Prudential Investment Portfolios 2 NCSR Certified annual shareholder report (management investment company)

Prudential Investment Portfolios 2 N-CSRCertified 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, 6^th Floor
		Newark, New Jersey 07102

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 6^th Floor
		Newark, New Jersey 07102

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

Date of fiscal year end:		7/31/2022

Date of reporting period:		7/31/2022

Item 1 – Reports to Stockholders

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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

ANNUAL REPORT

JULY 31, 2022

LOGO

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			7

PGIM TIPS Fund			9

PGIM Quant Solutions Commodity Strategies Fund			11

PGIM Quant Solutions Mid-Cap Core Fund			14

PGIM Quant Solutions US Broad Market Index Fund			17

Strategy and Performance Overview			20

Fees and Expenses			33

Holdings and Financial Statements			36

Approval of Advisory Agreements

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

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

Mutual funds are distributed by Prudential Investment Management Services LLC a Prudential Financial company and member SIPC. PGIM Fixed Income is a unit of PGIM, Inc. (PGIM), a registered investment adviser. Jennison Associates LLC is a registered investment adviser. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA 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 annual report for the PGIM Day One Underlying Funds informative and useful. The report covers performance for the 12-month period that ended July 31, 2022.
		The attention of the global economy and markets turned during the period from the impact of the COVID-19 pandemic to the challenge of rapidly rising inflation. Prices for a wide range of goods and services rose in response to economic reopenings, supply-chain disruptions, pandemic-related governmental stimulus and Russia’s invasion of Ukraine. As inflation surged at its fastest rate in more than 40 years, central banks, led by the US Federal Reserve, sought to restrain the trend by aggressively hiking interest rates, prompting concerns of a potential recession.

After rising to record levels during the closing months of 2021, US stocks retreated in 2022 in the face of rising prices, slowing economic growth and uncertainties related to the war in Ukraine. Growth-oriented stocks suffered the sharpest losses as investors turned for protection to traditionally defensive, value-oriented stocks. Large-cap equities ended the period in negative territory but outperformed their small-cap counterparts by a significant margin. International developed markets trailed the US market, while emerging markets lagged further behind.

Rising rates and economic uncertainty drove fixed-income prices broadly lower as well. US and global investment-grade bonds, along with US high yield corporate bonds and emerging market debt, all posted negative returns for the period.

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals. Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets.

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is the world’s 11th-largest investment manager with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

Thank you for choosing our family of funds.

Sincerely,

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Stuart S. Parker, President

PGIM Day One Underlying Funds

September 15, 2022

PGIM Day One Underlying Funds 3

PGIM Jennison Small-Cap Core Equity Fund

Your Fund’s Performance (unaudited)

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



	Average Annual Total Returns as of 7/31/22

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-19.13	9.51	10.61 (11/15/2016)

Russell 2000 Index	-14.29	7.12	7.84

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.

Growth of a $10,000 Investment

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The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Russell 2000 Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2022), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For purposes of

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the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Past performance does not predict future performance. Total returns and the ending account values in the graph include changes in share price and reinvestment of dividends and capital gains distributions in a hypothetical investment for the periods shown. The Fund’s total returns do not reflect the deduction of income taxes on an individual’s investment. Taxes may reduce your actual investment returns on income or gains paid by the Fund or any gains you may realize if you sell your shares.

Benchmark Definitions

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.

PGIM Day One Underlying Funds 5

PGIM Jennison Small-Cap Core Equity Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 7/31/2022



Ten Largest Holdings	Line of Business	% of Net Assets

Performance Food Group Co.	Food & Staples Retailing	2.2%

PDC Energy, Inc.	Oil, Gas & Consumable Fuels	2.1%

Trinity Industries, Inc.	Machinery	1.9%

elf Beauty, Inc.	Personal Products	1.8%

Axis Capital Holdings Ltd.	Insurance	1.8%

Acadia Healthcare Co., Inc.	Health Care Providers & Services	1.8%

National Storage Affiliates Trust	Equity Real Estate Investment Trusts (REITs)	1.7%

Tower Semiconductor Ltd. (Israel)	Semiconductors & Semiconductor Equipment	1.7%

NextEra Energy Partners LP	Independent Power & Renewable Electricity Producers	1.7%

Independence Realty Trust, Inc.	Equity Real Estate Investment Trusts (REITs)	1.6%

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

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PGIM Core Conservative Bond Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/22

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-9.79	0.77	0.98 (11/15/2016)

Bloomberg US Aggregate Bond Index	-9.12	1.28	1.63

Growth of a $10,000 Investment

LOGO

The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Bloomberg US Aggregate Bond Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2022), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on November 30,

PGIM Day One Underlying Funds 7

PGIM Core Conservative Bond Fund

Your Fund’s Performance (continued)

2016. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Benchmark Definitions

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.



Credit Quality expressed as a percentage of total investments as of 7/31/22 (%)

AAA			72.3

AA			5.2

A			8.4

BBB			13.2

Cash/Cash Equivalents			0.9

Total			100

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 TIPS Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/22

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-3.91	3.62	3.23 (11/15/2016)

Bloomberg US Treasury Inflation-Protected Securities (TIPS) Index

	-3.58	4.00	3.74

Growth of a $10,000 Investment

LOGO

The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Bloomberg US Treasury Inflation-Protected (TIPS) Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2022), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on

PGIM Day One Underlying Funds 9

PGIM TIPS Fund

Your Fund’s Performance (continued)

November 30, 2016. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Benchmark Definitions

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.



Credit Quality expressed as a percentage of total investments as of 7/31/22 (%)

AAA			99.9

Cash/Cash Equivalents			0.1

Total			100

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PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/22

	One Year (%)	Five Years (%)	Since Inception (%)

Class Z	N/A	N/A	32.62*(12/14/2021)

Class R6	30.61	10.29	9.24 (11/15/2016)

Bloomberg Commodity Index	27.23	8.82	7.48



Average Annual Total Returns as of 7/31/22 Since Inception (%)

	Class Z 12/14/2021	Class R6 11/15/2016

Bloomberg Commodity Index	27.84*	7.48

*Not annualized

PGIM Day One Underlying Funds 11

PGIM Quant Solutions Commodity Strategies Fund

Your Fund’s Performance (continued)

Growth of a $10,000 Investment

LOGO

The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the Bloomberg Commodity Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2022), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 15, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. The line graph provides information for Class R6 shares only. As indicated in the tables provided earlier and in the following paragraphs, performance for other share classes will vary due to the differing charges and expenses applicable to each share class (as indicated in the following paragraphs). Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

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The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The average annual total returns take into account applicable sales charges, which are described for each share class in the table below.



	Class Z	Class R6
Maximum initial sales charge	None	None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of the original purchase price or the net asset value at redemption)	None	None

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

Benchmark Definitions

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).

Presentation of Fund Holdings as of 7/31/2022



Ten Largest Commodities Future Exposure Holdings		% of Net Assets

Natural Gas		15.8%

Gold 100 OZ		12.7%

WTI Crude		9.6%

Brent Crude		7.4%

Soybean		6.5%

Corn		5.2%

LME PRI Aluminum		4.5%

Soybean Oil		3.8%

Copper		3.7%

Silver		3.7%

PGIM Day One Underlying Funds 13

PGIM Quant Solutions Mid-Cap Core Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/22

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-3.86	6.58	7.82 (11/17/2016)

S&P MidCap 400 Index	-5.70	9.06	9.65

Growth of a $10,000 Investment

LOGO

The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the S&P MidCap 400 Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2022), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 17, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For

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purposes of the graph, and unless otherwise indicated, it has been assumed that (a) all recurring fees (including management fees) were deducted and (b) all dividends and distributions were reinvested. Without waiver of fees and/or expense reimbursements, if any, the returns would have been lower.

Benchmark Definitions

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.

PGIM Day One Underlying Funds 15

PGIM Quant Solutions Mid-Cap Core Fund

Your Fund’s Performance (continued)

Presentation of Fund Holdings as of 7/31/2022



Ten Largest Holdings	Line of Business	% of Net Assets

iShares Core S&P Mid-Cap ETF	Exchange-Traded Funds	2.0%

Targa Resources Corp.	Oil, Gas & Consumable Fuels	1.5%

Carlisle Cos., Inc.	Building Products	1.5%

Steel Dynamics, Inc.	Metals & Mining	1.4%

United Therapeutics Corp.	Biotechnology	1.2%

Essential Utilities, Inc.	Water Utilities	1.2%

UGI Corp.	Gas Utilities	1.2%

American Financial Group, Inc.	Insurance	1.2%

Lamar Advertising Co. (Class A Stock)	Equity Real Estate Investment Trusts (REITs)	1.1%

Genpact Ltd.	IT Services	1.1%

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

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PGIM Quant Solutions US Broad Market Index Fund

Your Fund’s Performance (unaudited)



	Average Annual Total Returns as of 7/31/22

	One Year (%)	Five Years (%)	Since Inception (%)

Class R6	-4.80	12.33	13.27 (11/17/2016)

S&P Composite 1500 Index	-4.74	12.49	13.40

Growth of a $10,000 Investment

LOGO

The graph compares a $10,000 investment in the Fund’s Class R6 shares with a similar investment in the S&P Composite 1500 Index (the Index) by portraying the initial account values at the commencement of operations of Class R6 shares and the account values at the end of the current fiscal year (July 31, 2022), as measured on a quarterly basis. The R6 share class assumes an initial investment on November 17, 2016, while the Index assumes that the initial investment occurred on November 30, 2016. For

PGIM Day One Underlying Funds 17

PGIM Quant Solutions US Broad Market Index Fund

Your Fund’s Performance (continued)

Benchmark Definitions

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.

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Presentation of Fund Holdings as of 7/31/2022



Ten Largest Holdings	Line of Business	% of Net Assets

Apple, Inc.	Technology Hardware, Storage & Peripherals	6.4%

Microsoft Corp.	Software	5.3%

Amazon.com, Inc.	Internet & Direct Marketing Retail	3.0%

Tesla, Inc.	Automobiles	1.9%

Alphabet, Inc. (Class A Stock)	Interactive Media & Services	1.8%

Alphabet, Inc. (Class C Stock)	Interactive Media & Services	1.6%

Berkshire Hathaway, Inc. (Class B Stock)	Diversified Financial Services	1.4%

iShares Core S&P 500 ETF	Exchange-Traded Funds	1.3%

UnitedHealth Group, Inc.	Health Care Providers & Services	1.3%

Johnson & Johnson	Pharmaceuticals	1.2%

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

PGIM Day One Underlying Funds 19

PGIM Jennison Small-Cap Core Equity Fund

Strategy and Performance Overview* (unaudited)

How did the Fund perform?

The PGIM Jennison Small Cap Core Equity Fund’s Class R6 shares returned –19.13% in the 12-month reporting period ended July 31, 2022, underperforming the –14.29% return of the Russell 2000 Index (the Index).

What were the market conditions?

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Over the period, the investment backdrop changed from one of stimulus and spending to one of inflation and tightening financial conditions, with the need to control inflation moving aggressively to the fore.

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The final months of 2021 were marked by the emergence of the Omicron variant of the COVID-19 virus, as well as heightened concerns over inflation, which led the Federal Reserve (the Fed) to announce an accelerated plan of reduced asset purchases. Against this backdrop, equity markets rose to all-time highs to close out the year.

^●

The investment environment at the start of 2022 was clouded by continued uncertainties related to the pandemic, inflation, and the prospect of slowing growth on the back of the Fed’s plans for policy tightening. The brutal military conflict in Ukraine added a dangerous new dimension of uncertainty in late February. Commodity prices rose sharply, led by crude oil, as the sanctions imposed on Russia by the US and European Union made it difficult for the world’s largest oil exporter to complete transactions.

^●

As the year continued, stock prices continued to suffer from the impacts of the war in Ukraine, unexpectedly high inflation, tightening monetary policy, and ongoing COVID-19 lockdowns in China. As a result, the second quarter of 2022 saw one of the largest equity selloffs since the global financial crisis nearly fifteen years ago.

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The accumulation of these events started to weigh on GDP growth around the globe. Commodity prices continued to exhibit strength due to the imbalance between Russia/Ukraine-related supply constraints and still-resilient demand. Concerns over the effects of high prices on demand and downward revisions in global growth expectations drove a reversal across many commodities during June.

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The Fed’s task of bringing inflation back to its 2% target without undermining the robust employment backdrop and precipitating a recession underscored prevailing uncertainty regarding the macro outlook.

^●

Small-cap core stocks underperformed their large- and mid-cap counterparts over the period. In the Russell 2000 Index, only the energy and utilities sectors posted gains. Communication services, healthcare, and consumer discretionary experienced the most significant declines.

What worked?

^●

From a sector perspective, healthcare holdings added the most value. Stock selection in real estate also proved comparatively strong. Individual positions that performed

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well were diversified across sectors. Top performers included PDC Energy, Inc. (energy), Acadia Healthcare Company, Inc. (healthcare), Tower Semiconductor Ltd. (information technology), and e.l.f. Beauty, Inc. (consumer discretionary).

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PDC Energy is an independent oil and gas company focused on maintaining a strong balance sheet and solid debt metrics while delivering value-added organic growth from a liquids-rich portfolio through horizontal drilling. The company’s operations are primarily located in the Wattenberg Field in Colorado and the Delaware Basin in Texas. After a difficult 2020, the oil and gas industry rebounded in 2021 and 2022 along with the price of oil.

^●

Acadia Healthcare is an American provider of behavioral healthcare services. It operates a network of over 225 facilities across the US and Puerto Rico. It continued to benefit during the period from secular tailwinds, while navigating labor headwinds better than most of its peers. The company anticipates favorable rate increases well above its 2%-4% long-term target. Acadia’s secular trends and diversified business mix should drive solid same-store growth, and margin expansion should drive low-double-digit earnings growth.

^●

Tower Semiconductor engages in the manufacture of integrated circuits. Its products include semiconductors and integrated circuits used in consumer electronics, personal computers, communications, automotive, industrial, and medical device products. During the period, Intel announced a definitive agreement to acquire Tower at a significant premium.

^●

e.l.f. Beauty is a manufacturer and marketer of mass cosmetics, skin care, and beauty tools. Its first-to-mass innovation focus has driven a pickup to top-line growth, attracting new consumers to the brand. Market-share inflection has been driven by enhanced and efficient marketing spending, productivity improvements, and investments in innovation. Share gains should result in added shelf space at primary customers, set to coincide with the economy reopening and a rebound in the broader cosmetics category. e.l.f. continued to execute well during the period despite a difficult cost backdrop and provided initial fiscal year 2023 guidance above consensus expectations.

What didn’t work?

^●

Holdings in industrials, information technology, and consumer discretionary detracted the most from relative performance. Underweight exposure, relative to the Index, to the energy sector also undermined returns. Stock selection in communication services hurt performance, but an underweight position in the sector helped mitigate some of the negative effect. Notably underperforming individual holdings included Varonis Systems, Inc. (information technology), Harsco Corp. (industrials), Cardlytics, Inc. (communication services), and Bandwidth Inc. (communication services). Bandwidth is

PGIM Day One Underlying Funds 21

PGIM Jennison Small-Cap Core Equity Fund

Strategy and Performance Overview* (continued)

a communications platform as a service (CPaas) company. Its shares fell amid a broader pullback for the growth-dependent cloud services space, and the position was eliminated from the Fund during the period.

^●

Software company Varonis Systems provides its core Data Protect suite, a unique solution that has established itself as an industry standard for protecting structured and unstructured human-generated data. Varonis is positioned well in the current environment of increased regulation and more frequent security breaches. Despite prevailing currency exchange headwinds during the reporting period, Varonis’s business remained healthy, and profitability trends remained intact.

^●

Harsco provides environmental solutions and services. Continued labor shortage, container-cost inflation, and little-to-no soil and drainage revenues, which are high-margin areas for the company, weighed on results. Jennison expects steadier organic growth as well as high margins and more stable free-cash-flow generation.

^●

Cardlytics operates an advertising platform within financial institutions’ digital channels, which include online, mobile, email, and various real-time notifications. Specifically, the company operates digital rewards programs (similar to rewards points earned on debit and credit card purchases) for banks in the US and UK to offer their banking customers. Broader macro economic issues, especially wage inflation, as well as some timing-related payments weighed on results. Jennison expects an increase in advertisers and monthly active users, which should generate greater operating leverage.

^●

Bandwidth is a communications platform as a service (CPaas) company that sells software application programming interfaces for voice and messaging using its own IP voice network. Shares fell amid a broader pullback in the growth-dependent cloud services space. In Jennison’s view, the company’s vertical integration and software-first approach to voice communication within an application are likely to provide a competitive edge and lead to sustainable growth.

Current outlook

Experience with many uncertain economic backdrops over 20+ years of investing history has solidified Jennison’s view that constructing prudently diversified portfolios while focusing on quality business models with balance sheet flexibility, strong earnings, and cash-flow-growth prospects, led by capable management teams, is the best approach. Jennison remains optimistic that Fund holdings—which include companies with strong fundamentals positioned to outgrow market averages—are well positioned to navigate this complex landscape.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based on how the Fund performed relative to the Fund’s assigned index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances

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will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

PGIM Day One Underlying Funds 23

PGIM Core Conservative Bond Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Core Conservative Bond Fund’s Class R6 shares returned –9.79% in the 12-month reporting period that ended July 31, 2022, underperforming the –9.12% return of the Bloomberg US Aggregate Bond Index (the Index).

What were the market conditions?

^●

From a starting point of low yields, tight spreads, and high equity multiples, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets during the reporting period. Concerns about central bank tightening, hard economic landings, and the war in Ukraine led global credit spreads notably wider, while rate volatility increased as markets first began pricing in more aggressive Federal Open Market Committee (FOMC) policy tightening, and later began to price in a hard economic landing.

^●

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market pain than they had over the last decade of low inflation. A succession of rate hikes during the first half of 2022—including two outsized hikes of 75 basis points (bps) each by the Federal Reserve (the Fed) in June and July—confirmed to markets that the Fed was fully focused on tackling inflation. (One basis point equals 0.01%.) Following the July 2022 FOMC meeting, the market expected the target rate to be lifted to around 3.25%, not far from Fed officials’ most recent median projection, but the market then began pricing in rate cuts beginning in 2023.

^●

As a result, enormous volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve. The curve finally inverted in the last month of the period. From 1.05% on July 31, 2021, the 10-year/2-year Treasury spread declined to -0.23% by the end of the period.

^●

After rising to nearly 3.5% in June 2022, US 10-year Treasury yields ended the period on July 31, 2022 at 2.65%. Meanwhile, the yield on the two-year Treasury note ended the period on July 31, 2022 at 2.88%, a rise of 270 bps over the period.

^●

US investment grade corporate spreads widened significantly as corporates were challenged by elevated inflationary pressures, a slower growth outlook, and higher event and geopolitical risk. Securitized credit spreads widened, with commercial mortgage-backed securities (CMBS) spreads trading well above their recent tights by the end of the period. Meanwhile, agency mortgage-backed securities (MBS) underperformed Treasuries on concerns that the Fed would begin selling MBS if officials needed to step up their inflation fight. However, agency MBS strengthened over the final weeks of the period amid a decline in rate volatility.

24 Visit our website at pgim.com/investments

What worked?

^●

While overall security selection detracted from performance during the period, selection within emerging markets added to returns.

^●

While overall sector allocation also detracted, underweight allocations to MBS, agencies, and emerging markets, each relative to the Index, contributed positively.

^●

Within credit, selection in finance companies, gaming/lodging/leisure, and foreign non-corporates was positive. In individual security selection relative to the Index, the Fund benefited from an underweight position in Oracle Corporation (technology), along with overweight positions in ConocoPhillips (upstream energy) and Anheuser Busch InBev SA/NV (consumer non-cyclical).

^●

The Fund’s curve and duration positioning both contributed positively to performance as US Treasury rates sold off, and the yield curve flattened. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.)

What didn’t work?

^●

Overall security selection was negative, with selection in investment grade corporates, Treasuries, and CMBS limiting results.

^●

Overall sector allocation detracted from performance, with overweight allocations to CMBS and municipal bonds, each relative to the Index, detracting.

^●

Within credit, the Fund’s positioning in healthcare & pharmaceuticals, banking, and metals & mining detracted from performance.

^●

In individual security selection, the Fund’s overweight positioning, relative to the Index, in Viatris Inc. (healthcare & pharmaceuticals), Charter Communications, Inc. (cable & satellite), and General Motors Company (automotive) detracted from performance.

Current outlook

^●

Tighter financial conditions are expected to continue working their way through the economy with lagged effects in coming quarters. For now, the Fed is focused on currently high monthly inflation readings, vowing to keep up the pressure until those readings show convincing signs they are softening toward the Fed’s target. At some point, though, PGIM Fixed Income expects the Fed will likely pivot back toward a focus on the projected lagged effects of its tightening and, should material signs of softening accumulate, will adopt a more measured pace of policy normalization.

^●

Even though fundamentals and issuer liquidity are arguably well braced for recession, and spread widening has already generated value in a number of sectors, PGIM Fixed Income believes spreads may remain soft until most of the current bad news—e.g., a cutoff of Russian gas supplies, cooling of the housing market, etc.—has largely played out.

PGIM Day One Underlying Funds 25

PGIM Core Conservative Bond Fund

Strategy and Performance Overview* (continued)

^●

However, over the intermediate and longer term, the selloff in rates and spreads could turn out to be a positive as the overarching trends of aging demographics, high debt burdens, and other factors that conspired for decades to push equilibrium interest rates down are more likely hibernating than reversing. Once the reopening enthusiasm and supply-chain problems have passed, inflation will likely return to, or below, targets, and bonds will likely be well on their way to an extended period of solid returns. In the meantime, PGIM Fixed Income believes the best course will be to focus on the micro-alpha opportunities within and across sectors.

^●

PGIM Fixed Income maintains its positive view of the spread sectors over the medium to long term, positioning the Fund with overweight allocations to structured products (CMBS) relative to the Index. The Fund holds underweight exposure to MBS, relative to the Index, in favor of more attractive opportunities across spread sectors.

^●

In terms of calling the cycle top in long-term rates, given the strength of the economy and level of inflation, PGIM Fixed Income believes it is too early to preclude the possibility of higher highs. Yet, from a long-term perspective, exposure to developed market duration is becoming more compelling after the broad repricing of markets and with the looming moderation in global growth. While acknowledging the immediate trajectory of inflation is going to dictate market volatility and the path of the US Treasury 10-year yield, PGIM Fixed Income’s base case holds that implied volatility will ultimately decline, and the 10-year yield will stay below the terminal rate of this hiking cycle when it is eventually reached.

26 Visit our website at pgim.com/investments

PGIM TIPS Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM TIPS Fund’s Class R6 shares returned –3.91% in the 12-month reporting period that ended July 31, 2022, underperforming the –3.58% return of the Bloomberg US Treasury Inflation-Protected (TIPS) Index (the Index).

What were the market conditions?

^●

From a starting point of low yields, the shift in fundamentals—most notably, high inflation—drove a wholesale repricing of markets during the reporting period. Concerns about central bank tightening, hard economic landings, and the war in Ukraine drove increased rate volatility as markets first began pricing in more aggressive Federal Open Market Committee (FOMC) policy tightening, and later began to price in a hard economic landing.

^●

The US saw a marked acceleration in inflation throughout the period, with personal consumption expenditures (PCE) inflation for June 2022 rising 6.8% and core PCE inflation rising 4.8% from the year before. Reflecting the increase in inflation expectations, the five-year breakeven inflation rate rose from 2.56% as of July 31, 2021, to a high of 3.59% in March 2022 before ending the period on July 31, 2022 at 2.73%.

^●

Against the backdrop of historic lows in unemployment and generational highs in inflation, central banks signaled an increased willingness to accept more economic and market pain than they had over the last decade of low inflation. A succession of rate hikes over the first half of 2022—including two outsized hikes of 75 basis points (bps) each by the Federal Reserve (the Fed) in June and July—confirmed to markets that the Fed was fully focused on tackling inflation. (One basis point equals 0.01%.) Following the July 2022 FOMC meeting, the market expected the target rate to be lifted to around 3.25%, not far from Fed officials’ median projection, but the market began pricing in rate cuts beginning in 2023.

^●

As a result, enormous volatility continued to be priced into US Treasuries, with sharply higher front-end rates and lower long-dated yields forming a substantially flatter US Treasury yield curve before finally inverting in the last month of the period. From 1.05% on July 31, 2021, the 10-year/2-year Treasury spread declined to -0.23% by the end of the period on July 31, 2022.

^●

Just as longer-term Treasuries saw substantial volatility throughout the period, yields on short-term securities also rose substantially. The three-month Treasury bill rose from 0.05% to 2.37% during the period, while the three-month London Interbank Offered Rate (LIBOR) rose from 0.12% to 2.79%. Meanwhile, the three-month Secured Overnight Financing Rate (SOFR) rose from 0.05% to 2.27%.

What worked?

Yield-curve-flattener positioning was the largest contributor to the Fund’s performance during the reporting period.

PGIM Day One Underlying Funds 27

PGIM TIPS Fund

Strategy and Performance Overview* (continued)

What didn’t work?

^●

The duration of the Fund was tactically managed versus the Index during the period. (Duration measures the sensitivity of the price—the value of principal—of a bond to a change in interest rates.) Overall, duration positioning detracted from performance. The Fund ended the period with a neutral duration position versus the Index.

^●

Security selection detracted from the Fund’s performance during the period.

Current outlook

^●

Against the backdrop of historic lows in unemployment and generational highs in inflation, the Fed is signaling an increased willingness to accept more economic and market pain than it had over the last decade of low inflation. If the Fed can avoid a recession, it will, but more than anything else, Fed officials want to get inflation under control.

^●

Tighter financial conditions are expected to continue working their way through the economy with lagged effects in coming quarters. For now, the Fed is focused on currently high monthly inflation readings, vowing to keep up the pressure until they show convincing signs they are softening toward the Fed’s target. At some point, though, PGIM Fixed Income expects the Fed to pivot back toward a focus on the projected lagged effects of its tightening and, should material signs of softening accumulate, will adopt a more measured pace of policy normalization.

28 Visit our website at pgim.com/investments

PGIM Quant Solutions Commodity Strategies Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Quant Solutions Commodity Strategies Fund’s Class R6 shares returned 30.61% in the 12-month reporting period that ended July 31, 2022, outperforming the 27.23% return of the Bloomberg Commodity Index (the Index).

What were the market conditions?

For the reporting period, commodities in general appreciated strongly, as inflation picked up after the initial shock of the COVID-19 pandemic, especially in the energy sector. Agricultural commodities also generally rose. Industrial metals produced mixed results, and precious metals declined slightly.

What worked?

The Fund’s strong gains relative to the Index during the period were driven by overweight positions in energy commodities and nickel.

What didn’t work?

Underweight positions in wheat and corn detracted most from the Fund’s performance relative to the Index for the period.

Did the Fund hold derivatives?

The Fund primarily invests in listed, exchange-traded commodities futures contracts. These futures are a form of derivatives based on the underlying price of a specific commodity. Since the Fund is invested primarily in these derivatives, its performance during the reporting period is explained by the derivatives.

Current outlook

As of the end of the period, the Fund held overweight positions relative to the Index in the industrial metal, energy, and grain sectors, and underweight positions in the livestock and soft commodities sectors. Within precious metals, the Fund held overweight exposure to gold and underweight exposure to silver.

PGIM Day One Underlying Funds 29

PGIM Quant Solutions Mid-Cap Core Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Quant Solutions Mid-Cap Core Fund’s Class R6 shares returned –3.86% in the 12-month reporting period that ended July 31, 2022, outperforming the –5.70% return of the S&P MidCap 400 Index (the Index).

What were the market conditions?

^●

US equity markets finished 2021 at record highs before reversing course in 2022.

^●

A series of risks weighed on stock performances during the first seven months of 2022. These risks included rising inflation, interest-rate hikes, supply-chain bottlenecks, and the Russia-Ukraine war.

What worked?

^●

The Fund is comprised of a diversified portfolio of stocks that PGIM Quant Solutions identifies as attractive using a proprietary quantitative model. The model evaluates stocks based on quality, earnings expectations, and relative-value metrics. The emphasis on these factors varies based on the growth rate of the company under evaluation.

^●

Relative to the Index, overweighting companies that were inexpensive, while underweighting those that were expensive, contributed positively to the Fund’s performance over the reporting period.

^●

The Fund delivered its best relative performance in the healthcare sector.

What didn’t work?

The Fund underperformed the Index in the information technology sector. Within this sector, companies with positive growth outlooks, which PGIM Quant Solutions favors, underperformed those with negative growth outlooks.

Did the Fund hold derivatives?

The Fund did not hold derivatives during the reporting period. The Fund did, however, hold exchange-traded funds that track the Index. PGIM Quant Solutions uses these instruments primarily to manage daily cash flows and provide liquidity, but not as a means of adding to performance. Subsequently, the effect on performance was minimal.

Current outlook

PGIM Quant Solutions does not envision the prevailing macroeconomic risks fading in the near future. This is likely to result in continued investor emphasis on valuation, fundamentals, and profitability. These dynamics lead PGIM Quant Solutions to believe that there is plenty of runway left for the Fund’s strategies to continue to outperform the Index.

* This strategy and performance overview, which discusses what strategies or holdings (including derivatives, if applicable) affected the Fund’s performance, is compiled based

30 Visit our website at pgim.com/investments

on how the Fund performed relative to the Fund’s assigned index and is viewed for performance attribution purposes at the aggregate Fund level, which in most instances will not directly correlate to the amounts disclosed in the Statement of Operations which conform to U.S. generally accepted accounting principles.

PGIM Day One Underlying Funds 31

PGIM Quant Solutions US Broad Market Index Fund

Strategy and Performance Overview*

How did the Fund perform?

The PGIM Quant Solutions US Broad Market Index Fund’s Class R6 shares returned -4.80% in the 12-month reporting period that ended July 31, 2022, underperforming the –4.74% return of the S&P 1500 Composite Index (the Index).

What were the market conditions?

During the early part of the reporting period, COVID-19 continued to make headlines as new variants emerged, particularly Omicron. However, markets seemed to shrug off most concerns as this highly contagious strain led to less severe impacts and hospitalizations, especially among vaccinated individuals. Companies continued to post strong results, although many also cautioned investors on future 2022 earnings due to continued supply-chain disruptions. In early 2022, market risk increased due to mounting inflationary pressures, rising interest rates, supply-chain disruptions, and the Russia-Ukraine war. US inflation reached its highest year-over-year level in over 40 years, leading the Federal Reserve (the Fed) to hike interest rates several times to fight inflation. Rising costs and supply-chain disruptions continued to weigh on companies’ growth for the remainder of the period, and were expected to continue.

What worked?

^●

The Fund’s performance closely tracked the Index’s performance over the period.

^●

The Fund held all stocks included in the Index in approximately the same proportions.

Did the Fund hold derivatives?

The Fund held S&P 500, S&P 400, and Russell 2000 E-Mini stock index futures, a form of derivatives, to maintain exposure to equities and provide portfolio liquidity. Futures had minimal impact on performance over the period.

32 Visit our website at pgim.com/investments

Fees and Expenses (unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments and redemptions, as applicable, and (2) ongoing costs, including management fees, distribution, and 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 July 31, 2022. The example is for illustrative purposes only; you should consult the Funds’ Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line in the tables below 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 in the tables below provides information about hypothetical account values and hypothetical expenses based on a Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not a 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 a Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line in each 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 February 1, 2022	Ending Account Value July 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$ 870.30	0.95%	$4.41

	Hypothetical	$1,000.00	$1,020.08	0.95%	$4.76

PGIM Day One Underlying Funds 33

Fees and Expenses (continued)



PGIM Core Conservative Bond Fund		Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$ 933.80	0.50%	$2.40

	Hypothetical	$1,000.00	$1,022.32	0.50%	$2.51



PGIM TIPS Fund		Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$ 969.00	0.39%	$1.90

	Hypothetical	$1,000.00	$1,022.86	0.39%	$1.96


PGIM Quant Solutions Commodity Strategies Fund		Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class Z	Actual	$1,000.00	$1,163.50	0.71%	$3.81

	Hypothetical	$1,000.00	$1,021.27	0.71%	$3.56

Class R6	Actual	$1,000.00	$1,163.50	0.65%	$3.49

	Hypothetical	$1,000.00	$1,021.57	0.65%	$3.26



PGIM Quant Solutions Mid-Cap Core Fund		Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$ 968.50	0.81%	$3.95

	Hypothetical	$1,000.00	$1,020.78	0.81%	$4.06



PGIM Quant Solutions US Broad Market Index Fund		Beginning Account Value February 1, 2022	Ending Account Value July 31, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$ 924.30	0.20%	$0.95

	Hypothetical	$1,000.00	$1,023.80	0.20%	$1.00

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

34 Visit our website at pgim.com/investments

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

CLO—Collateralized Loan Obligation

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

TIPS—Treasury Inflation-Protected Securities

ULSD—Ultra-Low Sulfur Diesel

WTI—West Texas Intermediate

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments

as of July 31, 2022



Description	Shares		Value

LONG-TERM INVESTMENTS 96.9%

COMMON STOCKS

Aerospace & Defense 0.7%

Spirit AeroSystems Holdings, Inc. (Class A Stock)		5,979	$	196,231

Airlines 0.8%

Sun Country Airlines Holdings, Inc.*		11,135		224,593

Banks 8.0%

Atlantic Union Bankshares Corp.		4,186		144,794
BankUnited, Inc.		7,867		305,633
Brookline Bancorp, Inc.		18,925		261,733
Eastern Bankshares, Inc.		14,998		305,959
Enterprise Financial Services Corp.		7,977		375,158
First Bancorp		6,926		262,357
First Foundation, Inc.		10,983		228,666
PacWest Bancorp		2,136		59,872
Pinnacle Financial Partners, Inc.		3,684		291,404
Wintrust Financial Corp.		1,671		143,773


				2,379,349

Biotechnology 2.5%

Apellis Pharmaceuticals, Inc.*		7,284		409,944
Avid Bioservices, Inc.*		16,842		330,945


				740,889

Building Products 1.8%

Armstrong World Industries, Inc.		3,121		278,861
Zurn Elkay Water Solutions Corp.		8,862		256,555


				535,416

Capital Markets 4.9%

AssetMark Financial Holdings, Inc.*		3,802		72,200
Bridge Investment Group Holdings, Inc. (Class A Stock)		13,487		229,684
Brightsphere Investment Group, Inc.		5,917		111,890
Focus Financial Partners, Inc. (Class A Stock)*		2,359		95,374
Hamilton Lane, Inc. (Class A Stock)		3,347		252,933
Houlihan Lokey, Inc.		4,357		368,428
Lazard Ltd. (Class A Stock)		3,380		127,325

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Capital Markets (cont’d.)

Moelis & Co. (Class A Stock)		2,564	$	119,431
Open Lending Corp. (Class A Stock)*		6,337		65,651


				1,442,916

Chemicals 1.5%

Avient Corp.		10,411		449,235

Commercial Services & Supplies 1.3%

ACV Auctions, Inc. (Class A Stock)*		15,879		117,346
Casella Waste Systems, Inc. (Class A Stock)*		2,773		224,474
Harsco Corp.*		12,068		58,047


				399,867

Construction & Engineering 2.9%

Concrete Pumping Holdings, Inc.*		20,120		131,384
Great Lakes Dredge & Dock Corp.*		30,798		398,218
WillScot Mobile Mini Holdings Corp.*		8,172		315,521


				845,123

Construction Materials 1.5%

Summit Materials, Inc. (Class A Stock)*		16,659		458,289

Electric Utilities 0.8%

PNM Resources, Inc.		4,624		223,200

Electronic Equipment, Instruments & Components 1.4%

Littelfuse, Inc.		1,537		428,623

Energy Equipment & Services 2.7%

Cactus, Inc. (Class A Stock)		9,218		383,377
Patterson-UTI Energy, Inc.		24,618		407,428


				790,805

Equity Real Estate Investment Trusts (REITs) 8.6%

American Assets Trust, Inc.		6,935		209,645
Cousins Properties, Inc.		8,324		256,796
Independence Realty Trust, Inc.		21,576		478,987
National Storage Affiliates Trust		9,448		518,128

See Notes to Financial Statements.

PGIM Day One Underlying Funds 37

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Equity Real Estate Investment Trusts (REITs) (cont’d.)

Plymouth Industrial REIT, Inc.		6,451	$	124,246
Retail Opportunity Investments Corp.		18,916		330,273
Summit Hotel Properties, Inc.*		36,189		284,084
UMH Properties, Inc.		16,477		351,125


				2,553,284

Food & Staples Retailing 2.2%

Performance Food Group Co.*		13,404		666,313

Food Products 1.9%

Adecoagro SA (Brazil)		23,533		192,971
Freshpet, Inc.*		1,867		99,772
Utz Brands, Inc.		15,261		256,690


				549,433

Health Care Equipment & Supplies 4.9%

BioLife Solutions, Inc.*		4,614		88,912
CONMED Corp.		2,194		214,200
Inari Medical, Inc.*		3,113		241,507
Inspire Medical Systems, Inc.*		1,568		327,696
Integra LifeSciences Holdings Corp.*		3,083		169,688
Nevro Corp.*		2,278		98,751
Outset Medical, Inc.*		6,550		101,198
Silk Road Medical, Inc.*		4,341		197,559


				1,439,511

Health Care Providers & Services 3.4%

Acadia Healthcare Co., Inc.*		6,285		521,089
Agiliti, Inc.*		2,701		59,125
Covetrus, Inc.*		10,630		220,785
Progyny, Inc.*		6,472		197,590


				998,589

Health Care Technology 0.4%

Phreesia, Inc.*		3,873		90,977
Sophia Genetics SA (Switzerland)*		9,555		32,965


				123,942

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure 2.6%

Bally’s Corp.*		2,769	$	60,835
Bloomin’ Brands, Inc.		15,663		319,369
Rush Street Interactive, Inc.*		10,105		55,982
Sweetgreen, Inc. (Class A Stock)*(a)		5,795		91,039
Wingstop, Inc.		2,039		257,281


				784,506

Household Durables 1.1%

Century Communities, Inc.		6,428		328,921

Independent Power & Renewable Electricity Producers 1.7%

NextEra Energy Partners LP		6,047		500,329

Insurance 2.6%

Axis Capital Holdings Ltd.		10,468		528,529
Goosehead Insurance, Inc. (Class A Stock)		1,811		101,796
James River Group Holdings Ltd.		5,943		141,206


				771,531

IT Services 3.6%

Evo Payments, Inc. (Class A Stock)*		13,852		378,714
Grid Dynamics Holdings, Inc.*		23,008		434,161
Shift4 Payments, Inc. (Class A Stock)*		6,755		246,084


				1,058,959

Leisure Products 1.5%

Brunswick Corp.		5,423		434,491

Life Sciences Tools & Services 0.7%

Azenta, Inc.		2,452		167,374
Olink Holding AB (Sweden), ADR*(a)		3,992		53,692


				221,066

Machinery 3.4%

Energy Recovery, Inc.*		6,361		141,405
Enerpac Tool Group Corp.		8,079		164,004
Gates Industrial Corp. PLC*		7,627		93,812

See Notes to Financial Statements.

PGIM Day One Underlying Funds 39

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Machinery (cont’d.)

Mayville Engineering Co., Inc.*		7,995	$	57,084
Trinity Industries, Inc.		21,469		557,121


				1,013,426

Marine 0.9%

Kirby Corp.*		4,053		257,122

Media 0.1%

Cardlytics, Inc.*		2,936		40,517

Metals & Mining 0.2%

ERO Copper Corp. (Brazil)*		7,158		70,864

Mortgage Real Estate Investment Trusts (REITs) 0.8%

Ladder Capital Corp.		18,844		223,867

Oil, Gas & Consumable Fuels 3.7%

Chord Energy Corp.		3,671		470,769
PDC Energy, Inc.		9,636		632,989


				1,103,758

Personal Products 1.8%

elf Beauty, Inc.*		15,966		535,340

Pharmaceuticals 2.5%

Pacira BioSciences, Inc.*		3,442		194,679
Pliant Therapeutics, Inc.*		6,060		105,262
Prestige Consumer Healthcare, Inc.*		5,107		308,003
Revance Therapeutics, Inc.*		9,105		141,310


				749,254

Professional Services 2.7%

ASGN, Inc.*		3,317		344,172
HireRight Holdings Corp.*		7,959		118,271
Huron Consulting Group, Inc.*		5,004		335,768


				798,211

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Road & Rail 0.9%

Saia, Inc.*		1,095	$	260,446

Semiconductors & Semiconductor Equipment 3.5%

MACOM Technology Solutions Holdings, Inc.*		4,875		282,457
MaxLinear, Inc.*		5,676		229,367
Tower Semiconductor Ltd. (Israel)*		10,732		513,634


				1,025,458

Software 6.1%

Clear Secure, Inc. (Class A Stock)*		7,665		194,078
CS Disco, Inc.*		783		19,215
Descartes Systems Group, Inc. (The) (Canada)*		1,904		131,452
Intapp, Inc.*		3,932		59,648
KnowBe4, Inc. (Class A Stock)*		15,184		216,979
PagerDuty, Inc.*		8,408		218,020
Paycor HCM, Inc.*		6,183		165,024
Q2 Holdings, Inc.*		2,860		125,554
Sprout Social, Inc. (Class A Stock)*		6,598		343,756
Varonis Systems, Inc.*		9,004		228,972
Verint Systems, Inc.*		2,646		120,843


				1,823,541

Specialty Retail 1.2%

Boot Barn Holdings, Inc.*		2,301		143,352
Citi Trends, Inc.*		2,903		71,356
National Vision Holdings, Inc.*		5,126		149,372


				364,080

Textiles, Apparel & Luxury Goods 1.2%

Kontoor Brands, Inc.		9,928		362,372

Thrifts & Mortgage Finance 0.8%

WSFS Financial Corp.		4,778		228,006

See Notes to Financial Statements.

PGIM Day One Underlying Funds 41

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Trading Companies & Distributors 1.1%

Core & Main, Inc. (Class A Stock)*		6,460	$	155,944
Rush Enterprises, Inc. (Class A Stock)		3,695		178,062


				334,006


TOTAL LONG-TERM INVESTMENTS (cost $25,960,542)				28,735,679


SHORT-TERM INVESTMENTS 4.4%

AFFILIATED MUTUAL FUND 0.5%
PGIM Institutional Money Market Fund (cost $141,648; includes $141,422 of cash collateral for securities on loan)(b)(wa)		141,795		141,653


UNAFFILIATED FUND 3.9%
Dreyfus Government Cash Management (Institutional Shares) (cost $1,150,161)		1,150,161		1,150,161


TOTAL SHORT-TERM INVESTMENTS (cost $1,291,809)				1,291,814


TOTAL INVESTMENTS 101.3% (cost $27,252,351)				30,027,493
Liabilities in excess of other assets (1.3)%				(377,895	)


NET ASSETS 100.0%			$	29,649,598

See the Glossary for a list of the abbreviation(s) used in the annual 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 $140,657; cash collateral of $141,422 (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.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 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 July 31, 2022 in valuing such portfolio securities:


	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	196,231		$	—		$	—
Airlines		224,593			—			—
Banks		2,379,349			—			—
Biotechnology		740,889			—			—
Building Products		535,416			—			—
Capital Markets		1,442,916			—			—
Chemicals		449,235			—			—
Commercial Services & Supplies		399,867			—			—
Construction & Engineering		845,123			—			—
Construction Materials		458,289			—			—
Electric Utilities		223,200			—			—
Electronic Equipment, Instruments & Components		428,623			—			—
Energy Equipment & Services		790,805			—			—
Equity Real Estate Investment Trusts (REITs)		2,553,284			—			—
Food & Staples Retailing		666,313			—			—
Food Products		549,433			—			—
Health Care Equipment & Supplies		1,439,511			—			—
Health Care Providers & Services		998,589			—			—
Health Care Technology		123,942			—			—
Hotels, Restaurants & Leisure		784,506			—			—
Household Durables		328,921			—			—
Independent Power & Renewable Electricity Producers		500,329			—			—
Insurance		771,531			—			—
IT Services		1,058,959			—			—
Leisure Products		434,491			—			—
Life Sciences Tools & Services		221,066			—			—
Machinery		1,013,426			—			—
Marine		257,122			—			—
Media		40,517			—			—
Metals & Mining		70,864			—			—

See Notes to Financial Statements.

PGIM Day One Underlying Funds 43

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 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)	$	223,867		$—		$—
Oil, Gas & Consumable Fuels		1,103,758		—		—
Personal Products		535,340		—		—
Pharmaceuticals		749,254		—		—
Professional Services		798,211		—		—
Road & Rail		260,446		—		—
Semiconductors & Semiconductor Equipment		1,025,458		—		—
Software		1,823,541		—		—
Specialty Retail		364,080		—		—
Textiles, Apparel & Luxury Goods		362,372		—		—
Thrifts & Mortgage Finance		228,006		—		—
Trading Companies & Distributors		334,006		—		—
Short-Term Investments
Affiliated Mutual Fund		141,653		—		—
Unaffiliated Fund		1,150,161		—		—

Total	$	30,027,493		$—		$—

Industry Classification:

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


Equity Real Estate Investment Trusts (REITs)	8.6	%
Banks	8.0
Software	6.1
Capital Markets	4.9
Health Care Equipment & Supplies	4.9
Unaffiliated Fund	3.9
Oil, Gas & Consumable Fuels	3.7
IT Services	3.6
Semiconductors & Semiconductor Equipment	3.5
Machinery	3.4
Health Care Providers & Services	3.4
Construction & Engineering	2.9
Professional Services	2.7
Energy Equipment & Services	2.7
Hotels, Restaurants & Leisure	2.6
Insurance	2.6
Pharmaceuticals	2.5
Biotechnology	2.5


Food & Staples Retailing	2.2	%
Food Products	1.9
Building Products	1.8
Personal Products	1.8
Independent Power & Renewable Electricity Producers	1.7
Construction Materials	1.5
Chemicals	1.5
Leisure Products	1.5
Electronic Equipment, Instruments & Components	1.4
Commercial Services & Supplies	1.3
Specialty Retail	1.2
Textiles, Apparel & Luxury Goods	1.2
Trading Companies & Distributors	1.1
Household Durables	1.1
Road & Rail	0.9
Marine	0.9
Thrifts & Mortgage Finance	0.8

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Schedule of Investments (continued)

as of July 31, 2022

Industry Classification (continued):


Airlines	0.8	%
Mortgage Real Estate Investment Trusts (REITs)	0.8
Electric Utilities	0.8
Life Sciences Tools & Services	0.7
Aerospace & Defense	0.7
Affiliated Mutual Fund (0.5% represents investments purchased with collateral from securities on loan)	0.5
Health Care Technology	0.4


Metals & Mining	0.2	%
Media	0.1

	101.3
Liabilities in excess of other assets	(1.3	)


	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:

(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 45

PGIM Jennison Small-Cap Core Equity Fund

Statement of Assets & Liabilities

as of July 31, 2022


Assets

Investments at value, including securities on loan of $140,657:
Unaffiliated investments (cost $27,110,703)	$	29,885,840
Affiliated investments (cost $141,648)		141,653
Receivable for investments sold		164,512
Dividends receivable		1,180
Receivable for Fund shares sold		875
Prepaid expenses and other assets		317


Total Assets		30,194,377


Liabilities

Payable for Fund shares purchased		253,301
Payable to broker for collateral for securities on loan		141,422
Payable for investments purchased		90,218
Accrued expenses and other liabilities		50,025
Management fee payable		8,903
Trustees’ fees payable		803
Affiliated transfer agent fee payable		107


Total Liabilities		544,779


Net Assets	$	29,649,598




Net assets were comprised of:
Paid-in capital	$	28,322,468
Total distributable earnings (loss)		1,327,130


Net assets, July 31, 2022	$	29,649,598


Class R6

Net asset value, offering price and redemption price per share, ($29,649,598 ÷ 2,415,191 shares of beneficial interest issued and outstanding)	$	12.28

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Statement of Operations

Year Ended July 31, 2022


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $303 foreign withholding tax)	$	329,240
Income from securities lending, net (including affiliated income of $493)		17,263
Affiliated dividend income		527


Total income		347,030


Expenses
Management fee		244,467
Custodian and accounting fees		44,943
Audit fee		24,250
Legal fees and expenses		21,094
Shareholders’ reports		10,413
Trustees’ fees		9,719
Registration fees		2,171
SEC registration fees		800
Transfer agent’s fees and expenses (including affiliated expense of $540)		661
Miscellaneous		16,273


Total expenses		374,791
Less: Fee waiver and/or expense reimbursement		(65,133	)


Net expenses		309,658


Net investment income (loss)		37,372


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions (including affiliated of $252)		(212,325	)
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $5)		(7,143,004	)


Net gain (loss) on investment transactions		(7,355,329	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(7,317,957	)

See Notes to Financial Statements.

PGIM Day One Underlying Funds 47

PGIM Jennison Small-Cap Core Equity Fund

Statements of Changes in Net Assets



	Year Ended July 31,


	2022			2021

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	37,372		$	(110,411	)
Net realized gain (loss) on investment transactions		(212,325	)		7,351,681
Net change in unrealized appreciation (depreciation) on investments		(7,143,004	)		5,900,851


Net increase (decrease) in net assets resulting from operations		(7,317,957	)		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 (818,250 and 324,110 shares, respectively)		12,157,522			5,375,200
Net asset value of shares issued in reinvestment of dividends and distributions (454,158 and 67,106 shares, respectively)		6,812,364			1,083,084
Cost of shares purchased (543,115 and 423,395 shares, respectively)		(7,955,174	)		(7,190,963	)


Net increase (decrease) in net assets from Fund share transactions		11,014,712			(732,679	)

Total increase (decrease)		(3,115,609	)		11,326,358

Net Assets:

Beginning of year		32,765,207			21,438,849


End of year	$	29,649,598		$	32,765,207

See Notes to Financial Statements.

PGIM Jennison Small-Cap Core Equity Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$19.43			$12.48			$11.82			$13.04			$11.27
Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.06	)		(-	)^(b)		0.01			-	^(b)
Net realized and unrealized gain (loss) on investment transactions		(2.98	)		7.65			0.66			(0.53	)		1.97
Total from investment operations		(2.96	)		7.59			0.66			(0.52	)		1.97
Less Dividends and Distributions:
Dividends from net investment income		-			-			-			(0.04	)		(-	)^(b)
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	)
Net asset value, end of year		$12.28			$19.43			$12.48			$11.82			$13.04
Total Return^(c):		(19.13	)%		62.10	%		5.50	%		(3.26	)%		17.75	%

Ratios/Supplemental Data:
Net assets, end of year (000)	$	29,650		$	32,765		$	21,439		$	17,371		$	16,158
Average net assets (000)	$	32,596		$	28,667		$	17,831		$	16,167		$	14,370
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.95	%		0.95	%		0.95	%		0.95	%		0.95	%
Expenses before waivers and/or expense reimbursement		1.15	%		1.19	%		1.52	%		1.64	%		1.68	%
Net investment income (loss)		0.11	%		(0.39	)%		(0.03	)%		0.07	%		-	%^(b)
Portfolio turnover rate^(e)		49	%		67	%		54	%		36	%		39	%

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

(b)	Amount rounds to zero.

(c)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds 49

PGIM Core Conservative Bond Fund

Schedule of Investments

as of July 31, 2022



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

LONG-TERM INVESTMENTS 97.2%

ASSET-BACKED SECURITY 0.2%

Credit Cards

Citibank Credit Card Issuance Trust,
Series 2018-A07, Class A7 (cost $114,381)	3.960%	10/13/30		100	$	102,996


COMMERCIAL MORTGAGE-BACKED SECURITIES 6.1%
37 Capital CLO (United Kingdom),
Series 2021-PF01, Class A4	2.253	11/15/54		100		88,081
BANK,
Series 2020-BN29, Class A3	1.742	11/15/53		100		85,339
Barclays Commercial Mortgage Trust,
Series 2019-C04, Class A4	2.661	08/15/52		100		92,683
Benchmark Mortgage Trust,
Series 2018-B03, Class A3	3.746	04/10/51		30		29,787
Series 2020-B19, Class A3	1.787	09/15/53		175		159,782
Series 2020-B21, Class A4	1.704	12/17/53		100		85,308
Series 2021-B23, Class A4A1	1.823	02/15/54		200		171,242
Series 2021-B30, Class A4	2.329	11/15/54		150		132,085
BMO Mortgage Trust,
Series 2022-C01, Class A4	3.119	02/15/55		150		138,532
CCUBS Commercial Mortgage Trust,
Series 2017-C01, Class A3	3.283(cc)	11/15/50		90		86,794
CD Mortgage Trust,
Series 2017-CD06, Class A3	3.104	11/13/50		40		39,075
Citigroup Commercial Mortgage Trust,
Series 2016-P06, Class A4	3.458	12/10/49		111		109,128
Series 2017-P08, Class A3	3.203	09/15/50		75		72,531
Commercial Mortgage Trust,
Series 2015-PC01, Class A4	3.620	07/10/50		85		84,206
Series 2016-DC02, Class A5	3.765	02/10/49		25		24,703
CSAIL Commercial Mortgage Trust,
Series 2016-C07, Class A4	3.210	11/15/49		43		42,339
GS Mortgage Securities Trust,
Series 2020-GC47, Class A4	2.125	05/12/53		100		88,837
JPMCC Commercial Mortgage Securities Trust,
Series 2019-COR04, Class A3	3.763	03/10/52		125		122,045
JPMorgan Chase Commercial Mortgage Securities Trust,
Series 2016-JP02, Class A3	2.559	08/15/49		18		16,958
Series 2016-JP04, Class A3	3.393	12/15/49		125		120,776

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

COMMERCIAL MORTGAGE-BACKED SECURITIES (Continued)
Morgan Stanley Bank of America Merrill Lynch Trust,
Series 2015-C21, Class A3	3.077%	03/15/48		64	$	61,113
Series 2016-C32, Class A3	3.459	12/15/49		119		116,610
Morgan Stanley Capital I Trust,
Series 2016-UB12, Class A3	3.337	12/15/49		123		119,754
Series 2021-L06, Class A3	2.196(cc)	06/15/54		225		194,291
UBS Commercial Mortgage Trust,
Series 2018-C08, Class A3	3.720	02/15/51		200		198,195
Series 2018-C09, Class ASB	4.090	03/15/51		60		60,166
Series 2018-C11, Class A3	4.312	06/15/51		75		74,835
Series 2018-C13, Class A3	4.069	10/15/51		200		199,763
Wells Fargo Commercial Mortgage Trust,
Series 2016-LC25, Class A3	3.374	12/15/59		125		122,011
Series 2017-C39, Class A3	2.878	09/15/50		100		99,878
Series 2020-C55, Class A4	2.474	02/15/53		125		112,575


TOTAL COMMERCIAL MORTGAGE-BACKED SECURITIES (cost $3,405,683)						3,149,422


CORPORATE BONDS 24.3%

Aerospace & Defense 0.7%

Boeing Co. (The),
Sr. Unsec’d. Notes	2.196	02/04/26		100		93,125
Sr. Unsec’d. Notes	2.250	06/15/26		15		13,860
Sr. Unsec’d. Notes	2.700	02/01/27		20		18,537
Sr. Unsec’d. Notes	3.100	05/01/26		10		9,632
Sr. Unsec’d. Notes	3.600	05/01/34		30		25,496
Sr. Unsec’d. Notes	3.900	05/01/49		10		7,589
Sr. Unsec’d. Notes	5.805	05/01/50		70		69,462
General Dynamics Corp.,
Gtd. Notes	3.250	04/01/25		55		55,161
Northrop Grumman Corp.,
Sr. Unsec’d. Notes	4.750	06/01/43		20		20,282
Raytheon Technologies Corp.,
Sr. Unsec’d. Notes	4.125	11/16/28		10		10,158
Teledyne Technologies, Inc.,
Gtd. Notes	2.250	04/01/28		65		57,826


						381,128

See Notes to Financial Statements.

PGIM Day One Underlying Funds 51

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Agriculture 0.2%

Altria Group, Inc.,
Gtd. Notes	3.400%	02/04/41		70	$	48,305
Gtd. Notes	4.800	02/14/29		5		4,990
BAT Capital Corp. (United Kingdom),
Gtd. Notes	3.215	09/06/26		15		14,204
Gtd. Notes	3.557	08/15/27		30		28,008
Gtd. Notes	4.700	04/02/27		10		9,893
Philip Morris International, Inc.,
Sr. Unsec’d. Notes	1.125	05/01/23		10		9,844


						115,244

Airlines 0.2%

Southwest Airlines Co.,
Sr. Unsec’d. Notes	2.625	02/10/30		20		17,356
Sr. Unsec’d. Notes	4.750	05/04/23		40		40,290
Sr. Unsec’d. Notes	5.125	06/15/27		50		51,783
United Airlines 2012-1 Class A Pass-Through Trust,
Pass-Through Certificates	4.150	10/11/25		19		19,106


						128,535

Auto Manufacturers 0.4%

General Motors Co.,
Sr. Unsec’d. Notes	6.250	10/02/43		50		49,312
Sr. Unsec’d. Notes	6.600	04/01/36		10		10,545
Sr. Unsec’d. Notes	6.750	04/01/46		65		67,548
General Motors Financial Co., Inc.,
Gtd. Notes	4.000	01/15/25		85		84,285


						211,690

Auto Parts & Equipment 0.0%

Aptiv PLC/Aptiv Corp.,
Gtd. Notes	3.250	03/01/32		20		17,563

Banks 5.4%

Bank of America Corp.,
Sr. Unsec’d. Notes	2.687(ff)	04/22/32		165		143,477
Sr. Unsec’d. Notes, MTN	2.496(ff)	02/13/31		90		78,699

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022

Description

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

Value

CORPORATE BONDS (Continued)

Banks (cont’d.)

Bank of America Corp., (cont’d.)

Sr. Unsec’d. Notes, MTN

3.970%(ff)

03/05/29

220

215,305

Sr. Unsec’d. Notes, MTN

4.083(ff)

03/20/51

49,904

Barclays PLC (United Kingdom),

Sr. Unsec’d. Notes

2.645(ff)

06/24/31

160

132,202

Citigroup, Inc.,

Sr. Unsec’d. Notes

2.666(ff)

01/29/31

105

92,803

Sr. Unsec’d. Notes

2.904(ff)

11/03/42

15,405

Sr. Unsec’d. Notes

2.976(ff)

11/05/30

115

103,834

Sr. Unsec’d. Notes

3.400

05/01/26

44,396

Sr. Unsec’d. Notes

3.668(ff)

07/24/28

57,975

Sr. Unsec’d. Notes

3.980(ff)

03/20/30

29,043

Sr. Unsec’d. Notes

4.075(ff)

04/23/29

29,281

Sr. Unsec’d. Notes

4.650

07/30/45

4,874

Credit Suisse Group AG (Switzerland),

Sr. Unsec’d. Notes

4.550

04/17/26

100

98,180

Goldman Sachs Group, Inc. (The),

Sr. Unsec’d. Notes

1.992(ff)

01/27/32

41,195

Sr. Unsec’d. Notes

3.814(ff)

04/23/29

48,433

Sr. Unsec’d. Notes

4.223(ff)

05/01/29

170

168,015

HSBC Holdings PLC (United Kingdom),

Sr. Unsec’d. Notes

4.583(ff)

06/19/29

82,977

JPMorgan Chase & Co.,

Sr. Unsec’d. Notes

2.522(ff)

04/22/31

65,744

Sr. Unsec’d. Notes

2.580(ff)

04/22/32

34,719

Sr. Unsec’d. Notes

2.739(ff)

10/15/30

53,763

Sr. Unsec’d. Notes

3.509(ff)

01/23/29

245

234,454

Sr. Unsec’d. Notes

3.882(ff)

07/24/38

88,374

Sr. Unsec’d. Notes

4.452(ff)

12/05/29

19,000

Sub. Notes

3.875

09/10/24

60,363

Morgan Stanley,

Sr. Unsec’d. Notes

3.217(ff)

04/22/42

53,927

Sr. Unsec’d. Notes, GMTN

2.699(ff)

01/22/31

76,136

Sr. Unsec’d. Notes, GMTN

3.772(ff)

01/24/29

88,085

Sr. Unsec’d. Notes, GMTN

4.431(ff)

01/23/30

70,131

Sr. Unsec’d. Notes, MTN

1.794(ff)

02/13/32

65,336

Sr. Unsec’d. Notes, MTN

1.928(ff)

04/28/32

74,205

NatWest Group PLC (United Kingdom),

Sr. Unsec’d. Notes

4.269(ff)

03/22/25

24,812

See Notes to Financial Statements.

PGIM Day One Underlying Funds 53

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Banks (cont’d.)

PNC Financial Services Group, Inc. (The),
Sub. Notes	3.900%	04/29/24		50	$	50,240
Truist Bank,
Sr. Unsec’d. Notes	2.750	05/01/23		20		19,908
Wells Fargo & Co.,
Sr. Unsec’d. Notes	3.000	10/23/26		55		53,401
Sr. Unsec’d. Notes, MTN	2.572(ff)	02/11/31		30		26,452
Sr. Unsec’d. Notes, MTN	2.879(ff)	10/30/30		195		177,056


						2,772,104

Beverages 0.6%

Anheuser-Busch Cos. LLC/Anheuser-Busch InBev
Worldwide, Inc. (Belgium),
Gtd. Notes	4.700	02/01/36		20		20,546
Gtd. Notes	4.900	02/01/46		110		110,663
Anheuser-Busch InBev Worldwide, Inc. (Belgium),
Gtd. Notes	4.750	01/23/29		90		94,695
Gtd. Notes	5.550	01/23/49		20		21,906
Constellation Brands, Inc.,
Gtd. Notes	3.700	12/06/26		5		4,951
Gtd. Notes	4.400	11/15/25		10		10,198
Sr. Unsec’d. Notes	2.250	08/01/31		45		38,232


						301,191

Biotechnology 0.3%

Amgen, Inc.,
Sr. Unsec’d. Notes	2.600	08/19/26		120		116,557
Sr. Unsec’d. Notes	2.800	08/15/41		40		31,790


						148,347

Building Materials 0.2%

Martin Marietta Materials, Inc.,
Sr. Unsec’d. Notes	2.400	07/15/31		35		29,679
Sr. Unsec’d. Notes, Series CB	2.500	03/15/30		30		25,968
Owens Corning,
Sr. Unsec’d. Notes	4.200	12/01/24		35		35,245
Sr. Unsec’d. Notes	4.300	07/15/47		35		29,608

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Building Materials (cont’d.)

Vulcan Materials Co.,
Sr. Unsec’d. Notes	4.500%	06/15/47		5	$	4,610


						125,110

Chemicals 0.3%

Dow Chemical Co. (The),
Sr. Unsec’d. Notes	4.625	10/01/44		20		18,755
DuPont de Nemours, Inc.,
Sr. Unsec’d. Notes	4.493	11/15/25		60		61,538
FMC Corp.,
Sr. Unsec’d. Notes	3.450	10/01/29		15		14,080
Sr. Unsec’d. Notes	4.500	10/01/49		15		13,132
LYB International Finance BV,
Gtd. Notes	4.875	03/15/44		30		28,204
LYB International Finance III LLC,
Gtd. Notes	3.375	10/01/40		5		3,993
Nutrien Ltd. (Canada),
Sr. Unsec’d. Notes	5.250	01/15/45		10		10,320
Sherwin-Williams Co. (The),
Sr. Unsec’d. Notes	4.500	06/01/47		10		9,295


						159,317

Commercial Services 0.5%

Automatic Data Processing, Inc.,
Sr. Unsec’d. Notes	1.700	05/15/28		20		18,576
California Institute of Technology,
Sr. Unsec’d. Notes	3.650	09/01/2119		15		11,655
Cintas Corp. No. 2,
Gtd. Notes	3.700	04/01/27		20		20,189
Equifax, Inc.,
Sr. Unsec’d. Notes	2.350	09/15/31		15		12,525
Sr. Unsec’d. Notes	2.600	12/01/24		30		29,110
Massachusetts Institute of Technology,
Sr. Unsec’d. Notes, Series F	2.989	07/01/50		35		29,366
President & Fellows of Harvard College,
Unsec’d. Notes	3.150	07/15/46		9		7,845
Unsec’d. Notes	3.745	11/15/52		20		19,172

See Notes to Financial Statements.

PGIM Day One Underlying Funds 55

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Commercial Services (cont’d.)

Trustees of the University of Pennsylvania (The),
Sr. Unsec’d. Notes	3.610%	02/15/2119		5	$	3,869
Unsec’d. Notes, Series 2020	2.396	10/01/50		15		10,981
University of Southern California,
Unsec’d. Notes, Series 2017	3.841	10/01/47		10		9,568
Verisk Analytics, Inc.,
Sr. Unsec’d. Notes	4.125	09/12/22		20		19,985
Washington University (The),
Sr. Unsec’d. Notes, Series 2022	3.524	04/15/54		50		44,488
Yale University,
Unsec’d. Notes, Series 2020	2.402	04/15/50		45		33,436


						270,765

Computers 0.3%

Apple, Inc.,
Sr. Unsec’d. Notes	3.250	02/23/26		60		60,537
Sr. Unsec’d. Notes	3.850	08/04/46		35		33,659
Genpact Luxembourg Sarl/Genpact USA, Inc.,
Gtd. Notes	1.750	04/10/26		35		32,274
Teledyne FLIR LLC,
Sr. Unsec’d. Notes	2.500	08/01/30		5		4,247


						130,717

Diversified Financial Services 0.3%

Capital One Bank USA NA,
Sub. Notes	3.375	02/15/23		20		19,990
Discover Financial Services,
Sr. Unsec’d. Notes	4.100	02/09/27		20		19,593
Jefferies Group LLC,
Sr. Unsec’d. Notes	2.750	10/15/32		55		43,317
Mastercard, Inc.,
Sr. Unsec’d. Notes	3.375	04/01/24		15		15,104
Private Export Funding Corp.,
U.S. Gov’t. Gtd. Notes, Series KK	3.550	01/15/24		25		25,088
U.S. Gov’t. Gtd. Notes, Series PP	1.400	07/15/28		45		40,518


						163,610

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Electric 3.2%

AEP Texas, Inc.,
Sr. Unsec’d. Notes	3.450%	05/15/51		20	$	16,067
Sr. Unsec’d. Notes	3.800	10/01/47		30		25,163
Sr. Unsec’d. Notes, Series I	2.100	07/01/30		70		60,017
AEP Transmission Co. LLC,
Sr. Unsec’d. Notes	3.750	12/01/47		15		12,942
Alabama Power Co.,
Sr. Unsec’d. Notes	3.850	12/01/42		10		8,938
Sr. Unsec’d. Notes	6.125	05/15/38		50		57,498
Ameren Illinois Co.,
Sr. Sec’d. Notes	4.150	03/15/46		25		23,688
Arizona Public Service Co.,
Sr. Unsec’d. Notes	2.600	08/15/29		5		4,483
Atlantic City Electric Co.,
First Mortgage	2.300	03/15/31		10		8,936
Berkshire Hathaway Energy Co.,
Sr. Unsec’d. Notes	6.125	04/01/36		60		69,149
CenterPoint Energy Houston Electric LLC,
General Ref. Mortgage	3.950	03/01/48		20		18,627
CenterPoint Energy, Inc.,
Sr. Unsec’d. Notes	2.950	03/01/30		20		18,418
Commonwealth Edison Co.,
First Mortgage	4.600	08/15/43		70		70,342
Dominion Energy South Carolina, Inc.,
First Mortgage	5.450	02/01/41		20		21,651
DTE Electric Co.,
General Ref. Mortgage	3.750	08/15/47		20		18,061
Duke Energy Carolinas LLC,
First Mortgage	4.250	12/15/41		15		14,532
First Ref. Mortgage	4.000	09/30/42		40		37,392
Duke Energy Corp.,
Sr. Unsec’d. Notes	2.650	09/01/26		75		71,895
Duke Energy Florida LLC,
First Mortgage	2.400	12/15/31		55		49,038
First Mortgage	6.350	09/15/37		15		17,730
Duke Energy Indiana LLC,
First Mortgage, Series YYY	3.250	10/01/49		20		16,163
Emera US Finance LP (Canada),
Gtd. Notes	2.639	06/15/31		50		42,940

See Notes to Financial Statements.

PGIM Day One Underlying Funds 57

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Entergy Louisiana LLC,
Collateral Trust	4.200%	04/01/50		5	$	4,690
Entergy Texas, Inc.,
First Mortgage	1.750	03/15/31		45		37,735
Evergy Kansas Central, Inc.,
First Mortgage	4.125	03/01/42		15		13,965
Eversource Energy,
Sr. Unsec’d. Notes	4.200	06/27/24		35		35,390
Sr. Unsec’d. Notes, Series R	1.650	08/15/30		15		12,445
Exelon Corp.,
Sr. Unsec’d. Notes	5.625	06/15/35		5		5,474
Florida Power & Light Co.,
First Mortgage	3.800	12/15/42		30		28,059
First Mortgage	5.250	02/01/41		25		27,408
Fortis, Inc. (Canada),
Sr. Unsec’d. Notes	3.055	10/04/26		7		6,683
Hydro-Quebec (Canada),
Local Gov’t. Gtd. Notes, Series IO	8.050	07/07/24		10		10,890
Nevada Power Co.,
General Ref. Mortgage, Series R	6.750	07/01/37		10		12,060
NextEra Energy Capital Holdings, Inc.,
Gtd. Notes	2.750	11/01/29		25		23,056
Northern States Power Co.,
First Mortgage	3.600	09/15/47		10		8,796
Pacific Gas & Electric Co.,
First Mortgage	3.950	12/01/47		55		39,819
First Mortgage	4.000	12/01/46		15		10,766
First Mortgage	4.500	07/01/40		15		12,247
PacifiCorp,
First Mortgage	2.700	09/15/30		25		22,912
First Mortgage	5.250	06/15/35		45		47,610
First Mortgage	6.000	01/15/39		15		16,968
PECO Energy Co.,
First Mortgage	2.800	06/15/50		5		3,832
PPL Electric Utilities Corp.,
First Mortgage	4.125	06/15/44		15		13,995
First Mortgage	4.150	10/01/45		20		18,590
First Mortgage	6.250	05/15/39		10		11,666
Public Service Electric & Gas Co.,
First Mortgage, MTN	3.600	12/01/47		5		4,358

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Electric (cont’d.)

Public Service Electric & Gas Co., (cont’d.)
First Mortgage, MTN	3.650%	09/01/28		25	$	24,983
First Ref. Mortgage, MTN	3.950	05/01/42		10		9,432
Public Service Enterprise Group, Inc.,
Sr. Unsec’d. Notes	2.450	11/15/31		20		17,471
Puget Energy, Inc.,
Sr. Sec’d. Notes	2.379	06/15/28		5		4,492
Sr. Sec’d. Notes	3.650	05/15/25		20		19,622
Sr. Sec’d. Notes	4.100	06/15/30		75		71,120
San Diego Gas & Electric Co.,
First Mortgage, Series RRR	3.750	06/01/47		5		4,419
First Mortgage, Series UUU	3.320	04/15/50		25		20,481
Sempra Energy,
Sr. Unsec’d. Notes	3.300	04/01/25		60		59,357
Sr. Unsec’d. Notes	4.000	02/01/48		15		13,171
Southern California Edison Co.,
First Ref. Mortgage	4.000	04/01/47		20		16,889
First Ref. Mortgage	4.650	10/01/43		40		37,617
First Ref. Mortgage, Series C	3.500	10/01/23		50		49,982
Tampa Electric Co.,
Sr. Unsec’d. Notes	4.450	06/15/49		15		14,416
Tucson Electric Power Co.,
Sr. Unsec’d. Notes	3.250	05/15/32		30		28,019
Virginia Electric & Power Co.,
Sr. Unsec’d. Notes, Series A	6.000	05/15/37		20		23,002
Sr. Unsec’d. Notes, Series B	6.000	01/15/36		10		11,459
WEC Energy Group, Inc.,
Sr. Unsec’d. Notes	1.800	10/15/30		20		16,831
Xcel Energy, Inc.,
Sr. Unsec’d. Notes	0.500	10/15/23		15		14,494
Sr. Unsec’d. Notes	1.750	03/15/27		25		22,880
Sr. Unsec’d. Notes	4.000	06/15/28		70		70,116


						1,663,337

Electronics 0.1%

Agilent Technologies, Inc.,
Sr. Unsec’d. Notes	2.300	03/12/31		50		42,785

See Notes to Financial Statements.

PGIM Day One Underlying Funds 59

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Entertainment 0.1%

Magallanes, Inc.,
Gtd. Notes, 144A	5.141%	03/15/52		30	$	26,212

Foods 0.2%

Hormel Foods Corp.,
Sr. Unsec’d. Notes	0.650	06/03/24		30		28,703
Mondelez International, Inc.,
Sr. Unsec’d. Notes	2.750	04/13/30		10		9,136
Tyson Foods, Inc.,
Sr. Unsec’d. Notes	4.000	03/01/26		60		60,455


						98,294

Gas 0.2%

Atmos Energy Corp.,
Sr. Unsec’d. Notes	3.375	09/15/49		10		8,312
NiSource, Inc.,
Sr. Unsec’d. Notes	4.800	02/15/44		10		9,575
Sr. Unsec’d. Notes	5.250	02/15/43		30		30,062
Southern California Gas Co.,
First Mortgage	3.750	09/15/42		10		8,678
First Mortgage	5.125	11/15/40		15		15,340
Southern Co. Gas Capital Corp.,
Gtd. Notes	4.400	06/01/43		25		22,278


						94,245

Healthcare-Products 0.1%

Danaher Corp.,
Sr. Unsec’d. Notes	2.800	12/10/51		15		11,539
Stryker Corp.,
Sr. Unsec’d. Notes	3.375	05/15/24		10		10,005
Sr. Unsec’d. Notes	3.375	11/01/25		10		9,914
Thermo Fisher Scientific, Inc.,
Sr. Unsec’d. Notes	2.800	10/15/41		15		12,396


						43,854

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Healthcare-Services 1.5%

Advocate Health & Hospitals Corp.,
Sr. Unsec’d. Notes	3.387%	10/15/49		15	$	12,481
Aetna, Inc.,
Sr. Unsec’d. Notes	2.750	11/15/22		50		49,986
AHS Hospital Corp.,
Sr. Unsec’d. Notes, Series 2021	2.780	07/01/51		10		7,324
Ascension Health,
Sr. Unsec’d. Notes, Series B	2.532	11/15/29		15		13,888
Baylor Scott & White Holdings,
Unsec’d. Notes, Series 2021	1.777	11/15/30		30		25,325
Children’s Health System of Texas,
Unsec’d. Notes	2.511	08/15/50		10		6,973
Children’s Hospital Corp. (The),
Gtd. Notes, Series 2017	4.115	01/01/47		10		9,688
CommonSpirit Health,
Sr. Sec’d. Notes	2.760	10/01/24		20		19,502
Elevance Health, Inc.,
Sr. Unsec’d. Notes	3.650	12/01/27		90		90,315
Sr. Unsec’d. Notes	4.625	05/15/42		35		35,178
Kaiser Foundation Hospitals,
Gtd. Notes	4.150	05/01/47		15		14,355
Unsec’d. Notes, Series 2021	2.810	06/01/41		70		55,677
Memorial Sloan-Kettering Cancer Center,
Sr. Unsec’d. Notes	5.000	07/01/42		30		32,271
Unsec’d. Notes, Series 2020	2.955	01/01/50		10		7,713
Methodist Hospital (The),
Unsec’d. Notes, Series 20A	2.705	12/01/50		25		17,984
Mount Sinai Hospitals Group, Inc.,
Sec’d. Notes, Series 2019	3.737	07/01/49		10		8,347
New York & Presbyterian Hospital (The),
Unsec’d. Notes	4.024	08/01/45		45		42,401
NYU Langone Hospitals,
Sec’d. Notes	4.368	07/01/47		15		14,087
OhioHealth Corp.,
Sec’d. Notes	2.297	11/15/31		30		26,633
PeaceHealth Obligated Group,
Sr. Unsec’d. Notes, Series 2020	1.375	11/15/25		5		4,645
Piedmont Healthcare, Inc.,
Sec’d. Notes, Series 2042	2.719	01/01/42		15		11,439

See Notes to Financial Statements.

PGIM Day One Underlying Funds 61

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 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	$	9,109
Unsec’d. Notes, Series H	2.746	10/01/26		30		29,006
Sentara Healthcare,
Sr. Unsec’d. Notes, Series 2021	2.927	11/01/51		15		11,453
Stanford Health Care,
Unsec’d. Notes	3.027	08/15/51		30		23,286
Unsec’d. Notes, Series 2018	3.795	11/15/48		15		13,611
Sutter Health,
Unsec’d. Notes, Series 2018	4.091	08/15/48		45		40,923
UnitedHealth Group, Inc.,
Sr. Unsec’d. Notes	3.050	05/15/41		30		25,537
Sr. Unsec’d. Notes	3.750	07/15/25		90		91,699
Sr. Unsec’d. Notes	4.250	06/15/48		15		14,685


						765,521

Insurance 0.6%

Arch Capital Finance LLC,
Gtd. Notes	4.011	12/15/26		70		69,903
Chubb Corp. (The),
Gtd. Notes	6.000	05/11/37		15		18,045
CNA Financial Corp.,
Sr. Unsec’d. Notes	3.900	05/01/29		25		24,078
Sr. Unsec’d. Notes	3.950	05/15/24		35		35,096
Corebridge Financial, Inc.,
Sr. Unsec’d. Notes, 144A	3.900	04/05/32		30		27,917
Everest Reinsurance Holdings, Inc.,
Sr. Unsec’d. Notes	3.500	10/15/50		50		39,199
Lincoln National Corp.,
Sr. Unsec’d. Notes	3.050	01/15/30		5		4,535
Loews Corp.,
Sr. Unsec’d. Notes	3.200	05/15/30		15		14,008
Markel Corp.,
Sr. Unsec’d. Notes	3.450	05/07/52		5		3,869
Sr. Unsec’d. Notes	4.300	11/01/47		15		13,149
Unum Group,
Sr. Unsec’d. Notes	4.000	06/15/29		65		61,916


						311,715

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Iron/Steel 0.2%

Nucor Corp.,
Sr. Unsec’d. Notes	4.300%	05/23/27			15	$	15,333
Steel Dynamics, Inc.,
Sr. Unsec’d. Notes	3.450	04/15/30			60		54,880
Vale Overseas Ltd. (Brazil),
Gtd. Notes	6.250	08/10/26			20		21,323


							91,536

Lodging 0.1%

Marriott International, Inc.,
Sr. Unsec’d. Notes	3.600	04/15/24			5		4,990
Sr. Unsec’d. Notes, Series R	3.125	06/15/26			45		43,406


							48,396

Machinery-Diversified 0.3%

Flowserve Corp.,
Sr. Unsec’d. Notes	2.800	01/15/32	��		10		7,969
John Deere Capital Corp.,
Sr. Unsec’d. Notes	2.800	01/27/23			10		9,978
Sr. Unsec’d. Notes, MTN	2.800	03/06/23			30		30,028
Westinghouse Air Brake Technologies Corp.,
Gtd. Notes	3.450	11/15/26			60		57,030
Gtd. Notes	4.950	09/15/28			30		29,819


							134,824

Media 0.6%

Charter Communications Operating LLC/Charter Communications Operating Capital,
Sr. Sec’d. Notes	3.700	04/01/51			45		31,561
Sr. Sec’d. Notes	4.800	03/01/50			15		12,371
Sr. Sec’d. Notes	5.375	04/01/38			45		41,444
Sr. Sec’d. Notes	6.484	10/23/45			75		75,806
Comcast Corp.,
Gtd. Notes	3.450	02/01/50			25		20,810
Gtd. Notes	3.750	04/01/40			10		9,150
Discovery Communications LLC,
Gtd. Notes	4.000	09/15/55			66		47,912

See Notes to Financial Statements.

PGIM Day One Underlying Funds 63

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Media (cont’d.)

Discovery Communications LLC, (cont’d.)
Gtd. Notes	4.125%	05/15/29		20	$	18,902
Gtd. Notes	5.300	05/15/49		25		22,326
Walt Disney Co. (The),
Gtd. Notes	7.300	04/30/28		35		40,771


						321,053

Mining 0.7%

Barrick North America Finance LLC (Canada),
Gtd. Notes	5.700	05/30/41		85		90,561
Barrick PD Australia Finance Pty Ltd. (Canada),
Gtd. Notes	5.950	10/15/39		20		21,742
Freeport-McMoRan, Inc.,
Gtd. Notes	4.125	03/01/28		20		18,889
Gtd. Notes	4.375	08/01/28		55		52,351
Gtd. Notes	5.400	11/14/34		25		24,995
Kinross Gold Corp. (Canada),
Gtd. Notes	4.500	07/15/27		35		34,567
Newmont Corp.,
Gtd. Notes	2.250	10/01/30		40		34,221
Gtd. Notes	2.600	07/15/32		5		4,265
Gtd. Notes	2.800	10/01/29		45		40,671
Gtd. Notes	5.450	06/09/44		25		25,922


						348,184

Miscellaneous Manufacturing 0.2%

Carlisle Cos., Inc.,
Sr. Unsec’d. Notes	2.200	03/01/32		50		40,459
Pentair Finance Sarl,
Gtd. Notes	4.500	07/01/29		15		14,647
Textron, Inc.,
Sr. Unsec’d. Notes	2.450	03/15/31		50		42,360


						97,466

Oil & Gas 0.4%

Cenovus Energy, Inc. (Canada),
Sr. Unsec’d. Notes	3.750	02/15/52		15		12,071

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Oil & Gas (cont’d.)

Chevron Corp.,
Sr. Unsec’d. Notes	3.078%	05/11/50		5	$	4,171
Devon Energy Corp.,
Sr. Unsec’d. Notes	5.600	07/15/41		10		10,312
Diamondback Energy, Inc.,
Gtd. Notes	3.500	12/01/29		40		37,722
EOG Resources, Inc.,
Sr. Unsec’d. Notes	3.900	04/01/35		20		19,379
Equinor ASA (Norway),
Gtd. Notes	3.700	04/06/50		20		18,192
Exxon Mobil Corp.,
Sr. Unsec’d. Notes	4.114	03/01/46		15		14,413
Phillips 66 Co.,
Gtd. Notes, 144A	3.750	03/01/28		10		9,661
Gtd. Notes, 144A	4.900	10/01/46		25		24,611
Pioneer Natural Resources Co.,
Sr. Unsec’d. Notes	1.900	08/15/30		40		33,772
Sr. Unsec’d. Notes	2.150	01/15/31		10		8,551
TotalEnergies Capital International SA (France),
Gtd. Notes	2.829	01/10/30		25		23,463
Valero Energy Corp.,
Sr. Unsec’d. Notes	4.000	04/01/29		10		9,754


						226,072

Oil & Gas Services 0.0%

Halliburton Co.,
Sr. Unsec’d. Notes	4.750	08/01/43		10		9,377

Packaging & Containers 0.1%

Berry Global, Inc.,
Sr. Sec’d. Notes	0.950	02/15/24		30		28,518
Sr. Sec’d. Notes	1.570	01/15/26		45		40,982


						69,500

Pharmaceuticals 1.5%

AbbVie, Inc.,
Sr. Unsec’d. Notes	4.250	11/21/49		40		37,545
Sr. Unsec’d. Notes	4.550	03/15/35		40		40,812

See Notes to Financial Statements.

PGIM Day One Underlying Funds 65

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Pharmaceuticals (cont’d.)

AbbVie, Inc., (cont’d.)
Sr. Unsec’d. Notes	4.700%	05/14/45		40	$	39,798
Astrazeneca Finance LLC (United Kingdom),
Gtd. Notes	2.250	05/28/31		10		9,097
Becton, Dickinson & Co.,
Sr. Unsec’d. Notes	3.734	12/15/24		9		9,028
Cigna Corp.,
Gtd. Notes	4.500	02/25/26		60		61,732
Gtd. Notes	4.900	12/15/48		15		15,143
CVS Health Corp.,
Sr. Unsec’d. Notes	4.300	03/25/28		10		10,176
Sr. Unsec’d. Notes	4.780	03/25/38		35		34,911
Sr. Unsec’d. Notes	5.125	07/20/45		35		35,767
Johnson & Johnson,
Sr. Unsec’d. Notes	3.625	03/03/37		25		25,016
Merck & Co., Inc.,
Sr. Unsec’d. Notes	2.400	09/15/22		100		99,963
Sr. Unsec’d. Notes	3.400	03/07/29		10		9,961
Mylan, Inc.,
Gtd. Notes	4.200	11/29/23		30		30,060
Gtd. Notes	5.200	04/15/48		65		52,814
Pfizer, Inc.,
Sr. Unsec’d. Notes	2.550	05/28/40		20		16,473
Takeda Pharmaceutical Co. Ltd. (Japan),
Sr. Unsec’d. Notes	2.050	03/31/30		135		116,785
Viatris, Inc.,
Gtd. Notes	3.850	06/22/40		45		32,868
Gtd. Notes	4.000	06/22/50		40		27,720
Wyeth LLC,
Gtd. Notes	6.450	02/01/24		50		52,344


						758,013

Pipelines 1.6%

Energy Transfer LP,
Gtd. Notes	5.350	05/15/45		55		50,177
Sr. Unsec’d. Notes	3.900	07/15/26		55		53,748
Sr. Unsec’d. Notes	4.200	04/15/27		30		29,467
Sr. Unsec’d. Notes	4.750	01/15/26		40		40,299
Sr. Unsec’d. Notes	4.900	03/15/35		30		28,205

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Pipelines (cont’d.)

Energy Transfer LP, (cont’d.)
Sr. Unsec’d. Notes	5.300%	04/15/47		10	$	9,059
Sr. Unsec’d. Notes	6.000	06/15/48		15		14,682
Sr. Unsec’d. Notes	6.625	10/15/36		10		10,507
Enterprise Products Operating LLC,
Gtd. Notes	4.850	03/15/44		60		57,845
Magellan Midstream Partners LP,
Sr. Unsec’d. Notes	3.250	06/01/30		10		9,132
Sr. Unsec’d. Notes	3.950	03/01/50		10		8,209
MPLX LP,
Sr. Unsec’d. Notes	2.650	08/15/30		90		78,127
Sr. Unsec’d. Notes	4.125	03/01/27		10		9,914
Sr. Unsec’d. Notes	4.500	07/15/23		20		20,102
Sr. Unsec’d. Notes	4.500	04/15/38		20		18,478
Sr. Unsec’d. Notes	4.700	04/15/48		50		44,029
ONEOK, Inc.,
Gtd. Notes	3.100	03/15/30		155		137,466
Gtd. Notes	4.450	09/01/49		20		16,395
Gtd. Notes	4.950	07/13/47		10		8,881
Plains All American Pipeline LP/PAA Finance Corp.,
Sr. Unsec’d. Notes	3.550	12/15/29		25		22,600
Sr. Unsec’d. Notes	3.800	09/15/30		5		4,547
Targa Resources Corp.,
Gtd. Notes	4.200	02/01/33		15		14,092
Transcontinental Gas Pipe Line Co. LLC,
Sr. Unsec’d. Notes	3.250	05/15/30		70		64,688
Sr. Unsec’d. Notes	4.600	03/15/48		25		23,190
Williams Cos., Inc. (The),
Sr. Unsec’d. Notes	3.750	06/15/27		30		29,465
Sr. Unsec’d. Notes	4.850	03/01/48		5		4,725


						808,029

Real Estate Investment Trusts (REITs) 1.0%

Brixmor Operating Partnership LP,
Sr. Unsec’d. Notes	2.500	08/16/31		50		40,290
Corporate Office Properties LP,
Gtd. Notes	2.900	12/01/33		30		23,556
CubeSmart LP,
Gtd. Notes	2.250	12/15/28		20		17,364

See Notes to Financial Statements.

PGIM Day One Underlying Funds 67

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Real Estate Investment Trusts (REITs) (cont’d.)

Essex Portfolio LP,
Gtd. Notes	1.700%	03/01/28		15	$	13,110
GLP Capital LP/GLP Financing II, Inc.,
Gtd. Notes	3.250	01/15/32		10		8,489
Healthpeak Properties, Inc.,
Sr. Unsec’d. Notes	3.000	01/15/30		20		18,180
Host Hotels & Resorts LP,
Sr. Unsec’d. Notes, Series J	2.900	12/15/31		15		12,024
Kimco Realty Corp.,
Sr. Unsec’d. Notes	1.900	03/01/28		50		44,155
Sr. Unsec’d. Notes	3.200	04/01/32		25		22,537
Realty Income Corp.,
Sr. Unsec’d. Notes	3.100	12/15/29		60		56,163
Sr. Unsec’d. Notes	3.400	01/15/28		10		9,715
Simon Property Group LP,
Sr. Unsec’d. Notes	2.450	09/13/29		55		48,560
Sr. Unsec’d. Notes	3.375	10/01/24		70		69,820
Sr. Unsec’d. Notes	3.500	09/01/25		5		4,972
Sr. Unsec’d. Notes	3.750	02/01/24		10		10,022
Spirit Realty LP,
Gtd. Notes	2.700	02/15/32		25		20,177
Ventas Realty LP,
Gtd. Notes	3.850	04/01/27		10		9,812
VICI Properties LP,
Sr. Unsec’d. Notes	4.750	02/15/28		25		24,567
Welltower, Inc.,
Sr. Unsec’d. Notes	2.700	02/15/27		10		9,475
Weyerhaeuser Co.,
Sr. Unsec’d. Notes	4.000	04/15/30		40		38,890
WP Carey, Inc.,
Sr. Unsec’d. Notes	2.400	02/01/31		40		33,620


						535,498

Retail 0.4%

AutoZone, Inc.,
Sr. Unsec’d. Notes	1.650	01/15/31		5		4,097
Sr. Unsec’d. Notes	3.750	04/18/29		30		29,133
Home Depot, Inc. (The),
Sr. Unsec’d. Notes	3.750	02/15/24		85		85,791

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Retail (cont’d.)

Home Depot, Inc. (The), (cont’d.)
Sr. Unsec’d. Notes	3.900%	06/15/47		20	$	18,731
Lowe’s Cos., Inc.,
Sr. Unsec’d. Notes	3.100	05/03/27		20		19,582
McDonald’s Corp.,
Sr. Unsec’d. Notes, MTN	4.700	12/09/35		25		26,274
O’Reilly Automotive, Inc.,
Sr. Unsec’d. Notes	1.750	03/15/31		15		12,375
Sr. Unsec’d. Notes	4.700	06/15/32		20		20,590


						216,573

Semiconductors 0.3%

Broadcom, Inc.,
Gtd. Notes, 144A	3.500	02/15/41		20		15,935
Sr. Unsec’d. Notes, 144A	3.419	04/15/33		47		40,626
Sr. Unsec’d. Notes, 144A	4.926	05/15/37		85		80,847


						137,408

Software 0.5%

Fidelity National Information Services, Inc.,
Sr. Unsec’d. Notes	3.100	03/01/41		10		7,626
Fiserv, Inc.,
Sr. Unsec’d. Notes	2.750	07/01/24		5		4,927
Sr. Unsec’d. Notes	3.850	06/01/25		15		14,991
Intuit, Inc.,
Sr. Unsec’d. Notes	1.350	07/15/27		5		4,529
Microsoft Corp.,
Sr. Unsec’d. Notes	2.921	03/17/52		22		18,520
Oracle Corp.,
Sr. Unsec’d. Notes	2.800	04/01/27		85		80,097
Sr. Unsec’d. Notes	2.950	05/15/25		75		73,122
ServiceNow, Inc.,
Sr. Unsec’d. Notes	1.400	09/01/30		30		24,452
Workday, Inc.,
Sr. Unsec’d. Notes	3.500	04/01/27		10		9,807
Sr. Unsec’d. Notes	3.700	04/01/29		25		24,136


						262,207

See Notes to Financial Statements.

PGIM Day One Underlying Funds 69

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

CORPORATE BONDS (Continued)

Telecommunications 0.7%

AT&T, Inc.,
Sr. Unsec’d. Notes	1.700%	03/25/26		10	$	9,312
Sr. Unsec’d. Notes	2.550	12/01/33		10		8,467
Sr. Unsec’d. Notes	3.500	06/01/41		100		83,901
Sr. Unsec’d. Notes	3.550	09/15/55		60		46,667
Sr. Unsec’d. Notes	3.800	12/01/57		30		24,309
T-Mobile USA, Inc.,
Sr. Sec’d. Notes	3.000	02/15/41		85		66,087
Sr. Sec’d. Notes	3.875	04/15/30		30		28,851
Verizon Communications, Inc.,
Sr. Unsec’d. Notes	2.650	11/20/40		10		7,696
Sr. Unsec’d. Notes	3.400	03/22/41		45		38,444
Sr. Unsec’d. Notes	4.016	12/03/29		45		45,047


						358,781

Transportation 0.3%

Burlington Northern Santa Fe LLC,
Sr. Unsec’d. Notes	3.750	04/01/24		75		75,657
CSX Corp.,
Sr. Unsec’d. Notes	3.800	03/01/28		35		35,327
Sr. Unsec’d. Notes	3.800	11/01/46		10		8,928
Union Pacific Corp.,
Sr. Unsec’d. Notes	3.000	04/15/27		15		14,805
Sr. Unsec’d. Notes	3.600	09/15/37		10		9,514
Sr. Unsec’d. Notes	3.799	04/06/71		5		4,285


						148,516


TOTAL CORPORATE BONDS (cost $14,015,288)						12,542,717


MUNICIPAL BONDS 0.9%

Arizona 0.1%

Salt River Project Agricultural Improvement & Power District,
Revenue Bonds, BABs	4.839	01/01/41		35		37,848

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

MUNICIPAL BONDS (Continued)

California 0.3%

Bay Area Toll Authority,
Revenue Bonds, BABs, Series F2	6.263%	04/01/49		50	$	63,800
Taxable, Revenue Bonds	2.574	04/01/31		15		13,912
Los Angeles Department of Water & Power, Power
System Revenue,
Revenue Bonds, BABs	5.716	07/01/39		20		23,627
State of California,
General Obligation Unlimited, Taxable, BABs	7.550	04/01/39		30		41,108


						142,447

Illinois 0.0%

State of Illinois,
General Obligation Unlimited, Taxable	5.100	06/01/33		25		25,413

Michigan 0.1%

Michigan Finance Authority,
Taxable, Revenue Bonds	3.384	12/01/40		15		13,358
University of Michigan,
Taxable, Revenue Bonds, Series B	2.437	04/01/40		25		20,275
Taxable, Revenue Bonds, Series B	3.504	04/01/52		30		26,839


						60,472

New Jersey 0.1%

New Jersey Turnpike Authority,
Taxable, Revenue Bonds, BABs, Series F	7.414	01/01/40		60		80,622

New York 0.1%

New York State Dormitory Authority,
Taxable, Revenue Bonds, Series C	2.202	03/15/34		30		25,364
Port Authority of New York & New Jersey,
Consolidated, Taxable, Revenue Bonds, Series 174	4.458	10/01/62		15		15,209


						40,573

Ohio 0.1%

JobsOhio Beverage System,
Taxable, Revenue Bonds, Series A	2.833	01/01/38		5		4,300
Ohio State University (The),
Taxable, Revenue Bonds, Series A	4.048	12/01/56		12		11,187

See Notes to Financial Statements.

PGIM Day One Underlying Funds 71

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

MUNICIPAL BONDS (Continued)

Ohio (cont’d.)

Ohio State University (The), (cont’d.)
Taxable, Revenue Bonds, Series A	4.800%	06/01/2111		25	$	25,681
Taxable, Revenue Bonds, BABs, Series C	4.910	06/01/40		10		11,147


						52,315

Texas 0.0%

Texas Private Activity Bond Surface Transportation Corp.,
Taxable, Revenue Bonds, Series B	3.922	12/31/49		15		13,160

Virginia 0.1%

University of Virginia,
Taxable, Revenue Bonds, Series B	2.584	11/01/51		40		29,087


TOTAL MUNICIPAL BONDS (cost $535,136)						481,937


SOVEREIGN BONDS 1.7%

Indonesia Government International Bond (Indonesia),
Sr. Unsec’d. Notes	3.500	01/11/28		200		196,725
Israel Government International Bond (Israel),
Sr. Unsec’d. Notes	2.875	03/16/26		225		222,511
Mexico Government International Bond (Mexico),
Sr. Unsec’d. Notes	4.500	04/22/29		200		199,700
Sr. Unsec’d. Notes, MTN	4.750	03/08/44		66		57,515
Peruvian Government International Bond (Peru),
Sr. Unsec’d. Notes	2.783	01/23/31		32		28,196
Philippine Government International Bond (Philippines),
Sr. Unsec’d. Notes	7.750	01/14/31		100		124,511
Province of Quebec (Canada),
Debentures, Series NN	7.125	02/09/24		30		31,727
Uruguay Government International Bond (Uruguay),
Sr. Unsec’d. Notes	5.100	06/18/50		25		26,630


TOTAL SOVEREIGN BONDS (cost $971,943)						887,515


U.S. GOVERNMENT AGENCY OBLIGATIONS 28.1%

Federal Home Loan Bank	3.250	11/16/28		70		71,769
Federal Home Loan Mortgage Corp.	0.375	05/05/23		105		102,935

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Federal Home Loan Mortgage Corp.	1.500%	10/01/50		216	$	186,310
Federal Home Loan Mortgage Corp.	2.000	01/01/32		32		30,710
Federal Home Loan Mortgage Corp.	2.000	12/01/50		413		372,482
Federal Home Loan Mortgage Corp.	2.000	05/01/51		486		438,428
Federal Home Loan Mortgage Corp.	2.500	07/01/31		82		81,167
Federal Home Loan Mortgage Corp.	2.500	04/01/51		261		244,056
Federal Home Loan Mortgage Corp.	2.500	10/01/51		391		366,876
Federal Home Loan Mortgage Corp.	3.000	02/01/32		23		23,448
Federal Home Loan Mortgage Corp.	3.000	02/01/32		29		28,927
Federal Home Loan Mortgage Corp.	3.000	01/01/37		9		8,938
Federal Home Loan Mortgage Corp.	3.000	12/01/37		13		12,521
Federal Home Loan Mortgage Corp.	3.000	12/01/42		87		85,493
Federal Home Loan Mortgage Corp.	3.000	11/01/46		24		23,838
Federal Home Loan Mortgage Corp.	3.000	01/01/47		158		154,187
Federal Home Loan Mortgage Corp.	3.000	03/01/47		108		106,022
Federal Home Loan Mortgage Corp.	3.000	12/01/47		61		59,811
Federal Home Loan Mortgage Corp.	3.000	12/01/47		96		93,793
Federal Home Loan Mortgage Corp.	3.500	11/01/37		14		14,560
Federal Home Loan Mortgage Corp.	3.500	06/01/42		22		21,793
Federal Home Loan Mortgage Corp.	3.500	04/01/46		28		27,731
Federal Home Loan Mortgage Corp.	3.500	11/01/47		38		38,625
Federal Home Loan Mortgage Corp.	3.500	11/01/47		46		46,710
Federal Home Loan Mortgage Corp.	3.500	02/01/48		135		135,308
Federal Home Loan Mortgage Corp.	3.500	04/01/48		260		260,995
Federal Home Loan Mortgage Corp.	4.000	10/01/45		24		25,037
Federal Home Loan Mortgage Corp.	4.000	05/01/46		50		51,503
Federal Home Loan Mortgage Corp.	4.000	03/01/47		24		24,718
Federal Home Loan Mortgage Corp.	4.000	01/01/48		42		42,721
Federal Home Loan Mortgage Corp.	4.500	07/01/47		50		51,031
Federal Home Loan Mortgage Corp.	4.500	12/01/48		13		13,094
Federal Home Loan Mortgage Corp.	6.250	07/15/32		30		38,316
Federal National Mortgage Assoc.	0.500	06/17/25		50		46,724
Federal National Mortgage Assoc.	0.500	11/07/25		30		27,805
Federal National Mortgage Assoc.	0.750	10/08/27		30		27,101
Federal National Mortgage Assoc.	0.875	08/05/30		75		63,974
Federal National Mortgage Assoc.	1.500	10/01/50		230		198,238
Federal National Mortgage Assoc.	1.500	11/01/50		232		199,973
Federal National Mortgage Assoc.	1.500	02/01/51		200		172,522
Federal National Mortgage Assoc.	2.000	07/01/40		181		167,936
Federal National Mortgage Assoc.	2.000	01/01/41		419		388,498
Federal National Mortgage Assoc.	2.000	05/01/41		430		397,656
Federal National Mortgage Assoc.	2.000	09/01/50		312		281,874

See Notes to Financial Statements.

PGIM Day One Underlying Funds 73

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Federal National Mortgage Assoc.	2.000%	12/01/50		162	$	146,277
Federal National Mortgage Assoc.	2.000	01/01/51		296		266,817
Federal National Mortgage Assoc.	2.000	03/01/51		135		121,858
Federal National Mortgage Assoc.	2.000	05/01/51		240		215,871
Federal National Mortgage Assoc.	2.500	02/05/24		65		64,585
Federal National Mortgage Assoc.	2.500	06/01/28		71		69,786
Federal National Mortgage Assoc.	2.500	01/01/32		82		81,117
Federal National Mortgage Assoc.	2.500	02/01/43		34		32,215
Federal National Mortgage Assoc.	2.500	09/01/46		32		30,355
Federal National Mortgage Assoc.	2.500	09/01/46		59		55,023
Federal National Mortgage Assoc.	2.500	05/01/50		195		182,021
Federal National Mortgage Assoc.	2.500	08/01/50		362		338,186
Federal National Mortgage Assoc.	2.500	10/01/50		408		381,689
Federal National Mortgage Assoc.	2.500	04/01/51		801		749,049
Federal National Mortgage Assoc.	2.500	08/01/51		109		102,196
Federal National Mortgage Assoc.	2.500	02/01/52		125		116,442
Federal National Mortgage Assoc.	3.000	11/01/28		43		43,290
Federal National Mortgage Assoc.	3.000	01/01/30		86		86,443
Federal National Mortgage Assoc.	3.000	12/01/36		28		27,648
Federal National Mortgage Assoc.	3.000	10/01/42		16		16,189
Federal National Mortgage Assoc.	3.000	12/01/42		98		96,477
Federal National Mortgage Assoc.	3.000	02/01/43		189		186,329
Federal National Mortgage Assoc.	3.000	04/01/43		50		49,014
Federal National Mortgage Assoc.	3.000	08/01/43		165		162,869
Federal National Mortgage Assoc.	3.000	01/01/47		161		156,835
Federal National Mortgage Assoc.	3.000	02/01/47		109		106,975
Federal National Mortgage Assoc.	3.000	01/01/50		86		83,270
Federal National Mortgage Assoc.	3.000	04/01/52		748		721,026
Federal National Mortgage Assoc.	3.500	08/01/31		30		30,803
Federal National Mortgage Assoc.	3.500	10/01/32		14		14,101
Federal National Mortgage Assoc.	3.500	06/01/33		19		19,448
Federal National Mortgage Assoc.	3.500	01/01/42		68		68,609
Federal National Mortgage Assoc.	3.500	03/01/42		65		65,521
Federal National Mortgage Assoc.	3.500	10/01/42		194		195,915
Federal National Mortgage Assoc.	3.500	11/01/42		48		47,992
Federal National Mortgage Assoc.	3.500	08/01/43		63		63,234
Federal National Mortgage Assoc.	3.500	03/01/45		106		106,294
Federal National Mortgage Assoc.	3.500	01/01/46		21		20,854
Federal National Mortgage Assoc.	3.500	12/01/46		200		200,803
Federal National Mortgage Assoc.	3.500	01/01/47		44		44,345
Federal National Mortgage Assoc.	3.500	09/01/47		68		68,731
Federal National Mortgage Assoc.	4.000	01/01/41		123		126,773

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Federal National Mortgage Assoc.	4.000%	04/01/41		68		$	70,007
Federal National Mortgage Assoc.	4.000	02/01/47		65			66,681
Federal National Mortgage Assoc.	4.000	04/01/48		115			116,586
Federal National Mortgage Assoc.	4.000	12/01/48		103			104,932
Federal National Mortgage Assoc.	4.000	03/01/49		218			222,550
Federal National Mortgage Assoc.	4.000	04/01/52		244			245,822
Federal National Mortgage Assoc.	4.500	03/01/41		65			67,715
Federal National Mortgage Assoc.	4.500	02/01/44		58			60,093
Federal National Mortgage Assoc.	4.500	01/01/45		61			63,340
Federal National Mortgage Assoc.	4.500	04/01/48		35			36,197
Federal National Mortgage Assoc.	4.500	05/01/48		11			10,863
Federal National Mortgage Assoc.	4.500	08/01/48		13			13,779
Federal National Mortgage Assoc.	4.500	02/01/49		11	��		11,535
Federal National Mortgage Assoc.	5.000	11/01/35		83			88,298
Federal National Mortgage Assoc.	5.000	06/01/40		16			17,429
Federal National Mortgage Assoc.	5.000	03/01/42		33			34,961
Federal National Mortgage Assoc.	6.625	11/15/30		40			50,642
Government National Mortgage Assoc.	2.000	12/20/51		243			223,774
Government National Mortgage Assoc.	2.500	03/20/43		8			7,586
Government National Mortgage Assoc.	2.500	12/20/46		14			13,079
Government National Mortgage Assoc.	2.500	05/20/51		463			441,043
Government National Mortgage Assoc.	3.000	01/20/43		71			70,181
Government National Mortgage Assoc.	3.000	04/20/45		29			28,317
Government National Mortgage Assoc.	3.000	07/20/46		50			49,833
Government National Mortgage Assoc.	3.000	09/20/46		51			50,687
Government National Mortgage Assoc.	3.000	03/20/49		66			64,464
Government National Mortgage Assoc.	3.000	06/20/51		37			36,002
Government National Mortgage Assoc.	3.000	08/20/51		244			238,501
Government National Mortgage Assoc.	3.500	12/20/42		143			145,689
Government National Mortgage Assoc.	3.500	01/20/44		40			40,136
Government National Mortgage Assoc.	3.500	04/20/45		21			21,113
Government National Mortgage Assoc.	3.500	07/20/46		90			91,234
Government National Mortgage Assoc.	3.500	08/20/46		138			139,046
Government National Mortgage Assoc.	3.500	09/20/46		21			21,553
Government National Mortgage Assoc.	3.500	07/20/47		59			58,958
Government National Mortgage Assoc.	3.500	11/20/47		39			38,936
Government National Mortgage Assoc.	4.000	12/20/45		62			63,422
Government National Mortgage Assoc.	4.000	10/20/46		4			3,665
Government National Mortgage Assoc.	4.000	03/20/47		30			30,153
Government National Mortgage Assoc.	4.000	07/20/47		37			38,073
Government National Mortgage Assoc.	4.000	09/20/47		97			98,837
Government National Mortgage Assoc.	4.000	03/20/49		15			15,652

See Notes to Financial Statements.

PGIM Day One Underlying Funds 75

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

U.S. GOVERNMENT AGENCY OBLIGATIONS(Continued)
Government National Mortgage Assoc.	4.500%	04/20/41		13	$	13,469
Government National Mortgage Assoc.	4.500	03/20/44		33		35,360
Government National Mortgage Assoc.	4.500	12/20/44		31		32,646
Government National Mortgage Assoc.	4.500	11/20/46		16		16,435
Government National Mortgage Assoc.	4.500	01/20/47		5		5,313
Government National Mortgage Assoc.	5.000	04/20/45		25		26,257
Government National Mortgage Assoc.	5.500	12/15/33		10		10,808
Tennessee Valley Authority Sr. Unsec’d. Notes	0.750	05/15/25		25		23,551
Tennessee Valley Authority Sr. Unsec’d. Notes	1.500	09/15/31		40		34,540


TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS (cost $15,417,223)						14,529,172


U.S. TREASURY OBLIGATIONS 35.9%
U.S. Treasury Bonds	1.375	11/15/40		1,200		885,563
U.S. Treasury Bonds	1.375	08/15/50		735		495,321
U.S. Treasury Bonds	1.750	08/15/41		500		390,313
U.S. Treasury Bonds	2.000	02/15/50		105		83,327
U.S. Treasury Bonds	2.250	05/15/41		1,425		1,218,820
U.S. Treasury Bonds	2.250	02/15/52		150		126,398
U.S. Treasury Bonds	2.375	05/15/51		150		129,539
U.S. Treasury Bonds	2.500	02/15/46		170		147,289
U.S. Treasury Bonds	3.250	05/15/42		15		15,019
U.S. Treasury Bonds	3.625	08/15/43		749		786,636
U.S. Treasury Bonds	6.250	08/15/23		790		816,200
U.S. Treasury Notes	0.125	09/15/23		392		379,347
U.S. Treasury Notes	0.250	09/30/25		1,420		1,309,728
U.S. Treasury Notes	0.375	04/30/25		95		88,803
U.S. Treasury Notes	0.375	01/31/26		380		349,333
U.S. Treasury Notes	0.750	03/31/26		1,990		1,849,145
U.S. Treasury Notes	0.750	04/30/26		870		807,265
U.S. Treasury Notes	0.875	06/30/26		1,110		1,031,953
U.S. Treasury Notes	1.250	11/30/26		990		930,291
U.S. Treasury Notes	1.250	12/31/26		35		32,848
U.S. Treasury Notes	1.500	11/30/28		630		584,916
U.S. Treasury Notes	2.000	08/15/25		615		599,961
U.S. Treasury Notes	2.125	07/31/24		1,140		1,122,544
U.S. Treasury Notes	2.500	04/30/24		280		277,867
U.S. Treasury Notes	2.500	05/31/24		1,055		1,047,005
U.S. Treasury Notes	2.625	02/15/29		145		144,184
U.S. Treasury Notes	2.625	07/31/29		250		249,023
U.S. Treasury Notes	2.750	07/31/27		150		150,395

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022



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

U.S. TREASURY OBLIGATIONS(Continued)
U.S. Treasury Notes	2.875%	05/15/32		335	$	340,967
U.S. Treasury Notes	3.000	06/30/24		25		25,038
U.S. Treasury Notes	3.000	07/31/24		1,050		1,052,133
U.S. Treasury Notes	3.125	11/15/28		90		91,990
U.S. Treasury Notes	3.250	06/30/27		440		451,000
U.S. Treasury Notes	3.250	06/30/29		140		144,769
U.S. Treasury Strips Coupon	1.122(s)	02/15/36		35		23,554
U.S. Treasury Strips Coupon	1.225(s)	02/15/41		15		8,140
U.S. Treasury Strips Coupon	1.371(s)	05/15/42		55		27,648
U.S. Treasury Strips Coupon	1.394(s)	11/15/41		20		10,309
U.S. Treasury Strips Coupon	1.450(s)	08/15/42		15		7,432
U.S. Treasury Strips Coupon	1.463(s)	11/15/42		35		17,166
U.S. Treasury Strips Coupon	2.045(s)	11/15/36		45		29,591
U.S. Treasury Strips Coupon	2.227(s)	05/15/39		85		50,509
U.S. Treasury Strips Coupon	2.271(s)	08/15/39		185		108,904
U.S. Treasury Strips Coupon	2.350(s)	05/15/44		250		115,772


TOTAL U.S. TREASURY OBLIGATIONS (cost $19,803,038)						18,553,955


TOTAL LONG-TERM INVESTMENTS (cost $54,262,692)						50,247,714


			Shares

SHORT-TERM INVESTMENT 1.3%

UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $685,374)				685,374		685,374


TOTAL INVESTMENTS 98.5% (cost $54,948,066)						50,933,088
Other assets in excess of liabilities 1.5%						752,333


NET ASSETS 100.0%					$	51,685,421

Below is a list of the abbreviation(s) used in the annual 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 July 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.

See Notes to Financial Statements.

PGIM Day One Underlying Funds 77

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022

(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.

Fair Value Measurements:

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

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

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

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

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


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Asset-Backed Security
Credit Cards	$	—	$	102,996		$—
Commercial Mortgage-Backed Securities		—		3,149,422		—
Corporate Bonds		—		12,542,717		—
Municipal Bonds		—		481,937		—
Sovereign Bonds		—		887,515		—
U.S. Government Agency Obligations		—		14,529,172		—
U.S. Treasury Obligations		—		18,553,955		—
Short-Term Investment
Unaffiliated Fund		685,374		—		—


Total	$	685,374	$	50,247,714		$—

Industry Classification:

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


U.S. Treasury Obligations	35.9	%
U.S. Government Agency Obligations	28.1
Commercial Mortgage-Backed Securities	6.1
Banks	5.4
Electric	3.2
Sovereign Bonds	1.7
Pipelines	1.6
Healthcare-Services	1.5


Pharmaceuticals	1.5	%
Unaffiliated Fund	1.3
Real Estate Investment Trusts (REITs)	1.0
Municipal Bonds	0.9
Aerospace & Defense	0.7
Telecommunications	0.7
Mining	0.7
Media	0.6

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Schedule of Investments (continued)

as of July 31, 2022

Industry Classification (continued):


Insurance	0.6	%
Beverages	0.6
Commercial Services	0.5
Software	0.5
Oil & Gas	0.4
Retail	0.4
Auto Manufacturers	0.4
Diversified Financial Services	0.3
Chemicals	0.3
Transportation	0.3
Biotechnology	0.3
Semiconductors	0.3
Machinery-Diversified	0.3
Computers	0.3
Airlines	0.2
Building Materials	0.2
Agriculture	0.2
Credit Cards	0.2


Foods	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
Entertainment	0.1
Auto Parts & Equipment	0.0	*
Oil & Gas Services	0.0	*

	98.5
Other assets in excess of liabilities	1.5


	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.

PGIM Day One Underlying Funds 79

PGIM Core Conservative Bond Fund

Statement of Assets & Liabilities

as of July 31, 2022


Assets

Unaffiliated investments (cost $54,948,066)	$	50,933,088
Receivable for investments sold		1,426,889
Receivable for Fund shares sold		585,919
Dividends and interest receivable		280,291
Prepaid expenses and other assets		12,170


Total Assets		53,238,357


Liabilities

Payable for investments purchased		1,451,597
Accrued expenses and other liabilities		82,056
Payable for Fund shares purchased		12,268
Management fee payable		6,124
Trustees’ fees payable		820
Affiliated transfer agent fee payable		71


Total Liabilities		1,552,936


Net Assets	$	51,685,421



Net assets were comprised of:
Paid-in capital	$	57,470,985
Total distributable earnings (loss)		(5,785,564	)


Net assets, July 31, 2022	$	51,685,421


Class R6

Net asset value, offering price and redemption price per share, ($51,685,421 ÷ 5,650,873 shares of beneficial interest issued and outstanding)	$	9.15

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Statement of Operations

Year Ended July 31, 2022


Net Investment Income (Loss)

Income
Interest income	$	1,158,870
Unaffiliated dividend income		2,615
Affiliated dividend income		1,071


Total income		1,162,556


Expenses
Management fee		157,463
Audit fee		55,550
Custodian and accounting fees		46,444
Legal fees and expenses		21,161
Shareholders’ reports		12,516
Trustees’ fees		9,924
Transfer agent’s fees and expenses (including affiliated expense of $398)		493
Registration fees		422
SEC registration fees		221
Miscellaneous		19,319


Total expenses		323,513
Less: Fee waiver and/or expense reimbursement		(31,756	)


Net expenses		291,757


Net investment income (loss)		870,799


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		(1,011,792	)
Net change in unrealized appreciation (depreciation) on investments		(6,139,343	)


Net gain (loss) on investment transactions		(7,151,135	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(6,280,336	)

See Notes to Financial Statements.

PGIM Day One Underlying Funds 81

PGIM Core Conservative Bond Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2022			2021

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	870,799		$	804,659
Net realized gain (loss) on investment transactions		(1,011,792	)		613,791
Net change in unrealized appreciation (depreciation) on investments		(6,139,343	)		(1,990,566	)


Net increase (decrease) in net assets resulting from operations		(6,280,336	)		(572,116	)


Dividends and Distributions
Distributions from distributable earnings
Class R6		(1,404,487	)		(1,812,150	)


Fund share transactions
Net proceeds from shares sold (4,134,711 and 2,029,244 shares, respectively)		40,966,836			21,288,669
Net asset value of shares issued in reinvestment of dividends and distributions (142,730 and 172,801 shares, respectively)		1,388,737			1,812,150
Cost of shares purchased (4,666,383 and 1,524,509 shares, respectively)		(45,765,768	)		(15,898,690	)


Net increase (decrease) in net assets from Fund share transactions		(3,410,195	)		7,202,129


Total increase (decrease)		(11,095,018	)		4,817,863

Net Assets:

Beginning of year		62,780,439			57,962,576


End of year	$	51,685,421		$	62,780,439

See Notes to Financial Statements.

PGIM Core Conservative Bond Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,

	2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.39			$10.81			$10.12			$9.66			$10.03
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.13			0.22			0.25			0.21
Net realized and unrealized gain (loss) on investment transactions		(1.16	)		(0.25	)		0.73			0.49			(0.34	)
Total from investment operations		(1.01	)		(0.12	)		0.95			0.74			(0.13	)
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		(0.21	)		(0.26	)		(0.28	)		(0.24	)
Distributions from net realized gains		(0.03	)		(0.09	)		-			-			-
Total dividends and distributions		(0.23	)		(0.30	)		(0.26	)		(0.28	)		(0.24	)
Net asset value, end of year		$9.15			$10.39			$10.81			$10.12			$9.66
Total Return^(b):		(9.79	)%		(1.07	)%		9.50	%		7.74	%		(1.31	)%


Ratios/Supplemental Data:
Net assets, end of year (000)		$51,685			$62,780			$57,963			$46,905			$38,592
Average net assets (000)		$58,320			$62,768			$50,192			$42,668			$34,737
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.50	%		0.50	%		0.50	%		0.50	%		0.50	%
Expenses before waivers and/or expense reimbursement		0.55	%		0.55	%		0.67	%		0.77	%		0.78	%
Net investment income (loss)		1.49	%		1.28	%		2.07	%		2.55	%		2.11	%
Portfolio turnover rate^(d)(e)		171	%		194	%		174	%		107	%		171	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds 83

PGIM TIPS Fund

Schedule of Investments

as of July 31, 2022



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

LONG-TERM INVESTMENTS 97.8%

U.S. TREASURY OBLIGATIONS
U.S. Treasury Inflation Indexed Bonds, TIPS	0.125%	01/15/23		8,124	$	8,195,436
U.S. Treasury Inflation Indexed Bonds, TIPS	0.125	01/15/30		7,203		7,219,851
U.S. Treasury Inflation Indexed Bonds, TIPS	0.125	01/15/31		10,920		10,937,327
U.S. Treasury Inflation Indexed Bonds, TIPS	0.125	02/15/51		1,549		1,286,993
U.S. Treasury Inflation Indexed Bonds, TIPS	0.250	01/15/25		9,188		9,290,802
U.S. Treasury Inflation Indexed Bonds, TIPS	0.250	02/15/50		267		228,984
U.S. Treasury Inflation Indexed Bonds, TIPS	0.375	01/15/27		5,118		5,223,576
U.S. Treasury Inflation Indexed Bonds, TIPS	0.500	04/15/24		1,026		1,038,667
U.S. Treasury Inflation Indexed Bonds, TIPS	0.500	01/15/28		4,473		4,590,083
U.S. Treasury Inflation Indexed Bonds, TIPS	0.625	01/15/26		11,705		12,016,901
U.S. Treasury Inflation Indexed Bonds, TIPS	0.625	02/15/43		1,157		1,097,150
U.S. Treasury Inflation Indexed Bonds, TIPS	0.750	02/15/42		4,172		4,093,711
U.S. Treasury Inflation Indexed Bonds, TIPS	0.750	02/15/45		74		71,863
U.S. Treasury Inflation Indexed Bonds, TIPS	0.875	01/15/29		8,659		9,112,422
U.S. Treasury Inflation Indexed Bonds, TIPS	1.000	02/15/48		2,098		2,152,837
U.S. Treasury Inflation Indexed Bonds, TIPS	1.000	02/15/49		2,585		2,675,825
U.S. Treasury Inflation Indexed Bonds, TIPS	2.125	02/15/40		1,136		1,407,538
U.S. Treasury Inflation Indexed Bonds, TIPS	2.125	02/15/41		1,048		1,300,666
U.S. Treasury Inflation Indexed Bonds, TIPS	2.375	01/15/27		3,355		3,720,475
U.S. Treasury Inflation Indexed Bonds, TIPS	3.375	04/15/32		2,314		3,022,415


TOTAL LONG-TERM INVESTMENTS (cost $92,128,759)						88,683,522


			Shares

SHORT-TERM INVESTMENT 0.8%

UNAFFILIATED FUND
Dreyfus Government Cash Management (Institutional Shares) (cost $728,913)				728,913		728,913


TOTAL INVESTMENTS 98.6% (cost $92,857,672)						89,412,435
Other assets in excess of liabilities 1.4%						1,249,644


NET ASSETS 100.0%					$	90,662,079

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

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

See Notes to Financial Statements.

PGIM TIPS Fund

Schedule of Investments (continued)

as of July 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 July 31, 2022 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
U.S. Treasury Obligations	$	—	$	88,683,522		$	—
Short-Term Investment
Unaffiliated Fund		728,913		—			—


Total	$	728,913	$	88,683,522		$	—

Sector Allocations:

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


U.S. Treasury Obligations			97.8	%


Unaffiliated Fund	0.8	%


	98.6
Other assets in excess of liabilities	1.4


	100.0	%

See Notes to Financial Statements.

PGIM Day One Underlying Funds 85

PGIM TIPS Fund

Statement of Assets & Liabilities

as of July 31, 2022


Assets

Unaffiliated investments (cost $92,857,672)	$	89,412,435
Receivable for investments sold		3,029,394
Receivable for Fund shares sold		917,532
Interest receivable		102,996
Prepaid expenses		95


Total Assets		93,462,452


Liabilities

Payable for investments purchased		2,704,293
Accrued expenses and other liabilities		57,017
Payable for Fund shares purchased		20,921
Management fee payable		17,181
Trustees’ fees payable		894
Affiliated transfer agent fee payable		67


Total Liabilities		2,800,373


Net Assets	$	90,662,079




Net assets were comprised of:
Paid-in capital	$	97,415,766
Total distributable earnings (loss)		(6,753,687	)


Net assets, July 31, 2022	$	90,662,079


Class R6

Net asset value, offering price and redemption price per share, ($90,662,079 ÷ 9,602,281 shares of beneficial interest issued and outstanding)	$	9.44

See Notes to Financial Statements.

PGIM TIPS Fund

Statement of Operations

Year Ended July 31, 2022


Net Investment Income (Loss)

Income
Interest income	$	5,912,488
Affiliated dividend income		321


Total income		5,912,809


Expenses
Management fee		192,843
Custodian and accounting fees		41,876
Audit fee		32,300
Legal fees and expenses		21,538
Trustees’ fees		10,900
Shareholders’ reports		7,995
SEC registration fees		1,530
Transfer agent’s fees and expenses (including affiliated expense of $395)		486
Registration fees		423
Miscellaneous		19,953


Total expenses		329,844


Net investment income (loss)		5,582,965


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		(842,753	)
Net change in unrealized appreciation (depreciation) on investments		(8,085,886	)


Net gain (loss) on investment transactions		(8,928,639	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(3,345,674	)

See Notes to Financial Statements.

PGIM Day One Underlying Funds 87

PGIM TIPS Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2022			2021
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	5,582,965		$	2,679,774
Net realized gain (loss) on investment transactions		(842,753	)		1,399,665
Net change in unrealized appreciation (depreciation) on investments		(8,085,886	)		1,275,072


Net increase (decrease) in net assets resulting from operations		(3,345,674	)		5,354,511


Dividends and Distributions
Distributions from distributable earnings
Class R6		(8,160,025	)		(4,092,491	)


Fund share transactions
Net proceeds from shares sold (4,731,082 and 5,902,790 shares, respectively)		47,044,350			62,803,571
Net asset value of shares issued in reinvestment of dividends and distributions (812,739 and 384,148 shares, respectively)		8,158,022			4,092,491
Cost of shares purchased (3,680,859 and 3,114,032 shares, respectively)		(36,827,372	)		(33,100,869	)


Net increase (decrease) in net assets from Fund share transactions		18,375,000			33,795,193


Total increase (decrease)		6,869,301			35,057,213

Net Assets:

Beginning of year		83,792,778			48,735,565


End of year	$	90,662,079		$	83,792,778

See Notes to Financial Statements.

PGIM TIPS Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,

	2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$10.83			$10.67			$9.87			$9.61			$9.86
Income (loss) from investment operations:
Net investment income (loss)		0.68			0.36			0.01			0.21			0.28
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.08	)		0.32			0.94			0.30			(0.19	)
Total from investment operations		(0.40	)		0.68			0.95			0.51			0.09
Less Dividends and Distributions:
Dividends from net investment income		(0.78	)		(0.43	)		(0.15	)		(0.25	)		(0.34	)
Distributions from net realized gains		(0.21	)		(0.09	)		-			-			-
Total dividends and distributions		(0.99	)		(0.52	)		(0.15	)		(0.25	)		(0.34	)
Net asset value, end of year		$9.44			$10.83			$10.67			$9.87			$9.61
Total Return^(b):		(3.91	)%		6.49	%		9.83	%		5.38	%		0.87	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$90,662			$83,793			$48,736			$35,938			$23,693
Average net assets (000)		$83,845			$79,151			$38,800			$30,412			$19,916
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.39	%		0.40	%		0.40	%		0.40	%		0.40	%
Expenses before waivers and/or expense reimbursement		0.39	%		0.41	%		0.58	%		0.72	%		0.94	%
Net investment income (loss)		6.66	%		3.39	%		0.12	%		2.17	%		2.83	%
Portfolio turnover rate^(d)		73	%		72	%		102	%		40	%		54	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d)	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 89

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments

as of July 31, 2022



Description			Shares		Value

SHORT-TERM INVESTMENTS 100.1%

UNAFFILIATED FUND 19.8%
Dreyfus Government Cash Management (Institutional Shares)(bb) (cost $16,069,170)				16,069,170	$	16,069,170


	Interest Rate	Maturity Date	Principal Amount (000)#

U.S. TREASURY OBLIGATIONS(n) 80.3%
U.S. Treasury Bills	1.260%	01/26/23		21,670		21,371,419
U.S. Treasury Bills	2.796	01/26/23(bb)(k)		10,830		10,680,778
U.S. Treasury Bills	3.137	07/13/23		34,000		33,067,180


TOTAL U.S. TREASURY OBLIGATIONS (cost $65,224,725)						65,119,377


TOTAL INVESTMENTS 100.1% (cost $81,293,895)						81,188,547
Liabilities in excess of other assets(z) (0.1)%						(77,476	)


NET ASSETS 100.0%					$	81,111,071

See the Glossary for a list of the abbreviation(s) used in the annual 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 July 31, 2022(1):


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

Long Positions:
59	Brent Crude	Nov. 2022	$	5,984,960		$	359,084
12	Coffee ’C’	Sep. 2022		977,400			(74,516	)
34	Copper	Sep. 2022		3,037,475			(649,505	)
137	Corn	Sep. 2022		4,221,312			(504,355	)
8	Cotton No. 2	Dec. 2022		386,960			(80,215	)
16	Gasoline RBOB	Sep. 2022		2,092,070			(436,655	)

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2022

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


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


Long Positions (cont’d):
58	Gold 100 OZ	Dec. 2022	$	10,334,440		$	172,477
30	Hard Red Winter Wheat	Sep. 2022		1,311,750			(363,959	)
27	Lean Hogs	Oct. 2022		1,050,030			56,880
28	Live Cattle	Oct. 2022		1,592,920			29,705
12	LME Nickel	Sep. 2022		1,699,488			(391,729	)
58	LME PRI Aluminum	Sep. 2022		3,629,698			(295,873	)
30	LME Zinc	Sep. 2022		2,514,195			(309,360	)
25	Low Sulphur Gas Oil	Sep. 2022		2,723,125			(262,799	)
156	Natural Gas	Sep. 2022		12,837,240			(787,131	)
15	NY Harbor ULSD	Sep. 2022		2,235,870			(335,289	)
30	Silver	Sep. 2022		3,029,550			(265,852	)
27	Soft Red Winter Wheat	Sep. 2022		1,090,463			(295,278	)
72	Soybean	Nov. 2022		5,286,600			(49,562	)
59	Soybean Meal	Dec. 2022		2,469,150			146,955
79	Soybean Oil	Dec. 2022		3,112,284			(111,735	)
60	Sugar No. 11	Oct. 2022		1,178,688			(127,914	)
79	WTI Crude	Sep. 2022		7,790,980			(1,095,820	)


							(5,672,446	)

Short Positions:
1	LME Nickel	Sep. 2022		141,624			22,438
1	LME PRI Aluminum	Sep. 2022		62,581			(2,433	)


							20,005


						$	(5,652,441	)

(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		$	—		$	10,187,668

See Notes to Financial Statements.

PGIM Day One Underlying Funds 91

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 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 July 31, 2022 in valuing such portfolio securities:


	Level 1			Level 2		Level 3
Investments in Securities
Assets
Short-Term Investments
Unaffiliated Fund	$	16,069,170		$	—			$—
U.S. Treasury Obligations		—			65,119,377			—


Total	$	16,069,170		$	65,119,377		$—


Other Financial Instruments*
Assets
Commodity Futures Contracts	$	787,539		$	—			$—


Liabilities
Commodity Futures Contracts	$	(6,439,980	)	$	—			$—

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 liabilities in excess of other assets shown as a percentage of net assets as of July 31, 2022 were as follows:


U.S. Treasury Obligations	80.3	%
Unaffiliated Fund	19.8


	100.1
Liabilities in excess of other assets	(0.1	)


	100.0	%

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 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 July 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

787,539

Due from/to broker-variation margin futures

6,439,980

*	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 year ended July 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	$	24,621,520


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

Derivatives not accounted for as hedging instruments, carried at fair value	Futures

Commodity contracts	$	(6,987,439	)

For the year ended July 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)		$73,850,631

See Notes to Financial Statements.

PGIM Day One Underlying Funds 93

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Schedule of Investments (continued)

as of July 31, 2022


Derivative Contract Type		Average Volume of Derivative Activities*
Futures Contracts - Short Positions (1)		$ 4,366,191

*	Average volume is based on average quarter end balances as noted for the year ended July 31, 2022.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Assets & Liabilities

as of July 31, 2022


Assets

Unaffiliated investments (cost $81,293,895)	$	81,188,547
Due from broker—variation margin futures		810,200
Receivable for Fund shares sold		214,288
Dividends and interest receivable		15,855
Prepaid expenses and other assets		12,788


Total Assets		82,241,678


Liabilities

Deposit due to broker for centrally cleared/exchange-traded derivatives		976,957
Payable for Fund shares purchased		67,162
Accrued expenses and other liabilities		53,079
Management fee payable		32,262
Trustees’ fees payable		893
Affiliated transfer agent fee payable		254


Total Liabilities		1,130,607


Net Assets	$	81,111,071



Net assets were comprised of:
Paid-in capital	$	68,920,020
Total distributable earnings (loss)		12,191,051


Net assets, July 31, 2022	$	81,111,071


Class Z

Net asset value, offering price and redemption price per share, ($532,076 ÷ 50,540 shares of beneficial interest issued and outstanding)	$	10.53


Class R6

Net asset value, offering price and redemption price per share, ($80,578,995 ÷ 7,653,576 shares of beneficial interest issued and outstanding)	$	10.53

See Notes to Financial Statements.

PGIM Day One Underlying Funds 95

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statement of Operations

Year Ended July 31, 2022


Net Investment Income (Loss)

Income
Interest income	$	264,818
Unaffiliated dividend income		33,041
Affiliated dividend income		5,340


Total income		303,199


Expenses
Management fee		314,211
Custodian and accounting fees		39,341
Legal fees and expenses		38,852
Audit fee		32,199
Registration fees(a)		26,991
Trustees’ fees		10,236
Shareholders’ reports		9,989
SEC registration fees		1,796
Transfer agent’s fees and expenses (including affiliated expense of $995)(a)		1,494
Miscellaneous		15,992


Total expenses		491,101
Less: Fee waiver and/or expense reimbursement(a)		(67,851	)


Net expenses		423,250


Net investment income (loss)		(120,051	)


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions		(261,460	)
Futures transactions		24,621,520


		24,360,060

Net change in unrealized appreciation (depreciation) on:
Investments		(109,598	)
Futures		(6,987,439	)


		(7,097,037	)


Net gain (loss) on investment transactions		17,263,023


Net Increase (Decrease) In Net Assets Resulting From Operations	$	17,142,972

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


	Class Z	Class R6
Registration fees	24,020	2,971
Transfer agent’s fees and expenses	658	836
Fee waiver and/or expense reimbursement	(24,662)	(43,189)

See Notes to Financial Statements.

PGIM Quant Solutions Commodity Strategies Fund

Consolidated Statements of Changes in Net Assets



	Year Ended July 31,

	2022			2021
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	(120,051	)	$	(288,328	)
Net realized gain (loss) on investment transactions		24,360,060			20,721,303
Net change in unrealized appreciation (depreciation) on investments		(7,097,037	)		(841,412	)


Net increase (decrease) in net assets resulting from operations		17,142,972			19,591,563


Dividends and Distributions
Distributions from distributable earnings
Class R6		(19,775,119	)		—


Fund share transactions
Net proceeds from shares sold		38,749,715			18,968,112
Net asset value of shares issued in reinvestment of dividends and distributions		19,775,119			—
Cost of shares purchased		(36,502,919	)		(15,391,089	)


Net increase (decrease) in net assets from Fund share transactions		22,021,915			3,577,023


Total increase (decrease)		19,389,768			23,168,586

Net Assets:

Beginning of year		61,721,303			38,552,717


End of year	$	81,111,071		$	61,721,303

See Notes to Financial Statements.

PGIM Day One Underlying Funds 97

PGIM Quant Solutions Commodity Strategies Fund

Financial Highlights



Class Z Shares
	December 14, 2021^(a) through July 31, 2022

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$7.94
Income (loss) from investment operations:
Net investment income (loss)		0.01	^(c)
Net realized and unrealized gain (loss) on investment transactions		2.58
Total from investment operations		2.59
Net asset value, end of period		$10.53
Total Return^(d):		32.62	%


Ratios/Supplemental Data:
Net assets, end of period (000)		$532
Average net assets (000)		$424
Ratios to average net assets^(e):
Expenses after waivers and/or expense reimbursement		0.70	%^(f)
Expenses before waivers and/or expense reimbursement		9.94	%^(f)
Net investment income (loss)		0.08	%^(f)
Portfolio turnover rate^(g)		0	%

(a)	Commencement of offering.

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

(c)	The per share amount of net investment income (loss) does not directly correlate to the amounts reported in the Statement of Operations due to class specific expenses.

(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 Quant Solutions Commodity Strategies Fund

Financial Highlights (continued)



Class R6 Shares
	Year Ended July 31,

	2022			2021			2020			2019			2018

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$12.02			$8.34			$9.44			$10.31			$10.15
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)		(0.05	)		0.01			0.14			0.04
Net realized and unrealized gain (loss) on investment transactions		2.45			3.73			(1.01	)		(0.74	)		0.27
Total from investment operations		2.43			3.68			(1.00	)		(0.60	)		0.31
Less Dividends and Distributions:
Dividends from net investment income		(3.92	)		-			(0.10	)		(0.27	)		(0.15	)
Tax return of capital distributions		-			-			(-	)^(b)		-			-
Total dividends and distributions		(3.92	)		-			(0.10	)		(0.27	)		(0.15	)
Net asset value, end of year		$10.53			$12.02			$8.34			$9.44			$10.31
Total Return^(c):		30.61	%		44.12	%		(10.74	)%		(5.69	)%		3.09	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$80,579			$61,721			$38,553			$21,123			$18,187
Average net assets (000)		$67,445			$53,974			$28,308			$19,634			$16,136
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.62	%		0.64	%		0.80	%		0.80	%		0.92	%
Expenses before waivers and/or expense reimbursement		0.68	%		0.71	%		0.94	%		1.10	%		1.88	%
Net investment income (loss)		(0.18	)%		(0.53	)%		0.17	%		1.42	%		0.41	%
Portfolio turnover rate^(e)		0	%		0	%		0	%		0	%		0	%

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

(b)	Amount rounds to zero.

(c)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

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

See Notes to Financial Statements.

PGIM Day One Underlying Funds 99

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments

as of July 31, 2022



Description	Shares		Value

LONG-TERM INVESTMENTS 103.2%

COMMON STOCKS 101.2%

Aerospace & Defense 1.1%

Curtiss-Wright Corp.		466	$	66,843
Hexcel Corp.		1,600		96,816


				163,659

Airlines 0.5%

Alaska Air Group, Inc.*		700		31,031
JetBlue Airways Corp.*		4,400		37,048


				68,079

Auto Components 1.2%

Adient PLC*		1,096		37,023
Gentex Corp.		3,000		84,660
Modine Manufacturing Co.*		700		9,184
Visteon Corp.*		400		51,032


				181,899

Automobiles 1.0%

Harley-Davidson, Inc.		1,600		60,496
Thor Industries, Inc.		1,110		93,606


				154,102

Banks 6.7%

Associated Banc-Corp.		1,000		20,100
Cathay General Bancorp		1,200		50,040
East West Bancorp, Inc.		1,148		82,404
First Horizon Corp.		474		10,599
FNB Corp.		9,181		109,805
Fulton Financial Corp.		1,500		25,035
Hancock Whitney Corp.		2,790		136,180
Old National Bancorp		1,300		22,633
PacWest Bancorp		912		25,563
Pinnacle Financial Partners, Inc.		630		49,833
Popular, Inc. (Puerto Rico)		320		24,854
Prosperity Bancshares, Inc.		100		7,409
Synovus Financial Corp.		1,840		74,299
UMB Financial Corp.		50		4,525
Valley National Bancorp		9,168		107,174

See Notes to Financial Statements.

100

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)

Webster Financial Corp.		2,700	$	125,415
Wintrust Financial Corp.		1,346		115,810


				991,678

Biotechnology 2.5%

Exelixis, Inc.*		6,123		128,093
Halozyme Therapeutics, Inc.*		1,300		63,570
United Therapeutics Corp.*		780		180,235


				371,898

Building Products 2.6%

Builders FirstSource, Inc.*		600		40,800
Carlisle Cos., Inc.		755		223,556
Owens Corning		1,354		125,570


				389,926

Capital Markets 2.3%

Affiliated Managers Group, Inc.		380		48,024
Evercore, Inc. (Class A Stock)		177		17,695
Interactive Brokers Group, Inc. (Class A Stock)		400		23,476
Janus Henderson Group PLC		1,033		26,621
Jefferies Financial Group, Inc.		3,146		102,465
Stifel Financial Corp.		2,043		122,192


				340,473

Chemicals 2.8%

Ashland Global Holdings, Inc.		340		34,160
Avient Corp.		400		17,260
Cabot Corp.		866		64,309
Chemours Co. (The)		1,563		55,627
Minerals Technologies, Inc.		100		6,681
Olin Corp.		2,940		153,674
Valvoline, Inc.		300		9,666
Westlake Corp.		658		64,050


				405,427

Commercial Services & Supplies 0.8%

Brink’s Co. (The)		100		5,694

See Notes to Financial Statements.

PGIM Day One Underlying Funds 101

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Commercial Services & Supplies (cont’d.)

Clean Harbors, Inc.*		353	$	34,449
Harsco Corp.*		1,000		4,810
Interface, Inc.		500		7,245
Tetra Tech, Inc.		400		61,308


				113,506

Communications Equipment 0.3%

Calix, Inc.*		600		34,224
NetScout Systems, Inc.*		488		17,363


				51,587

Construction & Engineering 2.2%

AECOM		1,569		112,968
Dycom Industries, Inc.*		310		31,980
EMCOR Group, Inc.		828		96,354
MDU Resources Group, Inc.		2,381		68,025
Sterling Infrastructure, Inc.*		600		15,426


				324,753

Construction Materials 0.9%

Eagle Materials, Inc.		1,077		136,187

Consumer Finance 0.1%

Navient Corp.		800		13,176

Containers & Packaging 0.9%

Greif, Inc. (Class A Stock)		1,746		123,303
Silgan Holdings, Inc.		300		13,350


				136,653

Diversified Consumer Services 1.0%

Grand Canyon Education, Inc.*		236		22,673
H&R Block, Inc.		600		23,976
Service Corp. International		1,250		93,075
Universal Technical Institute, Inc.*		600		4,824


				144,548

See Notes to Financial Statements.

102

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Diversified Telecommunication Services 0.0%

Liberty Latin America Ltd. (Chile) (Class C Stock)*		600	$	4,404

Electric Utilities 0.8%

ALLETE, Inc.		400		24,828
Hawaiian Electric Industries, Inc.		1,400		59,220
OGE Energy Corp.		960		39,437


				123,485

Electrical Equipment 2.9%

Acuity Brands, Inc.		489		89,194
Encore Wire Corp.		40		5,539
EnerSys		200		13,182
Hubbell, Inc.		450		98,559
nVent Electric PLC		3,489		123,196
Regal Rexnord Corp.		690		92,667


				422,337

Electronic Equipment, Instruments & Components 3.7%

Arrow Electronics, Inc.*		600		76,902
Avnet, Inc.		2,200		105,314
Belden, Inc.		1,200		77,664
Jabil, Inc.		2,503		148,528
Littelfuse, Inc.		50		13,944
PC Connection, Inc.		400		18,972
ScanSource, Inc.*		474		15,144
TD SYNNEX Corp.		726		72,905
Vishay Intertechnology, Inc.		633		13,078
Vontier Corp.		200		5,160


				547,611

Energy Equipment & Services 0.9%

ChampionX Corp.		2,200		45,958
NOV, Inc.		1,800		33,498
Select Energy Services, Inc. (Class A Stock)*		5,700		42,579
Solaris Oilfield Infrastructure, Inc. (Class A Stock)		1,500		16,635


				138,670

See Notes to Financial Statements.

PGIM Day One Underlying Funds 103

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Entertainment 0.5%

Playtika Holding Corp.*		1,795	$	22,025
World Wrestling Entertainment, Inc. (Class A Stock)		694		48,101


				70,126

Equity Real Estate Investment Trusts (REITs) 8.1%

Brixmor Property Group, Inc.		1,300		30,134
City Office REIT, Inc.		500		7,050
Cousins Properties, Inc.		2,000		61,700
DiamondRock Hospitality Co.*		800		7,424
Douglas Emmett, Inc.		3,000		70,920
EPR Properties		2,100		113,001
First Industrial Realty Trust, Inc.		100		5,195
Highwoods Properties, Inc.		2,759		98,137
Hudson Pacific Properties, Inc.		2,100		31,584
Kilroy Realty Corp.		1,500		81,270
Kite Realty Group Trust		5,200		103,428
Lamar Advertising Co. (Class A Stock)		1,646		166,345
Macerich Co. (The)		4,100		43,501
Medical Properties Trust, Inc.		725		12,499
Paramount Group, Inc.		1,500		11,775
Park Hotels & Resorts, Inc.		3,400		53,006
Pebblebrook Hotel Trust		3,300		64,548
Piedmont Office Realty Trust, Inc. (Class A Stock)		3,637		50,045
PotlatchDeltic Corp.		1,768		86,685
Spirit Realty Capital, Inc.		1,117		49,528
STORE Capital Corp.		1,300		37,726
Xenia Hotels & Resorts, Inc.*		800		13,136


				1,198,637

Food & Staples Retailing 0.8%

BJ’s Wholesale Club Holdings, Inc.*		600		40,620
Grocery Outlet Holding Corp.*		200		8,544
Performance Food Group Co.*		200		9,942
Sprouts Farmers Market, Inc.*		400		11,056
US Foods Holding Corp.*		1,300		40,950


				111,112

Food Products 2.4%

Darling Ingredients, Inc.*		2,143		148,467

See Notes to Financial Statements.

104

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares			Value

COMMON STOCKS (Continued)

Food Products (cont’d.)

Ingredion, Inc.		992		$	90,252
Pilgrim’s Pride Corp.*		2,790			87,522
Post Holdings, Inc.*		290	��		25,213


					351,454

Gas Utilities 2.1%

National Fuel Gas Co.		1,900			137,446
UGI Corp.		4,082			176,179


					313,625

Health Care Equipment & Supplies 3.3%

Avanos Medical, Inc.*		700			19,859
Enovis Corp.*		100			5,972
Envista Holdings Corp.*		3,289			133,698
Haemonetics Corp.*		1,400			97,286
ICU Medical, Inc.*		41			7,264
Integra LifeSciences Holdings Corp.*		1,923			105,842
Lantheus Holdings, Inc.*		1,000			76,720
Masimo Corp.*		128			18,506
QuidelOrtho Corp.*		150			15,306
STAAR Surgical Co.*		100			8,070


					488,523

Health Care Providers & Services 1.9%

Acadia Healthcare Co., Inc.*		100			8,291
Chemed Corp.		167			80,342
Encompass Health Corp.		100			5,062
Molina Healthcare, Inc.*		92			30,150
Option Care Health, Inc.*		1,100			36,960
R1 RCM, Inc.*		400			10,000
Tenet Healthcare Corp.*		1,700			112,404


					283,209

Hotels, Restaurants & Leisure 3.2%

Boyd Gaming Corp.		600			33,306
Century Casinos, Inc.*		3,794			31,983
Choice Hotels International, Inc.		840			101,531
Churchill Downs, Inc.		650			136,370
Marriott Vacations Worldwide Corp.		240			32,861

See Notes to Financial Statements.

PGIM Day One Underlying Funds 105

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure (cont’d.)

Texas Roadhouse, Inc.		349	$	30,440
Travel + Leisure Co.		1,500		64,665
Wyndham Hotels & Resorts, Inc.		690		47,893


				479,049

Household Durables 1.8%

Taylor Morrison Home Corp.*		4,400		126,280
Toll Brothers, Inc.		2,696		132,589


				258,869

Independent Power & Renewable Electricity Producers 0.1%

Vistra Corp.		300		7,755

Insurance 4.1%

American Financial Group, Inc.		1,271		169,907
Hanover Insurance Group, Inc. (The)		349		47,628
Kinsale Capital Group, Inc.		350		85,123
Old Republic International Corp.		522		12,147
Reinsurance Group of America, Inc.		1,388		160,703
Unum Group		3,800		122,322


				597,830

Interactive Media & Services 0.1%

IAC/InterActiveCorp*		190		13,015

Internet & Direct Marketing Retail 0.1%

Duluth Holdings, Inc. (Class B Stock)*		800		7,712

IT Services 2.4%

Amdocs Ltd.		50		4,353
Concentrix Corp.		928		124,129
Euronet Worldwide, Inc.*		370		36,360
Genpact Ltd.		3,400		163,472
International Money Express, Inc.*		400		9,616
WEX, Inc.*		110		18,283


				356,213

See Notes to Financial Statements.

106

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Leisure Products 0.8%

Brunswick Corp.		565	$	45,268
Callaway Golf Co.*		2,800		64,260
Mattel, Inc.*		300		6,960


				116,488

Life Sciences Tools & Services 1.7%

Azenta, Inc.		100		6,826
Bruker Corp.		974		66,768
Maravai LifeSciences Holdings, Inc. (Class A Stock)*		200		5,218
Sotera Health Co.*		3,900		74,880
Syneos Health, Inc.*		1,183		93,622


				247,314

Machinery 3.6%

AGCO Corp.		1,111		121,010
Altra Industrial Motion Corp.		300		12,519
Chart Industries, Inc.*		30		5,853
Donaldson Co., Inc.		1,447		78,731
Gates Industrial Corp. PLC*		1,000		12,300
ITT, Inc.		104		7,803
Lincoln Electric Holdings, Inc.		698		98,725
Mueller Industries, Inc.		100		6,733
Oshkosh Corp.		160		13,776
Standex International Corp.		140		13,591
Terex Corp.		1,800		60,318
Timken Co. (The)		300		19,614
Titan International, Inc.*		300		5,028
Toro Co. (The)		867		74,554


				530,555

Media 0.2%

TEGNA, Inc.		1,479		30,970

Metals & Mining 3.0%

Cleveland-Cliffs, Inc.*		1,000		17,710
Commercial Metals Co.		600		23,772
Reliance Steel & Aluminum Co.		844		160,571
Ryerson Holding Corp.		600		16,440

See Notes to Financial Statements.

PGIM Day One Underlying Funds 107

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Metals & Mining (cont’d.)

Steel Dynamics, Inc.		2,599	$	202,410
United States Steel Corp.		1,000		23,650


				444,553

Multiline Retail 0.8%

Macy’s, Inc.		6,400		112,960

Multi-Utilities 0.3%

Black Hills Corp.		300		23,160
NorthWestern Corp.		272		15,082


				38,242

Oil, Gas & Consumable Fuels 4.1%

Antero Midstream Corp.		3,600		36,216
CONSOL Energy, Inc.*		1,600		98,112
EQT Corp.		1,400		61,642
HF Sinclair Corp.		100		4,782
Matador Resources Co.		800		46,224
Murphy Oil Corp.		3,800		133,532
Targa Resources Corp.		3,295		227,717


				608,225

Personal Products 0.4%

Coty, Inc. (Class A Stock)*		8,000		58,560

Pharmaceuticals 1.5%

Evolus, Inc.*		3,200		39,456
Intra-Cellular Therapies, Inc.*		1,300		70,356
Jazz Pharmaceuticals PLC*		150		23,409
Perrigo Co. PLC		2,100		87,927


				221,148

Professional Services 2.1%

ASGN, Inc.*		1,062		110,193
Insperity, Inc.		944		103,594
KBR, Inc.		300		15,969

See Notes to Financial Statements.

108

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Professional Services (cont’d.)

Korn Ferry		700	$	45,857
ManpowerGroup, Inc.		421		33,011


				308,624

Real Estate Management & Development 1.0%

Jones Lang LaSalle, Inc.*		799		152,345

Road & Rail 1.7%

Knight-Swift Transportation Holdings, Inc.		500		27,475
Ryder System, Inc.		1,120		87,718
XPO Logistics, Inc.*		2,200		131,428


				246,621

Semiconductors & Semiconductor Equipment 3.9%

Amkor Technology, Inc.		3,195		64,443
Cirrus Logic, Inc.*		470		40,166
First Solar, Inc.*		100		9,917
Lattice Semiconductor Corp.*		1,100		67,650
MKS Instruments, Inc.		859		101,534
Photronics, Inc.*		3,600		85,716
Power Integrations, Inc.		700		59,507
Semtech Corp.*		970		60,460
SiTime Corp.*		400		74,392
Synaptics, Inc.*		30		4,349


				568,134

Software 3.3%

ACI Worldwide, Inc.*		1,200		34,236
Blackbaud, Inc.*		1,273		78,060
CommVault Systems, Inc.*		1,050		58,895
Envestnet, Inc.*		200		11,654
Fair Isaac Corp.*		80		36,963
Manhattan Associates, Inc.*		1,114		156,706
Paylocity Holding Corp.*		460		94,728
Qualys, Inc.*		110		13,455
Verint Systems, Inc.*		100		4,567


				489,264

See Notes to Financial Statements.

PGIM Day One Underlying Funds 109

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Specialty Retail 2.2%

Asbury Automotive Group, Inc.*		120	$	20,597
AutoNation, Inc.*		1,155		137,145
Lithia Motors, Inc.		260		68,973
Murphy USA, Inc.		290		82,464
TravelCenters of America, Inc.*		400		16,688


				325,867

Textiles, Apparel & Luxury Goods 1.1%

Capri Holdings Ltd.*		2,021		98,382
Columbia Sportswear Co.		482		35,673
Skechers USA, Inc. (Class A Stock)*		700		26,572


				160,627

Thrifts & Mortgage Finance 0.5%

MGIC Investment Corp.		5,000		70,700

Trading Companies & Distributors 1.7%

Boise Cascade Co.		200		14,142
Rush Enterprises, Inc. (Class A Stock)		124		5,976
Titan Machinery, Inc.*		200		5,626
Univar Solutions, Inc.*		4,412		119,300
Veritiv Corp.*		723		89,666
WESCO International, Inc.*		120		15,341


				250,051

Water Utilities 1.2%

Essential Utilities, Inc.		3,400		176,596


TOTAL COMMON STOCKS (cost $13,208,944)				14,919,031


EXCHANGE-TRADED FUND 2.0%
iShares Core S&P Mid-Cap ETF (cost $254,520)		1,153		289,322


TOTAL LONG-TERM INVESTMENTS (cost $13,463,464)				15,208,353

See Notes to Financial Statements.

110

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

SHORT-TERM INVESTMENT 0.1%

UNAFFILIATED FUND

Dreyfus Government Cash Management (Institutional Shares) (cost $19,176)		19,176	$	19,176


TOTAL INVESTMENTS 103.3% (cost $13,482,640)				15,227,529
Liabilities in excess of other assets (3.3)%				(486,442	)


NET ASSETS 100.0%			$	14,741,087

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

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


	Level 1		Level 2	Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	163,659	$—	$—
Airlines		68,079	—	—
Auto Components		181,899	—	—
Automobiles		154,102	—	—
Banks		991,678	—	—
Biotechnology		371,898	—	—
Building Products		389,926	—	—
Capital Markets		340,473	—	—
Chemicals		405,427	—	—
Commercial Services & Supplies		113,506	—	—
Communications Equipment		51,587	—	—
Construction & Engineering		324,753	—	—
Construction Materials		136,187	—	—

See Notes to Financial Statements.

PGIM Day One Underlying Funds 111

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022


	Level 1		Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Consumer Finance	$	13,176		$—		$—
Containers & Packaging		136,653		—		—
Diversified Consumer Services		144,548		—		—
Diversified Telecommunication Services		4,404		—		—
Electric Utilities		123,485		—		—
Electrical Equipment		422,337		—		—
Electronic Equipment, Instruments & Components		547,611		—		—
Energy Equipment & Services		138,670		—		—
Entertainment		70,126		—		—
Equity Real Estate Investment Trusts (REITs)		1,198,637		—		—
Food & Staples Retailing		111,112		—		—
Food Products.		351,454		—		—
Gas Utilities		313,625		—		—
Health Care Equipment & Supplies		488,523		—		—
Health Care Providers & Services		283,209		—		—
Hotels, Restaurants & Leisure		479,049		—		—
Household Durables		258,869		—		—
Independent Power & Renewable Electricity Producers		7,755		—		—
Insurance		597,830		—		—
Interactive Media & Services		13,015		—		—
Internet & Direct Marketing Retail		7,712		—		—
IT Services		356,213		—		—
Leisure Products		116,488		—		—
Life Sciences Tools & Services		247,314		—		—
Machinery		530,555		—		—
Media		30,970		—		—
Metals & Mining		444,553		—		—
Multiline Retail		112,960		—		—
Multi-Utilities		38,242		—		—
Oil, Gas & Consumable Fuels		608,225		—		—
Personal Products		58,560		—		—
Pharmaceuticals		221,148		—		—
Professional Services		308,624		—		—
Real Estate Management & Development		152,345		—		—
Road & Rail		246,621		—		—
Semiconductors & Semiconductor Equipment		568,134		—		—
Software		489,264		—		—
Specialty Retail		325,867		—		—
Textiles, Apparel & Luxury Goods		160,627		—		—
Thrifts & Mortgage Finance		70,700		—		—
Trading Companies & Distributors		250,051		—		—

See Notes to Financial Statements.

112

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Water Utilities	$	176,596		$—		$—
Exchange-Traded Fund		289,322		—		—

Short-Term Investment
Unaffiliated Fund		19,176		—		—


Total	$	15,227,529		$—		$—

Industry Classification:

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


Equity Real Estate Investment Trusts (REITs)	8.1	%
Banks	6.7
Oil, Gas & Consumable Fuels	4.1
Insurance	4.1
Semiconductors & Semiconductor Equipment	3.9
Electronic Equipment, Instruments & Components	3.7
Machinery	3.6
Software	3.3
Health Care Equipment & Supplies	3.3
Hotels, Restaurants & Leisure	3.2
Metals & Mining	3.0
Electrical Equipment	2.9
Chemicals	2.8
Building Products	2.6
Biotechnology	2.5
IT Services	2.4
Food Products	2.4
Capital Markets	2.3
Specialty Retail	2.2
Construction & Engineering	2.2
Gas Utilities	2.1
Professional Services	2.1
Exchange-Traded Fund	2.0
Health Care Providers & Services	1.9
Household Durables	1.8
Trading Companies & Distributors	1.7
Life Sciences Tools & Services	1.7
Road & Rail	1.7


Pharmaceuticals	1.5	%
Auto Components	1.2
Water Utilities	1.2
Aerospace & Defense	1.1
Textiles, Apparel & Luxury Goods	1.1
Automobiles	1.0
Real Estate Management & Development	1.0
Diversified Consumer Services	1.0
Energy Equipment & Services	0.9
Containers & Packaging	0.9
Construction Materials	0.9
Electric Utilities	0.8
Leisure Products	0.8
Commercial Services & Supplies	0.8
Multiline Retail	0.8
Food & Staples Retailing	0.8
Thrifts & Mortgage Finance	0.5
Entertainment	0.5
Airlines	0.5
Personal Products	0.4
Communications Equipment	0.3
Multi-Utilities	0.3
Media	0.2
Unaffiliated Fund	0.1
Consumer Finance	0.1
Interactive Media & Services	0.1
Independent Power & Renewable Electricity Producers	0.1

See Notes to Financial Statements.

PGIM Day One Underlying Funds 113

PGIM Quant Solutions Mid-Cap Core Fund

Schedule of Investments (continued)

as of July 31, 2022

Industry Classification (continued):


Internet & Direct Marketing Retail			0.1	%


Diversified Telecommunication Services	0.0	*%


	103.3
Liabilities in excess of other assets	(3.3	)


	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.

114

PGIM Quant Solutions Mid-Cap Core Fund

Statement of Assets & Liabilities

as of July 31, 2022


Assets

Unaffiliated investments (cost $13,482,640)	$	15,227,529
Receivable for investments sold		332,464
Dividends receivable		4,853
Due from Manager		3,454
Receivable for Fund shares sold		803
Prepaid expenses		82


Total Assets		15,569,185


Liabilities

Payable for Fund shares purchased		462,495
Payable for investments purchased		315,363
Accrued expenses and other liabilities		49,359
Trustees’ fees payable		801
Affiliated transfer agent fee payable		80


Total Liabilities		828,098


Net Assets	$	14,741,087




Net assets were comprised of:
Paid-in capital	$	11,435,747
Total distributable earnings (loss)		3,305,340


Net assets, July 31, 2022	$	14,741,087


Class R6

Net asset value, offering price and redemption price per share, ($14,741,087 ÷ 1,371,313 shares of beneficial interest issued and outstanding)	$	10.75

See Notes to Financial Statements.

PGIM Day One Underlying Funds 115

PGIM Quant Solutions Mid-Cap Core Fund

Statement of Operations

Year Ended July 31, 2022


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $41 foreign withholding tax)	$	304,415
Affiliated dividend income		53


Total income		304,468


Expenses
Management fee		94,772
Custodian and accounting fees		44,069
Audit fee		24,250
Legal fees and expenses		21,177
Shareholders’ reports		10,877
Trustees’ fees		9,678
Pricing fees		2,974
Transfer agent’s fees and expenses (including affiliated expense of $467)		584
Registration fees		472
Miscellaneous		20,110


Total expenses		228,963

Less: Fee waiver and/or expense reimbursement		(76,147	)


Net expenses		152,816


Net investment income (loss)		151,652


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on investment transactions		3,248,464
Net change in unrealized appreciation (depreciation) on investments		(3,900,167	)


Net gain (loss) on investment transactions		(651,703	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(500,051	)

See Notes to Financial Statements.

116

PGIM Quant Solutions Mid-Cap Core Fund

Statements of Changes in Net Assets



	Year Ended July 31,

	2022			2021
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	151,652		$	203,078
Net realized gain (loss) on investment transactions		3,248,464			5,896,902
Net change in unrealized appreciation (depreciation) on investments		(3,900,167	)		4,461,420


Net increase (decrease) in net assets resulting from operations		(500,051	)		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 (586,942 and 1,017,657 shares, respectively)		6,926,148			12,246,219
Net asset value of shares issued in reinvestment of dividends and distributions (413,144 and 16,119 shares, respectively)		4,709,837			184,245
Cost of shares purchased (1,287,830 and 1,515,726 shares, respectively)		(15,359,733	)		(19,947,084	)


Net increase (decrease) in net assets from Fund share transactions		(3,723,748	)		(7,516,620	)


Total increase (decrease)		(8,933,636	)		2,860,535

Net Assets:

Beginning of year		23,674,723			20,814,188


End of year	$	14,741,087		$	23,674,723

See Notes to Financial Statements.

PGIM Day One Underlying Funds 117

PGIM Quant Solutions Mid-Cap Core Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,

	2022			2021			2020			2019			2018

Per Share Operating Performance^(a):

Net Asset Value, Beginning of Year		$14.27			$9.72			$10.84			$12.08			$11.16

Income (loss) from investment operations:

Net investment income (loss)		0.10			0.09			0.10			0.11			0.09

Net realized and unrealized gain (loss) on investment transactions		(0.47	)		4.54			(1.10	)		(0.67	)		1.16

Total from investment operations		(0.37	)		4.63			(1.00	)		(0.56	)		1.25

Less Dividends and Distributions:

Dividends from net investment income		(0.13	)		(0.08	)		(0.12	)		(0.09	)		(0.07	)

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	)

Net asset value, end of year		$10.75			$14.27			$9.72			$10.84			$12.08

Total Return^(b):		(3.86	)%		47.88	%		(9.42	)%		(4.08	)%		11.36	%



Ratios/Supplemental Data:

Net assets, end of year (000)	$	14,741		$	23,675		$	20,814		$	15,360		$	12,182

Average net assets (000)	$	18,954		$	27,862		$	16,827		$	13,541		$	10,251

Ratios to average net assets^(c):

Expenses after waivers and/or expense reimbursement		0.81	%		0.85	%		0.85	%		0.85	%		0.85	%

Expenses before waivers and/or expense reimbursement		1.21	%		0.97	%		1.32	%		1.54	%		1.80	%

Net investment income (loss)		0.80	%		0.73	%		1.02	%		1.03	%		0.78	%

Portfolio turnover rate^(d)		123	%		135	%		140	%		120	%		113	%

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

(b)	Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

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

(d)	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.

118

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments

as of July 31, 2022



Description	Shares		Value

LONG-TERM INVESTMENTS 98.3%

COMMON STOCKS 96.5%

Aerospace & Defense 1.5%

AAR Corp.*		34	$	1,514
Aerojet Rocketdyne Holdings, Inc.*		98		4,282
AeroVironment, Inc.*		32		2,773
Axon Enterprise, Inc.*		91		10,027
Boeing Co. (The)*		659		104,985
Curtiss-Wright Corp.		41		5,881
General Dynamics Corp.		271		61,428
Hexcel Corp.		104		6,293
Howmet Aerospace, Inc.		438		16,263
Huntington Ingalls Industries, Inc.		54		11,709
Kaman Corp.		35		1,077
L3Harris Technologies, Inc.		224		53,753
Lockheed Martin Corp.		279		115,453
Mercury Systems, Inc.*		70		4,131
Moog, Inc. (Class A Stock)		30		2,569
National Presto Industries, Inc.		6		427
Northrop Grumman Corp.		171		81,892
Park Aerospace Corp.		18		220
Raytheon Technologies Corp.		1,761		164,143
Textron, Inc.		253		16,607
TransDigm Group, Inc.*		59		36,718
Triumph Group, Inc.*		86		1,336
Woodward, Inc.		75		7,853


				711,334

Air Freight & Logistics 0.6%

Atlas Air Worldwide Holdings, Inc.*		34		2,574
C.H. Robinson Worldwide, Inc.		146		16,162
Expeditors International of Washington, Inc.		195		20,719
FedEx Corp.		278		64,799
Forward Air Corp.		39		4,092
GXO Logistics, Inc.*		120		5,760
Hub Group, Inc. (Class A Stock)*		36		2,751
United Parcel Service, Inc. (Class B Stock)		866		168,775


				285,632

Airlines 0.2%

Alaska Air Group, Inc.*		163		7,226
Allegiant Travel Co.*		20		2,306
American Airlines Group, Inc.*		802		10,995

See Notes to Financial Statements.

PGIM Day One Underlying Funds 119

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Airlines (cont’d.)

Delta Air Lines, Inc.*		755	$	24,009
Hawaiian Holdings, Inc.*		54		808
JetBlue Airways Corp.*		424		3,570
SkyWest, Inc.*		68		1,642
Southwest Airlines Co.*		698		26,608
Sun Country Airlines Holdings, Inc.*		40		807
United Airlines Holdings, Inc.*		407		14,957


				92,928

Auto Components 0.2%

Adient PLC*		122		4,121
American Axle & Manufacturing Holdings, Inc.*		85		757
Aptiv PLC*		320		33,565
BorgWarner, Inc.		297		11,423
Dana, Inc.		186		3,117
Dorman Products, Inc.*		29		2,932
Fox Factory Holding Corp.*		57		5,396
Gentex Corp.		288		8,127
Gentherm, Inc.*		47		3,034
Goodyear Tire & Rubber Co. (The)*		388		4,765
LCI Industries		27		3,647
Lear Corp.		68		10,278
Motorcar Parts of America, Inc.*		15		226
Patrick Industries, Inc.		31		1,882
Standard Motor Products, Inc.		20		915
Visteon Corp.*		36		4,593
XPEL, Inc.*		20		1,226


				100,004

Automobiles 2.2%

Ford Motor Co.		4,679		68,735
General Motors Co.*		1,727		62,621
Harley-Davidson, Inc.		189		7,146
Tesla, Inc.*		993		885,210
Thor Industries, Inc.		63		5,313
Winnebago Industries, Inc.		47		2,837


				1,031,862

See Notes to Financial Statements.

120

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Banks 3.9%

Allegiance Bancshares, Inc.		23	$	1,013
Ameris Bancorp		75		3,547
Associated Banc-Corp.		193		3,879
Banc of California, Inc.		83		1,453
BancFirst Corp.		20		2,148
Bancorp, Inc. (The)*		80		1,968
Bank of America Corp.		8,398		283,936
Bank of Hawaii Corp.		52		4,166
Bank OZK		148		5,935
BankUnited, Inc.		99		3,846
Banner Corp.		42		2,604
Berkshire Hills Bancorp, Inc.		67		1,887
Brookline Bancorp, Inc.		106		1,466
Cadence Bank		254		6,629
Cathay General Bancorp		101		4,212
Central Pacific Financial Corp.		40		947
Citigroup, Inc.		2,298		119,266
Citizens Financial Group, Inc.		581		22,061
City Holding Co.		16		1,389
Columbia Banking System, Inc.		102		3,077
Comerica, Inc.		155		12,054
Commerce Bancshares, Inc.		135		9,381
Community Bank System, Inc.		66		4,444
Cullen/Frost Bankers, Inc.		70		9,128
Customers Bancorp, Inc.*		40		1,528
CVB Financial Corp.		148		3,947
Dime Community Bancshares, Inc.		48		1,636
Eagle Bancorp, Inc.		39		1,912
East West Bancorp, Inc.		177		12,705
FB Financial Corp.		45		1,928
Fifth Third Bancorp		811		27,671
First Bancorp		56		2,121
First BanCorp. (Puerto Rico)		265		3,999
First Commonwealth Financial Corp.		129		1,912
First Financial Bancorp		127		2,837
First Financial Bankshares, Inc.		159		7,025
First Hawaiian, Inc.		163		4,155
First Horizon Corp.		668		14,936
First Republic Bank		209		34,006
FNB Corp.		444		5,310
Fulton Financial Corp.		210		3,505
Glacier Bancorp, Inc.		129		6,462

See Notes to Financial Statements.

PGIM Day One Underlying Funds 121

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)

Hancock Whitney Corp.		118	$	5,760
Hanmi Financial Corp.		40		1,011
Heritage Financial Corp.		27		703
Hilltop Holdings, Inc.		68		1,962
Home BancShares, Inc.		194		4,578
HomeStreet, Inc.		23		858
Hope Bancorp, Inc.		126		1,895
Huntington Bancshares, Inc.		1,701		22,606
Independent Bank Corp.		56		4,693
Independent Bank Group, Inc.		39		2,758
International Bancshares Corp.		75		3,290
JPMorgan Chase & Co.		3,478		401,222
KeyCorp		1,105		20,221
Lakeland Financial Corp.		25		1,945
M&T Bank Corp.		210		37,264
National Bank Holdings Corp. (Class A Stock)		41		1,706
NBT Bancorp, Inc.		69		2,797
Northwest Bancshares, Inc.		133		1,913
OFG Bancorp (Puerto Rico)		75		2,060
Old National Bancorp		374		6,511
Pacific Premier Bancorp, Inc.		130		4,373
PacWest Bancorp		168		4,709
Park National Corp.		23		2,980
Pathward Financial, Inc.		28		944
Pinnacle Financial Partners, Inc.		88		6,961
PNC Financial Services Group, Inc. (The)		487		80,813
Preferred Bank		15		1,091
Prosperity Bancshares, Inc.		101		7,483
Regions Financial Corp.		1,107		23,446
Renasant Corp.		82		2,739
S&T Bancorp, Inc.		43		1,330
Seacoast Banking Corp. of Florida		78		2,791
ServisFirst Bancshares, Inc.		53		4,529
Signature Bank		70		12,990
Simmons First National Corp. (Class A Stock)		157		3,729
Southside Bancshares, Inc.		52		2,077
SVB Financial Group*		65		26,231
Synovus Financial Corp.		171		6,905
Texas Capital Bancshares, Inc.*		53		3,107
Tompkins Financial Corp.		15		1,157
Triumph Bancorp, Inc.*		31		2,252
Truist Financial Corp.		1,577		79,591

See Notes to Financial Statements.

122

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Banks (cont’d.)

Trustmark Corp.		83	$	2,695
U.S. Bancorp		1,602		75,614
UMB Financial Corp.		57		5,159
Umpqua Holdings Corp.		287		5,054
United Bankshares, Inc.		155		6,005
United Community Banks, Inc.		124		4,220
Valley National Bancorp		537		6,278
Veritex Holdings, Inc.		54		1,671
Washington Federal, Inc.		73		2,491
Webster Financial Corp.		227		10,544
Wells Fargo & Co.		4,487		196,845
Westamerica BanCorp		34		2,040
Wintrust Financial Corp.		70		6,023
Zions Bancorp NA		185		10,092


				1,790,743

Beverages 1.6%

Boston Beer Co., Inc. (The) (Class A Stock)*		7		2,663
Brown-Forman Corp. (Class B Stock)		226		16,774
Celsius Holdings, Inc.*		39		3,469
Coca-Cola Co. (The)		4,619		296,401
Coca-Cola Consolidated, Inc.		9		4,617
Constellation Brands, Inc. (Class A Stock)		192		47,292
Keurig Dr. Pepper, Inc.		870		33,704
MGP Ingredients, Inc.		13		1,367
Molson Coors Beverage Co. (Class B Stock)		231		13,802
Monster Beverage Corp.*		441		43,932
National Beverage Corp.		31		1,680
PepsiCo, Inc.		1,638		286,585


				752,286

Biotechnology 1.9%

AbbVie, Inc.		2,093		300,366
Amgen, Inc.		629		155,659
Anika Therapeutics, Inc.*		17		397
Arcus Biosciences, Inc.*		50		1,329
Arrowhead Pharmaceuticals, Inc.*		122		5,189
Avid Bioservices, Inc.*		80		1,572
Biogen, Inc.*		171		36,775
Coherus Biosciences, Inc.*		77		652

See Notes to Financial Statements.

PGIM Day One Underlying Funds 123

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Biotechnology (cont’d.)

Cytokinetics, Inc.*		103	$	4,360
Dynavax Technologies Corp.*		100		1,438
Eagle Pharmaceuticals, Inc.*		14		556
Emergent BioSolutions, Inc.*		62		2,148
Enanta Pharmaceuticals, Inc.*		20		1,103
Exelixis, Inc.*		412		8,619
Gilead Sciences, Inc.		1,482		88,549
Halozyme Therapeutics, Inc.*		178		8,704
Incyte Corp.*		219		17,012
Ironwood Pharmaceuticals, Inc.*		195		2,233
iTeos Therapeutics, Inc.*		20		489
Ligand Pharmaceuticals, Inc.*		22		2,025
Moderna, Inc.*		410		67,277
Myriad Genetics, Inc.*		91		2,401
Neurocrine Biosciences, Inc.*		109		10,260
Organogenesis Holdings, Inc.*		85		488
Regeneron Pharmaceuticals, Inc.*		128		74,456
REGENXBIO, Inc.*		46		1,443
uniQure NV (Netherlands)*		45		1,141
United Therapeutics Corp.*		62		14,326
Vanda Pharmaceuticals, Inc.*		54		582
Vericel Corp.*		57		1,855
Vertex Pharmaceuticals, Inc.*		300		84,123
Vir Biotechnology, Inc.*		90		2,503
Xencor, Inc.*		88		2,525


				902,555

Building Products 0.6%

A.O. Smith Corp.		159		10,060
AAON, Inc.		44		2,647
Allegion PLC		101		10,676
American Woodmark Corp.*		31		1,557
Apogee Enterprises, Inc.		28		1,165
Builders FirstSource, Inc.*		200		13,600
Carlisle Cos., Inc.		59		17,470
Carrier Global Corp.		1,003		40,652
Fortune Brands Home & Security, Inc.		146		10,173
Gibraltar Industries, Inc.*		46		2,152
Griffon Corp.		68		2,041
Insteel Industries, Inc.		29		908
Johnson Controls International PLC		821		44,260

See Notes to Financial Statements.

124

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Building Products (cont’d.)

Lennox International, Inc.		49	$	11,737
Masco Corp.		275		15,229
Owens Corning		125		11,593
PGT Innovations, Inc.*		83		1,818
Quanex Building Products Corp.		23		566
Resideo Technologies, Inc.*		190		4,277
Simpson Manufacturing Co., Inc.		57		5,887
Trane Technologies PLC		276		40,569
Trex Co., Inc.*		129		8,323
UFP Industries, Inc.		78		7,192


				264,552

Capital Markets 2.7%

Affiliated Managers Group, Inc.		42		5,308
Ameriprise Financial, Inc.		138		37,249
B. Riley Financial, Inc.		16		825
Bank of New York Mellon Corp. (The)		876		38,071
BlackRock, Inc.		168		112,422
Blucora, Inc.*		46		920
Brightsphere Investment Group, Inc.		32		605
Cboe Global Markets, Inc.		130		16,039
Charles Schwab Corp. (The)		1,786		123,323
CME Group, Inc.		424		84,580
Donnelley Financial Solutions, Inc.*		45		1,530
Evercore, Inc. (Class A Stock)		44		4,399
FactSet Research Systems, Inc.		42		18,047
Federated Hermes, Inc.		124		4,230
Franklin Resources, Inc.		350		9,608
Goldman Sachs Group, Inc. (The)		406		135,356
Interactive Brokers Group, Inc. (Class A Stock)		113		6,632
Intercontinental Exchange, Inc.		657		67,007
Invesco Ltd.		418		7,415
Janus Henderson Group PLC		224		5,773
Jefferies Financial Group, Inc.		256		8,338
MarketAxess Holdings, Inc.		46		12,456
Moody’s Corp.		187		58,017
Morgan Stanley		1,657		139,685
MSCI, Inc.		92		44,283
Nasdaq, Inc.		134		24,241
Northern Trust Corp.		244		24,346
Piper Sandler Cos.		20		2,524

See Notes to Financial Statements.

PGIM Day One Underlying Funds 125

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Capital Markets (cont’d.)

Raymond James Financial, Inc.		227	$	22,353
S&P Global, Inc.		408		153,787
SEI Investments Co.		133		7,363
State Street Corp.		434		30,831
Stifel Financial Corp.		119		7,117
StoneX Group, Inc.*		19		1,655
T. Rowe Price Group, Inc.		266		32,843
Virtus Investment Partners, Inc.		10		2,063
WisdomTree Investments, Inc.		69		359


				1,251,600

Chemicals 1.8%

AdvanSix, Inc.		44		1,729
Air Products & Chemicals, Inc.		258		64,043
Albemarle Corp.		146		35,669
American Vanguard Corp.		23		538
Ashland Global Holdings, Inc.		61		6,129
Avient Corp.		107		4,617
Balchem Corp.		44		5,973
Cabot Corp.		65		4,827
Celanese Corp.		138		16,216
CF Industries Holdings, Inc.		245		23,395
Chemours Co. (The)		203		7,225
Corteva, Inc.		856		49,263
Dow, Inc.		861		45,814
DuPont de Nemours, Inc.		598		36,616
Eastman Chemical Co.		149		14,294
Ecolab, Inc.		293		48,395
FMC Corp.		158		17,554
FutureFuel Corp.		23		165
GCP Applied Technologies, Inc.*		62		1,953
Hawkins, Inc.		15		596
HB Fuller Co.		70		4,494
Ingevity Corp.*		41		2,751
Innospec, Inc.		33		3,366
International Flavors & Fragrances, Inc.		302		37,463
Koppers Holdings, Inc.		15		353
Linde PLC (United Kingdom)		596		179,992
Livent Corp.*		192		4,779
LyondellBasell Industries NV (Class A Stock)		305		27,182
Mativ, Inc.		86		1,879

See Notes to Financial Statements.

126

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Chemicals (cont’d.)

Minerals Technologies, Inc.		30	$	2,004
Mosaic Co. (The)		428		22,539
Olin Corp.		171		8,938
PPG Industries, Inc.		279		36,072
Quaker Chemical Corp.		18		2,920
Rayonier Advanced Materials, Inc.*		46		163
RPM International, Inc.		161		14,554
Scotts Miracle-Gro Co. (The)		54		4,803
Sensient Technologies Corp.		47		4,041
Sherwin-Williams Co. (The)		282		68,227
Stepan Co.		27		3,030
Tredegar Corp.		15		157
Trinseo PLC		49		1,753
Valvoline, Inc.		219		7,056


				823,527

Commercial Services & Supplies 0.6%

ABM Industries, Inc.		91		4,080
Brady Corp. (Class A Stock)		65		3,110
Brink’s Co. (The)		57		3,246
Cintas Corp.		101		42,974
Clean Harbors, Inc.*		59		5,758
Copart, Inc.*		250		32,025
CoreCivic, Inc.*		103		1,109
Deluxe Corp.		54		1,358
GEO Group, Inc. (The)*		120		787
Harsco Corp.*		74		356
Healthcare Services Group, Inc.		88		1,262
HNI Corp.		52		1,837
IAA, Inc.*		149		5,622
Interface, Inc.		46		667
KAR Auction Services, Inc.*		162		2,770
Matthews International Corp. (Class A Stock)		31		866
MillerKnoll, Inc.		105		3,162
MSA Safety, Inc.		49		6,289
Pitney Bowes, Inc.		172		562
Republic Services, Inc.		243		33,694
Rollins, Inc.		285		10,992
Stericycle, Inc.*		121		5,671
Tetra Tech, Inc.		73		11,189
UniFirst Corp.		21		4,114

See Notes to Financial Statements.

PGIM Day One Underlying Funds 127

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Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Commercial Services & Supplies (cont’d.)

Viad Corp.*		23	$	777
Waste Management, Inc.		451		74,217


				258,494

Communications Equipment 0.8%

ADTRAN Holdings, Inc.		65		1,566
Arista Networks, Inc.*		263		30,674
CalAmp Corp.*		23		108
Calix, Inc.*		70		3,993
Ciena Corp.*		187		9,649
Cisco Systems, Inc.		4,923		223,357
Comtech Telecommunications Corp.		25		291
Digi International, Inc.*		23		655
Extreme Networks, Inc.*		173		2,263
F5, Inc.*		76		12,719
Harmonic, Inc.*		139		1,518
Juniper Networks, Inc.		403		11,296
Lumentum Holdings, Inc.*		86		7,780
Motorola Solutions, Inc.		198		47,241
NETGEAR, Inc.*		39		1,005
NetScout Systems, Inc.*		83		2,953
Plantronics, Inc.*		41		1,631
Viasat, Inc.*		84		2,766
Viavi Solutions, Inc.*		303		4,484


				365,949

Construction & Engineering 0.2%

AECOM		160		11,520
Arcosa, Inc.		67		3,455
Comfort Systems USA, Inc.		52		5,494
Dycom Industries, Inc.*		45		4,642
EMCOR Group, Inc.		58		6,750
Fluor Corp.*		168		4,269
Granite Construction, Inc.		47		1,405
MasTec, Inc.*		75		5,920
MDU Resources Group, Inc.		251		7,171
MYR Group, Inc.*		24		2,286
NV5 Global, Inc.*		20		2,712

See Notes to Financial Statements.

128

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Construction & Engineering (cont’d.)

Quanta Services, Inc.		169	$	23,445
Valmont Industries, Inc.		30		8,144


				87,213

Construction Materials 0.1%

Eagle Materials, Inc.		47		5,943
Martin Marietta Materials, Inc.		68		23,941
Vulcan Materials Co.		153		25,296


				55,180

Consumer Finance 0.5%

American Express Co.		720		110,894
Bread Financial Holdings, Inc.		69		2,733
Capital One Financial Corp.		465		51,071
Discover Financial Services		330		33,330
Encore Capital Group, Inc.*		29		2,100
Enova International, Inc.*		39		1,346
EZCORP, Inc. (Class A Stock)*		31		249
FirstCash Holdings, Inc.		53		3,883
Green Dot Corp. (Class A Stock)*		65		1,827
LendingTree, Inc.*		14		638
Navient Corp.		204		3,360
PRA Group, Inc.*		62		2,470
PROG Holdings, Inc.*		61		1,124
SLM Corp.		345		5,382
Synchrony Financial		593		19,854
World Acceptance Corp.*		8		886


				241,147

Containers & Packaging 0.3%

Amcor PLC		1,777		23,012
AptarGroup, Inc.		73		7,866
Avery Dennison Corp.		94		17,903
Ball Corp.		375		27,532
Greif, Inc. (Class A Stock)		34		2,401
International Paper Co.		439		18,776
Myers Industries, Inc.		27		657
O-I Glass, Inc.*		192		2,824
Packaging Corp. of America		108		15,186

See Notes to Financial Statements.

PGIM Day One Underlying Funds 129

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Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Containers & Packaging (cont’d.)

Sealed Air Corp.		164	$	10,024
Silgan Holdings, Inc.		113		5,029
Sonoco Products Co.		122		7,746
Westrock Co.		302		12,793


				151,749

Distributors 0.1%

Genuine Parts Co.		163		24,918
LKQ Corp.		305		16,726
Pool Corp.		46		16,454


				58,098

Diversified Consumer Services 0.1%

Adtalem Global Education, Inc.*		44		1,764
American Public Education, Inc.*		15		236
Frontdoor, Inc.*		100		2,677
Graham Holdings Co. (Class B Stock)		9		5,350
Grand Canyon Education, Inc.*		37		3,555
H&R Block, Inc.		183		7,313
Perdoceo Education Corp.*		69		945
Service Corp. International		198		14,743
Strategic Education, Inc.		23		1,652
Stride, Inc.*		50		2,234
WW International, Inc.*		54		359


				40,828

Diversified Financial Services 1.4%

Berkshire Hathaway, Inc. (Class B Stock)*		2,140		643,284
Voya Financial, Inc.		115		6,918


				650,202

Diversified Telecommunication Services 0.9%

AT&T, Inc.		8,481		159,273
ATN International, Inc.		15		690
Cogent Communications Holdings, Inc.		54		3,446
Consolidated Communications Holdings, Inc.*		46		304
Iridium Communications, Inc.*		148		6,617

See Notes to Financial Statements.

130

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Diversified Telecommunication Services (cont’d.)

Lumen Technologies, Inc.		1,141	$	12,425
Verizon Communications, Inc.		4,977		229,888


				412,643

Electric Utilities 1.8%

ALLETE, Inc.		67		4,159
Alliant Energy Corp.		294		17,913
American Electric Power Co., Inc.		608		59,924
Constellation Energy Corp.		387		25,581
Duke Energy Corp.		912		100,256
Edison International		450		30,496
Entergy Corp.		237		27,286
Evergy, Inc.		287		19,591
Eversource Energy		405		35,729
Exelon Corp.		1,159		53,882
FirstEnergy Corp.		673		27,660
Hawaiian Electric Industries, Inc.		140		5,922
IDACORP, Inc.		68		7,597
NextEra Energy, Inc.		2,327		196,608
NRG Energy, Inc.		301		11,363
OGE Energy Corp.		256		10,516
Pinnacle West Capital Corp.		132		9,698
PNM Resources, Inc.		99		4,779
Portland General Electric Co.		100		5,134
PPL Corp.		871		25,329
Southern Co. (The)		1,259		96,805
Xcel Energy, Inc.		645		47,201


				823,429

Electrical Equipment 0.6%

Acuity Brands, Inc.		37		6,749
AMETEK, Inc.		273		33,716
AZZ, Inc.		34		1,446
Eaton Corp. PLC		472		70,040
Emerson Electric Co.		703		63,319
Encore Wire Corp.		32		4,431
EnerSys		48		3,164
Generac Holdings, Inc.*		78		20,927
Hubbell, Inc.		62		13,579
nVent Electric PLC		207		7,309

See Notes to Financial Statements.

PGIM Day One Underlying Funds 131

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Electrical Equipment (cont’d.)

Powell Industries, Inc.		8	$	192
Regal Rexnord Corp.		84		11,281
Rockwell Automation, Inc.		146		37,271
Sunrun, Inc.*		282		9,219
Vicor Corp.*		29		2,116


				284,759

Electronic Equipment, Instruments & Components 0.9%

Advanced Energy Industries, Inc.		41		3,669
Amphenol Corp. (Class A Stock)		706		54,454
Arlo Technologies, Inc.*		76		534
Arrow Electronics, Inc.*		86		11,023
Avnet, Inc.		120		5,744
Badger Meter, Inc.		31		2,982
Belden, Inc.		52		3,365
Benchmark Electronics, Inc.		39		998
CDW Corp.		159		28,863
Cognex Corp.		221		11,267
Corning, Inc.		898		33,010
CTS Corp.		31		1,261
ePlus, Inc.*		36		2,001
Fabrinet (Thailand)*		39		3,746
FARO Technologies, Inc.*		31		1,008
II-VI, Inc.*		152		8,001
Insight Enterprises, Inc.*		39		3,643
IPG Photonics Corp.*		48		5,116
Itron, Inc.*		45		2,628
Jabil, Inc.		164		9,732
Keysight Technologies, Inc.*		215		34,959
Knowles Corp.*		100		1,975
Littelfuse, Inc.		27		7,530
Methode Electronics, Inc.		51		2,103
National Instruments Corp.		171		6,498
Novanta, Inc.*		40		6,168
OSI Systems, Inc.*		25		2,417
PC Connection, Inc.		15		711
Plexus Corp.*		29		2,725
Rogers Corp.*		27		7,270
Sanmina Corp.*		86		3,960
ScanSource, Inc.*		31		990
TD SYNNEX Corp.		45		4,519

See Notes to Financial Statements.

132

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Electronic Equipment, Instruments & Components (cont’d.)

TE Connectivity Ltd. (Switzerland)		381	$	50,951
Teledyne Technologies, Inc.*		51		19,961
Trimble, Inc.*		294		20,412
TTM Technologies, Inc.*		116		1,569
Vishay Intertechnology, Inc.		166		3,430
Vontier Corp.		212		5,470
Zebra Technologies Corp. (Class A Stock)*		56		20,031


				396,694

Energy Equipment & Services 0.3%

Archrock, Inc.		178		1,502
Baker Hughes Co.		1,106		28,413
Bristow Group, Inc.*		38		980
ChampionX Corp.		276		5,766
Core Laboratories NV		55		1,042
DMC Global, Inc.*		24		546
Dril-Quip, Inc.*		39		1,000
Halliburton Co.		1,069		31,322
Helix Energy Solutions Group, Inc.*		108		436
Helmerich & Payne, Inc.		122		5,649
Nabors Industries Ltd.*		14		1,995
NOV, Inc.		519		9,659
Oceaneering International, Inc.*		143		1,519
Oil States International, Inc.*		54		275
Patterson-UTI Energy, Inc.		286		4,733
ProPetro Holding Corp.*		66		694
RPC, Inc.*		69		563
Schlumberger NV		1,675		62,025
U.S. Silica Holdings, Inc.*		62		858


				158,977

Entertainment 1.2%

Activision Blizzard, Inc.		925		73,954
Cinemark Holdings, Inc.*		126		2,309
Electronic Arts, Inc.		333		43,700
Live Nation Entertainment, Inc.*		159		14,944
Marcus Corp. (The)*		15		246
Netflix, Inc.*		522		117,398
Take-Two Interactive Software, Inc.*		183		24,290
Walt Disney Co. (The)*		2,158		228,964

See Notes to Financial Statements.

PGIM Day One Underlying Funds 133

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Entertainment (cont’d.)

Warner Bros Discovery, Inc.*		2,616	$	39,240
World Wrestling Entertainment, Inc. (Class A Stock)		50		3,465


				548,510

Equity Real Estate Investment Trusts (REITs) 3.2%

Acadia Realty Trust		95		1,627
Agree Realty Corp.		81		6,447
Alexander & Baldwin, Inc.		98		1,951
Alexandria Real Estate Equities, Inc.		182		30,172
American Assets Trust, Inc.		74		2,237
American Campus Communities, Inc.		176		11,496
American Tower Corp.		546		147,873
Apartment Income REIT Corp.		201		9,113
Armada Hoffler Properties, Inc.		82		1,163
AvalonBay Communities, Inc.		163		34,872
Boston Properties, Inc.		165		15,041
Brandywine Realty Trust		231		2,160
Brixmor Property Group, Inc.		391		9,063
Camden Property Trust		127		17,920
CareTrust REIT, Inc.		109		2,251
Centerspace		15		1,288
Chatham Lodging Trust*		69		839
Community Healthcare Trust, Inc.		21		818
Corporate Office Properties Trust		150		4,223
Cousins Properties, Inc.		203		6,263
Crown Castle International Corp.		510		92,137
DiamondRock Hospitality Co.*		284		2,636
Digital Realty Trust, Inc.		333		44,106
Diversified Healthcare Trust		239		413
Douglas Emmett, Inc.		210		4,964
Duke Realty Corp.		455		28,465
Easterly Government Properties, Inc.		115		2,331
EastGroup Properties, Inc.		56		9,550
EPR Properties		91		4,897
Equinix, Inc.		103		72,485
Equity Residential		404		31,670
Essential Properties Realty Trust, Inc.		145		3,497
Essex Property Trust, Inc.		80		22,922
Extra Space Storage, Inc.		156		29,565
Federal Realty OP LP		81		8,554
First Industrial Realty Trust, Inc.		158		8,208

See Notes to Financial Statements.

134

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Equity Real Estate Investment Trusts (REITs) (cont’d.)

Four Corners Property Trust, Inc.		86	$	2,514
Franklin Street Properties Corp.		131		496
Getty Realty Corp.		42		1,232
Global Net Lease, Inc.		142		2,143
Healthcare Realty Trust, Inc.		400		10,500
Healthpeak Properties, Inc.		635		17,545
Hersha Hospitality Trust*		15		151
Highwoods Properties, Inc.		125		4,446
Host Hotels & Resorts, Inc.		884		15,744
Hudson Pacific Properties, Inc.		199		2,993
Independence Realty Trust, Inc.		273		6,061
Industrial Logistics Properties Trust		77		772
Innovative Industrial Properties, Inc.		36		3,471
Iron Mountain, Inc.		341		16,535
iStar, Inc.		93		1,554
JBG SMITH Properties		159		4,045
Kilroy Realty Corp.		120		6,502
Kimco Realty Corp.		765		16,914
Kite Realty Group Trust		264		5,251
Lamar Advertising Co. (Class A Stock)		99		10,005
Life Storage, Inc.		97		12,211
LTC Properties, Inc.		46		1,927
LXP Industrial Trust		352		3,861
Macerich Co. (The)		289		3,066
Medical Properties Trust, Inc.		739		12,740
Mid-America Apartment Communities, Inc.		136		25,259
National Retail Properties, Inc.		214		10,189
National Storage Affiliates Trust		103		5,649
NexPoint Residential Trust, Inc.		31		2,063
Office Properties Income Trust		49		1,018
Omega Healthcare Investors, Inc.		275		8,525
Orion Office REIT, Inc.		73		799
Park Hotels & Resorts, Inc.		315		4,911
Pebblebrook Hotel Trust		163		3,188
Physicians Realty Trust		279		4,958
PotlatchDeltic Corp.		93		4,560
Prologis, Inc.		875		115,990
Public Storage		180		58,754
Rayonier, Inc.		183		6,908
Realty Income Corp.		712		52,681
Regency Centers Corp.		176		11,340
Retail Opportunity Investments Corp.		133		2,322

See Notes to Financial Statements.

PGIM Day One Underlying Funds 135

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Equity Real Estate Investment Trusts (REITs) (cont’d.)

Rexford Industrial Realty, Inc.		188	$	12,297
RPT Realty		112		1,217
Sabra Health Care REIT, Inc.		279		4,294
Safehold, Inc.		21		895
Saul Centers, Inc.		8		418
SBA Communications Corp.		121		40,631
Service Properties Trust		190		1,243
Simon Property Group, Inc.		386		41,935
SITE Centers Corp.		223		3,258
SL Green Realty Corp.		77		3,823
Spirit Realty Capital, Inc.		155		6,873
STORE Capital Corp.		325		9,432
Summit Hotel Properties, Inc.*		143		1,123
Sunstone Hotel Investors, Inc.*		200		2,266
Tanger Factory Outlet Centers, Inc.		115		1,871
UDR, Inc.		352		17,037
Uniti Group, Inc.		309		3,081
Universal Health Realty Income Trust		20		1,078
Urban Edge Properties		131		2,152
Urstadt Biddle Properties, Inc. (Class A Stock)		15		276
Ventas, Inc.		472		25,384
Veris Residential, Inc.*		100		1,395
VICI Properties, Inc.		1,140		38,977
Vornado Realty Trust		200		6,078
Washington Real Estate Investment Trust		100		2,217
Welltower, Inc.		538		46,451
Weyerhaeuser Co.		878		31,889
Whitestone REIT		23		258
Xenia Hotels & Resorts, Inc.*		125		2,053


				1,464,912

Food & Staples Retailing 1.4%

Andersons, Inc. (The)		45		1,628
BJ’s Wholesale Club Holdings, Inc.*		156		10,561
Casey’s General Stores, Inc.		52		10,538
Chefs’ Warehouse, Inc. (The)*		53		1,834
Costco Wholesale Corp.		523		283,100
Grocery Outlet Holding Corp.*		109		4,656
Kroger Co. (The)		777		36,084
Performance Food Group Co.*		187		9,296
PriceSmart, Inc.		31		2,058

See Notes to Financial Statements.

136

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Food & Staples Retailing (cont’d.)

SpartanNash Co.		50	$	1,614
Sprouts Farmers Market, Inc.*		145		4,008
Sysco Corp.		603		51,195
United Natural Foods, Inc.*		63		2,678
Walgreens Boots Alliance, Inc.		847		33,558
Walmart, Inc.		1,661		219,335


				672,143

Food Products 1.1%

Archer-Daniels-Midland Co.		666		55,125
B&G Foods, Inc.		90		2,224
Calavo Growers, Inc.		23		927
Cal-Maine Foods, Inc.		41		2,095
Campbell Soup Co.		247		12,189
Conagra Brands, Inc.		567		19,397
Darling Ingredients, Inc.*		185		12,817
Flowers Foods, Inc.		258		7,330
Fresh Del Monte Produce, Inc.		39		1,159
General Mills, Inc.		711		53,176
Hain Celestial Group, Inc. (The)*		113		2,571
Hershey Co. (The)		171		38,981
Hormel Foods Corp.		333		16,430
Hostess Brands, Inc.*		200		4,524
Ingredion, Inc.		74		6,733
J & J Snack Foods Corp.		21		2,846
J.M. Smucker Co. (The)		134		17,731
John B. Sanfilippo & Son, Inc.		13		974
Kellogg Co.		299		22,102
Kraft Heinz Co. (The)		841		30,974
Lamb Weston Holdings, Inc.		177		14,100
Lancaster Colony Corp.		30		3,971
McCormick & Co., Inc.		292		25,506
Mondelez International, Inc. (Class A Stock)		1,636		104,769
Pilgrim’s Pride Corp.*		62		1,945
Post Holdings, Inc.*		63		5,477
Seneca Foods Corp. (Class A Stock)*		12		683
Simply Good Foods Co. (The)*		109		3,556
Tootsie Roll Industries, Inc.		15		527

See Notes to Financial Statements.

PGIM Day One Underlying Funds 137

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Food Products (cont’d.)

TreeHouse Foods, Inc.*		74	$	3,213
Tyson Foods, Inc. (Class A Stock)		343		30,187


				504,239

Gas Utilities 0.2%

Atmos Energy Corp.		163		19,786
Chesapeake Utilities Corp.		29		3,977
National Fuel Gas Co.		99		7,162
New Jersey Resources Corp.		117		5,404
Northwest Natural Holding Co.		43		2,308
ONE Gas, Inc.		67		5,691
South Jersey Industries, Inc.		157		5,382
Southwest Gas Holdings, Inc.		77		6,696
Spire, Inc.		59		4,439
UGI Corp.		244		10,531


				71,376

Health Care Equipment & Supplies 2.6%

Abbott Laboratories		2,074		225,734
ABIOMED, Inc.*		54		15,823
Align Technology, Inc.*		85		23,882
AngioDynamics, Inc.*		53		1,203
Artivion, Inc.*		23		451
Avanos Medical, Inc.*		62		1,759
Baxter International, Inc.		596		34,961
Becton, Dickinson & Co.		335		81,844
BioLife Solutions, Inc.*		40		771
Boston Scientific Corp.*		1,694		69,539
Cardiovascular Systems, Inc.*		44		678
CONMED Corp.		44		4,296
Cooper Cos., Inc. (The)		50		16,350
Cutera, Inc.*		18		836
DENTSPLY SIRONA, Inc.		268		9,691
Dexcom, Inc.*		463		38,003
Edwards Lifesciences Corp.*		735		73,897
Embecta Corp.*		73		2,148
Enovis Corp.*		60		3,583
Envista Holdings Corp.*		200		8,130
Glaukos Corp.*		50		2,692
Globus Medical, Inc. (Class A Stock)*		95		5,576

See Notes to Financial Statements.

138

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Equipment & Supplies (cont’d.)

Haemonetics Corp.*		70	$	4,864
Heska Corp.*		16		1,464
Hologic, Inc.*		295		21,057
ICU Medical, Inc.*		29		5,138
IDEXX Laboratories, Inc.*		90		35,926
Inari Medical, Inc.*		40		3,103
Inogen, Inc.*		25		696
Integer Holdings Corp.*		47		3,285
Integra LifeSciences Holdings Corp.*		85		4,678
Intuitive Surgical, Inc.*		425		97,822
Lantheus Holdings, Inc.*		78		5,984
LeMaitre Vascular, Inc.		18		906
LivaNova PLC*		54		3,438
Masimo Corp.*		70		10,121
Medtronic PLC		1,588		146,922
Meridian Bioscience, Inc.*		34		1,076
Merit Medical Systems, Inc.*		69		3,966
Mesa Laboratories, Inc.		8		1,706
Neogen Corp.*		154		3,562
NuVasive, Inc.*		54		2,836
Omnicell, Inc.*		52		5,726
OraSure Technologies, Inc.*		34		104
Orthofix Medical, Inc.*		23		590
Penumbra, Inc.*		48		6,690
QuidelOrtho Corp.*		59		6,020
ResMed, Inc.		169		40,648
Shockwave Medical, Inc.*		45		9,492
STAAR Surgical Co.*		65		5,245
STERIS PLC		127		28,658
Stryker Corp.		397		85,256
Surmodics, Inc.*		15		522
Tandem Diabetes Care, Inc.*		85		5,628
Teleflex, Inc.		54		12,985
Varex Imaging Corp.*		55		1,226
Zimmer Biomet Holdings, Inc.		245		27,046
Zimvie, Inc.*		29		563
Zynex, Inc.		17		146


				1,216,942

Health Care Providers & Services 3.2%

Acadia Healthcare Co., Inc.*		113		9,369

See Notes to Financial Statements.

PGIM Day One Underlying Funds 139

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Providers & Services (cont’d.)

Addus HomeCare Corp.*		19	$	1,763
Amedisys, Inc.*		44		5,273
AmerisourceBergen Corp.		174		25,392
AMN Healthcare Services, Inc.*		55		6,184
Apollo Medical Holdings, Inc.*		50		2,652
Cardinal Health, Inc.		321		19,119
Centene Corp.*		693		64,428
Chemed Corp.		14		6,735
Cigna Corp.		372		102,434
Community Health Systems, Inc.*		167		498
CorVel Corp.*		14		2,308
Covetrus, Inc.*		116		2,409
Cross Country Healthcare, Inc.*		23		606
CVS Health Corp.		1,554		148,687
DaVita, Inc.*		78		6,565
Elevance Health, Inc.		282		134,542
Encompass Health Corp.		120		6,074
Enhabit, Inc.*		60		1,051
Ensign Group, Inc. (The)		68		5,419
Fulgent Genetics, Inc.*		24		1,434
Hanger, Inc.*		46		854
HCA Healthcare, Inc.		267		56,716
HealthEquity, Inc.*		91		5,293
Henry Schein, Inc.*		173		13,638
Humana, Inc.		145		69,890
Joint Corp. (The)*		20		342
Laboratory Corp. of America Holdings		106		27,792
LHC Group, Inc.*		43		7,012
McKesson Corp.		171		58,410
ModivCare, Inc.*		20		1,996
Molina Healthcare, Inc.*		65		21,302
Option Care Health, Inc.*		170		5,712
Owens & Minor, Inc.		93		3,293
Patterson Cos., Inc.		106		3,292
Pediatrix Medical Group, Inc.*		105		2,379
Pennant Group, Inc. (The)*		29		387
Progyny, Inc.*		92		2,809
Quest Diagnostics, Inc.		135		18,437
R1 RCM, Inc.*		157		3,925
RadNet, Inc.*		46		946
Select Medical Holdings Corp.		145		4,295
Tenet Healthcare Corp.*		130		8,596

See Notes to Financial Statements.

140

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Health Care Providers & Services (cont’d.)

U.S. Physical Therapy, Inc.		21	$	2,725
UnitedHealth Group, Inc.		1,111		602,540
Universal Health Services, Inc. (Class B Stock)		89		10,010


				1,485,533

Health Care Technology 0.0%

Allscripts Healthcare Solutions, Inc.*		171		2,705
Computer Programs & Systems, Inc.*		15		506
HealthStream, Inc.*		15		361
NextGen Healthcare, Inc.*		80		1,370
OptimizeRx Corp.*		20		449
Simulations Plus, Inc.		23		1,476


				6,867

Hotels, Restaurants & Leisure 1.8%

BJ’s Restaurants, Inc.*		21		493
Bloomin’ Brands, Inc.		100		2,039
Booking Holdings, Inc.*		48		92,913
Boyd Gaming Corp.		90		4,996
Brinker International, Inc.*		65		1,804
Caesars Entertainment, Inc.*		245		11,194
Carnival Corp.*		1,202		10,890
Cheesecake Factory, Inc. (The)		55		1,608
Chipotle Mexican Grill, Inc.*		33		51,619
Choice Hotels International, Inc.		44		5,318
Churchill Downs, Inc.		49		10,280
Chuy’s Holdings, Inc.*		15		333
Cracker Barrel Old Country Store, Inc.		23		2,187
Darden Restaurants, Inc.		144		17,927
Dave & Buster’s Entertainment, Inc.*		42		1,569
Dine Brands Global, Inc.		23		1,640
Domino’s Pizza, Inc.		43		16,861
El Pollo Loco Holdings, Inc.*		24		233
Expedia Group, Inc.*		187		19,831
Golden Entertainment, Inc.*		30		1,316
Hilton Worldwide Holdings, Inc.		328		42,007
Jack in the Box, Inc.		29		2,005
Las Vegas Sands Corp.*		398		15,001
Light & Wonder, Inc.*		130		6,622
Marriott International, Inc. (Class A Stock)		321		50,981

See Notes to Financial Statements.

PGIM Day One Underlying Funds 141

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Hotels, Restaurants & Leisure (cont’d.)

Marriott Vacations Worldwide Corp.		49	$	6,709
McDonald’s Corp.		876		230,712
MGM Resorts International		418		13,681
Monarch Casino & Resort, Inc.*		15		962
Norwegian Cruise Line Holdings Ltd.*		526		6,391
Papa John’s International, Inc.		34		3,260
Penn National Gaming, Inc.*		190		6,564
Royal Caribbean Cruises Ltd.*		280		10,839
Ruth’s Hospitality Group, Inc.		23		404
Shake Shack, Inc. (Class A Stock)*		50		2,573
Six Flags Entertainment Corp.*		111		2,516
Starbucks Corp.		1,355		114,877
Texas Roadhouse, Inc.		76		6,629
Travel + Leisure Co.		107		4,613
Wendy’s Co. (The)		222		4,669
Wingstop, Inc.		42		5,300
Wyndham Hotels & Resorts, Inc.		104		7,219
Wynn Resorts Ltd.*		129		8,189
Yum! Brands, Inc.		335		41,051


				848,825

Household Durables 0.4%

Cavco Industries, Inc.*		19		4,898
Century Communities, Inc.		39		1,996
D.R. Horton, Inc.		375		29,261
Ethan Allen Interiors, Inc.		15		345
Garmin Ltd.		177		17,279
Green Brick Partners, Inc.*		50		1,340
Helen of Troy Ltd.*		36		4,816
Installed Building Products, Inc.		37		3,753
iRobot Corp.*		40		1,840
KB Home		122		3,982
La-Z-Boy, Inc.		62		1,728
Leggett & Platt, Inc.		161		6,382
Lennar Corp. (Class A Stock)		302		25,670
LGI Homes, Inc.*		30		3,384
M/I Homes, Inc.*		39		1,794
MDC Holdings, Inc.		77		2,791
Meritage Homes Corp.*		39		3,444
Mohawk Industries, Inc.*		66		8,480
Newell Brands, Inc.		464		9,377

See Notes to Financial Statements.

142

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Household Durables (cont’d.)

NVR, Inc.*		3	$	13,179
PulteGroup, Inc.		277		12,083
Sonos, Inc.*		165		3,648
Taylor Morrison Home Corp.*		161		4,621
Tempur Sealy International, Inc.		239		6,568
Toll Brothers, Inc.		150		7,377
TopBuild Corp.*		46		9,739
Tri Pointe Homes, Inc.*		144		2,667
Tupperware Brands Corp.*		62		463
Universal Electronics, Inc.*		23		638
Whirlpool Corp.		70		12,101


				205,644

Household Products 1.2%

Central Garden & Pet Co.*		15		650
Central Garden & Pet Co. (Class A Stock)*		43		1,754
Church & Dwight Co., Inc.		284		24,984
Clorox Co. (The)		153		21,702
Colgate-Palmolive Co.		992		78,110
Energizer Holdings, Inc.		80		2,362
Kimberly-Clark Corp.		395		52,057
Procter & Gamble Co. (The)		2,840		394,505
WD-40 Co.		20		3,547


				579,671

Independent Power & Renewable Electricity Producers 0.1%

AES Corp. (The)		788		17,509
Ormat Technologies, Inc.		50		4,327


				21,836

Industrial Conglomerates 0.8%

3M Co.		674		96,544
General Electric Co.		1,302		96,231
Honeywell International, Inc.		805		154,930


				347,705

Insurance 2.1%

Aflac, Inc.		698		39,995
Alleghany Corp.*		15		12,562

See Notes to Financial Statements.

PGIM Day One Underlying Funds 143

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Insurance (cont’d.)

Allstate Corp. (The)		324	$	37,898
Ambac Financial Group, Inc.*		42		494
American Equity Investment Life Holding Co.		104		3,906
American Financial Group, Inc.		77		10,293
American International Group, Inc.		935		48,405
AMERISAFE, Inc.		26		1,185
Aon PLC (Class A Stock)		250		72,760
Arthur J. Gallagher & Co.		247		44,211
Assurant, Inc.		70		12,305
Assured Guaranty Ltd.		86		5,022
Brighthouse Financial, Inc.*		94		4,081
Brown & Brown, Inc.		276		17,968
Chubb Ltd.		498		93,943
Cincinnati Financial Corp.		173		16,840
CNO Financial Group, Inc.		144		2,700
eHealth, Inc.*		26		192
Employers Holdings, Inc.		28		1,112
Everest Re Group Ltd.		46		12,022
First American Financial Corp.		130		7,540
Genworth Financial, Inc. (Class A Stock)*		617		2,622
Globe Life, Inc.		112		11,282
Hanover Insurance Group, Inc. (The)		48		6,551
Hartford Financial Services Group, Inc. (The)		385		24,821
HCI Group, Inc.		11		753
Horace Mann Educators Corp.		47		1,610
James River Group Holdings Ltd.		38		903
Kemper Corp.		71		3,323
Kinsale Capital Group, Inc.		29		7,053
Lincoln National Corp.		188		9,652
Loews Corp.		227		13,223
Marsh & McLennan Cos., Inc.		590		96,736
Mercury General Corp.		34		1,426
MetLife, Inc.		818		51,739
Old Republic International Corp.		359		8,354
Palomar Holdings, Inc.*		29		1,809
Primerica, Inc.		44		5,662
Principal Financial Group, Inc.		277		18,542
ProAssurance Corp.		69		1,527
Progressive Corp. (The)		691		79,506
Prudential Financial, Inc.(g)		441		44,096
Reinsurance Group of America, Inc.		80		9,262
RenaissanceRe Holdings Ltd. (Bermuda)		49		6,336

See Notes to Financial Statements.

144

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Insurance (cont’d.)

RLI Corp.		52	$	5,719
Safety Insurance Group, Inc.		22		1,904
Selective Insurance Group, Inc.		80		6,229
Selectquote, Inc.*		165		304
SiriusPoint Ltd. (Bermuda)*		69		302
Stewart Information Services Corp.		34		1,858
Travelers Cos., Inc. (The)		281		44,595
Trupanion, Inc.*		42		2,647
United Fire Group, Inc.		27		886
Universal Insurance Holdings, Inc.		39		493
Unum Group		252		8,112
W.R. Berkley Corp.		246		15,382
Willis Towers Watson PLC		141		29,179


				969,832

Interactive Media & Services 4.5%

Alphabet, Inc. (Class A Stock)*		7,125		828,780
Alphabet, Inc. (Class C Stock)*		6,535		762,242
Cars.com, Inc.*		80		941
Match Group, Inc.*		335		24,559
Meta Platforms, Inc. (Class A Stock)*		2,716		432,116
QuinStreet, Inc.*		54		581
Shutterstock, Inc.		24		1,356
TripAdvisor, Inc.*		129		2,452
Twitter, Inc.*		902		37,532
Yelp, Inc.*		93		2,851
Ziff Davis, Inc.*		55		4,504


				2,097,914

Internet & Direct Marketing Retail 3.1%

Amazon.com, Inc.*		10,365		1,398,757
eBay, Inc.		661		32,145
Etsy, Inc.*		146		15,143
Liquidity Services, Inc.*		39		785
PetMed Express, Inc.		15		327


				1,447,157

IT Services 4.1%

Accenture PLC (Class A Stock)		746		228,470

See Notes to Financial Statements.

PGIM Day One Underlying Funds 145

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

IT Services (cont’d.)

Akamai Technologies, Inc.*		188	$	18,089
Automatic Data Processing, Inc.		494		119,113
Broadridge Financial Solutions, Inc.		144		23,119
Cognizant Technology Solutions Corp. (Class A Stock)		615		41,795
Concentrix Corp.		50		6,688
CSG Systems International, Inc.		39		2,545
DXC Technology Co.*		311		9,828
EPAM Systems, Inc.*		65		22,701
Euronet Worldwide, Inc.*		55		5,405
EVERTEC, Inc. (Puerto Rico)		82		3,197
ExlService Holdings, Inc.*		45		7,577
Fidelity National Information Services, Inc.		720		73,555
Fiserv, Inc.*		689		72,813
FleetCor Technologies, Inc.*		101		22,229
Gartner, Inc.*		99		26,283
Genpact Ltd.		210		10,097
Global Payments, Inc.		333		40,733
International Business Machines Corp.		1,066		139,422
Jack Henry & Associates, Inc.		86		17,868
Kyndryl Holdings, Inc.*		244		2,555
Mastercard, Inc. (Class A Stock)		1,014		358,743
Maximus, Inc.		63		4,212
Paychex, Inc.		378		48,490
PayPal Holdings, Inc.*		1,368		118,373
Perficient, Inc.*		36		3,799
Sabre Corp.*		405		2,491
TTEC Holdings, Inc.		16		1,171
Unisys Corp.*		65		892
VeriSign, Inc.*		121		22,888
Visa, Inc. (Class A Stock)		1,949		413,402
Western Union Co. (The)		489		8,323
WEX, Inc.*		49		8,144


				1,885,010

Leisure Products 0.1%

Brunswick Corp.		91		7,291
Callaway Golf Co.*		152		3,488
Hasbro, Inc.		159		12,517
Mattel, Inc.*		453		10,510
Polaris, Inc.		62		7,271
Sturm Ruger & Co., Inc.		26		1,719

See Notes to Financial Statements.

146

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Leisure Products (cont’d.)

Vista Outdoor, Inc.*		64	$	1,926
YETI Holdings, Inc.*		106		5,382


				50,104

Life Sciences Tools & Services 1.8%

Agilent Technologies, Inc.		354		47,471
Azenta, Inc.		93		6,348
Bio-Rad Laboratories, Inc. (Class A Stock)*		19		10,702
Bio-Techne Corp.		37		14,255
Bruker Corp.		115		7,883
Charles River Laboratories International, Inc.*		70		17,538
Danaher Corp.		765		222,975
Illumina, Inc.*		183		39,653
IQVIA Holdings, Inc.*		223		53,580
Medpace Holdings, Inc.*		41		6,951
Mettler-Toledo International, Inc.*		26		35,093
NeoGenomics, Inc.*		157		1,589
PerkinElmer, Inc.		149		22,822
Repligen Corp.*		70		14,935
Sotera Health Co.*		125		2,400
Syneos Health, Inc.*		124		9,813
Thermo Fisher Scientific, Inc.		460		275,269
Waters Corp.*		65		23,662
West Pharmaceutical Services, Inc.		82		28,172


				841,111

Machinery 1.8%

AGCO Corp.		68		7,407
Alamo Group, Inc.		19		2,459
Albany International Corp. (Class A Stock)		46		4,198
Astec Industries, Inc.		24		1,179
Barnes Group, Inc.		64		2,165
Caterpillar, Inc.		628		124,501
Chart Industries, Inc.*		48		9,364
CIRCOR International, Inc.*		20		348
Crane Holdings Co.		58		5,738
Cummins, Inc.		167		36,959
Deere & Co.		328		112,563
Donaldson Co., Inc.		141		7,672
Dover Corp.		168		22,458

See Notes to Financial Statements.

PGIM Day One Underlying Funds 147

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description		Shares		Value

COMMON STOCKS (Continued)

Machinery (cont’d.)

Enerpac Tool Group Corp.			60	$	1,218
EnPro Industries, Inc.			31		2,898
Esab Corp.			60		2,473
ESCO Technologies, Inc.			36		2,792
Federal Signal Corp.			78		3,239
Flowserve Corp.			163		5,516
Fortive Corp.			424		27,327
Franklin Electric Co., Inc.	��		42		3,814
Graco, Inc.			195		13,096
Greenbrier Cos., Inc. (The)			37		1,177
Hillenbrand, Inc.			82		3,788
IDEX Corp.			88		18,370
Illinois Tool Works, Inc.			335		69,600
Ingersoll Rand, Inc.			480		23,904
ITT, Inc.			102		7,653
John Bean Technologies Corp.			44		4,942
Kennametal, Inc.			101		2,712
Lincoln Electric Holdings, Inc.			68		9,618
Lindsay Corp.			14		2,155
Meritor, Inc.*			85		3,096
Middleby Corp. (The)*			63		9,115
Mueller Industries, Inc.			75		5,050
Nordson Corp.			73		16,862
Oshkosh Corp.			79		6,802
Otis Worldwide Corp.			501		39,163
PACCAR, Inc.			409		37,432
Parker-Hannifin Corp.			149		43,074
Pentair PLC			205		10,022
Proto Labs, Inc.*			34		1,662
Snap-on, Inc.			61		13,667
SPX Corp.*			45		2,661
Standex International Corp.			19		1,845
Stanley Black & Decker, Inc.			178		17,325
Tennant Co.			24		1,609
Terex Corp.			91		3,049
Timken Co. (The)			73		4,773
Titan International, Inc.*			32		536
Toro Co. (The)			130		11,179
Trinity Industries, Inc.			108		2,803
Wabash National Corp.			70		1,264
Watts Water Technologies, Inc. (Class A Stock)			40		5,525

See Notes to Financial Statements.

148

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Machinery (cont’d.)

Westinghouse Air Brake Technologies Corp.		226	$	21,124
Xylem, Inc.		209		19,234


				822,175

Marine 0.0%

Kirby Corp.*		75		4,758
Matson, Inc.		47		4,308


				9,066

Media 0.8%

AMC Networks, Inc. (Class A Stock)*		37		1,129
Cable One, Inc.		4		5,507
Charter Communications, Inc. (Class A Stock)*		136		58,766
Comcast Corp. (Class A Stock)		5,294		198,631
DISH Network Corp. (Class A Stock)*		301		5,228
EW Scripps Co. (The) (Class A Stock)*		78		1,112
Fox Corp. (Class A Stock)		388		12,847
Fox Corp. (Class B Stock)		200		6,180
Gannett Co., Inc.*		81		244
Interpublic Group of Cos., Inc. (The)		458		13,680
John Wiley & Sons, Inc. (Class A Stock)		57		2,976
New York Times Co. (The) (Class A Stock)		204		6,518
News Corp. (Class A Stock)		483		8,279
News Corp. (Class B Stock)		148		2,557
Omnicom Group, Inc.		240		16,762
Paramount Global (Class B Stock)		753		17,808
Scholastic Corp.		43		2,024
TechTarget, Inc.*		31		2,021
TEGNA, Inc.		279		5,842
Thryv Holdings, Inc.*		20		487


				368,598

Metals & Mining 0.5%

Alcoa Corp.		230		11,705
Arconic Corp.*		130		3,927
ATI, Inc.*		154		3,833
Carpenter Technology Corp.		62		1,993
Century Aluminum Co.*		71		560
Cleveland-Cliffs, Inc.*		592		10,484

See Notes to Financial Statements.

PGIM Day One Underlying Funds 149

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Metals & Mining (cont’d.)

Commercial Metals Co.		152	$	6,022
Compass Minerals International, Inc.		46		1,713
Freeport-McMoRan, Inc.		1,713		54,045
Haynes International, Inc.		12		464
Kaiser Aluminum Corp.		25		1,894
Materion Corp.		28		2,294
MP Materials Corp.*		80		2,686
Newmont Corp.		940		42,563
Nucor Corp.		311		42,234
Olympic Steel, Inc.		15		446
Reliance Steel & Aluminum Co.		73		13,888
Royal Gold, Inc.		76		7,963
Steel Dynamics, Inc.		209		16,277
SunCoke Energy, Inc.		31		229
TimkenSteel Corp.*		23		467
United States Steel Corp.		322		7,615
Warrior Met Coal, Inc.		62		1,980
Worthington Industries, Inc.		47		2,407


				237,689

Mortgage Real Estate Investment Trusts (REITs) 0.0%

Apollo Commercial Real Estate Finance, Inc.		177		2,262
ARMOUR Residential REIT, Inc.		119		936
Ellington Financial, Inc.		75		1,204
Franklin BSP Realty Trust, Inc.		60		921
Granite Point Mortgage Trust, Inc.		46		488
Invesco Mortgage Capital, Inc.		18		319
KKR Real Estate Finance Trust, Inc.		31		604
New York Mortgage Trust, Inc.		399		1,253
PennyMac Mortgage Investment Trust		108		1,659
Ready Capital Corp.		40		556
Redwood Trust, Inc.		155		1,342
Two Harbors Investment Corp.		370		1,991


				13,535

Multiline Retail 0.5%

Big Lots, Inc.		46		929
Dollar General Corp.		267		66,331
Dollar Tree, Inc.*		265		43,820
Kohl’s Corp.		175		5,099

See Notes to Financial Statements.

150

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Multiline Retail (cont’d.)

Macy’s, Inc.		394	$	6,954
Nordstrom, Inc.		144		3,385
Ollie’s Bargain Outlet Holdings, Inc.*		70		4,127
Target Corp.		544		88,879


				219,524

Multi-Utilities 0.8%

Ameren Corp.		304		28,309
Avista Corp.		98		4,141
Black Hills Corp.		86		6,639
CenterPoint Energy, Inc.		746		23,641
CMS Energy Corp.		343		23,574
Consolidated Edison, Inc.		415		41,197
Dominion Energy, Inc.		960		78,701
DTE Energy Co.		225		29,318
NiSource, Inc.		480		14,592
NorthWestern Corp.		73		4,048
Public Service Enterprise Group, Inc.		591		38,811
Sempra Energy		369		61,180
Unitil Corp.		20		1,095
WEC Energy Group, Inc.		370		38,410


				393,656

Oil, Gas & Consumable Fuels 3.9%

Antero Midstream Corp.		383		3,853
APA Corp.		400		14,868
Callon Petroleum Co.*		54		2,486
Chevron Corp.		2,325		380,788
Civitas Resources, Inc.		78		4,599
CNX Resources Corp.*		243		4,197
ConocoPhillips		1,531		149,165
CONSOL Energy, Inc.*		30		1,840
Coterra Energy, Inc.		954		29,183
Devon Energy Corp.		723		45,441
Diamondback Energy, Inc.		197		25,220
Dorian LPG Ltd.		31		500
DT Midstream, Inc.		117		6,438
EOG Resources, Inc.		692		76,964
EQT Corp.		344		15,146
Equitrans Midstream Corp.		561		4,404

See Notes to Financial Statements.

PGIM Day One Underlying Funds 151

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Oil, Gas & Consumable Fuels (cont’d.)

Exxon Mobil Corp.		4,988	$	483,487
Green Plains, Inc.*		76		2,738
Hess Corp.		326		36,665
HF Sinclair Corp.		182		8,703
Kinder Morgan, Inc.		2,310		41,557
Laredo Petroleum, Inc.*		26		2,305
Marathon Oil Corp.		837		20,758
Marathon Petroleum Corp.		640		58,662
Matador Resources Co.		126		7,280
Murphy Oil Corp.		179		6,290
Occidental Petroleum Corp.		1,051		69,103
ONEOK, Inc.		526		31,423
Par Pacific Holdings, Inc.*		65		1,072
PBF Energy, Inc. (Class A Stock)*		112		3,735
PDC Energy, Inc.		120		7,883
Phillips 66		568		50,552
Pioneer Natural Resources Co.		266		63,029
Range Resources Corp.*		308		10,186
Ranger Oil Corp. (Class A Stock)		15		571
REX American Resources Corp.*		5		477
SM Energy Co.		139		5,738
Southwestern Energy Co.*		1,357		9,580
Talos Energy, Inc.*		23		436
Targa Resources Corp.		270		18,660
Valero Energy Corp.		483		53,502
Williams Cos., Inc. (The)		1,442		49,158
World Fuel Services Corp.		73		2,024


				1,810,666

Paper & Forest Products 0.0%

Clearwater Paper Corp.*		9		321
Glatfelter Corp.		60		368
Louisiana-Pacific Corp.		90		5,727
Mercer International, Inc. (Germany)		46		734
Sylvamo Corp.		49		1,923


				9,073

Personal Products 0.2%

BellRing Brands, Inc.*		158		3,814
Coty, Inc. (Class A Stock)*		421		3,082

See Notes to Financial Statements.

152

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Personal Products (cont’d.)

Edgewell Personal Care Co.		73	$	2,904
elf Beauty, Inc.*		62		2,079
Estee Lauder Cos., Inc. (The) (Class A Stock)		274		74,829
Inter Parfums, Inc.		20		1,669
Medifast, Inc.		17		2,859
Nu Skin Enterprises, Inc. (Class A Stock)		60		2,611
USANA Health Sciences, Inc.*		13		905


				94,752

Pharmaceuticals 3.9%

Amphastar Pharmaceuticals, Inc.*		50		1,870
ANI Pharmaceuticals, Inc.*		8		274
Bristol-Myers Squibb Co.		2,522		186,073
Cara Therapeutics, Inc.*		39		341
Catalent, Inc.*		212		23,977
Collegium Pharmaceutical, Inc.*		19		327
Corcept Therapeutics, Inc.*		117		3,353
Eli Lilly & Co.		931		306,941
Harmony Biosciences Holdings, Inc.*		30		1,522
Innoviva, Inc.*		54		774
Jazz Pharmaceuticals PLC*		75		11,704
Johnson & Johnson		3,116		543,804
Merck & Co., Inc.		2,995		267,573
Nektar Therapeutics*		207		820
Organon & Co.		323		10,246
Pacira BioSciences, Inc.*		54		3,054
Perrigo Co. PLC		168		7,034
Pfizer, Inc.		6,645		335,639
Phibro Animal Health Corp. (Class A Stock)		15		294
Prestige Consumer Healthcare, Inc.*		53		3,196
Supernus Pharmaceuticals, Inc.*		54		1,715
Viatris, Inc.		1,530		14,826
Zoetis, Inc.		555		101,315


				1,826,672

Professional Services 0.4%

ASGN, Inc.*		63		6,537
CACI International, Inc. (Class A Stock)*		23		6,953
Equifax, Inc.		144		30,083
Exponent, Inc.		63		6,331

See Notes to Financial Statements.

PGIM Day One Underlying Funds 153

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Professional Services (cont’d.)

Forrester Research, Inc.*		12	$	558
FTI Consulting, Inc.*		39		6,379
Heidrick & Struggles International, Inc.		30		934
Insperity, Inc.		39		4,280
Jacobs Engineering Group, Inc.		151		20,732
KBR, Inc.		159		8,463
Kelly Services, Inc. (Class A Stock)		15		325
Korn Ferry		70		4,586
Leidos Holdings, Inc.		159		17,013
ManpowerGroup, Inc.		58		4,548
ManTech International Corp. (Class A Stock)		33		3,162
Nielsen Holdings PLC		439		10,514
Resources Connection, Inc.		23		494
Robert Half International, Inc.		136		10,763
Science Applications International Corp.		62		6,006
TrueBlue, Inc.*		49		1,060
Verisk Analytics, Inc.		183		34,816


				184,537

Real Estate Management & Development 0.1%

Anywhere Real Estate, Inc.*		138		1,371
CBRE Group, Inc. (Class A Stock)*		386		33,049
Douglas Elliman, Inc.		68		408
Jones Lang LaSalle, Inc.*		54		10,296
Marcus & Millichap, Inc.		23		941
RE/MAX Holdings, Inc. (Class A Stock)		15		380
St. Joe Co. (The)		37		1,555


				48,000

Road & Rail 0.9%

ArcBest Corp.		26		2,304
Avis Budget Group, Inc.*		38		6,917
CSX Corp.		2,573		83,185
Heartland Express, Inc.		31		492
J.B. Hunt Transport Services, Inc.		107		19,610
Knight-Swift Transportation Holdings, Inc.		204		11,210
Landstar System, Inc.		44		6,889
Marten Transport Ltd.		83		1,789
Norfolk Southern Corp.		279		70,076
Old Dominion Freight Line, Inc.		107		32,476

See Notes to Financial Statements.

154

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares			Value

COMMON STOCKS (Continued)

Road & Rail (cont’d.)

Ryder System, Inc.		63		$	4,934
Saia, Inc.*		41			9,752
Union Pacific Corp.		740			168,202
Werner Enterprises, Inc.		79			3,473
XPO Logistics, Inc.*		120			7,169


					428,478

Semiconductors & Semiconductor Equipment 5.1%			��

Advanced Micro Devices, Inc.*		1,918			181,193
Alpha & Omega Semiconductor Ltd.*		30			1,260
Amkor Technology, Inc.		124			2,501
Analog Devices, Inc.		619			106,443
Applied Materials, Inc.		1,045			110,749
Axcelis Technologies, Inc.*		37			2,602
Broadcom, Inc.		480			257,030
CEVA, Inc.*		23			856
Cirrus Logic, Inc.*		70			5,982
Cohu, Inc.*		51			1,458
Diodes, Inc.*		62			5,045
Enphase Energy, Inc.*		156			44,332
First Solar, Inc.*		122			12,099
FormFactor, Inc.*		95			3,378
Ichor Holdings Ltd.*		34			1,063
Intel Corp.		4,841			175,777
KLA Corp.		174			66,736
Kulicke & Soffa Industries, Inc. (Singapore)		85			4,090
Lam Research Corp.		161			80,582
Lattice Semiconductor Corp.*		161			9,901
MaxLinear, Inc.*		88			3,556
Microchip Technology, Inc.		656			45,172
Micron Technology, Inc.		1,321			81,717
MKS Instruments, Inc.		76			8,983
Monolithic Power Systems, Inc.		48			22,307
NVIDIA Corp.		2,964			538,351
NXP Semiconductors NV (China)		311			57,187
ON Semiconductor Corp.*		515			34,392
Onto Innovation, Inc.*		58			4,828
PDF Solutions, Inc.*		23			621
Photronics, Inc.*		46			1,095
Power Integrations, Inc.		72			6,121
Qorvo, Inc.*		136			14,153

See Notes to Financial Statements.

PGIM Day One Underlying Funds 155

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Semiconductors & Semiconductor Equipment (cont’d.)

QUALCOMM, Inc.		1,325	$	192,204
Rambus, Inc.*		145		3,666
Semtech Corp.*		78		4,862
Silicon Laboratories, Inc.*		45		6,637
SiTime Corp.*		20		3,720
Skyworks Solutions, Inc.		188		20,469
SMART Global Holdings, Inc.*		80		1,570
SolarEdge Technologies, Inc.*		62		22,328
SunPower Corp.*		100		2,037
Synaptics, Inc.*		49		7,103
Teradyne, Inc.		186		18,766
Texas Instruments, Inc.		1,092		195,348
Ultra Clean Holdings, Inc.*		53		1,781
Universal Display Corp.		52		6,004
Veeco Instruments, Inc.*		71		1,548
Wolfspeed, Inc.*		143		11,912


				2,391,515

Software 8.3%

8x8, Inc.*		130		636
A10 Networks, Inc.		70		1,044
ACI Worldwide, Inc.*		152		4,337
Adobe, Inc.*		557		228,437
Agilysys, Inc.*		31		1,497
Alarm.com Holdings, Inc.*		60		4,246
ANSYS, Inc.*		103		28,736
Aspen Technology, Inc.*		33		6,735
Autodesk, Inc.*		256		55,378
Blackbaud, Inc.*		56		3,434
Cadence Design Systems, Inc.*		326		60,662
Cerence, Inc.*		50		1,409
Ceridian HCM Holding, Inc.*		171		9,366
Citrix Systems, Inc.		143		14,502
CommVault Systems, Inc.*		48		2,692
Consensus Cloud Solutions, Inc.*		23		1,243
Digital Turbine, Inc.*		120		2,408
Ebix, Inc.		22		521
Envestnet, Inc.*		75		4,370
Fair Isaac Corp.*		27		12,475
Fortinet, Inc.*		785		46,825
InterDigital, Inc.		46		2,824

See Notes to Financial Statements.

156

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Software (cont’d.)

Intuit, Inc.		332	$	151,448
LivePerson, Inc.*		88		1,200
LiveRamp Holdings, Inc.*		103		2,741
Manhattan Associates, Inc.*		73		10,269
Microsoft Corp.		8,860		2,487,356
NCR Corp.*		179		5,809
NortonLifeLock, Inc.		687		16,852
OneSpan, Inc.*		23		255
Oracle Corp.		1,862		144,938
Paycom Software, Inc.*		50		16,524
Paylocity Holding Corp.*		52		10,708
Progress Software Corp.		60		2,818
PTC, Inc.*		122		15,052
Qualys, Inc.*		35		4,281
Roper Technologies, Inc.		118		51,527
Sailpoint Technologies Holdings, Inc.*		114		7,270
Salesforce, Inc.*		1,177		216,592
ServiceNow, Inc.*		237		105,858
SPS Commerce, Inc.*		49		5,868
Synopsys, Inc.*		177		65,047
Teradata Corp.*		132		5,054
Tyler Technologies, Inc.*		41		16,359
Xperi Holding Corp.		116		1,944


				3,839,547

Specialty Retail 2.1%

Aaron’s Co., Inc. (The)		23		299
Abercrombie & Fitch Co. (Class A Stock)*		83		1,478
Academy Sports & Outdoors, Inc.		100		4,303
Advance Auto Parts, Inc.		74		14,328
American Eagle Outfitters, Inc.		184		2,215
America’s Car-Mart, Inc.*		15		1,554
Asbury Automotive Group, Inc.*		27		4,634
AutoNation, Inc.*		45		5,343
AutoZone, Inc.*		22		47,023
Bath & Body Works, Inc.		276		9,809
Bed Bath & Beyond, Inc.*		131		659
Best Buy Co., Inc.		240		18,478
Boot Barn Holdings, Inc.*		44		2,741
Buckle, Inc. (The)		29		876
Caleres, Inc.		41		1,018

See Notes to Financial Statements.

PGIM Day One Underlying Funds 157

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Specialty Retail (cont’d.)

CarMax, Inc.*		187	$	18,614
Cato Corp. (The) (Class A Stock)		15		185
Chico’s FAS, Inc.*		85		427
Children’s Place, Inc. (The)*		26		1,127
Conn’s, Inc.*		23		217
Designer Brands, Inc. (Class A Stock)		69		996
Dick’s Sporting Goods, Inc.		76		7,113
Five Below, Inc.*		70		8,895
Foot Locker, Inc.		112		3,177
GameStop Corp. (Class A Stock)*		312		10,611
Gap, Inc. (The)		259		2,492
Genesco, Inc.*		23		1,289
Group 1 Automotive, Inc.		18		3,185
Guess?, Inc.		31		586
Haverty Furniture Cos., Inc.		15		410
Hibbett, Inc.		19		891
Home Depot, Inc. (The)		1,223		368,050
Lithia Motors, Inc.		36		9,550
LL Flooring Holdings, Inc.*		23		231
Lowe’s Cos., Inc.		780		149,393
MarineMax, Inc.*		35		1,429
Monro, Inc.		44		2,207
Murphy USA, Inc.		32		9,100
National Vision Holdings, Inc.*		100		2,914
ODP Corp. (The)*		67		2,432
O’Reilly Automotive, Inc.*		75		52,769
Rent-A-Center, Inc.		93		2,188
RH*		21		5,868
Ross Stores, Inc.		413		33,560
Sally Beauty Holdings, Inc.*		133		1,700
Shoe Carnival, Inc.		15		327
Signet Jewelers Ltd.		63		3,841
Sleep Number Corp.*		19		856
Sonic Automotive, Inc. (Class A Stock)		26		1,088
TJX Cos., Inc. (The)		1,389		84,951
Tractor Supply Co.		141		26,999
Ulta Beauty, Inc.*		53		20,612
Urban Outfitters, Inc.*		78		1,597
Victoria’s Secret & Co.*		98		3,622

See Notes to Financial Statements.

158

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Specialty Retail (cont’d.)

Williams-Sonoma, Inc.		89	$	12,853
Zumiez, Inc.*		21		546


				973,656

Technology Hardware, Storage & Peripherals 6.6%

3D Systems Corp.*		181		2,071
Apple, Inc.		18,217		2,960,445
Corsair Gaming, Inc.*		40		564
Diebold Nixdorf, Inc.*		38		123
Hewlett Packard Enterprise Co.		1,603		22,827
HP, Inc.		1,248		41,671
NetApp, Inc.		258		18,403
Seagate Technology Holdings PLC		234		18,715
Western Digital Corp.*		386		18,952
Xerox Holdings Corp.		185		3,169


				3,086,940

Textiles, Apparel & Luxury Goods 0.6%

Capri Holdings Ltd.*		185		9,006
Carter’s, Inc.		44		3,585
Columbia Sportswear Co.		39		2,886
Crocs, Inc.*		76		5,445
Deckers Outdoor Corp.*		42		13,155
Fossil Group, Inc.*		31		187
G-III Apparel Group Ltd.*		46		1,016
Hanesbrands, Inc.		436		4,875
Kontoor Brands, Inc.		66		2,409
Movado Group, Inc.		15		510
NIKE, Inc. (Class B Stock)		1,501		172,495
Oxford Industries, Inc.		23		2,194
PVH Corp.		82		5,077
Ralph Lauren Corp.		50		4,932
Skechers USA, Inc. (Class A Stock)*		178		6,757
Steven Madden Ltd.		106		3,360
Tapestry, Inc.		294		9,887
Under Armour, Inc. (Class A Stock)*		243		2,250
Under Armour, Inc. (Class C Stock)*		254		2,098
Unifi, Inc.*		15		204

See Notes to Financial Statements.

PGIM Day One Underlying Funds 159

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Textiles, Apparel & Luxury Goods (cont’d.)

VF Corp.		382	$	17,068
Wolverine World Wide, Inc.		104		2,337


				271,733

Thrifts & Mortgage Finance 0.1%

Axos Financial, Inc.*		63		2,631
Capitol Federal Financial, Inc.		173		1,659
Essent Group Ltd.		130		5,429
Flagstar Bancorp, Inc.		80		3,296
MGIC Investment Corp.		397		5,614
Mr. Cooper Group, Inc.*		93		4,190
New York Community Bancorp, Inc.		624		6,627
NMI Holdings, Inc. (Class A Stock)*		104		1,970
Northfield Bancorp, Inc.		23		339
Provident Financial Services, Inc.		104		2,533
TrustCo Bank Corp.		27		906
Walker & Dunlop, Inc.		46		5,181
WSFS Financial Corp.		77		3,674


				44,049

Tobacco 0.6%

Altria Group, Inc.		2,141		93,904
Philip Morris International, Inc.		1,837		178,465
Universal Corp.		29		1,621
Vector Group Ltd.		137		1,526


				275,516

Trading Companies & Distributors 0.3%

Applied Industrial Technologies, Inc.		54		5,432
Boise Cascade Co.		37		2,616
DXP Enterprises, Inc.*		15		510
Fastenal Co.		682		35,028
GATX Corp.		44		4,411
GMS, Inc.*		49		2,600
MSC Industrial Direct Co., Inc. (Class A Stock)		52		4,298
NOW, Inc.*		116		1,283
United Rentals, Inc.*		89		28,718
Univar Solutions, Inc.*		217		5,868
Veritiv Corp.*		25		3,101

See Notes to Financial Statements.

160

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



Description	Shares		Value

COMMON STOCKS (Continued)

Trading Companies & Distributors (cont’d.)

W.W. Grainger, Inc.		46	$	25,002
Watsco, Inc.		38		10,410


				129,277

Water Utilities 0.1%

American States Water Co.		39		3,400
American Water Works Co., Inc.		225		34,974
California Water Service Group		73		4,386
Essential Utilities, Inc.		268		13,920
Middlesex Water Co.		30		2,853


				59,533

Wireless Telecommunication Services 0.2%

Gogo, Inc.*		80		1,389
Shenandoah Telecommunications Co.		47		1,048
Telephone & Data Systems, Inc.		102		1,612
T-Mobile US, Inc.*		698		99,856


				103,905


TOTAL COMMON STOCKS (cost $24,167,770)				44,899,808


EXCHANGE-TRADED FUNDS 1.8% iShares Core S&P 500 ETF		1,500		621,420
iShares Core S&P Mid-Cap ETF		600		150,558
iShares Core S&P Small-Cap ETF		800		81,272


TOTAL EXCHANGE-TRADED FUNDS (cost $695,312)				853,250


TOTAL LONG-TERM INVESTMENTS (cost $24,863,082)				45,753,058

See Notes to Financial Statements.

PGIM Day One Underlying Funds 161

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022



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

SHORT-TERM INVESTMENTS 3.5%

U.S. TREASURY OBLIGATION(k)(n) 0.2%
U.S. Treasury Bills (cost $ 109,762)		1.742%		09/15/22		110	$	109,709


					Shares

UNAFFILIATED FUND 3.3%
Dreyfus Government Cash Management (Institutional Shares) (cost $ 1,541,481)						1,541,481		1,541,481


TOTAL SHORT-TERM INVESTMENTS (cost $ 1,651,243)								1,651,190


TOTAL INVESTMENTS 101.8% (cost $ 26,514,325)								47,404,248
Liabilities in excess of other assets(z) (1.8)%								(845,042	)


NET ASSETS 100.0%							$	46,559,206

See the Glossary for a list of the abbreviation(s) used in the annual 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 July 31, 2022:

Number

Contracts

Type

Expiration
Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Long Position:

S&P 500 E-Mini Index

Sep. 2022

1,653,400

105,984

See Notes to Financial Statements.

162

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022

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


Broker	Cash and/or Foreign Currency			Securities Market Value

Morgan Stanley & Co. LLC		$	—		$	109,709

Fair Value Measurements:

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

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

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

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

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


	Level 1		Level 2		Level 3

Investments in Securities
Assets
Long-Term Investments
Common Stocks
Aerospace & Defense	$	711,334	$	—		$—
Air Freight & Logistics		285,632		—		—
Airlines		92,928		—		—
Auto Components		100,004		—		—
Automobiles		1,031,862		—		—
Banks		1,790,743		—		—
Beverages		752,286		—		—
Biotechnology		902,555		—		—
Building Products		264,552		—		—
Capital Markets		1,251,600		—		—
Chemicals		823,527		—		—
Commercial Services & Supplies		258,494		—		—
Communications Equipment		365,949		—		—
Construction & Engineering		87,213		—		—
Construction Materials		55,180		—		—
Consumer Finance		241,147		—		—
Containers & Packaging		151,749		—		—
Distributors		58,098		—		—
Diversified Consumer Services		40,828		—		—
Diversified Financial Services		650,202		—		—
Diversified Telecommunication Services		412,643		—		—

See Notes to Financial Statements.

PGIM Day One Underlying Funds 163

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022


	Level 1		Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Electric Utilities	$	823,429	$	—	$—
Electrical Equipment		284,759		—	—
Electronic Equipment, Instruments & Components		396,694		—	—
Energy Equipment & Services		158,977		—	—
Entertainment		548,510		—	—
Equity Real Estate Investment Trusts (REITs)		1,464,912		—	—
Food & Staples Retailing		672,143		—	—
Food Products		504,239		—	—
Gas Utilities		71,376		—	—
Health Care Equipment & Supplies		1,216,942		—	—
Health Care Providers & Services		1,485,533		—	—
Health Care Technology		6,867		—	—
Hotels, Restaurants & Leisure		848,825		—	—
Household Durables		205,644		—	—
Household Products		579,671		—	—
Independent Power & Renewable Electricity Producers		21,836		—	—
Industrial Conglomerates		347,705		—	—
Insurance		969,832		—	—
Interactive Media & Services		2,097,914		—	—
Internet & Direct Marketing Retail		1,447,157		—	—
IT Services		1,885,010		—	—
Leisure Products		50,104		—	—
Life Sciences Tools & Services		841,111		—	—
Machinery		822,175		—	—
Marine		9,066		—	—
Media		368,598		—	—
Metals & Mining		237,689		—	—
Mortgage Real Estate Investment Trusts (REITs)		13,535		—	—
Multiline Retail		219,524		—	—
Multi-Utilities		393,656		—	—
Oil, Gas & Consumable Fuels		1,810,666		—	—
Paper & Forest Products		9,073		—	—
Personal Products		94,752		—	—
Pharmaceuticals		1,826,672		—	—
Professional Services		184,537		—	—
Real Estate Management & Development		48,000		—	—
Road & Rail		428,478		—	—
Semiconductors & Semiconductor Equipment		2,391,515		—	—
Software		3,839,547		—	—
Specialty Retail		973,656		—	—
Technology Hardware, Storage & Peripherals		3,086,940		—	—
Textiles, Apparel & Luxury Goods		271,733		—	—

See Notes to Financial Statements.

164

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022


	Level 1		Level 2		Level 3

Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Thrifts & Mortgage Finance	$	44,049	$	—	$—
Tobacco		275,516		—	—
Trading Companies & Distributors		129,277		—	—
Water Utilities		59,533		—	—
Wireless Telecommunication Services		103,905		—	—
Exchange-Traded Funds		853,250		—	—
Short-Term Investments
U.S. Treasury Obligation		—		109,709	—
Unaffiliated Fund	1,541,481		—		—

Total	$	47,294,539	$	109,709	$—


Other Financial Instruments*
Assets
Futures Contracts	$	105,984	$	—	$—

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 July 31, 2022 were as follows:


Software	8.3	%
Technology Hardware, Storage & Peripherals	6.6
Semiconductors & Semiconductor Equipment	5.1
Interactive Media & Services	4.5
IT Services	4.1
Pharmaceuticals	3.9
Oil, Gas & Consumable Fuels	3.9
Banks	3.9
Unaffiliated Fund	3.3
Health Care Providers & Services	3.2
Equity Real Estate Investment Trusts (REITs)	3.2
Internet & Direct Marketing Retail	3.1
Capital Markets	2.7
Health Care Equipment & Supplies	2.6
Automobiles	2.2
Specialty Retail	2.1


Insurance	2.1	%
Biotechnology	1.9
Exchange-Traded Funds	1.8
Hotels, Restaurants & Leisure	1.8
Life Sciences Tools & Services	1.8
Chemicals	1.8
Electric Utilities	1.8
Machinery	1.8
Beverages	1.6
Aerospace & Defense	1.5
Food & Staples Retailing	1.4
Diversified Financial Services	1.4
Household Products	1.2
Entertainment	1.2
Food Products	1.1
Road & Rail	0.9

See Notes to Financial Statements.

PGIM Day One Underlying Funds 165

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022

Industry Classification (continued):


Diversified Telecommunication Services	0.9	%
Electronic Equipment, Instruments & Components	0.9
Multi-Utilities	0.8
Media	0.8
Communications Equipment	0.8
Industrial Conglomerates	0.8
Air Freight & Logistics	0.6
Electrical Equipment	0.6
Tobacco	0.6
Textiles, Apparel & Luxury Goods	0.6
Building Products	0.6
Commercial Services & Supplies	0.6
Consumer Finance	0.5
Metals & Mining	0.5
Multiline Retail	0.5
Household Durables	0.4
Professional Services	0.4
Energy Equipment & Services	0.3
Containers & Packaging	0.3
Trading Companies & Distributors	0.3
U.S. Treasury Obligation	0.2
Wireless Telecommunication Services	0.2
Auto Components	0.2
Personal Products	0.2


Airlines	0.2	%
Construction & Engineering	0.2
Gas Utilities	0.2
Water Utilities	0.1
Distributors	0.1
Construction Materials	0.1
Leisure Products	0.1
Real Estate Management & Development	0.1
Thrifts & Mortgage Finance	0.1
Diversified Consumer Services	0.1
Independent Power & Renewable Electricity Producers	0.1
Mortgage Real Estate Investment Trusts (REITs)	0.0	*
Paper & Forest Products	0.0	*
Marine	0.0	*
Health Care Technology	0.0	*


	101.8
Liabilities in excess of other assets	(1.8	)


	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 July 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	$	105,984	*	—	$—

See Notes to Financial Statements.

166

PGIM Quant Solutions US Broad Market Index Fund

Schedule of Investments (continued)

as of July 31, 2022

*	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 year ended July 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	$	(46,126	)


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

Derivatives not accounted for as hedging instruments, carried at fair value	Futures

Equity contracts	$	77,062

For the year ended July 31, 2022, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*


Futures Contracts - Long Positions (1)		$1,259,638

*	Average volume is based on average quarter end balances as noted for the year ended July 31, 2022.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

PGIM Day One Underlying Funds 167

PGIM Quant Solutions US Broad Market Index Fund

Statement of Assets & Liabilities

as of July 31, 2022


Assets

Investments at value:
Unaffiliated investments (cost $26,480,974)	$	47,360,152
Affiliated investments (cost $33,351)		44,096
Cash		104
Receivable for investments sold		41,488
Dividends receivable		39,202
Due from broker—variation margin futures		24,000
Due from Manager		12,906
Receivable for Fund shares sold		2,120
Prepaid expenses and other assets		4,186


Total Assets		47,528,254


Liabilities
Payable for Fund shares purchased		912,161
Accrued expenses and other liabilities		55,982
Trustees’ fees payable		814
Affiliated transfer agent fee payable		91


Total Liabilities		969,048


Net Assets	$	46,559,206



Net assets were comprised of:
Paid-in capital	$	23,619,553
Total distributable earnings (loss)		22,939,653


Net assets, July 31, 2022	$	46,559,206


Class R6

Net asset value, offering price and redemption price per share, ($46,559,206 ÷ 2,764,004 shares of beneficial interest issued and outstanding)	$	16.84

See Notes to Financial Statements.

168

PGIM Quant Solutions US Broad Market Index Fund

Statement of Operations

Year Ended July 31, 2022


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $165 foreign withholding tax)	$	784,200
Affiliated dividend income		3,082
Affiliated income from securities lending		4


Total income		787,286


Expenses
Management fee		101,233
Custodian and accounting fees		66,634
Audit fee		24,250
Legal fees and expenses		21,086
Shareholders’ reports		13,160
Trustees’ fees		9,888
Transfer agent’s fees and expenses (including affiliated expense of $502)		597
Registration fees		473
Miscellaneous		28,419


Total expenses		265,740
Less: Fee waiver and/or expense reimbursement		(151,990	)


Net expenses		113,750


Net investment income (loss)		673,536


Realized And Unrealized Gain (Loss) On Investments

Net realized gain (loss) on:
Investment transactions (including affiliated of $1,239)		6,198,099
Futures transactions		(46,126	)


		6,151,973

Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(155))		(8,961,174	)
Futures		77,062


		(8,884,112	)


Net gain (loss) on investment transactions		(2,732,139	)


Net Increase (Decrease) In Net Assets Resulting From Operations	$	(2,058,603	)

See Notes to Financial Statements.

PGIM Day One Underlying Funds 169

PGIM Quant Solutions US Broad Market Index Fund

Statements of Changes in Net Assets



	Year Ended July 31,


	2022			2021
Increase (Decrease) in Net Assets

Operations
Net investment income (loss)	$	673,536		$	923,164
Net realized gain (loss) on investment transactions		6,151,973			5,729,383
Net change in unrealized appreciation (depreciation) on investments		(8,884,112	)		16,970,424


Net increase (decrease) in net assets resulting from operations		(2,058,603	)		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 (1,169,135 and 1,514,696 shares, respectively)		21,079,544			25,527,000
Net asset value of shares issued in reinvestment of dividends and distributions (354,551 and 85,087 shares, respectively)		6,669,113			1,399,691
Cost of shares purchased (2,001,263 and 2,555,612 shares, respectively)		(36,809,081	)		(46,910,910	)


Net increase (decrease) in net assets from Fund share transactions		(9,060,424	)		(19,984,219	)


Total increase (decrease)		(17,788,140	)		2,239,061

Net Assets:

Beginning of year		64,347,346			62,108,285


End of year	$	46,559,206		$	64,347,346

See Notes to Financial Statements.

170

PGIM Quant Solutions US Broad Market Index Fund

Financial Highlights



Class R6 Shares
	Year Ended July 31,
	2022			2021			2020			2019			2018
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Year		$19.85			$14.80			$13.60			$12.99			$11.36
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.22			0.23			0.23			0.20
Net realized and unrealized gain (loss) on investment transactions		(0.93	)		5.15			1.22			0.64			1.61
Total from investment operations		(0.71	)		5.37			1.45			0.87			1.81
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		(0.21	)		(0.23	)		(0.19	)		(0.14	)
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	)
Net asset value, end of year		$16.84			$19.85			$14.80			$13.60			$12.99
Total Return^(b):		(4.80	)%		36.70	%		10.71	%		6.95	%		16.05	%


Ratios/Supplemental Data:
Net assets, end of year (000)		$46,559			$64,347			$62,108			$45,134			$37,020
Average net assets (000)		$56,240			$72,943			$49,589			$40,825			$29,409
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.20	%		0.20	%		0.20	%		0.20	%		0.20	%
Expenses before waivers and/or expense reimbursement		0.47	%		0.38	%		0.52	%		0.59	%		0.65	%
Net investment income (loss)		1.20	%		1.27	%		1.71	%		1.78	%		1.64	%
Portfolio turnover rate^(d)		29	%		28	%		23	%		15	%		15	%

(a)

Calculated based on average shares outstanding during the year.

(b)

Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each year reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to GAAP.

(c)

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

(d)

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 171

Notes to Financial Statements/Consolidated Financial Statements

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.

172

As of July 31, 2022, the Cayman Subsidiary had net assets of $15,288,935, representing 18.8% of the Commodity Strategies Fund’s net assets.

The Funds have the following investment objectives:



Fund				Investment Objective(s)
PGIM Jennison Small-Cap Core Equity Fund				Outperform the Russell 2000 Index.
PGIM Core Conservative Bond Fund				Outperform the Bloomberg U.S. Aggregate Bond Index over full market cycles.
PGIM TIPS Fund				Outperform the Bloomberg U.S. Treasury Inflation-Protected Index.
PGIM Quant Solutions Commodity Strategies Fund				Generate returns over time in excess of the Bloomberg Commodity Index.
PGIM Quant Solutions Mid-Cap Core Fund				Outperform the S&P Mid-Cap 400 Index.
PGIM Quant Solutions US Broad Market Index Fund				Seek to provide investment results that approximate the performance of the S&P Composite 1500 Index.

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 when market quotations are either not readily available or not deemed representative of fair

PGIM Day One Underlying Funds 173

Notes to Financial Statements/Consolidated Financial Statements

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 year-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.

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

174

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.

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

PGIM Day One Underlying Funds 175

Notes to Financial Statements/Consolidated Financial Statements

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 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

176

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.

Delayed-Delivery Transactions: Certain Funds purchased or sold securities on a when-issued or delayed-delivery and forward commitment basis. These transactions involve

PGIM Day One Underlying Funds 177

Notes to Financial Statements/Consolidated Financial Statements

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 open loans 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.

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

178

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


Expected Distribution Schedule to Shareholders*	Frequency
Each Fund other than PGIM Core Conservative Bond Fund and PGIM TIPS Fund:
Net Investment Income		Annually
Short-Term Capital Gains		Annually

PGIM Day One Underlying Funds 179

Notes to Financial Statements/Consolidated Financial Statements


Expected Distribution Schedule to Shareholders*	Frequency
Long-Term Capital Gains		Annually

PGIM Core Conservative Bond Fund and PGIM TIPS Fund:
Net Investment Income		Monthly
Short-Term Capital Gains		Annually
Long-Term Capital Gains		Annually

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

Estimates: The preparation of financial statements (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. PGIM Investments has engaged the firms referenced in the below table as Subadvisers for their respective Funds (each a “subadviser” and collectively the “subadvisers”):


Fund		Subadviser(s)
PGIM Jennison Small-Cap Core Equity Fund		Jennison Associates, LLC (“Jennison”)(a wholly-owned subsidiary of PGIM, Inc.)
PGIM Core Conservative Bond Fund		PGIM Limited and PGIM Fixed Income, a business unit of PGIM, Inc.
PGIM TIPS Fund		PGIM Fixed Income
PGIM Quant Solutions Commodity Strategies Fund		PGIM Quantitative Solutions LLC (formerly known as QMA LLC) (“PGIM Quantitative Solutions”)
PGIM Quant Solutions Mid-Cap Core Fund		PGIM Quantitative Solutions
PGIM Quant Solutions US Broad Market Index Fund		PGIM Quantitative Solutions

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended July 31, 2022, the contractual and effective management fee rates were as follows:

Fund

Management Fee

Effective
Management Fee,
before any waivers
and/or expense
reimbursements

Effective

Management Fee,

after any waivers

and/or expense

reimbursements

PGIM Jennison Small-Cap Core Equity Fund

0.75% of average daily net assets

0.75%

0.55%

180


Fund	Management Fee	Effective Management Fee, before any waivers and/or expense reimbursements			Effective Management Fee, after any waivers and/or expense reimbursements
PGIM Core Conservative Bond Fund	0.27% of average daily net assets		0.27	%		0.22	%
PGIM TIPS Fund	0.23% of average daily net assets		0.23			0.23
PGIM Quant Solutions Commodity Strategies Fund	0.40% of average daily net assets		0.46	*		0.40
PGIM Quant Solutions Mid-Cap Core Fund	0.50% of average daily net assets		0.50			0.10
PGIM Quant Solutions US Broad Market Index Fund	0.18% of average daily net assets		0.18			—#

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.

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

The Manager has contractually agreed, through November 30, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales.

Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each fund are as follows:

Fund

Fee Waivers and/or

Expense Limitations

PGIM Jennison Small-Cap Core Equity Fund

contractually limit expenses to 0.95%

PGIM Core Conservative Bond Fund

contractually limit expenses to 0.50%

PGIM TIPS Fund

contractually limit expenses to 0.40%

PGIM Quant Solutions Commodity Strategies Fund

contractually limit expenses to 0.70%*

PGIM Quant Solutions Mid-Cap Core Fund

contractually limit expenses to 0.80%

PGIM Day One Underlying Funds 181

Notes to Financial Statements/Consolidated Financial Statements


Fund		Fee Waivers and/or Expense Limitations
PGIM Quant Solutions US Broad Market Index Fund		contractually limit expenses to 0.20%

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 Z and Class R6 shares of the Funds. No distribution or service fees are paid to PIMS as distributor of the Class Z and Class R6 shares of the Funds.

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

4.	Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and an indirect, wholly-owned subsidiary of Prudential, serves as the 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

182

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 year ended July 31, 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 year ended July 31, 2022, were as follows:


Fund	Cost of Purchases		Proceeds from Sales
PGIM Jennison Small-Cap Core Equity Fund	$	19,651,763	$	15,590,654
PGIM Core Conservative Bond Fund		50,555,141		53,380,654
PGIM TIPS Fund		—		—
PGIM Quant Solutions Commodity Strategies Fund		—		—
PGIM Quant Solutions Mid-Cap Core Fund		23,528,467		31,614,097
PGIM Quant Solutions US Broad Market Index Fund		16,019,187		30,994,511

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

PGIM Jennison Small-Cap Core Equity Fund:


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

Short-Term Investments - Affiliated Mutual Funds:								��

PGIM Core Ultra Short Bond Fund^(1)(wa)
$ 972,794	$ 8,982,212	$ 9,955,006	$—		$ —	$	—		—		$ 527

PGIM Institutional Money Market Fund^(1)(b)(wa)
214,574	2,617,947	2,691,125	5		252		141,653		141,795		493⁽²⁾
$1,187,368	$11,600,159	$12,646,131	$5		$252	$	141,653				$1,020
PGIM Core Conservative Bond Fund:
Value, Beginning of Year	Cost of Purchases	Proceeds from Sales	Change in Unrealized Gain (Loss)	Realized Gain (Loss)		Value, End of Year			Shares, End of Year	Income

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$2,855,615	$13,264,686	$16,120,301	$—		$—	$	—		—		$1,071

PGIM Day One Underlying Funds 183

Notes to Financial Statements/Consolidated Financial Statements

PGIM TIPS Fund:


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

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Ultra Short Bond Fund^(1)(wb)
$1,720,587	$13,155,097	$14,875,684	$—	$—	$—	—	$321

PGIM Quant Solutions Commodity Strategies Fund:


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

Short-Term Investments - Affiliated Mutual Fund:

PGIM Core Ultra Short Bond Fund^(1)(bb)(wb)
$10,169,885	$40,458,312	$50,628,197	$—	$—	$—	—	$5,340

PGIM Quant Solutions Mid-Cap Core Fund:


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

Long-Term Investments - Common Stock:

Prudential Financial, Inc.^(g)
$ 61,271	$ 7,276	$ 25,535	$(233)	$1,317	$44,096	441	$2,399

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund^(1)(wa)
584,828	9,827,715	10,412,543	—	—	—	—	683

184

PGIM Quant Solutions US Broad Market Index Fund (cont’d.):


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

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	)		$	—				$	687
$1,303,542		$	9,864,315		$	11,124,845		$	(155	)		$	1,239			$	44,096				$	3,086

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

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

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

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

(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.	Distributions and Tax Information

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.

For the year ended July 31, 2022, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Fund	Ordinary Income		Long-Term Capital Gains		Total Dividends and Distributions
PGIM Jennison Small-Cap Core Equity Fund	$	3,157,041		$3,655,323		$ 6,812,364
PGIM Core Conservative Bond Fund		1,215,907		188,580		1,404,487
PGIM TIPS Fund		7,238,677		921,348		8,160,025
PGIM Quant Solutions Commodity Strategies Fund		19,775,119		—		19,775,119
PGIM Quant Solutions Mid-Cap Core Fund		2,710,777		1,999,060		4,709,837
PGIM Quant Solutions US Broad Market Index Fund		1,421,797		5,247,316		6,669,113

For the year ended July 31, 2021, the tax character of dividends paid as reflected in the Statement of Changes in Net Assets were as follows:


Fund	Ordinary Income		Long-Term Capital Gains		Total Dividends and Distributions
PGIM Jennison Small-Cap Core Equity Fund	$	622,633		$460,451		$ 1,083,084
PGIM Core Conservative Bond Fund		1,347,269		464,881		1,812,150
PGIM TIPS Fund		3,416,262		676,229		4,092,491
PGIM Quant Solutions Commodity Strategies Fund		—		—		—
PGIM Quant Solutions Mid-Cap Core Fund		184,245		—		184,245
PGIM Quant Solutions US Broad Market Index Fund		1,150,866		248,825		1,399,691

PGIM Day One Underlying Funds 185

Notes to Financial Statements/Consolidated Financial Statements

For the year ended July 31, 2022, the Funds had the following amounts of accumulated undistributed earnings on a tax basis:


Fund	Undistributed Ordinary Income		Undistributed Long-Term Capital Gains
PGIM Jennison Small-Cap Core Equity Fund		$ —	$	—
PGIM Core Conservative Bond Fund		24		—
PGIM TIPS Fund		—		—
PGIM Quant Solutions Commodity Strategies Fund		18,616,222		—
PGIM Quant Solutions Mid-Cap Core Fund		—		1,979,171
PGIM Quant Solutions US Broad Market Index Fund		545,540		2,881,172

The United States federal income tax basis of the Funds’ investments and the net unrealized appreciation/(depreciation) as of July 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	$	27,506,071		$ 5,625,779		$ (3,104,357	)		$ 2,521,422
PGIM Core Conservative Bond Fund		55,461,340		67,473		(4,595,725	)		(4,528,252	)
PGIM TIPS Fund		95,739,114		93,104		(6,419,783	)		(6,326,679	)
PGIM Quant Solutions Commodity Strategies Fund		81,708,484		6,366,212		(12,538,590	)		(6,172,378	)
PGIM Quant Solutions Mid-Cap Core Fund		13,601,991		2,364,224		(738,686	)		1,625,538
PGIM Quant Solutions US Broad Market Index Fund		27,997,291		21,528,836		(2,015,895	)		19,512,941

The difference between GAAP and tax basis was primarily attributable to deferred losses on wash sales, amortization of premiums, tax treatment of the investment in the Subsidiary and other book to tax differences.

The Fund elected to treat the below post-October capital losses as having been incurred in the following fiscal year (July 31, 2023).


Fund	Post-October Capital Losses
PGIM Jennison Small-Cap Core Equity Fund		$1,194,000
PGIM Core Conservative Bond Fund		1,257,000
PGIM TIPS Fund		427,000

186

Fund

Post-October

Capital Losses

PGIM Quant Solutions Mid-Cap Core Fund

$ 299,000

For federal income tax purposes, the following Funds had a capital loss carryforward as of July 31,2022 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.

Fund

Capital Loss

Carryforward

PGIM Quant Solutions Commodity Strategies Fund

$229,000

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 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, 2022 are subject to such review.

7.	Capital and Ownership

The Funds offer Class R6 shares and the 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 July 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		2,414,505		99.9%
PGIM Core Conservative Bond Fund–Class R6		5,650,855		99.9
PGIM TIPS Fund–Class R6		9,602,281		100.0
PGIM Quant Solutions Commodity Strategies Fund–Class Z		1,259		2.5
PGIM Quant Solutions Commodity Strategies Fund–Class R6		7,145,683		93.4
PGIM Quant Solutions Mid-Cap Core Fund–Class R6		1,371,313		100.0
PGIM Quant Solutions US Broad Market Index Fund–Class R6		2,741,207		99.2

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

PGIM Day One Underlying Funds 187

Notes to Financial Statements/Consolidated Financial Statements


Fund	Number of Shareholders		Percentage of Outstanding Shares
Affiliated:
PGIM Jennison Small-Cap Core Equity Fund		5		85.0%
PGIM Core Conservative Bond Fund		6		90.5
PGIM TIPS Fund		6		91.9
PGIM Quant Solutions Commodity
Strategies Fund		2		71.8
PGIM Quant Solutions Mid-Cap Core Fund		7		88.5
PGIM Quant Solutions US Broad Market Index Fund		7		88.9
Unaffiliated:
PGIM Jennison Small-Cap Core Equity Fund		—		—
PGIM Core Conservative Bond Fund		—		—
PGIM TIPS Fund		—		—
PGIM Quant Solutions Commodity Strategies Fund		1		6.5
PGIM Quant Solutions Mid-Cap Core Fund		—		—
PGIM Quant Solutions US Broad Market Index Fund		—		—

Transactions in shares of beneficial interest were as follows:

PGIM Quant Solutions Commodity Strategies Fund:



Share Class	Shares			Amount

Class Z
*Period ended July 31, 2022:**
Shares sold		315,164		$	3,360,544
Shares purchased		(264,624	)		(2,889,629	)
Net increase (decrease) in shares outstanding		50,540		$	470,915

Class R6
Year ended July 31, 2022:
Shares sold		3,295,509		$	35,389,171
Shares issued in reinvestment of dividends and distributions		2,474,984			19,775,119
Shares purchased		(3,253,556	)		(33,613,290	)
Net increase (decrease) in shares outstanding		2,516,937		$	21,551,000

188

PGIM Quant Solutions Commodity Strategies Fund (cont’d.):



Share Class	Shares			Amount

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.

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 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 year ended July 31, 2022. The average balance

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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 July 31, 2022
PGIM Core Conservative Bond Fund		$	664,667		2.86	%		3		$	1,033,000		$	—
PGIM TIPS Fund			646,833		1.82			30			3,245,000			—
PGIM Quant Solutions Mid-Cap Core Fund			604,233		1.64			43			3,267,000			—
PGIM Quant Solutions US Broad Market Index Fund			1,803,333		1.69			15			6,597,000			—

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

—

Adjustable and Floating Rate Securities

—

Blend Style

—

Cayman Subsidiary

—

Commodity

—

Commodity-Linked Notes

—

Commodity Pooled Investment Vehicles

—

Commodity Regulatory

—

Concentration

—

Credit /Counterparty

—

Debt Obligations

—

Deflation

—

Derivatives

—

Economic and Market Events

Equity and Equity-Related Securities

—

Exchange-Traded Funds (“ETFs”)

—

Foreign Securities

—

Fund of Funds

190

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

Futures and Forward Contracts

—

Hedging

—

Increase in Expenses

Index Investment Approach

—

Initial Public Offerings

—

Interest Rate

—

Large Capitalization Company

—

Large Shareholder and Large Scale Redemption

LIBOR

—

Liquidity

—

Management

—

Market Disruption and Geopolitical

Market

Medium Capitalization (Mid-Cap) Company

—

Model Design

—

Model Implementation

—

Mortgage-Backed and Asset-Backed Securities

—

Non-Diversified Investment Company

—

Preferred Securities

—

Small Company

—

Tax

—

TIPS

—

Tracking Error

—

Trading on Foreign Exchanges

—

U.S. Government and Agency Securities

—

U.S. Treasury Strips

—

Zero Coupon Bond

—

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.

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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 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.

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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.

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

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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 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 Risk: Derivatives involve special risks and costs and may result in losses to the Fund. The successful use of derivatives requires sophisticated management, and, to the extent that derivatives are used, the Fund will depend on the subadviser’s ability to analyze and manage derivatives transactions. The prices of derivatives may move in unexpected ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

Other risks arise from the potential inability to terminate or sell derivatives positions. A liquid secondary market may not always exist for the Fund’s derivatives positions. In fact, many over-the-counter derivative instruments will not have liquidity beyond the counterparty to the instrument. Over-the-counter derivative instruments also involve the risk that the other party will not meet its obligations to the Fund. The use of derivatives also exposes the Fund to operational issues, such as documentation and settlement issues, systems failures, inadequate control and human error.

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Derivatives may also involve legal risks, such as insufficient documentation, the lack of capacity or authority of a counterparty to execute or settle a transaction, and the legality and enforceability of derivatives contracts. The U.S. Government and foreign governments have adopted (and may adopt further) regulations governing derivatives markets, including mandatory clearing of certain derivatives, margin and reporting requirements, and risk exposure limitations. Regulation of derivatives may make derivatives more costly, limit their availability or utility to the Fund, or otherwise adversely affect their performance or disrupt markets.

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, 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 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.

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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.

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

196

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 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

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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.

LIBOR Risk: Many financial instruments use or may use a floating rate based on the London Interbank Offered Rate, or “LIBOR,” which is the offered rate for short-term Eurodollar deposits between major international banks. Over the course of the last several years, global regulators have indicated an intent to phase out the use of LIBOR and similar interbank offering rates (“IBOR”). There still remains uncertainty regarding the nature of any replacement rates for LIBOR and the other IBORs as well as around fallback approaches for instruments extending beyond the any phase-out of these reference rates. The lack of consensus around replacement rates and the uncertainty of the phase out of LIBOR and other IBORs may result in increased volatility in corporate or governmental debt, floating rate and other loans, derivatives and other instruments invested in by the Fund as well as loan facilities used by the Fund.

The potential effect of a transition away from LIBOR on the Fund or the financial instruments in which the Fund invests cannot yet be determined. The elimination of LIBOR or changes to other reference rates or any other changes or reforms to the determination or supervision of reference rates could have an adverse impact on the market for, or value of, any securities or payments linked to those reference rates, which may adversely affect the Fund’s

198

performance and/or net asset value. Certain proposed replacement rates to LIBOR, such as the Secured Overnight Financing Rate (“SOFR”), are materially different from LIBOR, and changes in the applicable spread for instruments previously linked to LIBOR will need to be made in order for instruments to pay similar rates. Uncertainty and risk also remain regarding the willingness and ability of issuers and lenders to include revised provisions in new and existing contracts or instruments. Consequently, the transition away from LIBOR to other reference rates may lead to reduced coupons on debt held by the Fund, higher rates required to be paid by the Fund on bank lines of credit due to increases in spreads, increased volatility and illiquidity in markets that are tied to LIBOR, fluctuations in values of LIBOR-related investments or investments in issuers that utilize LIBOR, increased difficulty in borrowing or refinancing and diminished effectiveness of hedging strategies, adversely affecting the Fund’s performance. Furthermore, the risks associated with the expected discontinuation of LIBOR and transition may be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. Because the usefulness of LIBOR and the other IBORs as benchmarks could deteriorate during the transition period, these effects could be experienced until the anticipated discontinuance date in 2023 for the majority of the LIBOR rates.

Liquidity Risk: 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

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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.

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.

Medium Capitalization (Mid-Cap) Company Risk: The Fund’s investments in mid-cap companies carry more risk than investments in larger capitalized companies. Investments in mid-cap companies carry additional risks because earnings of these companies tend to be less predictable; they often have limited product lines, markets, distribution channels or financial resources; and the management of such companies may be dependent on one or a few key people. The market movements of these companies’ securities may be more abrupt or erratic than the market movements of securities of larger, more established companies or the stock market in general. Historically, mid-cap companies have sometimes gone through extended periods when they did not perform as well as larger companies. Mid-cap companies generally are comparatively less liquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like. Also, the stocks of mid-cap companies may fall out of favor relative to those of small- or large-capitalization companies, causing the Fund to underperform other equity funds that focus on small- or large-capitalization companies.

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

200

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.

Small Company Risk: Small company stocks present above-average risks in comparison to larger companies. Small 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, stocks issued by smaller companies may be comparatively less liquid and fluctuate in value more than the stocks of larger, more established companies.

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

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Notes to Financial Statements/Consolidated Financial Statements

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 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

202

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.

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.

PGIM Day One Underlying Funds 203

Report of Independent Registered Public Accounting Firm

To the Board of Trustees of Prudential Investment Portfolios 2 and Shareholders of 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

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of 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 (six of the funds constituting Prudential Investment Portfolios 2, hereafter collectively referred to as the “Funds”) as of July 31, 2022, the related statements of operations for the year ended July 31, 2022, the statements of changes in net assets for each of the two years in the period ended July 31, 2022, including the related notes, and the financial highlights for each of periods indicated therein ended on or subsequent to July 31, 2021 (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of July 31, 2022, the results of each of their operations for the year then ended, and the changes in each of their net assets for each of the two years in the period ended July 31, 2022 and each of the financial highlights for each of the periods indicated therein ended on or subsequent to July 31, 2021 in conformity with accounting principles generally accepted in the United States of America.

The financial statements of the Funds as of and for the year ended July 31, 2020 and the financial highlights for each of the periods ended on or prior to July 31, 2020 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated September 18, 2020 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of July 31, 2022 by correspondence with the custodian, transfer agent and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

New York, New York

September 19, 2022

We have served as the auditor of one or more investment companies in the PGIM Retail Funds complex since 2020.

204

Tax Information (unaudited)

We are advising you that during the fiscal year ended July 31, 2022, the Funds reported the maximum amount allowed per share for Class R6 share as a capital gain distribution in accordance with Section 852(b)(3)(C) of the Internal Revenue Code.



Fund	Capital Gain Distributions
PGIM Jennison Small-Cap Core Equity Fund		$	2.25
PGIM Core Conservative Bond Fund			0.03
PGIM TIPS Fund			0.12
PGIM Quant Solutions Mid-Cap Core Equity Fund			1.34
PGIM Quant Solutions US Broad Market Index Fund			1.81

For the year ended July 31, 2022, the following Funds reports the maximum amount allowable but not less than the following percentages of ordinary income dividends paid as: 1) qualified dividend income in accordance with Section 854 of the Internal Revenue Code (QDI); 2) eligible for the corporate dividends received deduction in accordance with Section 854 of the Internal Revenue Code (DRD); and 3) interest-related dividends in accordance with Section 871(k)(1) and 881(e)(1) of the Internal Revenue Code (IRD):


Fund	QDI			DRD			IRD
PGIM Jennison Small-Cap Core Equity Fund		34.62	%		11.98	%		0.00	%
PGIM Core Conservative Bond Fund		0.00			0.00			91.98
PGIM TIPS Fund		0.00			0.00			90.13
PGIM Quant Solutions Mid-Cap Core Equity Fund		22.12			21.61			0.00
PGIM Quant Solutions US Broad Market Index Fund		67.84			66.84			0.00

In January 2023, you will be advised on IRS Form 1099-DIV or substitute 1099-DIV as to the federal tax status of the distributions received by you in calendar year 2022.

We are required by Massachusetts, Missouri and Oregon to inform you that dividends which have been derived from interest on federal obligations are not taxable to shareholders provided the Fund meets certain requirements mandated by the respective state’s taxing authorities. We are pleased to report that the dividends paid by the following funds qualify for such deduction.


PGIM Core Conservative Bond Fund	28.81	%
PGIM TIPS Fund	90.13	%

For more detailed information regarding your state and local taxes, you should contact your tax adviser or the state/local taxing authorities.

PGIM Day One Underlying Funds 205

Liquidity Risk Management Program (unaudited)

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

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

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of each Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that each Fund’s LRMP was reasonably designed to assess and manage each Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that each Fund’s investment strategies continue to be appropriate given each Fund’s status as an open-end fund.

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

PGIM Day One Underlying Funds

INFORMATION ABOUT BOARD MEMBERS AND OFFICERS (unaudited)

Information about Board Members and Officers of the Fund is set forth below. Board Members who are not deemed to be “interested persons” of the Fund, as defined in the 1940 Act, are referred to as “Independent Board Members.” Board Members who are deemed to be “interested persons” of the Fund are referred to as “Interested Board Members.” The Board Members are responsible for the overall supervision of the operations of the Fund and perform the various duties imposed on the directors of investment companies by the 1940 Act. The Board in turn elects the Officers, who are responsible for administering the day-to-day operations of the Fund.


Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Ellen S. Alberding 1958 Board Member Portfolios Overseen: 97	President and Board Member, The Joyce Foundation (charitable foundation) (since 2002); formerly Vice Chair, City Colleges of Chicago (community college system) (2011-2015); Trustee, National Park Foundation (charitable foundation for national park system) (2009-2018); Trustee, Economic Club of Chicago (2009-2016); Trustee, Loyola University (since 2018).	None.	Since September 2013

Kevin J. Bannon 1952 Board Member Portfolios Overseen: 97	Retired; formerly Managing Director (April 2008-May 2015) and Chief Investment Officer (October 2008-November 2013) of Highmount Capital LLC (registered investment adviser); formerly Executive Vice President and Chief Investment Officer (April 1993-August 2007) of Bank of New York Company; President (May 2003-May 2007) of BNY Hamilton Family of Mutual Funds.	Director of Urstadt Biddle Properties (equity real estate investment trust) (since September 2008).	Since July 2008

PGIM Day One Underlying Funds


Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Linda W. Bynoe 1952 Board Member Portfolios Overseen: 94	President and Chief Executive Officer (since March 1995) and formerly Chief Operating Officer (December 1989-February 1995) of Telemat Limited LLC (formerly Telemat Ltd) (management consulting); formerly Vice President (January 1985-June 1989) at Morgan Stanley & Co. (broker-dealer).	Trustee of Equity Residential (residential real estate) (since December 2009); Director of Northern Trust Corporation (financial services) (since April 2006); formerly Director of Anixter International, Inc. (communication products distributor) (January 2006-June 2020).	Since March 2005

Barry H. Evans 1960 Board Member Portfolios Overseen: 96	Retired; formerly President (2005-2016), Global Chief Operating Officer (2014-2016), Chief Investment Officer - Global Head of Fixed Income (1998-2014), and various portfolio manager roles (1986-2006), Manulife Asset Management (asset management).	Formerly Director, Manulife Trust Company (2011-2018); formerly Director, Manulife Asset Management Limited (2015-2017); formerly Chairman of the Board of Directors of Manulife Asset Management U.S. (2005-2016); formerly Chairman of the Board, Declaration Investment Management and Research (2008-2016).	Since September 2017

Keith F. Hartstein 1956 Board Member & Independent Chair Portfolios Overseen: 97	Retired; Member (since November 2014) of the Governing Council of the Independent Directors Council (IDC) (organization of independent mutual fund directors); formerly Executive Committee of the IDC Board of Governors (October 2019-December 2021); formerly President and Chief Executive Officer (2005-2012), Senior Vice President (2004-2005), Senior Vice President of Sales and Marketing (1997-2004), and various executive management positions (1990-1997), John Hancock Funds, LLC (asset management); Chairman, Investment Company Institute’s Sales Force Marketing Committee (2003-2008).	None.	Since September 2013

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Independent Board Members

Name Year of Birth Position(s) Portfolios Overseen	Principal Occupation(s) During Past Five Years	Other Directorships Held During Past Five Years	Length of Board Service

Laurie Simon Hodrick 1962 Board Member Portfolios Overseen: 93	A. Barton Hepburn Professor Emerita of Economics in the Faculty of Business, Columbia Business School (since 2018); Visiting Fellow at the Hoover Institution, Stanford University (since 2015); Sole Member, ReidCourt LLC (since 2008) (a consulting firm); formerly Visiting Professor of Law, Stanford Law School (2015-2021); formerly A. Barton Hepburn Professor of Economics in the Faculty of Business, Columbia Business School (1996-2017); formerly Managing Director, Global Head of Alternative Investment Strategies, Deutsche Bank (2006-2008).	Independent Director, Andela (since January 2022) (global talent network); Independent Director, Roku (since December 2020) (communication services); formerly Independent Director, Synnex Corporation (2019-2021) (information technology); formerly Independent Director, Kabbage, Inc. (2018-2020) (financial services); formerly Independent Director, Corporate Capital Trust (2017-2018) (a business development company).	Since September 2017

Brian K. Reid 1961 Board Member Portfolios Overseen: 96	Retired; formerly Chief Economist for the Investment Company Institute (ICI) (2005-2017); formerly Senior Economist and Director of Industry and Financial Analysis at the ICI (1998-2004); formerly Senior Economist, Industry and Financial Analysis at the ICI (1996-1998); formerly Staff Economist at the Federal Reserve Board (1989-1996); Director, ICI Mutual Insurance Company (2012-2017).	None.	Since March 2018

PGIM Day One Underlying Funds

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Claudia DiGiacomo 1974 Chief Legal Officer	Chief Legal Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; Chief Legal Officer, Executive Vice President and Secretary of PGIM Investments LLC (since August 2020); Chief Legal Officer of Prudential Mutual Fund Services LLC (since August 2020); Chief Legal Officer of PIFM Holdco, LLC (since August 2020); Vice President and Corporate Counsel (since January 2005) of Prudential; and Corporate Counsel of AST Investment Services, Inc. (since August 2020); formerly Vice President and Assistant Secretary of PGIM Investments LLC (2005-2020); formerly Associate at Sidley Austin Brown & Wood LLP (1999-2004).	Since December 2005

PGIM Day One Underlying Funds


Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Isabelle Sajous 1976 Chief Compliance Officer	Chief Compliance Officer (since April 2022) of PGIM Investments LLC, the PGIM Funds, Target Funds, PGIM ETF Trust, PGIM Global High Yield Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, Advanced Series Trust, The Prudential Series Fund and Prudential’s Gibraltar Fund, Inc.; Chief Compliance Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; Vice President, Compliance of PGIM Investments LLC (since December 2020); formerly Director, Compliance (July 2018-December 2020) of Credit Suisse Asset Management LLC; and Vice President, Associate General Counsel & Deputy Chief Compliance Officer of Cramer Rosenthal McGlynn, LLC (August 2014-July 2018).	Since April 2022

Andrew R. French 1962 Secretary	Vice President (since December 2018) of PGIM Investments LLC; Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Vice President and Corporate Counsel (2010-2018) of Prudential; formerly Director and Corporate Counsel (2006-2010) of Prudential; Vice President and Assistant Secretary (since January 2007) of PGIM Investments LLC; Vice President and Assistant Secretary (since January 2007) of Prudential Mutual Fund Services LLC.	Since October 2006

Melissa Gonzalez 1980 Assistant Secretary	Vice President and Corporate Counsel (since September 2018) of Prudential; Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director and Corporate Counsel (March 2014-September 2018) of Prudential.	Since March 2020

Patrick E. McGuinness 1986 Assistant Secretary	Vice President and Assistant Secretary (since August 2020) of PGIM Investments LLC; Director and Corporate Counsel (since February 2017) of Prudential; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since June 2020

Debra Rubano 1975 Assistant Secretary	Vice President and Corporate Counsel (since November 2020) of Prudential; Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc; formerly Director and Senior Counsel of Allianz Global Investors U.S. Holdings LLC (2010-2020) and Assistant Secretary of numerous funds in the Allianz fund complex (2015-2020).	Since December 2020

Kelly A. Coyne 1968 Assistant Secretary	Director, Investment Operations of Prudential Mutual Fund Services LLC (since 2010); Assistant Secretary (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since March 2015

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Fund Officers^(a)

Name Year of Birth Fund Position	Principal Occupation(s) During Past Five Years	Length of Service as Fund Officer

Christian J. Kelly 1975 Treasurer and Principal Financial and Accounting Officer	Vice President, Head of Fund Administration of PGIM Investments LLC (since November 2018); Principal Financial Officer (since March 2022) of the PGIM Private Real Estate Fund, Inc.; formerly, Treasurer and Principal Accounting Officer (March 2022- July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Director of Fund Administration of Lord Abbett & Co. LLC (2009-2018), Treasurer and Principal Accounting Officer of the Lord Abbett Family of Funds (2017-2018); Director of Accounting, Avenue Capital Group (2008-2009); Senior Manager, Investment Management Practice of Deloitte & Touche LLP (1998-2007).	Since January 2019

Lana Lomuti 1967 Assistant Treasurer	Vice President (since 2007) and Director (2005-2007), within PGIM Investments Fund Administration; formerly Assistant Treasurer (December 2007-February 2014) of The Greater China Fund, Inc.	Since April 2014

Russ Shupak 1973 Assistant Treasurer	Vice President (since 2017) and Director (2013-2017), within PGIM Investments Fund Administration; Treasurer and Principal Accounting Officer (since July 2022) of the PGIM Private Real Estate Fund, Inc.; formerly Assistant Treasurer (March 2022 – July 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019

Deborah Conway 1969 Assistant Treasurer	Vice President (since 2017) and Director (2007-2017), within PGIM Investments Fund Administration.	Since October 2019

Elyse M. McLaughlin 1974 Assistant Treasurer	Vice President (since 2017) and Director (2011-2017), within PGIM Investments Fund Administration; Assistant Treasurer (since March 2022) of the PGIM Private Real Estate Fund, Inc.	Since October 2019

Kelly Florio 1978 Anti-Money Laundering Compliance Officer	Vice President, Corporate Compliance, Global Compliance Programs and Compliance Risk Management (since December 2021) of Prudential; formerly, Head of Fraud Risk Management (October 2019 to December 2021) at New York Life Insurance Company; formerly, Head of Key Risk Area Operations (November 2018 to October 2019), Director of the US Anti-Money Laundering Compliance Unit (2009-2018) and Bank Loss Prevention Associate (2006 -2009) at MetLife.	Since June 2022

^(a)	Excludes Mr. Parker and Mr. Benjamin, interested Board Members who also serve as President and Vice President, respectively.

Explanatory Notes to Tables:

∎

Board Members are deemed to be “Interested,” as defined in the 1940 Act, by reason of their affiliation with PGIM Investments LLC and/or an affiliate of PGIM Investments LLC.

∎

Unless otherwise noted, the address of all Board Members and Officers is c/o PGIM Investments LLC, 655 Broad Street, Newark, New Jersey 07102-4410.

∎

There is no set term of office for Board Members or Officers. The Board Members have adopted a retirement policy, which calls for the retirement of Board Members on December 31 of the year in which they reach the age of 75.

PGIM Day One Underlying Funds

∎

“Other Directorships Held” includes all directorships of companies required to register or file reports with the SEC under the 1934 Act (that is, “public companies”) or other investment companies registered under the 1940 Act.

∎

“Portfolios Overseen” includes all investment companies managed by PGIM Investments LLC. The investment companies for which PGIM Investments LLC serves as manager include the PGIM Mutual Funds, Target Funds, The Prudential Variable Contract Accounts, PGIM ETF Trust, PGIM Private Real Estate Fund, Inc., PGIM High Yield Bond Fund, Inc., PGIM Global High Yield Fund, Inc., PGIM Short Duration High Yield Opportunities Fund, The Prudential Series Fund, Prudential’s Gibraltar Fund, Inc. and the Advanced Series Trust.

∎

As used in the Fund Officers table “Prudential” means The Prudential Insurance Company of America.

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Approval of Advisory Agreements (unaudited)

The Funds’ Boards of Trustees

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

Annual Approval of the Funds’ Advisory Agreements

As required under the 1940 Act, the Board determines annually whether to renew each Fund’s management agreement with PGIM Investments LLC (“PGIM Investments”) and each Fund’s subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions”), Jennison Associates LLC (“Jennison”) and PGIM, Inc., (“PGIM”) on behalf of its PGIM Fixed Income unit, and PGIM Limited (collectively “PGIM Fixed Income”), as applicable. In considering the renewal of the agreements, the Board, including all of the Independent Trustees, met on May 26 and June 7-9, 2022 (the “Board Meeting”) and approved the renewal of the agreements through July 31, 2023, after concluding that the renewal of the agreements was in the best interests of each Fund and its shareholders.

In advance of the meetings, the Board requested and received materials relating to the agreements, and had the opportunity to ask questions and request further information in connection with its consideration. Among other things, the Board considered comparative fee information from PGIM Investments, PGIM Fixed Income, PGIM Quantitative Solutions and Jennison. Also, the Board considered comparisons with other mutual funds in relevant Peer Universes and Peer Groups, as is further discussed below.

In approving the agreements, the Board, including the Independent Trustees advised by independent legal counsel, considered the factors it deemed relevant, including the nature, quality and extent of services provided, the performance of each Fund, the profitability of PGIM Investments and its affiliates, expenses and fees, and the potential for economies of scale that may be shared with each Fund and its shareholders as each Fund’s assets grow. In their deliberations, the Trustees did not identify any single factor which alone was responsible for the Board’s decision to approve the agreements with

¹Each of the PGIM Day One Underlying Funds is a series of Prudential Investment Portfolios 2. The PGIM Day One Underlying Funds discussed herein are: PGIM Jennison Small-Cap Core Equity Fund, PGIM Core Conservative Bond Fund, PGIM TIPS Fund, PGIM Quant Solutions Commodity Strategies Fund, PGIM Quant Solutions US Broad Market Index Fund and PGIM Quant Solutions Mid-Cap Core Fund.

PGIM Day One Underlying Funds

Approval of Advisory Agreements (continued)

respect to each Fund. In connection with its deliberations, the Board considered information provided by PGIM Investments throughout the year at regular Board meetings, presentations from portfolio managers and other information, as well as information furnished at or in advance of the Board Meeting.

The Trustees determined that the overall arrangements between each Fund and PGIM Investments, which serves as each Fund’s investment manager pursuant to a management agreement, and between PGIM Investments and each of PGIM Quantitative Solutions, Jennison and PGIM Fixed Income as applicable, each of which serves as each Fund’s subadviser pursuant to the terms of subadvisory agreements with PGIM Investments, are in the best interests of each Fund and its shareholders in light of the services performed, fees charged and such other matters as the Trustees considered relevant in the exercise of their business judgment.

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

Nature, Quality and Extent of Services

The Board received and considered information regarding the nature, quality and extent of services provided to each Fund by PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income. The Board noted that PGIM Quantitative Solutions, Jennison and PGIM Fixed Income are affiliated with PGIM Investments. The Board considered the services provided by PGIM Investments, including but not limited to the oversight of the subadviser for each Fund, as well as the provision of fund recordkeeping, compliance and other services to each Fund, and PGIM Investments’ role as administrator of the Funds’ liquidity risk management program. With respect to PGIM Investments’ oversight of the subadvisers, the Board noted that PGIM Investments’ Strategic Investment Research Group (“SIRG”), which is a business unit of PGIM Investments, is responsible for monitoring and reporting to PGIM Investments’ senior management on the performance and operations of the subadvisers. The Board also considered that PGIM Investments pays the salaries of all of the officers and interested Trustees of the Funds who are part of Fund management. The Board also considered the investment subadvisory services provided by PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income, including investment research and security selection, as well as adherence to each Fund’s investment restrictions and compliance with applicable Fund policies and procedures. The Board considered PGIM Investments’ evaluation of the subadvisers, as well as PGIM Investments’ recommendation, based on its review of the subadvisers, to renew the subadvisory agreements.

The Board considered the qualifications, backgrounds and responsibilities of PGIM Investments’ senior management responsible for the oversight of each Fund, PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income and also considered the qualifications, backgrounds and responsibilities of the PGIM Quantitative Solutions,

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

The Board concluded that it was satisfied with the nature, extent and quality of the investment management services provided by PGIM Investments and the subadvisory services provided to each Fund by PGIM Quantitative Solutions, Jennison, and PGIM Fixed Income and that there was a reasonable basis on which to conclude that each Fund benefits from the services provided by PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income under the management and subadvisory agreements.

Costs of Services and Profits Realized by PGIM Investments

The Board was provided with information on the profitability of PGIM Investments and its affiliates in serving as each Fund’s investment manager. The Board discussed with PGIM Investments the methodology utilized in assembling the information regarding profitability and considered its reasonableness. The Board recognized that it is difficult to make comparisons of profitability from fund management contracts because comparative information is not generally publicly available and is affected by numerous factors, including the structure of the particular adviser, the types of funds it manages, its business mix, numerous assumptions regarding allocations and the adviser’s capital structure and cost of capital. However, the Board considered that the cost of services provided by PGIM Investments during the year ended December 31, 2021 exceeded the management fees paid by each Fund, resulting in an operating loss to PGIM Investments. Taking these factors into account, the Board concluded that the profitability of PGIM Investments and its affiliates in relation to the services rendered was not unreasonable.

Economies of Scale

The Board received and discussed information concerning economies of scale that PGIM Investments may realize as each Fund’s assets grow beyond current levels. During the course of time, the Board has considered information regarding the launch date of each Fund, the management fees of each Fund compared to those of similarly managed funds and PGIM Investments’ investment in each Fund over time. The Board noted that, while the management fee schedule for each Fund does not have breakpoints in its management fees, economies of scale can be shared with each Fund in other ways, including low management fees from inception, additional technological and personnel investments to enhance shareholder services, and maintaining existing

PGIM Day One Underlying Funds

Approval of Advisory Agreements (continued)

expense structures in the face of a rising cost environment. The Board also considered PGIM Investments’ assertion that it continually evaluates the management fee schedule of each Fund and the potential to share economies of scale through breakpoints or fee waivers as asset levels increase.

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

Other Benefits to PGIM Investments, PGIM Quantitative Solutions, Jennison and PGIM Fixed Income

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

Performance of the Funds / Fees and Expenses

The Board considered certain additional factors and made related conclusions relating to the historical performance of each Fund for the one-year and the three-year periods ended December 31, 2021. The Board considered that PGIM Quant Solutions US Broad Market Index Fund and PGIM Quant Solutions Mid-Cap Core Fund each commenced operations on November 17, 2016 and that all of the other Funds commenced operations on November 15, 2016 and that longer-term performance was not yet available.

The Board also considered each Fund’s actual management fee, as well as each Fund’s net total expense ratio, for the fiscal year ended July 31, 2021. The Board considered the management fee for each Fund as compared to the management fee charged by PGIM Investments to other funds and the fee charged by other advisers to comparable mutual funds in a Peer Group. The actual management fee represents the fee rate actually paid by Fund shareholders and includes any fee waivers or reimbursements. The net total expense ratio for each Fund represents the actual expense ratio incurred by Fund shareholders.

Visit our website at pgim.com/investments

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

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

PGIM Quant Solutions US Broad Market Index Fund


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1st Quartile	2nd Quartile	1st Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

The Board noted that the Fund underperformed its benchmark index over the one-, three- and five-year periods.

The Board noted PGIM Investments’ assertion that the Fund’s performance is consistent with the Fund’s objective and exhibits a similar composition and high correlation to the S&P Composite 1500 Index, minus expenses.

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

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

PGIM Quant Solutions Mid-Cap Core Fund


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1st Quartile	4th Quartile	4th Quartile	N/A
Actual Management Fees: 1st Quartile

PGIM Day One Underlying Funds

Approval of Advisory Agreements (continued)


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	1st Quartile	4th Quartile	4th Quartile	N/A
Net Total Expenses: 4th Quartile

The Board noted that the Fund outperformed its benchmark index over the one-year period, though it underperformed its benchmark index over the three- and five-year periods.

The Board also considered PGIM Investments’ assertions that the Fund’s value style factor was the primary driver of relative underperformance over the three- and five-year periods, as prior to 2021, the market was led by more expensive stocks, and that they are encouraged that as the value factor has performed well in the recent year, the Fund’s relative performance has continued to improve. In this regard, the Board considered that the Fund outperformed its benchmark index and ranked in the 50th percentile of its peer group for the first quarter of 2022. The Board also considered that the Fund outperformed its benchmark for the one-year period ended March 31, 2022.

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

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

PGIM Jennison Small-Cap Core Equity Fund


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3rd Quartile	1st Quartile	1st Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 2nd Quartile

The Board noted that the Fund outperformed its benchmark index over the one-, three- and five-year periods.

The Board also considered that the Fund outperformed its benchmark index for the one-, three- and five-year periods and outperformed its peer group for the three-and five-year periods ended March 31, 2022.

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

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

PGIM Core Conservative Bond Fund


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	4th Quartile	4th Quartile	4th Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 4th Quartile

The Board noted that the Fund underperformed its benchmark index over the one-, three- and five-year periods.

The Board considered PGIM Investments’ assertion that, relative to its peer group, which has the flexibility to invest in emerging markets and below investment grade debt, the Fund’s more conservative investment approach limits exposure to these sectors, which can limit peer relative results. The Board considered PGIM Investments’ assertion that, given this fact, benchmark-relative performance comparisons are more appropriate when evaluating the Fund’s performance.

The Board also considered PGIM Investments’ assertion that performance has improved year-to-date as of March 31, 2022, with the fund outperforming both its benchmark and peers gross of fees. The Board additionally considered that the Fund performed within one basis point of its peer group in the fourth quarter of 2021, net of fees.

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

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

PGIM TIPS Fund


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	2nd Quartile	2nd Quartile	2nd Quartile	N/A
Actual Management Fees: 2nd Quartile
Net Total Expenses: 2nd Quartile

The Board noted that the Fund underperformed its benchmark index over the one-, three- and five-year periods.

The Board considered that the Fund outperformed the Lipper Inflation Protected Bond Funds Universe median over the one-year period.

PGIM Day One Underlying Funds

Approval of Advisory Agreements (continued)

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

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

PGIM Quant Solutions Commodity Strategies Fund


Net Performance	1 Year	3 Years	5 Years	10 Years
Net Performance	3rd Quartile	2nd Quartile	3rd Quartile	N/A
Actual Management Fees: 1st Quartile
Net Total Expenses: 1st Quartile

The Board noted that the Fund outperformed its benchmark index over all periods.

The Board also considered that the Fund outperformed its peer group and benchmark index for all periods as of March 31, 2022.

The Board and PGIM Investments agreed to retain the existing contractual cap on Fund expenses, which (exclusive of certain fees and expenses) caps total annual operating expenses at 0.70% for Class R6 shares and 0.70% for Class Z shares through November 30, 2023. In addition, PGIM Investments has agreed that total annual fund operating expenses for Class R6 shares will not exceed total annual fund operating expenses for Class Z shares.

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

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

* * *

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

Visit our website at pgim.com/investments

∎ MAIL

∎ TELEPHONE

∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

pgim.com/investments

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Funds’ 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 Funds’ 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 · Isabelle Sajous, Chief Compliance Officer · Kelly Florio, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · 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, 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 to the Board or individual Trustees are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

The Fund’s Statement of Additional Information contains additional information about the Fund’s Trustees and is available without charge, upon request, by calling (800) 225-1852.

Mutual Funds:

ARE NOT INSURED BY THE FDIC OR ANY

FEDERAL GOVERNMENT AGENCY

MAY LOSE VALUE

ARE NOT A DEPOSIT OF OR GUARANTEED

BY ANY BANK OR ANY BANK AFFILIATE

LOGO

PGIM DAY ONE UNDERLYING FUNDS


	NASDAQ	CUSIP		NASDAQ	CUSIP

PGIM JENNISON SMALL-CAP CORE EQUITY FUND	PQJCX	74440E805	PGIM QUANT SOLUTIONS COMMODITY STRATEGIES FUND (Class R6)	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 (Class Z)	PQCZX	74440E854
MF242E

Item 2 – Code of Ethics — See Exhibit (a)

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

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

Item 3 – Audit Committee Financial Expert –

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

Item 4 – Principal Accountant Fees and Services –

(a) Audit Fees

For the fiscal years ended July 31, 2022 and July 31, 2021, PricewaterhouseCoopers LLP (“PwC”), the Registrant’s principal accountant, billed the Registrant $191,900 and $188,900 respectively, for professional services rendered for the audit of the Registrant’s annual financial statements or services that are normally provided in connection with statutory and regulatory filings.

(b) Audit-Related Fees

For the fiscal years ended July 31, 2022 and July 31, 2021, PwC did not bill the Registrant for audit- related services.

For the fiscal years ended July 31, 2022 and July 31, 2021, fees of $0 and $12,529 were billed to the Registrant for services rendered by KPMG LLP (the Registrant’s prior principal accountant) in connection with the auditor transition.

For the fiscal years ended July 31, 2022 and July 31, 2021: none.

(d) All Other Fees

For the fiscal years ended July 31, 2022 and July 31, 2021: none.

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

THE PGIM MUTUAL FUNDS

AUDIT COMMITTEE POLICY

Pre-Approval of Services Provided by the Independent

Accountants

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

•

a review of the nature of the professional services expected to be provided,

•

a review of the safeguards put into place by the accounting firm to safeguard independence, and

•

periodic meetings with the accounting firm.

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

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

Such presentation shall be accompanied by confirmation by both the Treasurer and the independent accountants that the proposed

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

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

Audit Services

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

•

Annual Fund financial statement audits

•

Seed audits (related to new product filings, as required)

•

SEC and regulatory filings and consents

Audit-related Services

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

•

Accounting consultations

•

Fund merger support services

•

Agreed Upon Procedure Reports

•

Attestation Reports

•

Other Internal Control Reports

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

Tax Services

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

•

Tax compliance services related to the filing or amendment of the following:

•

Federal, state and local income tax compliance; and,

•

Sales and use tax compliance

•

Timely RIC qualification reviews

•

Tax distribution analysis and planning

•

Tax authority examination services

•

Tax appeals support services

•

Accounting methods studies

•

Fund merger support services

•

Tax consulting services and related projects

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

Other Non-Audit Services

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

Proscribed Services

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

•

Bookkeeping or other services related to the accounting records or financial statements of the Fund

•

Financial information systems design and implementation

•

Appraisal or valuation services, fairness opinions, or contribution-in-kind reports

•

Actuarial services

•

Internal audit outsourcing services

•

Management functions or human resources

•

Broker or dealer, investment adviser, or investment banking services

•

Legal services and expert services unrelated to the audit

•

Any other service that the Public Company Accounting Oversight Board determines, by regulation, is

impermissible.

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

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

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

(e) (2) Percentage of services described in each of paragraphs (b) through (d) of this Item that were approved by the audit committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X –


	Fiscal Year Ended July 31, 2022	Fiscal Year Ended July 31, 2021
4(b)	Not applicable.	0%
4(c)	Not applicable.	Not applicable.
4(d)	Not applicable.	Not applicable.

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

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

(g) Non-Audit Fees

The aggregate non-audit fees billed by the Registrant’s principal accountant for services rendered to the registrant’s investment adviser and any entity controlling, controlled by, or under common control with the investment adviser that provides ongoing services to the registrant for the fiscal years ended July 31, 2022 and July 31, 2021 was $0 and $0, respectively.

(h) Principal Accountant’s Independence

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

(i) Not applicable.

(j) Not applicable.

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

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

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

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

Item 9 –

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

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

Item 11 – Controls and Procedures

(a)

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

(b)

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

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)

(1) Code of Ethics – Attached hereto as Exhibit EX-99.CODE-ETH.

(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:		September 19, 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:		September 19, 2022

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

Date:		September 19, 2022

Description

Gross Market
Value of
Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net
Amount

Securities on Loan

$(140,657)