may be higher than the expenses shown in the expense table of 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.


30

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. Similarly, a rise in interest rates may also have a greater negative impact on the value of equity securities whose issuers expect earnings further out in the future. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” In addition, if the Fund purchases a fixed income security at a premium (at a price that exceeds its stated par or principal value), the Fund may lose the amount of the premium paid in the event of prepayment. When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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 the U.S. and Israeli military operation against Iran, Russia’s military invasion of Ukraine and the Israel-Hamas war), geopolitical developments (including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as the Middle East, South America, Eastern Europe, and Asia, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

Recent policy decisions of the U.S. government and governments of foreign countries may increase geopolitical risks that could adversely affect the investment performance of the Fund. These policies have the potential to impact international relations, trade agreements and the overall regulatory environment in ways that could create uncertainty and instability in domestic and global markets. Actions taken by the U.S. government and governments of foreign countries in respect of international trade relations could lead to trade wars, increased costs for imported goods, disruptions in supply chains, reduced foreign investment, and instability in regions where the Fund invests. The risk of such events has meaningfully increased in recent periods due to heightened international tensions stemming from rivalry among the world’s dominant economic and military powers.

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.

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.

Municipal Bonds Risk: Municipal bonds 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 municipal bond market movements. Municipal bonds are also subject to the risk


			31

Notes to Financial Statements (unaudited) (continued)

that potential future legislative changes relating to tax or the rights of municipal bond holders, for example in connection with an insolvency, could affect the market for and value of municipal bonds, which may adversely affect the Fund’s yield or the value of the Fund’s investments in municipal bonds. Certain municipal bonds with principal and interest payments that are made from the revenues of a specific project or facility, and not general tax revenues, may have increased risks. Factors affecting the project or facility, such as local business or economic conditions, could have a significant effect on the project’s ability to make payments of principal and interest on these securities. If the Fund invests a substantial amount of its assets in issuers located in a single region, state or city, there is an increased risk that environmental, economic, political and social conditions in those regions will have a significant impact on the Fund’s investment performance. For example, municipal securities of a particular state are vulnerable to events adversely affecting that state, including economic, political and regulatory occurrences, court decisions, terrorism, public health epidemics, social unrest and catastrophic natural disasters, such as hurricanes or earthquakes. Many municipal bonds are also subject to prepayment risk, which is the risk that when interest rates fall, issuers may redeem a security by repaying it early, which may reduce the Fund’s income if the proceeds are reinvested at a lower interest rate. In addition, income from municipal bonds could be declared taxable because of non-compliant conduct of a bond issuer.

Portfolio Turnover Risk: The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s portfolio turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.

Repurchase Agreements Risk: Repurchase agreements could involve certain risks in the event of default or insolvency of the seller, including losses and possible delays or restrictions upon the Fund’s ability to dispose of the underlying securities. To the extent that, in the meantime, the value of the securities that the Fund has purchased has decreased, the Fund could experience a loss.

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.

Variable and Floating Rate Bonds Risk: Variable and floating rate bonds are subject to credit risk, market risk and interest rate risk. In addition, the absence of an active market for these securities could make it difficult for the Fund to dispose of them if the issuer defaults.

When-Issued and Delayed-Delivery Transactions Risk: When-issued and delayed-delivery securities involve the risk that the security the Fund buys will lose value prior to its delivery. There also is the risk that the security will not be issued or that the other party to the transaction will not meet its obligation. If this occurs, the Fund may lose both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price.

Yield Risk: The amount of income received by the Fund will go up or down depending on day-to-day variations in short-term interest rates, and when interest rates are very low the Fund’s expenses could absorb all or a significant portion of the Fund’s income. If interest rates increase, the Fund’s yield may not increase proportionately. For example, the Fund’s investment manager may discontinue any temporary voluntary fee limitation.


32

Approval of Advisory Agreements

PGIM Core Ultra Short Bond Fund

The Board of Trustees

The Board of Trustees (the “Board”) of PGIM Core Ultra Short Bond Fund¹ (the “Fund”) consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM Limited (“PGIML”) and PGIM, Inc. (“PGIM”), on behalf of its PGIM Credit investment group (“PGIM Credit”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 1 and 9-10, 2065 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM Credit. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

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

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

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIML and PGIM Credit. The Board noted that PGIML and PGIM Credit are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as the administrator for the Fund’s liquidity risk management program and as valuation designee. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group

¹	PGIM Core Ultra Short Bond Fund is a series of Prudential Investment Portfolios 2.


			PGIM Core Ultra Short Bond Fund

Approval of Advisory Agreements (continued)

(“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIML and PGIM Credit, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

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

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to the Fund by PGIML and PGIM Credit, and that there was a reasonable basis on which to conclude that the Fund benefits from the services provided by PGIM Investments, PGIML and PGIM Credit under the management and subadvisory agreement.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments to the Fund during the year ended December 31, 2025 exceeded the management fees paid by the Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board noted that the Fund does not have a traditional management structure, because it is operated at cost. Accordingly, the Board determined that the Fund, which has low expenses, benefits directly from any cost savings experienced by PGIM Investments.

Other Benefits to PGIM Investments, PGIML and PGIM Credit

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

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, five-, and ten-year periods ended December 31, 2025. With respect to the fees and expenses of the Fund, because the Fund is operated at cost, the Board did not consider fees and expenses as a meaningful factor in its deliberations.


Visit our website at pgim.com/investments

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

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


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1^st Quartile	1^st Quartile	1^st Quartile	1^st Quartile
Actual Management Fees: 1^st Quartile
Net Total Expenses: 1^st Quartile

•

The Board noted that the Fund outperformed its Peer Universe median over all periods.

•

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

•

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

* * *

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


			PGIM Core Ultra Short Bond Fund

Approval of Avisory Agreements

PGIM Institutional Money Market Fund

The Fund’s Board of Trustees

The Board of Trustees (the “Board”) of PGIM Institutional Money Market Fund (the “Fund”)¹ consists of ten individuals, eight of whom are not “interested persons” of the Fund, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”). The Board is responsible for the oversight of the Fund and its operations, and performs the various duties imposed on the directors of investment companies by the 1940 Act. The Independent Trustees have retained independent legal counsel to assist them in connection with their duties. The Chair of the Board is an Independent Trustee. The Board has established five standing committees: the Audit Committee, the Nominating and Governance Committee, the Compliance Committee and two Investment Committees. Each committee is chaired by, and composed of, Independent Trustees.

Annual Approval of the Fund’s Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew the Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and the Fund’s subadvisory agreement with PGIM, Limited (“PGIML”) and PGIM, Inc. (“PGIM”) on behalf of its PGIM Credit investment group (“PGIM Credit”). In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on June 1 and 9-10, 2026 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2027, after concluding that the renewal of the agreements was in the best interests of the Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIML and PGIM. Also, the Board considered comparisons with other mutual funds in relevant peer universes and peer groups, as is further discussed below.

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

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to the Fund by PGIM Investments, PGIML and PGIM Credit. The Board noted that PGIML and PGIM Credit are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadvisers for the Fund, as well as the provision of accounting oversight, fund recordkeeping, compliance and other services to the Fund, such as PGIM Investments’ role as administrator for the Fund’s liquidity risk management program and as valuation designee. With respect to PGIM

¹	PGIM Institutional Money Market Fund is a series of Prudential Investment Portfolios 2.

Visit our website at pgim.com/investments

Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Fund who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIML and PGIM Credit, including investment research and security selection, as well as adherence to the Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreement.

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

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as the Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations of direct and indirect costs, and the adviser’s capital structure and cost of capital. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

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

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

Other Benefits to PGIM Investments, PGIML and PGIM Credit


PGIM Institutional Money Market Fund

Approval of Advisory Agreements (continued)

management, specifically, potential access to additional research resources and benefits to its reputation. The Board concluded that the benefits derived by PGIM Investments, PGIML and PGIM Credit were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

Performance of the Fund / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of the Fund for the one-, three-, and five-year periods ended December 31, 2025. The Board considered that the Fund commenced operations on July 19, 2016 and that longer-term performance was not yet available.

The Board also considered the Fund’s actual management fee, as well as the Fund’s net total expense ratio, for the fiscal year ended July 31, 2025. The Board considered the management fee for the Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a peer group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for the Fund represents the actual expense ratio incurred by Fund shareholders.

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

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


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

•

The Board noted that the Fund outperformed its peer universe median over all periods.

•

The Board and PGIM Investments agreed to retain the Fund’s existing contractual expense cap, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.07% through May 31, 2027.

•

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

•

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

* * *

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


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Item 12

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

Item 13

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

Item 14

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

Item 15

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

Item 16

– Controls and Procedures

(a)

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

(b)

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

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

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

Item 19 – Exhibits


		(a)(1)		Code of Ethics – Not required, as this is not an annual filing.
		(a)(2)		Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.
		(a)(3)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.CERT.
		(a)(4)		Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.
		(a)(5)		Change in the registrant’s independent public accountant – Not applicable.

		(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.


Investment Company Act file number:		811-09999

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

(This Form N-CSR relates solely to the Registrant’s: PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund)

Address of principal executive offices:		655 Broad Street, 6 th Floor

		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French

		655 Broad Street, 6 th Floor

		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		800-225-1852

Date of fiscal year end:		1/31/2027

Date of reporting period:		7/31/2026


Registrant:		Prudential Investment Portfolios 2

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		September 24, 2026


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		September 24, 2026

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

Date:		September 24, 2026


Table of Contents		Financial Statements and Other Information		July 31, 2026


Glossary		1
PGIM Core Ultra Short Bond Fund		2
PGIM Institutional Money Market Fund		14
Notes to Financial Statements		25