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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES


Investment Company Act file number:		811-09999

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

*(This Form N-CSR relates solely to the Registrant’s Prudential QMA Emerging Markets Equity Fund and Prudential QMA International Developed Markets Index Fund)*

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

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

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

Date of fiscal year end:		10/31/2017

Date of reporting period:		4/30/2017

Item 1 – Reports to Stockholders

LOGO

PRUDENTIAL QMA EMERGING MARKETS EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2017

LOGO

Objective: To provide returns in excess of the Morgan Stanley Capital
International Emerging Markets Index over full market cycles.

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2017 Prudential Financial, Inc. and its related entities. The Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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Your Fund’s Performance

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


		Total Returns as of 4/30/17 (without sales charges)
		*Since Inception (%)**
Class Q		14.21 (11/29/16)
MSCI Emerging Markets Net Index		14.14
Lipper Emerging Markets Funds Average		14.13

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. The Since Inception returns for the index and the Lipper Average are measured from the closest month-end to the Fund’s inception date.

Benchmark Definitions

MSCI Emerging Markets Index—The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of merging markets. It consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey, and United Arab Emirates.

Lipper Emerging Markets Funds Average—The Lipper Emerging Markets Funds Average (Lipper Average) are funds that seek long-term capital appreciation by investing at least 65% of total assets in emerging market equity securities, where “emerging market” is defined by a country’s GNP per capita or other economic measures.

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


Prudential QMA Emerging Markets Equity Fund			3

Your Fund’s Performance (continued)


Five Largest Holdings expressed as a percentage of net assets as of 4/30/17 (%)
Samsung Electronics Co. Ltd., Technology Hardware, Storage & Peripherals			5.1
Alibaba Group Holding Ltd., Internet Software & Services			3.4
Tencent Holdings Ltd., Internet Software & Services			3.3
Taiwan Semiconductor Manufacturing Co. Ltd., Semiconductors & Semiconductor Equipment			2.9
China Construction Bank Corp., Banks			2.1

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


Five Largest Industries expressed as a percentage of net assets as of 4/30/17 (%)
Banks			17.4
Internet Software & Services			8.5
Oil, Gas & Consumable Fuels			6.9
Technology Hardware, Storage & Peripherals			6.5
Semiconductors & Semiconductor Equipment			4.8

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


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Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2017. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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


Prudential QMA Emerging Markets Equity Fund			5

Fees and Expenses (continued)

paid over the period and the impact of these fees on your ending account value, as these additional expenses are not reflected in the information provided in the expense table. Additional fees have the effect of reducing investment returns.

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


Prudential QMA Emerging Markets Equity Fund		Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual**	$	1,000.00	$	1,142.10		1.20	%	$	5.35
	Hypothetical	$	1,000.00	$	1,018.84		1.20	%	$	6.01

*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 April 30, 2017, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2017. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 152 day period ended April 30, 2017 due to the Fund’s inception date of November 29, 2016.


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Schedule of Investments (unaudited)

as of April 30, 2017


Description	Shares		Value
LONG-TERM INVESTMENTS 99.1%

COMMON STOCKS 93.4%

Brazil 5.0%
Ambev SA		23,400	$	134,618
Banco Bradesco SA		4,100		42,110
BRF SA		1,900		23,717
Cia de Saneamento Basico do Estado de Sao Paulo		16,700		153,212
EDP - Energias do Brasil SA		26,400		112,202
Engie Brasil Energia SA		800		8,665
Fibria Celulose SA		1,200		11,040
Hypermarcas SA		12,600		119,130
Klabin SA, UTS		2,700		13,415
Localiza Rent a Car SA		2,200		32,708
Lojas Renner SA		3,300		30,671
M Dias Branco SA		600		9,215
Petroleo Brasileiro SA*		15,300		69,076
Qualicorp SA		23,300		165,168
Sul America SA, UTS		1,070		5,724
TIM Participacoes SA		52,500		170,035
Vale SA		6,600		56,642

				1,157,348


Chile 1.3%
AES Gener SA		15,044		5,715
Banco de Credito e Inversiones		188		10,434
Cencosud SA		52,770		150,315
Enel Generacion Chile SA		184,211		141,000

				307,464


China 26.7%
Agricultural Bank of China Ltd.(Class H Stock)		347,000		159,964
Alibaba Group Holding Ltd., ADR*(a)		6,900		796,950
Baidu, Inc., ADR*		700		126,161
Bank of China Ltd.(Class H Stock)		397,000		192,034
Bank of Communications Co. Ltd.(Class H Stock)		44,000		33,832
China Cinda Asset Management Co. Ltd.(Class H Stock)		44,000		16,726
China CITIC Bank Corp. Ltd.(Class H Stock)		238,000		150,659
China Communications Services Corp. Ltd.(Class H Stock)		12,000		6,829
China Construction Bank Corp.(Class H Stock)		599,000		486,187
China Everbright International Ltd.		13,000		17,557
China Everbright Ltd.		60,000		137,066
China Huarong Asset Management Co. Ltd.(Class H Stock), 144A*		359,000		151,085
China Medical System Holdings Ltd.		30,000		51,780

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			7

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

China (cont’d.)
China Merchants Bank Co. Ltd.(Class H Stock)		19,500	$	50,525
China Minsheng Banking Corp. Ltd.(Class H Stock)		29,500		29,024
China Mobile Ltd.		19,000		202,286
China Resources Power Holdings Co. Ltd.		10,000		18,004
China State Construction International Holdings Ltd.		34,000		61,611
China Telecom Corp. Ltd.(Class H Stock)		92,000		44,876
China Vanke Co. Ltd.(Class H Stock)		54,700		138,610
CITIC Ltd.		22,000		31,900
CSPC Pharmaceutical Group Ltd.		20,000		27,740
Fosun International Ltd.		12,500		18,906
Geely Automobile Holdings Ltd.		130,000		175,156
Great Wall Motor Co. Ltd.(Class H Stock)		45,000		48,735
Guangzhou Automobile Group Co. Ltd.(Class H Stock)		96,000		149,194
Guangzhou R&F Properties Co. Ltd.(Class H Stock)		40,800		68,673
Haitian International Holdings Ltd.		58,000		142,032
Hengan International Group Co. Ltd.		4,500		33,627
Huatai Securities Co. Ltd.(Class H Stock), 144A		7,200		13,942
Industrial & Commercial Bank of China Ltd.(Class H Stock)		482,000		314,199
JD.com, Inc., ADR*		7,800		273,546
Jiangsu Expressway Co. Ltd.(Class H Stock)		6,000		8,854
Longfor Properties Co. Ltd.		7,500		12,977
NetEase, Inc., ADR		900		238,851
New Oriental Education & Technology Group, Inc., ADR*		700		45,178
People’s Insurance Co. Group of China Ltd. (The)(Class H Stock)		36,000		14,857
Ping An Insurance Group Co. of China Ltd.(Class H Stock)		49,000		275,490
Shanghai Industrial Holdings Ltd.		46,000		145,528
Shanghai Pharmaceuticals Holding Co. Ltd.(Class H Stock)		35,400		93,631
Sinopec Shanghai Petrochemical Co. Ltd.(Class H Stock)		242,000		135,226
Sinopharm Group Co. Ltd.(Class H Stock)		6,000		26,894
Tencent Holdings Ltd.		24,100		755,133
Weichai Power Co. Ltd.(Class H Stock)		11,000		17,824
YY, Inc., ADR*		1,500		73,455
Zhejiang Expressway Co. Ltd.(Class H Stock)		128,000		159,230

				6,172,544


Greece 0.7%
Hellenic Telecommunications Organization SA		1,195		11,606
JUMBO SA		9,614		151,682

				163,288


Hong Kong 0.1%
Nine Dragons Paper Holdings Ltd.		8,000		8,628

See Notes to Financial Statements.


8


Description	Shares		Value
COMMON STOCKS (Continued)

Hong Kong (cont’d)
Sun Art Retail Group Ltd.		12,500	$	12,878

				21,506


Hungary 1.2%
MOL Hungarian Oil & Gas PLC		2,093		157,451
OTP Bank PLC		1,187		33,374
Richter Gedeon Nyrt		3,786		91,683

				282,508


India 6.3%
GAIL India Ltd., GDR		355		13,739
Infosys Ltd., ADR(a)		17,900	��	260,624
Larsen & Toubro Ltd., GDR, RegS		7,623		206,964
Mahindra & Mahindra Ltd., GDR		3,044		63,772
Reliance Industries Ltd., GDR, 144A*		7,400		320,050
Tata Motors Ltd., ADR		5,200		185,484
Tata Steel Ltd., GDR, RegS		20,339		140,746
Vedanta Ltd., ADR		10,600		161,120
Wipro Ltd., ADR(a)		9,600		94,560

				1,447,059


Indonesia 2.5%
Adaro Energy Tbk PT		1,014,700		134,933
Astra International Tbk PT		176,200		118,088
Bank Central Asia Tbk PT		61,100		81,259
Bank Negara Indonesia Persero Tbk PT		38,300		18,288
Bank Rakyat Indonesia Persero Tbk PT		57,100		55,153
Gudang Garam Tbk PT		31,300		155,672
Indofood Sukses Makmur Tbk PT		22,500		14,101

				577,494


Malaysia 1.4%
Genting Bhd		46,900		106,224
HAP Seng Consolidated Bhd		2,900		5,922
Kuala Lumpur Kepong Bhd		5,300		29,940
Malayan Banking Bhd		28,800		63,525
Petronas Chemicals Group Bhd		12,200		20,511
Public Bank Bhd		8,900		40,902
Tenaga Nasional Bhd		17,200		55,223

				322,247

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Mexico 2.8%
Alfa SAB de CV(Class A Stock)		14,600	$	20,017
America Movil SAB de CV(Class L Stock)		21,100		16,218
Coca-Cola Femsa SAB de CV(Class L Stock)		2,700		19,642
Gruma SAB de CV(Class B Stock)		4,915		65,546
Grupo Aeroportuario del Pacifico SAB de CV(Class B Stock)		16,700		172,090
Grupo Aeroportuario del Sureste SAB de CV(Class B Stock)		6,290		119,189
Grupo Financiero Banorte SAB de CV(Class O Stock)		13,000		75,023
Grupo Mexico SAB de CV(Class B Stock)		23,900		69,839
Grupo Televisa SAB, UTS		9,900		48,040
Kimberly-Clark de Mexico SAB de CV(Class A Stock)		7,500		16,008
Promotora y Operadora de Infraestructura SAB de CV		1,360		14,460

				636,072


Philippines 0.2%
Aboitiz Equity Ventures, Inc.		26,910		41,389


Poland 0.3%
Polski Koncern Naftowy ORLEN SA		1,641		49,042
Powszechny Zaklad Ubezpieczen SA		2,793		30,816

				79,858


Qatar 0.5%
Industries Qatar QSC		781		22,367
Ooredoo QSC		2,459		70,071
Qatar Islamic Bank SAQ		1,109		30,729

				123,167


Russia 3.5%
Alrosa PJSC		24,300		41,892
Gazprom PJSC		65,870		158,235
Inter RAO UES PJSC		489,000		34,800
LUKOIL PJSC		2,489		123,332
Magnit PJSC, GDR, RegS		1,064		37,187
MMC Norilsk Nickel PJSC		156		23,966
Mobile TeleSystems PJSC, ADR		4,200		43,344
Novatek PJSC, GDR, RegS		397		48,116
PhosAgro PJSC, GDR, RegS		489		7,213
Rosneft Oil Co. PJSC		2,040		11,371
Rostelecom PJSC		9,990		13,077
Sberbank of Russia PJSC, ADR		15,153		180,169
Severstal PJSC		2,350		32,032

See Notes to Financial Statements.


10


Description	Shares		Value
COMMON STOCKS (Continued)

Russia (cont’d)
Sistema PJSC FC, GDR, RegS		2,947	$	24,784
Surgutneftegas OJSC, ADR		2,756		13,493
Tatneft PJSC		3,820		25,301

				818,312


South Africa 7.5%
Bid Corp. Ltd.		1,674		35,464
Growthpoint Properties Ltd., REIT		83,306		159,656
Hyprop Investments Ltd., REIT		1,245		11,496
Life Healthcare Group Holdings Ltd.		4,689		10,093
Mondi Ltd.		3,536		91,682
Naspers Ltd.(Class N Stock)		1,470		279,523
Nedbank Group Ltd.		3,597		60,645
Resilient REIT Ltd., REIT		1,508		13,138
RMB Holdings Ltd.		3,636		16,689
Sanlam Ltd.		11,224		59,605
Sappi Ltd.		22,779		169,166
Shoprite Holdings Ltd.		11,653		182,813
SPAR Group Ltd. (The)		10,220		137,748
Standard Bank Group Ltd.		19,170		212,875
Steinhoff International Holdings NV		14,699		74,775
Telkom SA SOC Ltd.		25,916		145,039
Tiger Brands Ltd.		2,514		75,928

				1,736,335


South Korea 15.2%
Cheil Worldwide, Inc.		3,208		51,988
Hana Financial Group, Inc.		5,885		202,121
Hanssem Co. Ltd.		188		36,345
Hanwha Chemical Corp.		4,792		105,795
Hyundai Engineering & Construction Co. Ltd.		372		15,846
Hyundai Marine & Fire Insurance Co. Ltd.		3,931		126,598
Hyundai Steel Co.		469		22,590
Industrial Bank of Korea		3,254		35,685
KB Financial Group, Inc.		5,108		224,535
Korea Electric Power Corp.		801		31,928
KT Corp.		40		1,132
KT&G Corp.		1,542		137,514
LG Corp.		239		14,197
LG Display Co. Ltd.		6,109		157,417
LG Electronics, Inc.		2,927		177,680
LG Household & Health Care Ltd.		47		35,741

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

South Korea (cont’d)
LG Uplus Corp.		13,661	$	173,583
Lotte Chemical Corp.		503		150,998
Lotte Shopping Co. Ltd.		56		12,914
POSCO		216		50,994
Samsung Electronics Co. Ltd.		601		1,178,218
Shinhan Financial Group Co. Ltd.		2,658		110,975
SK Hynix, Inc.		6,158		291,725
SK Telecom Co. Ltd.		722		152,404
Woori Bank		1,534		20,115

				3,519,038


Taiwan 12.2%
AU Optronics Corp.		386,000		160,424
Catcher Technology Co. Ltd.		3,000		30,808
Cathay Financial Holding Co. Ltd.		122,000		195,519
Chailease Holding Co. Ltd.		64,000		163,053
China Steel Corp.		58,000		46,482
CTBC Financial Holding Co. Ltd.		89,000		55,577
First Financial Holding Co. Ltd.		270,000		164,663
Formosa Chemicals & Fibre Corp.		16,000		49,200
Formosa Petrochemical Corp.		41,000		143,313
Formosa Plastics Corp.		21,000		63,102
Highwealth Construction Corp.		75,000		126,429
Hon Hai Precision Industry Co. Ltd.		90,000		294,585
Hua Nan Financial Holdings Co. Ltd.(Class C Stock)		37,000		20,719
Innolux Corp.		277,000		129,287
Lite-On Technology Corp.		86,000		150,015
Nanya Technology Corp.		77,000		122,685
Phison Electronics Corp.		1,000		9,413
Pou Chen Corp.		11,000		15,401
Powertech Technology, Inc.		3,000		9,412
Siliconware Precision Industries Co. Ltd.		11,000		17,826
Taiwan Semiconductor Manufacturing Co. Ltd.		103,000		663,515
Uni-President Enterprises Corp.		14,000		25,844
Yuanta Financial Holding Co. Ltd.		367,000		156,917

				2,814,189


Thailand 3.0%
Bumrungrad Hospital PCL		1,700		8,625
Charoen Pokphand Foods PCL		196,000		151,575
Glow Energy PCL		2,577		6,109
Kasikornbank PCL		8,900		47,554

See Notes to Financial Statements.


12


Description	Shares		Value
COMMON STOCKS (Continued)

Thailand (cont’d)
Krung Thai Bank PCL		132,400	$	75,788
PTT Exploration & Production PCL		6,700		18,837
PTT Global Chemical PCL		10,500		22,767
PTT PCL		17,200		193,432
Siam Cement PCL (The)		3,500		54,010
Thai Oil PCL		56,100		126,505

				705,202


Turkey 2.1%
Akbank TAS		7,781		20,826
Arcelik A/S		16,527		110,185
BIM Birlesik Magazalar A/S		285		4,655
Eregli Demir ve Celik Fabrikalari TAS		6,774		12,409
Ford Otomotiv Sanayi A/S		6,303		70,056
Haci Omer Sabanci Holding A/S		4,593		13,679
KOC Holding A/S		3,179		14,941
Turkcell Iletisim Hizmetleri A/S*		4,420		15,464
Turkiye Garanti Bankasi A/S		18,161		49,025
Turkiye Is Bankasi(Class C Stock)		83,081		163,963

				475,203


United Arab Emirates 0.0%
Dubai Islamic Bank PJSC		6,089		9,731


United States 0.9%
Yum China Holdings, Inc.*		6,000		204,720

TOTAL COMMON STOCKS (cost $19,383,432)				21,614,674


EXCHANGE TRADED FUNDS 2.2%

India 1.5%
iShares MSCI India ETF		10,800		346,464


United States 0.7%
iShares MSCI Emerging Markets ETF		4,024		161,201

TOTAL EXCHANGE TRADED FUNDS (cost $440,455)				507,665


PREFERRED STOCKS 3.5%

Brazil 2.8%
Banco Bradesco SA(PRFC)		3,000		31,550
Cia Paranaense de Energia(PRFC)		500		4,609
Itau Unibanco Holding SA(PRFC)		27,100		335,031
Itausa-Investimentos Itau SA(PRFC)		48,800		151,287

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			13

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
PREFERRED STOCKS (Continued)

Brazil (cont’d.)
Telefonica Brasil SA(PRFC)		2,200	$	32,687
Vale SA(PRFC)		10,200		84,131

				639,295


Chile 0.0%
Embotelladora Andina SA(PRFC)		1,305		5,430


Colombia 0.1%
Grupo Aval Acciones y Valores SA(PRFC)		17,614		6,975


Russia 0.0%
Transneft PJSC(PRFC)		2		6,770


South Korea 0.6%
Samsung Electronics Co. Ltd.(PRFC)		90		138,593

TOTAL PREFERRED STOCKS (cost $718,724)				797,063


	Units

*RIGHTS 0.0%**

Hong Kong
Bank of Communications Co. Ltd.^ (cost $—)		88		—

TOTAL LONG-TERM INVESTMENTS (cost $20,542,611)				22,919,402

SHORT-TERM INVESTMENTS 5.1%

	Shares

AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(b)		48,997		48,997
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $1,140,473; includes $1,139,880 of cash collateral for securities on loan)(b)(c)		1,140,245		1,140,473

TOTAL SHORT-TERM INVESTMENTS (cost $1,189,470)				1,189,470

TOTAL INVESTMENTS 104.2% (cost $21,732,081)				24,108,872
Liabilities in excess of other assets (4.2)%				(971,335	)

NET ASSETS 100.0%			$	23,137,537

See Notes to Financial Statements.


14

The following abbreviations are used in the semiannual report:

RegS—Regulation S. Security was purchased pursuant to Regulation S and may not be offered, sold or delivered within the United States or to, or for the account or benefit of, U.S. persons, except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

ADR—American Depositary Receipt

ETF—Exchange Traded Fund

GDR—Global Depositary Receipt

MSCI—Morgan Stanley Capital International

PRFC—Preference Shares

LIBOR—London Interbank Offered Rate

REIT—Real Estate Investment Trust

UTS—Unit Trust Security

*	Non-income producing security.

^	Indicates a Level 3 security. The aggregate value of Level 3 securities is $0 and 0.0% of net assets.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,117,306; cash collateral of $1,139,880 (included in liabilities) was received with which the Series purchased highly liquid short-term investments.

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

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

Fair Value Measurements:

Various inputs are used in determining the value of the Funds’ 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 April 30, 2017 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Brazil	$	1,157,348	$	—	$	—
Chile		307,464		—		—
China		1,568,998		4,603,546		—
Greece		—		163,288		—
Hong Kong		—		21,506		—
Hungary		—		282,508		—
India		1,447,059		—		—
Indonesia		—		577,494		—

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			15

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


	Level 1		Level 2		Level 3
Common Stocks (continued)
Malaysia	$	—	$	322,247	$	—
Mexico		636,072		—		—
Philippines		—		41,389		—
Poland		—		79,858		—
Qatar		—		123,167		—
Russia		354,306		464,006		—
South Africa		—		1,736,335		—
South Korea		—		3,519,038		—
Taiwan		—		2,814,189		—
Thailand		603,638		101,564		—
Turkey		—		475,203		—
United Arab Emirates		—		9,731		—
United States		204,720		—		—
Exchange Traded Funds
India		346,464		—		—
United States		161,201		—		—
Preferred Stocks
Brazil		639,295		—		—
Chile		5,430		—		—
Colombia		6,975		—		—
Russia		—		6,770		—
South Korea		—		138,593		—
Rights
Hong Kong		—		—		—
Affiliated Mutual Funds		1,189,470		—		—

Total	$	8,628,440	$	15,480,432	$	—

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

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2017 were as follows:


Banks	17.4	%
Internet Software & Services	8.5
Oil, Gas & Consumable Fuels	6.9
Technology Hardware, Storage & Peripherals	6.5
Affiliated Mutual Funds (including 4.9% of collateral for securities on loan)	5.1
Semiconductors & Semiconductor Equipment	4.8
Automobiles	3.5
Metals & Mining	3.3
Electronic Equipment, Instruments & Components	3.3
Insurance	3.0
Wireless Telecommunication Services	2.8
Food & Staples Retailing	2.6	%
Chemicals	2.4
Exchange Traded Funds	2.2
Capital Markets	2.2
Diversified Telecommunication Services	2.1
Transportation Infrastructure	2.0
Food Products	1.7
Household Durables	1.6
Media	1.6
Real Estate Management & Development	1.6
IT Services	1.5
Industrial Conglomerates	1.4

See Notes to Financial Statements.


16


Industry Classification (cont’d)
Hotels, Restaurants & Leisure	1.4	%
Tobacco	1.3
Construction & Engineering	1.3
Health Care Providers & Services	1.2
Pharmaceuticals	1.2
Paper & Forest Products	1.2
Internet & Direct Marketing Retail	1.2
Electric Utilities	0.9
Diversified Financial Services	0.9
Real Estate Investment Trusts (REITs)	0.8
Independent Power & Renewable Electricity Producers	0.7
Machinery	0.7
Beverages	0.7
Water Utilities	0.7
Specialty Retail	0.6

Personal Products	0.2	%
Construction Materials	0.2
Diversified Consumer Services	0.2
Multiline Retail	0.2
Road & Rail	0.1
Commercial Services & Supplies	0.1
Household Products	0.1
Textiles, Apparel & Luxury Goods	0.1
Gas Utilities	0.1
Containers & Packaging	0.1
Equity Real Estate Investment Trusts (REITs)	0.0	*

	104.2
Liabilities in excess of other assets	(4.2	)

	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. 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 April 30, 2017 as presented in the Statement of Assets and Liabilities:

Asset Derivatives

Liability Derivatives

Derivatives not accounted

for as hedging instruments,

carried at fair value

Balance
Sheet Location

Fair
Value

Balance
Sheet Location

Fair
Value

Equity contracts

Unaffiliated
investments

—

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			17

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2017 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)
Equity contracts	$	622

(1)	Included in net realized gain (loss) on investment transactions in the Statement of Operations.


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(2)
Equity contracts	$	—

(2)	Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

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

The Fund entered into in 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 instruments/transactions assets and liabilities:


Description	Gross Amounts of Recognized Assets(1)		Collateral Pledged(2)			Net Amount
Securities on Loan	$	1,117,306	$	(1,117,306	)	$	—

(1)	Amount represents market value.

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

See Notes to Financial Statements.


18

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017


Assets
Investments at value, including securities on loan of $1,117,306:
Unaffiliated investments (cost $20,542,611)	$	22,919,402
Affiliated investments (cost $1,189,470)		1,189,470
Foreign currency, at value (cost $21,237)		21,586
Receivable for investments sold		1,076,671
Dividends and interest receivable		15,921
Receivable for Fund shares sold		1,547
Prepaid expenses		460

Total assets		25,225,057


Liabilities
Payable to broker for collateral for securities on loan		1,139,880
Payable for investments purchased		905,860
Accrued expenses		34,380
Management fee payable		7,366
Affiliated transfer agent fee payable		34

Total liabilities		2,087,520


Net Assets	$	23,137,537


Net assets were comprised of:
Shares of beneficial interest, at par	$	2,034
Paid-in capital in excess of par		20,363,543

		20,365,577
Undistributed net investment income		2,587
Accumulated net realized gain on investment and foreign currency transactions		392,426
Net unrealized appreciation on investments and foreign currencies		2,376,947

Net assets, April 30, 2017	$	23,137,537


Class Q
Net asset value, offering price and redemption price per share,
($23,137,537 ÷ 2,033,558 shares of beneficial interest issued and outstanding)	$	11.38

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			19

Statement of Operations (unaudited)

Period* Ended April 30, 2017


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $26,846)	$	180,481
Affiliated dividend income		1,535
Income from securities lending, net (including affiliated income of $278)		817
Interest income		22

Total income		182,855


Expenses
Management fee		67,148
Custodian and accounting fees		32,000
Audit fee		14,000
Legal fees and expenses		13,000
Trustees’ fees		4,000
Shareholders’ reports		3,000
Transfer agent’s fees and expenses (including affiliated expense of $100)		500
Miscellaneous		7,101

Total expenses		140,749
Less: Management fee waiver and/or expense reimbursement		(33,128	)

Net expenses		107,621

Net investment income (loss)		75,234


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $28)		415,144
Foreign currency transactions		(22,718	)

		392,426

Net change in unrealized appreciation (depreciation) on:
Investments		2,376,791
Foreign currencies		156

		2,376,947

Net gain (loss) on investment and foreign currency transactions		2,769,373

Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,844,607

*	Commencement of operations was November 29, 2016.

See Notes to Financial Statements.


20

Statement of Changes in Net Assets (unaudited)


	November 29, 2016* through April 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	75,234
Net realized gain (loss) on investment and foreign currency transactions		392,426
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		2,376,947

Net increase (decrease) in net assets resulting from operations		2,844,607


Dividends from net investment income
Class Q		(72,647	)


Fund share transactions
Net proceeds from shares sold		20,300,867
Net asset value of shares issued in reinvestment of dividends and distributions		72,647
Cost of shares reacquired		(7,937	)

Net increase (decrease) in net assets from Fund share transactions		20,365,577

Total increase (decrease)		23,137,537

Net Assets:
Beginning of period		—

End of period(a)	$	23,137,537

(a) Includes undistributed net investment income of:	$	2,587

*	Commencement of operations.

See Notes to Financial Statements.


Prudential QMA Emerging Markets Equity Fund			21

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 2 (the “PIP2”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”) as an open-end management investment company. PIP2 consists of eleven separate series: Prudential Commodity Strategies Fund, Prudential Core Conservative Bond Fund, Prudential Core Short-Term Bond Fund, Prudential Core Ultra Short Bond Fund, Prudential Institutional Money Market Fund, Prudential Jennison Small-Cap Core Equity Fund, Prudential QMA Emerging Markets Equity Fund, Prudential QMA International Developed Markets Index Fund, Prudential QMA Mid-Cap Core Equity Fund, Prudential QMA US Broad Market Index Fund and Prudential TIPS Fund. These financial statements relate to the Prudential QMA Emerging Markets Equity Fund (the “Fund”). The financial statements of the other series are not presented herein. The Fund commenced operations on November 29, 2016. The Fund’s investment objective is to seek to provide returns in excess of the Morgan Stanley Capital International Emerging Markets Index over full market cycles.

Note 1. Accounting Policies

The Fund follows investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services—Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Trust and the Fund consistently follows such policies in the preparation of its financial statements.

Securities Valuation: The Fund holds securities and other assets that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. The Board of Trustees (the “Board”) has adopted Valuation Procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or “the Manager”) (formerly known as Prudential Investments LLC). Under the current Valuation Procedures, the established Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets. The Valuation Procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval and ratification at its next regularly-scheduled quarterly meeting.

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


22

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

In the event that no sale or official closing price on valuation date exists, these securities are generally valued at the mean between the last reported bid and ask prices, or at the last bid price in the absence of an ask price. These securities are classified as Level 2 in the fair value hierarchy.

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

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

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.

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


Prudential QMA Emerging Markets Equity Fund			23

Notes to Financial Statements (unaudited) (continued)

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

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

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

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

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


24

amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currency transactions.

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Warrants and Rights: The Fund may hold warrants and rights acquired either through a direct purchase, included as part of a private placement, or pursuant to corporate actions. Warrants and rights entitle the holder to buy a proportionate amount of common stock, or such other security that the issuer may specify, at a specific price and time through the expiration dates. Such warrants and rights are held as long positions by the Fund until exercised, sold or expired. Warrants and rights are valued at fair value in accordance with the Board approved fair valuation procedures.

Securities Lending: The Fund may lend its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral. The Fund recognizes income, net of any rebate and securities lending agent fees, for lending its securities in the form of fees or interest on the investment of any cash received as collateral. The borrower receives all interest and dividends from the securities loaned and such payments are passed back to the lender in amounts equivalent thereto. The Fund also continues to recognize any unrealized gain (loss) in the market price of the securities loaned and on the change in the value of the collateral invested that may occur during the term of the loan. In addition, realized gain (loss) is recognized on changes in the value of the collateral invested upon liquidation of the collateral. Net earnings from securities lending are disclosed on the Statement of Operations as “Income from securities lending, net”.

Master Netting Arrangements: The Fund may be subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the


Prudential QMA Emerging Markets Equity Fund			25

Notes to Financial Statements (unaudited) (continued)

counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Taxes: It is the Fund’s policy 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 are recorded, net of reclaimable amounts, at the time the related income is earned.

Estimates: The preparation of the financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from these estimates.

Note 2. Agreements


26

connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of the subadviser, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly, at an annual rate of .75% of the average daily net assets of the Fund. The effective management fee rate, net of waivers and/or expense reimbursement was .38% for the period ended April 30, 2017.

Effective December 1, 2016, PGIM Investments has contractually agreed through February 28, 2019 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of the Fund to 1.20% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/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.

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

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

Note 3. Other Transactions with Affiliates

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

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


Prudential QMA Emerging Markets Equity Fund			27

Notes to Financial Statements (unaudited) (continued)

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the period ended April 30, 2017, PGIM, Inc. was compensated $224 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and the Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

Note 4. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Treasury securities) for the period ended April 30, 2017, were $30,341,063 and $10,273,377, respectively.

Note 5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2017 were as follows:


Tax Basis	$	21,732,081

Appreciation		2,547,531
Depreciation		(170,740	)

Net Unrealized Appreciation	$	2,376,791

Management has analyzed the Fund’s tax positions and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service.

6. Capital

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

PIP2 has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.


28

As of April 30, 2017, Prudential, through its affiliates, owned 2,007,279 Class Q shares of the Fund, which represents 99% of the Fund’s outstanding shares.

Transactions in shares of beneficial interest were as follows:


Class Q	Shares			Amount
Period* ended April 30, 2017:
Shares sold		2,027,011		$	20,300,867
Shares issued in reinvestment of dividends and distributions		7,287			72,647
Shares reacquired		(740	)		(7,937	)

Net increase (decrease) in shares outstanding		2,033,558		$	20,365,577

*	Commencement of operations was November 29, 2016.

Note 7. Borrowings

PIP2, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The Fund did not utilize the SCA during the period ended April 30, 2017.

Note 8. Recent Accounting Pronouncements and Reporting Updates

On October 13, 2016, the Securities and Exchange Commission (“SEC”) adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.


Prudential QMA Emerging Markets Equity Fund			29

Financial Highlights (unaudited)


Class Q Shares
	November 29, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		.04
Net realized and unrealized gain (loss) on investments		1.38
Total from investment operations		1.42
Less Dividends:
Dividends from net investment income		(.04	)
Net asset value, end of period		$11.38
Total Return(c):		14.21%

Ratios/Supplemental Data:
Net assets, end of period (000)		$23,138
Average net assets (000)		$21,499
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		1.20%	(e)
Expense before waivers and/or expense reimbursement		1.57%	(e)
Net investment income (loss)		.84%	(e)
Portfolio turnover rate		53%	(f)

(a)	Commencement of operations.

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

(c)

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

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


30

Approval of Advisory Agreements

Board Consideration of Management Agreement and Subadvisory Agreements:

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) of Prudential Investment Portfolios 2 (PIP 2) considered the proposed management agreement with Prudential Investments LLC (the Manager)¹ and the proposed subadvisory agreement with Quantitative Management Associates LLC (QMA or the Subadviser) for the Prudential QMA Emerging Markets Equity Fund (the Fund) prior to the Fund’s commencement of operations. The Board, including a majority of the Independent Trustees, met on September 20-22, 2016 and approved the agreements for an initial two year period, after concluding that approval of the agreements was in the best interests of the Fund.

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.

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 to be provided to the Fund by the Manager and the Subadvisers; any relevant comparable performance and the Subadviser’s qualifications and track records in serving other affiliated mutual funds; the fees proposed to be paid by the Fund to the Manager and by the Manager to the Subadviser under the agreements; and the potential for economies of scale that may be shared with the Fund and its shareholders. In connection with its deliberations, the Board considered information provided by the Manager and the Subadviser at or in advance of the meetings. The Board also considered information provided by the Manager with respect to other funds managed by the Manager and the Subadviser, which information had been provided throughout the year at regular Board meetings. 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 respect to the Fund.

The Trustees determined that the overall arrangements between the Fund and the Manager, which will serve as the Fund’s investment manager pursuant to a management agreement, and between the Manager and the Subadviser, which will serve as the Fund’s subadviser pursuant to the terms of a subadvisory agreement, were in the best interests of the Fund in light of the services to be performed and the fees to be charged under the agreements and such other matters as the Trustees considered relevant in the exercise of their business judgment.

¹	Prudential Investments LLC is now known as PGIM Investments LLC.


Prudential QMA Emerging Markets Equity Fund

Approval of Advisory Agreements (continued)

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

Nature, quality and extent of services

With respect to the Manager, the Board noted that it had received and considered information about the Manager at the June 7-9, 2016 meetings in connection with the renewal of the management agreements between the Manager and the other Prudential Retail Funds. The Board also noted that it received and considered information at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Manager. The Board considered the services to be provided by the Manager, including but not limited to the oversight of the Subadviser, as well as the provision of fund recordkeeping, compliance and other services to the Fund. With respect to the Manager’s oversight of the Subadviser, the Board noted that the Manager’s Strategic Investment Research Group, which is a business unit of the Manager, is responsible for monitoring and reporting to the Manager’s senior management on the performance and operations of the Subadviser. The Board also noted that the Manager pays the salaries of all the officers and non-management interested Trustees of PIP 2. The Board discussed the qualifications, backgrounds and responsibilities of the Manager’s senior management responsible for the oversight of the Fund and the Subadviser, and was also provided with information pertaining to the Manager’s organizational structure, senior management, investment operations and other relevant information. The Board further noted that it received favorable compliance reports from the Fund’s Chief Compliance Officer as to the Manager. The Board noted that it had concluded that it was satisfied with the nature, quality and extent of the services provided by the Manager to the other Prudential Retail Funds and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Manager under the management agreement for the Fund would be similar in nature to those provided under the other management agreements.

With respect to the Subadviser, the Board noted that it had received and considered information about the Subadviser at the June 7-9, 2016 meetings in connection with the renewal of the subadvisory agreement between the Manager and the Subadviser with respect to other Prudential Retail Funds. The Board also noted that it received and considered information at other regular meetings throughout the year, regarding the nature, quality and extent of services provided by the Subadviser. The Board considered, among other things, the qualifications, background and experience of the Subadviser’s portfolio managers who will be responsible for the day-to-day management of the Fund’s portfolios, as well as information on the Subadviser’s organizational structure, senior management, investment operations and other relevant information. The Board further noted that it received favorable compliance reports from PIP 2’s Chief Compliance Officer as to the Subadviser. The Board noted that it was satisfied with the nature, quality and extent of


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services provided by the Subadviser with respect to the other Prudential Retail Funds served by the Subadviser and determined that it was reasonable to conclude that the nature, quality and extent of services to be provided by the Subadviser under the subadvisory agreement for the Fund would be similar in nature to those provided under the other subadvisory agreements.

Performance

Because the Fund had not yet commenced operations, no investment performance for the Fund existed for Board review. The Board did consider the Subadviser’s track record in managing other registered investment companies that follow similar investment strategies. The Board considered the background and professional experience of the proposed portfolio management teams for the Fund. It was noted that the Manager will provide information relating to performance to the Board in connection with future annual reviews of the management agreement and subadvisory agreement.

Fee Rates

The Board considered the proposed management fees of 0.75% of the Prudential QMA Emerging Markets Equity Fund’s average daily net assets to be paid by the Fund to the Manager and the proposed subadvisory fees at the annual rate of 0.60% of the Prudential QMA Emerging Markets Equity Fund’s average daily net assets to be paid by the Manager to the Subadviser.

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses to a Peer Group chosen by Broadridge of comparable funds. The Board noted that the contractual management fee for Prudential QMA Emerging Markets Equity Fund was in the first quartile of the Broadridge Peer Group (first quartile being the lowest fee). The Board further noted that the anticipated net total expenses were in the first quartile of the Broadridge Peer Group (first quartile being the lowest expenses). The Board noted that the anticipated net total expenses for the Prudential QMA Emerging Markets Equity Fund were in the second quartile of the Broadridge Peer Group.

The Board noted that, to ensure a competitive yield for the Fund, the Manager had indicated a willingness to enter into a contractual fee waiver and expense cap under which the Manager has agreed through a specified date to waive fees and/or reimburse expenses so that the Fund’s net annual operating expenses (exclusive of extraordinary and certain other expenses, such as taxes, interest and brokerage commissions) would not exceed an agreed upon percentage of the Fund’s average daily net assets. The Board noted that the Fund would not be launched until the Board and the Manager reached agreement on the fee waiver and expense cap.


Prudential QMA Emerging Markets Equity Fund

Approval of Advisory Agreements (continued)

Profitability

Because the Fund has not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical profitability information with respect to the Fund to be reviewed. The Board noted that it would review profitability information in connection with the annual renewal of the advisory and subadvisory agreement.

Economies of Scale

The Board noted that the proposed management and subadvisory fees for the Fund did not include breakpoints under which the fees would decline as assets grew. The Board considered the potential for the Manager and the Subadviser to realize economies of scale as the Fund’s assets grew but concluded that it would be appropriate to review breakpoints in the management and subadvisory fees as the Fund grew. Because the Fund had not yet commenced operations and the actual asset base of the Fund has not yet been determined, the Board noted that there was no historical information regarding economies of scale with respect to the Fund to be reviewed. The Board noted that it would review such information in connection with the annual renewal of the advisory and subadvisory agreement.

Other Benefits to the Manager and the Subadviser

The Board considered potential “fall-out” or ancillary benefits anticipated to be received by the Manager and the Subadviser and their affiliates as a result of their relationships with the Fund. The Board concluded that any potential benefits to be derived by the Manager were similar to benefits derived by the Manager in connection with its management of the other Prudential Retail Funds, which are reviewed on an annual basis. The Board also concluded that any potential benefits to be derived by the Subadviser were consistent with those generally derived by subadvisers to the Prudential Retail Funds, and that those benefits are reviewed on an annual basis. The Board concluded that any potential benefits derived by the Manager and the Subadviser were consistent with the types of benefits generally derived by investment managers and subadvisers to mutual funds.

* * *

After consideration of these factors, the Board concluded that the approval of the agreements was in the interests of the Fund.


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^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

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

DIRECTORS

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Keith F. Hartstein • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

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


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

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

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

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

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

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

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

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential QMA Emerging Markets Equity Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling (202) 551-8090.

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

PRUDENTIAL QMA EMERGING MARKETS EQUITY FUND


SHARE CLASS		Q
NASDAQ		PQEMX
CUSIP		74440E706

LOGO

PRUDENTIAL QMA INTERNATIONAL DEVELOPED MARKETS INDEX FUND

SEMIANNUAL REPORT

APRIL 30, 2017

LOGO

Objective: To provide investment results that approximate the performance of
the Russell Developed Ex-North America Large Cap Index.

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

The accompanying financial statements as of April 30, 2017 were not audited and, accordingly, no auditor’s opinion is expressed on them.


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Your Fund’s Performance


		Total Returns as of 4/30/17 (without sales charges)
		*Since Inception (%)**
Class Q		13.50 (11/17/16)
Russell Developed Ex-North America Large Cap Index		14.13
Lipper International Large-Cap Core Funds Average**		13.09
Lipper International Multi-Cap Core Funds Average**		13.22

*Not annualized

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

Source: PGIM Investments LLC and Lipper Inc.

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 Since Inception returns for the index and the Lipper Averages are measured from the closest month-end to the Fund’s inception date.

Benchmark Definitions

Russell Developed Ex-North America Large Cap Index—The Russell Developed Ex-North America Large Cap Index measures the performance of the largest investable securities in developed countries globally, excluding companies assigned to the United States.

Lipper International Large-Cap Core Funds Average—The Lipper International Large-Cap Core Funds Average are funds that, by portfolio practice, invest at least 75% of their equity assets in companies strictly outside of the US with market capitalizations (on a three-year weighted basis) above Lipper’s international large-cap floor. International large-cap core funds typically have average characteristics compared to their large-cap-specific subset of the MSCI EAFE Index.

Lipper International Multi-Cap Core Funds Average—The Lipper International Multi-Cap Core Funds Average are funds that, by portfolio practice, invest in a variety of market capitalization ranges without concentrating 75% of their equity assets in any one market capitalization range over an extended period of time. International multi-cap core funds typically have average characteristics compared to the MSCI EAFE Index.

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


Prudential QMA International Developed Markets Index Fund			3

Your Fund’s Performance (continued)


Five Largest Holdings expressed as a percentage of net assets as of 4/30/17 (%)
iShares MSCI EAFE ETF, Exchange Traded Fund			2.5
Nestle SA, Food Products			1.6
Roche Holding AG, Pharmaceuticals			1.2
Novartis AG, Pharmaceuticals			1.2
HSBC Holdings PLC, Banks			1.1

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


Five Largest Industries expressed as a percentage of net assets as of 4/30/17 (%)
Banks			11.3
Pharmaceuticals			7.1
Insurance			5.2
Oil, Gas & Consumable Fuels			3.9
Chemicals			3.6

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


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Fees and Expenses

Actual Expenses

Hypothetical Example for Comparison Purposes


Prudential QMA International Developed Markets Index Fund			5

Fees and Expenses (continued)


Prudential QMA International Developed Markets Index Fund		Beginning Account Value November 1, 2016		Ending Account Value April 30, 2017		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class Q	Actual**	$	1,000.00	$	1,135.00		0.37	%	$	1.77
	Hypothetical	$	1,000.00	$	1,022.96		0.37	%	$	1.86

**“Actual” expenses are calculated using the 164 day period ended April 30, 2017 due to the Fund’s inception date of November 17, 2016.


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Schedule of Investments (unaudited)

as of April 30, 2017


Description	Shares		Value
LONG-TERM INVESTMENTS 96.2%

COMMON STOCKS 93.1%

Australia 6.7%
Adelaide Brighton Ltd.		507	$	2,248
AGL Energy Ltd.		834		16,697
Alumina Ltd.		2,781		3,818
Amcor Ltd.		1,425		16,756
AMP Ltd.		3,723		14,917
Ansell Ltd.		178		3,169
APA Group		1,415		9,704
Aristocrat Leisure Ltd.		795		11,683
ASX Ltd.		245		9,288
Aurizon Holdings Ltd.		2,552		9,841
AusNet Services		2,065		2,704
Australia & New Zealand Banking Group Ltd.		3,621		88,638
Bank of Queensland Ltd.		442		3,955
Bendigo & Adelaide Bank Ltd.		549		5,052
BHP Billiton Ltd.		4,003		71,269
BHP Billiton PLC		2,652		40,430
Boral Ltd.		1,538		7,089
Brambles Ltd.		1,956		15,136
Caltex Australia Ltd.		381		8,504
Challenger Ltd.		728		7,190
CIMIC Group Ltd.		119		3,298
Coca-Cola Amatil Ltd.		636		4,457
Cochlear Ltd.		73		7,642
Commonwealth Bank of Australia		2,131		139,184
Computershare Ltd.		629		6,934
Crown Resorts Ltd.		446		4,170
CSL Ltd.		580		57,513
Dexus Property Group, REIT		1,237		9,446
Domino’s Pizza Enterprises Ltd.		69		3,155
DUET Group		3,157		7,134
Flight Centre Travel Group Ltd.		63		1,482
Fortescue Metals Group Ltd.		2,099		8,320
Goodman Group, REIT		2,180		13,236
GPT Group (The), REIT		2,292		9,003
Harvey Norman Holdings Ltd.		671		2,105
Healthscope Ltd.		1,254		2,071
Iluka Resources Ltd.		493		3,098
Incitec Pivot Ltd.		1,971		5,584
Insurance Australia Group Ltd.		3,016		14,000
LendLease Group		688		8,260
Link Administration Holdings Ltd.		188		1,087

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			7

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Australia (cont’d.)
Macquarie Group Ltd.		381	$	26,467
Magellan Financial Group Ltd.		175		3,085
Medibank Private Ltd.		3,898		8,486
Mirvac Group, REIT		4,770		8,102
National Australia Bank Ltd.		3,288		83,456
Newcrest Mining Ltd.		945		15,161
Orica Ltd.		489		6,775
Origin Energy Ltd.*		2,183		11,747
Platinum Asset Management Ltd.		283		986
Qantas Airways Ltd.		1,189		3,769
QBE Insurance Group Ltd.		1,692		16,256
Ramsay Health Care Ltd.		166		8,901
REA Group Ltd.		59		2,710
Reece Ltd.		37		1,131
Santos Ltd.*		2,217		5,756
Scentre Group, REIT		6,449		20,808
SEEK Ltd.		377		4,802
Sonic Healthcare Ltd.		502		8,299
South32 Ltd.		6,584		13,644
Star Entertainment Group Ltd. (The)		902		3,757
Stockland, REIT		2,977		10,805
Suncorp Group Ltd.		1,590		16,391
Sydney Airport		1,403		7,246
Tabcorp Holdings Ltd.		976		3,467
Tatts Group Ltd.		1,691		5,440
Telstra Corp. Ltd.		5,472		17,289
TPG Telecom Ltd.		388		1,712
Transurban Group		2,541		23,214
Treasury Wine Estates Ltd.		945		8,485
Vicinity Centres, REIT		4,189		9,029
Vocus Group Ltd.		647		1,631
Washington H Soul Pattinson & Co. Ltd.		123		1,734
Wesfarmers Ltd.		1,403		45,162
Westfield Corp., REIT		2,388		16,239
Westpac Banking Corp.		4,161		109,080
Woodside Petroleum Ltd.		902		21,712
Woolworths Ltd.		1,565		31,459

				1,243,460

See Notes to Financial Statements.


8


Description	Shares		Value
COMMON STOCKS (Continued)

Austria 0.3%
ams AG		94	$	6,047
ANDRITZ AG		82		4,531
Erste Group Bank AG*		360		12,889
EVN AG		51		676
IMMOFINANZ AG*		999		2,077
Mayr Melnhof Karton AG		10		1,210
Oesterreichische Post AG*		37		1,570
OMV AG		186		8,567
Raiffeisen Bank International AG*		135		3,078
Strabag SE		18		736
Telekom Austria AG		107		751
UNIQA Insurance Group AG		137		1,143
Verbund AG		38		631
Vienna Insurance Group AG Wiener Versicherung Gruppe		45		1,167
voestalpine AG		151		6,295

				51,368

Belgium 1.2%
Ackermans & van Haaren NV		26		4,255
Ageas		262		10,728
Anheuser-Busch InBev SA/NV		994		112,094
Bekaert SA		40		2,013
bpost SA		114		2,732
Cie d’Entreprises CFE		8		1,166
Colruyt SA		79		4,060
D’ieteren SA/NV		27		1,317
Elia System Operator SA/NV		38		2,016
Financiere de Tubize SA		23		1,665
Galapagos NV*		44		3,855
Groupe Bruxelles Lambert SA		99		9,496
KBC Ancora*		40		1,904
KBC Group NV		346		25,004
Proximus SADP		198		6,056
Sofina SA		17		2,441
Solvay SA		89		11,320
Telenet Group Holding NV*		58		3,524
UCB SA		152		11,863
Umicore SA		113		6,620

				224,129

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			9

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Canada 0.0%
International Petroleum Corp.*		77	$	280

Chile 0.0%
Antofagasta PLC		417		4,524

China 0.3%
AAC Technologies Holdings, Inc.		1,000		14,659
BOC Hong Kong Holdings Ltd.		4,900		20,137
China Mengniu Dairy Co. Ltd.		3,000		5,796
FIH Mobile Ltd.		3,000		1,029
Guotai Junan International Holdings Ltd.		3,000		940
Minth Group Ltd.		500		1,855
Semiconductor Manufacturing International Corp.*		4,000		5,053
Shui On Land Ltd.		4,000		889
Tingyi Cayman Islands Holding Corp.		2,000		2,569
Uni-President China Holdings Ltd.		2,200		1,546
Want Want China Holdings Ltd.		8,000		5,753
Xinyi Solar Holdings Ltd.*		4,000		1,248
Yangzijiang Shipbuilding Holdings Ltd.		2,900		2,383

				63,857

Denmark 1.7%
AP Moller - Maersk A/S(Class A Stock)		6		9,954
AP Moller - Maersk A/S(Class B Stock)		6		10,350
Carlsberg A/S(Class B Stock)		132		13,171
Chr Hansen Holding A/S		114		7,681
Coloplast A/S(Class B Stock)		168		14,385
Danske Bank A/S		971		35,304
Dfds A/S		38		2,266
DONG Energy A/S, 144A		101		3,977
DSV A/S		230		12,808
FLSmidth & Co. A/S		60		3,607
Genmab A/S*		68		13,530
GN Store Nord A/S		175		4,549
H. Lundbeck A/S		69		3,539
ISS A/S		236		9,789
Jyske Bank A/S		82		4,385
Nets A/S, 144A*		137		2,493
Novo Nordisk A/S(Class B Stock)		2,320		90,334
Novozymes A/S(Class B Stock)		282		12,175
Pandora A/S		138		14,908
Rockwool International A/S(Class A Stock)		10		1,757

See Notes to Financial Statements.


10


Description	Shares		Value
COMMON STOCKS (Continued)

Denmark (cont’d.)
Rockwool International A/S(Class B Stock)		6	$	1,098
TDC A/S		1,063		5,703
Topdanmark A/S*		66		1,807
Tryg A/S		124		2,379
Vestas Wind Systems A/S		277		23,835
William Demant Holding A/S*		131		2,998

				308,782

Finland 1.0%
Amer Sports OYJ		135		2,988
Cargotec OYJ(Class B Stock)		46		2,741
Elisa OYJ		176		5,985
Fortum OYJ		569		8,273
Huhtamaki OYJ		108		4,186
Kesko OYJ(Class A Stock)		29		1,357
Kesko OYJ(Class B Stock)		77		3,606
Kone OYJ(Class B Stock)		480		21,971
Metso OYJ		126		4,513
Neste OYJ		169		6,887
Nokia OYJ		7,062		40,372
Nokian Renkaat OYJ		152		6,533
Orion OYJ(Class A Stock)		38		2,167
Orion OYJ(Class B Stock)		131		7,507
Outokumpu OYJ		333		3,189
Sampo OYJ(Class A Stock)		581		27,805
Stora Enso OYJ(Class R Stock)		735		8,723
UPM-Kymmene OYJ		657		17,310
Wartsila OYJ Abp		196		11,920

				188,033

France 9.0%
Accor SA		308		14,045
Aeroports de Paris		34		4,535
Air France-KLM*		263		2,209
Air Liquide SA		483		58,195
Airbus SE		695		56,220
Alstom SA*		184		5,840
Altarea SCA, REIT		3		605
Altran Technologies SA*		151		2,534
Amundi SA, 144A		54		3,554
Areva SA*		110		512

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			11

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

France (cont’d.)
Arkema SA		95	$	10,059
Atos SE		110		14,408
AXA SA		2,408		64,246
BioMerieux		16		3,200
BNP Paribas SA		1,228		86,669
Bollore SA		1,154		4,696
Bouygues SA		245		10,298
Bureau Veritas SA		337		7,808
Cap Gemini SA		197		19,724
Carrefour SA		710		16,721
Casino Guichard Perrachon SA		68		4,095
Christian Dior SE		64		17,553
Cie de Saint-Gobain		561		30,270
Cie Plastic Omnium SA		67		2,622
CNP Assurances		194		4,052
Credit Agricole SA		1,388		20,645
Criteo SA, ADR*		68		3,699
Danone SA		719		50,320
Dassault Aviation SA		2		2,733
Dassault Systemes SE		158		14,097
Edenred		263		6,737
Eiffage SA		75		6,353
Electricite de France SA		481		4,015
Elior Group, 144A		118		2,944
Engie SA		1,807		25,479
Essilor International SA		253		32,787
Euler Hermes Group		15		1,465
Eurazeo SA		50		3,389
Eutelsat Communications SA		229		5,418
Faurecia		86		4,203
Fimalac		5		579
Financiere de L’Odet		1		863
Fonciere Des Regions, REIT		47		4,195
Gecina SA, REIT		53		7,538
Groupe Eurotunnel SE		611		6,712
Havas SA		196		1,813
ICADE, REIT		36		2,673
Iliad SA		31		7,524
Imerys SA		38		3,269
Ingenico Group SA		72		6,519
Ipsen SA		47		5,472
JCDecaux SA		87		3,071

See Notes to Financial Statements.


12


Description	Shares		Value
COMMON STOCKS (Continued)

France (cont’d.)
Kering		92	$	28,516
Klepierre, REIT		259		10,166
Korian SA		52		1,676
L’Oreal SA		298		59,347
Legrand SA		328		21,232
LVMH Moet Hennessy Louis Vuitton SE		313		77,270
Mercialys SA, REIT		55		1,072
Metropole Television SA		77		1,753
Natixis SA		1,216		8,462
Nexity SA*		40		2,175
Orange SA		2,420		37,455
Orpea		47		4,801
Pernod Ricard SA		268		33,541
Peugeot SA*		493		10,336
Publicis Groupe SA		254		18,338
Remy Cointreau SA		26		2,623
Renault SA		213		19,862
Rexel SA		394		7,036
Safran SA		368		30,469
Sanofi		1,412		133,425
Sartorius Stedim Biotech		28		1,878
Schneider Electric SE		693		54,890
SCOR SE		204		8,070
SEB SA		34		5,475
SFR Group SA*		108		3,536
Societe BIC SA		32		3,596
Societe Fonciere Lyonnaise SA, REIT		13		690
Societe Generale SA		920		50,446
Sodexo SA		114		14,488
Somfy SA		2		967
Sopra Steria Group		19		2,849
SPIE SA		78		2,162
Suez		425		6,981
Technicolor SA		452		2,295
Teleperformance		73		9,180
Television Francaise 1		122		1,493
Thales SA		131		13,769
TOTAL SA		2,740		140,653
Ubisoft Entertainment SA*		94		4,453
Unibail-Rodamco SE, REIT		122		29,956
Valeo SA		288		20,724
Veolia Environnement SA		587		11,171

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			13

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

France (cont’d.)
Vicat SA		19	$	1,351
Vinci SA		589		50,206
Vivendi SA		1,373		27,234
Wendel SA		32		4,486
Worldline SA/France, 144A*		46		1,526
Zodiac Aerospace		267		6,482

				1,669,744

Germany 8.4%
adidas AG		251		50,323
Allianz SE		572		108,896
Aurubis AG		40		2,795
Axel Springer SE		57		3,198
BASF SE		1,149		111,935
Bayer AG		1,036		128,188
Bayerische Motoren Werke AG		410		39,172
Beiersdorf AG		130		12,929
Bilfinger SE*		38		1,650
Brenntag AG		195		11,560
Carl Zeiss Meditec AG		33		1,500
Commerzbank AG*		1,303		12,774
Continental AG		135		30,240
Covestro AG, 144A		94		7,326
CTS Eventim AG & Co. KGaA		56		2,155
Daimler AG		1,200		89,417
Deutsche Bank AG*		2,704		48,620
Deutsche Boerse AG		231		22,610
Deutsche Lufthansa AG		272		4,693
Deutsche Post AG		1,175		42,234
Deutsche Telekom AG		3,952		69,321
Deutsche Wohnen AG		438		14,977
DMG Mori AG		22		1,199
Duerr AG		29		2,890
E.ON SE		2,316		18,054
Evonik Industries AG		175		5,843
Fielmann AG		28		2,141
Fraport AG Frankfurt Airport Services Worldwide		43		3,383
Freenet AG		151		4,739
Fresenius Medical Care AG & Co. KGaA		263		23,346
Fresenius SE & Co. KGaA		470		38,131
FUCHS PETROLUB SE		38		1,716
GEA Group AG		225		9,565

See Notes to Financial Statements.


14


Description	Shares		Value
COMMON STOCKS (Continued)

Germany (cont’d.)
GRENKE AG		10	$	1,991
Hannover Rueck SE		78		9,357
Hapag-Lloyd AG, 144A*		31		912
HeidelbergCement AG		190		17,590
Hella KGaA Hueck & Co.		36		1,782
Henkel AG & Co. KGaA		145		16,914
HOCHTIEF AG		24		4,322
HUGO BOSS AG		90		6,844
Infineon Technologies AG		1,385		28,627
Innogy SE, 144A		171		6,288
K+S AG		255		6,084
KION Group AG		79		5,352
Krones AG		18		2,137
LANXESS AG		119		8,593
LEG Immobilien AG*		83		7,131
Linde AG		229		41,149
MAN SE		48		5,043
Merck KGaA		160		18,795
METRO AG		217		7,141
MTU Aero Engines AG		65		9,323
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		185		35,468
Nordex SE*		73		1,100
OSRAM Licht AG		99		6,632
ProSiebenSat.1 Media SE		286		12,141
Puma SE		2		781
Rational AG		4		2,010
Rheinmetall AG		50		4,589
RHOEN-KLINIKUM AG		40		1,143
RWE AG*		612		10,137
Salzgitter AG		45		1,540
SAP SE		1,112		111,385
Scout24 AG, 144A*		48		1,645
Siemens AG		999		143,300
Software AG		58		2,552
STADA Arzneimittel AG		84		5,952
Stroeer SE & Co. KGaA		30		1,735
Suedzucker AG		106		2,269
Symrise AG		154		10,781
Talanx AG		44		1,586
Telefonica Deutschland Holding AG		805		3,903
thyssenkrupp AG		441		10,509
Trivago NV, ADR*		24		411

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			15

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Germany (cont’d.)
Uniper SE*		263	$	4,316
United Internet AG		155		7,134
Volkswagen AG		35		5,644
Vonovia SE		576		20,854
Wacker Chemie AG		17		1,799
Wirecard AG		150		8,870
Zalando SE, 144A*		124		5,470

				1,558,551

Hong Kong 3.2%
AIA Group Ltd.		15,300		105,898
ASM Pacific Technology Ltd.		300		4,464
Bank of East Asia Ltd. (The)		1,400		5,789
Brightoil Petroleum Holdings Ltd.*		3,000		813
Cathay Pacific Airways Ltd.		1,300		1,871
Champion REIT, REIT		2,000		1,300
Cheung Kong Infrastructure Holdings Ltd.		1,000		8,755
Cheung Kong Property Holdings Ltd.		3,500		25,057
China Goldjoy Group Ltd.		2,000		157
Chinese Estates Holdings Ltd.		500		768
Chow Tai Fook Jewellery Group Ltd.		1,200		1,319
CK Hutchison Holdings Ltd.		3,500		43,706
CLP Holdings Ltd.		2,000		21,092
CP Pokphand Co. Ltd.		6,000		516
Dah Sing Banking Group Ltd.		400		804
Dairy Farm International Holdings Ltd.		400		3,560
First Pacific Co. Ltd.		3,000		2,310
Galaxy Entertainment Group Ltd.		3,000		16,666
Genting Hong Kong Ltd.*		2,000		600
Haitong International Securities Group Ltd.		3,000		1,625
Hang Lung Group Ltd.		1,000		4,170
Hang Lung Properties Ltd.		3,000		7,861
Hang Seng Bank Ltd.		960		19,446
Henderson Land Development Co. Ltd.		1,000		6,330
HK Electric Investments & HK Electric Investments Ltd., 144A		2,500		2,210
Hong Kong & China Gas Co. Ltd.		9,000		17,981
Hong Kong Exchanges & Clearing Ltd.		1,500		36,891
Hongkong & Shanghai Hotels Ltd. (The)		1,000		1,173
Hongkong Land Holdings Ltd.		1,500		11,565
Hopewell Holdings Ltd.		700		2,671
Hutchison Port Holdings Trust, UTS		6,100		2,471
Hysan Development Co. Ltd.		1,000		4,716

See Notes to Financial Statements.


16


Description	Shares		Value
COMMON STOCKS (Continued)

Hong Kong (cont’d.)
Jardine Matheson Holdings Ltd.		300	$	19,359
Jardine Strategic Holdings Ltd.		300		12,681
Johnson Electric Holdings Ltd.		500		1,538
Kerry Logistics Network Ltd.		1,000		1,408
Kerry Properties Ltd.		500		1,869
Kingston Financial Group Ltd.		4,000		1,382
Li & Fung Ltd.		6,000		2,512
Lifestyle China Group Ltd.*		2,000		650
Lifestyle International Holdings Ltd.		500		713
Link REIT, REIT		3,000		21,564
Melco International Development Ltd.		1,000		2,053
Melco Resorts & Entertainment Ltd., ADR		203		4,456
MTR Corp. Ltd.		1,800		10,356
New World Development Co. Ltd.		7,000		8,705
NWS Holdings Ltd.		2,000		3,756
PCCW Ltd.		5,000		2,823
Power Assets Holdings Ltd.		1,500		13,491
Sands China Ltd.		3,200		14,493
Shangri-La Asia Ltd.		2,000		2,862
Sino Land Co. Ltd.		4,000		6,769
SJM Holdings Ltd.		2,600		2,521
Sun Art Retail Group Ltd.		2,500		2,576
Sun Hung Kai Properties Ltd.		2,000		29,970
Swire Pacific Ltd.(Class A Stock)		500		4,821
Swire Pacific Ltd.(Class B Stock)		500		848
Swire Properties Ltd.		1,400		4,694
Techtronic Industries Co. Ltd.		1,800		7,723
Value Partners Group Ltd.		1,000		924
VTech Holdings Ltd.		200		2,533
WH Group Ltd., 144A		6,500		5,799
Wharf Holdings Ltd. (The)		1,900		16,199
Wheelock & Co. Ltd.		1,000		7,789
Xinyi Glass Holdings Ltd.*		2,000		1,772
Yue Yuen Industrial Holdings Ltd.		1,000		3,953

				590,117

Ireland 0.6%
AerCap Holdings NV*		215		9,892
Bank of Ireland*		35,265		8,877
CRH PLC		1,027		37,408
Glanbia PLC		220		4,300
James Hardie Industries PLC, CDI		570		9,645

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			17

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Ireland (cont’d.)
Kerry Group PLC(Class A Stock)		180	$	14,716
Kingspan Group PLC		171		5,949
Paddy Power Betfair PLC		99		11,018
Smurfit Kappa Group PLC		303		8,126

				109,931

Isle of Man 0.0%
Paysafe Group PLC*		556		3,268

Israel 0.5%
Azrieli Group Ltd.		36		1,915
Bank Hapoalim BM		1,292		8,057
Bank Leumi Le-Israel BM*		1,788		8,362
Bezeq The Israeli Telecommunication Corp. Ltd.		2,245		3,772
Check Point Software Technologies Ltd.*		158		16,433
Delek Energy Systems Ltd.*		1		547
Delek Group Ltd.		5		1,126
Elbit Systems Ltd.		26		3,095
Frutarom Industries Ltd.		43		2,528
Israel Chemicals Ltd.		598		2,577
Mizrahi Tefahot Bank Ltd.		151		2,436
Nice Ltd.		78		5,269
Teva Pharmaceutical Industries Ltd.		1,276		40,467

				96,584

Italy 2.1%
A2A SpA		1,724		2,562
ACEA SpA		53		763
Assicurazioni Generali SpA		1,575		24,948
Atlantia SpA		608		15,418
Autogrill SpA		148		1,683
Azimut Holding SpA		153		2,984
Banca Generali SpA		68		1,954
Banca Mediolanum SpA		302		2,310
Banca Monte dei Paschi di Siena SpA*^		31		203
Banco BPM SpA		2,006		5,859
BPER Banca		562		3,074
Brembo SpA		32		2,514
Buzzi Unicem SpA		73		1,876
Buzzi Unicem SpA(Savings Share)		53		784
Credito Emiliano SpA		104		727
Davide Campari-Milano SpA		329		3,890

See Notes to Financial Statements.


18


Description	Shares		Value
COMMON STOCKS (Continued)

Italy (cont’d.)
De’ Longhi SpA		64	$	1,951
DiaSorin SpA		25		1,874
Enel SpA		9,563		45,464
Eni SpA		3,038		47,122
Ferrari NV		150		11,284
FinecoBank Banca Fineco SpA		246		1,752
Hera SpA		860		2,460
Infrastrutture Wireless Italiane SpA, 144A		282		1,560
Intesa Sanpaolo SpA		19,830		57,886
Intesa Sanpaolo SpA(Savings Share)		1,097		3,004
Italgas SpA*		576		2,604
Leonardo SpA*		498		7,826
Luxottica Group SpA		219		12,661
Mediaset SpA		839		3,429
Mediobanca SpA		733		7,049
Moncler SpA		154		3,798
Parmalat SpA		289		979
Poste Italiane SpA, 144A		542		3,712
PRADA SpA		600		2,808
Prysmian SpA		260		7,503
Recordati SpA		111		4,114
Saipem SpA*		7,968		3,430
Salvatore Ferragamo SpA		32		1,025
Snam SpA		3,045		13,453
Telecom Italia SpA*		12,302		10,919
Telecom Italia SpA(Savings Share)*		7,890		5,631
Terna Rete Elettrica Nazionale SpA		1,822		9,186
Tod’s SpA		18		1,391
UniCredit SpA		2,176		35,431
Unione di Banche Italiane SpA		1,059		4,462
Unipol Gruppo Finanziario SpA		448		1,998
UnipolSai Assicurazioni SpA		1,146		2,632
Yoox Net-A-Porter Group SpA*		60		1,594

				393,541

Japan 20.0%
Acom Co. Ltd.*		900		3,998
Activia Properties, Inc., REIT		1		4,764
Advance Residence Investment Corp., REIT		1		2,632
Advantest Corp.		200		3,737
Aeon Co. Ltd.		800		11,857
AEON Financial Service Co. Ltd.		100		1,922

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			19

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Aeon Mall Co. Ltd.		100	$	1,701
Air Water, Inc.		50		963
Aisin Seiki Co. Ltd.		200		9,795
Ajinomoto Co., Inc.		500		9,743
Alfresa Holdings Corp.		250		4,514
Alps Electric Co. Ltd.		200		5,878
Amada Holdings Co. Ltd.		400		4,756
ANA Holdings, Inc.		1,000		3,012
Aozora Bank Ltd.		1,000		3,644
Asahi Glass Co. Ltd.		1,000		8,665
Asahi Group Holdings Ltd.		400		15,113
Asahi Intecc Co. Ltd.		100		4,446
Asahi Kasei Corp.		1,600		15,257
Asics Corp.		200		3,540
Astellas Pharma, Inc.		2,400		31,649
Bandai Namco Holdings, Inc.		200		6,277
Bank of Kyoto Ltd. (The)		200		1,584
Benesse Holdings, Inc.		100		3,018
Bridgestone Corp.		800		33,369
Brother Industries Ltd.		300		6,173
Calbee, Inc.		100		3,496
Canon Marketing Japan, Inc.		80		1,686
Canon, Inc.		1,000		33,188
Casio Computer Co. Ltd.		200		2,819
Central Japan Railway Co.		200		33,542
Chiba Bank Ltd. (The)		1,000		6,699
Chubu Electric Power Co., Inc.		800		10,742
Chugai Pharmaceutical Co. Ltd.		200		7,107
Chugoku Bank Ltd. (The)		200		2,971
Chugoku Electric Power Co., Inc. (The)		400		4,361
Citizen Watch Co. Ltd.		380		2,521
Coca-Cola Bottlers Japan, Inc.		120		3,578
Concordia Financial Group Ltd.		1,200		5,520
Credit Saison Co. Ltd.		200		3,644
CyberAgent, Inc.		100		3,107
CYBERDYNE, Inc.*		100		1,413
Dai Nippon Printing Co. Ltd.		700		7,793
Dai-ichi Life Holdings, Inc.		1,300		22,152
Daicel Corp.		380		4,362
Daiichi Sankyo Co. Ltd.		700		15,557
Daikin Industries Ltd.		300		29,167
Daito Trust Construction Co. Ltd.		100		14,715

See Notes to Financial Statements.


20


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Daiwa House Industry Co. Ltd.		700	$	20,810
Daiwa Securities Group, Inc.		2,000		12,167
DeNA Co. Ltd.		100		2,144
Denso Corp.		500		21,579
Dentsu, Inc.		300		16,934
Disco Corp.		20		3,164
Don Quijote Holdings Co. Ltd.		200		7,287
East Japan Railway Co.		340		30,512
Eisai Co. Ltd.		300		15,774
Electric Power Development Co. Ltd.		200		4,640
Ezaki Glico Co. Ltd.		80		4,216
FamilyMart UNY Holdings Co. Ltd.		100		5,653
FANUC Corp.		225		45,809
Fast Retailing Co. Ltd.		60		19,597
Fuji Electric Co. Ltd.		900		4,933
FUJIFILM Holdings Corp.		500		18,557
Fujitsu Ltd.		2,000		12,485
Fukuoka Financial Group, Inc.		1,000		4,562
GLP J-Reit, REIT		3		3,381
GungHo Online Entertainment, Inc.		500		1,122
Gunma Bank Ltd. (The)		400		2,146
Hachijuni Bank Ltd. (The)		490		2,894
Hakuhodo DY Holdings, Inc.		500		6,095
Hamamatsu Photonics KK		200		5,881
Hankyu Hanshin Holdings, Inc.		300		9,910
Haseko Corp.		300		3,424
Hino Motors Ltd.		400		5,019
Hirose Electric Co. Ltd.		30		4,032
Hiroshima Bank Ltd. (The)		900		3,885
Hisamitsu Pharmaceutical Co., Inc.		100		5,119
Hitachi Capital Corp.		100		2,449
Hitachi Chemical Co. Ltd.		150		4,296
Hitachi Construction Machinery Co. Ltd.		100		2,578
Hitachi High-Technologies Corp.		100		3,992
Hitachi Ltd.		5,400		29,832
Hitachi Metals Ltd.		200		2,801
Hokuriku Electric Power Co.		200		1,848
Honda Motor Co. Ltd.		1,880		54,719
Hoshizaki Corp.		80		6,675
Hoya Corp.		500		23,896
Hulic Co. Ltd.		460		4,338
Ibiden Co. Ltd.		100		1,760

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			21

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Idemitsu Kosan Co. Ltd.		150	$	4,796
IHI Corp.*		2,000		6,773
Iida Group Holdings Co. Ltd.		270		4,300
Inpex Corp.		1,200		11,499
Isetan Mitsukoshi Holdings Ltd.		500		5,464
Isuzu Motors Ltd.		700		9,514
Ito En Ltd.		30		1,088
ITOCHU Corp.		1,600		22,640
Itochu Techno-Solutions Corp.		100		2,911
Iyo Bank Ltd. (The)		270		1,918
J Front Retailing Co. Ltd.		300		4,324
Japan Airport Terminal Co. Ltd.		100		3,474
Japan Exchange Group, Inc.		600		8,413
Japan Hotel REIT Investment Corp., REIT		5		3,408
Japan Post Bank Co. Ltd.		500		6,228
Japan Post Holdings Co. Ltd.		600		7,445
Japan Post Insurance Co. Ltd.		100		2,280
Japan Prime Realty Investment Corp., REIT		1		3,754
Japan Real Estate Investment Corp., REIT		2		10,532
Japan Retail Fund Investment Corp., REIT		4		7,814
Japan Tobacco, Inc.		1,200		39,931
JFE Holdings, Inc.		600		10,234
JGC Corp.		300		5,239
JSR Corp.		300		5,483
JTEKT Corp.		200		3,155
JXTG Holdings, Inc.		3,610		16,288
Kajima Corp.		1,100		7,469
Kakaku.com, Inc.		200		2,886
Kamigumi Co. Ltd.		200		1,817
Kansai Electric Power Co., Inc. (The)		900		12,163
Kansai Paint Co. Ltd.		280		6,198
Kao Corp.		600		33,110
Kawasaki Heavy Industries Ltd.		2,000		6,055
KDDI Corp.		2,100		55,680
Keihan Holdings Co. Ltd.		800		5,033
Keikyu Corp.		400		4,592
Keio Corp.		700		5,606
Keisei Electric Railway Co. Ltd.		50		1,190
Kewpie Corp.		100		2,544
Keyence Corp.		100		40,201
Kikkoman Corp.		150		4,616
Kintetsu Group Holdings Co. Ltd.		2,300		8,399

See Notes to Financial Statements.


22


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Kirin Holdings Co. Ltd.		1,000	$	19,468
Kobayashi Pharmaceutical Co. Ltd.		100		5,246
Kobe Steel Ltd.*		200		1,777
Koito Manufacturing Co. Ltd.		100		5,167
Komatsu Ltd.		1,050		28,058
Konami Holdings Corp.		100		4,163
Konica Minolta, Inc.		600		5,312
Kose Corp.		10		950
Kubota Corp.		1,300		20,479
Kuraray Co. Ltd.		400		6,456
Kurita Water Industries Ltd.		130		3,357
Kyocera Corp.		400		22,654
Kyowa Hakko Kirin Co. Ltd.		340		5,841
Kyushu Electric Power Co., Inc.		500		5,393
Kyushu Railway Co.		120		3,763
Lawson, Inc.		100		6,635
Lion Corp.		140		2,530
LIXIL Group Corp.		300		7,498
M3, Inc.		200		5,113
Mabuchi Motor Co. Ltd.		100		5,645
Makita Corp.		270		9,633
Marubeni Corp.		1,900		11,711
Marui Group Co. Ltd.		300		4,109
Maruichi Steel Tube Ltd.		100		2,836
Matsumotokiyoshi Holdings Co. Ltd.		30		1,505
Mazda Motor Corp.		700		10,341
McDonald’s Holdings Co. Japan Ltd.		100		3,082
Medipal Holdings Corp.		200		3,314
MEIJI Holdings Co. Ltd.		180		15,301
MINEBEA MITSUMI, Inc.		500		7,233
MISUMI Group, Inc.		400		7,578
Mitsubishi Chemical Holdings Corp.		1,500		11,741
Mitsubishi Corp.		1,660		35,823
Mitsubishi Electric Corp.		2,000		27,913
Mitsubishi Estate Co. Ltd.		1,260		24,126
Mitsubishi Gas Chemical Co., Inc.		50		1,069
Mitsubishi Heavy Industries Ltd.		4,000		16,027
Mitsubishi Materials Corp.		100		2,978
Mitsubishi Motors Corp.		1,400		8,966
Mitsubishi Tanabe Pharma Corp.		280		5,688
Mitsubishi UFJ Financial Group, Inc.		15,700		99,485
Mitsubishi UFJ Lease & Finance Co. Ltd.		550		2,874

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			23

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Mitsui & Co. Ltd.		2,000	$	28,241
Mitsui Chemicals, Inc.		1,200		6,140
Mitsui Fudosan Co. Ltd.		1,000		22,002
Mitsui OSK Lines Ltd.		1,000		3,062
Mixi, Inc.		100		5,547
Mizuho Financial Group, Inc.		29,700		54,289
MonotaRO Co. Ltd.		100		3,255
MS&AD Insurance Group Holdings, Inc.		600		19,562
Murata Manufacturing Co. Ltd.		200		26,865
Nabtesco Corp.		100		2,835
Nagoya Railroad Co. Ltd.		1,300		5,972
Nankai Electric Railway Co. Ltd.		900		4,426
NEC Corp.		3,300		8,205
Nexon Co. Ltd.		300		5,106
NGK Insulators Ltd.		350		7,489
NGK Spark Plug Co. Ltd.		200		4,337
NH Foods Ltd.		100		2,850
NHK Spring Co. Ltd.		280		3,128
Nidec Corp.		280		25,691
Nifco, Inc.		30		1,498
Nikon Corp.		400		5,710
Nintendo Co. Ltd.		120		30,368
Nippon Building Fund, Inc., REIT		2		10,636
Nippon Electric Glass Co. Ltd.		200		1,240
Nippon Express Co. Ltd.		1,000		5,489
Nippon Paint Holdings Co. Ltd.		170		6,521
Nippon Prologis REIT, Inc., REIT		2		4,226
Nippon Shinyaku Co. Ltd.		20		1,064
Nippon Steel & Sumitomo Metal Corp.		900		20,268
Nippon Telegraph & Telephone Corp.		720		30,856
Nippon Yusen KK*		2,000		4,021
Nissan Chemical Industries Ltd.		200		6,203
Nissan Motor Co. Ltd.		2,500		23,814
Nisshin Seifun Group, Inc.		200		3,073
Nissin Foods Holdings Co. Ltd.		100		5,726
Nitori Holdings Co. Ltd.		100		13,011
Nitto Denko Corp.		200		15,060
NOK Corp.		100		2,383
Nomura Holdings, Inc.		4,100		24,639
Nomura Real Estate Holdings, Inc.		170		2,875
Nomura Real Estate Master Fund, Inc., REIT		5		7,207
Nomura Research Institute Ltd.		110		3,830

See Notes to Financial Statements.


24


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
NSK Ltd.		500	$	6,837
NTT Data Corp.		200		9,287
NTT DOCOMO, Inc.		1,700		41,135
NTT Urban Development Corp.		160		1,444
Obayashi Corp.		800		7,767
Obic Co. Ltd.		100		5,403
Odakyu Electric Railway Co. Ltd.		200		3,883
Oji Holdings Corp.		1,000		4,840
Olympus Corp.		400		15,423
Omron Corp.		200		8,373
Ono Pharmaceutical Co. Ltd.		450		9,282
Orient Corp.		500		892
Oriental Land Co. Ltd.		240		13,784
ORIX Corp.		1,700		25,981
Orix JREIT, Inc., REIT		3		4,757
Osaka Gas Co. Ltd.		2,700		10,107
Otsuka Corp.		100		5,356
Otsuka Holdings Co. Ltd.		450		20,726
Panasonic Corp.		2,400		28,700
Park24 Co. Ltd.		100		2,580
Pigeon Corp.		100		3,101
Pola Orbis Holdings, Inc.		110		2,540
Rakuten, Inc.		1,100		11,268
Recruit Holdings Co. Ltd.		300		15,163
Renesas Electronics Corp.*		220		2,096
Resona Holdings, Inc.		2,600		14,454
Ricoh Co. Ltd.		800		6,668
Rinnai Corp.		30		2,495
Rohm Co. Ltd.		100		7,023
Ryohin Keikaku Co. Ltd.		20		4,510
Sankyo Co. Ltd.		100		3,487
Santen Pharmaceutical Co. Ltd.		500		7,035
SBI Holdings, Inc.		300		4,162
SCSK Corp.		100		4,026
Secom Co. Ltd.		240		17,429
Sega Sammy Holdings, Inc.		200		2,685
Seibu Holdings, Inc.		300		5,241
Seiko Epson Corp.		400		8,193
Sekisui Chemical Co. Ltd.		450		7,553
Sekisui House Ltd.		800		13,289
Seven & i Holdings Co. Ltd.		990		41,812
Seven Bank Ltd.		800		2,687

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			25

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Sharp Corp.*		1,600	$	5,802
Shikoku Electric Power Co., Inc.		200		2,403
Shimadzu Corp.		150		2,546
Shimamura Co. Ltd.		20		2,737
Shimano, Inc.		130		19,896
Shimizu Corp.		900		8,631
Shin-Etsu Chemical Co. Ltd.		440		38,244
Shinsei Bank Ltd.		2,200		4,107
Shionogi & Co. Ltd.		300		15,449
Shiseido Co. Ltd.		400		10,836
Shizuoka Bank Ltd. (The)		300		2,532
Showa Shell Sekiyu KK		230		2,221
SMC Corp.		74		20,858
SoftBank Group Corp.		1,020		77,370
Sohgo Security Services Co. Ltd.		100		4,366
Sojitz Corp.		1,800		4,576
Sompo Holdings, Inc.		400		15,116
Sony Corp.		1,600		54,903
Sony Financial Holdings, Inc.		300		4,990
Square Enix Holdings Co. Ltd.		140		4,031
Stanley Electric Co. Ltd.		200		5,856
Start Today Co. Ltd.		240		5,121
Subaru Corp.		650		24,643
Sumco Corp.		280		4,902
Sumitomo Chemical Co. Ltd.		1,900		10,723
Sumitomo Corp.		1,400		18,709
Sumitomo Dainippon Pharma Co. Ltd.		200		3,285
Sumitomo Electric Industries Ltd.		900		14,699
Sumitomo Heavy Industries Ltd.		800		5,581
Sumitomo Metal Mining Co. Ltd.		600		8,125
Sumitomo Mitsui Financial Group, Inc.		1,600		59,409
Sumitomo Mitsui Trust Holdings, Inc.		450		15,415
Sumitomo Realty & Development Co. Ltd.		500		13,508
Sumitomo Rubber Industries Ltd.		300		5,400
Sundrug Co. Ltd.		80		2,806
Suntory Beverage & Food Ltd.		200		9,011
Suruga Bank Ltd.		200		4,181
Suzuken Co. Ltd.		100		3,309
Suzuki Motor Corp.		380		15,885
Sysmex Corp.		200		12,181
T&D Holdings, Inc.		700		10,409
Taiheiyo Cement Corp.		1,000		3,323

See Notes to Financial Statements.


26


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Taisei Corp.		1,000	$	7,625
Taisho Pharmaceutical Holdings Co. Ltd.		80		6,582
Taiyo Nippon Sanso Corp.		120		1,434
Takashimaya Co. Ltd.		400		3,683
Takeda Pharmaceutical Co. Ltd.		850		40,778
TDK Corp.		150		9,293
Teijin Ltd.		140		2,713
Temp Holdings Co. Ltd.		200		3,764
Terumo Corp.		300		10,956
THK Co. Ltd.		100		2,579
Tobu Railway Co. Ltd.		1,000		5,072
Toho Co. Ltd.		100		2,870
Toho Gas Co. Ltd.		200		1,430
Tohoku Electric Power Co., Inc.		600		7,999
Tokio Marine Holdings, Inc.		800		33,731
Tokyo Century Corp.		100		3,447
Tokyo Electric Power Co. Holdings, Inc.*		1,900		7,381
Tokyo Electron Ltd.		200		24,279
Tokyo Gas Co. Ltd.		2,000		9,286
Tokyo Tatemono Co. Ltd.		250		3,415
Tokyu Corp.		1,000		7,163
Tokyu Fudosan Holdings Corp.		600		3,277
Toppan Printing Co. Ltd.		700		7,047
Toray Industries, Inc.		1,790		15,842
Toshiba Corp.*		4,000		8,069
Tosoh Corp.		900		8,459
TOTO Ltd.		200		7,630
Toyo Seikan Group Holdings Ltd.		200		3,354
Toyo Suisan Kaisha Ltd.		140		5,258
Toyoda Gosei Co. Ltd.		100		2,658
Toyota Boshoku Corp.		100		2,116
Toyota Industries Corp.		200		9,963
Toyota Motor Corp.		2,680		145,044
Toyota Tsusho Corp.		200		6,315
Trend Micro, Inc.		100		4,400
Tsuruha Holdings, Inc.		20		2,025
Unicharm Corp.		400		9,728
United Urban Investment Corp., REIT		4		6,043
USS Co. Ltd.		300		5,307
Welcia Holdings Co. Ltd.		30		965
West Japan Railway Co.		200		13,364
Yahoo Japan Corp.		1,600		6,853

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			27

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Japan (cont’d.)
Yakult Honsha Co. Ltd.		130	$	7,409
Yamada Denki Co. Ltd.		700		3,676
Yamaha Corp.		200		5,547
Yamaha Motor Co. Ltd.		300		7,125
Yamato Holdings Co. Ltd.		320		6,915
Yamazaki Baking Co. Ltd.		200		4,221
Yaskawa Electric Corp.		300		5,734
Yokogawa Electric Corp.		300		4,637
Yokohama Rubber Co. Ltd. (The)		130		2,553

				3,707,667

Luxembourg 0.3%
APERAM SA		54		2,715
ArcelorMittal*		2,273		17,862
B&M European Value Retail SA		805		3,513
Eurofins Scientific SE		12		5,910
L’Occitane International SA		500		1,047
Millicom International Cellular SA, SDR		75		4,109
RTL Group SA		46		3,565
SES SA		422		9,224
Tenaris SA		596		9,311
Ternium SA, ADR		56		1,418

				58,674

Macau 0.0%
MGM China Holdings Ltd.		1,200		2,730
Wynn Macau Ltd.		1,600		3,507

				6,237

Malta 0.0%
Kindred Group PLC, SDR		192		1,990

Netherlands 3.6%
Aalberts Industries NV		143		5,670
ABN AMRO Group NV, CVA, 144A		284		7,456
Aegon NV		2,377		12,132
Akzo Nobel NV		309		27,026
Altice NV(Class A Stock)*		485		12,050
Altice NV(Class B Stock)*		115		2,860
ASM International NV		55		3,311
ASML Holding NV		403		53,288

See Notes to Financial Statements.


28


Description	Shares		Value
COMMON STOCKS (Continued)

Netherlands (cont’d.)
ASR Nederland NV*		64	$	1,894
Boskalis Westminster		97		3,568
Euronext NV, 144A		55		2,698
EXOR NV		135		7,578
Gemalto NV		93		5,207
GrandVision NV, 144A		60		1,566
HAL Trust		29		5,828
Heineken Holding NV		124		10,392
Heineken NV		279		24,885
ING Groep NV		4,818		78,531
InterXion Holding NV*		81		3,375
Koninklijke Ahold Delhaize NV		1,608		33,310
Koninklijke DSM NV		217		15,528
Koninklijke KPN NV		3,889		11,243
Koninklijke Philips NV		1,143		39,471
Koninklijke Vopak NV		78		3,520
NN Group NV		415		13,759
NXP Semiconductors NV*		351		37,118
OCI NV*		114		2,218
Philips Lighting NV, 144A*		51		1,725
Randstad Holding NV		142		8,466
Royal Dutch Shell PLC(Class A Stock)		3,042		79,320
Royal Dutch Shell PLC(Class B Stock)		4,707		125,239
SBM Offshore NV		212		3,493
VEON Ltd., ADR		223		921
Wolters Kluwer NV		364		15,446

				660,092

New Zealand 0.2%
Auckland International Airport Ltd.		1,228		5,819
Contact Energy Ltd.		851		3,044
Fisher & Paykel Healthcare Corp. Ltd.		650		4,497
Fletcher Building Ltd.		927		5,440
Fonterra Co-operative Group Ltd., UTS		139		571
Mercury NZ Ltd.		742		1,639
Meridian Energy Ltd.		1,422		2,703
Ryman Healthcare Ltd.		477		2,825
Spark New Zealand Ltd.		2,318		5,874

				32,412

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			29

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Norway 0.5%
DNB ASA		1,347	$	21,022
Gjensidige Forsikring ASA		200		3,073
Kongsberg Gruppen ASA		58		905
Leroy Seafood Group ASA		29		1,459
Marine Harvest ASA*		485		8,069
Norsk Hydro ASA		1,694		9,653
Orkla ASA		997		9,046
Salmar ASA		58		1,376
Schibsted ASA(Class A Stock)		95		2,361
Schibsted ASA(Class B Stock)		105		2,352
Statoil ASA		1,178		19,400
Telenor ASA		860		13,892
Yara International ASA		226		8,404

				101,012

Portugal 0.2%
Banco Comercial Portugues SA(Class R Stock)*		13,745		3,071
EDP—Energias de Portugal SA		2,917		9,627
Galp Energia SGPS SA		608		9,449
Jeronimo Martins SGPS SA		289		5,303
Navigator Co. SA (The)		241		1,020
NOS SGPS SA		260		1,489
Sonae SGPS SA*		758		778

				30,737

Russia 0.1%
Evraz PLC*		348		974
X5 Retail Group NV, GDR, RegS*		120		4,230
Yandex NV(Class A Stock)*		314		8,560

				13,764

Singapore 1.1%
Ascendas Real Estate Investment Trust, REIT		3,100		5,682
CapitaLand Commercial Trust, REIT		2,300		2,673
CapitaLand Ltd.		3,100		8,329
CapitaLand Mall Trust, REIT		3,000		4,230
City Developments Ltd.		700		5,402
ComfortDelGro Corp. Ltd.		2,900		5,682
DBS Group Holdings Ltd.		2,200		30,383
First Resources Ltd.		700		939
Frasers Centrepoint Ltd.		500		680

See Notes to Financial Statements.


30


Description	Shares		Value
COMMON STOCKS (Continued)

Singapore (cont’d.)
Genting Singapore PLC		7,100	$	5,657
Global Logistic Properties Ltd.		3,700		7,623
Great Eastern Holdings Ltd.		100		1,568
Jardine Cycle & Carriage Ltd.		100		3,384
Keppel Corp. Ltd.		1,800		8,369
Keppel REIT, REIT		2,000		1,517
Olam International Ltd.		800		1,094
Oversea-Chinese Banking Corp. Ltd.		4,100		28,715
SATS Ltd.		700		2,553
Sembcorp Industries Ltd.		1,100		2,383
Sembcorp Marine Ltd.		800		931
SIA Engineering Co. Ltd.		300		803
Singapore Airlines Ltd.		600		4,395
Singapore Exchange Ltd.		900		4,769
Singapore Post Ltd.		1,900		1,875
Singapore Press Holdings Ltd.		2,100		5,211
Singapore Technologies Engineering Ltd.		2,100		5,697
Singapore Telecommunications Ltd.		9,100		24,363
StarHub Ltd.		700		1,396
Suntec Real Estate Investment Trust, REIT		2,900		3,672
United Industrial Corp. Ltd.		300		678
United Overseas Bank Ltd.		1,500		23,355
UOL Group Ltd.		600		3,108
Wilmar International Ltd.		2,200		5,588

				212,704

South Africa 0.1%
Investec PLC		841		6,230
Mondi PLC		461		11,927

				18,157

Spain 3.2%
Abertis Infraestructuras SA		676		11,884
Acciona SA		29		2,393
Acerinox SA		186		2,591
ACS Actividades de Construccion y Servicios SA		227		8,410
Aena SA, 144A		81		14,281
Almirall SA		67		1,210
Amadeus IT Group SA		507		27,362
Atresmedia Corp. de Medios de Comunicacion SA		103		1,292
Banco Bilbao Vizcaya Argentaria SA		8,216		65,824
Banco de Sabadell SA		6,021		11,581

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			31

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description		Shares		Value
COMMON STOCKS (Continued)

Spain (cont’d.)
Banco Popular Espanol SA*			4,008	$	2,805
Banco Santander SA			18,249		118,928
Bankia SA			6,036		7,329
Bankinter SA			894		7,870
Bolsas y Mercados Espanoles SHMSF SA			88		3,149
CaixaBank SA			3,305		15,006
Cellnex Telecom SA, 144A			180		3,177
Cia de Distribucion Integral Logista Holdings SA			42		1,003
Corp Financiera Alba SA			16		869
Distribuidora Internacional de Alimentacion SA	��		696		4,138
Ebro Foods SA			77		1,720
EDP Renovaveis SA			236		1,798
Enagas SA			294		7,726
Endesa SA			405		9,539
Ferrovial SA			607		12,912
Fomento de Construcciones y Contratas SA*			85		787
Gamesa Corp. Tecnologica SA			287		6,190
Gas Natural SDG SA			395		8,926
Grifols SA			420		11,273
Grupo Catalana Occidente SA			50		1,939
Iberdrola SA			7,380		53,053
Industria de Diseno Textil SA			1,329		50,929
Mapfre SA			1,195		4,168
Mediaset Espana Comunicacion SA			210		2,893
Melia Hotels International SA			111		1,646
Merlin Properties Socimi SA, REIT			564		6,670
Obrascon Huarte Lain SA			192		838
Prosegur Cia de Seguridad SA			298		1,945
Red Electrica Corp. SA			546		10,641
Repsol SA			1,407		22,207
Tecnicas Reunidas SA			39		1,541
Telefonica SA			5,566		61,560
Zardoya Otis SA			213		1,971

					593,974

Sweden 2.9%
AAK AB			25		1,789
Ahlsell AB, 144A*			208		1,397
Alfa Laval AB			405		8,299
Assa Abloy AB(Class B Stock)			1,160		25,108
Atlas Copco AB(Class A Stock)			1,040		38,849
Atlas Copco AB(Class B Stock)			482		16,017

See Notes to Financial Statements.


32


Description	Shares		Value
COMMON STOCKS (Continued)

Sweden (cont’d.)
Autoliv, Inc.(a)		112	$	11,221
Axfood AB		90		1,428
Axis Communications AB		40		1,536
BillerudKorsnas AB		206		3,300
Boliden AB		346		9,885
Castellum AB		297		4,067
Electrolux AB(Class B Stock)		283		8,399
Elekta AB(Class B Stock)		365		3,811
Fabege AB		160		2,755
Fastighets AB Balder(Class B Stock)*		97		2,166
Fingerprint Cards AB(Class B Stock)*		359		1,429
Getinge AB(Class B Stock)		230		4,493
Hennes & Mauritz AB(Class B Stock)		1,202		29,762
Hexagon AB(Class B Stock)		319		13,883
Hexpol AB		236		2,622
Holmen AB(Class B Stock)		29		1,222
Hufvudstaden AB(Class A Stock)		127		1,990
Husqvarna AB(Class B Stock)		520		5,169
ICA Gruppen AB		84		2,867
Investment AB Latour(Class B Stock)		37		1,672
L E Lundbergforetagen AB(Class B Stock)		50		3,620
Lifco AB(Class B Stock)		53		1,614
Lundin Petroleum AB*		233		4,443
Melker Schorling AB		12		769
Modern Times Group MTG AB(Class B Stock)		56		1,826
NCC AB(Class A Stock)		25		664
NCC AB(Class B Stock)		110		2,922
Nibe Industrier AB(Class B Stock)		397		3,516
Nordea Bank AB		3,988		49,048
Ratos AB(Class B Stock)		228		1,069
Saab AB(Class B Stock)		56		2,775
Sandvik AB		1,333		21,371
Securitas AB(Class B Stock)		455		7,520
Skandinaviska Enskilda Banken AB(Class A Stock)		1,796		20,682
Skanska AB(Class B Stock)		454		10,851
SKF AB(Class A Stock)		33		725
SKF AB(Class B Stock)		481		10,556
SSAB AB(Class A Stock)*		161		700
SSAB AB(Class B Stock)*		854		3,030
Svenska Cellulosa AB SCA(Class A Stock)		22		732
Svenska Cellulosa AB SCA(Class B Stock)		737		24,400
Svenska Handelsbanken AB(Class A Stock)		1,780		25,255

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			33

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

Sweden (cont’d.)
Svenska Handelsbanken AB(Class B Stock)		44	$	620
Swedbank AB(Class A Stock)		1,321		31,308
Swedish Match AB		242		7,980
Swedish Orphan Biovitrum AB*		177		2,733
Tele2 AB(Class B Stock)		393		3,955
Telefonaktiebolaget LM Ericsson(Class A Stock)		104		664
Telefonaktiebolaget LM Ericsson(Class B Stock)		3,682		23,921
Telia Co. AB		3,228		13,142
Trelleborg AB(Class B Stock)		318		7,468
Volvo AB(Class A Stock)		221		3,609
Volvo AB(Class B Stock)		2,056		33,576
Wallenstam AB(Class B Stock)		243		2,071

				534,271

Switzerland 8.8%
ABB Ltd.		2,467		60,452
Actelion Ltd.*		125		35,396
Adecco Group AG		201		14,935
Allreal Holding AG*		16		2,753
Alpiq Holding AG*		7		520
Aryzta AG*		99		3,214
Baloise Holding AG		55		8,065
Banque Cantonale Vaudoise		4		2,898
Barry Callebaut AG*		3		4,120
Basellandschaftliche Kantonalbank		1		906
Basler Kantonalbank		9		640
Berner Kantonalbank AG		5		951
Bucher Industries AG		8		2,579
Chocoladefabriken Lindt & Spruengli AG		2		11,249
Cie Financiere Richemont SA		640		53,477
Clariant AG*		372		7,534
Coca-Cola HBC AG*		258		7,158
Credit Suisse Group AG*		2,629		40,095
DKSH Holding AG		42		3,383
dormakaba Holding AG*		4		3,427
Dufry AG*		61		9,995
Emmi AG*		3		2,190
EMS-Chemie Holding AG		9		5,639
Flughafen Zuerich AG		26		5,730
Galenica AG		5		5,433
GAM Holding AG*		179		2,294
Geberit AG		48		21,864

See Notes to Financial Statements.


34


Description	Shares		Value
COMMON STOCKS (Continued)

Switzerland (cont’d.)
Georg Fischer AG		5	$	4,715
Givaudan SA		11		21,194
Glencore PLC*		14,582		57,309
Helvetia Holding AG		8		4,442
IWG PLC		746		3,138
Julius Baer Group Ltd.*		287		14,966
Kuehne + Nagel International AG		65		9,830
LafargeHolcim Ltd.*		598		33,912
Lonza Group AG*		71		14,527
Luzerner Kantonalbank AG		4		1,729
Nestle SA		3,904		300,688
Novartis AG		2,834		218,176
OC Oerlikon Corp. AG*		226		2,715
Panalpina Welttransport Holding AG		12		1,587
Partners Group Holding AG		23		13,904
PSP Swiss Property AG		56		5,021
Roche Holding AG(TRQX)		35		9,169
Roche Holding AG(XBRN)		867		226,863
Schindler Holding AG(AQXE)		51		10,421
Schindler Holding AG(TRQX)		8		1,589
SFS Group AG*		17		1,697
SGS SA		6		13,511
Sika AG		3		19,147
Sonova Holding AG		69		10,203
St Galler Kantonalbank AG		3		1,303
STMicroelectronics NV		755		12,124
Straumann Holding AG		11		5,806
Sulzer AG		14		1,634
Sunrise Communications Group AG, 144A*		50		3,714
Swatch Group AG (The)(AQXE)		37		14,803
Swatch Group AG (The)(TRQX)		67		5,198
Swiss Life Holding AG*		41		13,343
Swiss Prime Site AG*		89		7,716
Swiss Re AG		412		35,835
Swisscom AG		29		12,646
Syngenta AG		115		53,444
Temenos Group AG*		77		6,665
UBS Group AG		4,385		74,856
Wolseley PLC		324		20,593
Zurich Insurance Group AG		187		51,750

				1,638,780

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			35

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

United Kingdom 15.8%
3i Group PLC		1,209	$	12,425
AA PLC		713		2,414
Aberdeen Asset Management PLC		1,088		3,931
Admiral Group PLC		262		6,823
Aggreko PLC		288		3,310
Amec Foster Wheeler PLC		460		3,230
Anglo American PLC*		1,631		23,352
Ashmore Group PLC		424		1,911
Ashtead Group PLC		626		13,206
ASOS PLC*		62		4,673
Associated British Foods PLC		433		15,765
AstraZeneca PLC		1,581		94,685
Auto Trader Group PLC, 144A		1,274		6,617
Aviva PLC		4,998		33,988
Babcock International Group PLC		655		7,630
BAE Systems PLC		4,036		32,780
Balfour Beatty PLC		810		3,060
Barclays PLC		20,952		57,375
Barratt Developments PLC		1,274		9,560
BBA Aviation PLC		1,221		4,926
Beazley PLC		592		3,373
Bellway PLC		168		6,192
Berendsen PLC		199		2,161
Berkeley Group Holdings PLC		164		6,917
Booker Group PLC		1,915		4,811
BP PLC		24,430		139,853
British American Tobacco PLC		2,327		157,220
British Land Co. PLC (The), REIT		1,298		11,037
Britvic PLC		290		2,495
BT Group PLC		10,519		41,497
BTG PLC*		449		3,955
Bunzl PLC		416		12,968
Burberry Group PLC		554		11,578
Capita PLC		881		6,350
Capital & Counties Properties PLC		837		3,423
Centrica PLC		6,693		17,150
Close Brothers Group PLC		170		3,725
CNH Industrial NV		1,154		12,726
Cobham PLC		2,387		4,096
Coca-Cola European Partners PLC		285		11,007
Compass Group PLC		2,073		41,856
ConvaTec Group PLC, 144A*		936		3,722

See Notes to Financial Statements.


36


Description	Shares		Value
COMMON STOCKS (Continued)

United Kingdom (cont’d.)
Croda International PLC		171	$	8,335
CYBG PLC*		970		3,541
Daily Mail & General Trust PLC(Class A Stock)		338		3,132
DCC PLC		113		10,434
Derwent London PLC, REIT		117		4,460
Diageo PLC		3,157		91,892
Dialog Semiconductor PLC*		89		4,164
Direct Line Insurance Group PLC		1,779		8,039
Dixons Carphone PLC		1,313		5,704
Drax Group PLC		477		1,995
DS Smith PLC		1,235		6,905
Dunelm Group PLC		115		904
easyJet PLC		304		4,598
Essentra PLC		306		2,145
Experian PLC		1,194		25,686
Fiat Chrysler Automobiles NV*		1,321		15,005
G4S PLC		2,009		7,933
GKN PLC		2,173		10,098
GlaxoSmithKline PLC		6,077		122,317
Great Portland Estates PLC, REIT		397		3,557
Greene King PLC		363		3,533
Halma PLC		499		6,806
Hammerson PLC, REIT		1,022		7,776
Hargreaves Lansdown PLC		257		4,588
Hays PLC		1,553		3,446
Henderson Group PLC		1,334		3,990
Hiscox Ltd.		326		4,781
Howden Joinery Group PLC		727		4,359
HSBC Holdings PLC		24,440		201,541
IG Group Holdings PLC		427		3,007
IMI PLC		321		5,316
Imperial Brands PLC		1,205		59,013
Inchcape PLC		465		5,144
Indivior PLC		853		3,702
Informa PLC		1,041		8,656
Inmarsat PLC		594		6,282
InterContinental Hotels Group PLC		246		13,039
Intermediate Capital Group PLC		321		3,249
International Consolidated Airlines Group SA		1,066		7,729
Intertek Group PLC		204		10,737
Intu Properties PLC, REIT		1,027		3,668
ITV PLC		4,668		12,695

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			37

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

United Kingdom (cont’d.)
J Sainsbury PLC		2,181	$	7,776
Jardine Lloyd Thompson Group PLC		143		2,031
JD Sports Fashion PLC		420		2,422
John Wood Group PLC		428		4,207
Johnson Matthey PLC		247		9,528
Jupiter Fund Management PLC		505		3,106
Just Eat PLC*		649		4,852
Kingfisher PLC		2,859		12,648
Land Securities Group PLC, REIT		979		14,021
Legal & General Group PLC		7,445		23,728
Liberty Global PLC(Class A Stock)*		319		11,299
Liberty Global PLC(Class C Stock)*		780		26,996
Liberty Global PLC LiLAC(Class A Stock)*		59		1,267
Liberty Global PLC LiLAC(Class C Stock)*		138		3,014
Lloyds Banking Group PLC		79,978		71,862
London Stock Exchange Group PLC		397		17,395
Man Group PLC		1,950		3,881
Manchester United PLC(Class A Stock)		38		627
Marks & Spencer Group PLC		2,074		9,844
Meggitt PLC		1,034		6,192
Merlin Entertainments PLC, 144A		800		5,236
Metro Bank PLC*		38		1,733
Micro Focus International PLC		257		8,611
Millennium & Copthorne Hotels PLC		132		770
Moneysupermarket.com Group PLC		630		2,822
National Grid PLC		4,715		61,051
NEX Group PLC		356		2,842
Next PLC		184		10,257
Ocado Group PLC*		510		1,658
Old Mutual PLC		6,053		15,203
Pearson PLC		1,049		8,653
Pennon Group PLC		549		6,091
Persimmon PLC		387		11,677
Petrofac Ltd.		299		3,151
Phoenix Group Holdings		462		4,419
Playtech PLC		263		3,266
Provident Financial PLC		187		7,762
Prudential PLC		3,187		70,732
Randgold Resources Ltd.		117		10,292
Reckitt Benckiser Group PLC		785		72,328
RELX NV		1,160		22,416
RELX PLC		1,390		28,182

See Notes to Financial Statements.


38


Description	Shares		Value
COMMON STOCKS (Continued)

United Kingdom (cont’d.)
Rentokil Initial PLC		2,355	$	7,593
Rightmove PLC		127		6,885
Rio Tinto Ltd.		543		24,582
Rio Tinto PLC		1,512		59,649
Rolls-Royce Holdings PLC*		2,066		21,717
Rolls-Royce Holdings PLC(Entitlement Shares)*		146,686		190
Rotork PLC		1,015		3,233
Royal Bank of Scotland Group PLC*		4,050		13,904
Royal Mail PLC		1,205		6,284
RPC Group PLC		471		4,948
RSA Insurance Group PLC		1,290		9,952
Saga PLC		1,307		3,548
Sage Group PLC (The)		1,356		11,770
Schroders PLC(AQXE)		133		5,492
Schroders PLC(SGMX)		57		1,712
Segro PLC, REIT		1,278		8,039
Serco Group PLC*		1,279		1,914
Severn Trent PLC		301		9,061
Shaftesbury PLC, REIT		312		3,765
Sky PLC		1,292		16,597
Smith & Nephew PLC		1,108		18,204
Smiths Group PLC		496		10,544
Spectris PLC		139		4,970
Spirax-Sarco Engineering PLC		86		5,791
Sports Direct International PLC*		308		1,223
SSE PLC		1,286		23,166
St. James’s Place PLC		663		9,854
Stagecoach Group PLC		496		1,308
Standard Chartered PLC*		3,433		32,083
Standard Life PLC		2,459		11,574
Subsea 7 SA		297		4,894
TalkTalk Telecom Group PLC		606		1,516
Tate & Lyle PLC		540		5,296
Taylor Wimpey PLC		4,090		10,594
TechnipFMC PLC*		558		16,775
Tesco PLC*		10,163		24,119
Thomas Co.ok Group PLC		1,681		2,084
Travis Perkins PLC		331		6,903
Tullow Oil PLC*		1,672		4,536
UBM PLC		459		4,222
Unilever NV, CVA		1,958		102,571
Unilever PLC		1,519		78,150

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			39

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description	Shares		Value
COMMON STOCKS (Continued)

United Kingdom (cont’d.)
United Utilities Group PLC		859	$	10,825
Vodafone Group PLC		33,101		85,256
Weir Group PLC (The)		279		7,188
WH Smith PLC		132		3,023
Whitbread PLC		230		12,017
William Hill PLC		1,038		3,944
Wm Morrison Supermarkets PLC		2,790		8,667
Worldpay Group PLC, 144A		1,612		6,260
WPP PLC		1,634		34,990

				2,942,904

United States 1.3%
Carnival PLC		228		14,052
Core Laboratories NV		56		6,206
Flex Ltd.*		687		10,621
ICON PLC*		72		6,083
IHS Markit Ltd.*		508		22,047
Jazz Pharmaceuticals PLC*		70		11,150
Mobileye NV*		219		13,561
Samsonite International SA		1,800		6,946
Seagate Technology PLC		362		15,251
Sensata Technologies Holding NV*		217		8,936
Shire PLC		1,115		65,739
STERIS PLC		110		8,118
Taro Pharmaceutical Industries Ltd.*		16		1,870
TE Connectivity Ltd.		457		35,358
Willis Towers Watson PLC		170		22,545

				248,483

TOTAL COMMON STOCKS (cost $15,448,044)				17,308,027


PREFERRED STOCKS 0.6%

Germany 0.5%
Bayerische Motoren Werke AG(PRFC)		74		6,086
FUCHS PETROLUB SE(PRFC)		82		4,230
Henkel AG & Co. KGaA(PRFC)		216		29,390
Jungheinrich AG(PRFC)		56		1,950
MAN SE(PRFC)		6		622
Porsche Automobil Holding SE(PRFC)		193		11,295
RWE AG(PRFC)		60		729

See Notes to Financial Statements.


40


Description	Shares		Value
PREFERRED STOCKS (Continued)

Germany (cont’d.)
Sartorius AG(PRFC)		36	$	3,296
Schaeffler AG(PRFC)		88		1,518
Volkswagen AG(PRFC)		228		36,194

				95,310

Japan 0.0%
Ito En Ltd.(PRFC)		100		1,883
Shinkin Central Bank(PRFC A)		1		2,076

				3,959

Spain 0.1%
Grifols SA(PRFC B)		303		6,475

Sweden 0.0%
Fastighets AB Balder(PRFC)		16		614

TOTAL PREFERRED STOCKS (cost $87,825)				106,358


EXCHANGE TRADED FUND 2.5%

United States
iShares MSCI EAFE ETF (cost $428,073)		7,200		459,360


	Units
*RIGHTS 0.0%**

Australia 0.0%
TPG Telecom Ltd., expiring 05/12/17		34		16

United Kingdom 0.0%
Cobham PLC, expiring 05/04/17		792		585

TOTAL RIGHTS (cost $0)				601

TOTAL LONG-TERM INVESTMENTS (cost $15,963,942)				17,874,346

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			41

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Description						Shares		Value

SHORT-TERM INVESTMENTS 3.0%

AFFILIATED MUTUAL FUNDS 2.7%
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)							499,851	$	499,851
Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $10,897; includes $10,890 of cash collateral for securities on loan)(b)(w)							10,895		10,897

TOTAL AFFILIATED MUTUAL FUNDS (cost $510,748)									510,748


	Interest Rate			Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATIONS(k)(n) 0.3%
U.S. Treasury Bills		0.730	%		06/15/17		20		19,984
U.S. Treasury Bills		0.755			06/15/17		30		29,976

TOTAL U.S. TREASURY OBLIGATIONS (cost $49,955)									49,960

TOTAL SHORT-TERM INVESTMENTS (cost $560,703)									560,708

TOTAL INVESTMENTS 99.2% (cost $16,524,645)									18,435,054
Other assets in excess of liabilities(z) 0.8%									148,603

NET ASSETS 100.0%								$	18,583,657

The following abbreviations are used in the semiannual report:

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

ADR—American Depositary Receipt

AQXE—Aquis Exchange

CDI—Chess Depository Interest

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia and Far East

ETF—Exchange Traded Fund

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OTC—Over-the-counter

PRFC—Preference Shares

See Notes to Financial Statements.


42

REIT—Real Estate Investment Trust

SDR—Swedish Depositary Receipt

SGMX—SIGMA X MTF

STOXX—Stock Index of the Eurozone

TRQX—Turquoise Exchange

UTS—Unit Trust Security

XBRN—BX Worldcaps Exchange

^	Indicates a Level 3 security. The aggregate value of Level 3 securities is $203 and 0.0% of net assets.

*	Non-income producing security.

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

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $10,019; cash collateral of $10,890 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

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

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

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

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

Futures contracts outstanding at April 30, 2017:


Number of Contracts		Type	Expiration Date		Value at Trade Date		Value at April 30, 2017		Unrealized Appreciation (Depreciation)
		Long Positions:
	3	Euro STOXX 50 Index		Jun. 2017	$	109,431	$	114,638	$	5,207
	6	Mini MSCI EAFE Index		Jun. 2017		529,495		547,140		17,645

									$	22,852

U.S. Treasury Obligations with a combined market value of $49,960 have been segregated with Morgan Stanley to cover requirements for open futures contracts at April 30, 2017.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			43

Schedule of Investments (unaudited) (continued)

as of April 30, 2017

The following is a summary of the inputs used as of April 30, 2017 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Australia	$	—	$	1,243,460	$	—
Austria		—		51,368		—
Belgium		—		224,129		—
Canada		280		—		—
Chile		—		4,524		—
China		—		63,857		—
Denmark		—		308,782		—
Finland		—		188,033		—
France		3,699		1,666,045		—
Germany		411		1,558,140		—
Hong Kong		54,692		535,425		—
Ireland		9,892		100,039		—
Isle of Man		—		3,268		—
Israel		16,433		80,151		—
Italy		—		393,338		203
Japan		—		3,707,667		—
Luxembourg		1,418		57,256		—
Macau		—		6,237		—
Malta		—		1,990		—
Netherlands		41,414		618,678		—
New Zealand		—		32,412		—
Norway		—		101,012		—
Portugal		—		30,737		—
Russia		12,790		974		—
Singapore		—		212,704		—
South Africa		—		18,157		—
Spain		—		593,974		—
Sweden		11,221		523,050		—
Switzerland		35,396		1,603,384		—
United Kingdom		54,210		2,888,694		—
United States		161,746		86,737		—
Preferred Stocks
Germany		—		95,310		—
Japan		—		3,959		—
Spain		—		6,475		—
Sweden		—		614		—
Exchange Traded Fund
United States		459,360		—		—

See Notes to Financial Statements.


44


	Level 1		Level 2		Level 3
Rights
Australia	$	—	$	16	$	—
United Kingdom		585		—		—
Affiliated Mutual Funds		510,748		—		—
U.S. Treasury Obligations		—		49,960		—
Other Financial Instruments*
Futures Contracts		22,852		—		—

Total	$	1,397,147	$	17,060,556	$	203

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.

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2017 were as follows:


Banks	11.3	%
Pharmaceuticals	7.1
Insurance	5.2
Oil, Gas & Consumable Fuels	3.9
Chemicals	3.6
Automobiles	2.9
Food Products	2.9
Affiliated Mutual Funds (including 0.1% of collateral for securities on loan)	2.7
Machinery	2.7
Metals & Mining	2.5
Exchange Traded Fund	2.5
Capital Markets	2.4
Diversified Telecommunication Services	2.2
Beverages	2.0
Real Estate Management & Development	2.0
Equity Real Estate Investment Trusts (REITs)	1.8
Textiles, Apparel & Luxury Goods	1.7
Industrial Conglomerates	1.7
Personal Products	1.6
Media	1.6
Food & Staples Retailing	1.6
Electric Utilities	1.6
Wireless Telecommunication Services	1.5
Electronic Equipment, Instruments & Components	1.5
Tobacco	1.4	%
Electrical Equipment	1.4
Software	1.4
Hotels, Restaurants & Leisure	1.4
Trading Companies & Distributors	1.2
Auto Components	1.2
Professional Services	1.2
Health Care Equipment & Supplies	1.1
Aerospace & Defense	1.1
Household Durables	1.1
Semiconductors & Semiconductor Equipment	1.1
Biotechnology	1.1
Multi-Utilities	1.0
Road & Rail	1.0
Specialty Retail	0.9
Construction & Engineering	0.9
Household Products	0.9
Building Products	0.8
IT Services	0.8
Construction Materials	0.7
Commercial Services & Supplies	0.6
Transportation Infrastructure	0.6
Diversified Financial Services	0.6
Health Care Providers & Services	0.6
Technology Hardware, Storage & Peripherals	0.5
Air Freight & Logistics	0.4

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			45

Schedule of Investments (unaudited) (continued)

as of April 30, 2017


Industry Classification (cont’d.)
Communications Equipment	0.4	%
Internet Software & Services	0.3
Gas Utilities	0.3
Multiline Retail	0.3
Energy Equipment & Services	0.3
U.S. Treasury Obligations	0.3
Containers & Packaging	0.3
Paper & Forest Products	0.2
Leisure Products	0.2
Marine	0.2
Airlines	0.2
Internet & Direct Marketing Retail	0.2
Life Sciences Tools & Services	0.1

Water Utilities	0.1	%
Consumer Finance	0.1
Independent Power & Renewable Electricity Producers	0.1
Distributors	0.1
Diversified Consumer Services	0.0	*
Health Care Technology	0.0	*
Rights*	0.0	*

	99.2
Other assets in excess of liabilities	0.8

	100.0	%

*	Less than +/- 0.05%

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

Fair values of derivative instruments as of April 30, 2017 as presented in the Statement of Assets and Liabilities:


	Asset Derivatives					Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Balance Sheet Location		Fair Value			Balance Sheet Location		Fair Value
Equity contracts		Due from/to broker—variation margin futures	$	22,852	*		—	$	—
Equity contracts		Unaffiliated investments		601			—		—

Total			$	23,453				$	—

*	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.

See Notes to Financial Statements.


46

The effects of derivative instruments on the Statement of Operations for the period ended April 30, 2017 are as follows:


Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(1)		Futures		Total
Equity contracts	$	1,025	$	29,824	$	30,849


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Rights(2)		Futures		Total
Equity contracts	$	601	$	22,852	$	23,453

(1)	Included in net realized gain (loss) on investment transactions in the Statement of Operations.

(2)	Included in net change in unrealized appreciation (depreciation) on investments in the Statement of Operations.

For the period ended April 30, 2017, the Fund’s average value at trade date for futures contracts-long positions was $481,526.

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

The Fund entered into financial 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 transactions, where the legal right to set-off exists, is presented in the summary below.

Offsetting of financial instruments/transactions assets and liabilities:


Description	Gross Amounts of Recognized Assets(1)		Collateral Pledged(2)			Net Amount
Securities on Loan	$	10,019	$	(10,019	)	$	—

(1)	Amount represents market value.

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

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			47

Statement of Assets & Liabilities (unaudited)

as of April 30, 2017


Assets
Investments at value, including securities on loan of $10,019:
Unaffiliated investments (cost $16,013,897)	$	17,924,306
Affiliated investments (cost $510,748)		510,748
Foreign currency, at value (cost $88,062)		89,980
Dividends receivable		59,123
Receivable from advisor		22,029
Receivable for investments sold		9,501
Tax reclaim receivable		8,426
Receivable for fund shares sold		121
Prepaid expenses		5,335

Total assets		18,629,569


Liabilities
Payable for fund shares reacquired		23,620
Payable to broker for collateral for securities on loan		10,890
Payable for investments purchased		9,177
Accrued expenses		920
Due to broker—variation margin futures		791
Deposit due to broker for futures		458
Affiliated transfer agent fee payable		56

Total liabilities		45,912


Net Assets	$	18,583,657


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,638
Paid-in capital in excess of par		16,507,703

		16,509,341
Undistributed net investment income		153,606
Accumulated net realized loss on investment and foreign currency transactions		(14,981	)
Net unrealized appreciation on investments and foreign currencies		1,935,691

Net assets, April 30, 2017	$	18,583,657


Class Q
Net asset value, offering price and redemption price per share, ($18,583,657 ÷ 1,638,115 shares of beneficial interest issued and outstanding)	$	11.34

See Notes to Financial Statements.


48

Statement of Operations (unaudited)

Period* Ended April 30, 2017


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $25,387)	$	192,100
Affiliated dividend income		2,334
Interest income		221
Income from securities lending, net (including affiliated income of $2)		10

Total income		194,665


Expenses
Management fee		18,246
Custodian and accounting fees		37,000
Audit fee		15,000
Legal fees and expenses		7,000
Trustees’ fees		5,000
Shareholders’ reports		3,000
Transfer agent’s fees and expenses (including affiliated expense of $160)		400
Miscellaneous		17,105

Total expenses		102,751
Less: Management fee waiver and/or expense reimbursement		(75,527	)

Net expenses		27,224

Net investment income (loss)		167,441


Realized And Unrealized Gain (Loss) On Investments And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions		1,357
Futures transactions		29,824
Foreign currency transactions		(46,162	)

		(14,981	)

Net change in unrealized appreciation (depreciation) on:
Investments		1,910,409
Futures		22,852
Foreign currencies		2,430

		1,935,691

Net gain (loss) on investment and foreign currency transactions		1,920,710

Net Increase (Decrease) In Net Assets Resulting From Operations	$	2,088,151

*	Commencement of operations was November 17, 2016.

See Notes to Financial Statements.


Prudential QMA International Developed Markets Index Fund			49

Statement of Changes in Net Assets (unaudited)


	November 17, 2016* through April 30, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	167,441
Net realized gain (loss) on investment and foreign currency transactions		(14,981	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		1,935,691

Net increase (decrease) in net assets resulting from operations		2,088,151


Dividends from net investment income
Class Q		(13,835	)

Fund share transactions
Net proceeds from shares sold		16,554,485
Net asset value of shares issued in reinvestment of dividends and distributions		13,835
Cost of shares reacquired		(58,979	)

Net increase (decrease) in net assets from Fund share transactions		16,509,341

Total increase (decrease)		18,583,657

Net Assets:
Beginning of period		—

End of period(a)	$	18,583,657

(a) Includes undistributed net investment income of:	$	153,606

*	Commencement of operations.

See Notes to Financial Statements.


50

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 2 (“PIP2”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”) as an open-end management investment company. PIP2 consists of eleven separate series: Prudential Commodity Strategies Fund, Prudential Core Conservative Bond Fund, Prudential Core Short-Term Bond Fund, Prudential Core Ultra Short Bond Fund, Prudential Institutional Money Market Fund, Prudential Jennison Small-Cap Core Equity Fund, Prudential QMA Emerging Markets Equity Fund, Prudential QMA International Developed Markets Index Fund, Prudential QMA Mid-Cap Core Equity Fund, Prudential QMA US Broad Market Index Fund and Prudential TIPS Fund. These financial statements relate to the Prudential QMA International Developed Markets Index Fund (the “Fund”). The financial statements of the other series are not presented herein. The Fund commenced operations on November 17, 2016.

The Fund’s investment objective is to provide investment results that approximate the performance of the Russell Developed Ex North America Large Cap Index.

1. Accounting Policies

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


Prudential QMA International Developed Markets Index Fund			51

Notes to Financial Statements (unaudited) (continued)

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 Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield


52

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 recent transaction prices for identical or comparable securities. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques.

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

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

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


Prudential QMA International Developed Markets Index Fund			53

Notes to Financial Statements (unaudited) (continued)

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

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

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political and economic instability or the level of governmental supervision and regulation of foreign securities markets.

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

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused


54

by changes in prevailing interest rates, value of equities or foreign currency exchange rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. 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. Financial futures contracts involve elements of risk in excess of the amounts reflected on the Statement of Assets and Liabilities. With exchange-traded futures contracts, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

Real Estate Investment Trusts (REITs): The Fund invests 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. These estimates are adjusted periodically when the actual source of distributions is disclosed by the REITs.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser


Prudential QMA International Developed Markets Index Fund			55

Notes to Financial Statements (unaudited) (continued)

may have negotiated and entered into on behalf of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

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

Dividends and Distributions: The Fund expects to pay dividends from net investment income and distributions from net realized capital and currency gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

Taxes: It is the Fund’s policy 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.

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


56

2. Agreements

PIP2, on behalf of the Fund, 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 entered into a subadvisory agreement with Quantitative Management Associates LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of QMA, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly, at an annual rate of .25% of the average daily net assets of the Fund. The management fee amount waived exceeded the management fee for the period ended April 30, 2017.

Effective December 1, 2016, PGIM Investments has contractually agreed through February 28, 2019 to limit the net annual operating expenses (exclusive of distribution and service (12b-1) fees, taxes (such as income and foreign withholdings taxes, stamp duty and deferred tax expenses), interest, underlying funds, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales) of the Fund to .30% of the Fund’s average daily net assets. Expenses waived/reimbursed by the Manager in accordance with this agreement may be recouped by the Manager within the same fiscal year during which such waiver/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.

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

3. Other Transactions with Affiliates

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


Prudential QMA International Developed Markets Index Fund			57

Notes to Financial Statements (unaudited) (continued)

between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Such transactions are subject to ratification by the Board.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”) and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the period ended April 30, 2017, PGIM, Inc. was compensated $2 for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2017 were as follows:


Tax Basis	$	16,524,645

Appreciation		2,038,150
Depreciation		(127,741	)

Net Unrealized Appreciation	$	1,910,409

6. Capital

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


58

PIP2 has authorized an unlimited number of shares of beneficial interest at $.001 par value per share.

As of April 30, 2017, Prudential, through its affiliates, owned 1,501,351 Class Q shares of the Fund, which represents 92% of the Fund’s outstanding shares.

Transactions in shares of beneficial interest were as follows:


Class Q	Shares			Amount
Period* ended April 30, 2017:
Shares sold		1,642,086		$	16,554,485
Shares issued in reinvestment of dividends and distributions		1,359			13,835
Shares reacquired		(5,330	)		(58,979	)

Net increase (decrease) in shares outstanding		1,638,115		$	16,509,341

*	Commencement of operations was November 17, 2016

7. Borrowings

PIP 2, on behalf of the Fund, along with other affiliated registered investment companies (the “Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 6, 2016 through October 5, 2017. The Funds pay an annualized commitment fee of .15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. The interest on borrowings under the SCA is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The Fund did not utilize the SCA during the period ended April 30, 2017.

8. Recent Accounting Pronouncements and Reporting Updates

On October 13, 2016, the SEC adopted new rules and forms and amended existing rules and forms which are intended to modernize and enhance the reporting and disclosure of information by registered investment companies and to improve the quality of information that funds provide to investors, including modifications to Regulation S-X which would require standardized, enhanced disclosure about derivatives in investment company financial statements. The new rules also enhance disclosure regarding fund liquidity and redemption practices. The compliance dates of the modifications to Regulation S-X are August 1, 2017 and other amendments and rules are generally June 1, 2018 and December 1, 2018. Management is currently evaluating the impacts to the financial statement disclosures, if any.


Prudential QMA International Developed Markets Index Fund			59

Financial Highlights (unaudited)


Class Q Shares
	November 17, 2016(a) through April 30, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		.11
Net realized and unrealized gain (loss) on investments		1.24
Total from investment operations		1.35
Less Dividends and Distributions:
Dividends from net investment income		(.01	)
Net asset value, end of period		$11.34
Total Return(c):		13.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$18,584
Average net assets (000)		$16,244
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		.37%	(e)
Expense before waivers and/or expense reimbursement		1.41%	(e)
Net investment income (loss)		2.29%	(e)
Portfolio turnover rate		1%	(f)

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


60

Approval of Advisory Agreements

Board Consideration of Management Agreement and Subadvisory Agreements:

Initial Approval of the Fund’s Advisory Agreements

As required by the Investment Company Act of 1940, as amended (the 1940 Act), the Board of Trustees (the Board) of Prudential Investment Portfolios 2 (PIP 2) considered the proposed management agreement with Prudential Investments LLC (the Manager)¹ and the proposed subadvisory agreement with Quantitative Management Associates LLC (QMA or the Subadviser) for the Prudential QMA International Developed Markets Index Fund (the Fund) prior to the Fund’s commencement of operations. The Board, including a majority of the Independent Trustees, met on September 20-22, 2016 and approved the agreements for an initial two year period, after concluding that approval of the agreements was in the best interests of the Fund.

¹	Prudential Investments LLC is now known as PGIM Investments LLC.


Prudential QMA International Developed Markets Index Fund

Approval of Advisory Agreements (continued)

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

Nature, quality and extent of services


Visit our website at pgiminvestments.com

Performance

Fee Rates

The Board considered the proposed management fees of 0.25% of the Prudential QMA International Developed Markets Index Fund’s average daily net assets to be paid by the Fund to the Manager and the proposed subadvisory fees at the annual rate of 0.10% of the Prudential QMA International Developed Markets Index Fund’s average daily net assets to be paid by the Manager to the Subadviser.

The Board considered information provided by the Manager comparing the Fund’s proposed management fee rate and total expenses to a Peer Group chosen by Broadridge of comparable funds. The Board noted that Prudential QMA International Developed Markets Index Fund’s contractual management fee was in the second quartile of the Broadridge Peer Group. The Board noted that the anticipated net total expenses for the Prudential QMA International Developed Markets Index Fund were in the third quartile of the Broadridge Peer Group.


Prudential QMA International Developed Markets Index Fund

Approval of Advisory Agreements (continued)

Profitability

Economies of Scale

Other Benefits to the Manager and the Subadviser

* * *

After consideration of these factors, the Board concluded that the approval of the agreements was in the interests of the Fund.


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^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

DIRECTORS

OFFICERS


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

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

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

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

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

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

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential QMA International Developed Markets Index Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

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

PRUDENTIAL QMA INTERNATIONAL DEVELOPED MARKETS INDEX FUND


SHARE CLASS		Q
NASDAQ		PQDMX
CUSIP		74440E607


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

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

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

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

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

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

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

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



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

Item 11	–	Controls and Procedures



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

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



Item 12	–	Exhibits



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

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

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

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

SIGNATURES

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


Registrant		Prudential Investment Portfolios 2

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

Date:		June 19, 2017

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:		June 19, 2017

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

Date:		June 19, 2017

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