PRUDENTIAL INVESTMENT PORTFOLIOS 2 (0001099692) (Filer)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM

N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Item 1 – Reports to Stockholders

(a) Report transmitted to stockholders pursuant to Rule

30e-1

under the Act (17 CFR

270.30e-1).

PGIM Jennison Small-Cap Core Equity Fund

Class R6:

PQJCX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Jennison Small-Cap Core Equity Fund (the “Fund”) for the period of August 1, 2025 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 YEAR?

(Based on a hypothetical $10,000 investment) 

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

■

Over the past year, small-cap equities, as represented by the Russell 2000 Index (the “Index”), generated strong returns, significantly

outperforming the broader market, as represented by the S&P 500 Index. Despite sticky inflation, changing expectations for U.S. Federal

Reserve policy, and geopolitical uncertainty, the small-cap advance was driven by a broadening of market leadership beyond mega-cap

technology stocks.

■

Positive contributors to returns relative to the Index were concentrated in high-growth, specialized businesses, particularly in semiconductors,

health care providers/biotech, aerospace & defense, and metals & mining.

■

Detractors were broader and selection-driven, led by software, restaurants/leisure, industrial services, energy, and communication services.

MF242E

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class’s inception date.

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

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

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 Jennison Small-Cap Core Equity Fund

MF242E

PGIM Core Conservative Bond Fund

Class R6:

PQCNX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Core Conservative Bond Fund (the “Fund”) for the period of August 1, 2025 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 YEAR?

(Based on a hypothetical $10,000 investment) 

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

■

During the reporting period, fixed income credit spreads proved resilient and generally ended in historically tight ranges, supported by strong

earnings despite heavy AI-related issuance and headline-driven volatility. Inflation moderated in the second half of 2025, allowing the

U.S. Federal Reserve (“Fed”) to cut rates by 25 basis points in September, October, and December; however, inflation concerns resurfaced in

the first half of 2026 given new rounds of tariffs and upward pressure on energy costs due to elevated geopolitical tensions in the Middle East.

That stated, U.S. economic activity remained supported by AI-related investment, stronger-than expected consumption, and a labor market that

showed signs of stabilization. Although more hawkish Fed communication led markets to reprice expectations toward a potential rate hike

rather than a cut ahead of the July 2026 meeting, the Federal Open Market Committee (“FOMC”) held rates steady at a 3.50%–3.75% target

range, and the long end of the U.S. Treasury curve steepened meaningfully.

■

The following strategies contributed most to the Fund’s performance during the reporting period relative to the Bloomberg US Aggregate Bond

Index (the “Index”): an underweight to the U.S. investment-grade corporate sector, along with overweights to the mortgage-backed securities

(MBS), non-agency commercial mortgage-backed securities (CMBS) AAA, and taxable municipal bond sectors; security selection in

U.S. investment-grade corporates, non-agency CMBS AAA; and credit positioning in technology and media & entertainment.

■

The following strategies detracted most from the Fund’s performance relative to the Index during the reporting period: yield curve positioning.

MF242E1

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

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

class’s inception date.

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

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

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 Conservative Bond Fund

MF242E1

PGIM TIPS Fund

Class R6:

PQTSX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM TIPS Fund (the “Fund”) for the period of August 1, 2025 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 YEAR?

(Based on a hypothetical $10,000 investment) 

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

■

During the reporting period, inflation continued to moderate and the labor market softened, allowing the U.S. Federal Reserve (“Fed”) to cut

rates by 25 basis points in September, October, and December 2025, even as a partial U.S. government shutdown in November 2025 obscured

economic data. In the first half of 2026, inflation concerns resurfaced amid geopolitical headlines, while the labor market showed signs of

stabilization, U.S. economic activity remained supported by AI-related investment and stronger-than-expected consumption, particularly in the

second quarter. Although more hawkish Fed communication led markets to reprice expectations toward a potential rate hike rather than a cut

ahead of the July 2026 meeting, the Federal Open Market Committee (“FOMC”) held rates steady at a 3.50%–3.75% target range. Following

the meeting, the long end of the U.S. Treasury curve steepened meaningfully.

■

The duration of the Fund, which was tactically managed versus the Bloomberg U.S. Treasury Inflation-Protected Securities (TIPS) Index,

contributed to performance during the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in

interest rates.) Security selection in inflation-linked Treasuries also contributed, with selection in short and long Treasuries contributing

the most.

■

Security selection in inflation-linked intermediate Treasuries detracted from performance.

MF242E3

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class’s inception date.

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

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

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 TIPS Fund

MF242E3

PGIM Quant Solutions Commodity Strategies Fund

Class Z:

PQCZX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class Z shares of PGIM Quant Solutions Commodity Strategies Fund (the “Fund”) for the period of August 1, 2025 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.

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment) 

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

■

During the reporting period, commodity prices generally increased as all major subsectors saw positive returns. Energy commodities, precious metals, and industrial metals produced the highest returns, while livestock commodities were laggards even though performance was still positive. Carry from roll yields flipped back to positive during the period, after spending the second half of 2025 below zero.

■

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

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

■

The Fund’s returns relative to the Bloomberg Commodity Index (the “Index”) benefited from positioning in energies and nickel. From a factor

perspective, sentiment and carry measures were the largest relative outperformers during the period.

■

Positions in gold and cotton detracted the most from the Fund’s relative performance during the period, with growth factors struggling.

MF242E3Z

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class’s inception date.

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

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

Commodity Futures Contracts

outstanding

at July 31,

2026

(1),(2)

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

During the reporting period, the Fund updated its investment strategies such that the investments in specific commodities may differ from those included in the Index and the Fund may gain exposure to sectors which are not included in the Index.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

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 Quant Solutions Commodity Strategies Fund

MF242E3Z

PGIM Quant Solutions Commodity Strategies Fund

Class R6:

PQCMX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Quant Solutions Commodity Strategies Fund (the “Fund”) for the period of August 1, 2025 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.

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

WHAT WERE THE FUND COSTS FOR THE LAST YEAR?

(Based on a hypothetical $10,000 investment) 

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

■

During the reporting period, commodity prices generally increased as all major subsectors saw positive returns. Energy commodities, precious metals, and industrial metals produced the highest returns, while livestock commodities were laggards even though performance was still positive. Carry from roll yields flipped back to positive during the period, after spending the second half of 2025 below zero.

■

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

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

■

The Fund’s returns relative to the Bloomberg Commodity Index (the “Index”) benefited from positioning in energies and nickel. From a factor

perspective, sentiment and carry measures were the largest relative outperformers during the period.

■

Positions in gold and cotton detracted the most from the Fund’s relative performance during the period, with growth factors struggling.

MF242E3R6

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

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

the class’s inception date.

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

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

Commodity Futures Contracts outstanding at July 31, 2026

(1),(2)

WERE THERE ANY SIGNIFICANT CHANGES TO THE FUND THIS YEAR?

The following is a summary of certain changes to the Fund since August 1, 2025:

■

During the reporting period, the Fund updated its investment strategies such that the investments in specific commodities may differ from those included in the Index and the Fund may gain exposure to sectors which are not included in the Index.

For more complete information, you should review the Fund’s next prospectus, which we expect to be available by September 30, 2026 at pgim.com/mutual-fund-documents or by request at (800) 225-1852.

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 Quant Solutions Commodity Strategies Fund

MF242E3R6

PGIM Quant Solutions Mid-Cap Index Fund

Class R6:

PQCCX

ANNUAL SHAREHOLDER REPORT – July 31, 2026

This annual shareholder report contains important information about the Class R6 shares of PGIM Quant Solutions Mid-Cap Index Fund
(the “Fund”) for the period of August 1, 2025 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 YEAR?

(Based on a hypothetical $10,000 investment) 

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

■

During the reporting period, U.S. mid-cap equities slightly outperformed the broader domestic market. Easing monetary policy, strong earnings and AI hype at the end of 2025 lead the market higher. The beginning of 2026 showed mixed results due to geopolitical uncertainty and shifting monetary policy. Equities rebounded in the final few months of the reporting period due to resilient earnings, the return of AI enthusiasm and concerns of global energy shortages eased.

■

The fund employs a “passively managed” or index investment approach, holding all stocks included in the S&P MidCap 400 Index (the “Index”)

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

■

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

on performance.

MF242E4

HOW HAS THE FUND PERFORMED OVER THE PAST 10 YEARS?

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

The returns do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares. Visit pgim.com/mutual-fund-documents or call (800) 225-1852 or (973) 367-3529 from outside the U.S. for more recent performance data.

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

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

have been lower.

*The Fund compares its performance against this broad-based index in response to regulatory requirements.

The Fund’s total returns prior to December 11, 2023, as reflected in the line graph and the table, are the returns of the Fund when it followed a different investment objective and

strategies and was an actively-managed fund under the name “PGIM Quant Solutions Mid-Cap Core Fund.

“

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

the class’s inception date.

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

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

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 Quant Solutions Mid-Cap Index Fund

MF242E4

Item 2 – Code of Ethics – See Exhibit (a) (1) of Item 19

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

For the fiscal years ended July 31, 2026 and July 31, 2025, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $188,761 and $181,502, respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

For the fiscal years ended July 31, 2026 and July 31, 2025: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

on

Pre-Approval of Services Provided by the Independent

Accountants

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

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

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

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

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

Audit Services

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

Audit-related Services

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

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

Tax Services

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

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

Other Non-Audit Services

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

Proscribed Services

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

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

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

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

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2026 and July 31, 2025 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

(i) Not applicable.

(j) Not applicable.

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

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

Items 7 – 11 (Refer to Report(s) below)

PRUDENTIAL INVESTMENT PORTFOLIOS 2

PGIM Jennison Small-Cap Core Equity Fund

PGIM Core Conservative Bond Fund

PGIM TIPS Fund

PGIM Quant Solutions Commodity Strategies Fund

PGIM Quant Solutions Mid-Cap Index Fund

FINANCIAL STATEMENTS AND OTHER INFORMATION

JULY 31, 2026

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

Glossary

The following abbreviations are used in the Funds’ descriptions:

USD—US Dollar

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.

AID—Agency for International Development

BABs—Build America Bonds

CPI—Consumer Price Index

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LME—London Metal Exchange

LP—Limited Partnership

MSC—Morgan Stanley & Co. LLC

MTN—Medium Term Note

NSA—Non-Seasonally Adjusted

PRI—Primary Rate Interface

RBOB—Reformulated Gasoline Blendstock for Oxygen Blending

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

SGX—Singapore Exchange

SOFR—Secured Overnight Financing Rate

T—Swap payment upon termination

TIPS—Treasury Inflation-Protected Securities

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

1

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments

as of July 31, 2026

See Notes to Financial Statements.

2

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2026

See Notes to Financial Statements.

 3

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2026

See Notes to Financial Statements.

4

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2026

See Notes to Financial Statements.

 5

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2026

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

See Notes to Financial Statements.

6

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of 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: