Prudential Investment Portfolios 2 N-CSRS 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: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Core Fund and PGIM Quant Solutions US Broad Market Index Fund.)

Address of principal executive offices:	655 Broad Street, 17th Floor Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French 655 Broad Street, 17th Floor Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	7/31/2022
Date of reporting period:	1/31/2022

Item 1 – Reports to Stockholders

PGIM Jennison Small-Cap Core Equity Fund

PGIM Core Conservative Bond Fund

PGIM TIPS Fund

PGIM Quant Solutions Commodity Strategies Fund

(formerly PGIM QMA Commodity Strategies Fund)

PGIM Quant Solutions Mid-Cap Core Fund

(formerly PGIM QMA Mid-Cap Core Equity Fund)

PGIM Quant Solutions US Broad Market Index Fund

(formerly PGIM QMA US Broad Market Index Fund)

SEMIANNUAL REPORT

JANUARY 31, 2022

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

Table of Contents

Letter from the President	3
PGIM Jennison Small-Cap Core Equity Fund	4
PGIM Core Conservative Bond Fund	6
PGIM TIPS Fund	8
PGIM Quant Solutions Commodity Strategies Fund	9
PGIM Quant Solutions Mid-Cap Core Fund	11
PGIM Quant Solutions US Broad Market Index Fund	13
Fees and Expenses	15
Holdings and Financial Statements	19

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

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

The accompanying financial statements as of January 31, 2022 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. Quantitative Solutions is the primary business name of Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company © 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

  Dear Shareholder:   We hope you find the semiannual report for PGIM Day One Underlying Funds informative and useful. The report covers performance for the six-month period ended January 31, 2022.   Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

At PGIM Investments, we consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Day One Underlying Funds

March 15, 2022

PGIM Day One Underlying Funds    3

PGIM Jennison Small-Cap Core Equity Fund

Your Fund’s Performance

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

	Total Returns as of 1/31/22 (without sales charges)	Average Annual Total Returns as of 1/31/22 (with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Fund	-7.08	6.76	14.16	14.69 (11/15/2016)
Russell 2000 Index
	-8.41	-1.21	9.69	10.03

*Not annualized

The returns in the table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ 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 the stock prices of smaller companies have performed.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Presentation of Fund Holdings

PGIM Jennison Small-Cap Core Equity  Fund   Ten Largest Holdings	Line of Business	% of Net Assets
PDC Energy, Inc.	Oil, Gas & Consumable Fuels	2.5%
Performance Food Group Co.	Food & Staples Retailing	1.6%
Avient Corp.	Chemicals	1.6%
Saia, Inc.	Road & Rail	1.5%
NextEra Energy Partners LP	Independent Power & Renewable Electricity Producers	1.5%
MaxLinear, Inc.	Semiconductors & Semiconductor Equipment	1.5%
Axis Capital Holdings Ltd.	Insurance	1.4%
Brunswick Corp.	Leisure Products	1.4%
National Storage Affiliates Trust	Equity Real Estate Investment Trusts (REITs)	1.4%
Independence Realty Trust, Inc.	Equity Real Estate Investment Trusts (REITs)	1.4%

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

PGIM Day One Underlying Funds    5

PGIM Core Conservative Bond Fund

Your Fund’s Performance

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

	Total Returns as of 1/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 1/31/22 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Fund	-3.39	-3.45	2.62	2.41 (11/15/2016)
Bloomberg US Aggregate Bond Index
	-3.17	-2.97	3.08	3.04

*Not annualized

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

Benchmark Definition

Bloomberg US Aggregate Bond Index—The Bloomberg US Aggregate Bond Index is unmanaged and represents securities that are 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.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

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Credit Quality expressed as a percentage of total investments as of 1/31/22 (%)
AAA	71.4
AA	5.3
A	9.6
BBB	13.4
Cash/Cash Equivalents	0.3
Total	100.0

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

PGIM Day One Underlying Funds    7

PGIM TIPS Fund

Your Fund’s Performance

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

	Total Returns as of 1/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 1/31/22 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Fund	-0.84	3.21	4.31	4.17 (11/15/2016)
Bloomberg US Treasury Inflation-Protected (TIPS) Index
	-0.60	3.47	4.73	4.73

*Not annualized

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

Benchmark Definition

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

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

Credit Quality expressed as a percentage of total investments as of 1/31/22 (%)
AAA	99.8
Cash/Cash Equivalents	0.2
Total	100.0

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

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PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance

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

	Total Returns as of 1/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 1/31/22 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Class R6	12.26	36.16	6.18	7.01 (11/15/2016)
Class Z	N/A	N/A	N/A	13.98 (12/14/2021)
Bloomberg Commodity Index
	12.07	34.73	5.39	—

Average Annual Total Returns as of 1/31/22 Since Inception (%)
	Class R6 (11/15/2016)	Class Z  (12/14/2021)
Bloomberg Commodity Index	5.61	12.61

*Not annualized

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

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

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Day One Underlying Funds    9

PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings

PGIM Quant Solutions Commodity Strategies Fund   Ten Largest Commodities Future Exposure Holdings	% of Net Assets
Gold 100 OZ	13.9%
WTI Crude	10.0%
Natural Gas	9.8%
Brent Crude	7.1%
LME PRI Aluminum	6.3%
Soybean	6.1%
LME Nickel	5.3%
Silver	4.8%
Soybean Oil	4.6%
LME Zinc	4.5%

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PGIM Quant Solutions Mid-Cap Core Fund

Your Fund’s Performance

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

	Total Returns as of 1/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 1/31/22 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Fund	-0.73	18.74	8.38	9.27 (11/17/2016)
S&P MidCap 400 Index
	-1.89	14.05	11.04	11.49

*Not annualized

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

Benchmark Definition

S&P MidCap 400 Index*—The S&P MidCap 400 Index is an unmanaged index of 400 domestic stocks chosen for market capitalization, liquidity and industry representation. It gives a broad look at how US mid-cap stock prices have performed.

*The S&P MidCap 400 Index (“Index”) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright ^© 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices, please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Day One Underlying Funds    11

PGIM Quant Solutions Mid-Cap Core Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings

PGIM Quant Solutions Mid-Cap Core Fund (As of 01/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
iShares Core S&P Mid-Cap ETF	Exchange-Traded Funds	2.5%
Molina Healthcare, Inc.	Health Care Providers & Services	1.4%
Targa Resources Corp.	Oil, Gas & Consumable Fuels	1.3%
Jones Lang LaSalle, Inc.	Real Estate Management & Development	1.2%
Carlisle Cos., Inc.	Building Products	1.2%
Regal Rexnord Corp.	Electrical Equipment	1.1%
Steel Dynamics, Inc.	Metals & Mining	1.1%
United Therapeutics Corp.	Biotechnology	1.1%
Concentrix Corp.	IT Services	1.1%
Reliance Steel & Aluminum Co.	Metals & Mining	1.1%

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PGIM Quant Solutions US Broad Market Index Fund

Your Fund’s Performance

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

	Total Returns as of 1/31/22 (without sales charges) Six Months* (%)	Average Annual Total Returns as of 1/31/22 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)
Fund	3.00	21.99	16.08	16.37 (11/17/2016)
S&P Composite 1500 Index	2.98	22.41	16.24	16.53

*Not annualized

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

Benchmark Definition

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

*The S&P Composite 1500 Index (the Index) is a product of S&P Dow Jones Indices LLC and/or its affiliates and has been licensed for use by PGIM, Inc. and/or its affiliates. Copyright^© 2022 S&P Dow Jones Indices LLC, a division of S&P Global, Inc., and/or its affiliates. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC.

Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes that may be paid by an investor.

PGIM Day One Underlying Funds    13

PGIM Quant Solutions US Broad Market Index Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings

PGIM Quant Solutions US Broad Market Index Fund (As of 01/31/2022)
Ten Largest Holdings	Line of Business	% of Net Assets
Apple, Inc.	Technology Hardware, Storage & Peripherals	6.2%
Microsoft Corp.	Software	5.3%
iShares Core S&P 500 ETF	Exchange-Traded Funds	3.0%
Amazon.com, Inc.	Internet & Direct Marketing Retail	3.0%
Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.9%
Tesla, Inc.	Automobiles	1.7%
Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.7%
Meta Platforms, Inc. (Class A Stock)	Interactive Media & Services	1.7%
NVIDIA Corp.	Semiconductors & Semiconductor Equipment	1.4%
Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	1.3%

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

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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

PGIM Day One Underlying Funds    15

Fees and Expenses (continued)

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

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

PGIM Jennison Small-Cap Core Equity Fund		Beginning         Account Value         August 1, 2021	Ending         Account Value         January 31, 2022	Annualized         Expense         Ratio Based on         the         Six-Month Period	Expenses Paid         During the         Six-Month Period*
Class R6	Actual	$1,000.00	$   929.20	0.95%	$4.62
	Hypothetical	$1,000.00	$1,020.42	0.95%	$4.84
PGIM Core Conservative Bond Fund		Beginning Account Value August 1, 2021	Ending Account Value January 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class R6	Actual	$1,000.00	$   966.10	0.50%	$2.48
	Hypothetical	$1,000.00	$1,022.68	0.50%	$2.55
PGIM TIPS Fund		Beginning Account Value August 1, 2021	Ending Account Value January 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class R6	Actual	$1,000.00	$   991.60	0.39%	$1.96
	Hypothetical	$1,000.00	$1,023.24	0.39%	$1.99
PGIM Quant Solutions Commodity Strategies Fund		Beginning Account Value August 1, 2021	Ending Account Value January 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class Z	Actual**	$1,000.00	$1,139.80	0.70%	$1.01
	Hypothetical	$1,000.00	$1,021.68	0.70%	$3.57
Class R6	Actual	$1,000.00	$1,122.60	0.60%	$3.21
	Hypothetical	$1,000.00	$1,022.18	0.60%	$3.06

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PGIM Quant Solutions Mid-Cap Core Fund		Beginning         Account Value         August 1, 2021	Ending         Account Value         January 31, 2022	Annualized         Expense         Ratio Based on         the         Six-Month Period	Expenses Paid         During the         Six-Month Period*
Class R6	Actual	$1,000.00	$   992.70	0.81%	$4.07
	Hypothetical	$1,000.00	$1,021.12	0.81%	$4.13
PGIM Quant Solutions US Broad Market Index Fund		Beginning Account Value August 1, 2021	Ending Account Value January 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class R6	Actual	$1,000.00	$1,030.00	0.20%	$1.02
	Hypothetical	$1,000.00	$1,024.20	0.20%	$1.02

*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, 2022, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which each Fund may invest.

** “Actual” expenses are calculated using the 49-day period ended January 31, 2022 due to the Class Z inception date of December 14, 2021.

PGIM Day One Underlying Funds    17

Glossary

The following abbreviations are used in the Funds’ descriptions:

USD—US Dollar

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

ADR—American Depositary Receipt

BABs—Build America Bonds

ETF—Exchange-Traded Fund

GMTN—Global Medium Term Note

LIBOR—London Interbank Offered Rate

LME—London Metal Exchange

LP—Limited Partnership

MTN—Medium Term Note

OTC—Over-the-counter

PRI—Primary Rate Interface

RBOB—Reformulated Gasoline Blendstock for Oxygen Blending

REITs—Real Estate Investment Trust

S&P—Standard & Poor’s

STRIPs—Separate Trading of Registered Interest and Principal of Securities

TBA—To Be Announced

TIPS—Treasury Inflation-Protected Securities

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

    19

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited)

as of January 31, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    96.3%
COMMON STOCKS
Aerospace & Defense    0.8%
Curtiss-Wright Corp.		265	$	35,189
Spirit AeroSystems Holdings, Inc. (Class A Stock)		5,620		246,325
				281,514
Airlines    0.9%
Sun Country Airlines Holdings, Inc.*		11,451		304,368
Banks    9.4%
Atlantic Union Bankshares Corp.		4,305		175,300
BankUnited, Inc.		5,044		210,587
Brookline Bancorp, Inc.		19,463		332,817
Eastern Bankshares, Inc.		15,424		328,377
Enterprise Financial Services Corp.		6,636		328,747
First Bancorp		7,123		312,771
First Foundation, Inc.		11,295		295,364
Metropolitan Bank Holding Corp.*		1,769		176,900
PacWest Bancorp		8,262		383,605
Pinnacle Financial Partners, Inc.		3,789		366,434
Silvergate Capital Corp. (Class A Stock)*		653		70,354
Wintrust Financial Corp.		3,894		381,885
				3,363,141
Biotechnology    2.5%
Amicus Therapeutics, Inc.*		19,794		186,262
Apellis Pharmaceuticals, Inc.*		3,988		160,597
Avid Bioservices, Inc.*		11,456		216,175
Karuna Therapeutics, Inc.*		603		66,969
Nurix Therapeutics, Inc.*		3,869		72,041
ORIC Pharmaceuticals, Inc.*		5,216		51,586
Veracyte, Inc.*		4,806		146,150
				899,780
Building Products    2.7%
Armstrong World Industries, Inc.		2,091		207,051
JELD-WEN Holding, Inc.*		15,972		376,939
Zurn Water Solutions Corp.		12,230		373,504
				957,494

See Notes to Financial Statements.

20

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets    6.3%
AssetMark Financial Holdings, Inc.*		3,911	$	93,825
Bridge Investment Group Holdings, Inc. (Class A Stock)		13,271		285,327
Brightsphere Investment Group, Inc.		12,850		277,303
Focus Financial Partners, Inc. (Class A Stock)*		8,398		422,923
Hamilton Lane, Inc. (Class A Stock)		2,690		243,338
Houlihan Lokey, Inc.		4,482		476,347
Lazard Ltd. (Class A Stock)		4,035		176,087
Moelis & Co. (Class A Stock)		2,637		148,911
Open Lending Corp. (Class A Stock)*		6,517		123,758
				2,247,819
Chemicals    1.6%
Avient Corp.		11,525		573,599
Commercial Services & Supplies    1.3%
ACV Auctions, Inc. (Class A Stock)*		12,060		159,916
Harsco Corp.*		18,885		296,494
				456,410
Construction & Engineering    2.7%
Concrete Pumping Holdings, Inc.*		20,692		169,881
Great Lakes Dredge & Dock Corp.*		33,081		452,879
WillScot Mobile Mini Holdings Corp.*		9,676		358,399
				981,159
Construction Materials    1.3%
Summit Materials, Inc. (Class A Stock)*		13,057		464,307
Diversified Telecommunication Services    0.7%
Bandwidth, Inc. (Class A Stock)*		4,101		256,764
Electric Utilities    0.4%
PNM Resources, Inc.		3,496		156,656
Electrical Equipment    0.3%
Fluence Energy, Inc.*		4,699		87,871
Electronic Equipment, Instruments & Components    2.2%
FARO Technologies, Inc.*		2,417		131,267

See Notes to Financial Statements.

PGIM Day One Underlying Funds    21

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components (cont’d.)
Littelfuse, Inc.		1,581	$	426,823
nLight, Inc.*		10,778		222,997
				781,087
Energy Equipment & Services    1.1%
Cactus, Inc. (Class A Stock)		8,138		394,367
Equity Real Estate Investment Trusts (REITs)    7.2%
American Assets Trust, Inc.		7,133		256,574
Cousins Properties, Inc.		8,561		330,112
Independence Realty Trust, Inc.		21,633		497,343
National Storage Affiliates Trust		8,169		502,884
Plymouth Industrial REIT, Inc.		6,634		190,727
Retail Opportunity Investments Corp.		10,942		202,755
Summit Hotel Properties, Inc.*		33,347		314,129
UMH Properties, Inc.		11,655		275,058
				2,569,582
Food & Staples Retailing    1.6%
Performance Food Group Co.*		13,786		581,631
Food Products    1.3%
Adecoagro SA (Brazil)*		16,735		135,554
Freshpet, Inc.*		1,526		141,964
Utz Brands, Inc.		12,231		197,041
				474,559
Health Care Equipment & Supplies    4.1%
BioLife Solutions, Inc.*		4,744		141,561
CONMED Corp.		1,679		230,997
Inari Medical, Inc.*		4,207		309,467
Integra LifeSciences Holdings Corp.*		2,391		154,793
Nevro Corp.*		1,666		109,456
Ortho Clinical Diagnostics Holdings PLC*		5,925		102,858
Outset Medical, Inc.*		6,736		250,512
Silk Road Medical, Inc.*		5,305		174,057
				1,473,701

See Notes to Financial Statements.

22

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services    2.9%
Acadia Healthcare Co., Inc.*		9,189	$	483,801
Accolade, Inc.*		7,514		143,517
Covetrus, Inc.*		7,511		135,724
Progyny, Inc.*		6,656		269,568
				1,032,610
Health Care Technology    2.0%
Inspire Medical Systems, Inc.*		1,741		385,266
Phreesia, Inc.*		6,617		206,384
Sophia Genetics SA (Switzerland)*		11,207		131,122
				722,772
Hotels, Restaurants & Leisure    3.1%
Bally’s Corp.*		5,008		178,986
Bloomin’ Brands, Inc.*		16,108		327,475
Rush Street Interactive, Inc.*		10,393		105,385
Sweetgreen, Inc. (Class A Stock)*(a)		4,764		144,111
Wingstop, Inc.		2,351		360,291
				1,116,248
Household Durables    1.2%
Century Communities, Inc.		6,611		435,334
Independent Power & Renewable Electricity Producers    1.5%
NextEra Energy Partners LP		6,997		526,314
Insurance    2.1%
Axis Capital Holdings Ltd.		8,907		507,521
Goosehead Insurance, Inc. (Class A Stock)		1,863		183,655
James River Group Holdings Ltd.		2,542		71,989
				763,165
IT Services    2.9%
Evo Payments, Inc. (Class A Stock)*		14,246		343,614
Grid Dynamics Holdings, Inc.*		18,521		493,585
Payoneer Global, Inc.*		21,379		111,598
Shift4 Payments, Inc. (Class A Stock)*		1,399		73,755
				1,022,552

See Notes to Financial Statements.

PGIM Day One Underlying Funds    23

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Leisure Products    1.4%
Brunswick Corp.		5,578	$	506,427
Life Sciences Tools & Services    0.3%
Olink Holding AB (Sweden), ADR*		7,263		117,515
Machinery    5.2%
Colfax Corp.*		9,546		392,532
Energy Recovery, Inc.*		3,661		71,682
Enerpac Tool Group Corp.		14,100		251,685
Gates Industrial Corp. PLC*		19,251		297,813
Kennametal, Inc.		7,743		267,675
Mayville Engineering Co., Inc.*		10,474		120,137
Trinity Industries, Inc.		16,262		467,207
				1,868,731
Media    0.9%
Cardlytics, Inc.*		4,758		319,262
Mortgage Real Estate Investment Trusts (REITs)    0.4%
Ladder Capital Corp.		13,247		157,507
Oil, Gas & Consumable Fuels    2.5%
PDC Energy, Inc.		14,867		881,167
Personal Products    1.3%
elf Beauty, Inc.*		15,094		446,179
Pharmaceuticals    1.1%
Prestige Consumer Healthcare, Inc.*		4,582		258,654
Revance Therapeutics, Inc.*		9,363		124,809
				383,463
Professional Services    2.2%
ASGN, Inc.*		3,858		443,168
HireRight Holdings Corp.*		8,186		111,330
Huron Consulting Group, Inc.*		5,565		245,528
				800,026

See Notes to Financial Statements.

24

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Road & Rail    1.5%
Saia, Inc.*		1,889	$	537,005
Semiconductors & Semiconductor Equipment    4.8%
Azenta, Inc.		3,169		267,273
MACOM Technology Solutions Holdings, Inc.*		8,046		492,496
MaxLinear, Inc.*		8,729		523,915
Tower Semiconductor Ltd. (Israel)*		12,527		430,302
				1,713,986
Software    5.0%
Clear Secure, Inc. (Class A Stock)*		7,170		177,027
Descartes Systems Group, Inc. (The) (Canada)*		3,100		225,587
Intapp, Inc.*		4,044		81,365
KnowBe4, Inc. (Class A Stock)*		8,831		211,238
PagerDuty, Inc.*		8,647		285,524
Q2 Holdings, Inc.*		2,942		191,966
Sprout Social, Inc. (Class A Stock)*		3,090		212,746
Varonis Systems, Inc.*		10,569		393,801
				1,779,254
Specialty Retail    2.3%
Boot Barn Holdings, Inc.*		1,975		181,641
Citi Trends, Inc.*		4,089		199,216
National Vision Holdings, Inc.*		9,919		405,489
Vroom, Inc.*		5,428		43,532
				829,878
Textiles, Apparel & Luxury Goods    1.2%
Kontoor Brands, Inc.		8,771		432,323
Thrifts & Mortgage Finance    0.5%
WSFS Financial Corp.		3,413		178,773

See Notes to Financial Statements.

PGIM Day One Underlying Funds    25

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors    1.6%
Core & Main, Inc. (Class A Stock)*		9,143	$	219,889
Rush Enterprises, Inc. (Class A Stock)		6,415		338,840
				558,729
TOTAL LONG-TERM INVESTMENTS
(cost $29,479,140)				34,435,029
SHORT-TERM INVESTMENTS    3.5%
AFFILIATED MUTUAL FUND    0.3%
PGIM Institutional Money Market Fund (cost $113,246; includes $113,240 of cash collateral for securities on loan)(b)(wa)		113,325		113,246
UNAFFILIATED FUND    3.2%
Dreyfus Government Cash Management (Institutional Shares) (cost $1,124,352)		1,124,352		1,124,352
TOTAL SHORT-TERM INVESTMENTS
(cost $1,237,598)				1,237,598
TOTAL INVESTMENTS    99.8%
(cost $30,716,738)				35,672,627
Other assets in excess of liabilities    0.2%				75,014
NET ASSETS    100.0%			$	35,747,641

See the Glossary for a list of the abbreviation(s) 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 $114,950; cash collateral of $113,240 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

(wa) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

See Notes to Financial Statements.

26

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	281,514		$	—		$	—
Airlines		304,368			—			—
Banks		3,363,141			—			—
Biotechnology		899,780			—			—
Building Products		957,494			—			—
Capital Markets		2,247,819			—			—
Chemicals		573,599			—			—
Commercial Services & Supplies		456,410			—			—
Construction & Engineering		981,159			—			—
Construction Materials		464,307			—			—
Diversified Telecommunication Services		256,764			—			—
Electric Utilities		156,656			—			—
Electrical Equipment		87,871			—			—
Electronic Equipment, Instruments & Components		781,087			—			—
Energy Equipment & Services		394,367			—			—
Equity Real Estate Investment Trusts (REITs)		2,569,582			—			—
Food & Staples Retailing		581,631			—			—
Food Products		474,559			—			—
Health Care Equipment & Supplies		1,473,701			—			—
Health Care Providers & Services		1,032,610			—			—
Health Care Technology		722,772			—			—
Hotels, Restaurants & Leisure		1,116,248			—			—
Household Durables		435,334			—			—
Independent Power & Renewable Electricity Producers		526,314			—			—
Insurance		763,165			—			—
IT Services		1,022,552			—			—
Leisure Products		506,427			—			—
Life Sciences Tools & Services		117,515			—			—
Machinery		1,868,731			—			—
Media		319,262			—			—

See Notes to Financial Statements.

PGIM Day One Underlying Funds    27

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Mortgage Real Estate Investment Trusts (REITs)	$	157,507		$—		$—
Oil, Gas & Consumable Fuels		881,167		—		—
Personal Products		446,179		—		—
Pharmaceuticals		383,463		—		—
Professional Services		800,026		—		—
Road & Rail		537,005		—		—
Semiconductors & Semiconductor Equipment		1,713,986		—		—
Software		1,779,254		—		—
Specialty Retail		829,878		—		—
Textiles, Apparel & Luxury Goods		432,323		—		—
Thrifts & Mortgage Finance		178,773		—		—
Trading Companies & Distributors		558,729		—		—
Short-Term Investments
Affiliated Mutual Fund		113,246		—		—
Unaffiliated Fund		1,124,352		—		—
Total	$	35,672,627		$—		$—

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, 2022 were as follows:

Banks	9.4	%
Equity Real Estate Investment Trusts (REITs)	7.2
Capital Markets	6.3
Machinery	5.2
Software	5.0
Semiconductors & Semiconductor Equipment	4.8
Health Care Equipment & Supplies	4.1
Unaffiliated Fund	3.2
Hotels, Restaurants & Leisure	3.1
Health Care Providers & Services	2.9
IT Services	2.9
Construction & Engineering	2.7
Building Products	2.7
Biotechnology	2.5
Oil, Gas & Consumable Fuels	2.5
Specialty Retail	2.3
Professional Services	2.2
Electronic Equipment, Instruments & Components	2.2

Insurance	2.1	%
Health Care Technology	2.0
Food & Staples Retailing	1.6
Chemicals	1.6
Trading Companies & Distributors	1.6
Road & Rail	1.5
Independent Power & Renewable Electricity Producers	1.5
Leisure Products	1.4
Food Products	1.3
Construction Materials	1.3
Commercial Services & Supplies	1.3
Personal Products	1.3
Household Durables	1.2
Textiles, Apparel & Luxury Goods	1.2
Energy Equipment & Services	1.1
Pharmaceuticals	1.1
Media	0.9

See Notes to Financial Statements.

28

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Industry Classification (continued):

Airlines	0.9	%
Aerospace & Defense	0.8
Diversified Telecommunication Services	0.7
Thrifts & Mortgage Finance	0.5
Mortgage Real Estate Investment Trusts (REITs)	0.4
Electric Utilities	0.4
Life Sciences Tools & Services	0.3
Affiliated Mutual Fund (0.3% represents investments purchased with collateral from securities on loan)	0.3

Electrical Equipment	0.3	%
	99.8
Other assets in excess of liabilities	0.2
	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		$	114,950		$	(113,240	)		$	1,710

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds    29

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2022

Assets
Investments at value, including securities on loan of $114,950:
Unaffiliated investments (cost $30,603,492)	$	35,559,381
Affiliated investments (cost $113,246)		113,246
Receivable for Fund shares sold		178,665
Receivable for investments sold		152,177
Dividends receivable		673
Prepaid expenses		804
Total Assets		36,004,946
Liabilities
Payable to broker for collateral for securities on loan		113,240
Payable for investments purchased		89,537
Accrued expenses and other liabilities		33,125
Management fee payable		18,532
Payable for Fund shares purchased		1,810
Trustees’ fees payable		899
Affiliated transfer agent fee payable		162
Total Liabilities		257,305
Net Assets	$	35,747,641
Net assets were comprised of:
Paid-in capital	$	29,927,273
Total distributable earnings (loss)		5,820,368
Net assets, January 31, 2022	$	35,747,641
Class R6
Net asset value, offering price and redemption price per share, ($35,747,641 ÷ 2,533,348 shares of beneficial interest issued and outstanding)	$	14.11

See Notes to Financial Statements.

30

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income	$	113,006
Income from securities lending, net (including affiliated income of $62)		1,969
Affiliated dividend income		524
Total income		115,499
Expenses
Management fee		125,318
Custodian and accounting fees		24,382
Audit fee		12,225
Legal fees and expenses		9,873
Trustees’ fees		4,995
Shareholders’ reports		2,658
Transfer agent’s fees and expenses (including affiliated expense of $320)		320
Registration fees		133
SEC registration fees		48
Miscellaneous		7,986
Total expenses		187,938
Less: Fee waiver and/or expense reimbursement		(29,201	)
Net expenses		158,737
Net investment income (loss)		(43,238	)
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		2,180,776
Net change in unrealized appreciation (depreciation) on investments		(4,962,257	)
Net gain (loss) on investment transactions		(2,781,481	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,824,719	)

See Notes to Financial Statements.

PGIM Day One Underlying Funds    31

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets (unaudited)

	Six Months Ended January 31, 2022				Year Ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(43,238	)		$	(110,411	)
Net realized gain (loss) on investment transactions			2,180,776				7,351,681
Net change in unrealized appreciation (depreciation) on investments			(4,962,257	)			5,900,851
Net increase (decrease) in net assets resulting from operations			(2,824,719	)			13,142,121
Dividends and Distributions
Distributions from distributable earnings
Class R6			(6,812,364	)			(1,083,084	)
Fund share transactions
Net proceeds from shares sold			8,676,480				5,375,200
Net asset value of shares issued in reinvestment of dividends and distributions			6,812,364				1,083,084
Cost of shares purchased			(2,869,327	)			(7,190,963	)
Net increase (decrease) in net assets from Fund share transactions			12,619,517				(732,679	)
Total increase (decrease)			2,982,434				11,326,358
Net Assets:
Beginning of period			32,765,207				21,438,849
End of period		$	35,747,641			$	32,765,207

See Notes to Financial Statements.

32

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights (unaudited)

Class R6 Shares
	Six Months
	Ended															November 15, 2016(a)
	January 31,			Year Ended July 31,												through July 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.43			$12.48			$11.82			$13.04			$11.27			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.06	)		(-	)(c)		0.01			-	(c)		0.02
Net realized and unrealized gain (loss) on investment transactions		(1.11	)		7.65			0.66			(0.53	)		1.97			1.27
Total from investment operations		(1.13	)		7.59			0.66			(0.52	)		1.97			1.29
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			(0.04	)		(-	)(c)		(0.02	)
Tax return of capital distributions		-			-			-			(0.01	)		-			-
Distributions from net realized gains		(4.19	)		(0.64	)		-			(0.65	)		(0.20	)		-
Total dividends and distributions		(4.19	)		(0.64	)		-			(0.70	)		(0.20	)		(0.02	)
Net asset value, end of period		$14.11			$19.43			$12.48			$11.82			$13.04			$11.27
Total Return(d):		(7.08	)%		62.10	%		5.50	%		(3.26	)%		17.75	%		12.89	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$35,748			$32,765			$21,439			$17,371			$16,158			$12,584
Average net assets (000)		$33,146			$28,667			$17,831			$16,167			$14,370			$10,943
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.95	%(f)		0.95	%		0.95	%		0.95	%		0.95	%		1.02	%(f)
Expenses before waivers and/or expense reimbursement		1.12	%(f)		1.19	%		1.52	%		1.64	%		1.68	%		2.04	%(f)
Net investment income (loss)		(0.26	)%(f)		(0.39	)%		(0.03	)%		0.07	%		-	%(c)		0.22	%(f)
Portfolio turnover rate(g)		25	%		67	%		54	%		36	%		39	%		28	%

(a) Commencement of operations.

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

(c) Amount rounds to zero.

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

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds    33

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited)

as of January 31, 2022

					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value
LONG-TERM INVESTMENTS 99.6%
ASSET-BACKED SECURITY    0.2%
Credit Cards
Citibank Credit Card Issuance Trust, Series 2018-A07, Class A7 (cost $116,003)		3.960%		10/13/30		100	$	112,191
COMMERCIAL MORTGAGE-BACKED SECURITIES    5.6%
3650R Commercial Mortgage Trust,
Series 2021-PF01, Class A4		2.253		11/15/54		100		97,328
BANK,
Series 2020-BN29, Class A3		1.742		11/15/53		100		94,048
Barclays Commercial Mortgage Trust,
Series 2019-C04, Class A4		2.661		08/15/52		100		100,752
Benchmark Mortgage Trust,
Series 2018-B03, Class A3		3.746		04/10/51		30		31,147
Series 2020-B19, Class A3		1.787		09/15/53		175		170,712
Series 2020-B21, Class A4		1.704		12/17/53		100		93,123
Series 2021-B23, Class A4A1		1.823		02/15/54		200		189,415
Series 2021-B30, Class A4		2.329		11/15/54		150		147,099
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3		3.283(cc)		11/15/50		90		93,094
CD Mortgage Trust,
Series 2017-CD06, Class A3		3.104		11/13/50		40		40,660
Citigroup Commercial Mortgage Trust,
Series 2016-P06, Class A4		3.458		12/10/49		113		119,124
Series 2017-P08, Class A3		3.203		09/15/50		75		77,577
Commercial Mortgage Trust,
Series 2015-PC01, Class A4		3.620		07/10/50		154		157,139
Series 2016-DC02, Class A5		3.765		02/10/49		25		26,432
CSAIL Commercial Mortgage Trust,
Series 2016-C07, Class A4		3.210		11/15/49		43		44,667
GS Mortgage Securities Trust,
Series 2020-GC47, Class A4		2.125		05/12/53		100		96,955
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A3		3.763		03/10/52		125		131,072
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3		2.559		08/15/49		19		18,910
Series 2016-JP04, Class A3		3.393		12/15/49		125		128,457
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class A3		3.077		03/15/48		64		63,960
Series 2016-C32, Class A3		3.459		12/15/49		119		123,648

See Notes to Financial Statements.

34

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value
COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Capital I Trust,
Series 2016-UB12, Class A3		3.337%		12/15/49		123	$	126,328
Series 2021-L06, Class A3		2.196		06/15/54		225		217,736
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3		3.720		02/15/51		200		213,994
Series 2018-C09, Class ASB		4.090		03/15/51		60		64,062
Series 2018-C11, Class A3		4.312		06/15/51		75		77,554
Series 2018-C13, Class A3		4.069		10/15/51		200		213,281
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC25, Class A3		3.374		12/15/59		125		129,420
Series 2017-C39, Class A3		2.878		09/15/50		100		101,137
Series 2020-C55, Class A4		2.474		02/15/53		125		124,106
TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES
(cost $3,326,611)								3,312,937
CORPORATE BONDS    25.9%
Aerospace & Defense    0.9%
Boeing Co. (The),
Sr. Unsec’d. Notes		2.196		02/04/26		50		49,172
Sr. Unsec’d. Notes		2.250		06/15/26		15		14,812
Sr. Unsec’d. Notes		2.700		02/01/27		20		20,030
Sr. Unsec’d. Notes		3.100		05/01/26		10		10,235
Sr. Unsec’d. Notes		3.600		05/01/34		30		30,098
Sr. Unsec’d. Notes		3.900		05/01/49		10		9,762
Sr. Unsec’d. Notes		4.508		05/01/23		45		46,527
Sr. Unsec’d. Notes		5.805		05/01/50		70		88,019
General Dynamics Corp.,
Gtd. Notes		3.250		04/01/25		105		109,452
Lockheed Martin Corp.,
Sr. Unsec’d. Notes		2.900		03/01/25		20		20,647
Northrop Grumman Corp.,
Sr. Unsec’d. Notes		4.750		06/01/43		20		23,913
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes		4.125		11/16/28		25		27,297
Teledyne Technologies, Inc.,
Gtd. Notes		2.250		04/01/28		65		63,646
								513,610

See Notes to Financial Statements.

PGIM Day One Underlying Funds    35

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

					Principal
	Interest		Maturity		Amount
Description	Rate		Date		(000)#		Value
CORPORATE BONDS (Continued)
Agriculture    0.2%
Altria Group, Inc.,
Gtd. Notes		3.400%		02/04/41		70	$	60,413
Gtd. Notes		4.800		02/14/29		5		5,498
BAT Capital Corp. (United Kingdom),
Gtd. Notes		3.215		09/06/26		15		15,271
Gtd. Notes		3.557		08/15/27		30		30,668
Gtd. Notes		4.700		04/02/27		10		10,773
Philip Morris International, Inc.,
Sr. Unsec’d. Notes		1.125		05/01/23		10		9,997
								132,620
Airlines    0.2%
Southwest Airlines Co.,
Sr. Unsec’d. Notes		2.625		02/10/30		20		19,417
Sr. Unsec’d. Notes		4.750		05/04/23		40		41,544
Sr. Unsec’d. Notes		5.125		06/15/27		50		55,857
United Airlines 2012-1 Class A Pass-Through Trust,
Pass-Through Certificates		4.150		10/11/25		20		20,924
								137,742
Auto Manufacturers    0.4%
General Motors Co.,
Sr. Unsec’d. Notes		6.250		10/02/43		15		19,142
Sr. Unsec’d. Notes		6.600		04/01/36		10		12,853
Sr. Unsec’d. Notes		6.750		04/01/46		70		94,591
General Motors Financial Co., Inc.,
Gtd. Notes		4.000		01/15/25		85		89,103
								215,689
Banks    6.1%
Bank of America Corp.,
Sr. Unsec’d. Notes		2.687(ff)		04/22/32		165		161,510
Sr. Unsec’d. Notes, MTN		2.496(ff)		02/13/31		65		63,200
Sr. Unsec’d. Notes, MTN		3.970(ff)		03/05/29		345		367,395
Sr. Unsec’d. Notes, MTN		4.083(ff)		03/20/51		55		61,732
Barclays PLC (United Kingdom),
Sr. Unsec’d. Notes		2.645(ff)		06/24/31		160		154,469

See Notes to Financial Statements.

36

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest       Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Citigroup, Inc.,
Sr. Unsec’d. Notes		2.572%(ff)		06/03/31		80	$	77,981
Sr. Unsec’d. Notes		2.666(ff)		01/29/31		105		103,116
Sr. Unsec’d. Notes		2.904(ff)		11/03/42		20		18,717
Sr. Unsec’d. Notes		2.976(ff)		11/05/30		115		115,822
Sr. Unsec’d. Notes		3.400		05/01/26		45		47,271
Sr. Unsec’d. Notes		3.668(ff)		07/24/28		60		63,098
Sr. Unsec’d. Notes		3.980(ff)		03/20/30		30		32,081
Sr. Unsec’d. Notes		4.075(ff)		04/23/29		50		53,662
Sr. Unsec’d. Notes		4.650		07/30/45		15		17,779
Credit Suisse Group AG (Switzerland),
Sr. Unsec’d. Notes		4.550		04/17/26		100		107,822
Deutsche Bank AG (Germany),
Sr. Unsec’d. Notes, Series D		5.000		02/14/22		50		50,067
Goldman Sachs Group, Inc. (The),
Sr. Unsec’d. Notes		1.992(ff)		01/27/32		75		69,124
Sr. Unsec’d. Notes		3.814(ff)		04/23/29		100		105,667
Sr. Unsec’d. Notes		4.223(ff)		05/01/29		180		194,299
HSBC Holdings PLC (United Kingdom),
Sr. Unsec’d. Notes		4.583(ff)		06/19/29		85		92,697
JPMorgan Chase & Co.,
Sr. Unsec’d. Notes		2.522(ff)		04/22/31		35		34,148
Sr. Unsec’d. Notes		2.580(ff)		04/22/32		50		48,642
Sr. Unsec’d. Notes		2.739(ff)		10/15/30		90		89,543
Sr. Unsec’d. Notes		3.509(ff)		01/23/29		260		271,583
Sr. Unsec’d. Notes		3.882(ff)		07/24/38		95		102,490
Sr. Unsec’d. Notes		4.452(ff)		12/05/29		65		71,582
Sub. Notes		3.875		09/10/24		60		63,054
Morgan Stanley,
Sr. Unsec’d. Notes		3.217(ff)		04/22/42		65		64,456
Sr. Unsec’d. Notes, GMTN		2.699(ff)		01/22/31		110		109,003
Sr. Unsec’d. Notes, GMTN		3.772(ff)		01/24/29		170		180,392
Sr. Unsec’d. Notes, GMTN		4.431(ff)		01/23/30		70		77,420
Sr. Unsec’d. Notes, MTN		1.794(ff)		02/13/32		40		36,573
Sr. Unsec’d. Notes, MTN		1.928(ff)		04/28/32		90		82,844
NatWest Group PLC (United Kingdom),
Sr. Unsec’d. Notes		4.269(ff)		03/22/25		25		26,133
PNC Financial Services Group, Inc. (The),
Sub. Notes		3.900		04/29/24		50		52,349

See Notes to Financial Statements.

PGIM Day One Underlying Funds    37

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest       Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Banks (cont’d.)
Truist Bank,
Sr. Unsec’d. Notes		2.750%		05/01/23		20	$	20,352
Wells Fargo & Co.,
Sr. Unsec’d. Notes		3.000		10/23/26		55		56,553
Sr. Unsec’d. Notes, MTN		2.572(ff)		02/11/31		45		44,359
Sr. Unsec’d. Notes, MTN		2.879(ff)		10/30/30		195		196,142
								3,585,127
Beverages    0.7%
Anheuser-Busch Cos. LLC/Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.700		02/01/36		20		22,984
Gtd. Notes		4.900		02/01/46		100		118,738
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes		4.750		01/23/29		90		101,950
Gtd. Notes		5.550		01/23/49		20		25,813
Constellation Brands, Inc.,
Gtd. Notes		3.700		12/06/26		25		26,574
Gtd. Notes		4.400		11/15/25		10		10,768
Sr. Unsec’d. Notes		2.250		08/01/31		60		56,715
PepsiCo, Inc.,
Sr. Unsec’d. Notes		2.750		03/05/22		75		75,174
								438,716
Biotechnology    0.4%
Amgen, Inc.,
Sr. Unsec’d. Notes		2.600		08/19/26		170		173,650
Sr. Unsec’d. Notes		2.800		08/15/41		25		22,770
Regeneron Pharmaceuticals, Inc.,
Sr. Unsec’d. Notes		2.800		09/15/50		15		12,943
								209,363
Building Materials    0.2%
Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes		2.400		07/15/31		20		19,359
Sr. Unsec’d. Notes, Series CB		2.500		03/15/30		30		29,418

See Notes to Financial Statements.

38

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest       Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Building Materials (cont’d.)
Owens Corning,
Sr. Unsec’d. Notes		4.200%		12/01/24		35	$	36,986
Sr. Unsec’d. Notes		4.300		07/15/47		40		43,746
Vulcan Materials Co.,
Sr. Unsec’d. Notes		4.500		06/15/47		5		5,788
								135,297
Chemicals    0.5%
Dow Chemical Co. (The),
Sr. Unsec’d. Notes		3.625		05/15/26		50		52,772
Sr. Unsec’d. Notes		4.625		10/01/44		20		23,085
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes		4.493		11/15/25		60		64,904
FMC Corp.,
Sr. Unsec’d. Notes		3.450		10/01/29		15		15,579
Sr. Unsec’d. Notes		4.500		10/01/49		25		28,123
LYB International Finance BV,
Gtd. Notes		4.875		03/15/44		35		40,593
LYB International Finance III LLC,
Gtd. Notes		3.375		10/01/40		5		4,856
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes		5.250		01/15/45		24		30,249
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes		4.500		06/01/47		10		11,575
								271,736
Commercial Services    0.4%
Automatic Data Processing, Inc.,
Sr. Unsec’d. Notes		1.700		05/15/28		20		19,468
California Institute of Technology,
Sr. Unsec’d. Notes		3.650		09/01/2119		15		15,481
Cintas Corp. No. 2,
Gtd. Notes		3.700		04/01/27		20		21,416
Equifax, Inc.,
Sr. Unsec’d. Notes		2.350		09/15/31		15		14,132
Sr. Unsec’d. Notes		2.600		12/01/24		30		30,542
IHS Markit Ltd.,
Sr. Unsec’d. Notes		4.125		08/01/23		5		5,174

See Notes to Financial Statements.

PGIM Day One Underlying Funds    39

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest       Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Commercial Services (cont’d.)
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F		2.989%		07/01/50		35	$	36,311
President & Fellows of Harvard College,
Unsec’d. Notes		3.150		07/15/46		9		9,536
Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes		3.610		02/15/2119		5		5,482
Unsec’d. Notes, Series 2020		2.396		10/01/50		15		13,617
University of Southern California,
Unsec’d. Notes, Series 2017		3.841		10/01/47		10		11,437
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes		4.125		09/12/22		20		20,390
Yale University,
Unsec’d. Notes, Series 2020		2.402		04/15/50		45		42,052
								245,038
Computers    0.4%
Apple, Inc.,
Sr. Unsec’d. Notes		3.250		02/23/26		115		120,596
Sr. Unsec’d. Notes		3.850		08/04/46		50		55,231
Genpact Luxembourg Sarl/Genpact USA, Inc.,
Gtd. Notes		1.750		04/10/26		35		34,182
Teledyne FLIR LLC,
Sr. Unsec’d. Notes		2.500		08/01/30		5		4,827
								214,836
Diversified Financial Services    0.3%
Capital One Bank USA NA,
Sub. Notes		3.375		02/15/23		20		20,467
Discover Financial Services,
Sr. Unsec’d. Notes		4.100		02/09/27		20		21,243
Jefferies Group LLC,
Sr. Unsec’d. Notes		2.750		10/15/32		55		52,499
Mastercard, Inc.,
Sr. Unsec’d. Notes		3.375		04/01/24		15		15,611

See Notes to Financial Statements.

40

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest       Rate		Maturity     Date		Principal Amount (000)#		Value
CORPORATE BONDS (Continued)
Diversified Financial Services (cont’d.)
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series KK		3.550%		01/15/24		25	$	25,996
U.S. Gov’t. Gtd. Notes, Series PP		1.400		07/15/28		45		43,006
								178,822
Electric    2.8%
AEP Texas, Inc.,
Sr. Unsec’d. Notes		3.450		05/15/51		20		19,319
Sr. Unsec’d. Notes		3.800		10/01/47		30		30,542
Sr. Unsec’d. Notes, Series I		2.100		07/01/30		25		23,386
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes		3.750		12/01/47		15		15,964
Alabama Power Co.,
Sr. Unsec’d. Notes		3.850		12/01/42		10		10,674
Ameren Illinois Co.,
Sr. Sec’d. Notes		4.150		03/15/46		25		28,666
Arizona Public Service Co.,
Sr. Unsec’d. Notes		2.600		08/15/29		5		4,969
Atlantic City Electric Co.,
First Mortgage		2.300		03/15/31		10		9,781
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes		6.125		04/01/36		80		105,103
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage		3.950		03/01/48		20		22,617
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes		2.950		03/01/30		20		20,161
Commonwealth Edison Co.,
First Mortgage		4.600		08/15/43		45		53,422
Dominion Energy South Carolina, Inc.,
First Mortgage		5.450		02/01/41		20		25,823
DTE Electric Co.,
General Ref. Mortgage		3.750		08/15/47		20		21,585
Duke Energy Carolinas LLC,
First Mortgage		4.250		12/15/41		15		16,681
First Ref. Mortgage		4.000		09/30/42		40		43,525
Duke Energy Corp.,
Sr. Unsec’d. Notes		2.650		09/01/26		75		76,511
Duke Energy Florida LLC,
First Mortgage		2.400		12/15/31		90		88,032

See Notes to Financial Statements.

PGIM Day One Underlying Funds    41

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
Duke Energy Florida LLC, (cont’d.)
First Mortgage		6.350%		09/15/37		15	$	20,450
Duke Energy Indiana LLC,
First Mortgage, Series YYY		3.250		10/01/49		20		19,407
Emera US Finance LP (Canada),
Gtd. Notes		2.639		06/15/31		50		47,981
Entergy Louisiana LLC,
Collateral Trust		4.200		04/01/50		5		5,638
Entergy Texas, Inc.,
First Mortgage		1.750		03/15/31		45		41,147
Evergy Kansas Central, Inc.,
First Mortgage		4.125		03/01/42		15		16,513
Eversource Energy,
Sr. Unsec’d. Notes, Series R		1.650		08/15/30		15		13,688
Exelon Corp.,
Sr. Unsec’d. Notes		5.625		06/15/35		5		6,096
Florida Power & Light Co.,
First Mortgage		3.800		12/15/42		15		16,375
First Mortgage		5.250		02/01/41		25		31,709
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes		3.055		10/04/26		7		7,187
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes, Series IO		8.050		07/07/24		10		11,472
Nevada Power Co.,
General Ref. Mortgage, Series R		6.750		07/01/37		10		14,033
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes		2.750		11/01/29		25		25,083
Northern States Power Co.,
First Mortgage		3.600		09/15/47		10		10,544
Pacific Gas & Electric Co.,
First Mortgage		1.750		06/16/22		30		29,992
First Mortgage		3.950		12/01/47		40		36,084
First Mortgage		4.000		12/01/46		15		13,690
First Mortgage		4.500		07/01/40		15		14,684
PacifiCorp,
First Mortgage		2.700		09/15/30		25		25,112
First Mortgage		2.900		06/15/52		15		13,926
First Mortgage		5.250		06/15/35		45		54,825
First Mortgage		6.000		01/15/39		15		19,857

See Notes to Financial Statements.

42

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Electric (cont’d.)
PECO Energy Co.,
First Mortgage		2.800%		06/15/50		5	$	4,647
PPL Electric Utilities Corp.,
First Mortgage		4.125		06/15/44		15		16,710
First Mortgage		4.150		10/01/45		20		22,491
First Mortgage		6.250		05/15/39		10		13,720
Public Service Electric & Gas Co.,
First Mortgage, MTN		3.600		12/01/47		5		5,305
First Mortgage, MTN		3.650		09/01/28		25		26,790
First Ref. Mortgage, MTN		3.950		05/01/42		10		11,024
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes		2.450		11/15/31		25		24,085
Puget Energy, Inc.,
Sr. Sec’d. Notes		2.379		06/15/28		5		4,836
Sr. Sec’d. Notes		3.650		05/15/25		20		20,871
Sr. Sec’d. Notes		4.100		06/15/30		40		42,120
San Diego Gas & Electric Co.,
First Mortgage, Series RRR		3.750		06/01/47		5		5,233
First Mortgage, Series UUU		3.320		04/15/50		25		24,944
Sempra Energy,
Sr. Unsec’d. Notes		4.000		02/01/48		15		15,851
Southern California Edison Co.,
First Ref. Mortgage		4.000		04/01/47		20		20,885
First Ref. Mortgage		4.650		10/01/43		40		44,517
First Ref. Mortgage, Series C		3.500		10/01/23		50		51,365
Tampa Electric Co.,
Sr. Unsec’d. Notes		4.450		06/15/49		15		18,035
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A		6.000		05/15/37		20		26,347
Sr. Unsec’d. Notes, Series B		6.000		01/15/36		10		13,104
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes		1.800		10/15/30		20		18,424
Xcel Energy, Inc.,
Sr. Unsec’d. Notes		0.500		10/15/23		15		14,773
Sr. Unsec’d. Notes		1.750		03/15/27		25		24,346
Sr. Unsec’d. Notes		4.000		06/15/28		70		75,635
								1,658,312

See Notes to Financial Statements.

PGIM Day One Underlying Funds    43

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Electronics    0.1%
Agilent Technologies, Inc.,
Sr. Unsec’d. Notes		2.300%		03/12/31		50	$	47,571
Foods    0.2%
Hormel Foods Corp.,
Sr. Unsec’d. Notes		0.650		06/03/24		30		29,406
Mondelez International, Inc.,
Sr. Unsec’d. Notes		2.750		04/13/30		20		20,062
Tyson Foods, Inc.,
Sr. Unsec’d. Notes		4.000		03/01/26		60		63,750
								113,218
Gas    0.2%
Atmos Energy Corp.,
Sr. Unsec’d. Notes		3.375		09/15/49		10		10,067
NiSource, Inc.,
Sr. Unsec’d. Notes		4.800		02/15/44		10		11,644
Sr. Unsec’d. Notes		5.250		02/15/43		30		36,772
Southern California Gas Co.,
First Mortgage		3.750		09/15/42		10		10,534
Southern Co. Gas Capital Corp.,
Gtd. Notes		4.400		06/01/43		25		27,257
								96,274
Healthcare-Products    0.1%
Danaher Corp.,
Sr. Unsec’d. Notes		2.800		12/10/51		15		13,648
Stryker Corp.,
Sr. Unsec’d. Notes		3.375		05/15/24		10		10,346
Sr. Unsec’d. Notes		3.375		11/01/25		10		10,452
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes		2.800		10/15/41		15		14,312
								48,758
Healthcare-Services    1.6%
Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes		3.387		10/15/49		15		15,830

See Notes to Financial Statements.

44

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Aetna, Inc.,
Sr. Unsec’d. Notes		2.750%		11/15/22		50	$	50,460
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021		2.780		07/01/51		10		9,274
Anthem, Inc.,
Sr. Unsec’d. Notes		3.650		12/01/27		90		95,791
Sr. Unsec’d. Notes		4.625		05/15/42		35		40,742
Ascension Health,
Sr. Unsec’d. Notes, Series B		2.532		11/15/29		15		15,143
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021		1.777		11/15/30		30		28,184
Children’s Health System of Texas,
Unsec’d. Notes		2.511		08/15/50		10		8,784
Children’s Hospital Corp. (The),
Gtd. Notes, Series 2017		4.115		01/01/47		10		11,828
CommonSpirit Health,
Sr. Sec’d. Notes		2.760		10/01/24		20		20,348
HCA, Inc.,
Sr. Sec’d. Notes		3.500		07/15/51		40		37,067
Kaiser Foundation Hospitals,
Gtd. Notes		4.150		05/01/47		20		23,459
Unsec’d. Notes, Series 2021		2.810		06/01/41		70		66,956
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes		5.000		07/01/42		30		38,645
Unsec’d. Notes, Series 2020		2.955		01/01/50		10		9,652
Methodist Hospital (The),
Unsec’d. Notes, Series 20A		2.705		12/01/50		25		23,275
Mount Sinai Hospitals Group, Inc.,
Sec’d. Notes, Series 2019		3.737		07/01/49		10		10,672
New York & Presbyterian Hospital (The),
Unsec’d. Notes		4.024		08/01/45		45		52,918
NYU Langone Hospitals,
Sec’d. Notes		4.368		07/01/47		15		17,424
OhioHealth Corp.,
Sec’d. Notes		2.297		11/15/31		30		29,355
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020		1.375		11/15/25		5		4,886
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042		2.719		01/01/42		15		13,861

See Notes to Financial Statements.

PGIM Day One Underlying Funds    45

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Healthcare-Services (cont’d.)
Providence St. Joseph Health Obligated Group,
Unsec’d. Notes, Series 19A		2.532%		10/01/29		10	$	10,030
Unsec’d. Notes, Series H		2.746		10/01/26		30		30,883
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021		2.927		11/01/51		15		14,779
Stanford Health Care,
Unsec’d. Notes		3.027		08/15/51		30		29,841
Unsec’d. Notes, Series 2018		3.795		11/15/48		15		17,005
Sutter Health,
Unsec’d. Notes, Series 2018		4.091		08/15/48		45		50,753
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes		3.050		05/15/41		30		29,403
Sr. Unsec’d. Notes		3.750		07/15/25		90		95,752
Sr. Unsec’d. Notes		4.250		06/15/48		25		28,761
								931,761
Insurance    0.6%
American International Group, Inc.,
Sr. Unsec’d. Notes		4.500		07/16/44		90		104,484
Arch Capital Finance LLC,
Gtd. Notes		4.011		12/15/26		45		48,490
Chubb Corp. (The),
Gtd. Notes		6.000		05/11/37		15		20,394
CNA Financial Corp.,
Sr. Unsec’d. Notes		3.900		05/01/29		25		26,990
Sr. Unsec’d. Notes		3.950		05/15/24		35		36,495
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes		3.500		10/15/50		25		24,603
Lincoln National Corp.,
Sr. Unsec’d. Notes		3.050		01/15/30		5		5,084
Loews Corp.,
Sr. Unsec’d. Notes		3.200		05/15/30		15		15,585
Markel Corp.,
Sr. Unsec’d. Notes		3.450		05/07/52		5		4,867
Sr. Unsec’d. Notes		4.300		11/01/47		15		16,714
Unum Group,
Sr. Unsec’d. Notes		4.000		06/15/29		50		53,926
								357,632

See Notes to Financial Statements.

46

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Iron/Steel    0.2%
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes		2.400%		06/15/25		10	$	10,080
Sr. Unsec’d. Notes		3.450		04/15/30		60		62,308
Vale Overseas Ltd. (Brazil),
Gtd. Notes		6.250		08/10/26		20		22,874
								95,262
Lodging    0.1%
Marriott International, Inc.,
Sr. Unsec’d. Notes		3.600		04/15/24		5		5,175
Sr. Unsec’d. Notes, Series R		3.125		06/15/26		45		46,142
								51,317
Machinery-Diversified    0.2%
Flowserve Corp.,
Sr. Unsec’d. Notes		2.800		01/15/32		10		9,392
John Deere Capital Corp.,
Sr. Unsec’d. Notes		2.800		01/27/23		10		10,189
Sr. Unsec’d. Notes, MTN		2.800		03/06/23		30		30,602
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes		3.450		11/15/26		60		62,213
Gtd. Notes		4.950		09/15/28		30		33,489
								145,885
Media    1.0%
Charter Communications Operating LLC/Charter
Communications Operating Capital,
Sr. Sec’d. Notes		3.700		04/01/51		115		102,075
Sr. Sec’d. Notes		3.900		06/01/52		5		4,585
Sr. Sec’d. Notes		4.800		03/01/50		15		15,385
Sr. Sec’d. Notes		5.375		04/01/38		45		49,700
Sr. Sec’d. Notes		6.484		10/23/45		50		62,929
Comcast Corp.,
Gtd. Notes		3.450		02/01/50		35		34,796
Gtd. Notes		3.750		04/01/40		10		10,608
Gtd. Notes, 144A		2.937		11/01/56		19		16,869
Gtd. Notes, 144A		2.987		11/01/63		52		45,731

See Notes to Financial Statements.

PGIM Day One Underlying Funds    47

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Media (cont’d.)
Discovery Communications LLC,
Gtd. Notes		4.000%		09/15/55		76	$	73,928
Gtd. Notes		4.125		05/15/29		20		21,401
Gtd. Notes		5.300		05/15/49		30		35,154
ViacomCBS, Inc.,
Sr. Unsec’d. Notes		3.875		04/01/24		20		20,831
Sr. Unsec’d. Notes		5.850		09/01/43		20		25,442
Walt Disney Co. (The),
Gtd. Notes		7.300		04/30/28		35		44,549
								563,983
Mining    0.5%
Barrick North America Finance LLC (Canada),
Gtd. Notes		5.700		05/30/41		50		64,083
Gtd. Notes		5.750		05/01/43		30		38,839
Barrick PD Australia Finance Pty Ltd. (Canada),
Gtd. Notes		5.950		10/15/39		20		26,059
Freeport-McMoRan, Inc.,
Gtd. Notes		4.125		03/01/28		5		5,110
Gtd. Notes		4.375		08/01/28		30		30,921
Kinross Gold Corp. (Canada),
Gtd. Notes		4.500		07/15/27		65		71,132
Newmont Corp.,
Gtd. Notes		2.250		10/01/30		20		18,965
Gtd. Notes		2.600		07/15/32		5		4,818
Gtd. Notes		2.800		10/01/29		45		44,968
Gtd. Notes		5.450		06/09/44		15		19,256
								324,151
Miscellaneous Manufacturing    0.2%
Carlisle Cos., Inc.,
Sr. Unsec’d. Notes		2.200		03/01/32		50		46,367
Pentair Finance Sarl,
Gtd. Notes		4.500		07/01/29		15		16,515
Textron, Inc.,
Sr. Unsec’d. Notes		2.450		03/15/31		50		47,886
								110,768

See Notes to Financial Statements.

48

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Oil & Gas    0.7%
Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes		3.750%		02/15/52		15	$	14,405
Chevron Corp.,
Sr. Unsec’d. Notes		3.078		05/11/50		5		4,976
ConocoPhillips,
Gtd. Notes, 144A		2.400		02/15/31		15		14,673
Gtd. Notes, 144A		3.750		10/01/27		35		37,392
Gtd. Notes, 144A		4.300		08/15/28		50		54,890
ConocoPhillips Co.,
Gtd. Notes		4.950		03/15/26		25		27,700
Devon Energy Corp.,
Sr. Unsec’d. Notes		5.600		07/15/41		10		12,126
Diamondback Energy, Inc.,
Gtd. Notes		3.125		03/24/31		10		9,962
Gtd. Notes		3.500		12/01/29		50		51,553
EOG Resources, Inc.,
Sr. Unsec’d. Notes		3.900		04/01/35		20		22,046
Equinor ASA (Norway),
Gtd. Notes		3.700		04/06/50		20		21,617
Exxon Mobil Corp.,
Sr. Unsec’d. Notes		4.114		03/01/46		15		16,888
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes		1.900		08/15/30		40		36,864
Sr. Unsec’d. Notes		2.150		01/15/31		20		18,729
TotalEnergies Capital International SA (France),
Gtd. Notes		2.829		01/10/30		25		25,512
Valero Energy Corp.,
Sr. Unsec’d. Notes		4.000		04/01/29		20		21,198
								390,531
Oil & Gas Services    0.0%
Halliburton Co.,
Sr. Unsec’d. Notes		4.750		08/01/43		25		27,583

See Notes to Financial Statements.

PGIM Day One Underlying Funds    49

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Packaging & Containers    0.1%
Berry Global, Inc.,
Sr. Sec’d. Notes		0.950%		02/15/24		30	$	29,472
Sr. Sec’d. Notes		1.570		01/15/26		55		53,137
								82,609
Pharmaceuticals    1.9%
AbbVie, Inc.,
Sr. Unsec’d. Notes		4.250		11/21/49		55		61,304
Sr. Unsec’d. Notes		4.550		03/15/35		40		45,554
Sr. Unsec’d. Notes		4.700		05/14/45		50		57,837
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes		2.250		05/28/31		15		14,658
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes		3.734		12/15/24		9		9,421
Cigna Corp.,
Gtd. Notes		4.500		02/25/26		120		130,123
Gtd. Notes		4.900		12/15/48		15		17,755
Sr. Unsec’d. Notes		2.400		03/15/30		45		43,452
Sr. Unsec’d. Notes		3.400		03/15/50		45		42,818
CVS Health Corp.,
Sr. Unsec’d. Notes		4.300		03/25/28		15		16,362
Sr. Unsec’d. Notes		4.780		03/25/38		35		40,392
Sr. Unsec’d. Notes		5.050		03/25/48		20		24,506
Sr. Unsec’d. Notes		5.125		07/20/45		40		48,692
GlaxoSmithKline Capital PLC (United Kingdom),
Gtd. Notes		2.850		05/08/22		45		45,289
Johnson & Johnson,
Sr. Unsec’d. Notes		3.625		03/03/37		30		33,012
Merck & Co., Inc.,
Sr. Unsec’d. Notes		2.400		09/15/22		100		100,705
Sr. Unsec’d. Notes		3.400		03/07/29		10		10,632
Mylan, Inc.,
Gtd. Notes		4.200		11/29/23		30		31,148
Gtd. Notes		5.200		04/15/48		75		86,811
Pfizer, Inc.,
Sr. Unsec’d. Notes		2.550		05/28/40		20		18,756
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes		2.050		03/31/30		135		126,821

See Notes to Financial Statements.

50

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Pharmaceuticals (cont’d.)
Viatris, Inc.,
Gtd. Notes		3.850%		06/22/40		20	$	20,048
Gtd. Notes		4.000		06/22/50		55		54,291
Wyeth LLC,
Gtd. Notes		6.450		02/01/24		50		54,733
								1,135,120
Pipelines    1.5%
Energy Transfer LP,
Gtd. Notes		5.350		05/15/45		5		5,433
Sr. Unsec’d. Notes		3.900		07/15/26		55		57,599
Sr. Unsec’d. Notes		4.200		04/15/27		30		31,755
Sr. Unsec’d. Notes		4.750		01/15/26		40		42,979
Sr. Unsec’d. Notes		4.900		03/15/35		30		32,491
Sr. Unsec’d. Notes		5.300		04/15/47		10		10,956
Sr. Unsec’d. Notes		6.000		06/15/48		15		17,673
Sr. Unsec’d. Notes		6.625		10/15/36		10		12,105
Enterprise Products Operating LLC,
Gtd. Notes		4.850		03/15/44		100		113,402
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes		3.250		06/01/30		20		20,382
Sr. Unsec’d. Notes		3.950		03/01/50		30		29,809
MPLX LP,
Sr. Unsec’d. Notes		2.650		08/15/30		65		62,761
Sr. Unsec’d. Notes		4.125		03/01/27		10		10,639
Sr. Unsec’d. Notes		4.500		07/15/23		20		20,667
Sr. Unsec’d. Notes		4.500		04/15/38		20		21,426
Sr. Unsec’d. Notes		4.700		04/15/48		50		54,389
ONEOK Partners LP,
Gtd. Notes		3.375		10/01/22		35		35,339
ONEOK, Inc.,
Gtd. Notes		3.100		03/15/30		110		108,478
Gtd. Notes		4.450		09/01/49		20		20,796
Gtd. Notes		4.950		07/13/47		10		11,006
Phillips 66 Partners LP,
Sr. Unsec’d. Notes		3.750		03/01/28		10		10,456
Sr. Unsec’d. Notes		4.900		10/01/46		25		29,119
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes		3.550		12/15/29		25		25,253

See Notes to Financial Statements.

PGIM Day One Underlying Funds    51

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Pipelines (cont’d.)
Plains All American Pipeline LP/PAA Finance Corp., (cont’d.)
Sr. Unsec’d. Notes		3.800%		09/15/30		5	$	5,112
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes		3.250		05/15/30		55		56,374
Sr. Unsec’d. Notes		4.600		03/15/48		25		28,546
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes		3.750		06/15/27		30		31,608
Sr. Unsec’d. Notes		4.850		03/01/48		5		5,701
								912,254
Real Estate Investment Trusts (REITs)    0.8%
Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes		2.500		08/16/31		15		14,146
Corporate Office Properties LP,
Gtd. Notes		2.900		12/01/33		30		28,249
CubeSmart LP,
Gtd. Notes		2.250		12/15/28		20		19,431
Essex Portfolio LP,
Gtd. Notes		1.700		03/01/28		15		14,317
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes		3.250		01/15/32		10		9,658
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes		3.000		01/15/30		20		20,359
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series J		2.900		12/15/31		15		14,104
Kimco Realty Corp.,
Sr. Unsec’d. Notes		1.900		03/01/28		25		23,987
Realty Income Corp.,
Sr. Unsec’d. Notes		3.100		12/15/29		45		46,477
Sr. Unsec’d. Notes		3.400		01/15/28		10		10,481
Simon Property Group LP,
Sr. Unsec’d. Notes		2.450		09/13/29		20		19,753
Sr. Unsec’d. Notes		2.650		02/01/32		30		29,385
Sr. Unsec’d. Notes		3.375		10/01/24		70		72,734
Sr. Unsec’d. Notes		3.500		09/01/25		5		5,245
Sr. Unsec’d. Notes		3.750		02/01/24		10		10,390
Spirit Realty LP,
Gtd. Notes		2.700		02/15/32		25		23,990

See Notes to Financial Statements.

52

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Real Estate Investment Trusts (REITs) (cont’d.)
Ventas Realty LP,
Gtd. Notes		3.850%		04/01/27		10	$	10,668
Welltower, Inc.,
Sr. Unsec’d. Notes		2.700		02/15/27		10		10,229
Weyerhaeuser Co.,
Sr. Unsec’d. Notes		4.000		04/15/30		65		70,324
WP Carey, Inc.,
Sr. Unsec’d. Notes		2.250		04/01/33		35		32,108
								486,035
Retail    0.4%
AutoZone, Inc.,
Sr. Unsec’d. Notes		1.650		01/15/31		5		4,548
Sr. Unsec’d. Notes		3.750		04/18/29		30		31,926
Home Depot, Inc. (The),
Sr. Unsec’d. Notes		3.750		02/15/24		95		99,069
Sr. Unsec’d. Notes		3.900		06/15/47		25		27,655
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes		3.100		05/03/27		20		20,787
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN		4.700		12/09/35		25		29,141
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes		1.750		03/15/31		15		13,738
								226,864
Semiconductors    0.3%
Broadcom, Inc.,
Gtd. Notes		4.110		09/15/28		85		90,713
Gtd. Notes, 144A		3.500		02/15/41		20		18,960
Sr. Unsec’d. Notes, 144A		3.137		11/15/35		13		12,343
Sr. Unsec’d. Notes, 144A		3.419		04/15/33		62		61,731
								183,747
Software    0.4%
Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes		3.100		03/01/41		10		9,429

See Notes to Financial Statements.

PGIM Day One Underlying Funds    53

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Software (cont’d.)
Fiserv, Inc.,
Sr. Unsec’d. Notes		2.750%		07/01/24		5	$	5,101
Sr. Unsec’d. Notes		3.850		06/01/25		15		15,769
Intuit, Inc.,
Sr. Unsec’d. Notes		1.350		07/15/27		5		4,786
Microsoft Corp.,
Sr. Unsec’d. Notes		2.921		03/17/52		37		36,155
Oracle Corp.,
Sr. Unsec’d. Notes		2.800		04/01/27		85		85,582
Sr. Unsec’d. Notes		2.950		05/15/25		75		76,481
ServiceNow, Inc.,
Sr. Unsec’d. Notes		1.400		09/01/30		30		26,791
								260,094
Telecommunications    1.0%
AT&T, Inc.,
Sr. Unsec’d. Notes		1.700		03/25/26		100		97,742
Sr. Unsec’d. Notes		2.550		12/01/33		29		27,277
Sr. Unsec’d. Notes		3.500		06/01/41		110		107,282
Sr. Unsec’d. Notes		3.550		09/15/55		85		80,224
Sr. Unsec’d. Notes		3.800		12/01/57		30		29,361
T-Mobile USA, Inc.,
Sr. Sec’d. Notes		2.050		02/15/28		45		43,358
Sr. Sec’d. Notes		3.000		02/15/41		100		90,368
Sr. Sec’d. Notes		3.875		04/15/30		20		21,007
Verizon Communications, Inc.,
Sr. Unsec’d. Notes		2.650		11/20/40		10		8,944
Sr. Unsec’d. Notes		3.400		03/22/41		45		44,560
Sr. Unsec’d. Notes		4.016		12/03/29		60		65,223
								615,346
Transportation    0.3%
Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes		3.750		04/01/24		75		78,226
CSX Corp.,
Sr. Unsec’d. Notes		3.800		03/01/28		35		37,561
Sr. Unsec’d. Notes		3.800		04/15/50		10		10,757

See Notes to Financial Statements.

54

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
CORPORATE BONDS (Continued)
Transportation (cont’d.)
Union Pacific Corp.,
Sr. Unsec’d. Notes		3.000%		04/15/27		15	$	15,597
Sr. Unsec’d. Notes		3.250		02/05/50		30		29,991
Sr. Unsec’d. Notes		3.600		09/15/37		10		10,659
Sr. Unsec’d. Notes		3.799		04/06/71		5		5,287
								188,078
TOTAL CORPORATE BONDS (cost $15,447,492)								15,331,749
MUNICIPAL BONDS    1.0%
Arizona    0.1%
Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs		4.839		01/01/41		35		43,932
California    0.4%
Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2		6.263		04/01/49		80		124,213
Taxable, Revenue Bonds		2.574		04/01/31		15		15,210
Los Angeles Department of Water & Power, Power System Revenue,
Revenue Bonds, BABs		5.716		07/01/39		20		27,003
State of California,
General Obligation Unlimited, Taxable, BABs		7.550		04/01/39		30		48,105
								214,531
Illinois    0.0%
State of Illinois,
General Obligation Unlimited, Taxable, Pension		5.100		06/01/33		25		27,819
Michigan    0.1%
Michigan Finance Authority,
Taxable, Revenue Bonds		3.384		12/01/40		15		15,898
University of Michigan,
Taxable, Revenue Bonds, Series B		2.437		04/01/40		25		24,252
								40,150

See Notes to Financial Statements.

PGIM Day One Underlying Funds    55

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
MUNICIPAL BONDS (Continued)
New Jersey    0.1%
New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F		7.414%		01/01/40		60	$	94,429
New York    0.1%
New York State Dormitory Authority,
Taxable, Revenue Bonds, Series C		2.202		03/15/34		30		28,611
Port Authority of New York & New Jersey, Revenue Bonds		4.458		10/01/62		15		18,816
								47,427
Ohio    0.1%
JobsOhio Beverage System,
Taxable, Revenue Bonds, Series A		2.833		01/01/38		5		4,939
Ohio State University (The),
Taxable, Revenue Bonds, Series A		4.048		12/01/56		12		14,753
Taxable, Revenue Bonds, Series A		4.800		06/01/2111		25		35,403
Taxable, Revenue Bonds, BABs, Series C		4.910		06/01/40		10		12,871
								67,966
Texas    0.0%
Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B		3.922		12/31/49		15		15,755
Virginia    0.1%
University of Virginia,
Taxable, Revenue Bonds, Series B		2.584		11/01/51		40		37,463
TOTAL MUNICIPAL BONDS (cost $554,393)								589,472
SOVEREIGN BONDS    1.8%
Hungary Government International Bond (Hungary),
Sr. Unsec’d. Notes		7.625		03/29/41		16		25,159
Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes		3.500		01/11/28		200		210,340
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes		2.875		03/16/26		225		234,419

See Notes to Financial Statements.

56

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
SOVEREIGN BONDS (Continued)
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes		4.000%		10/02/23		20	$	20,879
Sr. Unsec’d. Notes		4.500		04/22/29		200		216,551
Sr. Unsec’d. Notes, MTN		4.750		03/08/44		66		67,958
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes		2.783		01/23/31		32		30,982
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes		7.750		01/14/31		100		139,701
Province of Quebec (Canada),
Debentures, Series NN		7.125		02/09/24		30		33,382
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes		5.100		06/18/50		55		68,438
TOTAL SOVEREIGN BONDS (cost $1,067,044)								1,047,809
U.S. GOVERNMENT AGENCY OBLIGATIONS    27.5%
Federal Home Loan Bank		3.250		11/16/28		70		76,463
Federal Home Loan Mortgage Corp.		0.375		05/05/23		105		104,288
Federal Home Loan Mortgage Corp.		1.500		10/01/50		226		214,436
Federal Home Loan Mortgage Corp.		2.000		01/01/32		36		35,988
Federal Home Loan Mortgage Corp.		2.000		12/01/50		437		426,990
Federal Home Loan Mortgage Corp.		2.000		05/01/51		511		498,996
Federal Home Loan Mortgage Corp.		2.500		07/01/31		94		96,166
Federal Home Loan Mortgage Corp.		2.500		04/01/51		282		282,235
Federal Home Loan Mortgage Corp.		2.500		10/01/51		421		420,621
Federal Home Loan Mortgage Corp.		3.000		02/01/32		26		27,534
Federal Home Loan Mortgage Corp.		3.000		02/01/32		31		32,712
Federal Home Loan Mortgage Corp.		3.000		01/01/37		10		10,504
Federal Home Loan Mortgage Corp.		3.000		12/01/37		14		14,901
Federal Home Loan Mortgage Corp.		3.000		12/01/42		98		102,220
Federal Home Loan Mortgage Corp.		3.000		11/01/46		27		28,455
Federal Home Loan Mortgage Corp.		3.000		01/01/47		175		181,235
Federal Home Loan Mortgage Corp.		3.000		03/01/47		120		123,676
Federal Home Loan Mortgage Corp.		3.000		12/01/47		69		70,636
Federal Home Loan Mortgage Corp.		3.000		12/01/47		109		112,800
Federal Home Loan Mortgage Corp.		3.500		11/01/37		17		17,417
Federal Home Loan Mortgage Corp.		3.500		06/01/42		24		25,425
Federal Home Loan Mortgage Corp.		3.500		04/01/46		32		34,226
Federal Home Loan Mortgage Corp.		3.500		11/01/47		44		46,527
Federal Home Loan Mortgage Corp.		3.500		11/01/47		53		56,101
Federal Home Loan Mortgage Corp.		3.500		02/01/48		157		164,496

See Notes to Financial Statements.

PGIM Day One Underlying Funds    57

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Federal Home Loan Mortgage Corp.		3.500%		04/01/48		307	$	321,038
Federal Home Loan Mortgage Corp.		4.000		10/01/45		29		31,060
Federal Home Loan Mortgage Corp.		4.000		05/01/46		61		65,314
Federal Home Loan Mortgage Corp.		4.000		03/01/47		30		32,005
Federal Home Loan Mortgage Corp.		4.000		01/01/48		52		54,687
Federal Home Loan Mortgage Corp.		4.500		07/01/47		61		65,909
Federal Home Loan Mortgage Corp.		4.500		12/01/48		16		17,460
Federal Home Loan Mortgage Corp.		6.250		07/15/32		30		42,019
Federal National Mortgage Assoc.		0.500		06/17/25		50		48,412
Federal National Mortgage Assoc.		0.500		11/07/25		30		28,847
Federal National Mortgage Assoc.		0.625		04/22/25		15		14,617
Federal National Mortgage Assoc.		0.750		10/08/27		45		42,582
Federal National Mortgage Assoc.		0.875		08/05/30		75		68,910
Federal National Mortgage Assoc.		1.500		10/01/50		240		227,040
Federal National Mortgage Assoc.		1.500		02/01/51		221		208,914
Federal National Mortgage Assoc.		2.000		07/01/40		195		193,521
Federal National Mortgage Assoc.		2.000		01/01/41		448		444,779
Federal National Mortgage Assoc.		2.000		05/01/41		454		451,331
Federal National Mortgage Assoc.		2.000		09/01/50		331		323,393
Federal National Mortgage Assoc.		2.000		12/01/50		172		167,916
Federal National Mortgage Assoc.		2.000		01/01/51		313		305,721
Federal National Mortgage Assoc.		2.000		03/01/51		143		139,560
Federal National Mortgage Assoc.		2.000		05/01/51		251		245,358
Federal National Mortgage Assoc.		2.500		TBA		250		248,954
Federal National Mortgage Assoc.		2.500		TBA		500		499,141
Federal National Mortgage Assoc.		2.500		02/05/24		95		97,458
Federal National Mortgage Assoc.		2.500		06/01/28		83		84,577
Federal National Mortgage Assoc.		2.500		01/01/32		92		94,621
Federal National Mortgage Assoc.		2.500		02/01/43		37		37,644
Federal National Mortgage Assoc.		2.500		09/01/46		34		34,655
Federal National Mortgage Assoc.		2.500		09/01/46		64		64,675
Federal National Mortgage Assoc.		2.500		05/01/50		201		201,017
Federal National Mortgage Assoc.		2.500		08/01/50		388		387,946
Federal National Mortgage Assoc.		2.500		10/01/50		442		441,631
Federal National Mortgage Assoc.		2.500		04/01/51		859		858,683
Federal National Mortgage Assoc.		2.500		08/01/51		116		115,977
Federal National Mortgage Assoc.		3.000		11/01/28		51		53,091
Federal National Mortgage Assoc.		3.000		01/01/30		100		103,439
Federal National Mortgage Assoc.		3.000		12/01/36		31		32,027
Federal National Mortgage Assoc.		3.000		10/01/42		18		18,862
Federal National Mortgage Assoc.		3.000		12/01/42		107		111,591
Federal National Mortgage Assoc.		3.000		02/01/43		205		212,928

See Notes to Financial Statements.

58

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Federal National Mortgage Assoc.		3.000%		04/01/43		55	$	56,963
Federal National Mortgage Assoc.		3.000		08/01/43		169		175,227
Federal National Mortgage Assoc.		3.000		01/01/47		178		183,108
Federal National Mortgage Assoc.		3.000		02/01/47		121		124,755
Federal National Mortgage Assoc.		3.000		01/01/50		99		101,143
Federal National Mortgage Assoc.		3.500		08/01/31		32		33,868
Federal National Mortgage Assoc.		3.500		10/01/32		16		17,167
Federal National Mortgage Assoc.		3.500		06/01/33		22		23,436
Federal National Mortgage Assoc.		3.500		01/01/42		74		78,096
Federal National Mortgage Assoc.		3.500		03/01/42		75		80,052
Federal National Mortgage Assoc.		3.500		10/01/42		207		220,580
Federal National Mortgage Assoc.		3.500		11/01/42		53		56,600
Federal National Mortgage Assoc.		3.500		08/01/43		71		75,088
Federal National Mortgage Assoc.		3.500		03/01/45		115		121,799
Federal National Mortgage Assoc.		3.500		01/01/46		23		24,696
Federal National Mortgage Assoc.		3.500		12/01/46		219		231,104
Federal National Mortgage Assoc.		3.500		01/01/47		50		53,062
Federal National Mortgage Assoc.		3.500		09/01/47		79		83,371
Federal National Mortgage Assoc.		4.000		01/01/41		134		143,820
Federal National Mortgage Assoc.		4.000		04/01/41		84		91,188
Federal National Mortgage Assoc.		4.000		02/01/47		76		80,699
Federal National Mortgage Assoc.		4.000		04/01/48		138		145,456
Federal National Mortgage Assoc.		4.000		12/01/48		126		132,783
Federal National Mortgage Assoc.		4.000		03/01/49		268		283,160
Federal National Mortgage Assoc.		4.500		03/01/41		75		82,159
Federal National Mortgage Assoc.		4.500		02/01/44		65		71,401
Federal National Mortgage Assoc.		4.500		01/01/45		71		77,606
Federal National Mortgage Assoc.		4.500		04/01/48		47		50,433
Federal National Mortgage Assoc.		4.500		05/01/48		13		13,869
Federal National Mortgage Assoc.		4.500		08/01/48		18		18,775
Federal National Mortgage Assoc.		4.500		02/01/49		15		15,767
Federal National Mortgage Assoc.		5.000		11/01/35		95		107,041
Federal National Mortgage Assoc.		5.000		06/01/40		19		21,805
Federal National Mortgage Assoc.		5.000		03/01/42		41		46,250
Federal National Mortgage Assoc.		6.625		11/15/30		15		20,674
Government National Mortgage Assoc.		2.000		12/20/51		250		247,465
Government National Mortgage Assoc.		2.500		TBA		500		503,125
Government National Mortgage Assoc.		2.500		03/20/43		9		8,913
Government National Mortgage Assoc.		2.500		12/20/46		16		15,829
Government National Mortgage Assoc.		3.000		TBA		250		255,898
Government National Mortgage Assoc.		3.000		01/20/43		78		81,264
Government National Mortgage Assoc.		3.000		04/20/45		33		33,876

See Notes to Financial Statements.

PGIM Day One Underlying Funds    59

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Government National Mortgage Assoc.		3.000%		07/20/46		58	$	60,407
Government National Mortgage Assoc.		3.000		09/20/46		60		61,654
Government National Mortgage Assoc.		3.000		11/20/46		42		43,584
Government National Mortgage Assoc.		3.000		03/20/49		79		81,507
Government National Mortgage Assoc.		3.500		12/20/42		161		170,919
Government National Mortgage Assoc.		3.500		01/20/44		45		47,580
Government National Mortgage Assoc.		3.500		04/20/45		24		25,513
Government National Mortgage Assoc.		3.500		07/20/46		107		111,687
Government National Mortgage Assoc.		3.500		08/20/46		162		169,367
Government National Mortgage Assoc.		3.500		09/20/46		25		26,285
Government National Mortgage Assoc.		3.500		06/20/47		62		65,239
Government National Mortgage Assoc.		3.500		07/20/47		69		72,404
Government National Mortgage Assoc.		3.500		11/20/47		46		47,889
Government National Mortgage Assoc.		4.000		12/20/45		72		77,908
Government National Mortgage Assoc.		4.000		10/20/46		4		4,540
Government National Mortgage Assoc.		4.000		03/20/47		36		37,747
Government National Mortgage Assoc.		4.000		07/20/47		46		48,470
Government National Mortgage Assoc.		4.000		09/20/47		118		124,831
Government National Mortgage Assoc.		4.000		03/20/49		19		19,896
Government National Mortgage Assoc.		4.500		04/20/41		14		15,858
Government National Mortgage Assoc.		4.500		03/20/44		38		41,804
Government National Mortgage Assoc.		4.500		12/20/44		35		38,919
Government National Mortgage Assoc.		4.500		11/20/46		19		20,885
Government National Mortgage Assoc.		4.500		01/20/47		6		6,404
Government National Mortgage Assoc.		5.000		04/20/45		27		30,916
Government National Mortgage Assoc.		5.500		12/15/33		11		12,834
Tennessee Valley Authority, Sr. Unsec’d. Notes		0.750		05/15/25		25		24,406
Tennessee Valley Authority, Sr. Unsec’d. Notes		1.500		09/15/31		40		38,314
TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $16,346,548)								16,261,496
U.S. TREASURY OBLIGATIONS    37.6%
U.S. Treasury Bonds		1.375		11/15/40		1,200		1,052,062
U.S. Treasury Bonds		1.375		08/15/50		565		473,982
U.S. Treasury Bonds		1.625		11/15/50		198		176,207
U.S. Treasury Bonds		1.750		08/15/41		440		409,819
U.S. Treasury Bonds		2.000		11/15/41		145		140,967
U.S. Treasury Bonds		2.000		08/15/51		90		87,806
U.S. Treasury Bonds		2.250		05/15/41		1,205		1,219,121
U.S. Treasury Bonds		2.375		05/15/51		120		127,013
U.S. Treasury Bonds		3.375		11/15/48		495		621,380

See Notes to Financial Statements.

60

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Interest     Rate		Maturity     Date		Principal     Amount     (000)#		Value
U.S. TREASURY OBLIGATIONS(Continued)
U.S. Treasury Bonds		3.625%		08/15/43		734	$	916,049
U.S. Treasury Bonds		6.250		08/15/23		790		852,213
U.S. Treasury Notes		0.125		08/31/23		310		305,520
U.S. Treasury Notes		0.125		09/15/23		1,712		1,685,859
U.S. Treasury Notes		0.250		09/30/25		1,510		1,443,466
U.S. Treasury Notes		0.375		04/30/25		655		633,150
U.S. Treasury Notes		0.375		01/31/26		380		362,811
U.S. Treasury Notes		0.500		03/15/23		1,739		1,732,275
U.S. Treasury Notes		0.750		03/31/26		1,670		1,615,464
U.S. Treasury Notes		0.750		04/30/26		870		840,705
U.S. Treasury Notes		0.875		01/31/24		600		596,391
U.S. Treasury Notes		0.875		06/30/26		530		514,059
U.S. Treasury Notes		1.250		11/30/26		510		501,673
U.S. Treasury Notes		1.250		12/31/26		255		250,697
U.S. Treasury Notes		1.375		11/15/31		160		154,175
U.S. Treasury Notes		1.500		01/31/27		250		248,672
U.S. Treasury Notes		1.500		11/30/28		100		98,406
U.S. Treasury Notes		1.625		04/30/23		1,100		1,109,539
U.S. Treasury Notes		1.750		01/31/29		245		245,077
U.S. Treasury Notes		2.000		08/15/25		795		808,850
U.S. Treasury Notes		2.125		07/31/24		1,010		1,030,910
U.S. Treasury Notes		2.125		05/15/25		210		214,610
U.S. Treasury Notes		2.625		02/15/29		1,120		1,185,275
U.S. Treasury Notes		3.125		11/15/28		90		97,973
U.S. Treasury Strips Coupon		1.122(s)		02/15/36		35		26,057
U.S. Treasury Strips Coupon		1.225(s)		02/15/41		15		9,683
U.S. Treasury Strips Coupon		1.371(s)		05/15/42		55		34,326
U.S. Treasury Strips Coupon		1.394(s)		11/15/41		20		12,634
U.S. Treasury Strips Coupon		1.450(s)		08/15/42		15		9,301
U.S. Treasury Strips Coupon		1.463(s)		11/15/42		35		21,593
U.S. Treasury Strips Coupon		1.920(s)		02/15/29		5		4,408
U.S. Treasury Strips Coupon		2.045(s)		11/15/36		45		32,876
U.S. Treasury Strips Coupon		2.222(s)		05/15/39		115		78,438
U.S. Treasury Strips Coupon		2.271(s)		08/15/39		185		125,265
U.S. Treasury Strips Coupon		2.350(s)		05/15/44		250		149,453
TOTAL U.S. TREASURY OBLIGATIONS (cost $22,546,531)								22,256,210
TOTAL LONG-TERM INVESTMENTS (cost $59,404,622)								58,911,864

See Notes to Financial Statements.

PGIM Day One Underlying Funds    61

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
SHORT-TERM INVESTMENT    3.4%
UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $2,020,098)		2,020,098	$	2,020,098
TOTAL INVESTMENTS    103.0% (cost $61,424,720)				60,931,962
Liabilities in excess of other assets(z)    (3.0)%				(1,755,931	)
NET ASSETS    100.0%			$	59,176,031

Below is a list of the abbreviation(s) 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, 2022. 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.

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

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

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

Forward Commitment Contracts

U.S. Government Agency Obligations	Interest Rate	Maturity Date	Settlement Date	Principal Amount (000)#			Value
Federal National Mortgage Assoc. (proceeds receivable $243,906)	2.000%	TBA	02/14/22		(250	)	$	(243,711	)

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.

62

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

The following is a summary of the inputs used as of January 31, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Security
Credit Cards	$	—	$	112,191			$—
Commercial Mortgage-Backed Securities		—		3,312,937			—
Corporate Bonds		—		15,331,749			—
Municipal Bonds		—		589,472			—
Sovereign Bonds		—		1,047,809			—
U.S. Government Agency Obligations		—		16,261,496			—
U.S. Treasury Obligations		—		22,256,210			—
Short-Term Investment
Unaffiliated Fund		2,020,098		—			—
Total	$	2,020,098	$	58,911,864			$—
Other Financial Instruments*
Liabilities
Forward Commitment Contract	$	—	$	(243,711	)		$—

* Other financial instruments are derivative instruments, with the exception of forward commitment contracts, and are not reflected in the Schedule of Investments. Futures, forwards and centrally cleared swap contracts are recorded at net unrealized appreciation (depreciation) and OTC swap contracts are recorded at fair value. Forward commitment contracts are recorded at market value.

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, 2022 were as follows:

U.S. Treasury Obligations	37.6	%
U.S. Government Agency Obligations	27.5
Banks	6.1
Commercial Mortgage-Backed Securities	5.6
Unaffiliated Fund	3.4
Electric	2.8
Pharmaceuticals	1.9
Sovereign Bonds	1.8
Healthcare-Services	1.6
Pipelines	1.5
Telecommunications	1.0
Municipal Bonds	1.0
Media	1.0
Aerospace & Defense	0.9

Real Estate Investment Trusts (REITs)	0.8	%
Beverages	0.7
Oil & Gas	0.7
Insurance	0.6
Mining	0.5
Chemicals	0.5
Software	0.4
Commercial Services	0.4
Retail	0.4
Auto Manufacturers	0.4
Computers	0.4
Biotechnology	0.4
Transportation	0.3
Semiconductors	0.3

See Notes to Financial Statements.

PGIM Day One Underlying Funds    63

PGIM Core Conservative Bond Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Industry Classification (continued):

Diversified Financial Services	0.3	%
Machinery-Diversified	0.2
Airlines	0.2
Building Materials	0.2
Agriculture	0.2
Foods	0.2
Credit Cards	0.2
Miscellaneous Manufacturing	0.2
Gas	0.2
Iron/Steel	0.2
Packaging & Containers	0.1

Lodging	0.1	%
Healthcare-Products	0.1
Electronics	0.1
Oil & Gas Services	0.0	*
	103.0
Liabilities in excess of other assets	(3.0	)
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

64

PGIM Core Conservative Bond Fund

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

Assets
Unaffiliated investments (cost $61,424,720)	$	60,931,962
Receivable for investments sold		1,315,028
Dividends and interest receivable		303,927
Receivable for Fund shares sold		60,646
Prepaid expenses		810
Total Assets		62,612,373
Liabilities
Payable for investments purchased		2,996,639
Forward commitment contracts, at value (proceeds receivable $243,906)		243,711
Payable for Fund shares purchased		130,771
Accrued expenses and other liabilities		52,705
Management fee payable		11,647
Trustees’ fees payable		746
Affiliated transfer agent fee payable		123
Total Liabilities		3,436,342
Net Assets	$	59,176,031
Net assets were comprised of:
Paid-in capital	$	60,156,182
Total distributable earnings (loss)		(980,151	)
Net assets, January 31, 2022	$	59,176,031
Class R6
Net asset value, offering price and redemption price per share, ($59,176,031 ÷ 5,969,143 shares of beneficial interest issued and outstanding)	$	9.91

See Notes to Financial Statements.

PGIM Day One Underlying Funds    65

PGIM Core Conservative Bond Fund

Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

Net Investment Income (Loss)
Income
Interest income	$	539,263
Affiliated dividend income		1,071
Unaffiliated dividend income		24
Total income		540,358
Expenses
Management fee		82,898
Audit fee		28,003
Custodian and accounting fees		26,476
Legal fees and expenses		9,909
Trustees’ fees		4,940
Shareholders’ reports		3,802
Transfer agent’s fees and expenses (including affiliated expense of $ 230)		230
SEC registration fees		219
Registration fees		133
Miscellaneous		9,381
Total expenses		165,991
Less: Fee waiver and/or expense reimbursement		(12,478	)
Net expenses		153,513
Net investment income (loss)		386,845
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		125,909
Net change in unrealized appreciation (depreciation) on investments		(2,616,928	)
Net gain (loss) on investment transactions		(2,491,019	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,104,174	)

See Notes to Financial Statements.

66

PGIM Core Conservative Bond Fund

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended January 31, 2022				Year Ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	386,845			$	804,659
Net realized gain (loss) on investment transactions			125,909				613,791
Net change in unrealized appreciation (depreciation) on investments			(2,616,928	)			(1,990,566	)
Net increase (decrease) in net assets resulting from operations			(2,104,174	)			(572,116	)
Dividends and Distributions
Distributions from distributable earnings
Class R6			(775,236	)			(1,812,150	)
Fund share transactions
Net proceeds from shares sold			31,636,098				21,288,669
Net asset value of shares issued in reinvestment of dividends and distributions			759,485				1,812,150
Cost of shares purchased			(33,120,581	)			(15,898,690	)
Net increase (decrease) in net assets from Fund share transactions			(724,998	)			7,202,129
Total increase (decrease)			(3,604,408	)			4,817,863
Net Assets:
Beginning of period			62,780,439				57,962,576
End of period		$	59,176,031			$	62,780,439

See Notes to Financial Statements.

PGIM Day One Underlying Funds    67

PGIM Core Conservative Bond Fund

Financial Highlights  (unaudited)

Class R6 Shares
	Six Months
	Ended															November 15, 2016(a)
	January 31,			Year Ended July 31,												through July 31,
	2022			2021			2020			2019			2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.39			$10.81		$	10.12		$	9.66		$	10.03			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.13			0.22			0.25			0.21			0.12
Net realized and unrealized gain (loss) on investment transactions		(0.41	)		(0.25	)		0.73			0.49			(0.34	)		0.05
Total from investment operations		(0.35	)		(0.12	)		0.95			0.74			(0.13	)		0.17
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		(0.21	)		(0.26	)		(0.28	)		(0.24	)		(0.14	)
Distributions from net realized gains		(0.03	)		(0.09	)		-			-			-			-
Total dividends and distributions		(0.13	)		(0.30	)		(0.26	)		(0.28	)		(0.24	)		(0.14	)
Net asset value, end of period		$9.91			$10.39			$10.81			$10.12			$9.66			$10.03
Total Return(c):		(3.39	)%		(1.07	)%		9.50	%		7.74	%		(1.31	)%		1.72	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$59,176			$62,780		$	57,963		$	46,905		$	38,592			$31,357
Average net assets (000)		$60,905			$62,768		$	50,192		$	42,668		$	34,737			$25,827
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.50	%(e)		0.50	%		0.50	%		0.50	%		0.50	%		0.53	%(e)
Expenses before waivers and/or expense reimbursement		0.54	%(e)		0.55	%		0.67	%		0.77	%		0.78	%		0.95	%(e)
Net investment income (loss)		1.26	%(e)		1.28	%		2.07	%		2.55	%		2.11	%		1.72	%(e)
Portfolio turnover rate(f)(g)		88	%		194	%		174	%		107	%		171	%		348	%

(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 GAAP. 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) The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

See Notes to Financial Statements.

68

PGIM TIPS Fund

Schedule of Investments  (unaudited)

as of January 31, 2022

Description	Interest Rate		Maturity Date		Principal       Amount       (000)#		Value
LONG-TERM INVESTMENTS     99.9%
U.S. TREASURY OBLIGATIONS
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125%		01/15/23		15,588	$	16,013,100
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/30		4,770		5,159,631
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		01/15/31		7,015		7,625,530
U.S. Treasury Inflation Indexed Bonds, TIPS		0.125		02/15/51		192		208,109
U.S. Treasury Inflation Indexed Bonds, TIPS		0.250		01/15/25		4,072		4,315,573
U.S. Treasury Inflation Indexed Bonds, TIPS		0.375		01/15/27		2,451		2,649,788
U.S. Treasury Inflation Indexed Bonds, TIPS		0.500		04/15/24		507		535,241
U.S. Treasury Inflation Indexed Bonds, TIPS		0.500		01/15/28		3,780		4,138,308
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		01/15/26		9,627		10,412,354
U.S. Treasury Inflation Indexed Bonds, TIPS		0.625		02/15/43		115		134,022
U.S. Treasury Inflation Indexed Bonds, TIPS		0.750		02/15/42		3,327		3,959,584
U.S. Treasury Inflation Indexed Bonds, TIPS		0.875		01/15/29		11,332		12,816,859
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000		02/15/48		2,931		3,812,981
U.S. Treasury Inflation Indexed Bonds, TIPS		1.000		02/15/49		2,668		3,503,808
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125		02/15/40		1,202		1,750,050
U.S. Treasury Inflation Indexed Bonds, TIPS		2.125		02/15/41		1,276		1,869,611
U.S. Treasury Inflation Indexed Bonds, TIPS		2.375		01/15/27		2,949		3,497,890
U.S. Treasury Inflation Indexed Bonds, TIPS		3.375		04/15/32		869		1,255,808
U.S. Treasury Notes		0.375		01/31/26		1,250		1,193,457
TOTAL LONG-TERM INVESTMENTS (cost $83,400,241)								84,851,704
					Shares
SHORT-TERM INVESTMENT     0.4%
UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $349,306)						349,306		349,306
TOTAL INVESTMENTS     100.3% (cost $83,749,547)								85,201,010
Liabilities in excess of other assets     (0.3)%								(251,161	)
NET ASSETS     100.0%							$	84,949,849

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

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds    69

PGIM TIPS Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1			Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
U.S. Treasury Obligations.		$	—		$	84,851,704		$—
Short-Term Investment
Unaffiliated Fund.			349,306			—		—
Total		$	349,306		$	84,851,704		$—

Sector Allocations:

The sector allocations of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2022 were as follows:

U.S. Treasury Obligations 99.9 % 

Unaffiliated Fund	0.4	%
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

See Notes to Financial Statements.

70

PGIM TIPS Fund

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

Assets
Unaffiliated investments (cost $83,749,547)	$	85,201,010
Receivable for investments sold		2,901,598
Interest receivable		85,902
Receivable for Fund shares sold		69,003
Prepaid expenses and other assets		1,035
Total Assets		88,258,548
Liabilities
Payable for investments purchased		2,687,118
Payable for Fund shares purchased		565,027
Accrued expenses and other liabilities		38,964
Management fee payable		16,771
Trustees’ fees payable		696
Affiliated transfer agent fee payable		123
Total Liabilities		3,308,699
Net Assets	$	84,949,849
Net assets were comprised of:
Paid-in capital	$	84,909,507
Total distributable earnings (loss)		40,342
Net assets, January 31, 2022	$	84,949,849
Class R6
Net asset value, offering price and redemption price per share, ($84,949,849 ÷ 8,300,016 shares of beneficial interest issued and outstanding)	$	10.23

See Notes to Financial Statements.

PGIM Day One Underlying Funds    71

PGIM TIPS Fund

Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

Net Investment Income (Loss)
Income
Interest income	$	2,042,868
Affiliated dividend income		315
Total income		2,043,183
Expenses
Management fee		95,546
Custodian and accounting fees		22,145
Audit fee		16,282
Legal fees and expenses		10,114
Trustees’ fees		5,343
Shareholders’ reports		2,552
SEC registration fees		537
Transfer agent’s fees and expenses (including affiliated expense of $ 241)		241
Registration fees		138
Miscellaneous		10,878
Total expenses		163,776
Net investment income (loss)		1,879,407
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		580,409
Net change in unrealized appreciation (depreciation) on investments		(3,189,186	)
Net gain (loss) on investment transactions		(2,608,777	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(729,370	)

See Notes to Financial Statements.

72

PGIM TIPS Fund

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended January 31, 2022			Year Ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$ 1,879,407			$ 2,679,774
Net realized gain (loss) on investment transactions		580,409			1,399,665
Net change in unrealized appreciation (depreciation) on investments		(3,189,186	)		1,275,072
Net increase (decrease) in net assets resulting from operations		(729,370	)		5,354,511
Dividends and Distributions
Distributions from distributable earnings Class R6		(3,982,300	)		(4,092,491	)
Fund share transactions
Net proceeds from shares sold		15,081,388			62,803,571
Net asset value of shares issued in reinvestment of dividends and distributions		3,980,297			4,092,491
Cost of shares purchased		(13,192,944	)		(33,100,869	)
Net increase (decrease) in net assets from Fund share transactions		5,868,741			33,795,193
Total increase (decrease)		1,157,071			35,057,213
Net Assets:
Beginning of period		83,792,778			48,735,565
End of period		$ 84,949,849			$ 83,792,778

See Notes to Financial Statements.

PGIM Day One Underlying Funds    73

PGIM TIPS Fund

Financial Highlights  (unaudited)

Class R6 Shares
	Six Months Ended January 31,															November 15, 2016(a) through July 31,             2017
				Year Ended July 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.83			$10.67			$9.87			$9.61			$9.86			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.24			0.36			0.01			0.21			0.28			0.13
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.32	)		0.32			0.94			0.30			(0.19	)		(0.09	)
Total from investment operations		(0.08	)		0.68			0.95			0.51			0.09			0.04
Less Dividends and Distributions:
Dividends from net investment income		(0.31	)		(0.43	)		(0.15	)		(0.25	)		(0.34	)		(0.18	)
Distributions from net realized gains		(0.21	)		(0.09	)		-			-			-			-
Total dividends and distributions		(0.52	)		(0.52	)		(0.15	)		(0.25	)		(0.34	)		(0.18	)
Net asset value, end of period		$10.23			$10.83			$10.67			$9.87			$9.61			$9.86
Total Return(c):		(0.84	)%		6.49	%		9.83	%		5.38	%		0.87	%		0.38	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$84,950			$83,793			$48,736			$35,938			$23,693			$16,011
Average net assets (000)		$82,407			$79,151			$38,800			$30,412			$19,916			$6,479
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.39	%(e)		0.40	%		0.40	%		0.40	%		0.40	%		0.55	%(e)
Expenses before waivers and/or expense reimbursement		0.39	%(e)		0.41	%		0.58	%		0.72	%		0.94	%		2.41	%(e)
Net investment income (loss)		4.52	%(e)		3.39	%		0.12	%		2.17	%		2.83	%		1.79	%(e)
Portfolio turnover rate(f)		36	%		72	%		102	%		40	%		54	%		41	%

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

See Notes to Financial Statements.

74

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments  (unaudited)

as of January 31, 2022

Description	Interest Rate		Maturity Date		Principal     Amount     (000)#		Value
SHORT-TERM INVESTMENTS     98.1%
U.S. TREASURY OBLIGATIONS(n)     80.3%
U.S. Treasury Bills		0.055%		02/24/22(bb)(k)		5,500	$	5,499,876
U.S. Treasury Bills		0.060		02/24/22		18,500		18,499,582
U.S. Treasury Bills		0.068		09/08/22		27,000		26,922,548
TOTAL U.S. TREASURY OBLIGATIONS (cost $50,988,013)								50,922,006
					Shares
UNAFFILIATED FUND     17.8%
Dreyfus Government Cash Management (Institutional Shares)(bb) (cost $11,301,394)						11,301,394		11,301,394
TOTAL INVESTMENTS     98.1% (cost $62,289,407)								62,223,400
Other assets in excess of liabilities(z)     1.9%								1,235,972
NET ASSETS     100.0%							$	63,459,372

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

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

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

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

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

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

Commodity Futures contracts outstanding at January 31, 2022(1):

Number of Contracts	Type	Expiration      Date	Current Notional Amount		Value/ Unrealized Appreciation (Depreciation)
Long Positions:
51	Brent Crude	May 2022	$	4,480,350	$	369,106
12	Coffee ‘C’	Mar. 2022		1,057,950		57,741
21	Copper	Mar. 2022		2,270,363		(18,396	)
86	Corn	Mar. 2022		2,691,800		204,556
8	Cotton No. 2	Mar. 2022		510,280		56,183
14	Gasoline RBOB	Mar. 2022		1,501,987		312,651

See Notes to Financial Statements.

PGIM Day One Underlying Funds    75

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Commodity Futures contracts outstanding at January 31, 2022(1) (continued):

Number of Contracts	Type	Expiration      Date	Current Notional   Amount		Value/ Unrealized Appreciation (Depreciation)
Long Positions (cont’d):
49	Gold 100 OZ	Apr. 2022	$	8,802,360		$	(31,928	)
26	Hard Red Winter Wheat	Mar. 2022		1,015,625			(18,245	)
48	Lean Hogs	Apr. 2022		1,837,440			136,431
18	Live Cattle	Apr. 2022		1,040,580			14,389
25	LME Nickel	Mar. 2022		3,388,200			334,187
53	LME PRI Aluminum	Mar. 2022		4,013,425			549,947
32	LME Zinc	Mar. 2022		2,885,200			358,126
22	Low Sulphur Gas Oil	Mar. 2022		1,722,050			383,859
128	Natural Gas	Mar. 2022		6,238,720			1,219,533
21	NY Harbor ULSD	Mar. 2022		2,395,247			507,909
27	Silver	Mar. 2022		3,023,055			(116,485	)
10	Soft Red Winter Wheat	Mar. 2022		380,625			(13,620	)
52	Soybean	Mar. 2022		3,875,300			511,421
51	Soybean Meal	Mar. 2022		2,136,390			268,363
75	Soybean Oil	Mar. 2022		2,916,900			340,836
52	Sugar No. 11	Mar. 2022		1,061,133			(92,249	)
72	WTI Crude	Mar. 2022		6,346,800			1,599,667
							6,933,982
Short Positions:
4	LME Nickel	Mar. 2022		542,112			(81,755	)
19	LME PRI Aluminum	Mar. 2022		1,438,775			(16,772	)
1	LME Zinc	Mar. 2022		90,163			(1,846	)
							(100,373	)
						$	6,833,609

(1) Represents positions held in the Cayman Subsidiary.

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

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

Broker	Cash and/or Foreign Currency			Securities Market Value
Morgan Stanley & Co. LLC		$	1,141,887		$	5,499,876

See Notes to Financial Statements.

76

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1			Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Unaffiliated Fund	$	11,301,394		$	—		$—
U.S. Treasury Obligations		—			50,922,006		—
Total	$	11,301,394		$	50,922,006		$—
Other Financial Instruments*
Assets
Commodity Futures Contracts	$	7,224,905		$	—		$—
Liabilities
Commodity Futures Contracts	$	(391,296	)	$	—		$—

* Other financial instruments are derivative instruments not reflected in the Consolidated 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.

Sector Allocation:

The sector allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2022 were as follows:

U.S. Treasury Obligations	80.3	%
Unaffiliated Fund	17.8
	98.1
Other assets in excess of liabilities	1.9
	100.0	%

See Notes to Financial Statements.

PGIM Day One Underlying Funds    77

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

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. See the Notes to Consolidated Financial Statements for additional detail regarding these derivative instruments and their risks. The effect of such derivative instruments on the Fund’s financial position and financial performance as reflected in the 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, 2022 as presented in the Consolidated Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Consolidated Statement of Assets and Liabilities Location	Fair Value			Consolidated Statement of Assets and Liabilities Location	Fair Value
Commodity contracts	Due from/to broker-variation margin futures	$	7,224,905	*	Due from/to broker-variation margin futures	$	391,296	*

* 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 Consolidated Statement of Assets and Liabilities.

The effects of derivative instruments on the Consolidated Statement of Operations for the six months ended January 31, 2022 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	$2,144,602

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Commodity contracts	$5,498,611

See Notes to Financial Statements.

78

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

For the six months ended January 31, 2022, the Fund’s average volume of derivative activities is as follows:

Futures Contracts— Long Positions(1)	Futures Contracts— Short Positions(1)
$66,593,209	$	3,691,324

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended January 31, 2022.

See Notes to Financial Statements.

PGIM Day One Underlying Funds    79

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

Assets
Unaffiliated investments (cost $62,289,407)	$	62,223,400
Deposit with broker for centrally cleared/exchange-traded derivatives		1,141,887
Due from broker—variation margin futures		527,270
Receivable for Fund shares sold		21,127
Dividends and interest receivable		173
Prepaid expenses and other assets		30,585
Total Assets		63,944,442
Liabilities
Payable for Fund shares purchased		445,120
Accrued expenses and other liabilities		20,887
Management fee payable		18,012
Trustees’ fees payable		838
Affiliated transfer agent fee payable		213
Total Liabilities		485,070
Net Assets	$	63,459,372
Net assets were comprised of:
Paid-in capital	$	60,994,625
Total distributable earnings (loss)		2,464,747
Net assets, January 31, 2022	$	63,459,372
Class Z
Net asset value, offering price and redemption price per share, ($11,400 ÷ 1,259 shares of beneficial interest issued and outstanding)	$	9.05
Class R6
Net asset value, offering price and redemption price per share, ($63,447,972 ÷ 7,006,984 shares of beneficial interest issued and outstanding)	$	9.05

See Notes to Financial Statements.

80

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

Net Investment Income (Loss)
Income
Interest income	$	16,821
Affiliated dividend income		5,340
Unaffiliated dividend income		173
Total income		22,334
Expenses
Management fee		144,245
Custodian and accounting fees		19,913
Audit fee		14,779
Legal fees and expenses		13,023
Trustees’ fees		5,041
Registration fees(a)		4,743
Shareholders’ reports		2,420
Transfer agent’s fees and expenses (including affiliated expense of $ 388)(a)		388
SEC registration fees		209
Miscellaneous		7,297
Total expenses		212,058
Less: Fee waiver and/or expense reimbursement(a)		(24,567	)
Net expenses		187,491
Net investment income (loss)		(165,157	)
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions		8,869
Futures transactions		2,144,602
		2,153,471
Net change in unrealized appreciation (depreciation) on:
Investments		(70,257	)
Futures		5,498,611
		5,428,354
Net gain (loss) on investment transactions		7,581,825
Net Increase (Decrease) In Net Assets Resulting From Operations	$	7,416,668

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

	Class Z			Class R6
Registration fees		4,617			126
Transfer agent’s fees and expenses		43			345
Fee waiver and/or expense reimbursement		(4,659	)		(19,908	)

See Notes to Financial Statements.

PGIM Day One Underlying Funds    81

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets  (unaudited)

	Six Months Ended  January 31, 2022				Year Ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	(165,157	)		$	(288,328	)
Net realized gain (loss) on investment transactions			2,153,471				20,721,303
Net change in unrealized appreciation (depreciation) on investments			5,428,354				(841,412	)
Net increase (decrease) in net assets resulting from operations			7,416,668				19,591,563
Dividends and Distributions
Distributions from distributable earnings
Class R6			(19,775,119	)			—
Total dividends and distributions			(19,775,119	)			—
Fund share transactions
Net proceeds from shares sold			5,669,860				18,968,112
Net asset value of shares issued in reinvestment of dividends and distributions			19,775,119				—
Cost of shares purchased			(11,348,459	)			(15,391,089	)
Net increase (decrease) in net assets from Fund share transactions			14,096,520				3,577,023
Total increase (decrease)			1,738,069				23,168,586
Net Assets:
Beginning of period			61,721,303				38,552,717
End of period		$	63,459,372			$	61,721,303

See Notes to Financial Statements.

82

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights  (unaudited)

Class Z Shares
	December 14, 2021(a)         through January 31,                         2022
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$7.99
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		1.07
Total from investment operations		1.06
Net asset value, end of period		$9.05
Total Return(c):		13.98	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$11
Average net assets (000)		$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.70	%(e)
Expenses before waivers and/or expense reimbursement		327.26	%(e)
Net investment income (loss)		(0.62	)%(e)
Portfolio turnover rate(f)		0	%

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds    83

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights  (unaudited) (continued)

Class R6 Shares
	Six Months Ended January 31, 2022															November 15, 2016(a) through  July 31, 2017
				Year Ended July 31,
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$12.02			$8.34			$9.44			$10.31			$10.15			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.03)			(0.05	)		0.01			0.14			0.04			(0.05	)
Net realized and unrealized gain
(loss) on investment transactions		0.98			3.73			(1.01	)		(0.74	)		0.27			0.20
Total from investment operations		0.95			3.68			(1.00	)		(0.60	)		0.31			0.15
Less Dividends and Distributions:
Dividends from net investment income		(3.92)			-			(0.10	)		(0.27	)		(0.15	)		-
Tax return of capital distributions		-			-			(-	)(c)		-			-			-
Total dividends and distributions		(3.92)			-			(0.10	)		(0.27	)		(0.15	)		-
Net asset value, end of period		$9.05			$12.02			$8.34			$9.44			$10.31			$10.15
Total Return(d):		12.26%			44.12	%		(10.74	)%		(5.69	)%		3.09	%		1.50	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$63,448			$61,721			$38,553			$21,123			$18,187			$13,811
Average net assets (000)		$61,659			$53,974			$28,308			$19,634			$16,136			$10,738
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		0.60%	(f)		0.64	%		0.80	%		0.80	%		0.92	%		1.30	%(f)
Expenses before waivers and/or expense reimbursement		0.66%	(f)		0.71	%		0.94	%		1.10	%		1.88	%		2.64	%(f)
Net investment income (loss)		(0.53)%	(f)		(0.53	)%		0.17	%		1.42	%		0.41	%		(0.67	)%(f)
Portfolio turnover rate(g)		0%			0	%		0	%		0	%		0	%		0	%

(a) Commencement of operations.

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

(c) Amount rounds to zero.

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

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

(f) Annualized.

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

See Notes to Financial Statements.

84

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited)

as of January 31, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    99.2%
COMMON STOCKS    96.7%
Aerospace & Defense    1.1%
Curtiss-Wright Corp.		1,326	$	176,080
Hexcel Corp.*		600		31,302
				207,382
Air Freight & Logistics    0.1%
Hub Group, Inc. (Class A Stock)*		300		22,716
Auto Components    0.9%
Adient PLC*		896		37,605
Goodyear Tire & Rubber Co. (The)*		6,001		124,401
Modine Manufacturing Co.*		1,000		9,150
				171,156
Automobiles    0.8%
Thor Industries, Inc.		1,540		145,669
Banks    5.8%
Banc of California, Inc.		400		7,728
Cathay General Bancorp		900		40,644
East West Bancorp, Inc.		1,148		99,118
Eastern Bankshares, Inc.		500		10,645
Enterprise Financial Services Corp.		200		9,908
First Horizon Corp.		3,674		62,862
FNB Corp.		1,081		13,967
Fulton Financial Corp.		1,500		26,925
Hancock Whitney Corp.		2,890		152,361
Home BancShares, Inc.		2,700		63,612
OceanFirst Financial Corp.		300		6,810
PacWest Bancorp		612		28,415
Pinnacle Financial Partners, Inc.		1,200		116,052
Synovus Financial Corp.		3,840		191,078
United Bankshares, Inc.		1,200		42,396
Valley National Bancorp		5,668		78,899
Webster Financial Corp.		400		22,724
Wintrust Financial Corp.		1,296		127,099
				1,101,243
Biotechnology    2.1%
Exelixis, Inc.*		5,323		96,346

See Notes to Financial Statements.

PGIM Day One Underlying Funds    85

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Neurocrine Biosciences, Inc.*		1,100	$	86,922
Tonix Pharmaceuticals Holding Corp.*		23,800		5,784
United Therapeutics Corp.*		1,030		207,926
				396,978
Building Products    1.8%
Carlisle Cos., Inc.		995		222,323
Insteel Industries, Inc.		200		7,566
Owens Corning		794		70,428
Trex Co., Inc.*		380		34,758
				335,075
Capital Markets    2.8%
Affiliated Managers Group, Inc.		380		55,560
Evercore, Inc. (Class A Stock)		377		47,057
Janus Henderson Group PLC		1,033		38,118
Jefferies Financial Group, Inc.		3,246		118,933
SEI Investments Co.		1,694		99,285
Stifel Financial Corp.		2,143		160,511
				519,464
Chemicals    2.6%
Cabot Corp.		1,566		86,114
CF Industries Holdings, Inc.		700		48,209
Chemours Co. (The)		1,563		51,126
Minerals Technologies, Inc.		400		27,988
Olin Corp.		3,540		179,372
Orion Engineered Carbons SA (Germany)		1,200		20,520
Westlake Chemical Corp.		848		83,655
				496,984
Commercial Services & Supplies    1.1%
Clean Harbors, Inc.*		1,523		140,954
Tetra Tech, Inc.		410		57,068
				198,022
Communications Equipment    0.4%
Ciena Corp.*		600		39,786

See Notes to Financial Statements.

86

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Communications Equipment (cont’d.)
Digi International, Inc.*		300	$	6,702
NetScout Systems, Inc.*		788		24,861
				71,349
Construction & Engineering    1.4%
AECOM		769		53,161
Comfort Systems USA, Inc.		100		8,978
Dycom Industries, Inc.*		200		16,858
EMCOR Group, Inc.		1,558		185,729
				264,726
Construction Materials    0.9%
Eagle Materials, Inc.		1,177		171,665
Consumer Finance     0.9%
Navient Corp.		800		13,944
PROG Holdings, Inc.*		200		7,962
SLM Corp.		7,504		137,623
				159,529
Containers & Packaging    0.7%
Greif, Inc. (Class A Stock)		1,846		109,209
Silgan Holdings, Inc.		500		22,390
				131,599
Diversified Consumer Services    0.7%
Grand Canyon Education, Inc.*		606		50,710
Service Corp. International		1,250		77,150
				127,860
Electric Utilities    1.3%
ALLETE, Inc.		1,000		63,830
Hawaiian Electric Industries, Inc.		2,500		106,250
OGE Energy Corp.		1,760		66,739
				236,819

See Notes to Financial Statements.

PGIM Day One Underlying Funds    87

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Electrical Equipment     2.6%
Acuity Brands, Inc.		579	$	110,896
Atkore, Inc.*		390		42,034
nVent Electric PLC		3,589		124,144
Regal Rexnord Corp.		1,340		212,363
				489,437
Electronic Equipment, Instruments & Components     3.5%
Arrow Electronics, Inc.*		708		87,792
Belden, Inc.		1,000		55,950
Jabil, Inc.		2,403		147,761
National Instruments Corp.		700		28,854
ScanSource, Inc.*		374		11,661
TD SYNNEX Corp.		1,566		163,757
Vishay Intertechnology, Inc.		2,333		48,316
Vontier Corp.		4,400		123,684
				667,775
Energy Equipment & Services     0.4%
ChampionX Corp.*		3,600		80,640
Entertainment     0.6%
Playtika Holding Corp.*		4,095		69,738
World Wrestling Entertainment, Inc. (Class A Stock)		694		34,658
				104,396
Equity Real Estate Investment Trusts (REITs)     8.9%
American Campus Communities, Inc.		2,000		104,520
Apartment Income REIT Corp.		3,117		164,640
Apple Hospitality REIT, Inc.		3,700		59,681
Camden Property Trust		910		145,682
Corporate Office Properties Trust		4,845		122,384
EPR Properties		2,200		96,734
Highwoods Properties, Inc.		2,659		114,656
Kilroy Realty Corp.		1,600		102,400
Kite Realty Group Trust		6,300		131,544
Lamar Advertising Co. (Class A Stock)		1,746		193,387
Medical Properties Trust, Inc.		725		16,501
National Retail Properties, Inc.		500		22,190
Park Hotels & Resorts, Inc.*		5,000		91,000

See Notes to Financial Statements.

88

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Piedmont Office Realty Trust, Inc. (Class A Stock)		3,737	$	66,369
PotlatchDeltic Corp.		1,868		100,480
Sabra Health Care REIT, Inc.		1,669		22,715
SL Green Realty Corp.		198		14,359
Spirit Realty Capital, Inc.		1,117		53,013
STORE Capital Corp.		1,900		60,249
				1,682,504
Food & Staples Retailing     0.4%
BJ’s Wholesale Club Holdings, Inc.*		1,100		67,617
Casey’s General Stores, Inc.		50		9,391
				77,008
Food Products     2.4%
Darling Ingredients, Inc.*		2,043		130,282
Flowers Foods, Inc.		200		5,626
Ingredion, Inc.		1,572		148,869
Pilgrim’s Pride Corp.*		1,390		38,878
Sanderson Farms, Inc.		680		125,120
				448,775
Gas Utilities     1.1%
National Fuel Gas Co.		300		18,219
UGI Corp.		4,282		194,189
				212,408
Health Care Equipment & Supplies     3.2%
DENTSPLY SIRONA, Inc.		2,100		112,182
Envista Holdings Corp.*		2,089		90,328
Globus Medical, Inc. (Class A Stock)*		1,674		111,706
Haemonetics Corp.*		1,900		91,865
ICU Medical, Inc.*		541		115,428
Integer Holdings Corp.*		275		21,563
Integra LifeSciences Holdings Corp.*		523		33,859
Masimo Corp.*		118		25,945
Merit Medical Systems, Inc.*		100		5,545
				608,421

See Notes to Financial Statements.

PGIM Day One Underlying Funds    89

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Providers & Services     2.2%
Chemed Corp.		177	$	82,997
Encompass Health Corp.		1,000		62,040
Molina Healthcare, Inc.*		912		264,918
Patterson Cos., Inc.		224		6,426
				416,381
Hotels, Restaurants & Leisure     3.3%
Boyd Gaming Corp.*		600		35,676
Century Casinos, Inc.*		2,894		28,795
Choice Hotels International, Inc.		920		131,928
Churchill Downs, Inc.		360		75,708
Hilton Grand Vacations, Inc.*		800		39,088
Hyatt Hotels Corp. (Class A Stock)*		330		30,231
Jack in the Box, Inc.		773		70,382
Planet Fitness, Inc. (Class A Stock)*		800		70,912
RCI Hospitality Holdings, Inc.		200		13,974
Texas Roadhouse, Inc.		799		68,227
Wendy’s Co. (The)		2,268		52,232
				617,153
Household Durables     1.7%
KB Home		300		12,675
Taylor Morrison Home Corp.*		600		18,414
Tempur Sealy International, Inc.		1,416		56,371
Toll Brothers, Inc.		2,796		164,880
Tri Pointe Homes, Inc.*		2,699		64,263
				316,603
Independent Power & Renewable Electricity Producers     0.2%
AES Corp. (The)		2,043		45,314
Insurance     4.4%
Alleghany Corp.*		50		33,200
American Financial Group, Inc.		1,371		178,614
First American Financial Corp.		1,296		96,565
Hanover Insurance Group, Inc. (The)		579		79,879
Kinsale Capital Group, Inc.		260		52,083
Old Republic International Corp.		7,622		195,352

See Notes to Financial Statements.

90

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Reinsurance Group of America, Inc.		1,538	$	176,608
Selective Insurance Group, Inc.		100		7,890
				820,191
Interactive Media & Services     0.1%
Yelp, Inc.*		700		24,178
IT Services     2.4%
Concentrix Corp.		1,028		206,618
Evo Payments, Inc. (Class A Stock)*		1,000		24,120
ExlService Holdings, Inc.*		550		66,286
Genpact Ltd.		2,800		139,300
Kyndryl Holdings, Inc.*		800		13,504
				449,828
Leisure Products     0.5%
Brunswick Corp.		565		51,296
Smith & Wesson Brands, Inc.		2,700		46,116
				97,412
Life Sciences Tools & Services     1.9%
Bruker Corp.		2,074		138,128
Medpace Holdings, Inc.*		783		138,951
Syneos Health, Inc.*		923		83,587
				360,666
Machinery     5.1%
AGCO Corp.		391		45,825
Altra Industrial Motion Corp.		300		14,484
Crane Co.		1,580		163,546
Donaldson Co., Inc.		2,147		119,502
Flowserve Corp.		2,800		91,336
ITT, Inc.		304		27,944
Lincoln Electric Holdings, Inc.		698		89,232
Middleby Corp. (The)*		240		44,448
Mueller Industries, Inc.		100		5,166
Nordson Corp.		688		159,988
REV Group, Inc.		500		6,715

See Notes to Financial Statements.

PGIM Day One Underlying Funds    91

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Standex International Corp.		140	$	13,909
Terex Corp.		1,800		75,096
Toro Co. (The)		1,137		109,811
				967,002
Media     0.7%
TEGNA, Inc.		6,779		131,241
Metals & Mining     2.6%
Commercial Metals Co.		2,400		80,256
Reliance Steel & Aluminum Co.		1,344		205,471
Steel Dynamics, Inc.		3,799		210,920
				496,647
Mortgage Real Estate Investment Trusts (REITs)     0.1%
Granite Point Mortgage Trust, Inc.		2,085		25,229
Multiline Retail     0.4%
Franchise Group, Inc.		1,000		50,070
Macy’s, Inc.		700		17,920
				67,990
Multi-Utilities     1.1%
Black Hills Corp.		300		20,322
MDU Resources Group, Inc.		5,681		166,851
NorthWestern Corp.		472		27,433
				214,606
Oil, Gas & Consumable Fuels     1.8%
Equitrans Midstream Corp.		700		5,677
Murphy Oil Corp.		1,900		60,040
Targa Resources Corp.		4,195		247,841
World Fuel Services Corp.		629		17,744
				331,302

See Notes to Financial Statements.

92

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Personal Products     0.7%
Coty, Inc. (Class A Stock)*		12,900	$	109,392
Nu Skin Enterprises, Inc. (Class A Stock)		616		29,685
				139,077
Pharmaceuticals     0.2%
Perrigo Co. PLC		1,200		45,684
Professional Services     2.0%
ASGN, Inc.*		1,012		116,248
CACI International, Inc. (Class A Stock)*		100		24,746
Insperity, Inc.		234		25,162
Korn Ferry		700		46,466
ManpowerGroup, Inc.		1,241		130,144
Science Applications International Corp.		521		42,738
				385,504
Real Estate Management & Development     1.2%
Jones Lang LaSalle, Inc.*		899		225,460
Road & Rail     1.1%
AMERCO		60		36,537
Avis Budget Group, Inc.*		30		5,285
Ryder System, Inc.		200		14,638
Saia, Inc.*		70		19,900
XPO Logistics, Inc.*		2,000		132,340
				208,700
Semiconductors & Semiconductor Equipment     4.3%
Amkor Technology, Inc.		3,595		79,162
Cirrus Logic, Inc.*		1,470		131,477
Lattice Semiconductor Corp.*		900		49,698
MKS Instruments, Inc.		539		83,723
Power Integrations, Inc.		600		48,426
Semtech Corp.*		1,970		140,067
SiTime Corp.*		460		107,221
Synaptics, Inc.*		830		174,591
				814,365

See Notes to Financial Statements.

PGIM Day One Underlying Funds    93

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Software     3.2%
ACI Worldwide, Inc.*		200	$	6,874
Black Knight, Inc.*		700		52,220
Blackbaud, Inc.*		1,273		86,742
CDK Global, Inc.		2,018		86,713
CommVault Systems, Inc.*		750		50,595
Envestnet, Inc.*		400		29,576
Manhattan Associates, Inc.*		1,434		191,970
Paylocity Holding Corp.*		460		93,831
				598,521
Specialty Retail     3.8%
Asbury Automotive Group, Inc.*		680		109,460
AutoNation, Inc.*		1,545		168,405
Dick’s Sporting Goods, Inc.		690		79,626
Foot Locker, Inc.		3,417		152,671
Lithia Motors, Inc.		300		87,639
Penske Automotive Group, Inc.		80		8,130
Tilly’s, Inc. (Class A Stock)		600		7,908
Williams-Sonoma, Inc.		627		100,659
				714,498
Textiles, Apparel & Luxury Goods     2.0%
Capri Holdings Ltd.*		3,321		199,492
Carter’s, Inc.		130		12,106
Columbia Sportswear Co.		762		70,767
Crocs, Inc.*		273		28,015
Skechers USA, Inc. (Class A Stock)*		1,700		71,400
				381,780
Thrifts & Mortgage Finance     0.0%
PennyMac Financial Services, Inc.		100		6,270
Trading Companies & Distributors     1.2%
Rush Enterprises, Inc. (Class A Stock)		224		11,832
Titan Machinery, Inc.*		200		6,160

See Notes to Financial Statements.

94

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Trading Companies & Distributors (cont’d.)
Univar Solutions, Inc.*		5,812	$	154,018
Veritiv Corp.*		593		55,196
				227,206
TOTAL COMMON STOCKS (cost $15,564,275)				18,258,408
EXCHANGE-TRADED FUND     2.5%
iShares Core S&P Mid-Cap ETF (cost $372,550)		1,788		469,421
TOTAL LONG-TERM INVESTMENTS (cost $15,936,825)				18,727,829
SHORT-TERM INVESTMENT     0.8%
UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $143,692)		143,692		143,692
TOTAL INVESTMENTS     100.0% (cost $16,080,517)				18,871,521
Other assets in excess of liabilities     0.0%				8,627
NET ASSETS     100.0%			$	18,880,148

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

* Non-income producing security.

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.

PGIM Day One Underlying Funds    95

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

The following is a summary of the inputs used as of January 31, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	207,382		$—		$—
Air Freight & Logistics		22,716		—		—
Auto Components		171,156		—		—
Automobiles		145,669		—		—
Banks		1,101,243		—		—
Biotechnology		396,978		—		—
Building Products		335,075		—		—
Capital Markets		519,464		—		—
Chemicals		496,984		—		—
Commercial Services & Supplies		198,022		—		—
Communications Equipment		71,349		—		—
Construction & Engineering		264,726		—		—
Construction Materials		171,665		—		—
Consumer Finance		159,529		—		—
Containers & Packaging		131,599		—		—
Diversified Consumer Services		127,860		—		—
Electric Utilities		236,819		—		—
Electrical Equipment		489,437		—		—
Electronic Equipment, Instruments & Components		667,775		—		—
Energy Equipment & Services		80,640		—		—
Entertainment		104,396		—		—
Equity Real Estate Investment Trusts (REITs)		1,682,504		—		—
Food & Staples Retailing		77,008		—		—
Food Products		448,775		—		—
Gas Utilities		212,408		—		—
Health Care Equipment & Supplies		608,421		—		—
Health Care Providers & Services		416,381		—		—
Hotels, Restaurants & Leisure		617,153		—		—
Household Durables		316,603		—		—
Independent Power & Renewable Electricity Producers		45,314		—		—
Insurance		820,191		—		—
Interactive Media & Services		24,178		—		—
IT Services		449,828		—		—
Leisure Products		97,412		—		—
Life Sciences Tools & Services		360,666		—		—
Machinery		967,002		—		—
Media		131,241		—		—
Metals & Mining		496,647		—		—
Mortgage Real Estate Investment Trusts (REITs)		25,229		—		—
Multiline Retail		67,990		—		—
Multi-Utilities		214,606		—		—

See Notes to Financial Statements.

96

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Oil, Gas & Consumable Fuels	$	331,302		$—		$—
Personal Products		139,077		—		—
Pharmaceuticals		45,684		—		—
Professional Services		385,504		—		—
Real Estate Management & Development		225,460		—		—
Road & Rail		208,700		—		—
Semiconductors & Semiconductor Equipment		814,365		—		—
Software		598,521		—		—
Specialty Retail		714,498		—		—
Textiles, Apparel & Luxury Goods		381,780		—		—
Thrifts & Mortgage Finance		6,270		—		—
Trading Companies & Distributors		227,206		—		—
Exchange-Traded Fund		469,421		—		—
Short-Term Investment
Unaffiliated Fund		143,692		—		—
Total	$	18,871,521		$—		$—

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, 2022 were as follows:

Equity Real Estate Investment Trusts (REITs)	8.9	%
Banks	5.8
Machinery	5.1
Insurance	4.4
Semiconductors & Semiconductor Equipment	4.3
Specialty Retail	3.8
Electronic Equipment, Instruments & Components	3.5
Hotels, Restaurants & Leisure	3.3
Health Care Equipment & Supplies	3.2
Software	3.2
Capital Markets	2.8
Chemicals	2.6
Metals & Mining	2.6
Electrical Equipment	2.6
Exchange-Traded Fund	2.5
IT Services	2.4
Food Products	2.4
Health Care Providers & Services	2.2

Biotechnology	2.1	%
Professional Services	2.0
Textiles, Apparel & Luxury Goods	2.0
Life Sciences Tools & Services	1.9
Building Products	1.8
Oil, Gas & Consumable Fuels	1.8
Household Durables	1.7
Construction & Engineering	1.4
Electric Utilities	1.3
Trading Companies & Distributors	1.2
Real Estate Management & Development	1.2
Multi-Utilities	1.1
Gas Utilities	1.1
Road & Rail	1.1
Aerospace & Defense	1.1
Commercial Services & Supplies	1.1
Construction Materials	0.9
Auto Components	0.9

See Notes to Financial Statements.

PGIM Day One Underlying Funds    97

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Industry Classification (continued):

Consumer Finance	0.9	%
Automobiles	0.8
Unaffiliated Fund	0.8
Personal Products	0.7
Containers & Packaging	0.7
Media	0.7
Diversified Consumer Services	0.7
Entertainment	0.6
Leisure Products	0.5
Energy Equipment & Services	0.4
Food & Staples Retailing	0.4
Communications Equipment	0.4
Multiline Retail	0.4
Pharmaceuticals	0.2

Independent Power & Renewable Electricity Producers	0.2	%
Mortgage Real Estate Investment Trusts (REITs)	0.1
Interactive Media & Services	0.1
Air Freight & Logistics	0.1
Thrifts & Mortgage Finance	0.0	*
	100.0
Other assets in excess of liabilities	0.0	*
	100.0	%

* Less than +/- 0.05%

See Notes to Financial Statements.

98

PGIM Quant Solutions Mid-Cap Core Fund

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

Assets
Unaffiliated investments (cost $16,080,517)	$	18,871,521
Receivable for investments sold		385,979
Receivable for Fund shares sold		95,849
Dividends receivable		4,934
Prepaid expenses		869
Total Assets		19,359,152
Liabilities
Payable for investments purchased		442,992
Accrued expenses and other liabilities		29,583
Payable for Fund shares purchased		3,334
Management fee payable		2,053
Trustees’ fees payable		900
Affiliated transfer agent fee payable		142
Total Liabilities		479,004
Net Assets	$	18,880,148
Net assets were comprised of:
Paid-in capital	$	15,030,501
Total distributable earnings (loss)		3,849,647
Net assets, January 31, 2022	$	18,880,148
Class R6
Net asset value, offering price and redemption price per share, ($18,880,148 ÷ 1,700,292 shares of beneficial interest issued and outstanding)	$	11.10

See Notes to Financial Statements.

PGIM Day One Underlying Funds    99

PGIM Quant Solutions Mid-Cap Core Fund

Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $24 foreign withholding tax)	$	175,098
Affiliated dividend income		53
Total income		175,151
Expenses
Management fee		53,296
Custodian and accounting fees		22,685
Audit fee		12,225
Legal fees and expenses		9,871
Trustees’ fees		4,977
Fund data services		3,036
Shareholders’ reports		2,787
Transfer agent’s fees and expenses (including affiliated expense of $295)		295
Registration fees		133
SEC registration fees		80
Miscellaneous		6,813
Total expenses		116,198
Less: Fee waiver and/or expense reimbursement		(30,334	)
Net expenses		85,864
Net investment income (loss)		89,287
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		2,809,021
		2,809,021
Net change in unrealized appreciation (depreciation) on investments		(2,854,052	)
Net gain (loss) on investment transactions		(45,031	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	44,256

See Notes to Financial Statements.

100

PGIM Quant Solutions Mid-Cap Core Fund

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended January 31, 2022				Year Ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	89,287			$	203,078
Net realized gain (loss) on investment transactions			2,809,021				5,896,902
Net change in unrealized appreciation (depreciation) on investments			(2,854,052	)			4,461,420
Net increase (decrease) in net assets resulting from operations			44,256				10,561,400
Dividends and Distributions
Distributions from distributable earnings
Class R6			(4,709,837	)			(184,245	)
Fund share transactions
Net proceeds from shares sold			3,670,573				12,246,219
Net asset value of shares issued in reinvestment of dividends and distributions			4,709,837				184,245
Cost of shares purchased			(8,509,404	)			(19,947,084	)
Net increase (decrease) in net assets from Fund share transactions			(128,994	)			(7,516,620	)
Total increase (decrease)			(4,794,575	)			2,860,535
Net Assets:
Beginning of period			23,674,723				20,814,188
End of period		$	18,880,148			$	23,674,723

See Notes to Financial Statements.

PGIM Day One Underlying Funds    101

PGIM Quant Solutions Mid-Cap Core Fund

Financial Highlights  (unaudited)

Class R6 Shares
	Six Months Ended January 31, 2022															November 17, 2016(a) through  July 31, 2017
				Year Ended July 31,
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$14.27			$9.72			$10.84			$12.08			$11.16			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.09			0.10			0.11			0.09			0.05
Net realized and unrealized gain (loss) on investment transactions		(0.08)			4.54			(1.10	)		(0.67	)		1.16			1.12
Total from investment operations		(0.02)			4.63			(1.00	)		(0.56	)		1.25			1.17
Less Dividends and Distributions:
Dividends from net investment income		(0.13)			(0.08	)		(0.12	)		(0.09	)		(0.07	)		(0.01	)
Distributions from net realized gains		(3.02)			-			-			(0.59	)		(0.26	)		-
Total dividends and distributions		(3.15)			(0.08	)		(0.12	)		(0.68	)		(0.33	)		(0.01	)
Net asset value, end of period		$11.10			$14.27			$9.72			$10.84			$12.08			$11.16
Total Return(c):		(0.73)%			47.88	%		(9.42	)%		(4.08	)%		11.36	%		11.72	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$18,880			$23,675			$20,814			$15,360			$12,182			$8,426
Average net assets (000)		$21,145			$27,862			$16,827			$13,541			$10,251			$5,794
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.81%	(e)		0.85	%		0.85	%		0.85	%		0.85	%		0.97	%(e)
Expenses before waivers and/or expense reimbursement		1.09%	(e)		0.97	%		1.32	%		1.54	%		1.80	%		2.91	%(e)
Net investment income (loss)		0.84%	(e)		0.73	%		1.02	%		1.03	%		0.78	%		0.62	%(e)
Portfolio turnover rate(f)		61%			135	%		140	%		120	%		113	%		64	%

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

See Notes to Financial Statements.

102

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited)

as of January 31, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS     98.2%
COMMON STOCKS     94.7%
Aerospace & Defense     1.3%		��
AAR Corp.*		34	$	1,369
Aerojet Rocketdyne Holdings, Inc.		98		3,782
AeroVironment, Inc.*		32		1,821
Axon Enterprise, Inc.*		91		12,734
Boeing Co. (The)*		734		146,976
Curtiss-Wright Corp.		56		7,436
General Dynamics Corp.		306		64,903
Hexcel Corp.*		124		6,469
Howmet Aerospace, Inc.		523		16,260
Huntington Ingalls Industries, Inc.		54		10,109
Kaman Corp.		35		1,399
L3Harris Technologies, Inc.		264		55,253
Lockheed Martin Corp.		329		128,024
Mercury Systems, Inc.*		70		3,984
Moog, Inc. (Class A Stock)		45		3,431
National Presto Industries, Inc.		6		493
Northrop Grumman Corp.		201		74,350
Park Aerospace Corp.		18		244
Raytheon Technologies Corp.		2,011		181,372
Textron, Inc.		298		20,282
TransDigm Group, Inc.*		69		42,517
Triumph Group, Inc.*		86		1,567
Woodward, Inc.		90		9,924
				794,699
Air Freight & Logistics     0.6%
Atlas Air Worldwide Holdings, Inc.*		34		2,731
C.H. Robinson Worldwide, Inc.		166		17,372
Expeditors International of Washington, Inc.		225		25,758
FedEx Corp.		318		78,183
Forward Air Corp.		39		4,146
GXO Logistics, Inc.*		135		10,963
Hub Group, Inc. (Class A Stock)*		51		3,862
United Parcel Service, Inc. (Class B Stock)		971		196,346
				339,361
Airlines     0.2%
Alaska Air Group, Inc.*		163		8,923
Allegiant Travel Co.*		20		3,573
American Airlines Group, Inc.*		862		14,197

See Notes to Financial Statements.

PGIM Day One Underlying Funds    103

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Airlines (cont’d.)
Delta Air Lines, Inc.*		850	$	33,737
Hawaiian Holdings, Inc.*		54		923
JetBlue Airways Corp.*		424		6,203
SkyWest, Inc.*		68		2,594
Southwest Airlines Co.*		788		35,271
United Airlines Holdings, Inc.*		432		18,524
				123,945
Auto Components     0.2%
Adient PLC*		122		5,120
American Axle & Manufacturing Holdings, Inc.*		85		692
Aptiv PLC*		360		49,169
BorgWarner, Inc.		322		14,120
Cooper-Standard Holdings, Inc.*		22		453
Dana, Inc.		186		4,029
Dorman Products, Inc.*		44		4,120
Fox Factory Holding Corp.*		57		7,585
Gentex Corp.		318		9,985
Gentherm, Inc.*		47		4,107
Goodyear Tire & Rubber Co. (The)*		388		8,043
LCI Industries		42		5,173
Lear Corp.		83		13,888
Motorcar Parts of America, Inc.*		15		248
Patrick Industries, Inc.		31		1,997
Standard Motor Products, Inc.		20		957
Visteon Corp.*		36		3,654
				133,340
Automobiles     2.1%
Ford Motor Co.		5,269		106,961
General Motors Co.*		1,952		102,929
Harley-Davidson, Inc.		214		7,398
Tesla, Inc.*		1,094		1,024,772
Thor Industries, Inc.		78		7,378
Winnebago Industries, Inc.		47		3,032
				1,252,470
Banks     4.3%
Allegiance Bancshares, Inc.		23		1,013

See Notes to Financial Statements.

104

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Ameris Bancorp		95	$	4,684
Associated Banc-Corp.		193		4,613
Banc of California, Inc.		83		1,604
BancFirst Corp.		20		1,499
Bancorp, Inc. (The)*		80		2,386
Bank of America Corp.		9,668		446,082
Bank of Hawaii Corp.		52		4,476
Bank OZK		173		8,105
BankUnited, Inc.		119		4,968
Banner Corp.		42		2,609
Berkshire Hills Bancorp, Inc.		67		1,983
Brookline Bancorp, Inc.		106		1,813
Cadence Bank		254		7,917
Cathay General Bancorp		101		4,561
Central Pacific Financial Corp.		40		1,164
Citigroup, Inc.		2,668		173,740
Citizens Financial Group, Inc.		569		29,286
City Holding Co.		16		1,283
Columbia Banking System, Inc.		102		3,547
Comerica, Inc.		175		16,236
Commerce Bancshares, Inc.		150		10,336
Community Bank System, Inc.		66		4,714
Cullen/Frost Bankers, Inc.		70		9,871
Customers Bancorp, Inc.*		40		2,332
CVB Financial Corp.		148		3,260
Dime Community Bancshares, Inc.		48		1,678
Eagle Bancorp, Inc.		39		2,339
East West Bancorp, Inc.		192		16,577
FB Financial Corp.		45		2,003
Fifth Third Bancorp		911		40,658
First Bancorp		36		1,581
First BanCorp. (Puerto Rico)		265		3,856
First Commonwealth Financial Corp.		129		2,136
First Financial Bancorp		127		3,202
First Financial Bankshares, Inc.		164		7,706
First Hawaiian, Inc.		163		4,621
First Horizon Corp.		728		12,456
First Midwest Bancorp, Inc.		152		3,157
First Republic Bank		234		40,620
FNB Corp.		444		5,736
Fulton Financial Corp.		200		3,590
Glacier Bancorp, Inc.		149		7,738

See Notes to Financial Statements.

PGIM Day One Underlying Funds    105

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Hancock Whitney Corp.		118	$	6,221
Hanmi Financial Corp.		40		1,075
Heritage Financial Corp.		27		655
Hilltop Holdings, Inc.		78		2,576
Home BancShares, Inc.		194		4,571
HomeStreet, Inc.		23		1,121
Hope Bancorp, Inc.		126		2,111
Huntington Bancshares, Inc.		1,946		29,307
Independent Bank Corp.		71		5,989
Independent Bank Group, Inc.		54		4,100
International Bancshares Corp.		75		3,152
Investors Bancorp, Inc.		295		4,814
JPMorgan Chase & Co.		3,968		589,645
KeyCorp		1,245		31,200
Lakeland Financial Corp.		40		3,197
M&T Bank Corp.		176		29,811
Meta Financial Group, Inc.		48		2,854
National Bank Holdings Corp. (Class A Stock)		41		1,861
NBT Bancorp, Inc.		69		2,669
Northwest Bancshares, Inc.		133		1,877
OFG Bancorp (Puerto Rico)		75		2,075
Old National Bancorp		202		3,703
Pacific Premier Bancorp, Inc.		130		4,973
PacWest Bancorp		168		7,800
Park National Corp.		23		3,116
People’s United Financial, Inc.		590		11,434
Pinnacle Financial Partners, Inc.		103		9,961
PNC Financial Services Group, Inc. (The)		562		115,766
Preferred Bank		15		1,171
Prosperity Bancshares, Inc.		121		8,863
Regions Financial Corp.		1,267		29,065
Renasant Corp.		82		3,016
S&T Bancorp, Inc.		43		1,325
Seacoast Banking Corp. of Florida		78		2,847
ServisFirst Bancshares, Inc.		68		5,771
Signature Bank		90		27,417
Simmons First National Corp. (Class A Stock)		137		3,918
Southside Bancshares, Inc.		52		2,179
Sterling Bancorp		272		7,151
SVB Financial Group*		85		49,631
Synovus Financial Corp.		191		9,504
Texas Capital Bancshares, Inc.*		73		4,577

See Notes to Financial Statements.

106

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Banks (cont’d.)
Tompkins Financial Corp.		15	$	1,193
Triumph Bancorp, Inc.*		31		2,712
Truist Financial Corp.		1,792		112,573
Trustmark Corp.		83		2,704
U.S. Bancorp		1,812		105,440
UMB Financial Corp.		57		5,612
Umpqua Holdings Corp.		287		5,820
United Bankshares, Inc.		185		6,536
United Community Banks, Inc.		124		4,388
Valley National Bancorp		537		7,475
Veritex Holdings, Inc.		54		2,168
Webster Financial Corp.		121		6,878
Wells Fargo & Co.		5,352		287,938
Westamerica BanCorp		34		1,975
Wintrust Financial Corp.		70		6,865
Zions Bancorp NA		200		13,564
				2,531,646
Beverages     1.3%
Boston Beer Co., Inc. (The) (Class A Stock)*		17		7,154
Brown-Forman Corp. (Class B Stock)		246		16,588
Celsius Holdings, Inc.*		59		2,816
Coca-Cola Co. (The)		5,219		318,411
Coca-Cola Consolidated, Inc.		9		5,157
Constellation Brands, Inc. (Class A Stock)		222		52,780
MGP Ingredients, Inc.		13		984
Molson Coors Beverage Co. (Class B Stock)		251		11,963
Monster Beverage Corp.*		501		43,447
National Beverage Corp.		31		1,385
PepsiCo, Inc.		1,843		319,797
				780,482
Biotechnology     1.7%
AbbVie, Inc.		2,373		324,840
Amgen, Inc.		749		170,128
Anika Therapeutics, Inc.*		17		541
Arrowhead Pharmaceuticals, Inc.*		142		7,492
Avid Bioservices, Inc.*		80		1,510
Biogen, Inc.*		191		43,166
Coherus Biosciences, Inc.*		77		952

See Notes to Financial Statements.

PGIM Day One Underlying Funds    107

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Biotechnology (cont’d.)
Cytokinetics, Inc.*		103	$	3,419
Eagle Pharmaceuticals, Inc.*		14		643
Emergent BioSolutions, Inc.*		62		2,902
Enanta Pharmaceuticals, Inc.*		20		1,188
Exelixis, Inc.*		412		7,457
Gilead Sciences, Inc.		1,687		115,863
Halozyme Therapeutics, Inc.*		178		6,161
Incyte Corp.*		254		18,880
iTeos Therapeutics, Inc.*		20		732
Ligand Pharmaceuticals, Inc.*		22		2,742
Moderna, Inc.*		465		78,738
Myriad Genetics, Inc.*		91		2,392
Neurocrine Biosciences, Inc.*		129		10,194
Organogenesis Holdings, Inc.*		85		654
Regeneron Pharmaceuticals, Inc.*		143		87,028
REGENXBIO, Inc.*		46		1,214
Spectrum Pharmaceuticals, Inc.*		73		51
uniQure NV (Netherlands)*		45		812
United Therapeutics Corp.*		62		12,516
Vanda Pharmaceuticals, Inc.*		54		819
Vericel Corp.*		57		2,028
Vertex Pharmaceuticals, Inc.*		345		83,852
Xencor, Inc.*		88		3,024
				991,938
Building Products     0.6%
A.O. Smith Corp.		179		13,679
AAON, Inc.		64		4,112
Allegion PLC		121		14,850
American Woodmark Corp.*		31		1,858
Apogee Enterprises, Inc.		28		1,250
Builders FirstSource, Inc.*		260		17,677
Carlisle Cos., Inc.		74		16,535
Carrier Global Corp.		1,153		54,975
Fortune Brands Home & Security, Inc.		181		17,045
Gibraltar Industries, Inc.*		46		2,521
Griffon Corp.		68		1,523
Insteel Industries, Inc.		29		1,097
Johnson Controls International PLC		956		69,473
Lennox International, Inc.		49		13,897
Masco Corp.		330		20,899

See Notes to Financial Statements.

108

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Building Products (cont’d.)
Owens Corning		140	$	12,418
PGT Innovations, Inc.*		83		1,576
Quanex Building Products Corp.		23		501
Resideo Technologies, Inc.*		190		4,708
Simpson Manufacturing Co., Inc.		57		6,429
Trane Technologies PLC		316		54,700
Trex Co., Inc.*		149		13,629
UFP Industries, Inc.		78		6,229
				351,581
Capital Markets     2.7%
Affiliated Managers Group, Inc.		57		8,334
Ameriprise Financial, Inc.		158		48,081
B. Riley Financial, Inc.		31		1,909
Bank of New York Mellon Corp. (The)		1,011		59,912
BlackRock, Inc.		188		154,713
Blucora, Inc.*		46		746
Brightsphere Investment Group, Inc.		32		691
Cboe Global Markets, Inc.		145		17,187
Charles Schwab Corp. (The)		2,021		177,242
CME Group, Inc.		479		109,931
Donnelley Financial Solutions, Inc.*		45		1,675
Evercore, Inc. (Class A Stock)		59		7,364
FactSet Research Systems, Inc.		52		21,938
Federated Hermes, Inc.		124		4,106
Franklin Resources, Inc.		390		12,468
Goldman Sachs Group, Inc. (The)		461		163,507
Greenhill & Co., Inc.		15		250
Interactive Brokers Group, Inc. (Class A Stock)		113		7,705
Intercontinental Exchange, Inc.		752		95,248
Invesco Ltd.		458		10,378
Janus Henderson Group PLC		224		8,266
Jefferies Financial Group, Inc.		256		9,380
MarketAxess Holdings, Inc.		46		15,846
Moody’s Corp.		217		74,431
Morgan Stanley		1,927		197,595
MSCI, Inc.		117		62,726
Nasdaq, Inc.		149		26,702
Northern Trust Corp.		274		31,959
Piper Sandler Cos.		20		3,084
Raymond James Financial, Inc.		247		26,150

See Notes to Financial Statements.

PGIM Day One Underlying Funds    109

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Capital Markets (cont’d.)
S&P Global, Inc.		331	$	137,438
SEI Investments Co.		153		8,967
State Street Corp.		484		45,738
Stifel Financial Corp.		139		10,411
StoneX Group, Inc.*		19		1,247
T. Rowe Price Group, Inc.		301		46,483
Virtus Investment Partners, Inc.		10		2,617
WisdomTree Investments, Inc.		69		387
				1,612,812
Chemicals     1.7%
AdvanSix, Inc.		44		1,852
Air Products & Chemicals, Inc.		293		82,661
Albemarle Corp.		161		35,539
American Vanguard Corp.		23		349
Ashland Global Holdings, Inc.		76		7,299
Avient Corp.		127		6,321
Balchem Corp.		44		6,465
Cabot Corp.		80		4,399
Celanese Corp.		138		21,488
CF Industries Holdings, Inc.		285		19,628
Chemours Co. (The)		203		6,640
Corteva, Inc.		971		46,686
Dow, Inc.		986		58,894
DuPont de Nemours, Inc.		688		52,701
Eastman Chemical Co.		184		21,883
Ecolab, Inc.		328		62,140
Ferro Corp.*		87		1,897
FMC Corp.		173		19,094
FutureFuel Corp.		23		179
GCP Applied Technologies, Inc.*		62		1,978
Hawkins, Inc.		15		560
HB Fuller Co.		70		5,024
Ingevity Corp.*		56		3,691
Innospec, Inc.		33		3,068
International Flavors & Fragrances, Inc.		332		43,797
Koppers Holdings, Inc.*		15		448
Kraton Corp.*		40		1,855
Linde PLC (United Kingdom)		691		220,208
Livent Corp.*		192		4,418
LyondellBasell Industries NV (Class A Stock)		350		33,855

See Notes to Financial Statements.

110

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Chemicals (cont’d.)
Minerals Technologies, Inc.		50	$	3,498
Mosaic Co. (The)		493		19,695
NewMarket Corp.		10		3,381
Olin Corp.		186		9,425
PPG Industries, Inc.		314		49,047
Quaker Chemical Corp.		18		3,765
Rayonier Advanced Materials, Inc.*		46		287
RPM International, Inc.		176		15,595
Scotts Miracle-Gro Co. (The)		54		8,165
Sensient Technologies Corp.		62		5,254
Sherwin-Williams Co. (The)		327		93,689
Stepan Co.		27		2,974
Tredegar Corp.		15		176
Trinseo PLC		49		2,623
Valvoline, Inc.		254		8,367
				1,000,958
Commercial Services & Supplies     0.5%
ABM Industries, Inc.		91		3,794
Brady Corp. (Class A Stock)		65		3,375
Brink’s Co. (The)		62		4,326
Cintas Corp.		121		47,375
Clean Harbors, Inc.*		74		6,849
Copart, Inc.*		280		36,190
CoreCivic, Inc.*		103		1,041
Deluxe Corp.		54		1,625
GEO Group, Inc. (The), REIT*		120		808
Harsco Corp.*		74		1,162
Healthcare Services Group, Inc.		88		1,601
HNI Corp.		52		2,181
IAA, Inc.*		179		8,221
Interface, Inc.		46		610
KAR Auction Services, Inc.*		162		2,304
Matthews International Corp. (Class A Stock)		31		1,089
MillerKnoll, Inc.		105		4,055
MSA Safety, Inc.		49		6,733
Pitney Bowes, Inc.		172		1,059
Republic Services, Inc.		278		35,489
Rollins, Inc.		315		9,718
Stericycle, Inc.*		121		7,107
Tetra Tech, Inc.		73		10,161

See Notes to Financial Statements.

PGIM Day One Underlying Funds    111

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Commercial Services & Supplies (cont’d.)
UniFirst Corp.		21	$	3,992
US Ecology, Inc.*		24		686
Viad Corp.*		23		866
Waste Management, Inc.		511		76,875
				279,292
Communications Equipment     0.8%
ADTRAN, Inc.		35		672
Arista Networks, Inc.*		303		37,666
CalAmp Corp.*		23		137
Calix, Inc.*		70		3,520
Ciena Corp.*		207		13,726
Cisco Systems, Inc.		5,663		315,259
Comtech Telecommunications Corp.		25		508
Digi International, Inc.*		23		514
Extreme Networks, Inc.*		173		2,195
F5, Inc.*		76		15,779
Harmonic, Inc.*		139		1,496
Juniper Networks, Inc.		433		15,077
Lumentum Holdings, Inc.*		101		10,249
Motorola Solutions, Inc.		223		51,723
NETGEAR, Inc.*		39		1,079
NetScout Systems, Inc.*		83		2,619
Plantronics, Inc.*		41		1,093
Viasat, Inc.*		104		4,578
Viavi Solutions, Inc.*		303		4,987
				482,877
Construction & Engineering     0.1%
AECOM		195		13,480
Arcosa, Inc.		67		3,126
Comfort Systems USA, Inc.		52		4,669
Dycom Industries, Inc.*		45		3,793
EMCOR Group, Inc.		73		8,702
Fluor Corp.*		198		4,166
Granite Construction, Inc.		47		1,691
MasTec, Inc.*		75		6,460
MYR Group, Inc.*		24		2,257
NV5 Global, Inc.*		20		2,092

See Notes to Financial Statements.

112

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Construction & Engineering (cont’d.)
Quanta Services, Inc.		189	$	19,414
Valmont Industries, Inc.		30		6,517
				76,367
Construction Materials     0.1%
Eagle Materials, Inc.		62		9,043
Martin Marietta Materials, Inc.		88		34,242
Vulcan Materials Co.		173		32,924
				76,209
Consumer Finance     0.6%
American Express Co.		835		150,150
Capital One Financial Corp.		565		82,902
Discover Financial Services		395		45,721
Encore Capital Group, Inc.*		29		1,870
Enova International, Inc.*		39		1,571
EZCORP, Inc. (Class A Stock)*		31		185
FirstCash Holdings, Inc.		53		3,694
Green Dot Corp. (Class A Stock)*		65		2,061
LendingTree, Inc.*		14		1,706
Navient Corp.		204		3,556
PRA Group, Inc.*		62		2,883
PROG Holdings, Inc.*		91		3,623
SLM Corp.		400		7,336
Synchrony Financial		728		31,006
World Acceptance Corp.*		8		1,512
				339,776
Containers & Packaging     0.3%
Amcor PLC		2,072		24,885
AptarGroup, Inc.		88		10,322
Avery Dennison Corp.		114		23,418
Ball Corp.		435		42,239
Greif, Inc. (Class A Stock)		34		2,011
International Paper Co.		519		25,042
Myers Industries, Inc.		27		488
O-I Glass, Inc.*		192		2,556
Packaging Corp. of America		123		18,527
Sealed Air Corp.		199		13,516

See Notes to Financial Statements.

PGIM Day One Underlying Funds    113

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Containers & Packaging (cont’d.)
Silgan Holdings, Inc.		113	$	5,060
Sonoco Products Co.		122		6,910
Westrock Co.		357		16,479
				191,453
Distributors     0.1%
Genuine Parts Co.		188		25,047
LKQ Corp.		360		19,761
Pool Corp.		56		26,670
				71,478
Diversified Consumer Services     0.1%
Adtalem Global Education, Inc.*		74		2,177
American Public Education, Inc.*		15		321
Graham Holdings Co. (Class B Stock)		9		5,356
Grand Canyon Education, Inc.*		52		4,351
H&R Block, Inc.		213		4,869
Perdoceo Education Corp.*		69		761
Service Corp. International		213		13,146
Strategic Education, Inc.		38		2,267
WW International, Inc.*		54		681
				33,929
Diversified Financial Services     1.3%
Berkshire Hathaway, Inc. (Class B Stock)*		2,460		770,029
Voya Financial, Inc.		150		10,194
				780,223
Diversified Telecommunication Services     1.0%
AT&T, Inc.		9,586		244,443
ATN International, Inc.		15		595
Cogent Communications Holdings, Inc.		54		3,435
Consolidated Communications Holdings, Inc.*		46		331
Iridium Communications, Inc.*		178		6,387
Lumen Technologies, Inc.		1,231		15,215
Verizon Communications, Inc.		5,562		296,065
				566,471

See Notes to Financial Statements.

114

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities     1.5%
ALLETE, Inc.		67	$	4,277
Alliant Energy Corp.		334		19,993
American Electric Power Co., Inc.		678		61,291
Duke Energy Corp.		1,037		108,947
Edison International		510		32,023
Entergy Corp.		267		29,843
Evergy, Inc.		302		19,618
Eversource Energy		455		40,718
Exelon Corp.		1,314		76,146
FirstEnergy Corp.		723		30,337
Hawaiian Electric Industries, Inc.		140		5,950
IDACORP, Inc.		68		7,495
NextEra Energy, Inc.		2,637		206,003
NRG Energy, Inc.		326		13,017
OGE Energy Corp.		256		9,708
Pinnacle West Capital Corp.		152		10,581
PNM Resources, Inc.		119		5,332
PPL Corp.		1,031		30,600
Southern Co. (The)		1,409		97,911
Xcel Energy, Inc.		715		49,807
				859,597
Electrical Equipment     0.6%
Acuity Brands, Inc.		52		9,959
AMETEK, Inc.		308		42,125
AZZ, Inc.		34		1,618
Eaton Corp. PLC		527		83,493
Emerson Electric Co.		798		73,376
Encore Wire Corp.		32		3,606
EnerSys		63		4,721
Generac Holdings, Inc.*		78		22,026
Hubbell, Inc.		77		14,421
nVent Electric PLC		232		8,025
Powell Industries, Inc.		8		239
Regal Rexnord Corp.		84		13,312
Rockwell Automation, Inc.		161		46,564
Sunrun, Inc.*		282		7,312
Vicor Corp.*		29		2,736
				333,533

See Notes to Financial Statements.

PGIM Day One Underlying Funds    115

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Electronic Equipment, Instruments & Components     0.8%
Advanced Energy Industries, Inc.		56	$	4,826
Amphenol Corp. (Class A Stock)		796		63,354
Arlo Technologies, Inc.*		76		660
Arrow Electronics, Inc.*		86		10,664
Avnet, Inc.		120		4,843
Badger Meter, Inc.		46		4,654
Belden, Inc.		52		2,909
Benchmark Electronics, Inc.		39		941
CDW Corp.		174		32,895
Cognex Corp.		236		15,685
Coherent, Inc.*		36		9,305
Corning, Inc.		1,023		43,007
CTS Corp.		31		1,040
ePlus, Inc.*		36		1,655
Fabrinet (Thailand)*		54		6,111
FARO Technologies, Inc.*		31		1,684
II-VI, Inc.*		140		8,876
Insight Enterprises, Inc.*		54		5,084
IPG Photonics Corp.*		48		7,415
Itron, Inc.*		65		4,030
Jabil, Inc.		184		11,314
Keysight Technologies, Inc.*		245		41,361
Knowles Corp.*		100		2,121
Littelfuse, Inc.		27		7,289
Methode Electronics, Inc.		51		2,246
National Instruments Corp.		171		7,049
OSI Systems, Inc.*		25		2,073
PC Connection, Inc.		15		650
Plexus Corp.*		44		3,411
Rogers Corp.*		27		7,370
Sanmina Corp.*		86		3,253
ScanSource, Inc.*		31		967
TD SYNNEX Corp.		60		6,274
TE Connectivity Ltd.		436		62,352
Teledyne Technologies, Inc.*		66		27,814
Trimble, Inc.*		339		24,462
TTM Technologies, Inc.*		116		1,561
Vishay Intertechnology, Inc.		166		3,438
Vontier Corp.		212		5,959
Zebra Technologies Corp. (Class A Stock)*		76		38,693
				489,295

See Notes to Financial Statements.

116

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Energy Equipment & Services     0.3%
Archrock, Inc.		178	$	1,502
Baker Hughes Co.		1,161		31,858
Bristow Group, Inc.*		38		1,248
ChampionX Corp.*		276		6,182
Core Laboratories NV		55		1,467
DMC Global, Inc.*		24		968
Dril-Quip, Inc.*		39		986
Halliburton Co.		1,184		36,396
Helix Energy Solutions Group, Inc.*		108		381
Helmerich & Payne, Inc.		142		4,075
Nabors Industries Ltd.*		14		1,449
NOV, Inc.		519		8,522
Oceaneering International, Inc.*		93		1,212
Oil States International, Inc.*		54		339
Patterson-UTI Energy, Inc.		286		2,849
ProPetro Holding Corp.*		66		694
RPC, Inc.*		69		408
Schlumberger NV		1,865		72,866
US Silica Holdings, Inc.*		62		592
				173,994
Entertainment     1.3%
Activision Blizzard, Inc.		1,050		82,960
Cinemark Holdings, Inc.*		126		1,903
Electronic Arts, Inc.		378		50,145
Live Nation Entertainment, Inc.*		179		19,602
Marcus Corp. (The)*		15		253
Netflix, Inc.*		602		257,138
Take-Two Interactive Software, Inc.*		158		25,808
Walt Disney Co. (The)*		2,443		349,276
World Wrestling Entertainment, Inc. (Class A Stock)		65		3,246
				790,331
Equity Real Estate Investment Trusts (REITs)     2.9%
Acadia Realty Trust		95		1,880
Agree Realty Corp.		101		6,603
Alexander & Baldwin, Inc.		98		2,249
Alexandria Real Estate Equities, Inc.		182		35,461
American Assets Trust, Inc.		74		2,662
American Campus Communities, Inc.		196		10,243

See Notes to Financial Statements.

PGIM Day One Underlying Funds    117

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
American Tower Corp.		606	$	152,409
Apartment Income REIT Corp.		201		10,617
Armada Hoffler Properties, Inc.		82		1,150
AvalonBay Communities, Inc.		183		44,694
Boston Properties, Inc.		185		20,735
Brandywine Realty Trust		231		2,971
Brixmor Property Group, Inc.		391		9,916
Camden Property Trust		142		22,733
CareTrust REIT, Inc.		109		2,312
Centerspace		15		1,431
Chatham Lodging Trust*		69		916
Community Healthcare Trust, Inc.		41		1,859
Corporate Office Properties Trust		150		3,789
Cousins Properties, Inc.		203		7,828
Crown Castle International Corp.		575		104,943
CyrusOne, Inc.		166		14,915
DiamondRock Hospitality Co.*		284		2,655
Digital Realty Trust, Inc.		373		55,663
Diversified Healthcare Trust		239		729
Douglas Emmett, Inc.		240		7,493
Duke Realty Corp.		505		29,179
Easterly Government Properties, Inc.		115		2,412
EastGroup Properties, Inc.		56		11,195
EPR Properties		91		4,001
Equinix, Inc.		123		89,163	��
Equity Residential		459		40,727
Essential Properties Realty Trust, Inc.		145		3,850
Essex Property Trust, Inc.		90		29,925
Extra Space Storage, Inc.		176		34,881
Federal Realty Investment Trust		96		12,239
First Industrial Realty Trust, Inc.		173		10,515
Four Corners Property Trust, Inc.		86		2,328
Franklin Street Properties Corp.		131		727
Getty Realty Corp.		42		1,246
Global Net Lease, Inc.		142		2,036
Healthcare Realty Trust, Inc.		182		5,646
Healthpeak Properties, Inc.		720		25,466
Hersha Hospitality Trust*		15		135
Highwoods Properties, Inc.		145		6,252
Host Hotels & Resorts, Inc.*		949		16,456
Hudson Pacific Properties, Inc.		199		4,702
Independence Realty Trust, Inc.		143		3,288

See Notes to Financial Statements.

118

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Industrial Logistics Properties Trust		77	$	1,766
Innovative Industrial Properties, Inc.		36		7,135
Iron Mountain, Inc.		386		17,725
iStar, Inc.		93		1,997
JBG SMITH Properties		159		4,357
Kilroy Realty Corp.		140		8,960
Kimco Realty Corp.		800		19,408
Kite Realty Group Trust		304		6,348
Lamar Advertising Co. (Class A Stock)		119		13,180
Life Storage, Inc.		112		15,114
LTC Properties, Inc.		46		1,659
LXP Industrial Trust		352		5,241
Macerich Co. (The)		289		4,780
Medical Properties Trust, Inc.		789		17,958
Mid-America Apartment Communities, Inc.		151		31,209
National Retail Properties, Inc.		234		10,385
National Storage Affiliates Trust		103		6,341
NexPoint Residential Trust, Inc.		31		2,458
Office Properties Income Trust		49		1,249
Omega Healthcare Investors, Inc.		310		9,759
Orion Office REIT, Inc.*		73		1,215
Park Hotels & Resorts, Inc.*		315		5,733
Pebblebrook Hotel Trust		163		3,529
Physicians Realty Trust		279		5,095
PotlatchDeltic Corp.		93		5,002
Prologis, Inc.		985		154,468
PS Business Parks, Inc.		33		5,510
Public Storage		210		75,291
Rayonier, Inc.		183		6,687
Realty Income Corp.		752		52,196
Regency Centers Corp.		211		15,139
Retail Opportunity Investments Corp.		133		2,464
Rexford Industrial Realty, Inc.		203		14,854
RPT Realty		112		1,413
Sabra Health Care REIT, Inc.		279		3,797
Safehold, Inc.		21		1,300
Saul Centers, Inc.		8		395
SBA Communications Corp.		141		45,887
Service Properties Trust		190		1,624
Simon Property Group, Inc.		436		64,179
SITE Centers Corp.		223		3,303
SL Green Realty Corp.		92		6,672

See Notes to Financial Statements.

PGIM Day One Underlying Funds    119

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Equity Real Estate Investment Trusts (REITs) (cont’d.)
Spirit Realty Capital, Inc.		175	$	8,305
STORE Capital Corp.		325		10,306
Summit Hotel Properties, Inc.*		143		1,347
Tanger Factory Outlet Centers, Inc.		115		1,956
UDR, Inc.		392		22,281
Uniti Group, Inc.		309		3,727
Universal Health Realty Income Trust		20		1,166
Urban Edge Properties		131		2,389
Urstadt Biddle Properties, Inc. (Class A Stock)		15		295
Ventas, Inc.		532		28,207
Veris Residential, Inc.*		100		1,650
Vornado Realty Trust		225		9,227
Washington Real Estate Investment Trust		100		2,462
Welltower, Inc.		578		50,072
Weyerhaeuser Co.		998		40,349
Whitestone REIT		23		235
Xenia Hotels & Resorts, Inc.*		125		2,167
				1,714,148
Food & Staples Retailing     1.3%
Andersons, Inc. (The)		45		1,715
BJ’s Wholesale Club Holdings, Inc.*		176		10,819
Casey’s General Stores, Inc.		52		9,766
Chefs’ Warehouse, Inc. (The)*		53		1,582
Costco Wholesale Corp.		588		297,016
Grocery Outlet Holding Corp.*		109		2,766
Kroger Co. (The)		902		39,318
Performance Food Group Co.*		207		8,733
PriceSmart, Inc.		31		2,214
SpartanNash Co.		50		1,229
Sprouts Farmers Market, Inc.*		145		3,935
Sysco Corp.		683		53,376
United Natural Foods, Inc.*		83		3,219
Walgreens Boots Alliance, Inc.		957		47,620
Walmart, Inc.		1,911		267,177
				750,485
Food Products     1.0%
Archer-Daniels-Midland Co.		746		55,950
B&G Foods, Inc.		90		2,799

See Notes to Financial Statements.

120

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Food Products (cont’d.)
Calavo Growers, Inc.		23	$	953
Cal-Maine Foods, Inc.		41		1,599
Campbell Soup Co.		272		12,001
Conagra Brands, Inc.		642		22,316
Darling Ingredients, Inc.*		220		14,029
Flowers Foods, Inc.		258		7,258
Fresh Del Monte Produce, Inc.		39		1,085
General Mills, Inc.		806		55,356
Hain Celestial Group, Inc. (The)*		113		4,128
Hershey Co. (The)		191		37,640
Hormel Foods Corp.		378		17,944
Hostess Brands, Inc.*		200		4,104
Ingredion, Inc.		89		8,428
J & J Snack Foods Corp.		21		3,186
J.M. Smucker Co. (The)		149		20,946
John B. Sanfilippo & Son, Inc.		13		1,028
Kellogg Co.		339		21,357
Kraft Heinz Co. (The)		946		33,867
Lamb Weston Holdings, Inc.		197		12,649
Lancaster Colony Corp.		30		4,763
McCormick & Co., Inc.		337		33,805
Mondelez International, Inc. (Class A Stock)		1,876		125,748
Pilgrim’s Pride Corp.*		62		1,734
Post Holdings, Inc.*		78		8,254
Sanderson Farms, Inc.		37		6,808
Seneca Foods Corp. (Class A Stock)*		12		561
Simply Good Foods Co. (The)*		109		3,840
Tootsie Roll Industries, Inc.		15		509
TreeHouse Foods, Inc.*		74		2,866
Tyson Foods, Inc. (Class A Stock)		393		35,720
				563,231
Gas Utilities     0.1%
Atmos Energy Corp.		178		19,085
Chesapeake Utilities Corp.		29		3,950
National Fuel Gas Co.		119		7,227
New Jersey Resources Corp.		142		5,710
Northwest Natural Holding Co.		43		2,035
ONE Gas, Inc.		67		5,219
South Jersey Industries, Inc.		127		3,177
Southwest Gas Holdings, Inc.		82		5,591

See Notes to Financial Statements.

PGIM Day One Underlying Funds    121

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Gas Utilities (cont’d.)
Spire, Inc.		74	$	4,878
UGI Corp.		279		12,653
				69,525
Health Care Equipment & Supplies     2.7%
Abbott Laboratories		2,374		302,590
ABIOMED, Inc.*		64		18,936
Align Technology, Inc.*		105		51,971
AngioDynamics, Inc.*		53		1,146
Artivion, Inc.*		23		409
Avanos Medical, Inc.*		62		1,876
Baxter International, Inc.		666		56,903
Becton, Dickinson & Co.		380		96,573
BioLife Solutions, Inc.*		40		1,194
Boston Scientific Corp.*		1,914		82,111
Cardiovascular Systems, Inc.*		44		773
CONMED Corp.		44		6,054
Cooper Cos., Inc. (The)		70		27,881
Cutera, Inc.*		18		655
DENTSPLY SIRONA, Inc.		293		15,652
Dexcom, Inc.*		132		56,823
Edwards Lifesciences Corp.*		830		90,636
Envista Holdings Corp.*		225		9,729
Glaukos Corp.*		70		3,727
Globus Medical, Inc. (Class A Stock)*		110		7,340
Haemonetics Corp.*		70		3,385
Heska Corp.*		16		2,201
Hologic, Inc.*		330		23,179
ICU Medical, Inc.*		29		6,187
IDEXX Laboratories, Inc.*		115		58,340
Inogen, Inc.*		25		743
Integer Holdings Corp.*		47		3,685
Integra LifeSciences Holdings Corp.*		105		6,798
Intuitive Surgical, Inc.*		470		133,565
Lantheus Holdings, Inc.*		93		2,363
LeMaitre Vascular, Inc.		18		762
LivaNova PLC*		74		5,558
Masimo Corp.*		70		15,391
Medtronic PLC		1,808		187,110
Meridian Bioscience, Inc.*		34		709
Merit Medical Systems, Inc.*		69		3,826

See Notes to Financial Statements.

122

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Health Care Equipment & Supplies (cont’d.)
Mesa Laboratories, Inc.		8	$	2,275
Natus Medical, Inc.*		31		714
Neogen Corp.*		154		5,616
NuVasive, Inc.*		74		3,849
OraSure Technologies, Inc.*		34		301
Orthofix Medical, Inc.*		23		699
Penumbra, Inc.*		48		10,848
Quidel Corp.*		59		6,098
ResMed, Inc.		199		45,491
STAAR Surgical Co.*		65		4,727
STERIS PLC		127		28,499
Stryker Corp.		447		110,878
Surmodics, Inc.*		15		685
Tactile Systems Technology, Inc.*		12		189
Tandem Diabetes Care, Inc.*		85		10,039
Teleflex, Inc.		64		19,852
Varex Imaging Corp.*		55		1,436
Zimmer Biomet Holdings, Inc.		275		33,831
Zynex, Inc.		17		135
				1,572,943
Health Care Providers & Services     2.7%
Acadia Healthcare Co., Inc.*		113		5,949
Addus HomeCare Corp.*		19		1,517
Amedisys, Inc.*		44		5,944
AmerisourceBergen Corp.		209		28,466
AMN Healthcare Services, Inc.*		70		7,094
Anthem, Inc.		332		146,409
Apollo Medical Holdings, Inc.*		50		2,574
Cardinal Health, Inc.		391		20,164
Centene Corp.*		778		60,497
Chemed Corp.		24		11,254
Cigna Corp.		442		101,863
Community Health Systems, Inc.*		167		2,119
CorVel Corp.*		14		2,466
Covetrus, Inc.*		116		2,096
Cross Country Healthcare, Inc.*		23		495
CVS Health Corp.		1,774		188,949
DaVita, Inc.*		93		10,078
Encompass Health Corp.		135		8,375
Ensign Group, Inc. (The)		68		5,129

See Notes to Financial Statements.

PGIM Day One Underlying Funds    123

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares			Value
COMMON STOCKS (Continued)
Health Care Providers & Services (cont’d.)
Fulgent Genetics, Inc.*		24		$	1,533
Hanger, Inc.*		46			834
HCA Healthcare, Inc.		322			77,296
HealthEquity, Inc.*		111			5,932
Henry Schein, Inc.*		188			14,156
Humana, Inc.		180			70,650
Joint Corp. (The)*		20			1,081
Laboratory Corp. of America Holdings*		121			32,835
LHC Group, Inc.*		43			5,336
McKesson Corp.		196			50,317
MEDNAX, Inc.*		105			2,567
ModivCare, Inc.*		20			2,319
Molina Healthcare, Inc.*		70			20,334
Option Care Health, Inc.*		200			4,674
Owens & Minor, Inc.		113			4,756
Patterson Cos., Inc.		106			3,041
Pennant Group, Inc. (The)*		29			482
Progyny, Inc.*		92			3,726
Quest Diagnostics, Inc.		155			20,928
R1 RCM, Inc.*		157			3,734
RadNet, Inc.*		46			1,185
Select Medical Holdings Corp.		145	��		3,368
Tenet Healthcare Corp.*		145			10,747
Tivity Health, Inc.*		43			1,094
UnitedHealth Group, Inc.		1,266			598,274
Universal Health Services, Inc. (Class B Stock)		104			13,526
US Physical Therapy, Inc.		21			2,032
					1,568,195
Health Care Technology     0.1%
Allscripts Healthcare Solutions, Inc.*		171			3,458
Cerner Corp.		390			35,568
Computer Programs & Systems, Inc.*		15			425
HealthStream, Inc.*		15			365
NextGen Healthcare, Inc.*		80			1,545
Omnicell, Inc.*		67			10,059
OptimizeRx Corp.*		20			899
Simulations Plus, Inc.		23			978
Tabula Rasa HealthCare, Inc.*		31			334
					53,631

See Notes to Financial Statements.

124

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure     1.9%
BJ’s Restaurants, Inc.*		21	$	632
Bloomin’ Brands, Inc.*		100		2,033
Booking Holdings, Inc.*		56		137,543
Boyd Gaming Corp.*		110		6,541
Brinker International, Inc.*		65		2,159
Caesars Entertainment, Inc.*		290		22,081
Carnival Corp.*		1,072		21,236
Cheesecake Factory, Inc. (The)*		55		1,962
Chipotle Mexican Grill, Inc.*		38		56,452
Choice Hotels International, Inc.		44		6,310
Churchill Downs, Inc.		49		10,305
Chuy’s Holdings, Inc.*		15		378
Cracker Barrel Old Country Store, Inc.		38		4,527
Darden Restaurants, Inc.		179		25,037
Dave & Buster’s Entertainment, Inc.*		42		1,503
Dine Brands Global, Inc.		23		1,561
Domino’s Pizza, Inc.		53		24,096
El Pollo Loco Holdings, Inc.*		24		320
Expedia Group, Inc.*		187		34,275
Fiesta Restaurant Group, Inc.*		23		218
Hilton Worldwide Holdings, Inc.*		368		53,400
Jack in the Box, Inc.		29		2,640
Las Vegas Sands Corp.*		458		20,060
Marriott International, Inc. (Class A Stock)*		361		58,164
Marriott Vacations Worldwide Corp.		64		10,392
McDonald’s Corp.		996		258,412
MGM Resorts International		523		22,343
Monarch Casino & Resort, Inc.*		15		929
Norwegian Cruise Line Holdings Ltd.*		496		10,332
Papa John’s International, Inc.		49		6,049
Penn National Gaming, Inc.*		225		10,262
Red Robin Gourmet Burgers, Inc.*		8		118
Royal Caribbean Cruises Ltd.*		295		22,954
Ruth’s Hospitality Group, Inc.*		23		461
Scientific Games Corp.*		130		7,501
Shake Shack, Inc. (Class A Stock)*		50		3,304
Six Flags Entertainment Corp.*		111		4,383
Starbucks Corp.		1,585		155,837
Texas Roadhouse, Inc.		91		7,770
Travel + Leisure Co.		107		6,078
Wendy’s Co. (The)		222		5,113
Wingstop, Inc.		42		6,437

See Notes to Financial Statements.

PGIM Day One Underlying Funds    125

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure (cont’d.)
Wyndham Hotels & Resorts, Inc.		124	$	10,410
Wynn Resorts Ltd.*		144		12,305
Yum! Brands, Inc.		390		48,816
				1,103,639
Household Durables     0.5%
Cavco Industries, Inc.*		4		1,078
Century Communities, Inc.		39		2,568
D.R. Horton, Inc.		430		38,365
Ethan Allen Interiors, Inc.		15		378
Garmin Ltd.		197		24,511
Helen of Troy Ltd.*		36		7,536
Installed Building Products, Inc.		37		4,099
iRobot Corp.*		40		2,621
KB Home		122		5,155
La-Z-Boy, Inc.		62		2,276
Leggett & Platt, Inc.		191		7,611
Lennar Corp. (Class A Stock)		362		34,792
LGI Homes, Inc.*		30		3,735
M/I Homes, Inc.*		39		2,067
MDC Holdings, Inc.		77		3,903
Meritage Homes Corp.*		54		5,510
Mohawk Industries, Inc.*		81		12,787
Newell Brands, Inc.		504		11,698
NVR, Inc.*		4		21,309
PulteGroup, Inc.		347		18,283
Taylor Morrison Home Corp.*		161		4,941
Tempur Sealy International, Inc.		269		10,709
Toll Brothers, Inc.		150		8,845
TopBuild Corp.*		46		10,702
Tri Pointe Homes, Inc.*		144		3,429
Tupperware Brands Corp.*		62		956
Universal Electronics, Inc.*		23		816
Whirlpool Corp.		85		17,866
				268,546
Household Products     1.3%
Central Garden & Pet Co.*		15		696
Central Garden & Pet Co. (Class A Stock)*		63		2,730
Church & Dwight Co., Inc.		324		33,259

See Notes to Financial Statements.

126

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Household Products (cont’d.)
Clorox Co. (The)		168	$	28,200
Colgate-Palmolive Co.		1,122		92,509
Energizer Holdings, Inc.		80		3,009
Kimberly-Clark Corp.		445		61,254
Procter & Gamble Co. (The)		3,250		521,462
WD-40 Co.		20		4,445
				747,564
Independent Power & Renewable Electricity Producers     0.0%
AES Corp. (The)		893		19,807
Industrial Conglomerates     0.9%
3M Co.		769		127,669
General Electric Co.		1,477		139,547
Honeywell International, Inc.		915		187,099
Roper Technologies, Inc.		143		62,514
				516,829
Insurance     1.9%
Aflac, Inc.		808		50,759
Alleghany Corp.*		20		13,280
Allstate Corp. (The)		384		46,337
Ambac Financial Group, Inc.*		42		595
American Equity Investment Life Holding Co.		104		4,279
American Financial Group, Inc.		92		11,986
American International Group, Inc.		1,105		63,814
AMERISAFE, Inc.		26		1,366
Aon PLC (Class A Stock)		300		82,932
Arthur J. Gallagher & Co.		272		42,960
Assurant, Inc.		70		10,676
Assured Guaranty Ltd.		106		5,649
Brighthouse Financial, Inc.*		114		6,207
Brown & Brown, Inc.		316		20,944
Chubb Ltd.		573		113,041
Cincinnati Financial Corp.		198		23,330
CNO Financial Group, Inc.		184		4,589
eHealth, Inc.*		26		568
Employers Holdings, Inc.		28		1,095
Everest Re Group Ltd.		56		15,870
First American Financial Corp.		150		11,177

See Notes to Financial Statements.

PGIM Day One Underlying Funds    127

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Insurance (cont’d.)
Genworth Financial, Inc. (Class A Stock)*		617	$	2,406
Globe Life, Inc.		127		12,992
Hanover Insurance Group, Inc. (The)		48		6,622
Hartford Financial Services Group, Inc. (The)		455		32,701
HCI Group, Inc.		11		747
Horace Mann Educators Corp.		47		1,786
James River Group Holdings Ltd.		38		1,076
Kemper Corp.		86		5,158
Kinsale Capital Group, Inc.		29		5,809
Lincoln National Corp.		218		15,256
Loews Corp.		272		16,228
Marsh & McLennan Cos., Inc.		670		102,939
Mercury General Corp.		34		1,858
MetLife, Inc.		953		63,908
Old Republic International Corp.		359		9,201
Palomar Holdings, Inc.*		29		1,530
Primerica, Inc.		59		9,106
Principal Financial Group, Inc.		332		24,256
ProAssurance Corp.		69		1,653
Progressive Corp. (The)		781		84,863
Prudential Financial, Inc.(g)		506		56,454
Reinsurance Group of America, Inc.		95		10,909
RenaissanceRe Holdings Ltd. (Bermuda)		64		10,059
RLI Corp.		52		5,449
Safety Insurance Group, Inc.		22		1,811
Selective Insurance Group, Inc.		80		6,312
Selectquote, Inc.*		165		1,219
SiriusPoint Ltd. (Bermuda)*		69		584
Stewart Information Services Corp.		34		2,429
Travelers Cos., Inc. (The)		331		55,006
Trupanion, Inc.*		42		4,001
United Fire Group, Inc.		27		673
Universal Insurance Holdings, Inc.		39		672
Unum Group		282		7,157
W.R. Berkley Corp.		191		16,140
Willis Towers Watson PLC		161		37,668
				1,148,092
Interactive Media & Services     5.5%
Alphabet, Inc. (Class A Stock)*		404		1,093,252
Alphabet, Inc. (Class C Stock)*		376		1,020,453

See Notes to Financial Statements.

128

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Interactive Media & Services (cont’d.)
Cars.com, Inc.*		80	$	1,246
Match Group, Inc.*		380		42,826
Meta Platforms, Inc. (Class A Stock)*		3,176		994,914
QuinStreet, Inc.*		54		869
TripAdvisor, Inc.*		129		3,502
Twitter, Inc.*		1,062		39,836
Yelp, Inc.*		93		3,212
Ziff Davis, Inc.*		70		7,354
				3,207,464
Internet & Direct Marketing Retail     3.1%
Amazon.com, Inc.*		586		1,753,001
eBay, Inc.		831		49,918
Etsy, Inc.*		166		26,075
Liquidity Services, Inc.*		39		742
PetMed Express, Inc.		15		388
Shutterstock, Inc.		39		3,782
				1,833,906
IT Services     4.2%
Accenture PLC (Class A Stock)		851		300,897
Akamai Technologies, Inc.*		213		24,399
Alliance Data Systems Corp.		69		4,764
Automatic Data Processing, Inc.		564		116,280
Broadridge Financial Solutions, Inc.		159		25,316
Cognizant Technology Solutions Corp. (Class A Stock)		700		59,794
Concentrix Corp.		65		13,064
CSG Systems International, Inc.		39		2,214
DXC Technology Co.*		341		10,257
EPAM Systems, Inc.*		80		38,091
Euronet Worldwide, Inc.*		70		9,372
EVERTEC, Inc. (Puerto Rico)		82		3,578
ExlService Holdings, Inc.*		45		5,423
Fidelity National Information Services, Inc.		810		97,135
Fiserv, Inc.*		789		83,397
FleetCor Technologies, Inc.*		101		24,064
Gartner, Inc.*		114		33,503
Genpact Ltd.		230		11,443
Global Payments, Inc.		388		58,153
International Business Machines Corp.		1,206		161,085

See Notes to Financial Statements.

PGIM Day One Underlying Funds    129

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
Jack Henry & Associates, Inc.		101	$	16,949
Kyndryl Holdings, Inc.*		244		4,119
LiveRamp Holdings, Inc.*		103		4,599
Mastercard, Inc. (Class A Stock)		1,169		451,678
Maximus, Inc.		83		6,418
Paychex, Inc.		423		49,813
PayPal Holdings, Inc.*		1,578		271,321
Perficient, Inc.*		51		5,346
Sabre Corp.*		405		3,706
TTEC Holdings, Inc.		31		2,483
Unisys Corp.*		65		1,186
VeriSign, Inc.*		136		29,537
Visa, Inc. (Class A Stock)		2,254		509,787
Western Union Co. (The)		539		10,193
WEX, Inc.*		64		10,303
				2,459,667
Leisure Products     0.1%
Brunswick Corp.		106		9,624
Callaway Golf Co.*		152		3,627
Hasbro, Inc.		174		16,091
Mattel, Inc.*		453		9,477
Polaris, Inc.		77		8,669
Sturm Ruger & Co., Inc.		26		1,748
Vista Outdoor, Inc.*		64		2,469
YETI Holdings, Inc.*		121		7,935
				59,640
Life Sciences Tools & Services     1.7%
Agilent Technologies, Inc.		404		56,285
Bio-Rad Laboratories, Inc. (Class A Stock)*		24		14,393
Bio-Techne Corp.		57		21,455
Bruker Corp.		135		8,991
Charles River Laboratories International, Inc.*		70		23,083
Danaher Corp.		845		241,493
Illumina, Inc.*		218		76,043
IQVIA Holdings, Inc.*		253		61,960
Medpace Holdings, Inc.*		41		7,276
Mettler-Toledo International, Inc.*		32		47,126
NeoGenomics, Inc.*		157		3,539

See Notes to Financial Statements.

130

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Life Sciences Tools & Services (cont’d.)
PerkinElmer, Inc.		169	$	29,097
Repligen Corp.*		70		13,884
Syneos Health, Inc.*		139		12,588
Thermo Fisher Scientific, Inc.		535		310,995
Waters Corp.*		85		27,210
West Pharmaceutical Services, Inc.		102		40,108
				995,526
Machinery     1.7%
AGCO Corp.		83		9,728
Alamo Group, Inc.		19		2,676
Albany International Corp. (Class A Stock)		46		3,851
Astec Industries, Inc.		24		1,519
Barnes Group, Inc.		64		2,891
Caterpillar, Inc.		718		144,720
Chart Industries, Inc.*		48		5,850
CIRCOR International, Inc.*		20		555
Colfax Corp.*		182		7,484
Crane Co.		73		7,556
Cummins, Inc.		182		40,200
Deere & Co.		383		144,161
Donaldson Co., Inc.		161		8,961
Dover Corp.		188		31,943
Enerpac Tool Group Corp.		60		1,071
EnPro Industries, Inc.		31		3,256
ESCO Technologies, Inc.		36		2,872
Federal Signal Corp.		78		3,044
Flowserve Corp.		163		5,317
Fortive Corp.		474		33,436
Franklin Electric Co., Inc.		57		4,948
Graco, Inc.		230		16,689
Greenbrier Cos., Inc. (The)		37		1,493
Hillenbrand, Inc.		102		4,741
IDEX Corp.		103		22,190
Illinois Tool Works, Inc.		380		88,890
Ingersoll Rand, Inc.		540		30,353
ITT, Inc.		117		10,755
John Bean Technologies Corp.		44		5,940
Kennametal, Inc.		101		3,492
Lincoln Electric Holdings, Inc.		83		10,611
Lindsay Corp.		14		1,768

See Notes to Financial Statements.

PGIM Day One Underlying Funds    131

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Machinery (cont’d.)
Meritor, Inc.*		85	$	1,959
Middleby Corp. (The)*		78		14,446
Mueller Industries, Inc.		75		3,875
Nordson Corp.		73		16,975
Oshkosh Corp.		94		10,698
Otis Worldwide Corp.		566		48,353
PACCAR, Inc.		464		43,147
Parker-Hannifin Corp.		179		55,492
Pentair PLC		225		14,332
Proto Labs, Inc.*		34		1,706
Snap-on, Inc.		76		15,827
SPX Corp.*		65		3,392
SPX FLOW, Inc.		62		5,344
Standex International Corp.		19		1,888
Stanley Black & Decker, Inc.		213		37,200
Tennant Co.		24		1,852
Terex Corp.		91		3,797
Timken Co. (The)		93		6,212
Titan International, Inc.*		32		312
Toro Co. (The)		145		14,004
Trinity Industries, Inc.		108		3,103
Wabash National Corp.		70		1,373
Watts Water Technologies, Inc. (Class A Stock)		40		6,128
Westinghouse Air Brake Technologies Corp.		241		21,425
Xylem, Inc.		239		25,100
				1,020,901
Marine     0.0%
Kirby Corp.*		75		4,888
Matson, Inc.		62		6,055
				10,943
Media     1.0%
AMC Networks, Inc. (Class A Stock)*		37		1,577
Cable One, Inc.		8		12,358
Charter Communications, Inc. (Class A Stock)*		161		95,528
Comcast Corp. (Class A Stock)		6,124		306,139
Discovery, Inc. (Class A Stock)*		205		5,722
Discovery, Inc. (Class C Stock)*		391		10,694
DISH Network Corp. (Class A Stock)*		331		10,393

See Notes to Financial Statements.

132

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Media (cont’d.)
EW Scripps Co. (The) (Class A Stock)*		78	$	1,599
Fox Corp. (Class A Stock)		428		17,381
Fox Corp. (Class B Stock)		200		7,436
Gannett Co., Inc.*		81		394
Interpublic Group of Cos., Inc. (The)		528		18,765
John Wiley & Sons, Inc. (Class A Stock)		57		2,893
Loyalty Ventures, Inc.*		27		791
New York Times Co. (The) (Class A Stock)		229		9,167
News Corp. (Class A Stock)		523		11,631
News Corp. (Class B Stock)		148		3,291
Omnicom Group, Inc.		290		21,854
Scholastic Corp.		43		1,764
TechTarget, Inc.*		31		2,571
TEGNA, Inc.		279		5,401
Thryv Holdings, Inc.*		20		649
ViacomCBS, Inc. (Class B Stock)		808		27,028
				575,026
Metals & Mining     0.5%
Alcoa Corp.		250		14,178
Allegheny Technologies, Inc.*		154		2,817
Arconic Corp.*		130		4,021
Carpenter Technology Corp.		62		1,781
Century Aluminum Co.*		71		1,089
Cleveland-Cliffs, Inc.*		617		10,575
Commercial Metals Co.		152		5,083
Compass Minerals International, Inc.		46		2,456
Freeport-McMoRan, Inc.		1,953		72,691
Haynes International, Inc.		12		451
Kaiser Aluminum Corp.		25		2,394
Materion Corp.		28		2,320
Newmont Corp.		1,075		65,758
Nucor Corp.		386		39,140
Olympic Steel, Inc.		15		319
Reliance Steel & Aluminum Co.		88		13,453
Royal Gold, Inc.		91		9,241
Steel Dynamics, Inc.		244		13,547
SunCoke Energy, Inc.		31		212
TimkenSteel Corp.*		23		323
United States Steel Corp.		337		6,983

See Notes to Financial Statements.

PGIM Day One Underlying Funds    133

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Metals & Mining (cont’d.)
Warrior Met Coal, Inc.		62	$	1,624
Worthington Industries, Inc.		47		2,547
				273,003
Mortgage Real Estate Investment Trusts (REITs)     0.0%
Apollo Commercial Real Estate Finance, Inc.		177		2,416
ARMOUR Residential REIT, Inc.		119		1,116
Ellington Financial, Inc.		75		1,333
Franklin BSP Realty Trust, Inc.		60		808
Granite Point Mortgage Trust, Inc.		46		557
Invesco Mortgage Capital, Inc.		189		506
KKR Real Estate Finance Trust, Inc.		31		662
New York Mortgage Trust, Inc.		399		1,496
PennyMac Mortgage Investment Trust		108		1,925
Ready Capital Corp.		40		570
Redwood Trust, Inc.		155		1,911
Two Harbors Investment Corp.		370		2,127
				15,427
Multiline Retail     0.5%
Big Lots, Inc.		46		1,928
Dollar General Corp.		312		65,046
Dollar Tree, Inc.*		305		40,022
Kohl’s Corp.		195		11,643
Macy’s, Inc.		434		11,110
Nordstrom, Inc.*		144		3,240
Ollie’s Bargain Outlet Holdings, Inc.*		90		4,315
Target Corp.		649		143,059
				280,363
Multi-Utilities     0.7%
Ameren Corp.		339		30,083
Avista Corp.		78		3,468
Black Hills Corp.		86		5,825
CenterPoint Energy, Inc.		821		23,283
CMS Energy Corp.		368		23,692
Consolidated Edison, Inc.		470		40,631
Dominion Energy, Inc.		1,090		87,919
DTE Energy Co.		255		30,710

See Notes to Financial Statements.

134

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Multi-Utilities (cont’d.)
MDU Resources Group, Inc.		281	$	8,253
NiSource, Inc.		515		15,028
NorthWestern Corp.		73		4,243
Public Service Enterprise Group, Inc.		681		45,307
Sempra Energy		424		58,580
Unitil Corp.		20		939
WEC Energy Group, Inc.		420		40,757
				418,718
Oil, Gas & Consumable Fuels     2.9%
Antero Midstream Corp.		383		3,811
APA Corp.		470		15,609
Callon Petroleum Co.*		54		2,670
Chevron Corp.		2,590		340,145
Civitas Resources, Inc.		98		5,341
CNX Resources Corp.*		283		4,197
ConocoPhillips		1,771		156,946
CONSOL Energy, Inc.*		30		652
Coterra Energy, Inc.		1,054		23,083
Devon Energy Corp.		838		42,378
Diamondback Energy, Inc.		232		29,269
Dorian LPG Ltd.		31		369
DT Midstream, Inc.		132		6,824
EOG Resources, Inc.		777		86,620
EQT Corp.*		404		8,585
Equitrans Midstream Corp.		561		4,550
Exxon Mobil Corp.		5,683		431,681
Green Plains, Inc.*		76		2,321
Hess Corp.		366		33,778
HollyFrontier Corp.		212		7,454
Kinder Morgan, Inc.		2,595		45,049
Laredo Petroleum, Inc.*		26		1,746
Marathon Oil Corp.		1,052		20,482
Marathon Petroleum Corp.		820		58,835
Matador Resources Co.		146		6,536
Murphy Oil Corp.		204		6,446
Occidental Petroleum Corp.		1,181		44,488
ONEOK, Inc.		596		36,165
Par Pacific Holdings, Inc.*		65		917
PBF Energy, Inc. (Class A Stock)*		112		1,774
PDC Energy, Inc.		135		8,001

See Notes to Financial Statements.

PGIM Day One Underlying Funds    135

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Oil, Gas & Consumable Fuels (cont’d.)
Phillips 66		583	$	49,433
Pioneer Natural Resources Co.		306		66,980
Range Resources Corp.*		338		6,507
Ranger Oil Corp. (Class A Stock)*		15		465
Renewable Energy Group, Inc.*		69		2,778
REX American Resources Corp.*		5		482
SM Energy Co.		169		5,545
Southwestern Energy Co.*		1,357		5,971
Talos Energy, Inc.*		23		245
Targa Resources Corp.		305		18,019
Valero Energy Corp.		543		45,053
Williams Cos., Inc. (The)		1,617		48,413
World Fuel Services Corp.		73		2,059
				1,688,672
Paper & Forest Products     0.0%
Clearwater Paper Corp.*		9		284
Glatfelter Corp.		60		1,042
Louisiana-Pacific Corp.		110		7,308
Mercer International, Inc. (Germany)		46		559
Neenah, Inc.		26		1,199
Schweitzer-Mauduit International, Inc.		51		1,544
Sylvamo Corp.*		49		1,460
				13,396
Personal Products     0.2%
Coty, Inc. (Class A Stock)*		421		3,570
Edgewell Personal Care Co.		73		3,344
elf Beauty, Inc.*		62		1,833
Estee Lauder Cos., Inc. (The) (Class A Stock)		314		97,902
Inter Parfums, Inc.		20		1,979
Medifast, Inc.		17		3,378
Nu Skin Enterprises, Inc. (Class A Stock)		60		2,891
USANA Health Sciences, Inc.*		13		1,243
				116,140
Pharmaceuticals     3.3%
Amphastar Pharmaceuticals, Inc.*		50		1,154
ANI Pharmaceuticals, Inc.*		8		323

See Notes to Financial Statements.

136

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Pharmaceuticals (cont’d.)
Bristol-Myers Squibb Co.		2,982	$	193,502
Cara Therapeutics, Inc.*		39		452
Catalent, Inc.*		232		24,112
Collegium Pharmaceutical, Inc.*		19		339
Corcept Therapeutics, Inc.*		117		2,196
Eli Lilly & Co.		1,056		259,132
Endo International PLC*		165		526
Harmony Biosciences Holdings, Inc.*		30		1,076
Innoviva, Inc.*		54		866
Jazz Pharmaceuticals PLC*		90		12,502
Johnson & Johnson		3,536		609,217
Merck & Co., Inc.		3,395		276,625
Nektar Therapeutics*		207		2,302
Organon & Co.		353		11,264
Pacira BioSciences, Inc.*		54		3,390
Perrigo Co. PLC		168		6,396
Pfizer, Inc.		7,535		397,019
Phibro Animal Health Corp. (Class A Stock)		15		289
Prestige Consumer Healthcare, Inc.*		73		4,121
Supernus Pharmaceuticals, Inc.*		54		1,666
Viatris, Inc.		1,625		24,326
Zoetis, Inc.		630		125,868
				1,958,663
Professional Services     0.5%
ASGN, Inc.*		78		8,960
CACI International, Inc. (Class A Stock)*		33		8,166
Equifax, Inc.		159		38,122
Exponent, Inc.		78		7,408
Forrester Research, Inc.*		12		660
FTI Consulting, Inc.*		54		7,874
Heidrick & Struggles International, Inc.		30		1,313
IHS Markit Ltd.		528		61,665
Insperity, Inc.		54		5,807
Jacobs Engineering Group, Inc.		171		22,261
KBR, Inc.		199		8,637
Kelly Services, Inc. (Class A Stock)		15		256
Korn Ferry		70		4,647
Leidos Holdings, Inc.		179		16,012
ManpowerGroup, Inc.		73		7,655
ManTech International Corp. (Class A Stock)		33		2,384

See Notes to Financial Statements.

PGIM Day One Underlying Funds    137

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Professional Services (cont’d.)
Nielsen Holdings PLC		469	$	8,845
Resources Connection, Inc.		23		401
Robert Half International, Inc.		151		17,102
Science Applications International Corp.		77		6,316
TrueBlue, Inc.*		49		1,303
Verisk Analytics, Inc.		213		41,776
				277,570
Real Estate Management & Development     0.1%
CBRE Group, Inc. (Class A Stock)*		446		45,198
Douglas Elliman, Inc.*		68		528
Jones Lang LaSalle, Inc.*		69		17,304
Marcus & Millichap, Inc.*		43		2,013
RE/MAX Holdings, Inc. (Class A Stock)		15		446
Realogy Holdings Corp.*		138		2,277
St. Joe Co. (The)		37		1,795
				69,561
Road & Rail     0.9%
ArcBest Corp.		41		3,626
Avis Budget Group, Inc.*		53		9,337
CSX Corp.		2,978		101,907
Heartland Express, Inc.		31		464
J.B. Hunt Transport Services, Inc.		107		20,602
Knight-Swift Transportation Holdings, Inc.		224		12,674
Landstar System, Inc.		59		9,440
Marten Transport Ltd.		83		1,385
Norfolk Southern Corp.		329		89,485
Old Dominion Freight Line, Inc.		132		39,855
Ryder System, Inc.		78		5,709
Saia, Inc.*		26		7,391
Union Pacific Corp.		855		209,090
Werner Enterprises, Inc.		79		3,523
XPO Logistics, Inc.*		135		8,933
				523,421
Semiconductors & Semiconductor Equipment     5.4%
Advanced Micro Devices, Inc.*		1,625		185,656
Amkor Technology, Inc.		124		2,731

See Notes to Financial Statements.

138

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Analog Devices, Inc.		714	$	117,075
Applied Materials, Inc.		1,215		167,889
Axcelis Technologies, Inc.*		52		3,256
Azenta, Inc.		93		7,844
Broadcom, Inc.		555		325,163
CEVA, Inc.*		23		866
Cirrus Logic, Inc.*		70		6,261
CMC Materials, Inc.		38		6,873
Cohu, Inc.*		51		1,682
Diodes, Inc.*		62		5,753
Enphase Energy, Inc.*		171		24,020
First Solar, Inc.*		137		10,738
FormFactor, Inc.*		95		4,060
Ichor Holdings Ltd.*		34		1,442
Intel Corp.		5,461		266,606
KLA Corp.		204		79,411
Kulicke & Soffa Industries, Inc. (Singapore)		85		4,649
Lam Research Corp.		191		112,675
Lattice Semiconductor Corp.*		181		9,995
MaxLinear, Inc.*		88		5,282
Microchip Technology, Inc.		746		57,800
Micron Technology, Inc.		1,506		123,899
MKS Instruments, Inc.		76		11,805
Monolithic Power Systems, Inc.		53		21,355
NVIDIA Corp.		3,359		822,485
NXP Semiconductors NV (China)		351		72,109
Onto Innovation, Inc.*		73		6,682
PDF Solutions, Inc.*		23		684
Photronics, Inc.*		46		822
Power Integrations, Inc.		87		7,022
Qorvo, Inc.*		151		20,729
QUALCOMM, Inc.		1,505		264,519
Rambus, Inc.*		145		3,661
Semtech Corp.*		93		6,612
Silicon Laboratories, Inc.*		60		9,911
SiTime Corp.*		20		4,662
Skyworks Solutions, Inc.		218		31,941
SMART Global Holdings, Inc.*		40		2,294
SolarEdge Technologies, Inc.*		72		17,152
SunPower Corp.*		100		1,678
Synaptics, Inc.*		49		10,307
Teradyne, Inc.		211		24,778

See Notes to Financial Statements.

PGIM Day One Underlying Funds    139

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont’d.)
Texas Instruments, Inc.		1,242	$	222,927
Ultra Clean Holdings, Inc.*		53		2,672
Universal Display Corp.		52		7,983
Veeco Instruments, Inc.*		71		1,952
Wolfspeed, Inc.*		158		14,890
Xilinx, Inc.		327		63,291
				3,186,549
Software     8.3%
8x8, Inc.*		130		1,995
ACI Worldwide, Inc.*		152		5,224
Adobe, Inc.*		642		343,021
Agilysys, Inc.*		31		1,180
Alarm.com Holdings, Inc.*		60		4,474
ANSYS, Inc.*		123		41,821
Aspen Technology, Inc.*		95		14,265
Autodesk, Inc.*		296		73,938
Blackbaud, Inc.*		56		3,816
Bottomline Technologies DE, Inc.*		39		2,199
Cadence Design Systems, Inc.*		366		55,683
CDK Global, Inc.		163		7,004
Cerence, Inc.*		50		3,174
Ceridian HCM Holding, Inc.*		186		14,102
Citrix Systems, Inc.		168		17,126
CommVault Systems, Inc.*		68		4,587
Consensus Cloud Solutions, Inc.*		23		1,304
Digital Turbine, Inc.*		120		5,298
Ebix, Inc.		22		669
Envestnet, Inc.*		75		5,545
Fair Isaac Corp.*		42		20,790
Fortinet, Inc.*		181		53,800
InterDigital, Inc.		46		3,175
Intuit, Inc.		387		214,874
LivePerson, Inc.*		88		2,629
Manhattan Associates, Inc.*		88		11,781
Microsoft Corp.		10,080		3,134,678
Mimecast Ltd.*		80		6,377
NCR Corp.*		179		6,813
NortonLifeLock, Inc.		777		20,210
OneSpan, Inc.*		23		369
Oracle Corp.		2,167		175,874

See Notes to Financial Statements.

140

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
Paycom Software, Inc.*		70	$	23,471
Paylocity Holding Corp.*		52		10,607
Progress Software Corp.		60		2,731
PTC, Inc.*		137		15,928
Qualys, Inc.*		50		6,407
Sailpoint Technologies Holdings, Inc.*		114		4,411
salesforce.com, Inc.*		1,317		306,374
ServiceNow, Inc.*		267		156,403
SPS Commerce, Inc.*		49		6,069
Synopsys, Inc.*		212		65,826
Teradata Corp.*		152		6,132
Tyler Technologies, Inc.*		61		28,902
Vonage Holdings Corp.*		288		6,002
Xperi Holding Corp.		116		1,957
				4,899,015
Specialty Retail     2.3%
Aaron’s Co., Inc. (The)		23		487
Abercrombie & Fitch Co. (Class A Stock)*		83		3,237
Advance Auto Parts, Inc.		89		20,604
American Eagle Outfitters, Inc.		184		4,201
America’s Car-Mart, Inc.*		15		1,424
Asbury Automotive Group, Inc.*		27		4,346
AutoNation, Inc.*		60		6,540
AutoZone, Inc.*		30		59,590
Barnes & Noble Education, Inc.*		31		187
Bath & Body Works, Inc.		351		19,681
Bed Bath & Beyond, Inc.*		131		2,127
Best Buy Co., Inc.		295		29,288
Boot Barn Holdings, Inc.*		44		4,047
Buckle, Inc. (The)		29		1,092
Caleres, Inc.		41		983
CarMax, Inc.*		222		24,680
Cato Corp. (The) (Class A Stock)		15		248
Chico’s FAS, Inc.*		85		400
Children’s Place, Inc. (The)*		26		1,840
Conn’s, Inc.*		23		558
Designer Brands, Inc. (Class A Stock)*		69		909
Dick’s Sporting Goods, Inc.		91		10,501
Five Below, Inc.*		70		11,480
Foot Locker, Inc.		112		5,004

See Notes to Financial Statements.

PGIM Day One Underlying Funds    141

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Specialty Retail (cont’d.)
GameStop Corp. (Class A Stock)*		78	$	8,497
Gap, Inc. (The)		259		4,680
Genesco, Inc.*		23		1,480
Group 1 Automotive, Inc.		33		5,604
Guess?, Inc.		31		714
Haverty Furniture Cos., Inc.		15		443
Hibbett, Inc.		19		1,171
Home Depot, Inc. (The)		1,418		520,378
Lithia Motors, Inc.		46		13,438
LL Flooring Holdings, Inc.*		23		332
Lowe’s Cos., Inc.		920		218,362
MarineMax, Inc.*		35		1,647
Monro, Inc.		44		2,188
Murphy USA, Inc.		32		6,293
ODP Corp. (The)*		67		2,963
O’Reilly Automotive, Inc.*		95		61,916
Rent-A-Center, Inc.		93		3,920
RH*		31		12,487
Ross Stores, Inc.		473		46,236
Sally Beauty Holdings, Inc.*		133		2,284
Shoe Carnival, Inc.		15		512
Signet Jewelers Ltd.		78		6,718
Sleep Number Corp.*		39		2,788
Sonic Automotive, Inc. (Class A Stock)		26		1,326
TJX Cos., Inc. (The)		1,614		116,160
Tractor Supply Co.		156		34,056
Ulta Beauty, Inc.*		78		28,372
Urban Outfitters, Inc.*		78		2,240
Victoria’s Secret & Co.*		98		5,471
Williams-Sonoma, Inc.		104		16,696
Zumiez, Inc.*		21		944
				1,343,770
Technology Hardware, Storage & Peripherals     6.5%
3D Systems Corp.*		181		3,240
Apple, Inc.		20,922		3,656,747
Diebold Nixdorf, Inc.*		38		355
Hewlett Packard Enterprise Co.		1,753		28,627
HP, Inc.		1,533		56,307
NetApp, Inc.		298		25,780
Seagate Technology Holdings PLC		274		29,359

See Notes to Financial Statements.

142

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Technology Hardware, Storage & Peripherals (cont’d.)
Western Digital Corp.*		411	$	21,265
Xerox Holdings Corp.		185		3,905
				3,825,585
Textiles, Apparel & Luxury Goods     0.7%
Capri Holdings Ltd.*		205		12,314
Carter’s, Inc.		59		5,494
Columbia Sportswear Co.		54		5,015
Crocs, Inc.*		76		7,799
Deckers Outdoor Corp.*		42		13,450
Fossil Group, Inc.*		31		344
G-III Apparel Group Ltd.*		46		1,250
Hanesbrands, Inc.		436		7,020
Kontoor Brands, Inc.		66		3,253
Movado Group, Inc.		15		556
NIKE, Inc. (Class B Stock)		1,716		254,088
Oxford Industries, Inc.		23		1,895
PVH Corp.		97		9,216
Ralph Lauren Corp.		65		7,205
Skechers USA, Inc. (Class A Stock)*		178		7,476
Steven Madden Ltd.		106		4,361
Tapestry, Inc.		374		14,193
Under Armour, Inc. (Class A Stock)*		243		4,576
Under Armour, Inc. (Class C Stock)*		254		4,061
Unifi, Inc.*		15		285
Vera Bradley, Inc.*		23		188
VF Corp.		432		28,171
Wolverine World Wide, Inc.		104		2,755
				394,965
Thrifts & Mortgage Finance     0.1%
Axos Financial, Inc.*		63		3,245
Capitol Federal Financial, Inc.		173		1,925
Essent Group Ltd.		150		6,846
Flagstar Bancorp, Inc.		80		3,620
MGIC Investment Corp.		462		7,013
Mr. Cooper Group, Inc.*		118		4,738
New York Community Bancorp, Inc.		624		7,276
NMI Holdings, Inc. (Class A Stock)*		104		2,573
Northfield Bancorp, Inc.		23		362

See Notes to Financial Statements.

PGIM Day One Underlying Funds    143

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Thrifts & Mortgage Finance (cont’d.)
Provident Financial Services, Inc.		104	$	2,514
TrustCo Bank Corp.		27		915
Walker & Dunlop, Inc.		46		6,091
Washington Federal, Inc.		103		3,607
WSFS Financial Corp.		97		5,081
				55,806
Tobacco     0.6%
Altria Group, Inc.		2,466		125,470
Philip Morris International, Inc.		2,092		215,162
Universal Corp.		29		1,579
Vector Group Ltd.		137		1,522
				343,733
Trading Companies & Distributors     0.3%
Applied Industrial Technologies, Inc.		54		5,291
Boise Cascade Co.		57		4,002
DXP Enterprises, Inc.*		15		428
Fastenal Co.		767		43,474
GATX Corp.		44		4,596
GMS, Inc.*		49		2,508
MSC Industrial Direct Co., Inc. (Class A Stock)		67		5,470
NOW, Inc.*		116		1,031
United Rentals, Inc.*		99		31,692
Univar Solutions, Inc.*		217		5,750
Veritiv Corp.*		25		2,327
W.W. Grainger, Inc.		61		30,202
Watsco, Inc.		48		13,563
				150,334
Water Utilities     0.1%
American States Water Co.		54		4,981
American Water Works Co., Inc.		240		38,592
California Water Service Group		73		4,533
Essential Utilities, Inc.		318		15,499
Middlesex Water Co.		30		3,037
				66,642

See Notes to Financial Statements.

144

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Wireless Telecommunication Services     0.1%
Shenandoah Telecommunications Co.		47	$	1,070
Telephone & Data Systems, Inc.		102		2,020
T-Mobile US, Inc.*		783		84,697
				87,787
TOTAL COMMON STOCKS (cost $28,757,513)				55,706,885
EXCHANGE-TRADED FUNDS     3.5% iShares Core S&P 500 ETF		3,900		1,761,903
iShares Core S&P Mid-Cap ETF		700		183,778
iShares Core S&P Small-Cap ETF		900		95,625
TOTAL EXCHANGE-TRADED FUNDS (cost $1,723,450)				2,041,306
TOTAL LONG-TERM INVESTMENTS (cost $30,480,963)				57,748,191

	Interest Rate		Maturity Date		Principal Amount (000)#
SHORT-TERM INVESTMENTS     2.1%
U.S. TREASURY OBLIGATION(k)(n)     0.3%
U.S. Treasury Bills (cost $174,989)		0.050%		03/17/22		175	174,993

See Notes to Financial Statements.

PGIM Day One Underlying Funds    145

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Description	Shares		Value
UNAFFILIATED FUND     1.8%
Dreyfus Government Cash Management (Institutional Shares) (cost $1,023,153)		1,023,153	$	1,023,153
TOTAL SHORT-TERM INVESTMENTS (cost $1,198,142)				1,198,146
TOTAL INVESTMENTS     100.3% (cost $31,679,105)				58,946,337
Liabilities in excess of other assets(z)     (0.3)%				(148,296	)
NET ASSETS     100.0%			$	58,798,041

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

* Non-income producing security.

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

(g) An affiliated security.

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

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

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

Futures contracts outstanding at January 31, 2022:

Number of Contracts	Type	Expiration Date		Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
5	S&P 500 E-Mini Index		Mar. 2022	$	1,126,063		$	(49,573	)

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

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

Broker	Cash and/or Foreign Currency			Securities Market Value
Morgan Stanley & Co. LLC		$	—		$	174,993

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.

See Notes to Financial Statements.

146

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

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, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	794,699	$	—		$—
Air Freight & Logistics		339,361		—		—
Airlines		123,945		—		—
Auto Components		133,340		—		—
Automobiles		1,252,470		—		—
Banks		2,531,646		—		—
Beverages		780,482		—		—
Biotechnology		991,938		—		—
Building Products		351,581		—		—
Capital Markets		1,612,812		—		—
Chemicals		1,000,958		—		—
Commercial Services & Supplies		279,292		—		—
Communications Equipment		482,877		—		—
Construction & Engineering		76,367		—		—
Construction Materials		76,209		—		—
Consumer Finance		339,776		—		—
Containers & Packaging		191,453		—		—
Distributors		71,478		—		—
Diversified Consumer Services		33,929		—		—
Diversified Financial Services		780,223		—		—
Diversified Telecommunication Services		566,471		—		—
Electric Utilities		859,597		—		—
Electrical Equipment		333,533		—		—
Electronic Equipment, Instruments & Components		489,295		—		—
Energy Equipment & Services		173,994		—		—
Entertainment		790,331		—		—
Equity Real Estate Investment Trusts (REITs)		1,714,148		—		—
Food & Staples Retailing		750,485		—		—
Food Products		563,231		—		—
Gas Utilities		69,525		—		—
Health Care Equipment & Supplies		1,572,943		—		—
Health Care Providers & Services		1,568,195		—		—
Health Care Technology		53,631		—		—
Hotels, Restaurants & Leisure		1,103,639		—		—
Household Durables		268,546		—		—

See Notes to Financial Statements.

PGIM Day One Underlying Funds    147

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Household Products		$	747,564		$	—		$—
Independent Power & Renewable Electricity Producers			19,807			—		—
Industrial Conglomerates			516,829			—		—
Insurance			1,148,092			—		—
Interactive Media & Services			3,207,464			—		—
Internet & Direct Marketing Retail			1,833,906			—		—
IT Services			2,459,667			—		—
Leisure Products			59,640			—		—
Life Sciences Tools & Services			995,526			—		—
Machinery			1,020,901			—		—
Marine			10,943			—		—
Media			575,026			—		—
Metals & Mining			273,003			—		—
Mortgage Real Estate Investment Trusts (REITs)			15,427			—		—
Multiline Retail			280,363			—		—
Multi-Utilities			418,718			—		—
Oil, Gas & Consumable Fuels			1,688,672			—		—
Paper & Forest Products			13,396			—		—
Personal Products			116,140			—		—
Pharmaceuticals			1,958,663			—		—
Professional Services			277,570			—		—
Real Estate Management & Development			69,561			—		—
Road & Rail			523,421			—		—
Semiconductors & Semiconductor Equipment			3,186,549			—		—
Software			4,899,015			—		—
Specialty Retail			1,343,770			—		—
Technology Hardware, Storage & Peripherals			3,825,585			—		—
Textiles, Apparel & Luxury Goods			394,965			—		—
Thrifts & Mortgage Finance			55,806			—		—
Tobacco			343,733			—		—
Trading Companies & Distributors			150,334			—		—
Water Utilities			66,642			—		—
Wireless Telecommunication Services			87,787			—		—
Exchange-Traded Funds			2,041,306			—		—
Short-Term Investments
U.S. Treasury Obligation			—			174,993		—
Unaffiliated Fund			1,023,153			—		—
Total		$	58,771,344		$	174,993		$—

See Notes to Financial Statements.

148

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

	Level 1			Level 2		Level 3
Other Financial Instruments*
Liabilities
Futures Contracts	$	(49,573	)	$	—		$—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2022 were as follows:

Software	8.3	%
Technology Hardware, Storage & Peripherals	6.5
Interactive Media & Services	5.5
Semiconductors & Semiconductor Equipment	5.4
Banks	4.3
IT Services	4.2
Exchange-Traded Funds	3.5
Pharmaceuticals	3.3
Internet & Direct Marketing Retail	3.1
Equity Real Estate Investment Trusts (REITs)	2.9
Oil, Gas & Consumable Fuels	2.9
Capital Markets	2.7
Health Care Equipment & Supplies	2.7
Health Care Providers & Services	2.7
Specialty Retail	2.3
Automobiles	2.1
Insurance	1.9
Hotels, Restaurants & Leisure	1.9
Unaffiliated Fund	1.8
Machinery	1.7
Chemicals	1.7
Life Sciences Tools & Services	1.7
Biotechnology	1.7
Electric Utilities	1.5
Aerospace & Defense	1.3
Entertainment	1.3
Beverages	1.3
Diversified Financial Services	1.3
Food & Staples Retailing	1.3
Household Products	1.3
Media	1.0

Diversified Telecommunication Services	1.0	%
Food Products	1.0
Road & Rail	0.9
Industrial Conglomerates	0.9
Electronic Equipment, Instruments & Components	0.8
Communications Equipment	0.8
Multi-Utilities	0.7
Textiles, Apparel & Luxury Goods	0.7
Building Products	0.6
Tobacco	0.6
Consumer Finance	0.6
Air Freight & Logistics	0.6
Electrical Equipment	0.6
Multiline Retail	0.5
Commercial Services & Supplies	0.5
Professional Services	0.5
Metals & Mining	0.5
Household Durables	0.5
Containers & Packaging	0.3
U.S. Treasury Obligation	0.3
Energy Equipment & Services	0.3
Trading Companies & Distributors	0.3
Auto Components	0.2
Airlines	0.2
Personal Products	0.2
Wireless Telecommunication Services	0.1
Construction & Engineering	0.1
Construction Materials	0.1
Distributors	0.1
Real Estate Management & Development	0.1
Gas Utilities	0.1

See Notes to Financial Statements.

PGIM Day One Underlying Funds    149

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Industry Classification (continued):

Water Utilities	0.1	%
Leisure Products	0.1
Thrifts & Mortgage Finance	0.1
Health Care Technology	0.1
Diversified Consumer Services	0.1
Independent Power & Renewable Electricity Producers	0.0	*
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Paper & Forest Products	0.0	*

Marine	0.0	*%
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of January 31, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives		Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value	Statement of Assets and Liabilities Location	Fair   Value
Equity contracts	—	$—	Due from/to broker-variation margin futures	$	49,573	*

* 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, 2022 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	$	156,456

See Notes to Financial Statements.

150

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments  (unaudited) (continued)

as of January 31, 2022

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(78,495	)

For the six months ended January 31, 2022, the Fund’s average volume of derivative activities is as follows:

Futures

Contracts —

Long

Positions(1)

$1,204,304

(1) Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended January 31, 2022.

See Notes to Financial Statements.

PGIM Day One Underlying Funds    151

PGIM Quant Solutions US Broad Market Index Fund

Statement of Assets & Liabilities  (unaudited)

as of January 31, 2022

Assets
Investments at value:
Unaffiliated investments (cost $31,639,116)	$	58,889,883
Affiliated investments (cost $39,989)		56,454
Cash		104
Receivable for Fund shares sold		163,461
Dividends receivable		37,316
Due from broker—variation margin futures		20,250
Due from Manager		4,061
Receivable for investments sold		2,720
Prepaid expenses		823
Total Assets		59,175,072
Liabilities
Payable for Fund shares purchased		244,203
Payable for investments purchased		101,570
Accrued expenses and other liabilities		30,291
Trustees’ fees payable		817
Affiliated transfer agent fee payable		150
Total Liabilities		377,031
Net Assets	$	58,798,041
Net assets were comprised of:
Paid-in capital	$	31,779,230
Total distributable earnings (loss)		27,018,811
Net assets, January 31, 2022	$	58,798,041
Class R6
Net asset value, offering price and redemption price per share, ($58,798,041 ÷ 3,227,456 shares of beneficial interest issued and outstanding)	$	18.22

See Notes to Financial Statements.

152

PGIM Quant Solutions US Broad Market Index Fund

Statement of Operations  (unaudited)

Six Months Ended January 31, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $70 foreign withholding tax)	$	398,385
Affiliated dividend income		1,914
Affiliated income from securities lending, net		4
Total income		400,303
Expenses
Management fee		54,603
Custodian and accounting fees		31,091
Audit fee		12,225
Legal fees and expenses		9,924
Trustees’ fees		5,001
Shareholders’ reports		4,537
Fund data services		3,034
SEC registration fees		651
Transfer agent’s fees and expenses (including affiliated expense of $294)		294
Registration fees		143
Miscellaneous		9,656
Total expenses		131,159
Less: Fee waiver and/or expense reimbursement		(69,830	)
Net expenses		61,329
Net investment income (loss)		338,974
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $578)		4,187,485
Futures transactions		156,456
		4,343,941
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $5,565)		(2,583,865	)
Futures		(78,495	)
		(2,662,360	)
Net gain (loss) on investment transactions		1,681,581
Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,020,555

See Notes to Financial Statements.

PGIM Day One Underlying Funds    153

PGIM Quant Solutions US Broad Market Index Fund

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended January 31, 2022				Year Ended July 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	338,974			$	923,164
Net realized gain (loss) on investment transactions			4,343,941				5,729,383
Net change in unrealized appreciation (depreciation) on investments			(2,662,360	)			16,970,424
Net increase (decrease) in net assets resulting from operations			2,020,555				23,622,971
Dividends and Distributions
Distributions from distributable earnings
Class R6			(6,669,113	)			(1,399,691	)
Fund share transactions
Net proceeds from shares sold			10,670,380				25,527,000
Net asset value of shares issued in reinvestment of dividends and distributions			6,669,113				1,399,691
Cost of shares purchased			(18,240,240	)			(46,910,910	)
Net increase (decrease) in net assets from Fund share transactions			(900,747	)			(19,984,219	)
Total increase (decrease)			(5,549,305	)			2,239,061
Net Assets:
Beginning of period			64,347,346				62,108,285
End of period		$	58,798,041			$	64,347,346

See Notes to Financial Statements.

154

PGIM Quant Solutions US Broad Market Index Fund

Financial Highlights  (unaudited)

Class R6 Shares
	Six Months Ended January 31, 2022															November 17, 2016(a) through  July 31, 2017
				Year Ended July 31,
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$19.85			$14.80			$13.60			$12.99			$11.36			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.22			0.23			0.23			0.20			0.12
Net realized and unrealized gain
(loss) on investment transactions		0.56			5.15			1.22			0.64			1.61			1.26
Total from investment operations		0.67			5.37			1.45			0.87			1.81			1.38
Less Dividends and Distributions:
Dividends from net investment income		(0.27)			(0.21	)		(0.23	)		(0.19	)		(0.14	)		(0.02	)
Distributions from net realized gains		(2.03)			(0.11	)		(0.02	)		(0.07	)		(0.04	)		-
Total dividends and distributions		(2.30)			(0.32	)		(0.25	)		(0.26	)		(0.18	)		(0.02	)
Net asset value, end of period		$18.22			$19.85			$14.80			$13.60			$12.99			$11.36
Total Return(c):		3.00%			36.70	%		10.71	%		6.95	%		16.05	%		13.84	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$58,798			$64,347			$62,108			$45,134			$37,020			$22,374
Average net assets (000)		$60,175			$72,943			$49,589			$40,825			$29,409			$12,357
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.20%	(e)		0.20	%		0.20	%		0.20	%		0.20	%		0.26	%(e)
Expenses before waivers and/or expense reimbursement		0.43%	(e)		0.38	%		0.52	%		0.59	%		0.65	%		1.86	%(e)
Net investment income (loss)		1.12%	(e)		1.27	%		1.71	%		1.78	%		1.64	%		1.63	%(e)
Portfolio turnover rate(f)		12%			28	%		23	%		15	%		15	%		5	%

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds    155

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 2 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements (consolidated financial statements for Commodity Strategies Fund) relate only to the following series of the RIC: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Mid-Cap Core Fund (formerly known as PGIM QMA Mid-Cap Core Equity Fund), PGIM Quant Solutions US Broad Market Index Fund (formerly known as PGIM QMA US Broad Market Index Fund), each of which are diversified funds for the purposes of the 1940 Act, and PGIM Quant Solutions Commodity Strategies Fund (the “Commodity Strategies Fund”) (formerly known as PGIM QMA Commodity Strategies Fund), which is a non-diversified fund for purposes of the 1940 Act (each, a “Fund” and collectively, the “Funds”).

The Commodity Strategies Fund wholly owns and controls the PGIM QMA Commodity Strategies Subsidiary, Ltd. (the “Cayman Subsidiary”), a company organized under the laws of the Cayman Islands. The Cayman Subsidiary is not registered as an investment company under the 1940 Act. The consolidated financial statements of the Commodity Strategies Fund include the financial results of the Cayman 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 Cayman Subsidiary. These consolidated financial statements include the accounts of the Commodity Strategies Fund and the Cayman Subsidiary. All significant inter-company balances and transactions between the Commodity Strategies Fund and the Cayman 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 Cayman Subsidiary. The Cayman Subsidiary participates in the same investment objective as the Commodity Strategies Fund. The Cayman Subsidiary pursues its investment objective by investing in commodities, commodities-related instruments, derivatives and other investments. The Cayman Subsidiary (unlike the Commodity Strategies Fund) may invest without limitation in these instruments. However, the Cayman Subsidiary is otherwise subject to the same investment restrictions and limitations, and follows the same compliance policies and procedures, as the Commodity Strategies Fund.

The Commodity Strategies Fund’s disclosures and operations are subject to compliance with applicable regulations governing commodity pools including Commodity Futures Trading Commission (CFTC) rules.

156

As of January 31, 2022, the Cayman Subsidiary had net assets of $11,768,669, representing 18.5% of the Commodity Strategies Fund’s net assets.

The Funds of the RIC have the following investment objective(s) and Subadviser(s):

Fund	Investment Objective(s)	Subadviser(s)
PGIM Jennison Small-Cap Core Equity Fund	Outperform the Russell 2000 Index.	Jennison Associates, LLC (“Jennison”)(a wholly-owned subsidiary of PGIM, Inc.)
PGIM Core Conservative Bond Fund	Outperform the Bloomberg U.S. Aggregate Bond Index over full market cycles.	PGIM Limited and PGIM Fixed Income, a business unit of PGIM, Inc.
PGIM TIPS Fund	Outperform the Bloomberg US Treasury Inflation-Protected Index.	PGIM Fixed Income
PGIM Quant Solutions Commodity Strategies Fund	Generate returns over time in excess of the Bloomberg Commodity Index.	PGIM Quantitative Solutions LLC (formerly known as QMA LLC) (“PGIM Quantitative Solutions”)
PGIM Quant Solutions Mid-Cap Core Fund	Outperform the S&P Mid-Cap 400 Index.	PGIM Quantitative Solutions
PGIM Quant Solutions US Broad Market Index Fund	Seek to provide investment results that approximate the performance of the S&P Composite 1500 Index.	PGIM Quantitative Solutions

2. Accounting Policies

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

Securities Valuation: The Funds hold securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Funds’ investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair 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

PGIM Day One Underlying Funds    157

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

when market quotations are either not readily available or not deemed representative of fair value. 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. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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

Common or preferred stocks, exchange-traded funds and derivative instruments, if applicable, that are traded on a national securities exchange are valued at the last sale price as of the close of trading on the applicable exchange where the security principally trades. Securities traded via NASDAQ are valued at the NASDAQ official closing price. To the extent these securities are valued at the last sale price or NASDAQ official closing price, they are classified as Level 1 in the fair value hierarchy. In the event that no sale or official closing price on 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.

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 up to the time the Funds are valued. 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.

158

Investments in open-end funds (other than exchange-traded 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. The Funds utilize the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on 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. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the 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.

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 exchange rate as of the valuation date;

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

PGIM Day One Underlying Funds    159

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

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 unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations. 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, currency gains (losses) realized between the trade and settlement dates on investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Commodities: The Commodity Strategies Fund gains exposure to commodity markets through direct investment of the Commodity Strategies Fund’s assets or through the Cayman Subsidiary. The Commodity Strategies Fund gains exposure to the commodity markets primarily through exchange-traded futures on commodities held by the Cayman Subsidiary. The Commodity Strategies Fund may invest up to 25% of its total assets in the Cayman Subsidiary. The Cayman Subsidiary may invest in commodity investments without limit. The Fund invests in the Cayman 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

160

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 Commodity Strategies Fund’s investments to greater volatility than investments in traditional securities.

Financial/Commodity Futures Contracts: A 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 futures contract, the Funds are 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 Funds 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 Fund) as net realized gain (loss) on futures transactions.

The Funds invested in financial and/or commodity futures contracts in order to hedge their existing portfolio securities, or securities the Funds intend to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Funds may not achieve the anticipated benefits of the futures contracts and may realize a loss. The Commodity Strategies Fund invested in commodity 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: The RIC, on behalf of the 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 all or a portion of a 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 Funds to cover the Funds’ 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.

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

Delayed-Delivery Transactions: Certain Funds purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve a commitment by the Funds to purchase or sell securities for a predetermined price or yield, with payment and delivery taking place beyond the customary settlement period. When delayed-delivery purchases are outstanding, the Funds will set aside and maintain an amount of liquid assets sufficient to meet the purchase price in a segregated account until the settlement date. When purchasing a security on a delayed-delivery basis, the Funds assume the rights and risks of ownership of the security, including the risk of price and yield fluctuations, and takes such fluctuations into account when determining its net asset value. The Funds may dispose of or renegotiate a delayed-delivery transaction subsequent to establishment, and may sell when-issued securities before they are delivered, which may result in a realized gain (loss). When selling a security on a delayed-delivery basis, the Funds forfeit their eligibility to realize future gains (losses) with respect to the security.

Securities Lending: The Funds 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. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

162

Mortgage Dollar Rolls: Certain Funds entered into mortgage dollar rolls in which the Funds sell mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Funds forgo principal and interest paid on the securities. The Funds are compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Funds maintain a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Funds are subject to the risk that the market value of the securities the Funds are obligated to repurchase under the agreement may decline below the repurchase price.

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

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

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: PGIM Core Conservative Bond Fund and PGIM TIPS Fund declare daily dividends from net investment income and payment is made monthly. Distributions of net realized capital and currency gains, if any, are made annually. PGIM Jennison Small-Cap Core Equity Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions Mid-Cap Core Fund and PGIM Quant Solutions US Broad Market Index Fund 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 GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income

PGIM Day One Underlying Funds    163

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital, as appropriate.

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

3. Agreements

The RIC, on behalf of the 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. As of January 31, 2022, PGIM Investments has engaged the firms referenced in Note 1 as Subadvisers for their respective Funds (each a “subadviser” and collectively the “subadvisers”).

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

Fund	Management Fee			Effective Management Fee, net of waiver and/ or expense   reimbursement			Fee Waiver and/or Expense Limitations   through November 30, 2022
PGIM Jennison Small-Cap Core Equity Fund		0.75	%		0.58	%	contractually limit expenses to 0.95%
PGIM Core Conservative Bond Fund		0.27			0.23		contractually limit expenses to 0.50%
PGIM TIPS Fund		0.23			0.23		contractually limit expenses to 0.40%
PGIM Quant Solutions Commodity Strategies Fund		0.46	*		0.38		contractually limit expenses to 0.70%*
PGIM Quant Solutions Mid-Cap Core Fund		0.50			0.22		contractually limit expenses to 0.80%
PGIM Quant Solutions US Broad Market Index Fund		0.18			—	#	contractually limit expenses to 0.20%

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

164

* The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.40% of the Fund’s average daily net assets. The Cayman Subsidiary has entered into a separate management agreement with the Manager whereby the Manager provides advisory and other services to the Cayman Subsidiary substantially similar to the services provided by the Manager to the Fund as discussed above. In consideration for these services, the Cayman Subsidiary pays the Manager a monthly fee at the annual rate of 0.40% of the Cayman Subsidiary’s average daily net assets. The consolidated management fee rate includes the Cayman Subsidiary. The Manager has contractually agreed to waive any management fees it receives for 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. Separately, the Manager has contractually agreed, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.70% of average daily net assets for Class Z shares and 0.70% of average daily net assets for Class R6 shares. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives such expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares.

The RIC, on behalf of the Funds, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class R6 shares of the Funds. No distribution or service fees are paid to PIMS as distributor of the Class R6 shares of the Funds.

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

4. Other Transactions with Affiliates

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

The Funds may invest their overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of the RIC, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments 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. Effective January 2022, the Funds changed their overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

The Funds may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended January 31,

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

2022, no 17a-7 transactions were entered into by the Funds.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2022, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
PGIM Jennison Small-Cap Core Equity Fund	$	13,251,650	$	8,107,970
PGIM Core Conservative Bond Fund		29,790,968		30,981,193
PGIM Quant Solutions Mid-Cap Core Fund		12,960,909		18,141,575
PGIM Quant Solutions US Broad Market Index Fund		7,373,889		14,745,154

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds and other investments for the reporting period ended January 31, 2022, is presented as follows:

PGIM Jennison Small-Cap Core Equity Fund:

Value, Beginning of Period		Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain   (Loss)			Realized Gain (Loss)			Value, End of Period			Shares, End of Period		Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund(1)(wa)
$	972,794		$	8,982,212		$	9,955,006		$	—		$	—		$	—		—		$	524
	PGIM Institutional Money Market Fund(1)(b)(wa)
	214,574			757,093			858,421			—			—			113,246		113,325			62	(2)
$	1,187,368		$	9,739,305		$	10,813,427		$	—		$	—		$	113,246				$	586

PGIM Core Conservative Bond Fund:

Value, Beginning of Period		Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain     (Loss)			Realized Gain   (Loss)			Value, End of Period			Shares, End of  Period		Income
	Short-Term Investments - Affiliated Mutual Funds:
	PGIM Core Ultra Short Bond Fund(1)(wa)
$	2,855,615		$	13,264,686		$	16,120,301		$	—		$	—		$	—		—		$	1,071
	PGIM Institutional Money Market Fund(1)(b)(wa)
	—			104,060			104,060			—			—			—		—			—
$	2,855,615		$	13,368,746		$	16,224,361		$	—		$	—		$	—				$	1,071

166

PGIM TIPS Fund:

Value, Beginning of Period	Cost of Purchases			Proceeds from Sales			Change in   Unrealized   Gain     (Loss)			Realized  Gain   (Loss)			Value, End of Period			Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Ultra Short Bond Fund(1)(wb)
$1,720,587		$	13,155,097		$	14,875,684		$	—		$	—		$	—		—		$	315

PGIM Quant Solutions Commodity Strategies Fund:
Value, Beginning of Period	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain     (Loss)			Realized Gain   (Loss)			Value, End of Period			Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Ultra Short Bond Fund(1)(wb)
$10,169,885		$	40,458,312		$	50,628,197		$	—		$	—		$	—		—		$	5,340

PGIM Quant Solutions Mid-Cap Core Fund:
Value, Beginning of Period	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain     (Loss)			Realized Gain   (Loss)			Value, End of Period			Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Fund:
PGIM Core Ultra Short Bond Fund(1)(wb)
$108,408		$	2,427,274		$	2,535,682		$	—		$	—		$	—		—		$	53

PGIM Quant Solutions US Broad Market Index Fund:
Value, Beginning of Period	Cost of Purchases			Proceeds from Sales			Change in Unrealized Gain     (Loss)			Realized Gain   (Loss)				Value, End of Period			Shares, End of Period		Dividend Income
Long-Term Investments - Common Stock:
Prudential Financial, Inc.(g)
$    61,271		$	2,691		$	13,651		$	5,487		$	656			$	56,454		506		$	1,233
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
584,828			9,827,715			10,412,543			—			—				—		—			681
PGIM Institutional Money Market Fund(1)(b)(wa)
657,443			29,324			686,767			78			(78	)			—		—			4	(2)
$1,242,271		$	9,857,039		$	11,099,310		$	78		$	(78	)		$	—				$	685
$1,303,542		$	9,859,730		$	11,112,961		$	5,565		$	578			$	56,454				$	1,918

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

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

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

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

(g) An affiliated security.

(wa) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market Fund, if applicable.

(wb) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation (depreciation) as of January 31, 2022 were as follows:

Fund	Tax Basis		Gross Unrealized    Appreciation		Gross Unrealized     Depreciation		Net Unrealized Appreciation    (Depreciation)
PGIM Jennison Small-Cap Core Equity Fund		$30,939,446		$ 7,274,353		$  (2,541,172)		$  4,733,181
PGIM Core Conservative Bond Fund		61,262,632		768,459		(1,342,840)		(574,381)
PGIM TIPS Fund		83,881,228		1,775,400		(455,618)		1,319,782
PGIM Quant Solutions Commodity Strategies Fund		68,461,273		20,056,353		(19,460,617)		595,736
PGIM Quant Solutions Mid-Cap Core Fund		16,224,374		3,401,974		(754,827)		2,647,147
PGIM Quant Solutions US Broad Market Index Fund		33,236,295		27,628,904		(1,968,435)		25,660,469

The GAAP 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, 2021 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
PGIM Quant Solutions Commodity Strategies Fund	$5,000

The Manager has analyzed the Funds’ tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Funds’ financial statements (consolidated financial statements for

168

Commodity Strategies Fund) for the current reporting period. Since tax authorities can examine previously filed tax returns, the Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2021 are subject to such review.

7. Capital and Ownership

The Funds offer Class R6 shares and PGIM Commodity Strategies Fund also offers Class Z. Class Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

As of January 31, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Funds as follows:

Fund	Number of Shares		Percentage of  Outstanding Shares
PGIM Jennison Small-Cap Core Equity Fund–Class R6		2,533,348	100.0%
PGIM Core Conservative Bond Fund–Class R6		5,969,143	100.0
PGIM TIPS Fund–Class R6		8,300,016	100.0
PGIM Quant Solutions Commodity Strategies Fund–Class Z		1,259	100.0
PGIM Quant Solutions Commodity Strategies Fund–Class R6		7,006,984	100.0
PGIM Quant Solutions Mid-Cap Core Fund–Class R6		1,700,292	100.0
PGIM Quant Solutions US Broad Market Index Fund–Class R6		3,206,211	99.3

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

	Affiliated		Unaffiliated
Fund	Number of   Shareholders	Percentage of   Outstanding Shares	Number of   Shareholders	Percentage of   Outstanding Shares
PGIM Jennison Small-Cap Core Equity Fund	6	88.5%	—	—%
PGIM Core Conservative Bond Fund	6	89.4	—	—
PGIM TIPS Fund	7	94.1	—	—
PGIM Quant Solutions Commodity Strategies Fund	5	84.9	—	—
PGIM Quant Solutions Mid-Cap Core Fund	7	88.0	—	—
PGIM Quant Solutions US Broad Market Index Fund	7	88.8	—	—

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

Transactions in shares of beneficial interest were as follows:

PGIM Jennison Small-Cap Core Equity Fund:

Class R6	Shares			Amount
Six months ended January 31, 2022:
Shares sold		541,978		$	8,676,480
Shares issued in reinvestment of dividends and distributions		454,158			6,812,364
Shares purchased		(148,686	)		(2,869,327	)
Net increase (decrease) in shares outstanding		847,450		$	12,619,517
Year ended July 31, 2021:
Shares sold		324,110		$	5,375,200
Shares issued in reinvestment of dividends and distributions		67,106			1,083,084
Shares purchased		(423,395	)		(7,190,963	)
Net increase (decrease) in shares outstanding		(32,179	)	$	(732,679	)
PGIM Core Conservative Bond Fund:
Class R6	Shares			Amount
Six months ended January 31, 2022:
Shares sold		3,143,457		$	31,636,098
Shares issued in reinvestment of dividends and distributions		74,631			759,485
Shares purchased		(3,288,760	)		(33,120,581	)
Net increase (decrease) in shares outstanding		(70,672	)	$	(724,998	)
Year ended July 31, 2021:
Shares sold		2,029,244		$	21,288,669
Shares issued in reinvestment of dividends and distributions		172,801			1,812,150
Shares purchased		(1,524,509	)		(15,898,690	)
Net increase (decrease) in shares outstanding		677,536		$	7,202,129
PGIM TIPS Fund:
Class R6	Shares			Amount
Six months ended January 31, 2022:
Shares sold		1,426,507		$	15,081,388
Shares issued in reinvestment of dividends and distributions		377,650			3,980,297
Shares purchased		(1,243,460	)		(13,192,944	)
Net increase (decrease) in shares outstanding		560,697		$	5,868,741
Year ended July 31, 2021:
Shares sold		5,902,790		$	62,803,571
Shares issued in reinvestment of dividends and distributions		384,148			4,092,491
Shares purchased		(3,114,032	)		(33,100,869	)
Net increase (decrease) in shares outstanding		3,172,906		$	33,795,193

170

PGIM Quant Solutions Commodity Strategies Fund:

Class Z	Shares			Amount
Period ended January 31, 2022*:
Shares sold		1,259		$	10,063
Net increase (decrease) in shares outstanding		1,259		$	10,063
Class R6
Six months ended January 31, 2022:
Shares sold		514,684		$	5,659,797
Shares issued in reinvestment of dividends and distributions		2,474,984			19,775,119
Shares purchased		(1,119,323	)		(11,348,459	)
Net increase (decrease) in shares outstanding		1,870,345		$	14,086,457
Year ended July 31, 2021:
Shares sold		1,963,338		$	18,968,112
Shares purchased		(1,447,353	)		(15,391,089	)
Net increase (decrease) in shares outstanding		515,985		$	3,577,023

* Commencement of offering was December 14, 2021.

PGIM Quant Solutions Mid-Cap Core Fund:

Class R6	Shares			Amount
Six months ended January 31, 2022:
Shares sold		278,075		$	3,670,573
Shares issued in reinvestment of dividends and distributions		413,144			4,709,837
Shares purchased		(649,984	)		(8,509,404	)
Net increase (decrease) in shares outstanding		41,235		$	(128,994	)
Year ended July 31, 2021:
Shares sold		1,017,657		$	12,246,219
Shares issued in reinvestment of dividends and distributions		16,119			184,245
Shares purchased		(1,515,726	)		(19,947,084	)
Net increase (decrease) in shares outstanding		(481,950	)	$	(7,516,620	)
PGIM Quant Solutions US Broad Market Index Fund:
Class R6	Shares			Amount
Six months ended January 31, 2022:
Shares sold		546,577		$	10,670,380
Shares issued in reinvestment of dividends and distributions		354,552			6,669,113
Shares purchased		(915,254	)		(18,240,240	)
Net increase (decrease) in shares outstanding		(14,125	)	$	(900,747	)
Year ended July 31, 2021:
Shares sold		1,514,696		$	25,527,000
Shares issued in reinvestment of dividends and distributions		85,087			1,399,691
Shares purchased		(2,555,612	)		(46,910,910	)
Net increase (decrease) in shares outstanding		(955,829	)	$	(19,984,219	)

8. Borrowings

The RIC, on behalf of the Funds, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a

PGIM Day One Underlying Funds    171

Notes to Financial Statements/Consolidated Financial Statements (unaudited)

group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the current SCA in effect at the reporting period-end as well as the prior SCA.

	Current SCA	Prior SCA
Term of Commitment	10/1/2021 – 9/29/2022	10/2/2020 – 9/30/2021
Total Commitment	$ 1,200,000,000	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%	0.15%
Annualized Interest Rate on Borrowings	1.20% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent	1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Funds utilized the SCA during the reporting period ended January 31, 2022. The average balance outstanding is for the number of days the Funds utilized the credit facility.

Fund	Average Balance Outstanding	Weighted Average Interest Rates	Number of Days Outstanding	Maximum Balance Outstanding	Balance Outstanding at January 31, 2022
PGIM TIPS Fund	$   568,667	1.38%	9	$3,245,000	$—
PGIM Quant Solutions Mid-Cap Core Fund	1,517,900	1.36	10	3,267,000	—
PGIM Quant Solutions US Broad Market Index Fund	2,424,429	1.38	7	6,597,000	—

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9. Risks of Investing in the Funds

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

Risks	PGIM Jennison Small-Cap Core Equity Fund	PGIM Core  Conservative  Bond Fund	PGIM TIPS     Fund	PGIM Quant Solutions Commodity  Strategies Fund	PGIM Quant Solutions Mid-Cap Core Fund	PGIM Quant Solutions  US Broad Market   Index Fund
Active Trading	—	X	X	—	—	—
Adjustable and Floating Rate Securities	—	—	X	—	—	—
Blend Style	X	—	—	—	X	—
Cayman Subsidiary	—	—	—	X	—	—
Commodity	—	—	—	X	—	—
Commodity-Linked Notes	—	—	—	X	—	—
Commodity Pooled Investment Vehicles	—	—	—	X	—	—
Commodity Regulatory	—	—	—	X	—	—
Concentration	—	—	—	X	—	—
Credit /Counterparty	—	—	—	X	—	—
Debt Obligation	—	X	X	X	—	—
Deflation	—	—	—	X	—	—
Derivatives	—	X	X	X	X	X
Economic and Market Events	X	X	X	X	X	X
Equity and Equity-Related Securities	X	—	—	—	X	X
Exchange-Traded Funds (“ETFs”)	—	—	—	—	X	X
Foreign Securities	—	X	X	—	—	—
Fund of Funds	X	X	X	X	X	X
Futures and Forward Contracts	—	—	—	X	—	—
Hedging	—	—	—	X	—	—
Increase in Expenses	X	X	X	X	X	X
Index Investment Approach	—	—	—	—	—	X
Initial Public Offerings	X	—	—	—	—	—
Interest Rate	—	X	X	X	—	—
Large Capitalization Company	—	—	—	—	—	X
Large Shareholder and Large Scale Redemption	X	X	X	X	X	X
Liquidity	—	—	—	X	—	—
Management	X	—	—	X	X	—
Market Disruption and Geopolitical	X	X	X	X	X	X
Market	X	X	X	X	X	X
Model Design	—	—	—	—	X	—
Model Implementation	—	—	—	—	X	—
Mortgage-Backed and Asset-Backed Securities	—	X	X	—	—	—

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

Risks	PGIM Jennison Small-Cap Core Equity Fund	PGIM Core  Conservative  Bond Fund	PGIM TIPS  Fund	PGIM Quant Solutions Commodity Strategies Fund	PGIM Quant Solutions Mid-Cap Core Fund	PGIM Quant Solutions  US Broad Market  Index Fund
Non-Diversified Investment Company	—	—	—	X	—	—
Preferred Securities	—	—	—	—	X	—
Small and Medium Capitalization	—	—	—	—	—	X
Tax	—	—	—	X	—	—
TIPS	—	—	X	—	—	—
Tracking Error	—	—	—	—	—	X
Trading on Foreign Exchanges	—	—	—	X	—	—
U.S. Government and Agency Securities	—	X	X	—	—	—
U.S. Treasury Strips	—	—	X	X	—	—
Zero Coupon Bond	—	X	—	—	—	—

Active Trading Risk: The Fund actively and frequently trades its portfolio securities. High portfolio turnover involves correspondingly greater brokerage commissions and other transaction costs, which are borne directly by the Fund; which can affect the Fund’s performance and have adverse tax consequences. In addition, high portfolio turnover may also mean that a proportionately greater amount of distributions to shareholders will be taxed as ordinary income rather than long-term capital gains compared to investment companies with lower portfolio turnover.

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

Blend Style Risk: The Fund’s blend investment style may subject the Fund to risks of both value and growth investing. The portion of the Fund’s portfolio that makes investments pursuant to a growth strategy may be subject to above-average fluctuations as a result of seeking higher than average capital growth. The portion of the Fund’s portfolio that makes investments pursuant to a value strategy may be subject to the risk that the market may not recognize a security’s intrinsic value for long periods of time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor

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performance relative to other funds. Historically, growth stocks have performed best during later stages of economic expansion and value stocks have performed best during periods of economic recovery. Therefore, both styles may over time go in and out of favor with the markets. At times when a style is out of favor, that portion of the portfolio may lag the other portion of the portfolio, which may cause the Fund to underperform the market in general, its benchmark and other mutual funds. Growth and value stocks have historically produced similar long-term results, though each category has periods when it outperforms the other.

Cayman Subsidiary Risk: By investing in the Cayman Subsidiary, the Fund is indirectly exposed to the risks associated with the Cayman Subsidiary’s investments. The Cayman Subsidiary is not registered as an investment company under the 1940 Act, and, unless otherwise noted in this Prospectus, is not subject to all the investor protections of the 1940 Act. Changes in the laws of the Cayman Islands, under which the Cayman Subsidiary is incorporated, could result in the inability of the Fund to effect its desired gold/defensive investment strategy.

Commodity Risk: The values of commodities are affected by events that might have less impact on the value of stocks and bonds. Such investments may be speculative. Prices of commodities and related contracts may fluctuate significantly over short periods for a variety of reasons, including weather, crop or livestock disease, investment speculation, resource availability, fluctuations in industrial and commercial supply and demand, U.S. agricultural, fiscal, monetary and exchange control programs, embargoes, tariffs, and international political, economic, military and regulatory developments. These risks may subject the Fund to greater volatility than investments in traditional instruments or securities.

Commodity-Linked Notes Risk: The Fund may invest in leveraged or unleveraged commodity-linked notes (“CLNs”) to gain exposure to the commodities markets. CLNs are subject to counterparty risk. The value of the CLNs may fluctuate significantly because the values of the investments to which they are linked are volatile. In addition, the terms of a CLN may create economic leverage by requiring payment by the issuer of an amount that is a multiple of the price increase or decrease of the underlying commodity, commodity index or other economic variable. Economic leverage increases the volatility of CLNs and their value may increase or decrease more quickly than the value of the underlying commodity, commodity index or other economic variable.

Commodity Pooled Investment Vehicles Risk: The Fund may, from time to time, invest in certain publicly-traded commodity pools, such as commodity ETFs. Such pools may not meet the definition of an “investment company” under the 1940 Act, and may not be registered under the 1940 Act. As a consequence, the Fund’s investment in such entities may not be subject to certain protections afforded by the 1940 Act, including, for example, restrictions under the 1940 Act on investments in other investment companies. ETFs that invest in commodities may be, or may become subject to, CFTC trading regulations that limit the amount of commodity contracts an ETF may hold. Such regulations could hurt the value of such ETFs’ securities. Additionally, some commodity ETFs invest in commodity futures which can lose money even when commodity prices are rising.

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

Commodity Regulatory Risk: The Fund and the Cayman Subsidiary is deemed a “commodity pool” and the Manager is considered a “commodity pool operator” with respect to the Fund and the Cayman Subsidiary under the Commodity Exchange Act. The Manager, directly or through its affiliates, is therefore subject to dual regulation by the Securities and Exchange Commission (the SEC) and the CFTC. The regulatory requirements governing the use of commodity futures (which include futures on broad-based securities indexes, interest rate futures and currency futures), options on commodity futures, certain swaps or certain other investments could change at any time.

Concentration Risk: The Fund will be exposed to the performance of commodities in the Index, which may from time to time have a small number of commodity sectors (e.g., energy, metals or agricultural) representing a large portion of the Index. As a result, the Fund may be subject to greater volatility than if the Index were more broadly diversified among commodity sectors.

Credit Risk/Counterparty Risk: The ability, or perceived ability, of the issuer or guarantor of a debt security, or the counterparty (the party on the other side of the transaction) to a derivatives contract or other financial contract to meet its financial obligations will affect the value of the security or derivative. Counterparty and credit risk are especially important in the context of privately negotiated instruments. The Fund expects to enter into certain privately negotiated agreements where the counterparty assumes the physical settlement obligations of the Fund under such transactions. Under this type of arrangement, there is a risk that the relevant counterparty or intermediary would, due to insolvency or other reasons, be unable to or fail to assume the physical settlement obligations of the Fund, in which case the Fund could be required to sell portfolio instruments at unfavorable times or prices or could have insufficient assets to satisfy its physical settlement obligations.

Credit ratings are intended to provide a measure of credit risk. However, credit ratings are only the opinions of the credit rating agency issuing the ratings and are not guarantees as to quality. The lower the rating of a debt security held by the Fund, the greater the degree of credit risk that is perceived to exist by the credit rating agency with respect to that security. Increasing the amount of Fund assets allocated to lower-rated securities generally will increase the credit risk to which the Fund is subject. Not all securities in which the Fund invests are rated. The lower the credit quality of a bond, the more sensitive it is to credit risk.

Debt Obligations Risk: Debt obligations are subject to credit risk, market risk and interest rate risk. The Fund’s holdings, share price, yield and total return may also fluctuate in response to bond market movements. The value of bonds may decline for issuer-related reasons, including management performance, financial leverage and reduced demand for the issuer’s goods and services. Certain types of fixed income obligations also may be

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subject to “call and redemption risk,” which is the risk that the issuer may call a bond held by the Fund for redemption before it matures and the Fund may lose income.

Deflation Risk: Since the Fund makes investments that may perform well in periods of rising inflation, during periods of no inflation or deflation an investment in the Fund may underperform broad market measures and may lose value.

Derivatives Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders. Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund.

The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements. The ultimate impact of the regulations remains unclear. Additional regulation of derivatives may make derivatives more costly, limit their availability or utility, or otherwise adversely affect their performance or disrupt markets.

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

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

Exchange-Traded Funds (“ETFs”) Risk: Investing in securities issued by ETFs involves risks similar to those of investing directly in the securities and other assets held by the ETF. Unlike shares of typical mutual funds, shares of ETFs are generally traded on an exchange throughout a trading day and bought and sold based on market values and not at net asset value. For this reason, shares could trade at either a premium or discount to net asset value, which may be substantial during periods of market stress. The trading price of an

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

index-based ETF is expected to (but may not) closely track the net asset value of the ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF’s portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which they invest, including advisory fees (to the extent not offset by the Manager through waivers). These expenses are in addition to the advisory and other expenses that the Fund bears directly in connection with its own operations. An index-based ETF may not replicate exactly the performance of the benchmark index it seeks to track for a number of reasons, including transaction costs incurred by the ETF, the temporary unavailability of certain index securities in the secondary market or discrepancies between the ETF and the index with respect to the weighting of securities or the number of securities held. Investments in ETFs are subject to the risk that the listing exchange may halt trading of an ETF’s shares, in which case the Fund would be unable to sell its ETF shares unless and until trading is resumed.

Foreign Securities Risk: Investments in securities of non-U.S. issuers (including those denominated in U.S. dollars) may involve more risk than investing in securities of U.S. issuers. Foreign political, economic and legal systems, especially those in developing and emerging market countries, may be less stable and more volatile than in the United States. Foreign legal systems generally have fewer regulatory requirements than the U.S. legal system, particularly those of emerging markets. In general, less information is publicly available with respect to non-U.S. companies than U.S. companies. Non-U.S. companies generally are not subject to the same accounting, auditing, and financial reporting standards as are U.S. companies. Additionally, the changing value of foreign currencies and changes in exchange rates could also affect the value of the assets the Fund holds and the Fund’s performance. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise. Investments in emerging markets are subject to greater volatility and price declines.

In addition, the Fund’s investments in non-U.S. securities may be subject to the risks of nationalization or expropriation of assets, imposition of currency exchange controls or restrictions on the repatriation of non-U.S. currency, confiscatory taxation and adverse diplomatic developments. Special U.S. tax considerations may apply.

Fund of Funds Risk: The Fund is an investment option for other PGIM Investments-advised mutual funds that are managed as “funds of funds.” As a result, from time to time, the Fund may experience relatively large redemptions and could be required to liquidate its assets at inopportune times or at a loss or depressed value, which could cause the value of your investment to decline.

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Futures and Forward Contracts Risk: The primary risks associated with the use of futures or forward contracts are (a) the imperfect correlation between the change in market value of the instruments held by the Fund and the price of the corresponding underlying commodities; (b) possible lack of a liquid secondary market for a futures or forward contract and the resulting inability to close a futures or forward contract when desired; (c) losses caused by unanticipated market movements, which are potentially unlimited; (d) the failure to predict correctly the direction of commodities prices, interest rates, currency exchange rates, supply and demand relationships, weather, agricultural, trade, fiscal, monetary and exchange control programs, political events, and other economic factors; and (e) the possibility that the clearing broker for the futures or forward contract will default in the performance of its obligations.

Hedging Risk: The decision as to whether and to what extent the Fund will engage in hedging transactions to hedge against certain risks, such as market risk and issuer risk, will depend on a number of factors, including prevailing market conditions, the composition of the portfolio of the Fund, and the availability of suitable transactions. Hedging transactions involve costs and may result in losses. There is no guarantee that any of these hedging instruments would work as anticipated, and in certain cases the Fund might be better off had it not used a hedging instrument. There can be no assurance that the Fund will engage in hedging transactions at any given time or from time to time, even under volatile market environments, or that any such strategies, if used, will be successful.

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

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

Initial Public Offerings Risk: The volume of IPOs and the levels at which the newly issued stocks trade in the secondary market are affected by the performance of the stock market overall. If IPOs are brought to the market, availability may be limited and if the Fund desires

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

to acquire shares in such an offering, it may not be able to buy any shares at the offering price, or if it is able to buy shares, it may not be able to buy as many shares at the offering price as it would like. The prices of securities involved in IPOs are often subject to greater and more unpredictable price changes than more established stocks. Such unpredictability can have a dramatic impact on the Fund’s performance (higher or lower) and any assumptions by investors based on the affected performance may be unwarranted. In addition, as Fund assets grow, the impact of IPO investments on performance will decline, which could reduce total returns.

Interest Rate Risk: The value of your investment may go down when interest rates rise. A rise in rates tends to have a greater impact on the prices of longer term or duration debt securities. For example, a fixed income security with a duration of three years is expected to decrease in value by approximately 3% if interest rates increase by 1%. This is referred to as “duration risk.” When interest rates fall, the issuers of debt obligations may prepay principal more quickly than expected, and the Fund may be required to reinvest the proceeds at a lower interest rate. This is referred to as “prepayment risk.” When interest rates rise, debt obligations may be repaid more slowly than expected, and the value of the Fund’s holdings may fall sharply. This is referred to as “extension risk.” The Fund may lose money if short-term or long-term interest rates rise sharply or in a manner not anticipated by the subadviser.

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

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

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the

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Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all. An inability to sell a portfolio position can adversely affect the Fund’s value or prevent the Fund from being able to take advantage of other investment opportunities.

Management Risk: Actively managed mutual funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these techniques will produce the desired results. Additionally, the investments selected by the subadviser may underperform the markets in general, the Fund’s benchmark and other mutual funds with similar investment objectives.

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

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

COVID-19 and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. They have also had and may continue to result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. The occurrence, reoccurrence and pendency of public health epidemics could adversely affect the economies and financial markets either in specific countries or worldwide.

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

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

Model Design Risk: The subadviser uses certain quantitative models to help guide its investment decisions. The design of the underlying models may be flawed or incomplete. The investment models the subadviser uses are based on historical and theoretical underpinnings that it believes are sound. There can be no guarantee, however, that these underpinnings will correlate with security price behavior in the manner assumed by the subadviser’s models. Additionally, the quantitative techniques that underlie the subadviser’s portfolio construction processes may fail to fully anticipate important risks.

Model Implementation Risk: While the subadviser strives to mitigate the likelihood of material implementation errors, it is impossible to completely eliminate the risk of error in the implementation of the computer models that guide the subadviser’s quantitative investment processes. Additionally, it may be difficult to implement model recommendations in volatile and rapidly changing market conditions.

Mortgage-Backed and Asset-Backed Securities Risk: Mortgage-backed and asset-backed securities tend to increase in value less than other debt securities when interest rates decline, but are subject to similar risk of decline in market value during periods of rising interest rates. The values of mortgage-backed and asset-backed securities become more volatile as interest rates rise. In a period of declining interest rates, the Fund may be required to reinvest more frequent prepayments on mortgage-backed and asset-backed securities in lower-yielding investments.

Non-Diversified Investment Company Risk: Funds that are “non-diversified” for purposes of the 1940 Act, may invest a greater percentage of their assets in securities of a single issuer. Accordingly, a non-diversified fund may be more susceptible to risks associated with a single economic, political or regulatory event than a diversified fund might be.

Preferred Securities Risk: Preferred stock can experience sharp declines in value over short or extended periods of time, regardless of the success or failure of a company’s operations. As with call provisions, a redemption by the issuer may negatively impact the return of the security held by the Fund. Preferred stockholders’ liquidation rights are subordinate to the company’s debt holders and creditors. If interest rates rise, the fixed dividend on preferred stocks may be less attractive and the price of preferred stocks may decline. Preferred stock usually does not require the issuer to pay dividends and may permit the issuer to defer dividend payments. Preferred securities also may be substantially less liquid than many other securities, such as common stock or U.S. Government securities.

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Small and Medium Capitalization Risk: Small and medium capitalization companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management expertise. As a result, their prices may fluctuate more than the stocks of larger, more established companies. Historically, small and mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Small and mid-capitalization companies generally are less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like.

Tax Risk: To receive pass-through tax treatment as a Registered Investment Company under the Code, the Fund must, among other things, derive at least 90% of its gross income for each taxable year from sources treated under the Code as “qualifying income.” Based on final regulations on which taxpayers may rely for taxable years beginning after September 28, 2016, the Fund anticipates treating the income generated from investments in the Cayman Subsidiary as “qualifying income.” However, the tax treatment of income from commodity-related investments and the Fund’s income from the Cayman Subsidiary may be adversely affected by future legislation, U.S. Treasury Regulations, and/or guidance issued by the Internal Revenue Service that could affect the character, timing, and/or amount of the Fund’s taxable income or capital gains and distributions it makes.

TIPS Risk: Inflation-indexed bonds, such as TIPS, generally decline in value when real interest rates rise. Real interest rates represent the nominal (stated) interest rates reduced by the expected impact of inflation. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, TIPS may experience greater losses than other fixed income securities with similar durations. In addition, any increase in principal value of an inflation-indexed bond caused by an increase in the price index is taxable in the year the increase occurs, even though the Fund generally will not receive cash representing the increase at that time. As a result, the Fund could be required at times to liquidate other investments, including when it is not advantageous to do so, in order to satisfy its distribution requirements as a regulated investment company under the Internal Revenue Code (the Code). Also, to the extent that the Fund invests in inflation-indexed bonds, income distributions are more likely to fluctuate.

The Fund’s income may decline due to a decline in inflation, also known as deflation. If there is deflation, the principal value of an inflation-linked security will be adjusted downward, and consequently the interest payments (calculated with respect to a smaller principal amount) will be reduced. The principal value can decrease, but not below 100. If inflation is lower than expected during the period the Fund holds an inflation-linked security, the Fund may earn less on the security than on a conventional bond.

Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of distributions, tax gains or losses, changes to the Index or the need to meet various new or

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Notes to Financial Statements/Consolidated Financial Statements (unaudited)

existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

Trading on Foreign Exchanges Risk: The Fund is expected to trade in commodity forward contracts listed on UK futures exchanges and may, but is not expected to, trade in instruments listed on other exchanges located outside the United States. Some foreign exchanges may be principal markets so that no common clearing facility exists and a trader may look only to the broker for performance of the contract. Trading on U.S. futures exchanges is subject to regulation by the SEC and the CFTC and oversight, as applicable, including, for example, minimum capital requirements for commodity brokers, regulation of trading practices on the exchanges, prohibitions against trading ahead of customer orders, prohibitions against filling orders off exchanges, prescribed risk disclosure statements, testing and licensing of industry sales personnel and other industry professionals, and recordkeeping requirements. Trading on foreign exchanges is not regulated by the SEC, CFTC or any other U.S. governmental agency or instrumentality and may be subject to regulations that are different from those to which U.S. exchange trading is subject, provide less protection to investors than trading on U.S. exchanges, and such regulations may be less vigorously enforced than regulations in the U.S. positions on foreign exchanges also are subject to the risk of exchange controls, expropriation, excessive taxation or government disruptions.

U.S. Government and Agency Securities Risk: U.S. Government and agency securities are subject to market risk, interest rate risk and credit risk. Not all U.S. Government securities are insured or guaranteed by the full faith and credit of the U.S. Government; some are only insured or guaranteed by the issuing agency, which must rely on its own resources to repay the debt. Some agency securities carry no guarantee whatsoever and the risk of default associated with these securities would be borne by the Fund. The maximum potential liability of the issuers of some U.S. Government securities held by the Fund may greatly exceed their current resources, including their legal right to support from the U.S. Treasury. No assurance can be given that the U.S. government would provide financial support to any such issuers if it is not obligated to do so by law. It is possible that these issuers will not have the funds to meet their payment obligations in the future. In addition, the value of U. S. Government securities may be affected by changes in the credit rating of the U. S. Government.

U. S. Treasury Strips Risk: Stripped securities do not make periodic interest payments. The value of stripped securities generally fluctuates more in response to interest rate movements than the value of traditional bonds with similar maturity and credit quality. U.S. Treasury strips generally lose value when interest rates rise.

184

Zero Coupon Bond Risk: Zero coupon bonds may experience greater volatility in market value due to changes in interest rates. The Fund accrues income on the discount amortization of these investments, which it is required to distribute each year. The Fund may be required to sell investments to obtain cash needed for income distributions.

10.  Recent Accounting Pronouncement and Regulatory Developments

In March 2020, the FASB issued Accounting Standard Update (“ASU”) No. 2020-04, which provides optional guidance for applying GAAP to contract modifications, hedging relationships and other transactions affected by the reference rate reform if certain criteria are met. ASU 2020-04 is elective and is effective on March 12, 2020 through December 31, 2022. Management does not expect ASU 2020-04 to have a material impact on the financial statements.

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Funds.

PGIM Day One Underlying Funds    185

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

PROXY VOTING

The Board of Trustees of the Funds have delegated to the Fund’s 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 sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Fund’s website and on the Securities and Exchange Commission’s website.

TRUSTEES

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

OFFICERS

Stuart S. Parker, President · Scott E. Benjamin, Vice President · Christian J. Kelly, Treasurer and Principal Financial and Accounting Officer · Claudia DiGiacomo, Chief Legal Officer · Dino Capasso, Chief Compliance Officer · Jonathan Corbett, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Diana N. Huffman, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Russ Shupak, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISERS	PGIM Quantitative Solutions 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
	PGIM Limited	Grand Buildings, 1-3 Strand Trafalgar Square London, WC2N 5HR United Kingdom
DISTRIBUTOR	Prudential Investment Management Services LLC	655 Broad Street Newark, NJ 07102
CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

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

AVAILABILITY OF PORTFOLIO HOLDINGS

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

  Mutual Funds:

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

	NASDAQ	CUSIP		NASDAQ	CUSIP
PGIM JENNISON SMALL-CAP CORE EQUITY FUND	PQJCX	74440E805	PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND	PQCMX	74440E862
PGIM CORE CONSERVATIVE BOND FUND	PQCNX	74440E888	PGIM QUANT SOLUTIONS MID-CAP CORE FUND	PQCCX	74440E508
PGIM TIPS FUND	PQTSX	74440E870	PGIM QUANT SOLUTIONS US BROAD MARKET INDEX FUND	PQBMX	74440E409
PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND	PQCZX	74440E854

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

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

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

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

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

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

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

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

Item 10 –  Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.

Item 11 –  Controls and Procedures

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

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during 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 –  Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End    

 Management Investment Companies – Not applicable.

Item 13 –  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/ Andrew R. French Andrew R. French Secretary
Date:	March 22, 2022

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 22, 2022
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	March 22, 2022