Prudential Investment Portfolios 2 NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES


Investment Company Act file number:		811-09999

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

*(This Form N-CSR relates solely to the Registrant’s: Prudential Commodity Strategies Fund,* *Prudential Core Conservative Bond Fund, Prudential Jennison Small-Cap Core Equity Fund,* *Prudential QMA Mid-Cap Core Equity Fund, Prudential QMA US Broad Market Index Fund* *and Prudential TIPS Fund.)*

Address of principal executive offices:		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Deborah A. Docs
		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

Registrant’s telephone number, including area code:		973-367-7521

Date of fiscal year end:		7/31/2018

Date of reporting period:		1/31/2018

Item 1 – Reports to Stockholders

LOGO

Prudential Jennison Small-Cap Core Equity Fund

Prudential Core Conservative Bond Fund

Prudential TIPS Fund

Prudential Commodity Strategies Fund

Prudential QMA US Broad Market Index Fund

Prudential QMA Mid-Cap Core Equity Fund

SEMIANNUAL REPORT

JANUARY 31, 2018

LOGO

Prudential Jennison Small-Cap Core Equity Fund—Objective: To outperform
the Russell 2000 Index

Prudential Core Conservative Bond Fund—Objective: To outperform the
Bloomberg Barclays Aggregate Bond Index over a full market cycle

Prudential TIPS Fund—Objective: To outperform the Bloomberg Barclays
US Treasury Inflation Protected Index

Prudential Commodity Strategies Fund—Objective: To generate returns over
time in excess of the Bloomberg Commodities Index

Prudential QMA US Broad Market Index Fund—Objective: To seek to provide
investment results that approximate the performance of the S&P 1500 Index

Prudential QMA Mid-Cap Core Equity Fund—Objective: To outperform the
S&P Mid-Cap 400 Index

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

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

The accompanying financial statements as of January 31, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. Jennison Associates LLC is a registered investment adviser. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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PRUDENTIAL FUNDS — UPDATE

The Board of Directors/Trustees for the Funds has approved renaming the Funds’ Class Q shares as Class R6 shares, effective on June 11, 2018. The renaming of Class Q shares as Class R6 shares will not result in any changes to pricing, eligibility, or shareholder rights and obligations.

- Not part of the Semiannual Report -


Prudential Day One Underlying Funds			3

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Prudential Day One Underlying Funds

TABLE OF CONTENTS



Prudential Jennison Small-Cap Core Equity Fund			7

Prudential Core Conservative Bond Fund			8

Prudential TIPS Fund			10

Prudential Commodity Strategies Fund			12

Prudential QMA US Broad Market Index Fund			13

Prudential QMA Mid-Cap Core Equity Fund			15

Fees and Expenses			16

Holdings and Financial Statements			19


Prudential Day One Underlying Funds			5

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Prudential Jennison Small-Cap Core Equity Fund

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted.


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class Q	12.24	20.24	21.55 (11/15/16)
Russell 2000 Index	11.23	17.18	17.70
Lipper Small Cap Core Funds Average	10.55	14.92	15.71

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Inception returns are provided since the Fund has less than 10 fiscal years of returns. The Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

Benchmark Definition

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

Lipper Small Cap Core Funds Average—Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE small-cap ceiling.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.

Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
Summit Materials, Inc., Construction Materials			2.6
East West Bancorp, Inc., Banks			2.2
Paycom Software, Inc., Software			1.8
HubSpot, Inc., Software			1.7
WPX Energy, Inc., Oil, Gas, & Consumable Fuels			1.7

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


Five Largest Industries expressed as a percentage of net assets as of 1/31/18 (%)
Banks			13.5
Software			9.0
Equity Real Estate Investment Trusts (REITs)			7.6
Machinery			5.7
Hotels, Restaurants, & Leisure			5.2

Industry weightings reflect only long-term investments and are subject to change


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Prudential Core Conservative Bond Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class Q	–0.65	1.62	0.87 (11/15/16)
Bloomberg Barclays US Aggregate Bond Index	–0.36	2.15	2.13
Lipper Core Bond Funds Average**	–0.27	2.27	2.43
Lipper Core Plus Bond Funds Average	0.00	3.04	3.43

*Not annualized

**The Fund is compared to the Lipper Core Bond Funds Universe, although Lipper classifies the Fund in the Core Plus Bond Funds Universe. The Lipper Core Bond Funds universe is utilized because the Fund’s manager believes that the funds included in this universe provide a more appropriate basis for Fund performance comparisons.

Source: PGIM Investments LLC and Lipper Inc.

Benchmark Definition

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

Lipper Core Bond Funds Average—Funds that invest at least 85% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high yield, global and emerging markets debt. These funds maintain dollar-weighted average maturities of five to ten years.

Lipper Core Plus Bond Funds Average—Funds that invest at least 65% in domestic investment-grade debt issues (rated in the top four grades) with any remaining investment in non-benchmark sectors such as high yield, global, and emerging markets debt. These funds maintain dollar-weighted average maturities of five to ten years.


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Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
Federal National Mortgage Assoc., 3.000%, 02/16/2047			3.6
US Treasury Bonds, 3.000%, 05/15/2045			3.0
US Treasury Notes, 1.500%, 01/31/2019			2.9
US Treasury Notes, 1.250%, 06/30/2019			2.9
US Treasury Notes, 2.000%, 11/30/2020			2.7

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


Fund Composition expressed as a percentage of net assets as of 1/31/18 (%)
US Treasury Obligations			39.2
US Government Agency Obligations			29.1
Corporate Bonds			25.9
Commercial Mortgage-Backed Securities			3.4
Municipal Bonds			0.9

Fund Composition reflects only long-term investments and are subject to change.


Prudential Day One Underlying Funds			9

Prudential TIPS Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class Q	0.72	0.91	0.91 (11/15/16)
Bloomberg Barclays US TIPS Index	0.81	1.27	1.73
Lipper Inflation Protected Bond Funds Average	0.87	1.27	1.88

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Benchmark Definition

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

Lipper Inflation Protected Bond Funds Average—Funds that invest primarily in inflation-indexed fixed-income securities. Inflation-linked bonds are fixed-income securities structured to provide protection against inflation.


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Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
US Treasury Inflation Indexed Bonds, TIPS, 0.125%, 01/15/2022			10.1
US Treasury Inflation Indexed Bonds, TIPS, 2.375%, 01/15/2025			9.8
US Treasury Inflation Indexed Bonds, TIPS, 0.125%, 01/15/2023			7.8
US Treasury Inflation Indexed Bonds, TIPS, 0.625%, 01/15/2024			5.9
US Treasury Inflation Indexed Bonds, TIPS, 0.125%, 04/15/2021			5.9

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


Fund Composition expressed as a percentage of net assets as of 1/31/18 (%)
US Treasury Obligations			98.9

Fund Composition reflects only long-term investments and is subject to change.


Prudential Day One Underlying Funds			11

Prudential Commodity Strategies Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class Q	7.69	3.60	7.61 (11/15/16)
Bloomberg Commodity Index	7.06	3.58	4.78
Lipper Commodities General Funds Average	9.69	5.14	6.54

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Benchmark Definition

Bloomberg Commodity Index—The Bloomberg Commodity Index is a diversified benchmark for the commodity futures market. It is composed of futures contracts on 19 physical commodities traded on US exchanges, with the exception of aluminum, nickel, and zinc, which trade on the London Metal Exchange (LME).

Lipper Commodities General Funds Average—Funds that invest primarily in a blended basket of commodity-linked derivative instruments or physicals.

Presentation of Fund Holdings


Top Five Commodities Futures Exposures as a percentage of net assets as of 1/31/18 (%)
Natural Gas			9.5
Brent Crude			8.7
WTI Crude			8.6
Gold 100 oz			7.4
Copper			6.8

Commodity Futures contracts reflect net exposure and are subject to change.


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Prudential QMA US Broad Market Index Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class Q	14.98	25.23	24.98 (11/17/16)
S&P Composite 1500 Index	15.07	25.44	25.47
Lipper Multi-Cap Core Funds Average**	13.62	22.75	22.77
Lipper Large-Cap Core Funds Average	14.69	24.92	24.59

*Not annualized

**The Fund is compared to the Lipper Multi-Cap Core Funds Universe, although Lipper classifies the Fund in the Lipper Large-Cap Core Funds Universe. The Lipper Multi-Cap Core Funds universe is utilized because the Fund’s manager believes that the funds included in the universe provide a more appropriate basis for Fund performance comparisons.

Source: PGIM Investments LLC and Lipper Inc.

Benchmark Definition

S&P Composite 1500 Index—The S&P Composite 1500^® Index combines three leading indices, the S&P 500^®, the S&P MidCap 400^®, and the S&P SmallCap 600^®, to cover approximately 90% of the US market capitalization.

Lipper Multi-Cap Core Funds Average—Funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time.

Lipper Large-Cap Core Funds Average—Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) above Lipper’s USDE large cap floor.


Prudential Day One Underlying Funds			13

Prudential QMA US Broad Market Index Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
Apple, Inc., Technology Hardware, Storage, & Peripherals			3.1
Microsoft Corp., Software			2.6
SPDR S&P 500 ETF Trust, Exchange-Traded Funds			2.2
Amazon.com, Inc., Internet & Direct Marketing Retail			2.1
Facebook, Inc., Internet Software & Services			1.6

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


Five Largest Industries expressed as a percentage of net assets as of 1/31/18 (%)
Banks			6.5
Software			5.1
Oil, Gas, & Consumable Fuels			4.6
Internet Software & Services			4.4
Pharmaceuticals			4.0

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


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Prudential QMA Mid-Cap Core Equity Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class Q	11.27	17.14	19.74 (11/17/16)
S&P Mid-Cap 400 Index	11.84	17.61	18.75
Lipper Mid-Cap Core Funds Average	11.42	17.27	18.03

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Benchmark Definition

S&P Mid-Cap 400 Index—The S&P Mid-Cap 400 Index is designed to measure the performance of 400 mid-sized companies in the US.

Lipper Mid-Cap Core Funds Average—Funds that, by portfolio practice, invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) below Lipper’s USDE large-cap floor.

Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
iShares Core S&P Mid-Cap ETF, Exchange Traded Funds			2.1
Bioverativ, Inc., Biotechnology			1.3
MSCI, Inc., Capital Markets			1.1
Old Dominion Freight Line, Inc., Road & Rail			1.1
Steel Dynamics, Inc., Metals & Mining			1.1

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


Five Largest Industries expressed as a percentage of net assets as of 1/31/18 (%)
Banks			7.8
Equity Real Estate Investment Trusts (REITs)			7.2
Machinery			5.8
Electronic Equipment, Instruments, & Components			5.7
IT Services			4.3

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


Prudential Day One Underlying Funds			15

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


Prudential Jennison Small-Cap Core Equity Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,122.40		0.95	%	$	5.08
	Hypothetical	$	1,000.00	$	1,020.42		0.95	%	$	4.84


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Prudential Core Conservative Bond Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	993.50		0.50	%	$	2.51
	Hypothetical	$	1,000.00	$	1,022.68		0.50	%	$	2.55


Prudential TIPS Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,007.20		0.40	%	$	2.02
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Commodity Strategies Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,076.90		1.00	%	$	5.34
	Hypothetical	$	1,000.00	$	1,020.16		1.00	%	$	5.19


Prudential QMA US Broad Market Index Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,149.80		0.20	%	$	1.08
	Hypothetical	$	1,000.00	$	1,024.20		0.20	%	$	1.02


Prudential QMA Mid-Cap Core Equity Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual	$	1,000.00	$	1,112.70		0.85	%	$	4.53
	Hypothetical	$	1,000.00	$	1,020.92		0.85	%	$	4.33

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.


Prudential Day One Underlying Funds			17

Prudential Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 96.7%

COMMON STOCKS

Aerospace & Defense 1.1%
KLX, Inc.*		2,282	$	161,246

Airlines 0.6%
Spirit Airlines, Inc.*		1,931		81,334

Banks 13.5%
Ameris Bancorp		834		44,661
Bank of the Ozarks, Inc.		3,140		156,843
BankUnited, Inc.		5,765		236,596
Brookline Bancorp, Inc.		8,177		130,832
Byline Bancorp, Inc.*		3,183		71,204
Columbia Banking System, Inc.		1,972		84,954
Eagle Bancorp, Inc.*		2,923		184,149
East West Bancorp, Inc.		4,945		325,925
First Bancorp		872		31,741
Pinnacle Financial Partners, Inc.		3,543		224,272
Renasant Corp.		3,308		142,475
Seacoast Banking Corp. of Florida*		4,114		106,100
Wintrust Financial Corp.		2,845		244,385

				1,984,137

Beverages 0.6%				��
MGP Ingredients, Inc.		910		81,481

Biotechnology 2.9%
Amicus Therapeutics, Inc.*		10,239		166,077
DBV Technologies SA (France), ADR*		1,214		28,116
Juno Therapeutics, Inc.*		1,730		148,451
La Jolla Pharmaceutical Co.*		2,295		78,627

				421,271

Building Products 1.5%
JELD-WEN Holding, Inc.*		2,898		113,834
PGT Innovations, Inc.*		6,375		101,681

				215,515

Capital Markets 1.5%
Moelis & Co., (Class A Stock)		1,747		90,320
OM Asset Management PLC		7,520		134,533

				224,853

See Notes to Financial Statements.


Prudential Day One Underlying Funds			19

Prudential Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Chemicals 3.2%
Ferro Corp.*		9,024	$	212,244
PolyOne Corp.		3,037		131,988
Venator Materials PLC*		5,619		127,102

				471,334

Commercial Services & Supplies 1.8%
Advanced Disposal Services, Inc.*		3,089		75,279
Mobile Mini, Inc.		4,892		185,162

				260,441

Construction & Engineering 0.3%
Great Lakes Dredge & Dock Corp.*		9,936		46,699

Construction Materials 2.6%
Summit Materials, Inc., (Class A Stock)*		11,947		381,707

Diversified Telecommunication Services 1.5%
Cogent Communications Holdings, Inc.		4,941		222,839

Electric Utilities 1.3%
El Paso Electric Co.		2,648		138,226
Portland General Electric Co.		1,229		52,048

				190,274

Electronic Equipment, Instruments & Components 1.3%
Anixter International, Inc.*		1,872		156,686
Littelfuse, Inc.		134		29,124

				185,810

Energy Equipment & Services 0.7%
Forum Energy Technologies, Inc.*		6,060		102,414

Equity Real Estate Investment Trusts (REITs) 7.6%
Chatham Lodging Trust		3,244		72,666
Colony NorthStar, Inc., (Class A Stock)		11,511		103,369
Columbia Property Trust, Inc.		3,607		78,957
Cousins Properties, Inc.		9,433		84,897
Gaming & Leisure Properties, Inc.		2,525		92,011
Hersha Hospitality Trust		6,921		128,384
Independence Realty Trust, Inc.		7,968		73,226
National Storage Affiliates Trust		3,752		95,188
Pebblebrook Hotel Trust		2,686		104,754

See Notes to Financial Statements.


20


Description	Shares		Value
COMMON STOCKS (Continued)

Equity Real Estate Investment Trusts (REITs) (cont’d.)
QTS Realty Trust, Inc., (Class A Stock)		2,975	$	148,155
Retail Opportunity Investments Corp.		7,408		136,085

				1,117,692

Food & Staples Retailing 1.9%
Performance Food Group Co.*		5,231		179,685
Sprouts Farmers Market, Inc.*		3,539		98,844

				278,529

Food Products 2.1%
Adecoagro SA (Argentina)*		12,425		120,398
B&G Foods, Inc.(a)		2,030		66,990
Darling Ingredients, Inc.*		6,931		128,501

				315,889

Health Care Equipment & Supplies 2.4%
GenMark Diagnostics, Inc.*		1,456		7,921
Glaukos Corp.*		2,276		68,303
Integra LifeSciences Holdings Corp.*		2,149		113,166
Nevro Corp.*		1,535		123,199
NuVasive, Inc.*		913		44,618

				357,207

Health Care Providers & Services 1.9%
Acadia Healthcare Co., Inc.*(a)		1,752		59,708
HealthEquity, Inc.*		608		30,777
Premier, Inc., (Class A Stock)*		2,406		78,075
Tivity Health, Inc.*		2,714		105,167

				273,727

Health Care Technology 0.8%
Teladoc, Inc.*(a)		3,183		119,044

Hotels, Restaurants & Leisure 5.2%
Pinnacle Entertainment, Inc.*		6,225		201,005
Planet Fitness, Inc., (Class A Stock)*		6,551		221,162
Texas Roadhouse, Inc.		1,426		83,735
Vail Resorts, Inc.		688		150,369
Wingstop, Inc.		2,391		115,629

				771,900

See Notes to Financial Statements.


Prudential Day One Underlying Funds			21

Prudential Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Insurance 0.5%
Validus Holdings Ltd.		1,106	$	74,876

Internet & Direct Marketing Retail 0.4%
Wayfair, Inc., (Class A Stock)*		676		62,199

Internet Software & Services 3.0%
Box, Inc., (Class A Stock)*		2,652		58,980
MINDBODY, Inc., (Class A Stock)*		2,791		98,104
MuleSoft, Inc., (Class A Stock)*		3,816		93,797
New Relic, Inc.*		1,547		92,402
Q2 Holdings, Inc.*		2,310		97,829

				441,112

IT Services 1.8%
InterXion Holding NV (Netherlands)*		2,829		177,520
Presidio, Inc.*		5,143		94,168

				271,688

Life Sciences Tools & Services 0.3%
Syneos Health, Inc.*		1,273		48,820

Machinery 5.7%
Actuant Corp., (Class A Stock)		2,906		71,924
Gardner Denver Holdings, Inc.*		4,242		146,688
Milacron Holdings Corp.*		4,901		92,972
NN, Inc.		4,803		138,326
REV Group, Inc.		2,427		71,014
Rexnord Corp.*		7,446		209,307
Terex Corp.		2,400		112,848

				843,079

Media 0.4%
Cinemark Holdings, Inc.		1,431		52,661

Mortgage Real Estate Investment Trusts (REITs) 0.8%
MFA Financial, Inc.		16,665		119,321

Oil, Gas & Consumable Fuels 3.1%
Arch Coal, Inc., (Class A Stock)		704		63,367
SemGroup Corp., (Class A Stock)		2,479		71,023
Tallgrass Energy GP LP		3,041		74,444
WPX Energy, Inc.*		16,796		247,405

				456,239

See Notes to Financial Statements.


22


Description	Shares		Value
COMMON STOCKS (Continued)

Pharmaceuticals 3.0%
Dermira, Inc.*		2,332	$	66,509
GW Pharmaceuticals PLC (United Kingdom), ADR*		494		68,236
Intersect ENT, Inc.*		3,780		141,183
Prestige Brands Holdings, Inc.*		2,484		103,906
Revance Therapeutics, Inc.*		1,758		56,783

				436,617

Professional Services 1.5%
Huron Consulting Group, Inc.*		1,296		52,035
Korn/Ferry International		3,881		172,937

				224,972

Road & Rail 0.8%
Saia, Inc.*		1,608		121,484

Semiconductors & Semiconductor Equipment 3.4%
Brooks Automation, Inc.		2,584		72,093
Cavium, Inc.*		2,141		190,078
MACOM Technology Solutions Holdings, Inc.*		1,280		39,808
MaxLinear, Inc., (Class A Stock)*		4,799		123,766
Monolithic Power Systems, Inc.		605		72,068

				497,813

Software 9.0%
Callidus Software, Inc.*		3,742		134,525
CommVault Systems, Inc.*		560		29,876
CyberArk Software Ltd. (Israel)*		2,187		94,653
Fortinet, Inc.*		1,646		75,782
HubSpot, Inc.*		2,639		256,115
Paycom Software, Inc.*		2,834		259,708
Proofpoint, Inc.*		1,548		157,927
Varonis Systems, Inc.*		3,602		195,589
Zendesk, Inc.*		3,095		119,219

				1,323,394

Specialty Retail 2.1%
Five Below, Inc.*		3,304		214,529
Party City Holdco, Inc.*(a)		6,717		97,396

				311,925

Textiles, Apparel & Luxury Goods 0.5%
Steven Madden Ltd.*		1,524		70,409

See Notes to Financial Statements.


Prudential Day One Underlying Funds			23

Prudential Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value

Thrifts & Mortgage Finance 0.4%
Luther Burbank Corp.*		2,629	$	33,651
WSFS Financial Corp.		545		27,850

				61,501

Trading Companies & Distributors 3.2%
Beacon Roofing Supply, Inc.*		4,039		244,360
Univar, Inc.*		7,384		220,486

				464,846

Water Utilities 0.5%
Evoqua Water Technologies Corp.*		3,438		78,593

TOTAL LONG-TERM INVESTMENTS (cost $11,537,902)				14,226,892


SHORT-TERM INVESTMENTS 5.4%

AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		491,079		491,079
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $309,888; includes $309,564 of cash collateral for securities on loan)(b)(w)		309,877		309,908

TOTAL SHORT-TERM INVESTMENTS (cost $800,967)				800,987

TOTAL INVESTMENTS 102.1% (cost $12,338,869)				15,027,879
Liabilities in excess of other assets (2.1)%				(315,618	)

NET ASSETS 100.0%			$	14,712,261

See Glossary for abbreviations used in the semiannual report.

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $302,360; cash collateral of $309,564 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

See Notes to Financial Statements.


24

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	161,246	$	—	$	—
Airlines		81,334		—		—
Banks		1,984,137		—		—
Beverages		81,481		—		—
Biotechnology		421,271		—		—
Building Products		215,515		—		—
Capital Markets		224,853		—		—
Chemicals		471,334		—		—
Commercial Services & Supplies		260,441		—		—
Construction & Engineering		46,699		—		—
Construction Materials		381,707		—		—
Diversified Telecommunication Services		222,839		—		—
Electric Utilities		190,274		—		—
Electronic Equipment, Instruments & Components		185,810		—		—
Energy Equipment & Services		102,414		—		—
Equity Real Estate Investment Trusts (REITs)		1,117,692		—		—
Food & Staples Retailing		278,529		—		—
Food Products		315,889		—		—
Health Care Equipment & Supplies		357,207		—		—
Health Care Providers & Services		273,727		—		—
Health Care Technology		119,044		—		—
Hotels, Restaurants & Leisure		771,900		—		—
Insurance		74,876		—		—
Internet & Direct Marketing Retail		62,199		—		—
Internet Software & Services		441,112		—		—
IT Services		271,688		—		—

See Notes to Financial Statements.


Prudential Day One Underlying Funds			25

Prudential Jennison Small-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Life Sciences Tools & Services	$	48,820	$	—	$	—
Machinery		843,079		—		—
Media		52,661		—		—
Mortgage Real Estate Investment Trusts (REITs)		119,321		—		—
Oil, Gas & Consumable Fuels		456,239		—		—
Pharmaceuticals		436,617		—		—
Professional Services		224,972		—		—
Road & Rail		121,484		—		—
Semiconductors & Semiconductor Equipment		497,813		—		—
Software		1,323,394		—		—
Specialty Retail		311,925		—		—
Textiles, Apparel & Luxury Goods		70,409		—		—
Thrifts & Mortgage Finance		61,501		—		—
Trading Companies & Distributors		464,846		—		—
Water Utilities		78,593		—		—
Affiliated Mutual Funds		800,987		—		—

Total	$	15,027,879	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Banks	13.5	%
Software	9.0
Equity Real Estate Investment Trusts (REITs)	7.6
Machinery	5.7
Affiliated Mutual Funds (including 2.1% of collateral for securities on loan)	5.4
Hotels, Restaurants & Leisure	5.2
Semiconductors & Semiconductor Equipment	3.4
Chemicals	3.2
Trading Companies & Distributors	3.2
Oil, Gas & Consumable Fuels	3.1
Internet Software & Services	3.0
Pharmaceuticals	3.0
Biotechnology	2.9
Construction Materials	2.6
Health Care Equipment & Supplies	2.4
Food Products	2.1
Specialty Retail	2.1
Food & Staples Retailing	1.9	%
Health Care Providers & Services	1.9
IT Services	1.8
Commercial Services & Supplies	1.8
Professional Services	1.5
Capital Markets	1.5
Diversified Telecommunication Services	1.5
Building Products	1.5
Electric Utilities	1.3
Electronic Equipment, Instruments & Components	1.3
Aerospace & Defense	1.1
Road & Rail	0.8
Mortgage Real Estate Investment Trusts (REITs)	0.8
Health Care Technology	0.8
Energy Equipment & Services	0.7
Beverages	0.6

See Notes to Financial Statements.


26

Industry Classification (cont’d.)


Airlines	0.6	%
Water Utilities	0.5
Insurance	0.5
Textiles, Apparel & Luxury Goods	0.5
Internet & Direct Marketing Retail	0.4
Thrifts & Mortgage Finance	0.4
Media	0.4
Life Sciences Tools & Services	0.3	%
Construction & Engineering	0.3

	102.1
Liabilities in excess of other assets	(2.1	)

	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	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	302,360	$	(302,360	)	$	—

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

See Notes to Financial Statements.


Prudential Day One Underlying Funds			27

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS 99.2%

COMMERCIAL MORTGAGE-BACKED SECURITIES 3.4%
CCUBS Commercial Mortgage Trust, Series 2017-C1, Class A3		3.283	%(cc)		11/15/50		90	$	89,100
CD Mortgage Trust, Series 2017-CD6, Class A3		3.104			11/13/50		40		39,464
Citigroup Commercial Mortgage Trust,
Series 2016-P6, Class A4		3.458			12/10/49		125		126,253
Series 2017-P8, Class A3		3.203			09/15/50		75		73,850
Commercial Mortgage Trust, Series 2016-DC2, Class A5		3.765			02/10/49		25		25,686
Fannie Mae-Aces,
Series 2015-M7, Class AB2		2.502			12/25/24		49		47,350
Series 2016-M11, Class A2		2.369	(cc)		07/25/26		75		70,916
Series 2017-M1, Class A2		2.417	(cc)		10/25/26		40		37,964
FHLMC Multifamily Structured Pass-Through Certificates, Series K070, Class A2		3.303	(cc)		11/25/27		50		50,770
Series K070, Class AM		3.364	(cc)		12/25/27		25		25,343
JPMorgan Chase Commercial Mortgage Securities Trust, Series 2016-JP4, Class A3		3.393			12/15/49		125		125,541
Morgan Stanley Bank of America Merrill Lynch Trust, Series 2016-C32, Class A3		3.459			12/15/49		125		126,101
Morgan Stanley Capital I Trust, Series 2016-UB12, Class A3		3.337			12/15/49		125		124,965
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC25, Class A3		3.374			12/15/59		125		124,890
Series 2017-C39, Class A3		2.878			09/15/50		100		97,532

TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $1,198,552)									1,185,725


CORPORATE BONDS 25.9%

Aerospace & Defense 0.3%
Lockheed Martin Corp., Sr. Unsec’d. Notes		3.800			03/01/45		15		14,869
Northrop Grumman Corp., Sr. Unsec’d. Notes		4.750			06/01/43		25		28,069
Rockwell Collins, Inc.,
Sr. Unsec’d. Notes		3.500			03/15/27		20		19,840
Sr. Unsec’d. Notes		4.350			04/15/47		10		10,569
United Technologies Corp., Sr. Unsec’d. Notes		2.800			05/04/24		45		43,999

									117,346

See Notes to Financial Statements.


28


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

Agriculture 0.5%
Altria Group, Inc., Gtd. Notes		2.850	%		08/09/22		65	$	64,653
BAT Capital Corp. (United Kingdom), Gtd. Notes, 144A		3.222			08/15/24		55		54,156
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		2.625			03/06/23		50		48,923
Sr. Unsec’d. Notes		4.250			11/10/44		10		10,335

									178,067

Airlines 0.1%
Continental Airlines, Inc., Class A, Pass-Through Certificates		4.150			10/11/25		27		28,363

Auto Manufacturers 0.6%
Ford Motor Co., Sr. Unsec’d. Notes		6.375			02/01/29		60		69,740
Ford Motor Credit Co. LLC, Sr. Unsec’d. Notes		3.810			01/09/24		30		30,172
General Motors Co., Sr. Unsec’d. Notes		6.250			10/02/43		15		17,707
General Motors Financial Co., Inc., Gtd. Notes		3.950			04/13/24		90		91,088

									208,707

Banks 4.6%
Bank of America Corp.,
Sr. Unsec’d. Notes, 144A		3.419			12/20/28		42		41,290
Sr. Unsec’d. Notes, GMTN		3.300			01/11/23		115		116,069
Sr. Unsec’d. Notes, MTN		4.000			04/01/24		5		5,194
Sr. Unsec’d. Notes, MTN		4.125			01/22/24		50		52,308
Sr. Unsec’d. Notes, MTN		4.244			04/24/38		15		15,928
Sub. Notes, MTN		3.950			04/21/25		40		40,706
Sub. Notes, MTN		4.000			01/22/25		30		30,691
Citigroup, Inc., Sr. Unsec’d. Notes		2.900			12/08/21		20		19,931
Sr. Unsec’d. Notes		3.400			05/01/26		40		39,532
Sr. Unsec’d. Notes		3.700			01/12/26		125		126,509
Sub. Notes		4.125			07/25/28		35		35,557
Goldman Sachs Group, Inc. (The), Sr. Unsec’d. Notes		3.500			01/23/25		250		249,642
HSBC Holdings PLC (United Kingdom), Sr. Unsec’d. Notes		4.000			03/30/22		115		119,218
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		3.875			02/01/24		45		46,528
Sub. Notes		3.875			09/10/24		215		220,069

See Notes to Financial Statements.


Prudential Day One Underlying Funds			29

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


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

Banks (cont’d.)
Morgan Stanley,
Sr. Unsec’d. Notes, GMTN		4.000	%		07/23/25		170	$	175,459
Sub. Notes, MTN		5.000			11/24/25		30		32,460
PNC Financial Services Group, Inc. (The), Sub. Notes		3.900			04/29/24		50		51,570
SunTrust Banks, Inc., Sr. Unsec’d. Notes		2.700			01/27/22		20		19,742
US Bancorp, Sr. Unsec’d. Notes, MTN		2.625			01/24/22		50		49,583
Wells Fargo & Co.,
Sr. Unsec’d. Notes		3.000			10/23/26		50		48,365
Sr. Unsec’d. Notes, MTN		3.000			02/19/25		90		88,250

									1,624,601

Beverages 0.7%
Anheuser-Busch InBev Finance, Inc. (Belgium),
Gtd. Notes		3.300			02/01/23		125		125,983
Gtd. Notes		4.900			02/01/46		30		33,900
PepsiCo, Inc.,
Sr. Unsec’d. Notes		2.750			03/05/22		75		74,834
Sr. Unsec’d. Notes		3.600			03/01/24		10		10,317

									245,034

Biotechnology 0.6%
Amgen, Inc., Sr. Unsec’d. Notes		3.625			05/22/24		150		153,505
Celgene Corp., Sr. Unsec’d. Notes		3.625			05/15/24		40		40,419
Gilead Sciences, Inc., Sr. Unsec’d. Notes		4.400			12/01/21		20		21,092

									215,016

Chemicals 0.6%
Agrium, Inc. (Canada), Sr. Unsec’d. Notes		5.250			01/15/45		15		16,982
Dow Chemical Co. (The), Sr. Unsec’d. Notes		4.125			11/15/21		75		78,057
Eastman Chemical Co., Sr. Unsec’d. Notes		4.650			10/15/44		20		21,604
EI du Pont de Nemours & Co., Sr. Unsec’d. Notes		2.800			02/15/23		15		14,918
LYB International Finance II BV, Gtd. Notes		3.500			03/02/27		35		34,625
LyondellBasell Industries NV,
Sr. Unsec’d. Notes		5.750			04/15/24		15		16,883
Sr. Unsec’d. Notes		6.000			11/15/21		30		33,015
Sherwin-Williams Co. (The), Sr. Unsec’d. Notes		4.500			06/01/47		5		5,277

									221,361

See Notes to Financial Statements.


30


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

Commercial Services 0.1%
President & Fellows of Harvard College, Unsec’d. Notes		3.150	%		07/15/46		9	$	8,507
University of Southern California, Unsec’d. Notes		3.841			10/01/47		10		10,348

									18,855

Computers 1.0%
Apple, Inc.,
Sr. Unsec’d. Notes		2.400			05/03/23		120		116,744
Sr. Unsec’d. Notes		2.850			05/11/24		45		44,450
Sr. Unsec’d. Notes		3.250			02/23/26		40		39,944
Hewlett Packard Enterprise Co., Sr. Unsec’d. Notes		2.850			10/05/18		50		50,228
International Business Machines Corp., Sr. Unsec’d. Notes		3.625			02/12/24		100		102,878

									354,244

Diversified Financial Services 0.4%
American Express Credit Corp., Sr. Unsec’d. Notes, MTN		2.200			03/03/20		35		34,739
Capital One Bank USA NA, Sub. Notes		3.375			02/15/23		20		19,891
Discover Financial Services, Sr. Unsec’d. Notes		4.100			02/09/27		20		20,043
Mastercard, Inc., Sr. Unsec’d. Notes		3.375			04/01/24		50		50,846

									125,519

Electric 1.5%
Appalachian Power Co., Sr. Unsec’d. Notes		3.300			06/01/27		10		9,851
Arizona Public Service Co., Sr. Unsec’d. Notes		3.750			05/15/46		15		14,921
Commonwealth Edison Co.,
First Mortgage		3.750			08/15/47		5		5,038
First Mortgage		4.600			08/15/43		35		39,520
Duke Energy Carolinas LLC,
First Mortgage		4.250			12/15/41		5		5,397
First Refinance Mortgage		2.950			12/01/26		20		19,505
Duke Energy Corp., Sr. Unsec’d. Notes		2.650			09/01/26		75		69,848
Entergy Louisiana LLC, First Mortgage		4.050			09/01/23		35		36,451
Exelon Corp., Jr. Sub. Notes		3.497			06/01/22		10		10,068
Florida Power & Light Co., First Mortgage		2.750			06/01/23		25		24,712
Hydro-Quebec (Canada), Gov’t. Gtd. Notes		8.050			07/07/24		10		12,682
Louisville Gas & Electric Co., First Mortgage		5.125			11/15/40		5		5,885
MidAmerican Energy Co., First Mortgage		3.650			08/01/48		25		24,886
Northern States Power Co., First Mortgage		3.400			08/15/42		15		14,427

See Notes to Financial Statements.


Prudential Day One Underlying Funds			31

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


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

Electric (cont’d.)
Pacific Gas & Electric Co., Sr. Unsec’d. Notes		5.125	%		11/15/43		55	$	62,631
PPL Electric Utilities Corp., First Mortgage		6.250			05/15/39		10		13,525
Public Service Electric & Gas Co.,
First Mortgage, MTN		3.600			12/01/47		5		4,929
First Mortgage, MTN		2.250			09/15/26		25		23,133
Puget Energy, Inc., Sr. Sec’d. Notes		3.650			05/15/25		20		20,098
San Diego Gas & Electric Co., First Mortgage		3.750			06/01/47		5		5,083
South Carolina Electric & Gas Co., First Mortgage		5.100			06/01/65		5		5,535
Southern California Edison Co., First Refinance Mortgage		4.650			10/01/43		40		45,408
Southwestern Electric Power Co., Sr. Unsec’d. Notes		3.850			02/01/48		15		14,854
Virginia Electric & Power Co., Sr. Unsec’d. Notes		6.000			05/15/37		20		25,763

									514,150

Foods 0.1%
Kraft Heinz Foods Co., Gtd. Notes		3.000			06/01/26		50		46,989

Forest Products & Paper 0.4%
International Paper Co., Sr. Unsec’d. Notes		3.650			06/15/24		130		132,341

Gas 0.2%
NiSource Finance Corp., Sr. Unsec’d. Notes		4.800			02/15/44		25		27,855
Sempra Energy, Sr. Unsec’d. Notes		4.000			02/01/48		10		9,854
Southern Co. Gas Capital Corp., Gtd. Notes		4.400			06/01/43		25		25,820

									63,529

Healthcare-Products 0.8%
Abbott Laboratories, Sr. Unsec’d. Notes		2.900			11/30/21		40		39,875
Becton Dickinson & Co., Sr. Unsec’d. Notes		3.734			12/15/24		32		32,075
Covidien International Finance SA, Gtd. Notes		2.950			06/15/23		75		74,534
Medtronic, Inc., Gtd. Notes		3.625			03/15/24		65		66,903
Stryker Corp., Sr. Unsec’d. Notes		3.375			05/15/24		25		25,309
Thermo Fisher Scientific, Inc., Sr. Unsec’d. Notes		3.000			04/15/23		25		24,883

									263,579

Healthcare-Services 1.3%
Aetna, Inc., Sr. Unsec’d. Notes		2.750			11/15/22		70		68,602
Anthem, Inc., Sr. Unsec’d. Notes		3.125			05/15/22		135		135,109
Ascension Health, Unsec’d. Notes		4.847			11/15/53		30		34,040

See Notes to Financial Statements.


32


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

Healthcare-Services (cont’d.)
Children’s Hospital Corp. (The), Gtd. Notes		4.115	%		01/01/47		15	$	15,699
Cigna Corp., Sr. Unsec’d. Notes		4.000			02/15/22		35		36,194
Duke University Health System, Inc., Sr. Unsec’d. Notes		3.920			06/01/47		10		10,215
Hackensack Meridian Health, Inc., Sr. Unsec’d. Notes		4.500			07/01/57		5		5,369
Kaiser Foundation Hospitals, Gtd. Notes		4.150			05/01/47		20		21,253
Laboratory Corp. of America Holdings, Sr. Unsec’d. Notes		4.700			02/01/45		25		26,332
Memorial Sloan-Kettering Cancer Center, Sr. Unsec’d. Notes		5.000			07/01/42		25		29,394
New York and Presbyterian Hospital (The), Unsec’d. Notes		4.024			08/01/45		20		20,714
NYU Hospitals Center, Sec’d. Notes		4.368			07/01/47		15		15,648
Providence St. Joseph Health Obligated Group, Unsec’d. Notes		2.746			10/01/26		50		47,486
UnitedHealth Group, Inc., Sr. Unsec’d. Notes		3.750			10/15/47		5		4,969

									471,024

Insurance 0.9%
American International Group, Inc., Sr. Unsec’d. Notes		4.500			07/16/44		50		51,672
Arch Capital Finance LLC, Gtd. Notes		4.011			12/15/26		5		5,112
Berkshire Hathaway, Inc., Sr. Unsec’d. Notes		3.125			03/15/26		80		79,038
Chubb Corp. (The), Gtd. Notes		6.000			05/11/37		30		39,098
Hartford Financial Services Group, Inc. (The), Sr. Unsec’d. Notes		5.500			03/30/20		65		68,865
MetLife, Inc., Sr. Unsec’d. Notes		7.717			02/15/19		60		63,365
Travelers Cos., Inc. (The), Sr. Unsec’d. Notes		4.600			08/01/43		15		16,871

									324,021

Internet 0.0%
Amazon.com, Inc., Sr. Unsec’d. Notes, 144A		2.800			08/22/24		15		14,696

Lodging 0.1%
Marriott International, Inc., Sr. Unsec’d. Notes		3.125			06/15/26		45		43,402

Machinery-Construction & Mining 0.1%
Caterpillar, Inc., Sr. Unsec’d. Notes		2.600			06/26/22		45		44,531

See Notes to Financial Statements.


Prudential Day One Underlying Funds			33

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


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

Machinery-Diversified 0.3%
John Deere Capital Corp.,
Sr. Unsec’d. Notes, MTN		2.650	%		06/24/24		10	$	9,746
Sr. Unsec’d. Notes, MTN		2.800			03/06/23		65		64,498
Xylem, Inc., Sr. Unsec’d. Notes		3.250			11/01/26		35		34,281

									108,525

Media 1.4%
21st Century Fox America, Inc., Gtd. Notes		5.400			10/01/43		60		73,170
Charter Communications Operating LLC/Charter Communications Operating Capital, Sr. Sec’d. Notes		6.484			10/23/45		50		58,374
Comcast Corp.,
Gtd. Notes		3.000			02/01/24		30		29,772
Gtd. Notes		4.600			08/15/45		65		71,129
Discovery Communications LLC, Gtd. Notes		5.000			09/20/37		5		5,107
Scripps Networks Interactive, Inc., Sr. Unsec’d. Notes		3.500			06/15/22		50		49,944
Time Warner Cable LLC, Sr. Sec’d. Notes		8.750			02/14/19		25		26,532
Time Warner, Inc., Gtd. Notes		3.550			06/01/24		100		100,191
Viacom, Inc.,
Sr. Unsec’d. Notes		3.875			04/01/24		20		20,185
Sr. Unsec’d. Notes		5.850			09/01/43		10		11,111
Walt Disney Co. (The), Sr. Unsec’d. Notes		2.750			08/16/21		50		50,324

									495,839

Mining 0.2%
Barrick North America Finance LLC (Canada), Gtd. Notes		5.750			05/01/43		5		6,159
BHP Billiton Finance USA Ltd. (Australia), Gtd. Notes		5.000			09/30/43		10		12,024
Rio Tinto Finance USA Ltd. (United Kingdom), Gtd. Notes		3.750			06/15/25		45		46,388

									64,571

Miscellaneous Manufacturing 0.7%
General Electric Co., Sr. Unsec’d. Notes		2.700			10/09/22		155		152,091
Sr. Unsec’d. Notes, GMTN		3.150			09/07/22		95		94,852

									246,943

See Notes to Financial Statements.


34


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

Oil & Gas 1.9%
Anadarko Petroleum Corp., Sr. Unsec’d. Notes		5.550	%		03/15/26		15	$	16,729
Apache Corp., Sr. Unsec’d. Notes		3.250			04/15/22		25		25,082
BP Capital Markets PLC (United Kingdom), Gtd. Notes		3.245			05/06/22		60		61,072
Cenovus Energy, Inc. (Canada), Sr. Unsec’d. Notes		5.250			06/15/37		10		10,383
Chevron Corp., Sr. Unsec’d. Notes		1.961			03/03/20		150		148,605
Concho Resources, Inc., Gtd. Notes		4.875			10/01/47		5		5,446
ConocoPhillips Co., Gtd. Notes		4.950			03/15/26		30		33,423
Devon Energy Corp., Sr. Unsec’d. Notes		5.600			07/15/41		20		23,577
Encana Corp. (Canada), Sr. Unsec’d. Notes		6.500			08/15/34		20		24,672
EOG Resources, Inc., Sr. Unsec’d. Notes		3.900			04/01/35		25		25,407
Exxon Mobil Corp., Sr. Unsec’d. Notes		4.114			03/01/46		20		21,626
Noble Energy, Inc., Sr. Unsec’d. Notes		6.000			03/01/41		20		24,141
Occidental Petroleum Corp., Sr. Unsec’d. Notes		3.125			02/15/22		40		40,454
Petroleos Mexicanos (Mexico), Gtd. Notes		4.250			01/15/25		40		39,580
Gtd. Notes, 144A		6.500			03/13/27		15		16,408
Gtd. Notes		6.500			06/02/41		20		20,549
Shell International Finance BV (Netherlands), Gtd. Notes		2.125			05/11/20		125		124,040

									661,194

Oil & Gas Services 0.1%
Baker Hughes a GE Co. LLC/Baker Hughes Co-Obligor, Inc., Sr. Unsec’d. Notes, 144A		4.080			12/15/47		5		4,942
Halliburton Co., Sr. Unsec’d. Notes		4.750			08/01/43		25		27,544

									32,486

Pharmaceuticals 1.5%
AbbVie, Inc., Sr. Unsec’d. Notes		3.600			05/14/25		60		60,555
Allergan Funding SCS, Gtd. Notes		3.800			03/15/25		20		20,081
Gtd. Notes		4.750			03/15/45		21		22,161
Express Scripts Holding Co., Gtd. Notes		4.500			02/25/26		15		15,643
GlaxoSmithKline Capital PLC (United Kingdom), Gtd. Notes		2.850			05/08/22		45		45,135
Johnson & Johnson, Sr. Unsec’d. Notes		2.450			03/01/26		25		23,886
Sr. Unsec’d. Notes		3.625			03/03/37		20		20,519
McKesson Corp., Sr. Unsec’d. Notes		6.000			03/01/41		10		12,014

See Notes to Financial Statements.


Prudential Day One Underlying Funds			35

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


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

Pharmaceuticals (cont’d.)
Merck & Co., Inc., Sr. Unsec’d. Notes		2.400	%		09/15/22		100	$	98,479
Novartis Capital Corp. (Switzerland), Gtd. Notes		4.400			05/06/44		40		45,006
Pfizer, Inc., Sr. Unsec’d. Notes		3.000			12/15/26		14		13,788
Shire Acquisitions Investments Ireland DAC, Gtd. Notes		2.875			09/23/23		65		63,036
Wyeth LLC, Gtd. Notes		6.450			02/01/24		60		71,047
Zoetis, Inc., Sr. Unsec’d. Notes		3.000			09/12/27		5		4,791

									516,141

Pipelines 0.6%
Energy Transfer LP, Sr. Unsec’d. Notes		4.900			03/15/35		30		29,669
Enterprise Products Operating LLC, Gtd. Notes		3.750			02/15/25		80		81,630
Magellan Midstream Partners LP, Sr. Unsec’d. Notes		4.200			10/03/47		10		10,089
MPLX LP, Sr. Unsec’d. Notes		4.500			07/15/23		20		20,899
ONEOK Partners LP, Gtd. Notes		3.375			10/01/22		35		35,016
ONEOK, Inc., Gtd. Notes		4.950			07/13/47		10		10,646
Phillips 66 Partners LP, Sr. Unsec’d. Notes		3.750			03/01/28		10		9,892
Williams Partners LP, Sr. Unsec’d. Notes		3.750			06/15/27		30		29,789

									227,630

Real Estate Investment Trusts (REITs) 0.4%
Boston Properties LP, Sr. Unsec’d. Notes		3.850			02/01/23		20		20,629
Realty Income Corp., Sr. Unsec’d. Notes		3.000			01/15/27		20		18,946
Simon Property Group LP, Sr. Unsec’d. Notes		3.375			10/01/24		90		90,539
Ventas Realty LP, Gtd. Notes		3.850			04/01/27		15		14,952

									145,066

Retail 0.8%
CVS Health Corp., Sr. Unsec’d. Notes		3.875			07/20/25		25		25,226
Sr. Unsec’d. Notes		5.125			07/20/45		15		16,767
Home Depot, Inc. (The), Sr. Unsec’d. Notes		3.750			02/15/24		125		130,044
Lowe’s Cos., Inc., Sr. Unsec’d. Notes		3.100			05/03/27		20		19,594
McDonald’s Corp., Sr. Unsec’d. Notes, MTN		2.625			01/15/22		45		44,613
Sr. Unsec’d. Notes, MTN		4.700			12/09/35		25		27,827

									264,071

See Notes to Financial Statements.


36


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

Software 1.3%
Fidelity National Information Services, Inc., Gtd. Notes		3.875	%		06/05/24		10	$	10,294
Fiserv, Inc., Sr. Unsec’d. Notes		3.850			06/01/25		35		35,993
Microsoft Corp., Sr. Unsec’d. Notes		2.875			02/06/24		220		218,577
Sr. Unsec’d. Notes		4.100			02/06/37		10		10,868
Oracle Corp., Sr. Unsec’d. Notes		2.650			07/15/26		130		123,614
Sr. Unsec’d. Notes		2.950			05/15/25		50		49,226

									448,572

Telecommunications 1.2%
AT&T, Inc., Sr. Unsec’d. Notes		3.600			02/17/23		95		95,977
Sr. Unsec’d. Notes		3.950			01/15/25		30		30,279
Sr. Unsec’d. Notes		4.750			05/15/46		75		72,650
Sr. Unsec’d. Notes		5.300			08/14/58		2		2,021
British Telecommunications PLC (United Kingdom), Sr. Unsec’d. Notes		9.125			12/15/30		25		36,919
Cisco Systems, Inc., Sr. Unsec’d. Notes		2.900			03/04/21		60		60,492
Verizon Communications, Inc., Sr. Unsec’d. Notes		3.376			02/15/25		30		29,743
Sr. Unsec’d. Notes		4.500			08/10/33		10		10,253
Sr. Unsec’d. Notes		4.522			09/15/48		78		77,766

									416,100

Textiles 0.1%
Cintas Corp. No 2, Gtd. Notes		3.700			04/01/27		20		20,355

Transportation 0.4%
Burlington Northern Santa Fe LLC, Sr. Unsec’d. Notes		3.750			04/01/24		75		78,571
Norfolk Southern Corp., Sr. Unsec’d. Notes		5.900			06/15/19		45		47,015
Union Pacific Corp., Sr. Unsec’d. Notes		3.000			04/15/27		20		19,711
Sr. Unsec’d. Notes		3.600			09/15/37		10		10,078

									155,375

See Notes to Financial Statements.


Prudential Day One Underlying Funds			37

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


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

Water 0.1%
American Water Capital Corp., Sr. Unsec’d. Notes		2.950	%		09/01/27		20	$	19,385

TOTAL CORPORATE BONDS (cost $9,091,472)									9,077,628


MUNICIPAL BONDS 0.9%

Arizona 0.1%
Salt River Project Agricultural Improvement & Power District, Revenue Bonds, BABs		4.839			01/01/41		20		23,270

California 0.4%
Los Angeles Department of Water & Power System Revenue, Revenue Bonds, BABs		5.716			07/01/39		20		25,768
State of California, General Obligation Unlimited, BABs		7.550			04/01/39		65		101,033

									126,801

Maryland 0.1%
Maryland State Transportation Authority, Revenue Bonds, BABs		5.888			07/01/43		40		51,854

New Jersey 0.2%
New Jersey Turnpike Authority, Revenue Bonds, Series F, BABs		7.414			01/01/40		50		75,810

New York 0.1%
New York City Water & Sewer System, Revenue Bonds, BABs		5.882			06/15/44		20		26,967

Ohio 0.0%
Ohio State University (The), Revenue Bonds		4.048			12/01/56		12		12,361

TOTAL MUNICIPAL BONDS (cost $302,531)									317,063


SOVEREIGN BONDS 0.7%
Chile Government International Bond (Chile), Sr. Unsec’d. Notes		3.250			09/14/21		100		102,000
Mexico Government International Bond (Mexico), Sr. Unsec’d. Notes, MTN		4.750			03/08/44		76		75,924
Province of Quebec (Canada), Deb. Notes		7.125			02/09/24		40		48,510

TOTAL SOVEREIGN BONDS (cost $222,325)									226,434

See Notes to Financial Statements.


38


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS 29.1%
Federal Home Loan Banks		1.375	%		09/28/20		120	$	117,191
Federal Home Loan Mortgage Corp.		1.375			08/15/19		105		103,847
Federal Home Loan Mortgage Corp.		1.500			01/17/20		50		49,371
Federal Home Loan Mortgage Corp.		1.625			09/29/20		75		73,677
Federal Home Loan Mortgage Corp.		2.000			01/01/32		51		48,975
Federal Home Loan Mortgage Corp.		3.000			01/01/37		29		28,802
Federal Home Loan Mortgage Corp.		3.000			12/01/42		214		211,053
Federal Home Loan Mortgage Corp.		3.000			11/01/46		92		90,288
Federal Home Loan Mortgage Corp.		3.000			01/01/47		164		160,891
Federal Home Loan Mortgage Corp.		3.500			06/01/42		77		77,746
Federal Home Loan Mortgage Corp.		3.500			11/01/47		149		150,915
Federal Home Loan Mortgage Corp.		3.500			TBA		250		252,012
Federal Home Loan Mortgage Corp.		4.000			05/01/46		241		249,413
Federal National Mortgage Assoc.		1.875			09/24/26		115		106,451
Federal National Mortgage Assoc.		2.375			01/19/23		65		64,348
Federal National Mortgage Assoc.		2.500			09/01/46		87		81,689
Federal National Mortgage Assoc.		3.000			12/01/36		94		93,519
Federal National Mortgage Assoc.		3.000			10/01/42		34		33,584
Federal National Mortgage Assoc.		3.000			02/01/43		447		440,265
Federal National Mortgage Assoc.		3.000			04/01/43		146		143,856
Federal National Mortgage Assoc.		3.000			01/01/47		500		490,519
Federal National Mortgage Assoc.		3.000			TBA		1,250		1,256,396
Federal National Mortgage Assoc.		3.500			08/01/31		84		85,992
Federal National Mortgage Assoc.		3.500			03/01/42		214		217,565
Federal National Mortgage Assoc.		3.500			01/01/42		229		232,596
Federal National Mortgage Assoc.		3.500			11/01/42		125		126,604
Federal National Mortgage Assoc.		3.500			08/01/43		177		179,375
Federal National Mortgage Assoc.		3.500			03/01/45		416		419,902
Federal National Mortgage Assoc.		3.500			01/01/46		91		91,724
Federal National Mortgage Assoc.		3.500			12/01/46		96		97,127
Federal National Mortgage Assoc.		4.000			01/01/41		373		387,231
Federal National Mortgage Assoc.		4.000			04/01/41		195		202,255
Federal National Mortgage Assoc.		4.000			TBA		250		257,798
Federal National Mortgage Assoc.		4.500			03/01/41		190		201,583
Federal National Mortgage Assoc.		4.500			02/01/44		215		227,219
Federal National Mortgage Assoc.		4.500			01/01/45		225		238,304
Federal National Mortgage Assoc.		5.000			11/01/35		235		253,689
Federal National Mortgage Assoc.		5.000			06/01/40		60		64,209
Federal National Mortgage Assoc.		5.000			03/01/42		115		123,871
Government National Mortgage Assoc.		2.500			12/20/46		46		44,399
Government National Mortgage Assoc.		3.000			01/20/43		213		212,178
Government National Mortgage Assoc.		3.000			07/20/46		229		227,332

See Notes to Financial Statements.


Prudential Day One Underlying Funds			39

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS (Continued)
Government National Mortgage Assoc.		3.000	%		09/20/46		228	$	226,127
Government National Mortgage Assoc.		3.500			12/20/42		425		435,451
Government National Mortgage Assoc.		3.500			01/20/44		85		86,542
Government National Mortgage Assoc.		3.500			04/20/45		99		101,212
Government National Mortgage Assoc.		3.500			07/20/46		357		364,257
Government National Mortgage Assoc.		4.000			12/20/45		260		271,656
Government National Mortgage Assoc.		4.000			10/20/46		16		17,096
Government National Mortgage Assoc.		4.000			03/20/47		177		183,732
Government National Mortgage Assoc.		4.500			04/20/41		44		46,779
Government National Mortgage Assoc.		4.500			12/20/44		104		109,866
Government National Mortgage Assoc.		4.500			11/20/46		70		74,045
Government National Mortgage Assoc.		4.500			01/20/47		22		22,918
Government National Mortgage Assoc.		5.500			12/15/33		28		30,360

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $10,324,317)									10,185,802


U.S. TREASURY OBLIGATIONS 39.2%
U.S. Treasury Bonds		2.750			08/15/47		165		158,645
U.S. Treasury Bonds		2.875			05/15/43		135		133,935
U.S. Treasury Bonds		2.875			08/15/45		430		424,995
U.S. Treasury Bonds		2.875			11/15/46		115		113,495
U.S. Treasury Bonds		3.000			05/15/45		1,050		1,063,166
U.S. Treasury Bonds		3.625			08/15/43		330		371,766
U.S. Treasury Bonds		3.750			11/15/43		120		137,930
U.S. Treasury Bonds		4.250			11/15/40		135		165,612
U.S. Treasury Notes		2.250			11/15/27		80		76,778
U.S. Treasury Notes		1.000			11/15/19		170		166,706
U.S. Treasury Notes		1.250			06/30/19		1,015		1,003,859
U.S. Treasury Notes		1.375			09/30/19		890		879,501
U.S. Treasury Notes		1.375			04/30/21		600		581,766
U.S. Treasury Notes		1.375			05/31/21		330		319,571
U.S. Treasury Notes		1.500			01/31/19		1,020		1,015,418
U.S. Treasury Notes		1.625			04/30/19		685		681,655
U.S. Treasury Notes		1.625			06/30/20		925		911,992
U.S. Treasury Notes		1.625			04/30/23		90		85,908
U.S. Treasury Notes		1.750			03/31/22		55		53,475
U.S. Treasury Notes		1.875			04/30/22		140		136,620
U.S. Treasury Notes		1.875			09/30/22		197		191,490
U.S. Treasury Notes		2.000			11/30/20		935		927,476
U.S. Treasury Notes		2.000			01/15/21		540		535,549
U.S. Treasury Notes		2.000			11/30/22		230		224,573
U.S. Treasury Notes		2.125			06/30/21		80		79,353
U.S. Treasury Notes		2.125			09/30/21		260		257,400
U.S. Treasury Notes		2.125			06/30/22		365		359,511
U.S. Treasury Notes		2.125			12/31/22		195		191,367
U.S. Treasury Notes		2.125			05/15/25		345		332,332

See Notes to Financial Statements.


40


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATIONS (Continued)
U.S. Treasury Notes		2.250	%		02/15/27		195	$	187,649
U.S. Treasury Notes		2.375			01/31/23		300		297,867
U.S. Treasury Notes		2.375			08/15/24		860		845,891
U.S. Treasury Notes		2.500			01/31/25		225		222,671
U.S. Treasury Notes		2.625			11/15/20		590		595,301

TOTAL U.S. TREASURY OBLIGATIONS (cost $13,896,482)									13,731,223

TOTAL LONG-TERM INVESTMENTS (cost $35,035,679)									34,723,875


						Shares

SHORT-TERM INVESTMENT 4.2%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,473,961)(w)							1,473,961		1,473,961


TOTAL INVESTMENTS 103.4% (cost $36,509,640)									36,197,836
Liabilities in excess of other assets (3.4)%									(1,203,702	)

NET ASSETS 100.0%								$	34,994,134

See the Glossary for abbreviations used in the semiannual report.

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

(cc)

Variable rate instrument. The rate shown is based on the latest available information as of January 31, 2018. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description.

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

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.


Prudential Day One Underlying Funds			41

Prudential Core Conservative Bond Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Commercial Mortgage-Backed Securities	$	—	$	1,185,725	$	—
Corporate Bonds		—		9,077,628		—
Municipal Bonds		—		317,063		—
Sovereign Bonds		—		226,434		—
U.S. Government Agency Obligations		—		10,185,802		—
U.S. Treasury Obligations		—		13,731,223		—
Affiliated Mutual Fund		1,473,961		—		—

Total	$	1,473,961	$	34,723,875	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


U.S. Treasury Obligations	39.2	%
U.S. Government Agency Obligations	29.1
Banks	4.6
Affiliated Mutual Fund	4.2
Commercial Mortgage-Backed Securities	3.4
Oil & Gas	1.9
Pharmaceuticals	1.5
Electric	1.5
Media	1.4
Healthcare-Services	1.3
Software	1.3
Telecommunications	1.2
Computers	1.0
Insurance	0.9
Municipal Bonds	0.9
Retail	0.8
Healthcare-Products	0.8
Miscellaneous Manufacturing	0.7
Beverages	0.7
Sovereign Bonds	0.7
Pipelines	0.6
Chemicals	0.6
Biotechnology	0.6
Auto Manufacturers	0.6
Agriculture	0.5	%
Transportation	0.4
Real Estate Investment Trusts (REITs)	0.4
Forest Products & Paper	0.4
Diversified Financial Services	0.4
Aerospace & Defense	0.3
Machinery-Diversified	0.3
Mining	0.2
Gas	0.2
Foods	0.1
Machinery-Construction & Mining	0.1
Lodging	0.1
Oil & Gas Services	0.1
Airlines	0.1
Textiles	0.1
Water	0.1
Commercial Services	0.1
Internet	0.0	*

	103.4
Liabilities in excess of other assets	(3.4	)

	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.


42

Prudential TIPS Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
LONG-TERM INVESTMENTS 98.9%

U.S. TREASURY OBLIGATIONS
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125	%		04/15/19		625	$	657,426
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			04/15/20		925		970,032
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			04/15/21		1,265		1,304,437
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			01/15/22		2,090		2,253,809
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			04/15/22		325		324,841
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125			01/15/23		1,640		1,724,501
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250			01/15/25		555		566,318
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375			01/15/27		695		695,344
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625			01/15/24		1,230		1,310,048
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625			01/15/26		850		884,975
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625			02/15/43		20		20,695
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750			02/15/42		210		228,148
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750			02/15/45		465		482,191
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875			02/15/47		5		5,222
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000			02/15/46		415		454,806
U.S. Treasury Inflation Indexed Bonds, TIPS		1.125			01/15/21		615		710,103
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375			01/15/20		825		963,063
U.S. Treasury Inflation Indexed Bonds, TIPS		1.375			02/15/44		950		1,144,856
U.S. Treasury Inflation Indexed Bonds, TIPS		1.750			01/15/28		480		626,215
U.S. Treasury Inflation Indexed Bonds, TIPS		2.000			01/15/26		835		1,152,090
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125			01/15/19		265		310,904
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125			02/15/40		135		197,899
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125			02/15/41		215		313,246
U.S. Treasury Inflation Indexed Bonds, TIPS		2.375			01/15/25		1,475		2,172,338
U.S. Treasury Inflation Indexed Bonds, TIPS		2.375			01/15/27		285		402,416
U.S. Treasury Inflation Indexed Bonds, TIPS		2.500			01/15/29		365		501,241
U.S. Treasury Inflation Indexed Bonds, TIPS		3.375			04/15/32		15		28,364
U.S. Treasury Inflation Indexed Bonds, TIPS		3.625			04/15/28		425		838,565
U.S. Treasury Inflation Indexed Bonds, TIPS		3.875			04/15/29		370		746,330

TOTAL LONG-TERM INVESTMENTS (cost $22,017,090)									21,990,423

See Notes to Financial Statements.


Prudential Day One Underlying Funds			43

Prudential TIPS Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value

SHORT-TERM INVESTMENT 0.4%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $86,282)(w)		86,282	$	86,282


TOTAL INVESTMENTS 99.3% (cost $22,103,372)				22,076,705
Other assets in excess of liabilities 0.7%				161,357

NET ASSETS 100.0%			$	22,238,062

See the Glossary for abbreviations used in the semiannual report.

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

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund.

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
U.S. Treasury Obligations	$	—	$	21,990,423	$	—
Affiliated Mutual Fund		86,282		—		—

Total	$	86,282	$	21,990,423	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

See Notes to Financial Statements.


44

Sector Allocations:

The sector allocations of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follow:


U.S. Treasury Obligations	98.9	%
Affiliated Mutual Fund	0.4

	99.3
Other assets in excess of liabilities	0.7

	100.0	%

See Notes to Financial Statements.


Prudential Day One Underlying Funds			45

Prudential Commodity Strategies Fund

Consolidated Schedule of Investments

(unaudited)

as of January 31, 2018


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
SHORT-TERM INVESTMENTS 99.7%

U.S. TREASURY OBLIGATIONS(n) 85.1%
U.S. Treasury Bills		1.283	%		03/01/18		8,400	$	8,390,845
U.S. Treasury Bills		1.289			03/08/18		1,500		1,498,033
U.S. Treasury Bills		1.326			03/29/18		1,400		1,397,130
U.S. Treasury Bills(k)		1.385			04/05/18		500		498,837
U.S. Treasury Bills(bb)(k)		1.385			04/05/18		800		798,138
U.S. Treasury Bills(bb)(k)		1.385			04/12/18		400		398,937
U.S. Treasury Bills(bb)(k)		1.407			04/12/18		1,000		997,343

TOTAL U.S. TREASURY OBLIGATIONS (cost $13,979,950)									13,979,263

						Shares

UNAFFILIATED FUND 14.6%
Dreyfus Treasury Securities Cash Management(bb) (cost $2,396,683)							2,396,683		2,396,683

TOTAL INVESTMENTS 99.7% (cost $16,376,633)									16,375,946
Other assets in excess of liabilities(z) 0.3%									55,835

NET ASSETS 100.0%								$	16,431,781

See the Glossary for abbreviations are used in the semiannual report.

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

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

(k)	Represents security, or a portion thereof, segregated as collateral for futures contracts.

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

(z)	Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Commodity futures contracts outstanding at January 31, 2018(1):


Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions:
	11	Brent Crude		May 2018	$	754,270	$	3,670
	5	Brent Crude		Jul. 2018		339,350		(5,390	)
	5	Brent Crude		Sep. 2018		335,550		5,930

See Notes to Financial Statements.


46

Commodity futures contracts outstanding at January 31, 2018(1) (continued):


Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions: (cont’d.)
	9	Coffee ‘C’		Mar. 2018	$	411,244	$	(20,644	)
	1	Coffee ‘C’		Dec. 2018		49,632		(806	)
	11	Copper		Mar. 2018		878,762		18,934
	3	Copper		Dec. 2018		244,576		4,838
	61	Corn		Mar. 2018		1,102,575		13,700
	3	Cotton No. 2		Mar. 2018		115,920		12,960
	1	Cotton No. 2		Dec. 2018		37,255		(210	)
	6	Gasoline RBOB		Mar. 2018		477,212		36,288
	2	Gasoline RBOB		Sep. 2018		165,883		1,029
	7	Gold 100 OZ		Apr. 2018		940,170		12,070
	2	Gold 100 OZ		Aug. 2018		270,780		5,130
	12	Hard Red Winter Wheat		Mar. 2018		280,350		13,600
	6	Lean Hogs		Apr. 2018		173,400		(7,990	)
	1	Lean Hogs		Oct. 2018		28,010		(260	)
	7	Live Cattle		Apr. 2018		344,190		10,570
	2	Live Cattle		Aug. 2018		89,840		2,830
	1	LME Nickel		Feb. 2018		81,393		17,661
	5	LME Nickel		Mar. 2018		407,385		74,739
	6	LME Nickel		Jun. 2018		490,734		104,295
	1	LME Nickel		Aug. 2018		81,999		5,019
	2	LME Nickel		Dec. 2018		164,802		11,769
	13	LME PRI Aluminum		Mar. 2018		719,469		71,116
	7	LME PRI Aluminum		Jun. 2018		389,725		14,084
	2	LME PRI Aluminum		Sep. 2018		111,850		3,996
	4	LME Zinc		Mar. 2018		354,950		55,174
	1	LME Zinc		May 2018		88,463		19,239
	3	LME Zinc		Jun. 2018		264,938		36,873
	1	LME Zinc		Jul. 2018		88,175		9,845
	2	LME Zinc		Oct. 2018		175,150		15,159
	32	Natural Gas		Mar. 2018		958,400		80,690
	7	Natural Gas		Apr. 2018		200,200		7,190
	1	Natural Gas		May 2018		28,540		330
	12	Natural Gas		Dec. 2018		371,520		8,105
	29	No. 2 Soft Red Winter Wheat		Mar. 2018		655,038		10,678
	5	NY Harbor ULSD		Mar. 2018		433,944		31,790
	1	NY Harbor ULSD		May 2018		85,705		542

See Notes to Financial Statements.


Prudential Day One Underlying Funds			47

Prudential Commodity Strategies Fund

Consolidated Schedule of Investments

(unaudited) (continued)

as of January 31, 2018

Commodity futures contracts outstanding at January 31, 2018(1) (continued):


Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
		Long Positions (cont’d.)
	7	Silver		Mar. 2018	$	603,435	$	13,670
	2	Silver		Dec. 2018		176,490		3,735
	21	Soybean		Mar. 2018		1,045,538		6,563
	16	Soybean Meal		Mar. 2018		540,480		7,700
	16	Soybean Oil		Mar. 2018		317,472		(8,676	)
	6	Soybean Oil		Jul. 2018		120,528		(4,008	)
	32	Sugar #11 (World)		Mar. 2018		474,163		(47,130	)
	5	Sugar #11 (World)		Jul. 2018		76,552		(4,077	)
	12	WTI Crude		Mar. 2018		776,760		88,410
	4	WTI Crude		Jul. 2018		254,120		(1,000	)
	6	WTI Crude		Sep. 2018		374,940		19,000

								758,730

		Short Positions:
	1	LME Nickel		Feb. 2018		81,393		(27,915	)
	5	LME Nickel		Jun. 2018		408,945		(57,459	)
	1	LME Nickel		Aug. 2018		81,999		(6,240	)
	6	LME PRI Aluminum		Mar. 2018		332,063		(25,664	)
	2	LME PRI Aluminum		Jun. 2018		111,350		(4,144	)
	1	LME Zinc		Mar. 2018		88,738		(19,244	)
	1	LME Zinc		May 2018		88,463		(17,363	)
	2	LME Zinc		Jun. 2018		176,625		(13,800	)
	1	LME Zinc		Jul. 2018		88,175		(11,331	)

								(183,160	)

							$	575,570

Cash of $255,810 and securities with a market value of $1,197,075 have been segregated with Morgan Stanley to cover requirements for open futures contracts at January 31, 2018.

(1)	Represents positions held in the Cayman Subsidiary.

Fair Value Measurements:

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

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

See Notes to Financial Statements.


48

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

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

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
U.S. Treasury Obligations	$	—	$	13,979,263	$	—
Unaffiliated Fund		2,396,683		—		—
Other Financial Instruments*
Commodity Futures Contracts		575,570		—		—

Total	$	2,972,253	$	13,979,263	$	—

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

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follows:


U.S. Treasury Obligations	85.1	%
Unaffiliated Fund	14.6

	99.7
Other assets in excess of liabilities	0.3

	100.0	%

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

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is commodity contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance

See Notes to Financial Statements.


Prudential Day One Underlying Funds			49

Prudential Commodity Strategies Fund

Consolidated Schedule of Investments

(unaudited) (continued)

as of January 31, 2018

as reflected in the Consolidated Statement of Assets and Liabilities and Consolidated Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2018 as presented in the Consolidated Statement of Assets and Liabilities:

Derivatives not accounted

for as hedging instruments,

carried at fair value

Asset Derivatives

Liability Derivatives

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Commodity contracts

Due from/to broker—

variation margin futures

858,921

Due from/to broker—

variation margin futures

283,351

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

The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended January 31, 2018 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	937,918


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$	209,420

For the six months ended January 31, 2018, the Fund’s average volume of derivative activities is as follows:

Futures
Contracts—

Long

Positions(1)

Futures
Contracts—
Short
Positions(1)

16,630,847

1,644,061

(1)	Notional Amount in USD.

See Notes to Financial Statements.


50

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 98.3%

COMMON STOCKS 95.8%

Aerospace & Defense 2.6%
AAR Corp.		20	$	809
Aerojet Rocketdyne Holdings, Inc.*		60		1,650
Aerovironment, Inc.*		24		1,233
Arconic, Inc.		430		12,926
Axon Enterprise, Inc.*		30		794
Boeing Co. (The)		604		214,040
Cubic Corp.		20		1,161
Curtiss-Wright Corp.		48		6,272
Engility Holdings, Inc.*		20		523
Esterline Technologies Corp.*		30		2,207
General Dynamics Corp.		303		67,411
Harris Corp.		130		20,719
Huntington Ingalls Industries, Inc.		50		11,877
KLX, Inc.*		50		3,533
L3 Technologies, Inc.		92		19,546
Lockheed Martin Corp.		269		95,455
Mercury Systems, Inc.*		50		2,401
Moog, Inc., (Class A Stock)*		38		3,422
National Presto Industries, Inc.		8		813
Northrop Grumman Corp.		190		64,701
Orbital ATK, Inc.		60		7,914
Raytheon Co.		312		65,189
Rockwell Collins, Inc.		180		24,928
Teledyne Technologies, Inc.*		39		7,446
Textron, Inc.		280		16,428
TransDigm Group, Inc.		52		16,479
Triumph Group, Inc.		40		1,166
United Technologies Corp.		795		109,718

				780,761

Air Freight & Logistics 0.7%
Atlas Air Worldwide Holdings, Inc.*		30		1,689
C.H. Robinson Worldwide, Inc.		156		14,268
Echo Global Logistics, Inc.*		20		584
Expeditors International of Washington, Inc.		200		12,990
FedEx Corp.		265		69,557
Forward Air Corp.		40		2,428
Hub Group, Inc., (Class A Stock)*		30		1,441
United Parcel Service, Inc., (Class B Stock)		730		92,944

				195,901

See Notes to Financial Statements.


Prudential Day One Underlying Funds			51

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Airlines 0.5%
Alaska Air Group, Inc.		143	$	9,399
Allegiant Travel Co.		18		2,867
American Airlines Group, Inc.		456		24,770
Delta Air Lines, Inc.		700		39,739
Hawaiian Holdings, Inc.		50		1,868
JetBlue Airways Corp.*		300		6,258
SkyWest, Inc.		60		3,345
Southwest Airlines Co.		590		35,872
United Continental Holdings, Inc.*		270		18,311

				142,429

Auto Components 0.3%
American Axle & Manufacturing Holdings, Inc.*		50		883
Aptiv PLC		280		26,567
BorgWarner, Inc.		220		12,377
Cooper Tire & Rubber Co.		53		2,072
Cooper-Standard Holdings, Inc.*		20		2,492
Dana, Inc.		160		5,278
Delphi Technologies PLC*		93		5,136
Dorman Products, Inc.*		40		3,018
Fox Factory Holding Corp.*		40		1,534
Gentex Corp.		270		6,394
Gentherm, Inc.*		20		640
Goodyear Tire & Rubber Co. (The)		250		8,705
LCI Industries		25		2,756
Motorcar Parts of America, Inc.*		20		544
Standard Motor Products, Inc.		10		479
Superior Industries International, Inc.		20		337

				79,212

Automobiles 0.4%
Ford Motor Co.		4,110		45,087
General Motors Co.		1,360		57,677
Harley-Davidson, Inc.		180		8,723
Thor Industries, Inc.		54		7,380
Winnebago Industries, Inc.		30		1,363

				120,230

Banks 6.5%
Ameris Bancorp		40		2,142
Associated Banc-Corp.		160		3,960

See Notes to Financial Statements.


52


Description	Shares		Value
COMMON STOCKS (Continued)

Banks (cont’d.)
Banc of California, Inc.		30	$	591
BancorpSouth Bank		70		2,349
Bank of America Corp.		10,296		329,472
Bank of Hawaii Corp.		40		3,347
Bank of the Ozarks		130		6,494
Banner Corp.		30		1,630
BB&T Corp.		840		46,360
Boston Private Financial Holdings, Inc.		40		616
Brookline Bancorp, Inc.		33		528
Cathay General Bancorp		70		3,062
Central Pacific Financial Corp.		20		591
Chemical Financial Corp.		70		4,089
Citigroup, Inc.		2,820		221,314
Citizens Financial Group, Inc.		526		24,143
City Holding Co.		10		688
Columbia Banking System, Inc.		75		3,231
Comerica, Inc.		200		19,044
Commerce Bancshares, Inc.		96		5,617
Community Bank System, Inc.		52		2,772
Cullen/Frost Bankers, Inc.		60		6,385
Customers Bancorp, Inc.*		20		613
CVB Financial Corp.		80		1,872
East West Bancorp, Inc.		160		10,546
Fidelity Southern Corp.		20		479
Fifth Third Bancorp		730		24,163
First BanCorp. (Puerto Rico)*		100		600
First Commonwealth Financial Corp.		40		579
First Financial Bancorp		40		1,140
First Financial Bankshares, Inc.		60		2,787
First Horizon National Corp.		330		6,554
First Midwest Bancorp, Inc.		90		2,237
FNB Corp.		310		4,449
Fulton Financial Corp.		140		2,548
Glacier Bancorp, Inc.		73		2,863
Great Western Bancorp, Inc.		56		2,360
Hancock Holding Co.		102		5,477
Hanmi Financial Corp.		20		630
Home BancShares, Inc.		130		3,121
Hope Bancorp, Inc.		110		2,094
Huntington Bancshares, Inc.		1,110		17,960
Independent Bank Corp.		35		2,497
International Bancshares Corp.		50		2,075

See Notes to Financial Statements.


Prudential Day One Underlying Funds			53

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Banks (cont’d.)
JPMorgan Chase & Co.		3,695	$	427,401
KeyCorp		1,110		23,754
LegacyTexas Financial Group, Inc.		40		1,762
M&T Bank Corp.		162		30,906
MB Financial, Inc.		90		3,850
National Bank Holdings Corp., (Class A Stock)		10		332
NBT Bancorp, Inc.		40		1,476
OFG Bancorp (Puerto Rico)		40		456
Old National Bancorp		110		1,903
Opus Bank*		20		542
Pacific Premier Bancorp, Inc.*		40		1,630
PacWest Bancorp		130		6,816
People’s United Financial, Inc.		320		6,294
Pinnacle Financial Partners, Inc.		80		5,064
PNC Financial Services Group, Inc. (The)		509		80,432
Prosperity Bancshares, Inc.		70		5,306
Regions Financial Corp.		1,220		23,461
S&T Bancorp, Inc.		36		1,453
ServisFirst Bancshares, Inc.		50		2,121
Signature Bank*		60		9,240
Simmons First National Corp., (Class A Stock)		40		2,354
Southside Bancshares, Inc.		21		721
Sterling Bancorp		215		5,321
SunTrust Banks, Inc.		510		36,057
SVB Financial Group*		57		14,053
Synovus Financial Corp.		130		6,551
TCF Financial Corp.		140		3,003
Texas Capital Bancshares, Inc.*		50		4,740
Tompkins Financial Corp.		10		824
Trustmark Corp.		60		1,907
U.S. Bancorp		1,670		95,424
UMB Financial Corp.		46		3,504
Umpqua Holdings Corp.		200		4,330
United Bankshares, Inc.		119		4,379
United Community Banks, Inc.		60		1,901
Valley National Bancorp		220		2,765
Webster Financial Corp.		100		5,662
Wells Fargo & Co.		4,728		311,008
Westamerica Bancorporation		30		1,781
Wintrust Financial Corp.		70		6,013
Zions Bancorporation		214		11,562

				1,944,128

See Notes to Financial Statements.


54


Description	Shares		Value
COMMON STOCKS (Continued)

Beverages 1.7%
Boston Beer Co., Inc. (The), (Class A Stock)*		10	$	1,899
Brown-Forman Corp., (Class B Stock)		210		14,553
Coca-Cola Bottling Co. Consolidated		12		2,430
Coca-Cola Co. (The)		4,090		194,643
Constellation Brands, Inc., (Class A Stock)		188		41,260
Dr. Pepper Snapple Group, Inc.		190		22,677
Molson Coors Brewing Co., (Class B Stock)		200		16,804
Monster Beverage Corp.*		450		30,704
PepsiCo, Inc.		1,515		182,254

				507,224

Biotechnology 2.6%
AbbVie, Inc.		1,697		190,437
Acorda Therapeutics, Inc.*		20		519
Alexion Pharmaceuticals, Inc.*		244		29,114
AMAG Pharmaceuticals, Inc.*		20		287
Amgen, Inc.		772		143,631
Biogen, Inc.*		225		78,257
Bioverativ, Inc.*		122		12,573
Celgene Corp.*		842		85,177
Cytokinetics, Inc.*		30		276
Eagle Pharmaceuticals, Inc.*		8		478
Emergent BioSolutions, Inc.*		40		1,952
Enanta Pharmaceuticals, Inc.*		16		1,359
Gilead Sciences, Inc.		1,394		116,817
Incyte Corp.*		190		17,155
Ligand Pharmaceuticals, Inc.*		25		3,940
MiMedx Group, Inc.*		50		838
Momenta Pharmaceuticals, Inc.*		40		680
Myriad Genetics, Inc.*		60		2,213
Progenics Pharmaceuticals, Inc.*		30		176
Regeneron Pharmaceuticals, Inc.*		82		30,065
Repligen Corp.*		40		1,415
Spectrum Pharmaceuticals, Inc.*		65		1,400
United Therapeutics Corp.*		50		6,450
Vertex Pharmaceuticals, Inc.*		270		45,055

				770,264

Building Products 0.4%
A.O. Smith Corp.		160		10,685
AAON, Inc.		33		1,201
Allegion PLC		100		8,611

See Notes to Financial Statements.


Prudential Day One Underlying Funds			55

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Building Products (cont’d.)
American Woodmark Corp.*		14	$	1,902
Apogee Enterprises, Inc.		24		1,092
Fortune Brands Home & Security, Inc.		170		12,058
Gibraltar Industries, Inc.*		26		965
Griffon Corp.		20		401
Insteel Industries, Inc.		10		313
Johnson Controls International PLC		970		37,956
Lennox International, Inc.		40		8,716
Masco Corp.		340		15,184
Patrick Industries, Inc.*		30		1,922
PGT Innovations, Inc.*		40		638
Quanex Building Products Corp.		30		621
Simpson Manufacturing Co., Inc.		40		2,350
Trex Co., Inc.*		37		4,129
Universal Forest Products, Inc.		60		2,240

				110,984

Capital Markets 3.0%
Affiliated Managers Group, Inc.		63		12,577
Ameriprise Financial, Inc.		166		28,004
Bank of New York Mellon Corp. (The)		1,090		61,803
BlackRock, Inc.		138		77,528
Cboe Global Markets, Inc.		123		16,530
Charles Schwab Corp. (The)		1,270		67,742
CME Group, Inc.		366		56,174
Donnelley Financial Solutions, Inc.*		20		429
ETRADE Financial Corp.		280		14,756
Eaton Vance Corp.		130		7,514
Evercore, Inc., (Class A Stock)		50		5,028
FactSet Research Systems, Inc.		45		9,031
Federated Investors, Inc., (Class B Stock)		110		3,815
Financial Engines, Inc.		55		1,565
Franklin Resources, Inc.		350		14,843
Goldman Sachs Group, Inc. (The)		382		102,334
Greenhill & Co., Inc.		20		371
Interactive Brokers Group, Inc., (Class A Stock)		85		5,439
Intercontinental Exchange, Inc.		620		45,781
INTL. FCStone, Inc.*		20		870
Invesco Ltd.		440		15,897
Investment Technology Group, Inc.		30		641
Janus Henderson Group PLC (United Kingdom)		178		7,010
Legg Mason, Inc.		80		3,410

See Notes to Financial Statements.


56


Description	Shares		Value
COMMON STOCKS (Continued)

Capital Markets (cont’d.)
MarketAxess Holdings, Inc.		40	$	7,848
Moody’s Corp.		176		28,475
Morgan Stanley		1,490		84,259
MSCI, Inc.		100		13,923
Nasdaq, Inc.		128		10,356
Northern Trust Corp.		227		23,924
Piper Jaffray Cos.		16		1,477
Raymond James Financial, Inc.		146		14,073
S&P Global, Inc.		277		50,165
SEI Investments Co.		150		11,272
State Street Corp.		397		43,737
Stifel Financial Corp.		70		4,726
T. Rowe Price Group, Inc.		260		29,024
Virtus Investment Partners, Inc.		8		1,024
Waddell & Reed Financial, Inc., (Class A Stock)		80		1,840
WisdomTree Investments, Inc.		50		580

				885,795

Chemicals 2.2%
A Schulman, Inc.		20		780
AdvanSix, Inc.*		24		947
Air Products & Chemicals, Inc.		240		40,409
Albemarle Corp.		116		12,944
American Vanguard Corp.		30		635
Ashland Global Holdings, Inc.		60		4,355
Balchem Corp.		30		2,370
Cabot Corp.		60		4,058
Calgon Carbon Corp.		30		641
CF Industries Holdings, Inc.		240		10,186
Chemours Co. (The)		208		10,737
DowDuPont, Inc.		2,501		189,026
Eastman Chemical Co.		150		14,877
Ecolab, Inc.		283		38,963
Flotek Industries, Inc.*		40		220
FMC Corp.		140		12,786
FutureFuel Corp.		30		402
H.B. Fuller Co.		50		2,593
Hawkins, Inc.		10		353
Ingevity Corp.*		50		3,627
Innophos Holdings, Inc.		10		463
Innospec, Inc.		26		1,867
International Flavors & Fragrances, Inc.		88		13,226

See Notes to Financial Statements.


Prudential Day One Underlying Funds			57

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Chemicals (cont’d.)
Koppers Holdings, Inc.*		20	$	916
Kraton Corp.*		32		1,608
LSB Industries, Inc.*		50		425
LyondellBasell Industries NV, (Class A Stock)		350		41,944
Minerals Technologies, Inc.		38		2,856
Monsanto Co.		470		57,246
Mosaic Co. (The)		390		10,647
NewMarket Corp.		10		3,976
Olin Corp.		160		5,965
PolyOne Corp.		100		4,346
PPG Industries, Inc.		273		32,413
Praxair, Inc.		310		50,062
Quaker Chemical Corp.		20		3,078
Rayonier Advanced Materials, Inc.		40		757
RPM International, Inc.		150		7,830
Scotts Miracle-Gro Co. (The)		50		4,513
Sensient Technologies Corp.		50		3,592
Sherwin-Williams Co. (The)		91		37,957
Stepan Co.		28		2,196
Tredegar Corp.		20		367
Valvoline, Inc.		192		4,733

				643,892

Commercial Services & Supplies 0.5%
ABM Industries, Inc.		50		1,901
Brady Corp., (Class A Stock)		50		1,912
Brink’s Co. (The)		50		4,170
Cintas Corp.		92		15,497
Clean Harbors, Inc.*		55		3,044
Copart, Inc.*		220		9,695
Deluxe Corp.		50		3,713
Essendant, Inc.		30		272
Healthcare Services Group, Inc.		70		3,863
Herman Miller, Inc.		56		2,268
HNI Corp.		40		1,556
Interface, Inc.		30		749
LSC Communications, Inc.		24		328
Matthews International Corp., (Class A Stock)		40		2,240
Mobile Mini, Inc.		30		1,136
MSA Safety, Inc.		37		2,897
Multi-Color Corp.		15		1,163
Pitney Bowes, Inc.		150		2,116

See Notes to Financial Statements.


58


Description	Shares		Value
COMMON STOCKS (Continued)

Commercial Services & Supplies (cont’d.)
Republic Services, Inc.		250	$	17,200
Rollins, Inc.		100		4,934
RR Donnelley & Sons Co.		30		245
Stericycle, Inc.*		86		6,481
Team, Inc.*		20		340
Tetra Tech, Inc.		60		2,982
UniFirst Corp.		20		3,306
US Ecology, Inc.		20		1,045
Viad Corp.		30		1,704
Waste Management, Inc.		437		38,644

				135,401

Communications Equipment 1.0%
ADTRAN, Inc.		20		320
Applied Optoelectronics, Inc.*		20		648
ARRIS International PLC*		190		4,807
CalAmp Corp.*		30		734
Ciena Corp.*		110		2,341
Cisco Systems, Inc.		5,250		218,085
Comtech Telecommunications Corp.		32		692
Digi International, Inc.*		30		311
Extreme Networks, Inc.*		120		1,804
F5 Networks, Inc.*		70		10,118
Harmonic, Inc.*		50		183
InterDigital, Inc.		40		3,122
Juniper Networks, Inc.		390		10,198
Lumentum Holdings, Inc.*		60		2,778
Motorola Solutions, Inc.		183		18,201
NETGEAR, Inc.*		30		2,091
NetScout Systems, Inc.*		70		1,995
Oclaro, Inc.*		160		950
Plantronics, Inc.		32		1,888
ViaSat, Inc.*		55		4,159
Viavi Solutions, Inc.*		190		1,630

				287,055

Construction & Engineering 0.2%
AECOM*		154		6,023
Aegion Corp.*		20		502
Comfort Systems USA, Inc.		37		1,576
Dycom Industries, Inc.*		40		4,668
EMCOR Group, Inc.		60		4,877

See Notes to Financial Statements.


Prudential Day One Underlying Funds			59

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Construction & Engineering (cont’d.)
Fluor Corp.		160	$	9,712
Granite Construction, Inc.		40		2,668
Jacobs Engineering Group, Inc.		140		9,724
KBR, Inc.		120		2,441
MYR Group, Inc.*		20		678
Orion Group Holdings, Inc.*		50		376
Quanta Services, Inc.*		150		5,773
Valmont Industries, Inc.		25		4,090

				53,108

Construction Materials 0.1%
Eagle Materials, Inc.		53		5,939
Martin Marietta Materials, Inc.		68		15,516
U.S. Concrete, Inc.*		20		1,557
Vulcan Materials Co.		146		19,768

				42,780

Consumer Finance 0.7%
American Express Co.		766		76,140
Capital One Financial Corp.		515		53,539
Discover Financial Services		388		30,962
Encore Capital Group, Inc.*		20		829
Enova International, Inc.*		40		716
EZCORP, Inc., (Class A Stock)*		40		472
FirstCash, Inc.		50		3,655
Green Dot Corp., (Class A Stock)*		60		3,676
Navient Corp.		220		3,135
PRA Group, Inc.*		50		1,788
SLM Corp.*		420		4,805
Synchrony Financial		790		31,347
World Acceptance Corp.*		10		1,181

				212,245

Containers & Packaging 0.4%
AptarGroup, Inc.		70		6,119
Avery Dennison Corp.		100		12,268
Ball Corp.		380		14,546
Bemis Co., Inc.		110		5,141
Greif, Inc., (Class A Stock)		28		1,655
International Paper Co.		440		27,659
Myers Industries, Inc.		30		630

See Notes to Financial Statements.


60


Description	Shares		Value
COMMON STOCKS (Continued)

Containers & Packaging (cont’d.)
Owens-Illinois, Inc.*		130	$	3,019
Packaging Corp. of America		100		12,563
Sealed Air Corp.		180		8,523
Silgan Holdings, Inc.		70		2,092
Sonoco Products Co.		100		5,431
WestRock Co.		280		18,657

				118,303

Distributors 0.1%
Core-Mark Holding Co., Inc.		30		663
Genuine Parts Co.		166		17,275
LKQ Corp.*		330		13,870
Pool Corp.		51		6,897

				38,705

Diversified Consumer Services 0.1%
Adtalem Global Education, Inc.*		60		2,760
American Public Education, Inc.*		20		508
Capella Education Co.		10		795
Career Education Corp.*		50		620
Graham Holdings Co., (Class B Stock)		5		2,972
H&R Block, Inc.		190		5,043
Regis Corp.*		30		478
Service Corp. International		200		7,994
Sotheby’s*		40		2,110
Strayer Education, Inc.		10		925

				24,205

Diversified Financial Services 1.5%
Berkshire Hathaway, Inc., (Class B Stock)*		2,053		440,122
Leucadia National Corp.		306		8,284

				448,406

Diversified Telecommunication Services 1.7%
AT&T, Inc.		6,530		244,548
ATN International, Inc.		10		594
CenturyLink, Inc.		1,028		18,309
Cincinnati Bell, Inc.*		30		517
Cogent Communications Holdings, Inc.		40		1,804
Consolidated Communications Holdings, Inc.		20		249
Frontier Communications Corp.		35		287

See Notes to Financial Statements.


Prudential Day One Underlying Funds			61

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Diversified Telecommunication Services (cont’d.)
General Communication, Inc., (Class A Stock)*		30	$	1,258
Iridium Communications, Inc.*		50		635
Verizon Communications, Inc.		4,332		234,231
Vonage Holdings Corp.*		180		2,014

				504,446

Electric Utilities 1.6%
ALLETE, Inc.		50		3,622
Alliant Energy Corp.		250		9,937
American Electric Power Co., Inc.		520		35,766
Duke Energy Corp.		746		58,561
Edison International		340		21,260
El Paso Electric Co.		40		2,088
Entergy Corp.		200		15,738
Eversource Energy		330		20,820
Exelon Corp.		1,022		39,357
FirstEnergy Corp.		480		15,792
Great Plains Energy, Inc.		230		7,158
Hawaiian Electric Industries, Inc.		100		3,411
IDACORP, Inc.		50		4,314
NextEra Energy, Inc.		507		80,319
OGE Energy Corp.		220		7,084
PG&E Corp.		550		23,336
Pinnacle West Capital Corp.		122		9,754
PNM Resources, Inc.		70		2,667
PPL Corp.		714		22,755
Southern Co. (The)		1,060		47,817
Westar Energy, Inc.		160		8,266
Xcel Energy, Inc.		530		24,189

				464,011

Electrical Equipment 0.5%
Acuity Brands, Inc.		45		6,950
AMETEK, Inc.		250		19,075
AZZ, Inc.		30		1,365
Eaton Corp. PLC		478		40,138
Emerson Electric Co.		690		49,839
Encore Wire Corp.		22		1,113
EnerSys		45		3,164
General Cable Corp.		30		891
Hubbell, Inc.		66		8,973
Powell Industries, Inc.		10		326

See Notes to Financial Statements.


62


Description	Shares		Value
COMMON STOCKS (Continued)

Electrical Equipment (cont’d.)
Regal Beloit Corp.		50	$	3,895
Rockwell Automation, Inc.		140		27,620
Vicor Corp.*		30		549

				163,898

Electronic Equipment, Instruments & Components 0.8%
Amphenol Corp., (Class A Stock)		320		29,686
Anixter International, Inc.*		30		2,511
Arrow Electronics, Inc.*		90		7,321
Avnet, Inc.		120		5,100
Badger Meter, Inc.		20		964
Bel Fuse, Inc., (Class B Stock)		20		411
Belden, Inc.		40		3,391
Benchmark Electronics, Inc.*		50		1,447
Cognex Corp.		180		11,227
Coherent, Inc.*		30		7,786
Control4 Corp.*		20		542
Corning, Inc.		930		29,034
CTS Corp.		20		550
Daktronics, Inc.		50		463
Electro Scientific Industries, Inc.*		10		234
ePlus, Inc.*		16		1,235
Fabrinet (Thailand)*		30		744
FARO Technologies, Inc.*		20		1,078
FLIR Systems, Inc.		160		8,194
II-VI, Inc.*		50		2,132
Insight Enterprises, Inc.*		40		1,485
IPG Photonics Corp.*		42		10,582
Itron, Inc.*		40		2,928
Jabil, Inc.		190		4,832
KEMET Corp.*		45		916
Keysight Technologies, Inc.*		185		8,643
Knowles Corp.*		40		610
Littelfuse, Inc.		35		7,607
Methode Electronics, Inc.		36		1,471
MTS Systems Corp.		20		1,037
National Instruments Corp.		110		5,493
OSI Systems, Inc.*		20		1,322
Park Electrochemical Corp.		23		421
Plexus Corp.*		37		2,211
Rogers Corp.*		20		3,296
Sanmina Corp.*		70		1,830

See Notes to Financial Statements.


Prudential Day One Underlying Funds			63

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Electronic Equipment, Instruments & Components (cont’d.)
ScanSource, Inc.*		20	$	684
SYNNEX Corp.		36		4,418
TE Connectivity Ltd.		378		38,756
Tech Data Corp.*		42		4,211
Trimble, Inc.*		280		12,348
TTM Technologies, Inc.*		40		660
VeriFone Systems, Inc.*		100		1,768
Vishay Intertechnology, Inc.		110		2,414
Zebra Technologies Corp., (Class A Stock)*		60		7,390

				241,383

Energy Equipment & Services 0.8%
Archrock, Inc.		40		372
Baker Hughes a GE Co.		440		14,146
Bristow Group, Inc.		30		462
CARBO Ceramics, Inc.*		30		239
Core Laboratories NV		55		6,286
Diamond Offshore Drilling, Inc.*		30		530
Dril-Quip, Inc.*		40		2,066
Ensco PLC, (Class A Stock)		414		2,443
Era Group, Inc.*		30		304
Exterran Corp.*		18		520
Geospace Technologies Corp.*		20		275
Gulf Island Fabrication, Inc.		40		516
Halliburton Co.		934		50,156
Helix Energy Solutions Group, Inc.*		60		452
Helmerich & Payne, Inc.		110		7,923
Matrix Service Co.*		20		358
McDermott International, Inc.*		270		2,371
Nabors Industries Ltd.		267		2,093
National Oilwell Varco, Inc.		390		14,305
Newpark Resources, Inc.*		60		546
Noble Corp. PLC*		110		516
Oceaneering International, Inc.		70		1,448
Oil States International, Inc.*		40		1,280
Patterson-UTI Energy, Inc.		200		4,724
Pioneer Energy Services Corp.*		75		244
Rowan Cos. PLC, (Class A Stock)*		60		883
Schlumberger Ltd.		1,484		109,193
SEACOR Holdings, Inc.*		10		466
Superior Energy Services, Inc.*		110		1,149
TechnipFMC PLC (United Kingdom)		470		15,256

See Notes to Financial Statements.


64


Description	Shares		Value
COMMON STOCKS (Continued)

Energy Equipment & Services (cont’d.)
TETRA Technologies, Inc.*		90	$	346
Transocean Ltd.*		360		3,884
U.S. Silica Holdings, Inc.		90		2,996
Unit Corp.*		30		727

				249,475

Equity Real Estate Investment Trusts (REITs) 2.9%
Acadia Realty Trust		70		1,719
Agree Realty Corp.		30		1,444
Alexander & Baldwin, Inc.		82		2,175
Alexandria Real Estate Equities, Inc.		108		14,008
American Assets Trust, Inc.		40		1,410
American Campus Communities, Inc.		140		5,384
American Tower Corp.		459		67,794
Apartment Investment & Management Co., (Class A Stock)		180		7,531
Armada Hoffler Properties, Inc.		30		432
AvalonBay Communities, Inc.		146		24,878
Boston Properties, Inc.		164		20,289
Camden Property Trust		95		8,223
CareTrust REIT, Inc.		30		477
CBL & Associates Properties, Inc.		85		473
Cedar Realty Trust, Inc.		70		358
Chatham Lodging Trust		25		560
Chesapeake Lodging Trust		50		1,369
Community Healthcare Trust, Inc.		20		533
CoreCivic, Inc.		90		2,089
CoreSite Realty Corp.		35		3,791
Corporate Office Properties Trust		90		2,457
Cousins Properties, Inc.		400		3,600
Crown Castle International Corp.		433		48,829
CyrusOne, Inc.		90		5,192
DCT Industrial Trust, Inc.		92		5,446
DiamondRock Hospitality Co.		170		1,999
Digital Realty Trust, Inc.		220		24,629
Douglas Emmett, Inc.		170		6,574
Duke Realty Corp.		350		9,244
Easterly Government Properties, Inc.		45		937
EastGroup Properties, Inc.		40		3,472
Education Realty Trust, Inc.		70		2,312
EPR Properties		70		4,134
Equinix, Inc.		90		40,967
Equity Residential		394		24,274

See Notes to Financial Statements.


Prudential Day One Underlying Funds			65

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Equity Real Estate Investment Trusts (REITs) (cont’d.)
Essex Property Trust, Inc.		70	$	16,309
Extra Space Storage, Inc.		130		10,852
Federal Realty Investment Trust		83		10,026
First Industrial Realty Trust, Inc.		120		3,703
Four Corners Property Trust, Inc.		50		1,180
Franklin Street Properties Corp.		50		507
GEO Group, Inc. (The)		105		2,368
Getty Realty Corp.		25		656
GGP, Inc.		640		14,739
Government Properties Income Trust		75		1,287
HCP, Inc.		460		11,077
Healthcare Realty Trust, Inc.		105		3,136
Hersha Hospitality Trust		20		371
Highwoods Properties, Inc.		100		4,788
Hospitality Properties Trust		160		4,546
Host Hotels & Resorts, Inc.		750		15,570
Independence Realty Trust, Inc.		40		368
Iron Mountain, Inc.		300		10,509
JBG SMITH Properties		100		3,375
Kilroy Realty Corp.		100		7,132
Kimco Realty Corp.		450		7,160
Kite Realty Group Trust		80		1,349
Lamar Advertising Co., (Class A Stock)		90		6,480
LaSalle Hotel Properties		130		3,970
Lexington Realty Trust		180		1,624
Liberty Property Trust		144		5,963
Life Storage, Inc.		53		4,404
LTC Properties, Inc.		40		1,639
Macerich Co. (The)		116		7,490
Mack-Cali Realty Corp.		80		1,606
Medical Properties Trust, Inc.		350		4,578
Mid-America Apartment Communities, Inc.		124		11,826
National Retail Properties, Inc.		164		6,508
National Storage Affiliates Trust		30		761
Omega Healthcare Investors, Inc.		180		4,867
Pennsylvania Real Estate Investment Trust		30		335
Potlatch Corp.		40		2,116
Prologis, Inc.		570		37,113
PS Business Parks, Inc.		20		2,442
Public Storage		161		31,517
Quality Care Properties, Inc.*		90		1,215
Ramco-Gershenson Properties Trust		40		529

See Notes to Financial Statements.


66


Description	Shares		Value
COMMON STOCKS (Continued)

Equity Real Estate Investment Trusts (REITs) (cont’d.)
Rayonier, Inc.		130	$	4,220
Realty Income Corp.		310		16,489
Regency Centers Corp.		158		9,940
Retail Opportunity Investments Corp.		90		1,653
Sabra Health Care REIT, Inc.		163		2,950
Saul Centers, Inc.		10		547
SBA Communications Corp.*		124		21,638
Senior Housing Properties Trust		250		4,333
Simon Property Group, Inc.		332		54,239
SL Green Realty Corp.		106		10,655
Summit Hotel Properties, Inc.		95		1,472
Tanger Factory Outlet Centers, Inc.		80		2,014
Taubman Centers, Inc.		60		3,699
UDR, Inc.		295		10,776
Uniti Group, Inc.		130		2,058
Universal Health Realty Income Trust		10		666
Urban Edge Properties		90		2,104
Urstadt Biddle Properties, Inc., (Class A Stock)		20		388
Ventas, Inc.		386		21,605
Vornado Realty Trust		190		13,619
Washington Prime Group, Inc.		80		526
Weingarten Realty Investors		100		2,955
Welltower, Inc.		390		23,388
Weyerhaeuser Co.		810		30,407
Whitestone REIT		30		394

				859,729

Food & Staples Retailing 1.6%
Andersons, Inc. (The)		20		682
Casey’s General Stores, Inc.		40		4,844
Costco Wholesale Corp.		473		92,174
CVS Health Corp.		1,079		84,907
Kroger Co. (The)		952		28,903
SpartanNash Co.		20		487
Sprouts Farmers Market, Inc.*		110		3,072
SUPERVALU, Inc.*		17		269
Sysco Corp.		510		32,064
United Natural Foods, Inc.*		50		2,380
Wal-Mart Stores, Inc.		1,565		166,829
Walgreens Boots Alliance, Inc.		934		70,293

				486,904

See Notes to Financial Statements.


Prudential Day One Underlying Funds			67

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Food Products 1.2%
Archer-Daniels-Midland Co.		600	$	25,770
B&G Foods, Inc.		56		1,848
Cal-Maine Foods, Inc.*		20		851
Calavo Growers, Inc.		20		1,740
Campbell Soup Co.		210		9,775
Conagra Brands, Inc.		446		16,948
Darling Ingredients, Inc.*		130		2,410
Dean Foods Co.		40		415
Flowers Foods, Inc.		150		2,942
General Mills, Inc.		610		35,679
Hain Celestial Group, Inc. (The)*		110		4,195
Hershey Co. (The)		155		17,101
Hormel Foods Corp.		270		9,269
Ingredion, Inc.		78		11,204
J&J Snack Foods Corp.		20		2,769
J.M. Smucker Co. (The)		122		15,481
John B. Sanfilippo & Son, Inc.		10		626
Kellogg Co.		260		17,709
Kraft Heinz Co. (The)		648		50,797
Lamb Weston Holdings, Inc.		160		9,376
Lancaster Colony Corp.		25		3,210
McCormick & Co., Inc.		130		14,140
Mondelez International, Inc., (Class A Stock)		1,580		70,152
Post Holdings, Inc.*		70		5,297
Sanderson Farms, Inc.		25		3,172
Seneca Foods Corp., (Class A Stock)*		16		505
Snyder’s-Lance, Inc.		100		4,998
Tootsie Roll Industries, Inc.		20		716
TreeHouse Foods, Inc.*		70		3,301
Tyson Foods, Inc., (Class A Stock)		322		24,507

				366,903

Gas Utilities 0.2%
Atmos Energy Corp.		126		10,445
National Fuel Gas Co.		90		5,017
New Jersey Resources Corp.		80		3,104
Northwest Natural Gas Co.		36		2,065
ONE Gas, Inc.		60		4,250
South Jersey Industries, Inc.		90		2,650
Southwest Gas Holdings, Inc.		46		3,385
Spire, Inc.		48		3,192
UGI Corp.		180		8,238
WGL Holdings, Inc.		50		4,211

				46,557

See Notes to Financial Statements.


68


Description	Shares		Value
COMMON STOCKS (Continued)

Health Care Equipment & Supplies 2.8%
Abaxis, Inc.		20	$	1,433
Abbott Laboratories		1,857		115,431
ABIOMED, Inc.*		47		11,045
Align Technology, Inc.*		82		21,484
Analogic Corp.		10		829
AngioDynamics, Inc.*		30		522
Anika Therapeutics, Inc.*		10		667
Baxter International, Inc.		530		38,176
Becton, Dickinson and Co.		285		69,238
Boston Scientific Corp.*		1,460		40,822
Cantel Medical Corp.		40		4,437
CONMED Corp.		26		1,502
Cooper Cos., Inc. (The)		60		14,680
CryoLife, Inc.*		30		566
Cutera, Inc.*		10		496
Danaher Corp.		651		65,933
DENTSPLY SIRONA, Inc.		240		14,594
Edwards Lifesciences Corp.*		228		28,860
Globus Medical, Inc., (Class A Stock)*		80		3,683
Haemonetics Corp.*		50		3,232
Halyard Health, Inc.*		40		1,952
Heska Corp.*		7		546
Hill-Rom Holdings, Inc.		70		5,973
Hologic, Inc.*		300		12,810
ICU Medical, Inc.*		20		4,579
IDEXX Laboratories, Inc.*		100		18,704
Inogen, Inc.*		20		2,437
Integer Holdings Corp.*		20		1,003
Integra LifeSciences Holdings Corp.*		60		3,160
Intuitive Surgical, Inc.*		124		53,527
Invacare Corp.		40		736
Lantheus Holdings, Inc.*		10		230
LeMaitre Vascular, Inc.		17		592
LivaNova PLC*		45		3,850
Masimo Corp.*		57		5,372
Medtronic PLC		1,446		124,197
Meridian Bioscience, Inc.		44		689
Merit Medical Systems, Inc.*		40		1,858
Natus Medical, Inc.*		40		1,242
Neogen Corp.*		53		3,148
NuVasive, Inc.*		65		3,177
OraSure Technologies, Inc.*		25		544

See Notes to Financial Statements.


Prudential Day One Underlying Funds			69

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Health Care Equipment & Supplies (cont’d.)
Orthofix International NV*		20	$	1,149
ResMed, Inc.		156		15,723
STERIS PLC		87		7,910
Stryker Corp.		342		56,218
Surmodics, Inc.*		20		586
Tactile Systems Technology, Inc.*		15		473
Teleflex, Inc.		57		15,832
Varex Imaging Corp.*		29		1,232
Varian Medical Systems, Inc.*		100		12,750
West Pharmaceutical Services, Inc.		80		8,016
Zimmer Biomet Holdings, Inc.		220		27,966

				835,811

Health Care Providers & Services 2.7%
Acadia Healthcare Co., Inc.*		75		2,556
Aceto Corp.		30		330
Aetna, Inc.		350		65,387
Almost Family, Inc.*		10		571
Amedisys, Inc.*		26		1,394
AmerisourceBergen Corp.		176		17,542
AMN Healthcare Services, Inc.*		50		2,682
Anthem, Inc.		275		68,159
BioTelemetry, Inc.*		26		888
Cardinal Health, Inc.		330		23,691
Centene Corp.*		190		20,376
Chemed Corp.		20		5,211
Cigna Corp.		266		55,421
Community Health Systems, Inc.*		60		339
CorVel Corp.*		14		723
Cross Country Healthcare, Inc.*		30		420
DaVita, Inc.*		170		13,267
Diplomat Pharmacy, Inc.*		30		810
Encompass Health Corp.		110		5,821
Ensign Group, Inc. (The)		20		461
Envision Healthcare Corp.*		112		4,031
Express Scripts Holding Co.*		610		48,300
HCA Healthcare, Inc.*		309		31,258
HealthEquity, Inc.*		50		2,531
Henry Schein, Inc.*		168		12,714
Humana, Inc.		155		43,684
Kindred Healthcare, Inc.		60		552
Laboratory Corp. of America Holdings*		117		20,416

See Notes to Financial Statements.


70


Description	Shares		Value
COMMON STOCKS (Continued)

Health Care Providers & Services (cont’d.)
LHC Group, Inc.*		20	$	1,256
LifePoint Health, Inc.*		50		2,473
Magellan Health, Inc.*		24		2,390
McKesson Corp.		221		37,322
MEDNAX, Inc.*		100		5,281
Molina Healthcare, Inc.*		50		4,568
Owens & Minor, Inc.		30		632
Patterson Cos., Inc.		74		2,656
Providence Service Corp. (The)*		16		1,029
Quest Diagnostics, Inc.		154		16,296
Quorum Health Corp.*		50		309
Select Medical Holdings Corp.*		100		1,770
Tenet Healthcare Corp.*		30		566
Tivity Health, Inc.*		28		1,085
UnitedHealth Group, Inc.		1,031		244,120
Universal Health Services, Inc., (Class B Stock)		100		12,150
US Physical Therapy, Inc.		10		760
WellCare Health Plans, Inc.*		50		10,519

				794,717

Health Care Technology 0.1%
Allscripts Healthcare Solutions, Inc.*		150		2,237
Cerner Corp.*		340		23,504
Computer Programs & Systems, Inc.		20		599
HealthStream, Inc.*		20		470
HMS Holdings Corp.*		40		685
Medidata Solutions, Inc.*		65		4,427
Omnicell, Inc.*		40		1,962
Quality Systems, Inc.*		30		390

				34,274

Hotels, Restaurants & Leisure 1.8%
Belmond Ltd. (United Kingdom), (Class A Stock)*		40		516
Biglari Holdings, Inc.*		3		1,238
BJ’s Restaurants, Inc.		20		755
Boyd Gaming Corp.		72		2,842
Brinker International, Inc.		50		1,817
Buffalo Wild Wings, Inc.*		20		3,140
Carnival Corp.		430		30,792
Cheesecake Factory, Inc. (The)		50		2,459
Chipotle Mexican Grill, Inc.*		30		9,743
Churchill Downs, Inc.		14		3,626

See Notes to Financial Statements.


Prudential Day One Underlying Funds			71

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure (cont’d.)
Chuy’s Holdings, Inc.*		20	$	530
Cracker Barrel Old Country Store, Inc.		28		4,941
Darden Restaurants, Inc.		130		12,460
Dave & Buster’s Entertainment, Inc.*		40		1,880
DineEquity, Inc.		20		1,108
Domino’s Pizza, Inc.		52		11,276
Dunkin’ Brands Group, Inc.		100		6,465
El Pollo Loco Holdings, Inc.*		31		312
Fiesta Restaurant Group, Inc.*		30		576
Hilton Worldwide Holdings, Inc.		226		19,357
ILG, Inc.		86		2,701
International Speedway Corp., (Class A Stock)		20		928
Jack in the Box, Inc.		34		3,094
Marcus Corp. (The)		20		520
Marriott International, Inc., (Class A Stock)		325		47,885
Marriott Vacations Worldwide Corp.		30		4,570
McDonald’s Corp.		848		145,127
MGM Resorts International		542		19,756
Monarch Casino & Resort, Inc.*		20		911
Norwegian Cruise Line Holdings Ltd.*		190		11,541
Papa John’s International, Inc.		36		2,336
Penn National Gaming, Inc.*		80		2,553
Red Robin Gourmet Burgers, Inc.*		10		527
Royal Caribbean Cruises Ltd.		190		25,374
Ruth’s Hospitality Group, Inc.		30		711
Scientific Games Corp., (Class A Stock)*		50		2,333
Shake Shack, Inc., (Class A Stock)*		10		437
Six Flags Entertainment Corp.		80		5,405
Sonic Corp.		20		517
Starbucks Corp.		1,509		85,726
Texas Roadhouse, Inc.		80		4,698
Wendy’s Co. (The)		160		2,589
Wingstop, Inc.		20		967
Wyndham Worldwide Corp.		110		13,654
Wynn Resorts Ltd.		85		14,075
Yum! Brands, Inc.		360		30,452

				545,220

Household Durables 0.5%
CalAtlantic Group, Inc.		80		4,490
Cavco Industries, Inc.*		10		1,531
D.R. Horton, Inc.		360		17,658

See Notes to Financial Statements.


72


Description	Shares		Value
COMMON STOCKS (Continued)

Household Durables (cont’d.)
Ethan Allen Interiors, Inc.		20	$	497
Garmin Ltd.		126		7,930
Helen of Troy Ltd.*		28		2,608
Installed Building Products, Inc.*		20		1,439
iRobot Corp.*		29		2,574
KB Home		80		2,522
La-Z-Boy, Inc.		50		1,507
Leggett & Platt, Inc.		130		6,046
Lennar Corp., (Class A Stock)		220		13,785
LGI Homes, Inc.*		20		1,354
M/I Homes, Inc.*		20		647
MDC Holdings, Inc.		44		1,483
Meritage Homes Corp.*		40		1,898
Mohawk Industries, Inc.*		70		19,674
Newell Brands, Inc.		506		13,379
NVR, Inc.*		4		12,713
PulteGroup, Inc.		290		9,231
Tempur Sealy International, Inc.*		50		2,982
Toll Brothers, Inc.		150		6,987
TopBuild Corp.*		40		3,062
TRI Pointe Group, Inc.*		135		2,202
Tupperware Brands Corp.		50		2,888
Universal Electronics, Inc.*		10		461
Whirlpool Corp.		81		14,695
William Lyon Homes, (Class A Stock)*		15		407

				156,650

Household Products 1.3%
Central Garden & Pet Co.*		20		784
Central Garden & Pet Co., (Class A Stock)*		20		754
Church & Dwight Co., Inc.		264		12,896
Clorox Co. (The)		136		19,270
Colgate-Palmolive Co.		930		69,043
Energizer Holdings, Inc.		76		4,425
Kimberly-Clark Corp.		380		44,460
Procter & Gamble Co. (The)		2,726		235,363
WD-40 Co.		16		1,980

				388,975

Independent Power & Renewable Electricity Producers 0.1%
AES Corp.		700		8,092
NRG Energy, Inc.		290		7,543

				15,635

See Notes to Financial Statements.


Prudential Day One Underlying Funds			73

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Industrial Conglomerates 1.6%
3M Co.		644	$	161,322
Carlisle Cos., Inc.		65		7,423
General Electric Co.		9,170		148,279
Honeywell International, Inc.		816		130,291
Raven Industries, Inc.		20		771
Roper Technologies, Inc.		112		31,426

				479,512

Insurance 2.6%
Aflac, Inc.		414		36,515
Alleghany Corp.*		17		10,671
Allstate Corp. (The)		380		37,533
American Equity Investment Life Holding Co.		100		3,300
American Financial Group, Inc.		78		8,841
American International Group, Inc.		965		61,683
AMERISAFE, Inc.		22		1,336
Aon PLC		268		38,102
Arthur J Gallagher & Co.		200		13,664
Aspen Insurance Holdings Ltd. (Bermuda)		60		2,241
Assurant, Inc.		60		5,489
Brighthouse Financial, Inc.*		110		7,069
Brown & Brown, Inc.		130		6,822
Chubb Ltd.		502		78,387
Cincinnati Financial Corp.		154		11,843
CNO Financial Group, Inc.		170		4,180
eHealth, Inc.*		30		526
Employers Holdings, Inc.		36		1,526
Everest Re Group Ltd.		48		11,030
First American Financial Corp.		130		7,679
Genworth Financial, Inc., (Class A Stock)*		330		1,010
Hanover Insurance Group, Inc. (The)		48		5,431
Hartford Financial Services Group, Inc. (The)		380		22,329
HCI Group, Inc.		14		489
Horace Mann Educators Corp.		40		1,652
Infinity Property & Casualty Corp.		10		1,012
Kemper Corp.		50		3,242
Lincoln National Corp.		240		19,872
Loews Corp.		290		14,978
Maiden Holdings Ltd.		30		211
Marsh & McLennan Cos., Inc.		542		45,268
Mercury General Corp.		40		1,958
MetLife, Inc.		1,120		53,838

See Notes to Financial Statements.


74


Description	Shares		Value
COMMON STOCKS (Continued)

Insurance (cont’d.)
Navigators Group, Inc. (The)		20	$	972
Old Republic International Corp.		230		4,943
Primerica, Inc.		50		5,050
Principal Financial Group, Inc.		280		18,928
ProAssurance Corp.		60		3,282
Progressive Corp. (The)		618		33,434
Prudential Financial, Inc.		450		53,469
Reinsurance Group of America, Inc.		68		10,652
RenaissanceRe Holdings Ltd. (Bermuda)		41		5,213
RLI Corp.		40		2,570
Safety Insurance Group, Inc.		18		1,398
Selective Insurance Group, Inc.		60		3,495
Stewart Information Services Corp.		23		1,024
Third Point Reinsurance Ltd. (Bermuda)*		80		1,140
Torchmark Corp.		110		9,993
Travelers Cos., Inc. (The)		298		44,676
United Fire Group, Inc.		10		434
United Insurance Holdings Corp.		30		580
Universal Insurance Holdings, Inc.		20		588
Unum Group		245		13,032
W.R. Berkley Corp.		100		7,298
Willis Towers Watson PLC		146		23,429
XL Group Ltd. (Bermuda)		270		9,947

				775,274

Internet & Direct Marketing Retail 2.9%
Amazon.com, Inc.*		426		618,079
Expedia, Inc.		131		16,770
FTD Cos., Inc.*		20		117
Netflix, Inc.*		460		124,338
Nutrisystem, Inc.		40		1,730
PetMed Express, Inc.		20		904
Priceline Group, Inc. (The)*		52		99,427
Shutterfly, Inc.*		35		2,385
TripAdvisor, Inc.*		100		3,467

				867,217

Internet Software & Services 4.4%
Akamai Technologies, Inc.*		190		12,728
Alarm.com Holdings, Inc.*		30		1,151
Alphabet, Inc.,
(Class A Stock)*		318		375,946
(Class C Stock)*		322		376,721

See Notes to Financial Statements.


Prudential Day One Underlying Funds			75

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Internet Software & Services (cont’d.)
Blucora, Inc.*		30	$	732
Cars.com, Inc.*		63		1,870
DHI Group, Inc.*		70		126
eBay, Inc.*		1,040		42,203
Facebook, Inc., (Class A Stock)*		2,540		474,701
j2 Global, Inc.		47		3,760
Liquidity Services, Inc.*		50		240
LivePerson, Inc.*		50		597
LogMeIn, Inc.		57		7,171
NIC, Inc.		30		498
QuinStreet, Inc.*		110		1,026
Shutterstock, Inc.*		10		443
SPS Commerce, Inc.*		10		526
Stamps.com, Inc.*		20		4,077
VeriSign, Inc.*		94		10,802
XO Group, Inc.*		30		573

				1,315,891

IT Services 3.9%
Accenture PLC, (Class A Stock)		658		105,741
Acxiom Corp.*		60		1,624
Alliance Data Systems Corp.		55		14,116
Automatic Data Processing, Inc.		480		59,342
Broadridge Financial Solutions, Inc.		128		12,341
CACI International, Inc., (Class A Stock)*		26		3,654
Cardtronics PLC, (Class A Stock)*		20		489
Cognizant Technology Solutions Corp., (Class A Stock)		640		49,907
Convergys Corp.		80		1,862
CoreLogic, Inc.*		80		3,789
CSG Systems International, Inc.		30		1,355
CSRA, Inc.		150		4,992
DST Systems, Inc.		60		5,002
DXC Technology Co.		303		30,164
ExlService Holdings, Inc.*		34		2,066
Fidelity National Information Services, Inc.		357		36,543
Fiserv, Inc.*		230		32,393
Gartner, Inc.*		95		13,180
Global Payments, Inc.		177		19,785
International Business Machines Corp.		915		149,786
Jack Henry & Associates, Inc.		90		11,219
Leidos Holdings, Inc.		150		9,990
ManTech International Corp., (Class A Stock)		20		1,041

See Notes to Financial Statements.


76


Description	Shares		Value
COMMON STOCKS (Continued)

IT Services (cont’d.)
Mastercard, Inc., (Class A Stock)		992	$	167,648
MAXIMUS, Inc.		70		4,773
Paychex, Inc.		338		23,069
PayPal Holdings, Inc.*		1,197		102,128
Perficient, Inc.*		30		581
Sabre Corp.		200		4,154
Science Applications International Corp.		50		3,833
Sykes Enterprises, Inc.*		20		620
Teradata Corp.*		140		5,670
Total System Services, Inc.		190		16,883
Travelport Worldwide Ltd.		100		1,361
TTEC Holdings, Inc.		20		794
Virtusa Corp.*		20		892
Visa, Inc., (Class A Stock)		1,937		240,634
Western Union Co. (The)		480		9,979
WEX, Inc.*		42		6,502

				1,159,902

Leisure Products 0.1%
Brunswick Corp.		100		6,278
Callaway Golf Co.		40		591
Hasbro, Inc.		120		11,348
Mattel, Inc.		350		5,544
Nautilus, Inc.*		30		385
Polaris Industries, Inc.		70		7,911
Sturm Ruger & Co., Inc.		18		953
Vista Outdoor, Inc.*		24		364

				33,374

Life Sciences Tools & Services 0.8%
Agilent Technologies, Inc.		340		24,966
Bio-Rad Laboratories, Inc., (Class A Stock)*		24		6,205
Bio-Techne Corp.		40		5,612
Cambrex Corp.*		36		2,029
Charles River Laboratories International, Inc.*		50		5,272
Illumina, Inc.*		160		37,222
IQVIA Holdings, Inc.*		165		16,861
Luminex Corp.		20		404
Mettler-Toledo International, Inc.*		28		18,907
PerkinElmer, Inc.		128		10,260
Syneos Health, Inc.*		55		2,109
Thermo Fisher Scientific, Inc.		432		96,816
Waters Corp.*		93		20,052

				246,715

See Notes to Financial Statements.


Prudential Day One Underlying Funds			77

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Machinery 2.0%
Actuant Corp., (Class A Stock)		30	$	743
AGCO Corp.		70		5,083
Alamo Group, Inc.		10		1,150
Albany International Corp., (Class A Stock)		30		1,904
Astec Industries, Inc.		20		1,248
Barnes Group, Inc.		50		3,290
Briggs & Stratton Corp.		20		484
Caterpillar, Inc.		633		103,040
Chart Industries, Inc.*		30		1,487
CIRCOR International, Inc.		10		530
Crane Co.		50		4,997
Cummins, Inc.		166		31,208
Deere & Co.		348		57,914
Donaldson Co., Inc.		130		6,586
Dover Corp.		172		18,268
EnPro Industries, Inc.		30		2,640
ESCO Technologies, Inc.		30		1,835
Federal Signal Corp.		30		610
Flowserve Corp.		130		5,892
Fortive Corp.		320		24,326
Franklin Electric Co., Inc.		30		1,359
Graco, Inc.		186		8,705
Greenbrier Cos., Inc. (The)		40		2,006
Harsco Corp.*		40		716
Hillenbrand, Inc.		54		2,392
IDEX Corp.		80		11,478
Illinois Tool Works, Inc.		332		57,658
Ingersoll-Rand PLC		270		25,550
ITT, Inc.		100		5,600
John Bean Technologies Corp.		40		4,550
Kennametal, Inc.		90		4,390
Lincoln Electric Holdings, Inc.		76		7,415
Lindsay Corp.		10		892
Lydall, Inc.*		10		478
Mueller Industries, Inc.		50		1,655
Nordson Corp.		60		8,623
Oshkosh Corp.		80		7,258
PACCAR, Inc.		380		28,333
Parker-Hannifin Corp.		144		29,004
Pentair PLC (United Kingdom)		170		12,155
Proto Labs, Inc.*		27		2,952
Snap-on, Inc.		60		10,279

See Notes to Financial Statements.


78


Description	Shares		Value
COMMON STOCKS (Continued)

Machinery (cont’d.)
SPX Corp.*		50	$	1,563
SPX FLOW, Inc.*		40		1,855
Standex International Corp.		16		1,679
Stanley Black & Decker, Inc.		164		27,262
Tennant Co.		18		1,213
Terex Corp.		90		4,232
Timken Co. (The)		70		3,678
Titan International, Inc.		42		559
Toro Co. (The)		110		7,221
Trinity Industries, Inc.		160		5,515
Wabash National Corp.		30		775
Wabtec Corp.		90		7,294
Watts Water Technologies, Inc., (Class A Stock)		35		2,791
Woodward, Inc.		60		4,651
Xylem, Inc.		200		14,452

				591,423

Marine 0.0%
Kirby Corp.*		60		4,494
Matson, Inc.		20		684

				5,178

Media 2.5%
AMC Networks, Inc., (Class A Stock)*		50		2,579
Cable One, Inc.		13		9,178
CBS Corp., (Class B Stock)		380		21,892
Charter Communications, Inc., (Class A Stock)*		211		79,600
Cinemark Holdings, Inc.		115		4,232
Comcast Corp., (Class A Stock)		4,956		210,779
Discovery Communications, Inc.,
(Class A Stock)*		160		4,011
(Class C Stock)*		210		5,011
DISH Network Corp., (Class A Stock)*		240		11,256
EW Scripps Co. (The), (Class A Stock)*		30		480
Gannett Co., Inc.		50		590
Interpublic Group of Cos., Inc. (The)		400		8,756
John Wiley & Sons, Inc., (Class A Stock)		50		3,170
Live Nation Entertainment, Inc.*		130		5,858
Meredith Corp.		40		2,646
New Media Investment Group, Inc.		20		338
New York Times Co. (The), (Class A Stock)		100		2,325

See Notes to Financial Statements.


Prudential Day One Underlying Funds			79

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Media (cont’d.)
News Corp.,
(Class A Stock)		360	$	6,160
(Class B Stock)		90		1,570
Omnicom Group, Inc.		244		18,703
Scholastic Corp.		20		768
Scripps Networks Interactive, Inc., (Class A Stock)		100		8,799
TEGNA, Inc.		180		2,605
Time Warner, Inc.		830		79,140
Twenty-First Century Fox, Inc.,
(Class A Stock)		1,110		40,959
(Class B Stock)		450		16,420
Viacom, Inc., (Class B Stock)		380		12,700
Walt Disney Co. (The)		1,607		174,633
World Wrestling Entertainment, Inc., (Class A Stock)		30		1,060

				736,218

Metals & Mining 0.4%
AK Steel Holding Corp.*		290		1,467
Allegheny Technologies, Inc.*		115		3,100
Carpenter Technology Corp.		60		3,084
Century Aluminum Co.*		40		890
Commercial Metals Co.		100		2,404
Compass Minerals International, Inc.		40		2,916
Freeport-McMoRan, Inc.*		1,420		27,690
Haynes International, Inc.		16		573
Kaiser Aluminum Corp.		20		2,205
Materion Corp.		20		994
Newmont Mining Corp.		580		23,496
Nucor Corp.		340		22,766
Olympic Steel, Inc.		20		466
Reliance Steel & Aluminum Co.		90		7,883
Royal Gold, Inc.		66		5,874
Steel Dynamics, Inc.		250		11,350
SunCoke Energy, Inc.*		40		444
TimkenSteel Corp.*		30		486
United States Steel Corp.		170		6,360
Worthington Industries, Inc.		50		2,338

				126,786

Mortgage Real Estate Investment Trusts (REITs) 0.0%
Apollo Commercial Real Estate Finance, Inc.		50		909
ARMOUR Residential REIT, Inc.		30		702

See Notes to Financial Statements.


80


Description	Shares		Value
COMMON STOCKS (Continued)

Mortgage Real Estate Investment Trusts (REITs) (cont’d.)
Capstead Mortgage Corp.		40	$	328
Invesco Mortgage Capital, Inc.		110		1,787

				3,726

Multi-Utilities 0.9%
Ameren Corp.		260		14,724
Avista Corp.		70		3,525
Black Hills Corp.		60		3,333
CenterPoint Energy, Inc.		464		13,075
CMS Energy Corp.		310		13,872
Consolidated Edison, Inc.		342		27,483
Dominion Energy, Inc.		682		52,132
DTE Energy Co.		201		21,234
MDU Resources Group, Inc.		190		5,031
NiSource, Inc.		320		7,898
NorthWestern Corp.		50		2,717
Public Service Enterprise Group, Inc.		540		28,010
SCANA Corp.		140		5,690
Sempra Energy		266		28,467
Vectren Corp.		90		5,457
WEC Energy Group, Inc.		330		21,219

				253,867

Multiline Retail 0.5%
Big Lots, Inc.		50		3,039
Dillard’s, Inc., (Class A Stock)		30		2,027
Dollar General Corp.		280		28,874
Dollar Tree, Inc.*		256		29,440
Fred’s, Inc., (Class A Stock)		30		99
J.C. Penney Co., Inc.*		140		519
Kohl’s Corp.		190		12,306
Macy’s, Inc.		320		8,304
Nordstrom, Inc.		130		6,410
Ollie’s Bargain Outlet Holdings, Inc.*		50		2,778
Target Corp.		584		43,929

				137,725

Oil, Gas & Consumable Fuels 4.6%
Anadarko Petroleum Corp.		580		34,829
Andeavor		160		17,306
Apache Corp.		410		18,397

See Notes to Financial Statements.


Prudential Day One Underlying Funds			81

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)
Bill Barrett Corp.*		75	$	385
Cabot Oil & Gas Corp.		490		12,911
Callon Petroleum Co.*		190		2,157
Carrizo Oil & Gas, Inc.*		40		804
Chesapeake Energy Corp.*		860		3,010
Chevron Corp.		2,020		253,207
Cimarex Energy Co.		100		11,220
Cloud Peak Energy, Inc.*		75		375
CNX Resources Corp.*		200		2,802
Concho Resources, Inc.*		160		25,190
ConocoPhillips		1,272		74,806
CONSOL Energy, Inc.*		25		811
Denbury Resources, Inc.*		180		437
Devon Energy Corp.		570		23,581
Energen Corp.*		110		5,745
EOG Resources, Inc.		619		71,185
EQT Corp.		260		14,115
Exxon Mobil Corp.		4,523		394,858
Green Plains, Inc.		20		350
Gulfport Energy Corp.*		130		1,322
Hess Corp.		290		14,648
HollyFrontier Corp.		180		8,633
Kinder Morgan, Inc.		2,000		35,960
Marathon Oil Corp.		890		16,189
Marathon Petroleum Corp.		514		35,605
Matador Resources Co.*		85		2,755
Murphy Oil Corp.		160		5,136
Newfield Exploration Co.*		220		6,965
Noble Energy, Inc.		520		15,870
Occidental Petroleum Corp.		818		61,325
ONEOK, Inc.		430		25,310
Par Pacific Holdings, Inc.*		20		365
PBF Energy, Inc., (Class A Stock)		125		4,041
PDC Energy, Inc.*		70		3,630
Phillips 66		464		47,514
Pioneer Natural Resources Co.		183		33,473
QEP Resources, Inc.*		220		2,059
Range Resources Corp.		210		2,993
REX American Resources Corp.*		6		490
SM Energy Co.		95		2,218
Southwestern Energy Co.*		420		1,781
SRC Energy, Inc.*		220		2,189

See Notes to Financial Statements.


82


Description	Shares		Value
COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)
Valero Energy Corp.		480	$	46,066
Williams Cos., Inc. (The)		860		26,995
World Fuel Services Corp.		60		1,673
WPX Energy, Inc.*		380		5,597

				1,379,283

Paper & Forest Products 0.1%
Boise Cascade Co.		40		1,778
Clearwater Paper Corp.*		10		471
Deltic Timber Corp.		10		945
Domtar Corp.		60		3,082
KapStone Paper & Packaging Corp.		80		2,771
Louisiana-Pacific Corp.*		140		4,146
Neenah, Inc.		20		1,810
P.H. Glatfelter Co.		20		467
Schweitzer-Mauduit International, Inc.		30		1,358

				16,828

Personal Products 0.2%
Avon Products, Inc. (United Kingdom)*		200		488
Coty, Inc., (Class A Stock)		490		9,609
Edgewell Personal Care Co.*		60		3,388
Estee Lauder Cos., Inc. (The), (Class A Stock)		246		33,200
Inter Parfums, Inc.		20		912
Medifast, Inc.		12		824
Nu Skin Enterprises, Inc., (Class A Stock)		52		3,736

				52,157

Pharmaceuticals 4.0%
Akorn, Inc.*		108		3,480
Allergan PLC		360		64,894
Amphastar Pharmaceuticals, Inc.*		20		373
ANI Pharmaceuticals, Inc.*		10		672
Bristol-Myers Squibb Co.		1,744		109,174
Catalent, Inc.*		135		6,283
Corcept Therapeutics, Inc.*		90		2,071
Depomed, Inc.*		30		220
Eli Lilly & Co.		1,040		84,708
Endo International PLC*		170		1,175
Impax Laboratories, Inc.*		30		583
Innoviva, Inc.*		40		584

See Notes to Financial Statements.


Prudential Day One Underlying Funds			83

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Pharmaceuticals (cont’d.)
Johnson & Johnson		2,857	$	394,809
Lannett Co., Inc.*		20		407
Mallinckrodt PLC*		90		1,625
Medicines Co. (The)*		70		2,319
Merck & Co., Inc.		2,917		172,832
Mylan NV*		586		25,110
Nektar Therapeutics*		170		14,214
Perrigo Co. PLC		140		12,687
Pfizer, Inc.		6,348		235,130
Phibro Animal Health Corp., (Class A Stock)		20		681
Prestige Brands Holdings, Inc.*		50		2,091
Sucampo Pharmaceuticals, Inc., (Class A Stock)*		10		180
Supernus Pharmaceuticals, Inc.*		50		1,952
Zoetis, Inc.		530		40,667

				1,178,921

Professional Services 0.4%
Dun & Bradstreet Corp. (The)		40		4,949
Equifax, Inc.		127		15,866
Exponent, Inc.		30		2,225
Forrester Research, Inc.		16		698
FTI Consulting, Inc.*		30		1,304
Heidrick & Struggles International, Inc.		20		528
IHS Markit Ltd.*		380		18,137
Insperity, Inc.		40		2,450
Kelly Services, Inc., (Class A Stock)		20		566
Korn/Ferry International		50		2,228
ManpowerGroup, Inc.		70		9,197
Navigant Consulting, Inc.*		20		410
Nielsen Holdings PLC		360		13,468
On Assignment, Inc.*		50		3,829
Resources Connection, Inc.		30		491
Robert Half International, Inc.		140		8,103
TrueBlue, Inc.*		20		547
Verisk Analytics, Inc.*		176		17,609
WageWorks, Inc.*		40		2,422

				105,027

Real Estate Management & Development 0.1%
CBRE Group, Inc., (Class A Stock)*		330		15,078
HFF, Inc., (Class A Stock)		40		1,968

See Notes to Financial Statements.


84


Description	Shares		Value
COMMON STOCKS (Continued)

Real Estate Management & Development (cont’d.)
Jones Lang LaSalle, Inc.		48	$	7,505
RE/MAX Holdings, Inc., (Class A Stock)		20		987

				25,538

Road & Rail 0.9%
ArcBest Corp.		20		711
Avis Budget Group, Inc.*		70		3,147
CSX Corp.		955		54,215
Genesee & Wyoming, Inc., (Class A Stock)*		62		4,951
Heartland Express, Inc.		20		454
J.B. Hunt Transport Services, Inc.		90		10,875
Kansas City Southern		110		12,444
Knight-Swift Transportation Holdings, Inc.		125		6,224
Landstar System, Inc.		50		5,552
Marten Transport Ltd.		33		766
Norfolk Southern Corp.		310		46,773
Old Dominion Freight Line, Inc.		80		11,716
Roadrunner Transportation Systems, Inc.*		40		223
Ryder System, Inc.		60		5,222
Saia, Inc.*		30		2,266
Union Pacific Corp.		840		112,140
Werner Enterprises, Inc.		40		1,628

				279,307

Semiconductors & Semiconductor Equipment 3.7%
Advanced Energy Industries, Inc.*		46		3,272
Advanced Micro Devices, Inc.*(a)		860		11,816
Analog Devices, Inc.		388		35,649
Applied Materials, Inc.		1,128		60,495
Axcelis Technologies, Inc.*		30		777
Broadcom Ltd.		436		108,141
Brooks Automation, Inc.		60		1,674
Cabot Microelectronics Corp.		30		3,057
CEVA, Inc.*		16		704
Cirrus Logic, Inc.*		60		2,974
Cohu, Inc.		40		911
Cree, Inc.*		110		3,796
Cypress Semiconductor Corp.		320		5,533
Diodes, Inc.*		30		846
DSP Group, Inc.*		40		524
First Solar, Inc.*		90		6,045
Integrated Device Technology, Inc.*		150		4,485

See Notes to Financial Statements.


Prudential Day One Underlying Funds			85

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Semiconductors & Semiconductor Equipment (cont’d.)
Intel Corp.		4,970	$	239,256
KLA-Tencor Corp.		177		19,435
Kopin Corp.*		130		432
Kulicke & Soffa Industries, Inc. (Singapore)*		70		1,611
Lam Research Corp.		175		33,516
MaxLinear, Inc.*		50		1,289
Microchip Technology, Inc.		255		24,281
Micron Technology, Inc.*		1,224		53,513
Microsemi Corp.*		120		7,415
MKS Instruments, Inc.		65		6,649
Monolithic Power Systems, Inc.		40		4,765
Nanometrics, Inc.*		20		495
NVIDIA Corp.		647		159,033
PDF Solutions, Inc.*		30		410
Photronics, Inc.*		60		504
Power Integrations, Inc.		33		2,465
Qorvo, Inc.*		144		10,335
QUALCOMM, Inc.		1,576		107,562
Rambus, Inc.*		50		632
Rudolph Technologies, Inc.*		30		786
Semtech Corp.*		60		2,148
Silicon Laboratories, Inc.*		50		4,810
Skyworks Solutions, Inc.		200		19,442
SolarEdge Technologies, Inc.*		20		718
Synaptics, Inc.*		40		1,734
Teradyne, Inc.		220		10,085
Texas Instruments, Inc.		1,051		115,263
Ultra Clean Holdings, Inc.*		35		759
Veeco Instruments, Inc.*		25		416
Versum Materials, Inc.		110		4,048
Xilinx, Inc.		264		19,277
Xperi Corp.		20		449

				1,104,232

Software 5.1%
8x8, Inc.*		40		708
ACI Worldwide, Inc.*		90		2,110
Activision Blizzard, Inc.		800		59,304
Adobe Systems, Inc.*		528		105,473
Agilysys, Inc.*		40		480
ANSYS, Inc.*		97		15,680
Autodesk, Inc.*		232		26,824

See Notes to Financial Statements.


86


Description	Shares		Value
COMMON STOCKS (Continued)

Software (cont’d.)
Barracuda Networks, Inc.*		25	$	689
Blackbaud, Inc.		50		4,791
Bottomline Technologies de, Inc.*		20		730
CA, Inc.		330		11,830
Cadence Design Systems, Inc.*		300		13,458
CDK Global, Inc.		140		9,981
Citrix Systems, Inc.*		160		14,842
CommVault Systems, Inc.*		50		2,667
Ebix, Inc.		18		1,478
Electronic Arts, Inc.*		329		41,770
Fair Isaac Corp.		33		5,698
Fortinet, Inc.*		150		6,906
Intuit, Inc.		258		43,318
Manhattan Associates, Inc.*		70		3,697
Microsoft Corp.		8,215		780,507
MicroStrategy, Inc., (Class A Stock)*		12		1,653
Monotype Imaging Holdings, Inc.		30		718
Oracle Corp.		3,242		167,255
Progress Software Corp.		48		2,392
PTC, Inc.*		120		8,722
Qualys, Inc.*		38		2,375
Red Hat, Inc.*		193		25,356
salesforce.com, Inc.*		738		84,066
Symantec Corp.		630		17,155
Synchronoss Technologies, Inc.*		20		161
Synopsys, Inc.*		170		15,744
Take-Two Interactive Software, Inc.*		120		15,200
TiVo Corp.		100		1,395
Tyler Technologies, Inc.*		42		8,463
Ultimate Software Group, Inc. (The)*		33		7,685
VASCO Data Security International, Inc.*		30		432

				1,511,713

Specialty Retail 2.2%
Aaron’s, Inc.		60		2,453
Abercrombie & Fitch Co., (Class A Stock)		30		621
Advance Auto Parts, Inc.		83		9,710
American Eagle Outfitters, Inc.		150		2,700
Asbury Automotive Group, Inc.*		26		1,889
Ascena Retail Group, Inc.*		70		151
AutoNation, Inc.*		75		4,516
AutoZone, Inc.*		30		22,963

See Notes to Financial Statements.


Prudential Day One Underlying Funds			87

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Specialty Retail (cont’d.)
Barnes & Noble Education, Inc.*		40	$	266
Barnes & Noble, Inc.		40		188
Bed Bath & Beyond, Inc.		120		2,770
Best Buy Co., Inc.		266		19,434
Big 5 Sporting Goods Corp.		30		170
Buckle, Inc. (The)		20		401
Caleres, Inc.		30		889
CarMax, Inc.*		190		13,560
Cato Corp. (The), (Class A Stock)		20		238
Chico’s FAS, Inc.		60		571
Children’s Place, Inc. (The)		20		2,996
Dick’s Sporting Goods, Inc.		80		2,517
DSW, Inc., (Class A Stock)		70		1,402
Express, Inc.*		30		209
Finish Line, Inc. (The), (Class A Stock)		20		227
Five Below, Inc.*		70		4,545
Foot Locker, Inc.		140		6,881
Francesca’s Holdings Corp.*		30		175
GameStop Corp., (Class A Stock)		90		1,513
Gap, Inc. (The)		240		7,978
Genesco, Inc.*		10		349
Group 1 Automotive, Inc.		20		1,569
Guess?, Inc.		30		551
Haverty Furniture Cos., Inc.		20		446
Hibbett Sports, Inc.*		10		226
Home Depot, Inc. (The)		1,242		249,518
Kirkland’s, Inc.*		30		318
L Brands, Inc.		260		13,023
Lithia Motors, Inc., (Class A Stock)		30		3,749
Lowe’s Cos., Inc.		890		93,210
Lumber Liquidators Holdings, Inc.*		30		838
MarineMax, Inc.*		26		597
Michaels Cos., Inc. (The)*		90		2,418
Monro, Inc.		35		1,977
Murphy USA, Inc.*		40		3,412
O’Reilly Automotive, Inc.*		92		24,351
Office Depot, Inc.		430		1,398
Rent-A-Center, Inc.		40		433
RH*		20		1,880
Ross Stores, Inc.		410		33,780
Sally Beauty Holdings, Inc.*		112		1,860
Shoe Carnival, Inc.		20		457

See Notes to Financial Statements.


88


Description	Shares		Value
COMMON STOCKS (Continued)

Specialty Retail (cont’d.)
Signet Jewelers Ltd.		70	$	3,703
Sleep Number Corp.*		40		1,506
Sonic Automotive, Inc., (Class A Stock)		20		431
Tailored Brands, Inc.		30		726
Tiffany & Co.		116		12,371
Tile Shop Holdings, Inc.		30		281
TJX Cos., Inc. (The)		690		55,421
Tractor Supply Co.		140		10,675
Ulta Beauty, Inc.*		62		13,770
Urban Outfitters, Inc.*		70		2,388
Vitamin Shoppe, Inc.*		20		85
Williams-Sonoma, Inc.		80		4,098
Zumiez, Inc.*		20		415

				654,163

Technology Hardware, Storage & Peripherals 3.6%
3D Systems Corp.*		50		512
Apple, Inc.		5,465		915,005
Cray, Inc.*		30		727
Diebold Nixdorf, Inc.		40		738
Electronics For Imaging, Inc.*		50		1,462
Hewlett Packard Enterprise Co.		1,664		27,290
HP, Inc.		1,740		40,577
NCR Corp.*		134		5,026
NetApp, Inc.		280		17,220
Seagate Technology PLC		300		16,560
Super Micro Computer, Inc.*		20		456
Western Digital Corp.		314		27,940
Xerox Corp.		237		8,089

				1,061,602

Textiles, Apparel & Luxury Goods 0.7%
Carter’s, Inc.		50		6,015
Crocs, Inc.*		50		676
Deckers Outdoor Corp.*		31		2,657
Fossil Group, Inc.*		20		159
G-III Apparel Group Ltd.*		40		1,494
Hanesbrands, Inc.		353		7,667
Michael Kors Holdings Ltd.*		170		11,220
Movado Group, Inc.		20		612
NIKE, Inc., (Class B Stock)		1,392		94,962
Oxford Industries, Inc.		20		1,576

See Notes to Financial Statements.


Prudential Day One Underlying Funds			89

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Textiles, Apparel & Luxury Goods (cont’d.)
Perry Ellis International, Inc.*		20	$	480
PVH Corp.		90		13,957
Ralph Lauren Corp.		60		6,859
Skechers U.S.A., Inc., (Class A Stock)*		130		5,355
Steven Madden Ltd.*		60		2,772
Tapestry, Inc.		308		14,488
Under Armour, Inc.,
(Class A Stock)*		150		2,079
(Class C Stock)*		150		1,928
Unifi, Inc.*		20		712
Vera Bradley, Inc.*		30		279
VF Corp.		353		28,642
Wolverine World Wide, Inc.		110		3,611

				208,200

Thrifts & Mortgage Finance 0.1%
Bank Mutual Corp.		50		520
BofI Holding, Inc.*		44		1,583
Dime Community Bancshares, Inc.		30		570
HomeStreet, Inc.*		10		295
LendingTree, Inc.*		8		2,943
Meta Financial Group, Inc.		14		1,638
New York Community Bancorp, Inc.		460		6,514
NMI Holdings, Inc., (Class A Stock)*		50		917
Northfield Bancorp, Inc.		30		503
Northwest Bancshares, Inc.		50		843
Oritani Financial Corp.		30		501
Provident Financial Services, Inc.		50		1,315
TrustCo Bank Corp.		50		430
Walker & Dunlop, Inc.*		20		929
Washington Federal, Inc.		80		2,872

				22,373

Tobacco 1.1%
Altria Group, Inc.		2,030		142,790
Philip Morris International, Inc.		1,656		177,573
Universal Corp.		24		1,152

				321,515

Trading Companies & Distributors 0.2%
Applied Industrial Technologies, Inc.		40		2,950
DXP Enterprises, Inc.*		20		684

See Notes to Financial Statements.


90


Description	Shares		Value
COMMON STOCKS (Continued)

Trading Companies & Distributors (cont’d.)
Fastenal Co.		310	$	17,037
GATX Corp.		40		2,846
Kaman Corp.		30		1,881
MSC Industrial Direct Co., Inc., (Class A Stock)		50		4,694
NOW, Inc.*		90		1,061
United Rentals, Inc.*		90		16,300
Veritiv Corp.*		6		172
W.W. Grainger, Inc.		56		15,101
Watsco, Inc.		35		6,293

				69,019

Water Utilities�� 0.1%
American States Water Co.		40		2,209
American Water Works Co., Inc.		198		16,467
Aqua America, Inc.		190		6,880
California Water Service Group		50		2,035

				27,591

Wireless Telecommunication Services 0.0%
Spok Holdings, Inc.		30		468
Telephone & Data Systems, Inc.		80		2,192

				2,660

TOTAL COMMON STOCKS (cost $23,768,769)				28,448,553


UNAFFILIATED EXCHANGE TRADED FUNDS 2.5%
iShares Core S&P Mid-Cap ETF		270		52,661
iShares Core S&P Small-Cap ETF		350		27,559
SPDR S&P 500 ETF Trust		2,368		667,539

TOTAL UNAFFILIATED EXCHANGE TRADED FUNDS (cost $637,549)				747,759

TOTAL LONG-TERM INVESTMENTS (cost $24,406,318)				29,196,312


SHORT-TERM INVESTMENTS 2.1%

AFFILIATED MUTUAL FUNDS 1.9%
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		562,093		562,093
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $3,950; includes $3,945 of cash collateral for securities on loan)(b)(w)		3,950		3,950

TOTAL AFFILIATED MUTUAL FUNDS (cost $566,043)				566,043

See Notes to Financial Statements.


Prudential Day One Underlying Funds			91

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Interest Rate			Maturity Date		Principal Amount (000)#		Value
U.S. TREASURY OBLIGATION(k)(n) 0.2%
U.S. Treasury Bills (cost $59,908)		1.331	%		03/15/18		60	$	59,908

TOTAL SHORT-TERM INVESTMENTS (cost $625,951)									625,951

TOTAL INVESTMENTS 100.4% (cost $25,032,269)									29,822,263
Liabilities in excess of other assets(z) (0.4)%									(122,552	)

NET ASSETS 100.0%								$	29,699,711

See the Glossary for abbreviations used in the semiannual report.

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

*	Non-income producing security.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $4,122; cash collateral of $3,945 (included with liabilities) was received with which the Portfolio purchased highly liquid short-term investments. Securities on loan are subject to contractual netting arrangements.

(b)	Represents security, or a portion thereof, purchased with cash collateral received for securities on loan.

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

(n)	Rates shown reflect yield to maturity at purchase date.

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

(z)	Includes net unrealized appreciation (depreciation) on the following derivative contracts held at reporting period end:

Futures contracts outstanding at January 31, 2018:


Number of Contracts		Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
	5	S&P 500 E-Mini Index		Mar. 2018	$	706,450	$	38,375

A security with a market value of $59,908 has been segregated with Morgan Stanley to cover requirements for open futures contracts at January 31, 2018.

See Notes to Financial Statements.


92

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	780,761	$	—	$	—
Air Freight & Logistics		195,901		—		—
Airlines		142,429		—		—
Auto Components		79,212		—		—
Automobiles		120,230		—		—
Banks		1,944,128		—		—
Beverages		507,224		—		—
Biotechnology		770,264		—		—
Building Products		110,984		—		—
Capital Markets		885,795		—		—
Chemicals		643,892		—		—
Commercial Services & Supplies		135,401		—		—
Communications Equipment		287,055		—		—
Construction & Engineering		53,108		—		—
Construction Materials		42,780		—		—
Consumer Finance		212,245		—		—
Containers & Packaging		118,303		—		—
Distributors		38,705		—		—
Diversified Consumer Services		24,205		—		—
Diversified Financial Services		448,406		—		—
Diversified Telecommunication Services		504,446		—		—
Electric Utilities		464,011		—		—
Electrical Equipment		163,898		—		—
Electronic Equipment, Instruments & Components		241,383		—		—
Energy Equipment & Services		249,475		—		—
Equity Real Estate Investment Trusts (REITs)		859,729		—		—
Food & Staples Retailing		486,904		—		—
Food Products		366,903		—		—
Gas Utilities		46,557		—		—

See Notes to Financial Statements.


Prudential Day One Underlying Funds			93

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Health Care Equipment & Supplies	$	835,811	$	—	$	—
Health Care Providers & Services		794,717		—		—
Health Care Technology		34,274		—		—
Hotels, Restaurants & Leisure		545,220		—		—
Household Durables		156,650		—		—
Household Products		388,975		—		—
Independent Power & Renewable Electricity Producers		15,635		—		—
Industrial Conglomerates		479,512		—		—
Insurance		775,274		—		—
Internet & Direct Marketing Retail		867,217		—		—
Internet Software & Services		1,315,891		—		—
IT Services		1,159,902		—		—
Leisure Products		33,374		—		—
Life Sciences Tools & Services		246,715		—		—
Machinery		591,423		—		—
Marine		5,178		—		—
Media		736,218		—		—
Metals & Mining		126,786		—		—
Mortgage Real Estate Investment Trusts (REITs)		3,726		—		—
Multi-Utilities		253,867		—		—
Multiline Retail		137,725		—		—
Oil, Gas & Consumable Fuels		1,379,283		—		—
Paper & Forest Products		16,828		—		—
Personal Products		52,157		—		—
Pharmaceuticals		1,178,921		—		—
Professional Services		105,027		—		—
Real Estate Management & Development		25,538		—		—
Road & Rail		279,307		—		—
Semiconductors & Semiconductor Equipment		1,104,232		—		—
Software		1,511,713		—		—
Specialty Retail		654,163		—		—
Technology Hardware, Storage & Peripherals		1,061,602		—		—
Textiles, Apparel & Luxury Goods		208,200		—		—
Thrifts & Mortgage Finance		22,373		—		—
Tobacco		321,515		—		—
Trading Companies & Distributors		69,019		—		—
Water Utilities		27,591		—		—
Wireless Telecommunication Services		2,660		—		—
Unaffiliated Exchange Traded Funds		747,759		—		—
Affiliated Mutual Funds		566,043		—		—
U.S. Treasury Obligation		—		59,908		—
Other Financial Instruments*
Futures Contracts		38,375		—		—

Total	$	29,800,730	$	59,908	$	—

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

See Notes to Financial Statements.


94

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Banks	6.5	%
Software	5.1
Oil, Gas & Consumable Fuels	4.6
Internet Software & Services	4.4
Pharmaceuticals	4.0
IT Services	3.9
Semiconductors & Semiconductor Equipment	3.7
Technology Hardware, Storage & Peripherals	3.6
Capital Markets	3.0
Internet & Direct Marketing Retail	2.9
Equity Real Estate Investment Trusts (REITs)	2.9
Health Care Equipment & Supplies	2.8
Health Care Providers & Services	2.7
Aerospace & Defense	2.6
Insurance	2.6
Biotechnology	2.6
Unaffiliated Exchange Traded Funds	2.5
Media	2.5
Specialty Retail	2.2
Chemicals	2.2
Machinery	2.0
Affiliated Mutual Funds (including 0.0% of collateral for securities on loan)	1.9
Hotels, Restaurants & Leisure	1.8
Beverages	1.7
Diversified Telecommunication Services	1.7
Food & Staples Retailing	1.6
Industrial Conglomerates	1.6
Electric Utilities	1.6
Diversified Financial Services	1.5
Household Products	1.3
Food Products	1.2
Tobacco	1.1
Communications Equipment	1.0
Road & Rail	0.9
Multi-Utilities	0.9
Energy Equipment & Services	0.8
Life Sciences Tools & Services	0.8
Electronic Equipment, Instruments & Components	0.8
Consumer Finance	0.7	%
Textiles, Apparel & Luxury Goods	0.7
Air Freight & Logistics	0.7
Electrical Equipment	0.5
Household Durables	0.5
Airlines	0.5
Multiline Retail	0.5
Commercial Services & Supplies	0.5
Metals & Mining	0.4
Automobiles	0.4
Containers & Packaging	0.4
Building Products	0.4
Professional Services	0.4
Auto Components	0.3
Trading Companies & Distributors	0.2
U.S. Treasury Obligation	0.2
Construction & Engineering	0.2
Personal Products	0.2
Gas Utilities	0.2
Construction Materials	0.1
Distributors	0.1
Health Care Technology	0.1
Leisure Products	0.1
Water Utilities	0.1
Real Estate Management & Development	0.1
Diversified Consumer Services	0.1
Thrifts & Mortgage Finance	0.1
Paper & Forest Products	0.1
Independent Power & Renewable Electricity Producers	0.1
Marine	0.0	*
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Wireless Telecommunication Services	0.0	*

	100.4
Liabilities in excess of other assets	(0.4	)

	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.


Prudential Day One Underlying Funds			95

Prudential QMA US Broad Market Index Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

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

The Fund invested in derivative instruments during the reporting period. The primary type of risk associated with these derivative instruments is equity contracts risk. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the Statement of Assets and Liabilities and Statement of Operations is presented in the summary below.

Fair values of derivative instruments as of January 31, 2018 as presented in the Statement of Assets and Liabilities:

Derivatives not accounted

for as hedging instruments,

carried at fair value

Asset Derivatives

Liability Derivatives

Balance Sheet
Location

Fair
Value

Balance Sheet
Location

Fair
Value

Equity contracts

Due from/to broker—

variation margin futures

38,375

—

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

The effects of derivative instruments on the Statement of Operations for the six months ended January 31, 2018 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	78,538


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	40,000

See Notes to Financial Statements.


96

For the six months ended January 31, 2018, the Fund’s average volume of derivative activities is as follows:


Futures Contracts— Long Positions(1)
$	905,832

(1)	Notional Amount in USD.

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

Offsetting of financial instrument/transaction assets and liabilities:


Description	Gross Market Value of Recognized Assets/(Liabilities)		Collateral Pledged/(Received)(1)			Net Amount
Securities on Loan	$	4,122	$	(4,122	)	$	—

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

See Notes to Financial Statements.


Prudential Day One Underlying Funds			97

Prudential QMA Mid-Cap Core Equity Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.5%

COMMON STOCKS 97.4%

Aerospace & Defense 1.6%
Curtiss-Wright Corp.		650	$	84,929
Huntington Ingalls Industries, Inc.		320		76,013

				160,942

Auto Components 0.6%
Dana, Inc.		1,900		62,681

Automobiles 0.9%
Thor Industries, Inc.		650		88,829

Banks 7.8%
Associated Banc-Corp.		2,900		71,775
Bancorp, Inc. (The)*		400		4,228
BankUnited, Inc.		900		36,936
East West Bancorp, Inc.		1,490		98,206
Financial Institutions, Inc.		190		5,918
First Interstate BancSystem, Inc., (Class A Stock)		200		8,370
Fulton Financial Corp.		1,800		32,760
Hancock Holding Co.		1,080		57,996
International Bancshares Corp.		1,260		52,290
PacWest Bancorp		830		43,517
QCR Holdings, Inc.		100		4,385
Shore Bancshares, Inc.		600		10,932
Signature Bank*		170		26,180
SVB Financial Group*		340		83,827
Synovus Financial Corp.		1,710		86,167
TCF Financial Corp.		2,600		55,770
Umpqua Holdings Corp.		2,100		45,465
Valley National Bancorp		300		3,771
Wintrust Financial Corp.		880		75,592

				804,085

Beverages 0.3%
Boston Beer Co., Inc. (The), (Class A Stock)*		160		30,376

Biotechnology 1.6%
Bioverativ, Inc.*		1,350		139,131
United Therapeutics Corp.*		240		30,960

				170,091

See Notes to Financial Statements.


98


Description	Shares		Value
COMMON STOCKS (Continued)

Building Products 0.1%
Universal Forest Products, Inc.		400	$	14,932

Capital Markets 3.1%
Donnelley Financial Solutions, Inc.*		500		10,725
Eaton Vance Corp.		380		21,964
Evercore, Inc., (Class A Stock)		170		17,093
Janus Henderson Group PLC (United Kingdom)		400		15,752
MSCI, Inc.		830		115,561
SEI Investments Co.		1,380		103,707
Stifel Financial Corp.		500		33,760

				318,562

Chemicals 2.6%
Chemours Co. (The)		2,090		107,885
Huntsman Corp.		300		10,371
Olin Corp.		2,260		84,253
PolyOne Corp.		1,580		68,667

				271,176

Commercial Services & Supplies 1.1%
Brink’s Co. (The)		40		3,336
Copart, Inc.*		400		17,628
Deluxe Corp.		190		14,111
Herman Miller, Inc.		1,650		66,825
McGrath RentCorp		100		4,780
SP Plus Corp.*		100		3,855

				110,535

Communications Equipment 0.6%
ARRIS International PLC*		2,600		65,780

Construction & Engineering 1.3%
EMCOR Group, Inc.		960		78,029
KBR, Inc.		2,100		42,714
Valmont Industries, Inc.		90		14,724

				135,467

Consumer Finance 0.7%
Navient Corp.		3,500		49,875
Santander Consumer USA Holdings, Inc.		1,200		20,700

				70,575

See Notes to Financial Statements.


Prudential Day One Underlying Funds			99

Prudential QMA Mid-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Containers & Packaging 1.4%
Greif, Inc., (Class A Stock)		730	$	43,157
Owens-Illinois, Inc.*		2,800		65,016
Sonoco Products Co.		670		36,388

				144,561

Diversified Consumer Services 0.6%
Service Corp. International		1,530		61,154

Diversified Financial Services 0.1%
Marlin Business Services Corp.		500		11,850

Electric Utilities 0.9%
Hawaiian Electric Industries, Inc.		240		8,186
IDACORP, Inc.		550		47,454
MGE Energy, Inc.		320		19,136
OGE Energy Corp.		350		11,270
PNM Resources, Inc.		300		11,430

				97,476

Electrical Equipment 1.4%
EnerSys		800		56,248
Hubbell, Inc.		300		40,785
Regal Beloit Corp.		650		50,635

				147,668

Electronic Equipment, Instruments & Components 5.7%
Arrow Electronics, Inc.*		1,050		85,407
Avnet, Inc.		1,750		74,375
Cognex Corp.		1,040		64,865
IPG Photonics Corp.*		420		105,819
Jabil, Inc.		2,400		61,032
Keysight Technologies, Inc.*		100		4,672
SYNNEX Corp.		300		36,819
Trimble, Inc.*		2,320		102,312
Vishay Intertechnology, Inc.		2,600		57,070

				592,371

Energy Equipment & Services 0.8%
Core Laboratories NV		40		4,572
Exterran Corp.*		200		5,776
Matrix Service Co.*		300		5,370

See Notes to Financial Statements.


100


Description	Shares		Value
COMMON STOCKS (Continued)

Energy Equipment & Services (cont’d)
Nabors Industries Ltd.		5,000	$	39,200
Superior Energy Services, Inc.*		1,300		13,585
Transocean Ltd.*		1,300		14,027

				82,530

Equity Real Estate Investment Trusts (REITs) 7.2%
Alexander & Baldwin, Inc.		800		21,216
American Campus Communities, Inc.		1,800		69,228
Apple Hospitality REIT, Inc.		1,700		33,133
Brixmor Property Group, Inc.		2,600		42,198
Camden Property Trust		240		20,774
Chesapeake Lodging Trust		300		8,211
CoreCivic, Inc.		2,900		67,309
DCT Industrial Trust, Inc.		220		13,022
DDR Corp.		2,900		23,548
Franklin Street Properties Corp.		1,000		10,140
GEO Group, Inc. (The)		2,930		66,072
Hospitality Properties Trust		2,640		75,002
Liberty Property Trust		2,060		85,305
Mack-Cali Realty Corp.		1,200		24,084
Rayonier, Inc.		1,600		51,936
Sabra Health Care REIT, Inc.		300		5,430
Senior Housing Properties Trust		3,700		64,121
Spirit Realty Capital, Inc.		1,400		11,438
Washington Prime Group, Inc.		5,200		34,216
Xenia Hotels & Resorts, Inc.		1,000		22,200

				748,583

Food Products 2.7%
Flowers Foods, Inc.		2,400		47,064
Ingredion, Inc.		540		77,566
Lamb Weston Holdings, Inc.		1,670		97,862
Sanderson Farms, Inc.		410		52,029

				274,521

Gas Utilities 2.3%
Atmos Energy Corp.		1,030		85,387
Southwest Gas Holdings, Inc.		770		56,656
UGI Corp.		2,110		96,575

				238,618

See Notes to Financial Statements.


Prudential Day One Underlying Funds			101

Prudential QMA Mid-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Health Care Equipment & Supplies 2.8%
ABIOMED, Inc.*		40	$	9,400
Halyard Health, Inc.*		660		32,214
Hill-Rom Holdings, Inc.		930		79,357
Masimo Corp.*		820		77,277
STERIS PLC		800		72,736
Teleflex, Inc.		60		16,665

				287,649

Health Care Providers & Services 1.8%
Molina Healthcare, Inc.*		870		79,483
WellCare Health Plans, Inc.*		490		103,086

				182,569

Hotels, Restaurants & Leisure 2.1%
Brinker International, Inc.		700		25,438
Del Taco Restaurants, Inc.*		400		5,068
Dunkin’ Brands Group, Inc.		1,260		81,459
Hilton Grand Vacations, Inc.*		400		17,988
International Speedway Corp., (Class A Stock)		100		4,640
Texas Roadhouse, Inc.		1,260		73,987
Wendy’s Co. (The)		200		3,236

				211,816

Household Durables 2.5%
NVR, Inc.*		33		104,880
Tempur Sealy International, Inc.*		640		38,170
Toll Brothers, Inc.		1,390		64,746
TRI Pointe Group, Inc.*		3,400		55,454

				263,250

Independent Power & Renewable Electricity Producers 0.2%
AES Corp.		1,300		15,028

Industrial Conglomerates 0.8%
Carlisle Cos., Inc.		690		78,805

Insurance 4.1%
American Financial Group, Inc.		710		80,472
Brown & Brown, Inc.		280		14,694
CNO Financial Group, Inc.		2,500		61,475
First American Financial Corp.		930		54,935
Genworth Financial, Inc., (Class A Stock)*		8,200		25,092

See Notes to Financial Statements.


102


Description	Shares		Value
COMMON STOCKS (Continued)

Insurance (cont’d)
Hanover Insurance Group, Inc. (The)		660	$	74,679
Kemper Corp.		160		10,376
National General Holdings Corp.		1,300		26,026
Old Republic International Corp.		3,600		77,364

				425,113

IT Services 4.3%
Booz Allen Hamilton Holding Corp.		1,000		39,180
Broadridge Financial Solutions, Inc.		570		54,954
DST Systems, Inc.		1,140		95,042
Leidos Holdings, Inc.		1,450		96,570
MAXIMUS, Inc.		1,090		74,316
Science Applications International Corp.		820		62,853
Teradata Corp.*		500		20,250

				443,165

Leisure Products 0.8%
Polaris Industries, Inc.		700		79,107

Life Sciences Tools & Services 0.8%
Bio-Rad Laboratories, Inc., (Class A Stock)*		100		25,853
Bio-Techne Corp.		30		4,209
Bruker Corp.		400		14,244
Charles River Laboratories International, Inc.*		390		41,121

				85,427

Machinery 5.8%
AGCO Corp.		130		9,441
Crane Co.		830		82,950
Donaldson Co., Inc.		90		4,559
Global Brass & Copper Holdings, Inc.		230		7,395
Graco, Inc.		1,740		81,432
IDEX Corp.		510		73,175
ITT, Inc.		1,060		59,360
Oshkosh Corp.		950		86,184
Terex Corp.		1,670		78,523
Timken Co. (The)		720		37,836
Toro Co. (The)		1,250		82,063

				602,918

See Notes to Financial Statements.


Prudential Day One Underlying Funds			103

Prudential QMA Mid-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Media 0.7%
John Wiley & Sons, Inc., (Class A Stock)		780	$	49,452
TEGNA, Inc.		1,400		20,258

				69,710

Metals & Mining 3.0%
Commercial Metals Co.		1,200		28,848
Reliance Steel & Aluminum Co.		980		85,838
Steel Dynamics, Inc.		2,400		108,960
United States Steel Corp.		2,300		86,043

				309,689

Mortgage Real Estate Investment Trusts (REITs) 0.6%
Ladder Capital Corp.		2,800		40,516
Western Asset Mortgage Capital Corp.		2,600		24,258

				64,774

Multi-Utilities 1.1%
MDU Resources Group, Inc.		2,800		74,144
NorthWestern Corp.		630		34,234

				108,378

Oil, Gas & Consumable Fuels 3.3%
CNX Resources Corp.*		4,000		56,040
CVR Energy, Inc.		500		17,895
HollyFrontier Corp.		900		43,164
Murphy Oil Corp.		2,400		77,040
Newfield Exploration Co.*		1,630		51,606
Pacific Ethanol, Inc.*		800		3,360
Panhandle Oil and Gas, Inc., (Class A Stock)		400		8,140
QEP Resources, Inc.*		3,200		29,952
World Fuel Services Corp.		1,990		55,501

				342,698

Paper & Forest Products 0.7%
Louisiana-Pacific Corp.*		2,600		76,986

Personal Products 0.7%
Avon Products, Inc. (United Kingdom)*		3,700		9,028
Nu Skin Enterprises, Inc., (Class A Stock)		840		60,346

				69,374

See Notes to Financial Statements.


104


Description	Shares		Value
COMMON STOCKS (Continued)

Pharmaceuticals 1.5%
Catalent, Inc.*		1,900	$	88,426
Endo International PLC*		8,200		56,662
Mallinckrodt PLC*		770		13,906

				158,994

Professional Services 0.9%
ManpowerGroup, Inc.		730		95,915

Real Estate Management & Development 1.1%
Jones Lang LaSalle, Inc.		570		89,119
RMR Group, Inc. (The), (Class A Stock)		430		27,843

				116,962

Road & Rail 1.6%
Landstar System, Inc.		510		56,636
Old Dominion Freight Line, Inc.		750		109,837

				166,473

Semiconductors & Semiconductor Equipment 3.3%
Cirrus Logic, Inc.*		1,150		57,006
Microsemi Corp.*		490		30,277
MKS Instruments, Inc.		830		84,909
Teradyne, Inc.		2,270		104,057
Versum Materials, Inc.		1,760		64,768

				341,017

Software 3.0%
ACI Worldwide, Inc.*		600		14,064
CDK Global, Inc.		830		59,171
Fair Isaac Corp.		370		63,884
Fortinet, Inc.*		1,980		91,159
Progress Software Corp.		500		24,915
Take-Two Interactive Software, Inc.*		110		13,934
Tyler Technologies, Inc.*		230		46,347

				313,474

Specialty Retail 1.8%
GameStop Corp., (Class A Stock)		3,000		50,430
Michaels Cos., Inc. (The)*		1,600		42,992
Office Depot, Inc.		8,900		28,925
Sally Beauty Holdings, Inc.*		3,200		53,152

See Notes to Financial Statements.


Prudential Day One Underlying Funds			105

Prudential QMA Mid-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Specialty Retail (cont’d)
Tilly’s, Inc., (Class A Stock)		200	$	2,984
Urban Outfitters, Inc.*		300		10,233

				188,716

Textiles, Apparel & Luxury Goods 1.3%
Carter’s, Inc.		270		32,481
Skechers U.S.A., Inc., (Class A Stock)*		2,520		103,799

				136,280

Thrifts & Mortgage Finance 0.1%
United Financial Bancorp, Inc.		600		10,056

Trading Companies & Distributors 0.7%
MSC Industrial Direct Co., Inc., (Class A Stock)		750		70,410

Wireless Telecommunication Services 0.6%
Telephone & Data Systems, Inc.		2,100		57,603

TOTAL COMMON STOCKS (cost $ 8,829,034)				10,075,719


UNAFFILIATED EXCHANGE TRADED FUND 2.1%
iShares Core S&P Mid-Cap ETF (cost $194,778)		1,100		214,544

TOTAL LONG-TERM INVESTMENTS (cost $9,023,812)				10,290,263


SHORT-TERM INVESTMENTS 0.5%

AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		55,819		55,819
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund(w)		5		5

TOTAL SHORT-TERM INVESTMENTS (cost $55,824)				55,824

TOTAL INVESTMENTS 100.0% (cost $9,079,636)				10,346,087
Other assets in excess of liabilities 0.0%				1,903

NET ASSETS 100.0%			$	10,347,990

See Glossary for abbreviations used in the semiannual report.

*	Non-income producing security.

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

See Notes to Financial Statements.


106

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	160,942	$	—	$	—
Auto Components		62,681		—		—
Automobiles		88,829		—		—
Banks		804,085		—		—
Beverages		30,376		—		—
Biotechnology		170,091		—		—
Building Products		14,932		—		—
Capital Markets		318,562		—		—
Chemicals		271,176		—		—
Commercial Services & Supplies		110,535		—		—
Communications Equipment		65,780		—		—
Construction & Engineering		135,467		—		—
Consumer Finance		70,575		—		—
Containers & Packaging		144,561		—		—
Diversified Consumer Services		61,154		—		—
Diversified Financial Services		11,850		—		—
Electric Utilities		97,476		—		—
Electrical Equipment		147,668		—		—
Electronic Equipment, Instruments & Components		592,371		—		—
Energy Equipment & Services		82,530		—		—
Equity Real Estate Investment Trusts (REITs)		748,583		—		—
Food Products		274,521		—		—
Gas Utilities		238,618		—		—
Health Care Equipment & Supplies		287,649		—		—
Health Care Providers & Services		182,569		—		—
Hotels, Restaurants & Leisure		211,816		—		—

See Notes to Financial Statements.


Prudential Day One Underlying Funds			107

Prudential QMA Mid-Cap Core Equity Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Household Durables	$	263,250	$	—	$	—
Independent Power & Renewable Electricity Producers		15,028		—		—
Industrial Conglomerates		78,805		—		—
Insurance		425,113		—		—
IT Services		443,165		—		—
Leisure Products		79,107		—		—
Life Sciences Tools & Services		85,427		—		—
Machinery		602,918		—		—
Media		69,710		—		—
Metals & Mining		309,689		—		—
Mortgage Real Estate Investment Trusts (REITs)		64,774		—		—
Multi-Utilities		108,378		—		—
Oil, Gas & Consumable Fuels		342,698		—		—
Paper & Forest Products		76,986		—		—
Personal Products		69,374		—		—
Pharmaceuticals		158,994		—		—
Professional Services		95,915		—		—
Real Estate Management & Development		116,962		—		—
Road & Rail		166,473		—		—
Semiconductors & Semiconductor Equipment		341,017		—		—
Software		313,474		—		—
Specialty Retail		188,716		—		—
Textiles, Apparel & Luxury Goods		136,280		—		—
Thrifts & Mortgage Finance		10,056		—		—
Trading Companies & Distributors		70,410		—		—
Wireless Telecommunication Services		57,603		—		—
Unaffiliated Exchange Traded Fund		214,544		—		—
Affiliated Mutual Funds		55,824		—		—

Total	$	10,346,087	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follows:


Banks	7.8	%
Equity Real Estate Investment Trusts (REITs)	7.2
Machinery	5.8
Electronic Equipment, Instruments & Components	5.7
IT Services	4.3
Insurance	4.1	%
Oil, Gas & Consumable Fuels	3.3
Semiconductors & Semiconductor Equipment	3.3
Capital Markets	3.1
Software	3.0

See Notes to Financial Statements.


108

Industry Classification (cont’d.)


Metals & Mining	3.0	%
Health Care Equipment & Supplies	2.8
Food Products	2.7
Chemicals	2.6
Household Durables	2.5
Gas Utilities	2.3
Unaffiliated Exchange Traded Fund	2.1
Hotels, Restaurants & Leisure	2.1
Specialty Retail	1.8
Health Care Providers & Services	1.8
Biotechnology	1.6
Road & Rail	1.6
Aerospace & Defense	1.6
Pharmaceuticals	1.5
Electrical Equipment	1.4
Containers & Packaging	1.4
Textiles, Apparel & Luxury Goods	1.3
Construction & Engineering	1.3
Real Estate Management & Development	1.1
Commercial Services & Supplies	1.1
Multi-Utilities	1.1
Electric Utilities	0.9
Professional Services	0.9
Automobiles	0.9
Life Sciences Tools & Services	0.8
Energy Equipment & Services	0.8	%
Leisure Products	0.8
Industrial Conglomerates	0.8
Paper & Forest Products	0.7
Consumer Finance	0.7
Trading Companies & Distributors	0.7
Media	0.7
Personal Products	0.7
Communications Equipment	0.6
Mortgage Real Estate Investment Trusts (REITs)	0.6
Auto Components	0.6
Diversified Consumer Services	0.6
Wireless Telecommunication Services	0.6
Affiliated Mutual Funds	0.5
Beverages	0.3
Independent Power & Renewable Electricity Producers	0.2
Building Products	0.1
Diversified Financial Services	0.1
Thrifts & Mortgage Finance	0.1

	100.0
Other assets in excess of liabilities	0.0	*

	100.0%

*	Less than +/- 0.05%

See Notes to Financial Statements.


Prudential Day One Underlying Funds			109

Glossary

The following abbreviations are used in the semiannual report:

Exchange:

LME—London Metal Exchange

OTC—Over-the counter

Other:

144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and may not be resold subject to that rule except to qualified institutional buyers. Unless otherwise noted, 144A securities are deemed to be liquid.

Aces—Alternative Credit Enhancements Securities

ADR—American Depositary Receipt

BABs—Build America Bonds

ETF—Exchange Traded Fund

GMTN—Global Medium Term Note LIBOR—London Interbank Offered Rate

MTN—Medium Term Note

PRI—Primary Rate Interface

RBOB—Reformulated Gasoline Blendstock for Oxygen Blending

REIT—Real Estate Investment Trust

SPDR—Standard & Poor’s Depository Receipts

TBA—To Be Announced

TIPS—Treasury Inflation-Protected Securities

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

See Notes to Financial Statements.


110

Prudential Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value, including securities on loan of $302,360:
Unaffiliated investments (cost $11,537,902)	$	14,226,892
Affiliated investments (cost $800,967)		800,987
Receivable for investments sold		45,676
Receivable for Fund shares sold		3,759
Dividends and interest receivable		1,686
Prepaid expenses		554

Total assets		15,079,554


Liabilities
Payable to broker for collateral for securities on loan		309,564
Payable for investments purchased		20,013
Audit fee payable		12,174
Accrued expenses and other liabilities		11,298
Payable for Fund shares reacquired		13,571
Management fee payable		613
Affiliated transfer agent fee payable		60

Total liabilities		367,293


Net Assets	$	14,712,261


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,183
Paid-in capital in excess of par		12,079,855

		12,081,038
Distributions in excess of net investment income		(2,152	)
Accumulated net realized loss on investment transactions		(55,635	)
Net unrealized appreciation on investments		2,689,010

Net assets, January 31, 2018	$	14,712,261


Class Q
Net asset value, offering price and redemption price per share, ($14,712,261 ÷ 1,183,494 shares of beneficial interest issued and outstanding)	$	12.43

See Notes to Financial Statements.


Prudential Day One Underlying Funds			111

Prudential Core Conservative Bond Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value:
Unaffiliated investments (cost $35,035,679)	$	34,723,875
Affiliated investments (cost $1,473,961)		1,473,961
Receivable for investments sold		1,583,773
Interest receivable		193,244
Receivable for Fund shares sold		141,411
Due from Manager		1,099
Prepaid expenses		554

Total assets		38,117,917


Liabilities
Payable for investments purchased		3,025,120
Accrued expenses and other liabilities		53,778
Payable for Fund shares reacquired		44,834
Affiliated transfer agent fee payable		51

Total liabilities		3,123,783


Net Assets	$	34,994,134


Net assets were comprised of:
Shares of beneficial interest, at par	$	3,552
Paid-in capital in excess of par		35,493,049

		35,496,601
Distributions in excess of net investment income		(63,987	)
Accumulated net realized loss on investment transactions		(126,676	)
Net unrealized depreciation on investments		(311,804	)

Net assets, January 31, 2018	$	34,994,134


Class Q
Net asset value, offering price and redemption price per share, ($34,994,134 ÷ 3,551,636 shares of beneficial interest issued and outstanding)	$	9.85

See Notes to Financial Statements.


112

Prudential TIPS Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value:
Unaffiliated investments (cost $22,017,090)	$	21,990,423
Affiliated investments (cost $86,282)		86,282
Receivable for investments sold		405,204
Receivable for Fund shares sold		236,864
Interest receivable		36,400
Due from manager		4,476
Prepaid expenses		554

Total assets		22,760,203


Liabilities
Payable for investments purchased		430,773
Payable for Fund shares reacquired		68,983
Accrued expenses and other liabilities		22,334
Affiliated transfer agent fee payable		51

Total liabilities		522,141


Net Assets	$	22,238,062


Net assets were comprised of:
Shares of beneficial interest, at par	$	2,265
Paid-in capital in excess of par		22,363,464

		22,365,729
Distributions in excess of net investment income		(60,696	)
Accumulated net realized loss on investment transactions		(40,304	)
Net unrealized depreciation on investments		(26,667	)

Net assets, January 31, 2018	$	22,238,062


Class Q
Net asset value, offering price and redemption price per share, ($22,238,062 ÷ 2,264,728 shares of beneficial interest issued and outstanding)	$	9.82

See Notes to Financial Statements.


Prudential Day One Underlying Funds			113

Prudential Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities

(unaudited)

as of January 31, 2018


Assets
Unaffiliated investments (cost $16,376,633)	$	16,375,946
Deposit with broker for futures		255,810
Receivable for Fund shares sold		2,496
Dividends and Interest receivable		2,466
Due from manager		75
Prepaid expenses		10,795

Total assets		16,647,588


Liabilities
Payable for Fund shares reacquired		95,608
Due to broker—variation margin futures		91,998
Custodian and accounting fees payable		21,311
Accrued expenses and other liabilities		6,830
Affiliated transfer agent fee payable		60

Total liabilities		215,807


Net Assets	$	16,431,781


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,526
Paid-in capital in excess of par		15,267,573

		15,269,099
Distributions in excess of net investment income		(38,881	)
Accumulated net realized loss on investment and foreign currency transactions		626,680
Net unrealized appreciation on investments		574,883

Net assets, January 31, 2018	$	16,431,781


Class Q
Net asset value, offering price and redemption price per share, ($16,431,781 ÷ 1,525,532 shares of beneficial interest issued and outstanding)	$	10.77

See Notes to Financial Statements.


114

Prudential QMA US Broad Market Index Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value, including securities on loan of $4,122:
Unaffiliated investments (cost $24,466,226)	$	29,256,220
Affiliated investments (cost $566,043)		566,043
Receivable for investments sold		86,263
Receivable for Fund shares sold		26,518
Dividends and interest receivable		20,514
Receivable from Manager		9,418
Due from broker—variation margin futures		325
Prepaid expenses		554

Total assets		29,965,855


Liabilities
Payable for Fund shares reacquired		202,380
Custodian and accounting fees payable		39,549
Audit fee payable		12,174
Accrued expenses and other liabilities		5,902
Payable to broker for collateral for securities on loan		3,945
Payable for investments purchased		2,134
Affiliated transfer agent fee payable		60

Total liabilities		266,144


Net Assets	$	29,699,711


Net assets were comprised of:
Shares of beneficial interest, at par	$	2,307
Paid-in capital in excess of par		24,809,496

		24,811,803
Undistributed net investment income		20,698
Accumulated net realized gain on investment transactions		38,841
Net unrealized appreciation on investments		4,828,369

Net assets, January 31, 2018	$	29,699,711


Class Q
Net asset value, offering price and redemption price per share, ($29,699,711 ÷ 2,307,427 shares of beneficial interest issued and outstanding)	$	12.87

See Notes to Financial Statements.


Prudential Day One Underlying Funds			115

Prudential QMA Mid-Cap Core Equity Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value:
Unaffiliated investments (cost $9,023,812)	$	10,290,263
Affiliated investments (cost $55,824)		55,824
Receivable for Fund shares sold		33,319
Dividends receivable		4,019
Due from Manager		3,893
Prepaid expenses		4,747

Total assets		10,392,065


Liabilities
Payable for Fund shares reacquired		17,374
Audit fee payable		12,171
Custodian and accounting fees payable		11,340
Legal fees and expenses payable		2,518
Accrued expenses and other liabilities		612
Affiliated transfer agent fee payable		60

Total liabilities		44,075


Net Assets	$	10,347,990


Net assets were comprised of:
Shares of beneficial interest, at par	$	858
Paid-in capital in excess of par		9,008,090

		9,008,948
Distributions in excess of net investment income		(5,296	)
Accumulated net realized gain on investment transactions		77,887
Net unrealized appreciation on investments		1,266,451

Net assets, January 31, 2018	$	10,347,990


Class Q
Net asset value, offering price and redemption price per share, ($10,347,990 ÷ 857,548 shares of beneficial interest issued and outstanding)	$	12.07

See Notes to Financial Statements.


116

Prudential Jennison Small-Cap Core Equity Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	59,119
Affiliated dividend income		3,256
Income from securities lending (including affiliated income of $7)		1,413

Total income		63,788


Expenses
Management fee		50,538
Custodian and accounting fees		26,161
Audit fee		12,174
Legal fees and expenses		9,552
Trustees’ fees		5,283
Shareholders’ reports		3,605
Transfer agent’s fees and expenses (affiliated expense of $168)		170
Miscellaneous		4,968

Total expenses		112,451
Less: Management fee waiver and/or expense reimbursement		(48,436	)

Net expenses		64,015

Net investment income (loss)		(227	)


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(24))		(51,196	)
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $20)		1,632,202

Net gain (loss) on investment transactions		1,581,006

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,580,779

See Notes to Financial Statements.


Prudential Day One Underlying Funds			117

Prudential Core Conservative Bond Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Interest income	$	387,726
Affiliated dividend income		12,457

Total income		400,183


Expenses
Management fee		44,794
Custodian and accounting fees		35,028
Audit fee		28,086
Legal fees and expenses		9,154
Trustees’ fees		5,350
Shareholders’ reports		3,515
Transfer agent’s fees and expenses (affiliated expense of $129)		129
Miscellaneous		4,754

Total expenses		130,810
Less: Management fee waiver and/or expense reimbursement		(47,858	)

Net expenses		82,952

Net investment income (loss)		317,231


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		3,029
Net change in unrealized appreciation (depreciation) on investments		(548,892	)

Net gain (loss) on investment transactions		(545,863	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	(228,632	)

See Notes to Financial Statements.


118

Prudential TIPS Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Interest income	$	177,704
Affiliated dividend income		788

Total income		178,492


Expenses
Management fee		21,672
Custodian and accounting fees		23,745
Audit fee		16,234
Legal fees and expenses		9,139
Trustees’ fees		5,297
Shareholders’ reports		3,549
Commitment fee on syndicated credit agreement		988
Transfer agent’s fees and expenses (affiliated expense of $129)		129
Miscellaneous		3,447

Total expenses		84,200
Less: Management fee waiver and/or expense reimbursement		(46,456	)

Net expenses		37,744

Net investment income (loss)		140,748


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		3,721
Net change in unrealized appreciation (depreciation) on investments		(39,456	)

Net gain (loss) on investment transactions		(35,735	)

Net Increase (Decrease) In Net Assets Resulting From Operations	$	105,013

See Notes to Financial Statements.


Prudential Day One Underlying Funds			119

Prudential Commodity Strategies Fund

Consolidated Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Interest income	$	69,729
Unaffiliated dividend income		10,586

Total income		80,315


Expenses
Management fee		53,810
Custodian and accounting fees		32,661
Audit fee		14,206
Legal fees and expenses		10,799
Offering expenses		10,260
Trustees’ fees		5,266
Shareholders’ reports		3,447
Transfer agent’s fees and expenses (affiliated expense of $161)		161
Miscellaneous		4,515

Total expenses		135,125
Less: Management fee waiver and/or expense reimbursement		(59,975	)

Net expenses		75,150

Net investment income (loss)		5,165


Realized And Unrealized Gain (Loss) On Investments and Foreign Currency Transactions
Net realized gain (loss) on:
Futures transactions		937,918
Foreign currency transactions		298

		938,216

Net change in unrealized appreciation (depreciation) on:
Investments		(667	)
Futures		209,420

		208,753

Net gain (loss) on investment and foreign currency transactions		1,146,969

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,152,134

See Notes to Financial Statements.


120

Prudential QMA US Broad Market Index Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $8)	$	229,389
Affiliated dividend income		6,698
Interest income		560
Income from securities lending, net (including affiliated income of $3)		23

Total income		236,670


Expenses
Management fee		23,465
Custodian and accounting fees		38,536
Audit fee		12,174
Legal fees and expenses		11,871
Shareholders’ reports		5,463
Trustees’ fees		5,281
Insurance fees		446
Transfer agent’s fees and expenses (affiliated expense of $168)		169
Miscellaneous		4,843

Total expenses		102,248
Less: Management fee waiver and/or expense reimbursement		(76,178	)

Net expenses		26,070

Net investment income (loss)		210,600


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated income of $1)		9,805
Futures transactions		78,538

		88,343

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated income of $1)		3,392,533
Futures		40,000

		3,432,533

Net gain (loss) on investment transactions		3,520,876

Net Increase (Decrease) In Net Assets Resulting From Operations	$	3,731,476

See Notes to Financial Statements.


Prudential Day One Underlying Funds			121

Prudential QMA Mid-Cap Core Equity Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $7)	$	74,901
Affiliated dividend income		419
Income from securities lending, net (including affiliated income of $17)		104

Total income		75,424


Expenses
Management fee		23,607
Custodian and accounting fees		26,220
Audit fee		12,171
Legal fees and expenses		9,583
Trustees’ fees		5,246
Shareholders’ reports		3,533
Commitment fee on syndicated credit agreement		1,030
Transfer agent’s fees and expenses (affiliated expense of $168)		172
Miscellaneous		3,939

Total expenses		85,501
Less: Management fee waiver and/or expense reimbursement		(45,324	)

Net expenses		40,177

Net investment income (loss)		35,247


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(5))		145,636
Net change in unrealized appreciation (depreciation) on investments		830,618

Net gain (loss) on investment transactions		976,254

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,011,501

See Notes to Financial Statements.


122

Prudential Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			November 15, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(227	)	$	17,135
Net realized gain (loss) on investment transactions		(51,196	)		231,377
Net change in unrealized appreciation (depreciation) on investments		1,632,202			1,056,808

Net increase (decrease) in net assets resulting from operations		1,580,779			1,305,320


Dividends from net investment income
Class Q		(2,113	)		(16,947	)


Distributions from net realized gains
Class Q		(235,816	)		—


Fund share transactions
Net proceeds from shares sold		1,040,935			11,329,854
Net asset value of shares issued in reinvestment of dividends and distributions		237,929			16,947
Cost of shares reacquired		(493,092	)		(51,535	)

Net increase (decrease) in net assets from Fund share transactions		785,772			11,295,266

Total increase (decrease)		2,128,622			12,583,639

Net Assets:
Beginning of period		12,583,639			—

End of period(a)	$	14,712,261		$	12,583,639

(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(2,152	)	$	188

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Underlying Funds			123

Prudential Core Conservative Bond Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			November 15, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	317,231		$	314,116
Net realized gain (loss) on investment transactions		3,029			(76,821	)
Net change in unrealized appreciation (depreciation) on investments		(548,892	)		237,088

Net increase (decrease) in net assets resulting from operations		(228,632	)		474,383


Dividends from net investment income
Class Q		(383,062	)		(365,156	)


Fund share transactions
Net proceeds from shares sold		5,464,478			31,148,943
Net asset value of shares issued in reinvestment of dividends and distributions		383,062			365,155
Cost of shares reacquired		(1,599,165	)		(265,872	)

Net increase (decrease) in net assets from Fund share transactions		4,248,375			31,248,226

Total increase (decrease)		3,636,681			31,357,453

Net Assets:
Beginning of period		31,357,453			—

End of period(a)	$	34,994,134		$	31,357,453

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(63,987	)	$	1,844

*	Commencement of operations.

See Notes to Financial Statements.


124

Prudential TIPS Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			November 15, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	140,748		$	81,759
Net realized gain (loss) on investment transactions		3,721			(6,674	)
Net change in unrealized appreciation (depreciation) on investments		(39,456	)		12,789

Net increase (decrease) in net assets resulting from operations		105,013			87,874


Dividends from net investment income
Class Q		(204,950	)		(115,604	)


Fund share transactions
Net proceeds from shares sold		9,084,663			16,410,866
Net asset value of shares issued in reinvestment of dividends and distributions		204,946			115,603
Cost of shares reacquired		(2,962,361	)		(487,988	)

Net increase (decrease) in net assets from Fund share transactions		6,327,248			16,038,481

Total increase (decrease)		6,227,311			16,010,751

Net Assets:
Beginning of period		16,010,751			—

End of period(a)	$	22,238,062		$	16,010,751

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(60,696	)	$	3,506

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Underlying Funds			125

Prudential Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets

(unaudited)


	Six Months Ended January 31, 2018			November 15, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,165		$	(51,140	)
Net realized gain (loss) on investment and foreign currency transactions		938,216			(82,421	)
Net change in unrealized appreciation (depreciation) on investments		208,753			366,130

Net increase (decrease) in net assets resulting from operations		1,152,134			232,569


Dividends from net investment income
Class Q		(222,021	)		—


Fund share transactions
Net proceeds from shares sold		2,695,224			13,792,034
Net asset value of shares issued in reinvestment of dividends and distributions		222,021			—
Cost of shares reacquired		(1,226,881	)		(213,299	)

Net increase (decrease) in net assets from Fund share transactions		1,690,364			13,578,735

Total increase (decrease)		2,620,477			13,811,304

Net Assets:
Beginning of period		13,811,304			—

End of period (a)	$	16,431,781		$	13,811,304

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(38,881	)	$	177,975

*	Commencement of operations.

See Notes to Financial Statements.


126

Prudential QMA US Broad Market Index Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			November 17, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	210,600		$	140,977
Net realized gain (loss) on investment transactions		88,343			51,838
Net change in unrealized appreciation (depreciation) on investments		3,432,533			1,395,836

Net increase (decrease) in net assets resulting from operations		3,731,476			1,588,651


Dividends and Distributions
Dividends from net investment income
Class Q		(309,186	)		(21,693	)

Distributions from net realized gains
Class Q		(101,340	)		—


Fund share transactions
Net proceeds from shares sold		7,807,810			21,146,670
Net asset value of shares issued in reinvestment of dividends and distributions		410,525			21,693
Cost of shares reacquired		(4,213,847	)		(361,048	)

Net increase (decrease) in net assets from Fund share transactions		4,004,488			20,807,315

Total increase (decrease)		7,325,438			22,374,273

Net Assets:
Beginning of period		22,374,273			—

End of period(a)	$	29,699,711		$	22,374,273

(a) Includes undistributed net investment income of:	$	20,698		$	119,284

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Underlying Funds			127

Prudential QMA Mid-Cap Core Equity Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			November 17, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	35,247		$	25,323
Net realized gain (loss) on investment transactions		145,636			150,420
Net change in unrealized appreciation (depreciation) on investments		830,618			435,833

Net increase (decrease) in net assets resulting from operations		1,011,501			611,576


Dividends and Distributions
Dividends from net investment income
Class Q		(60,333	)		(5,533	)

Distributions from net realized gains
Class Q		(218,169	)		—


Fund share transactions
Net proceeds from shares sold		2,071,392			7,907,520
Net asset value of shares issued in reinvestment of dividends and distributions		278,502			5,533
Cost of shares reacquired		(1,161,175	)		(92,824	)

Net increase (decrease) in net assets from share transactions		1,188,719			7,820,229

Total increase (decrease)		1,921,718			8,426,272

Net Assets:
Beginning of period		8,426,272			—

End of period(a)	$	10,347,990		$	8,426,272

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(5,296	)	$	19,790

*	Commencement of operations.

See Notes to Financial Statements.


128

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

Prudential Investment Portfolios 2 (the “PIP2”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. PIP2 consists of eleven separate series: Prudential Commodity Strategies Fund, Prudential Core Conservative Bond Fund, Prudential Core Short-Term Bond Fund, Prudential Core Ultra Short Bond Fund, Prudential Institutional Money Market Fund, Prudential Jennison Small-Cap Core Equity Fund, Prudential QMA Emerging Markets Equity Fund, Prudential QMA International Developed Markets Index Fund, Prudential QMA Mid-Cap Core Equity Fund, Prudential QMA US Broad Market Index Fund and Prudential TIPS Fund. These financial statements relate to the Prudential Commodity Strategies Fund, Prudential Core Conservative Bond Fund, Prudential Jennison Small-Cap Core Equity Fund, Prudential QMA Mid-Cap Core Equity Fund, Prudential QMA US Broad Market Index Fund and Prudential TIPS Fund (each, a “Fund” and collectively, the “Funds”). Each Fund is a diversified Investment company except for Prudential Commodity Strategies Fund, which is classified as a non-diversified fund for purposes of the 1940 Act and may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified portfolio. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund.

The Commodity Strategies Fund wholly owns and controls the Prudential Commodity Strategies Subsidiary Ltd. (the “Subsidiary”), a company organized under the laws of the Cayman Islands. The Subsidiary is not registered as an investment company under the 1940 Act. The Commodity Strategies Fund’s Board of Trustees has oversight responsibility for the investment activities of the Commodity Strategies Fund, including its investment in the Subsidiary, and the Commodity Strategies Fund’s role as sole shareholder of the Subsidiary. The Subsidiary is subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Commodity Strategies Fund. The consolidated financial statements of the Commodity Strategies Fund include the financial results of its wholly-owned subsidiary.

In accordance with the accounting rules relating to reporting of a wholly-owned subsidiary, the Consolidated Schedule of Investments includes positions of the Commodity Strategies Fund and the Subsidiary. These consolidated financial statements include the accounts of the Commodity Strategies Fund and the Subsidiary. All significant inter-company balances and transactions between the Commodity Strategies Fund and the Subsidiary have been eliminated in consolidation. The Commodity Strategies Fund will seek to gain exposure to commodities, commodities-related instruments, derivatives and other investments by directly investing in those instruments or through investments in the Subsidiary. The Subsidiary participates in the same investment goal as the Commodity Strategies Fund. The Subsidiary pursues its investment goal by investing in commodities, commodities-related


Prudential Day One Underlying Funds			129

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

instruments, derivatives and other investments. The Subsidiary (unlike the Commodity Strategies Fund) may invest without limitation in these instruments. However, the Subsidiary is otherwise subject to the same fundamental, non-fundamental and certain other investment restrictions as the Commodity Strategies Fund. The portion of the Commodity Strategies Fund’s or Subsidiary’s assets exposed to any particular commodity, derivative or other investment will vary based on market conditions, but from time to time some exposure could be substantial.

To the extent of the Commodity Strategies Fund’s investment through the Subsidiary, it will be subject to the risks associated with the commodities, derivatives and other instruments in which the Subsidiary invests. By investing in the Subsidiary, the Commodity Strategies Fund is indirectly exposed to the risks associated with the Subsidiary’s investments. The derivatives and other investments held by the Subsidiary are generally similar to those that are permitted to be held by the Commodity Strategies Fund’s commodity and gold/defensive asset classes and are subject to the same risks that apply to similar investments if held directly by the Commodity Strategies Fund.

The Commodity Strategies Fund’s disclosures and operations will be subject to compliance with applicable regulations governing commodity pools in accordance to recent Commodity Futures Trading Commission rule amendments.

As of January 31, 2018, the Subsidiary had net assets of $3,189,697, representing 19.4% of the Commodity Strategies Fund’s net assets.

The Funds of PIP 2 have the following investment objectives and Subadvisers:


	Objective	Subadviser(s)
Prudential Jennison Small-Cap Core Equity Fund (“Jennison Small-Cap Core Equity”)	Outperform the Russell 2000 Index.	Jennison Associates, LLC (“Jennison”)

Prudential Core Conservative Bond Fund (“Core Conservative Bond”)	Outperform the Bloomberg Barclays U.S. Aggregate Bond Index over full market cycles.	PGIM Fixed Income, which is a business unit of PGIM, Inc.

Prudential TIPS Fund (“TIPS”)	Outperform the Bloomberg Barclays US Treasury Inflation-Protected Index.	PGIM Fixed Income, which is a business unit of PGIM, Inc.

Prudential Commodity Strategies Fund (“Commodity Strategies”)	Generate returns over time in excess of the Bloomberg Commodity Index.	CoreCommodity Management, LLC (“Core”)


130


	Objective	Subadviser(s)

Prudential QMA US Broad Market Index Fund (“QMA US Broad Market Index”)	Seek to provide investment results that approximate the performance of the S&P Composite 1500 Index.	Quantitative Management Associates, LLC (“QMA”)

Prudential QMA Mid-Cap Core Equity Fund (“QMA Mid-Cap Core Equity”)	Outperform the S&P Mid-Cap 400 Index.	QMA

1. Accounting Policies

The Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Funds consistently follow such policies in the preparation of their financial statements (consolidated financial statements for Commodity Strategies).

Securities Valuation: Each Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the 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. The Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

Various inputs determine how each Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments (Consolidated Schedule of Investments for Commodity Strategies).

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


Prudential Day One Underlying Funds			131

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

Foreign equities traded on foreign securities exchanges are generally valued using pricing vendor services that provide model prices derived using adjustment factors based on information such as local closing price, relevant general and sector indices, currency fluctuations, depositary receipts, and futures, as applicable. Securities valued using such model prices are classified as Level 2 in the fair value hierarchy. The models generate an evaluated adjustment factor for each security, which is applied to the local closing price to adjust it for post closing market movements. Utilizing that evaluated adjustment factor, the vendor provides an evaluated price for each security. If the vendor does not provide an evaluated price, securities are valued in accordance with exchange-traded common and preferred stock valuation policies discussed above.

Derivative instruments, such as futures or options, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy.

Investments in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies 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.


132

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; any available analyst media or other reports or information deemed reliable by the investment manager 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.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, each Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Foreign currency amounts are translated into U.S. dollars on the following basis:

(i) market value of investment securities, other assets and liabilities—at the current rates of exchange;

(ii) purchases and sales of investment securities, income and expenses—at the rates of exchange prevailing on the respective dates of such transactions.

Although the net assets of the Funds are presented at the foreign exchange rates and market values at the close of the period, the Funds do not generally isolate that portion of the results of operations arising as a result of changes in the foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities held at the end of the period. Similarly, the Funds do not isolate the effect of changes in foreign exchange rates from the fluctuations arising from changes in the market prices of long-term portfolio securities sold during the period. Accordingly, holding period realized foreign currency gains (losses) are included in the reported net realized gains (losses) on


Prudential Day One Underlying Funds			133

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

investment transactions. Notwithstanding the above, the Funds do isolate the effect of fluctuations in foreign currency exchange rates when determining the gain (loss) upon the sale or maturity of foreign currency denominated debt obligations; such amounts are included in net realized gains (losses) on foreign currency transactions.

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

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


134

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

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

Master Netting Arrangements: PIP 2, on behalf of certain Funds, is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities (Consolidated Statement of Assets and Liabilities for Commodity Strategies).

Securities Lending: The Funds may lend their portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject


Prudential Day One Underlying Funds			135

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies) as “Income from securities lending, net”.

Concentration of Risk: The ability of debt securities issuers (other than those issued or guaranteed by the U.S. Government) held by the Funds to meet their obligations may be affected by the economic or political developments in a specific industry, region or country. Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Offering and Organization Costs: The Prudential Commodity Strategies Fund offering costs paid in connection with the offering of shares of the Fund are amortized on a straight-line basis over 12 months from the date of commencement of operations. Organization costs paid in connection with the organization of the Fund are expensed on the first day of operations.

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. 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.

Net investment income or loss (other than class specific expenses and waivers, which are charged directly to the respective class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.


136

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

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

Dividends and Distributions: Core Conservative Bond and TIPS expect to pay dividends from net investment income monthly and distributions from net realized capital gains, if any, annually. Commodity Strategies, Jennison Small-Cap Core Equity, QMA Mid-Cap Core Equity and QMA US Broad Market Index expect to pay dividends from net investment income and distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Estimates: The preparation of financial statements (consolidated financial statements for Commodity Strategies) 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.

2. Agreements

PIP 2, on behalf of the Funds, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. At January 31, 2018, PGIM Investments has engaged the firms referenced in Note 1 as Subadvisers for their respective Funds.


Prudential Day One Underlying Funds			137

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

The management fee payable to PGIM Investments is accrued daily and payable monthly at an annual rate of each Fund’s average daily net assets specified below and PGIM Investments, in turn, pays each subadviser a fee for its services.


	Management Fees	Effective Management Fees, Net of Waiver	Fee Waivers and/or Expense Limitations through November 30, 2018
Jennison Small-Cap Core Equity	.75%	0.03%	contractually limit expenses to .95%.
Core Conservative Bond	.27%	— #	contractually limit expenses to .50%.
TIPS	.23%	— #	contractually limit expenses to .40%.
Commodity Strategies	.60%	— #	contractually limit expenses to 1.00%.*
QMA US Broad Market Index	.18%	— #	contractually limit expenses to .20%.
QMA Mid-Cap Core Equity	.50%	— #	contractually limit expenses to .85%.

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

*	The manager has contractually agreed to waive any management fees it receives from the Fund in an amount equal to the management fees paid by the Cayman Subsidiary. This waiver will remain in effect for as long as the Fund remains invested or intends to invest in the Cayman Subsidiary.

PIP2, on behalf of the Funds, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class Q shares of the Fund. No distribution or service fees are paid to PIMS as distributor for Class Q shares of the Fund.

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

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the transfer agent of the Funds. The transfer agent’s fees and expenses in the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies) 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 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, and/or common officers. Such transactions are subject to ratification by the Board. For the period ended January 31, 2018 no such transactions were entered into by the Funds.


138

The Funds may invest their overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and their securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”). Earnings from the Core Fund and the Money Market Fund are disclosed on the Statement of Operations (Consolidated Statement of Operations for Commodity Strategies) as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

For the reporting period ended January 31, 2018, PGIM, Inc. was compensated by PGIM Investments for managing the Funds’ securities lending cash collateral as subadviser to the Money Market Fund:


	Amount
Jennison Small-Cap Core Equity	$	129
QMA US Broad Market Index		3
QMA Mid-Cap Core Equity		14

4. 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 period ended January 31, 2018, were as follows:


	Cost of Purchases		Proceeds from Sales
Jennison Small-Cap Core Equity	$	3,260,456	$	2,598,117
Core Conservative Bond		22,212,009		21,570,258
TIPS		8,602,084		2,496,822
Commodity Strategies		—		—
QMA US Broad Market Index		6,470,217		1,927,891
QMA Mid-Cap Core Equity		6,353,062		5,460,886

5. Tax Information

The United States federal income tax basis of the Funds’ investments and the total net unrealized appreciation/depreciation as of January 31, 2018, were as follows:


	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation/ Depreciation
Jennison Small-Cap Core Equity	$	12,342,204	$	2,961,045	$	(275,370	)	$	2,685,675
Core Conservative Bond		36,557,106		52,937		(412,207	)		(359,270	)
TIPS		22,134,499		166,754		(224,548	)		(57,794	)
Commodity Strategies		16,376,633		575,775		(892	)		574,883
QMA US Broad Market Index		25,033,123		5,177,305		(349,790	)		4,827,515
QMA Mid-Cap Core Equity		9,089,725		1,491,010		(234,648	)		1,256,362


Prudential Day One Underlying Funds			139

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

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

For federal income tax purposes, the following Funds had a capital loss carryforward as of July 31, 2017 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.


	Capital Loss Carryforward
Core Conservative Bond	$	82,239
TIPS		12,898

Management has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements (consolidated financial statements for Commodity Strategies) for the current reporting period. The Funds’ federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Funds offer Class Q shares. Effective as of May 22, 2017, shares of the Funds are registered under the Securities Act of 1933, as amended.

PIP2 has authorized an unlimited number of shares of beneficial interest at $0.001 par value per share.

At reporting period, Prudential owned all shares of the Funds.

In addition, the following number of shareholders held the following percentages of outstanding shares of the Funds on behalf of multiple beneficial owners:


	Number of Shareholders		% of Outstanding Shares
Jennison Small-Cap Core Equity		1		86
Core Conservative Bond		4		92
TIPS		6		92
Commodity Strategies		4		89
QMA US Broad Market Index		6		91
QMA Mid-Cap Core Equity		5		89


140

Transactions in shares of beneficial interest were as follows:

Jennison Small-Cap Core Equity Fund


Class Q	Shares			Amount
Six months ended January 31, 2018:
Shares sold		89,122		$	1,040,935
Shares issued in reinvestment of dividends and distributions		20,353			237,929
Shares reacquired		(42,276	)		(493,092	)

Net increase (decrease) in shares outstanding		67,199		$	785,772

Period ended July 31, 2017*:
Shares sold		1,119,251		$	11,329,854
Shares issued in reinvestment of dividends and distributions		1,657			16,947
Shares reacquired		(4,613	)		(51,535	)

Net increase (decrease) in shares outstanding		1,116,295		$	11,295,266

*	Commencement of operations was November 15, 2016.

Core Conservative Bond Fund


Class Q	Shares			Amount
Six months ended January 31, 2018:
Shares sold		546,523		$	5,464,478
Shares issued in reinvestment of dividends and distributions		38,355			383,062
Shares reacquired		(159,483	)		(1,599,165	)

Net increase (decrease) in shares outstanding		425,395		$	4,248,375

Period ended July 31, 2017*:
Shares sold		3,116,135		$	31,148,943
Shares issued in reinvestment of dividends and distributions		36,615			365,155
Shares reacquired		(26,509	)		(265,872	)

Net increase (decrease) in shares outstanding		3,126,241		$	31,248,226

*	Commencement of operations was November 15, 2016.


Prudential Day One Underlying Funds			141

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

TIPS Fund


Class Q	Shares			Amount
Six months ended January 31, 2018:
Shares sold		920,152		$	9,084,663
Shares issued in reinvestment of dividends and distributions		20,796			204,946
Shares reacquired		(299,472	)		(2,962,361	)

Net increase (decrease) in shares outstanding		641,476		$	6,327,248

Period ended July 31, 2017*:
Shares sold		1,660,933		$	16,410,866
Shares issued in reinvestment of dividends and distributions		11,648			115,603
Shares reacquired		(49,329	)		(487,988	)

Net increase (decrease) in shares outstanding		1,623,252		$	16,038,481

*	Commencement of operations was November 15, 2016.

Commodity Strategies Fund


Class Q	Shares			Amount
Six months ended January 31, 2018:
Shares sold		261,870		$	2,695,224
Shares issued in reinvestment of dividends and distributions		22,048			222,021
Shares reacquired		(118,817	)		(1,226,881	)

Net increase (decrease) in shares outstanding		165,101		$	1,690,364

Period ended July 31, 2017*:
Shares sold		1,381,783		$	13,792,034
Shares reacquired		(21,352	)		(213,299	)

Net increase (decrease) in shares outstanding		1,360,431		$	13,578,735

*	Commencement of operations was November 15, 2016.


142

QMA US Broad Market Index Fund


Class Q	Shares			Amount
Six months ended January 31, 2018:
Shares sold		655,910		$	7,807,810
Shares issued in reinvestment of dividends and distributions		33,956			410,525
Shares reacquired		(352,165	)		(4,213,847	)

Net increase (decrease) in shares outstanding		337,701		$	4,004,488

Period ended July 31, 2017*:
Shares sold		1,999,808		$	21,146,670
Shares issued in reinvestment of dividends and distributions		2,100			21,693
Shares reacquired		(32,182	)		(361,048	)

Net increase (decrease) in shares outstanding		1,969,726		$	20,807,315

*	Commencement of operations.

QMA Mid-Cap Core Equity Fund


Class Q	Shares			Amount
Six months ended January 31, 2018*:
Shares sold		179,112		$	2,071,392
Shares issued in reinvestment of dividends and distributions		24,009			278,502
Shares reacquired		(100,587	)		(1,161,175	)

Net increase (decrease) in shares outstanding		102,534		$	1,188,719

Period ended July 31, 2017*:
Shares sold		762,851		$	7,907,520
Shares issued in reinvestment of dividends and distributions		532			5,533
Shares reacquired		(8,369	)		(92,824	)

Net increase (decrease) in shares outstanding		755,014		$	7,820,229

*	Commencement of operations was November 17, 2016.

7. Borrowings

PIP2 on behalf of the Funds, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. Each Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.


Prudential Day One Underlying Funds			143

Notes to Financial Statements/Consolidated Financial Statements (unaudited) (continued)

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

The Funds did not utilize the SCA during the period ended January 31, 2018.


144

Prudential Jennison Small-Cap Core Equity Fund

Financial Highlights (unaudited)


Class Q Shares
	Six Months Ended January 31, 2018			November 15, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.27			$10.00
Income (loss) from investment operations:
Net investment income (loss)		-	(g)		0.02
Net realized and unrealized gain (loss) on investment transactions		1.37			1.27
Total from investment operations		1.37			1.29
Less Dividends and Distributions:
Dividends from net investment income		-	(g)		(0.02	)
Distributions from net realized gains on investments		(0.21	)		-
Total dividends and distributions		(0.21	)		(0.02	)
Net asset value, end of period		$12.43			$11.27
Total Return(c):		12.24%			12.89%

Ratios/Supplemental Data:
Net assets, end of period (000)		$14,712			$12,584
Average net assets (000)		$13,367			$10,943
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.95%	(e)		1.02%	(e)
Expenses before waivers and/or expense reimbursement		1.67%	(e)		2.04%	(e)
Net investment income (loss)		-%	(e)(h)		0.22%	(e)
Portfolio turnover rate		20%	(f)		28%	(f)

(a)	Commencement of operations.

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

(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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005 per share.

(h)	Less than 0.005%.

See Notes to Financial Statements/Consolidated Financial Statements.


Prudential Day One Underlying Funds			145

Prudential Core Conservative Bond Fund

Financial Highlights (unaudited)


Class Q Shares
	Six Months Ended January 31, 2018			November 15, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.03			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.12
Net realized and unrealized gain (loss) on investment transactions		(0.16	)		0.05
Total from investment operations		(0.06	)		0.17
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.14	)
Net asset value, end of period		$9.85			$10.03
Total Return(c):		(0.65)%			1.72%

Ratios/Supplemental Data:
Net assets, end of period (000)		$34,994			$31,357
Average net assets (000)		$32,910			$25,827
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.50%	(e)		0.53%	(e)
Expenses before waivers and/or expense reimbursement		0.79%	(e)		0.95%	(e)
Net investment income (loss)		1.91%	(e)		1.72%	(e)
Portfolio turnover rate		103%	(f)		348%	(f)

(a)	Commencement of operations.

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

(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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements/Consolidated Financial Statements.


146

Prudential TIPS Fund

Financial Highlights (unaudited)


Class Q Shares
	Six Months Ended January 31, 2018			November 15, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$9.86			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.13
Net realized and unrealized gain (loss) on investment transactions		-	(e)		(0.09	)
Total from investment operations		0.07			0.04
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.18	)
Net asset value, end of period		$9.82			$9.86
Total Return(c):		0.72%			0.38%

Ratios/Supplemental Data:
Net assets, end of period (000)		$22,238			$16,011
Average net assets (000)		$18,692			$6,479
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.40%	(f)		0.55%	(f)
Expenses before waivers and/or expense reimbursement		0.89%	(f)		2.41%	(f)
Net investment income (loss)		1.49%	(f)		1.79%	(f)
Portfolio turnover rate		14%	(g)		41%	(g)

(a)	Commencement of operations.

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

(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 generally accepted accounting principles. Total returns for periods less than one year are not annualized.

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

(e)	Less than $0.005 per share.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements/Consolidated Financial Statements.


Prudential Day One Underlying Funds			147

Prudential Commodity Strategies Fund

Consolidated Financial Highlights (unaudited)


Class Q Shares
	Six Months Ended January 31, 2018			November 15, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.15			$10.00
Income (loss) from investment operations:
Net investment income (loss)		-	(h)		(0.05	)
Net realized and unrealized gain (loss) on investment transactions		0.77			0.20
Total from investment operations		0.77			0.15
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		-
Net asset value, end of period		$10.77			$10.15
Total Return(c):		7.69%			1.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$16,432			$13,811
Average net assets (000)		$14,907			$10,738
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.00%	(e)		1.30%	(e)
Expenses before waivers and/or expense reimbursement		1.80%	(e)		2.64%	(e)
Net investment income (loss)		0.07%	(e)		(0.67)%	(e)
Portfolio turnover rate		0%	(f)(g)		0%	(f)(g)

(a)	Commencement of operations.

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

(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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e)	Annualized.

(f)	Not annualized.

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

(h)	Less than $0.005.

See Notes to Financial Statements/Consolidated Financial Statements.


148

Prudential QMA US Broad Market Index Fund

Financial Highlights (unaudited)


Class Q Shares
	Six Months Ended January 31, 2018			November 17, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.36			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.12
Net realized and unrealized gain (loss) on investments		1.59			1.26
Total from investment operations		1.69			1.38
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.02	)
Distributions from net realized gains		(0.04	)		-
Total dividends and distributions		(0.18	)		(0.02	)
Net asset value, end of period		$12.87			$11.36
Total Return(c):		14.98%			13.84%

Ratios/Supplemental Data:
Net assets, end of period (000)		$29,700			$22,374
Average net assets (000)		$25,859			$12,357
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.20%	(e)		0.26%	(e)
Expenses before waivers and/or expense reimbursement		0.78%	(e)		1.86%	(e)
Net investment income (loss)		1.62%	(e)		1.63%	(e)
Portfolio turnover rate		8%	(f)		5%	(f)

(a)	Commencement of operations.

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

(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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements/Consolidated Financial Statements.


Prudential Day One Underlying Funds			149

Prudential QMA Mid-Cap Core Equity Fund

Financial Highlights (unaudited)


Class Q Shares
	Six Months Ended January 31, 2018			November 17, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.16			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.05
Net realized and unrealized gain (loss) on investment transactions		1.20			1.12
Total from investment operations		1.24			1.17
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.01	)
Distributions from net realized gains		(0.26	)		-
Total dividends and distributions		(0.33	)		(0.01	)
Net asset value, end of period		$12.07			$11.16
Total Return(c):		11.27%			11.72%

Ratios/Supplemental Data:
Net assets, end of period (000)		$10,348			$8,426
Average net assets (000)		$9,366			$5,794
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.85%	(e)		0.97%	(e)
Expenses before waivers and/or expense reimbursement		1.81%	(e)		2.91%	(e)
Net investment income (loss)		0.75%	(e)		0.62%	(e)
Portfolio turnover rate		58%	(f)		64%	(f)

(a)	Commencement of operations.

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

(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 generally accepted accounting principles. Total returns for periods of less than one full year are not annualized.

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements/Consolidated Financial Statements.


150

^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

INVESTMENT SUBADVISERS	Quantitative Management Associates LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

	PGIM Fixed Income	655 Broad Street Newark, NJ 07102

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

CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286

TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

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

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential Day One Underlying Funds c/o PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Funds file their complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website at www.sec.gov. The Funds’ Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Mutual Funds:


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

LOGO

NASDAQ

CUSIP

NASDAQ

CUSIP

PRUDENTIAL JENNISON SMALL-CAP CORE EQUITY FUND (CLASS Q)

PQJCX

74440E805

PRUDENTIAL COMMODITY STRATEGIES FUND (CLASS Q)

PQCMX

74440E862

PRUDENTIAL CORE CONSERVATIVE BOND FUND (CLASS Q)

PQCNX

74440E888

PRUDENTIAL QMA US BROAD MARKET INDEX FUND (CLASS Q)

PQBMX

74440E409

PRUDENTIAL TIPS FUND (CLASS Q)

PQTSX

74440E870

PRUDENTIAL QMA MID-CAP CORE EQUITY FUND (CLASS Q)

PQCCX

74440E508


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

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

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

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

Item 6 –		Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.

Item 7 –		Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.

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

Item 9 –		Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –		Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 –		Controls and Procedures



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

(b)		There has been no significant change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter of the period covered by this report that has materially affected, or is likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 –		Exhibits


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

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

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

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

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Registrant		Prudential Investment Portfolios 2

By:		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary

Date:		March 16, 2018

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.


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

Date:		March 16, 2018

By:		/s/ M. Sadiq Peshimam
		M. Sadiq Peshimam
		Treasurer and Principal Financial and Accounting Officer

Date:		March 16, 2018

Prudential Investment Portfolios 2 N-CSRSCertified semi-annual shareholder report (management investment company)