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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number:	811-09999
Exact name of registrant as specified in charter:	Prudential Investment Portfolios 2

(This Form N-CSR relates solely to the Registrant’s PGIM Quant Solutions Emerging Markets Equity Fund and PGIM Quant Solutions International Developed Markets Index Fund (each a “Fund” and collectively the “Funds”))

Address of principal executive offices:	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2022
Date of reporting period:	4/30/2022

Item 1 – Reports to Stockholders

PGIM QUANT SOLUTIONS EMERGING MARKETS

EQUITY FUND

Formerly known as PGIM QMA Emerging Markets Equity Fund

SEMIANNUAL REPORT

APRIL 30, 2022

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

Table of Contents

Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	6
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. © 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

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Letter from the President

Dear Shareholder: We hope you find the semiannual report for the PGIM Quant Solutions Emerging Markets Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022. Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Your financial advisor can help you create a diversified investment plan that may include funds covering all the basic asset classes and that reflects your personal investor profile and risk tolerance. However, diversification and asset allocation strategies do not assure a profit or protect against loss in declining markets. At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is a top-10 investment manager globally with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles. Thank you for choosing our family of funds. Sincerely, Stuart S. Parker, President PGIM Quant Solutions Emerging Markets Equity Fund June 15, 2022

PGIM Quant Solutions Emerging Markets Equity Fund 3

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 4/30/22	Average Annual Total Returns as of 4/30/22
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Fund	-7.86	-15.62	3.43	5.72 (11/29/2016)
MSCI Emerging Markets Index
	-14.15	-18.33	4.32	6.55

*Not annualized

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

Benchmark Definition

MSCI Emerging Markets Index—The MSCI Emerging Markets Index is an unmanaged, free float-adjusted, market capitalization-weighted index that is designed to measure equity market performance of emerging markets. It consists of the following 24 emerging market country indexes: Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey, and the United Arab Emirates.

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

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Presentation of Fund Holdings as of 4/30/22

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	6.8%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	4.2%
Tencent Holdings Ltd.	Interactive Media & Services	China	3.1%
Alibaba Group Holding Ltd.	Internet & Direct Marketing Retail	China	2.3%
Vale SA	Metals & Mining	Brazil	1.6%
China Construction Bank Corp. (Class H Stock)	Banks	China	1.4%
Industrial & Commercial Bank of China Ltd. (Class H Stock)	Banks	China	1.3%
SK Hynix, Inc.	Semiconductors & Semiconductor Equipment	South Korea	1.2%
Tata Consultancy Services Ltd.	IT Services	India	1.2%
Bank of China Ltd. (Class H Stock)	Banks	China	1.2%

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

PGIM Quant Solutions Emerging Markets Equity Fund 5

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, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

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

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

PGIM Quant Solutions Emerging Markets Equity Fund		Beginning Account Value November 1, 2021	Ending Account Value April 30, 2022	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*
Class R6	Actual	$   1,000.00	$   921.40	1.20%	$5.72
	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, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

PGIM Quant Solutions Emerging Markets Equity Fund 7

This Page Intentionally Left Blank

Schedule of Investments  (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    96.2%
COMMON STOCKS    91.9%
Brazil    3.2%		��
Ambev SA		25,200	$	74,469
Banco Bradesco SA		8,801		26,418
Banco do Brasil SA		39,200		263,239
Banco Santander Brasil SA, UTS		5,100		32,824
BB Seguridade Participacoes SA		3,600		18,386
Centrais Eletricas Brasileiras SA		1,800		14,811
Cia Siderurgica Nacional SA		3,500		14,895
Petroleo Brasileiro SA		19,500		132,723
Vale SA		35,232		598,893
				1,176,658
Chile    1.4%
Banco de Chile		235,530		23,518
Banco Santander Chile		343,791		16,541
Cencosud SA		151,380		242,312
Falabella SA		87,987		247,114
				529,485
China    28.8%
37 Interactive Entertainment Network Technology Group Co. Ltd. (Class A Stock)		18,400		65,751
Agricultural Bank of China Ltd. (Class H Stock)		139,000		52,243
Alibaba Group Holding Ltd.*		68,900		849,516
Aluminum Corp. of China Ltd. (Class H Stock)*		24,000		11,153
Baidu, Inc., ADR*		1,500		186,255
Bank of Beijing Co. Ltd. (Class A Stock)		11,300		7,747
Bank of Chengdu Co. Ltd. (Class A Stock)		25,800		64,696
Bank of China Ltd. (Class H Stock)		1,114,000		437,758
Bank of Jiangsu Co. Ltd. (Class A Stock)		59,100		64,718
Bank of Nanjing Co. Ltd. (Class A Stock)		14,400		24,976
Baoshan Iron & Steel Co. Ltd. (Class A Stock)		54,000		52,106
Beijing Enterprises Holdings Ltd.		2,500		8,455
Beijing United Information Technology Co. Ltd. (Class A Stock)		3,600		51,856
BYD Co. Ltd. (Class H Stock)		13,000		379,627
China CITIC Bank Corp. Ltd. (Class H Stock)		318,000		161,592
China Construction Bank Corp. (Class H Stock)		714,000		504,335
China Feihe Ltd., 144A		20,000		19,016
China Galaxy Securities Co. Ltd. (Class H Stock)		18,000		9,798
China Hongqiao Group Ltd.		12,000		15,016
China International Capital Corp. Ltd. (Class H Stock), 144A		7,200		14,462
China Life Insurance Co. Ltd. (Class H Stock)		39,000		56,602

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 9

Schedule of Investments  (unaudited)(continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
China Medical System Holdings Ltd.		137,000	$	197,186
China Meidong Auto Holdings Ltd.		2,000		6,551
China Merchants Bank Co. Ltd. (Class H Stock)		25,000		151,092
China Merchants Port Holdings Co. Ltd.		8,000		13,943
China Molybdenum Co. Ltd. (Class H Stock)		21,000		10,357
China Overseas Land & Investment Ltd.		22,000		67,919
China Overseas Property Holdings Ltd.		140,000		165,332
China Pacific Insurance Group Co. Ltd. (Class H Stock)		13,800		30,310
China Petroleum & Chemical Corp. (Class H Stock)		126,000		61,793
China Railway Group Ltd. (Class H Stock)		18,000		12,573
China Resources Land Ltd.		18,000		80,329
China Resources Mixc Lifestyle Services Ltd., 144A		1,800		8,679
China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (Class A Stock)		8,800		48,411
China Shenhua Energy Co. Ltd. (Class H Stock)		109,500		350,013
China Traditional Chinese Medicine Holdings Co. Ltd.		14,000		6,838
Chongqing Rural Commercial Bank Co. Ltd. (Class A Stock)		96,000		55,672
Chongqing Zhifei Biological Products Co. Ltd. (Class A Stock)		3,900		55,164
CIFI Holdings Group Co. Ltd.		22,000		10,643
CITIC Ltd.		31,000		31,998
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		800		48,361
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)*		166,350		259,152
COSCO SHIPPING Ports Ltd.		10,000		7,127
CSPC Pharmaceutical Group Ltd.		45,200		46,392
Daqin Railway Co. Ltd. (Class A Stock)		52,800		52,782
FAW Jiefang Group Co. Ltd. (Class A Stock)		5,800		7,056
G-bits Network Technology Xiamen Co. Ltd. (Class A Stock)		1,100		55,336
Guanghui Energy Co. Ltd. (Class A Stock)*		45,500		60,172
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. (Class A Stock)		12,800		55,700
Guotai Junan Securities Co. Ltd. (Class A Stock)		23,600		51,411
Hengan International Group Co. Ltd.		4,000		18,923
Huafon Chemical Co. Ltd. (Class A Stock)		39,500		45,956
Huaxia Bank Co. Ltd. (Class A Stock)		72,000		58,845
Huayu Automotive Systems Co. Ltd. (Class A Stock)		13,400		39,217
Hunan Valin Steel Co. Ltd. (Class A Stock)		12,900		11,220
Industrial & Commercial Bank of China Ltd. (Class H Stock)		787,000		478,984
Industrial Bank Co. Ltd. (Class A Stock)		23,200		71,173
Industrial Securities Co. Ltd. (Class A Stock)		22,800		22,144
Intco Medical Technology Co. Ltd. (Class A Stock)*		7,050		30,359
JD.com, Inc., ADR*		3,500		215,810
JD.com, Inc. (Class A Stock)*		1,195		38,688
Jiangxi Copper Co. Ltd. (Class H Stock)		6,000		9,391
JOYY, Inc., ADR		400		15,828

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Kingsoft Corp. Ltd.		4,200	$	12,638
Kunlun Energy Co. Ltd.		20,000		16,690
Kweichow Moutai Co. Ltd. (Class A Stock)		100		27,281
Lenovo Group Ltd.		38,000		36,686
Li Ning Co. Ltd.		31,500		246,675
Longfor Group Holdings Ltd., 144A		59,500		293,421
Meituan (Class B Stock), 144A*		7,400		157,337
Metallurgical Corp. of China Ltd. (Class A Stock)		104,900		54,659
NetEase, Inc., ADR		2,300		219,259
New China Life Insurance Co. Ltd. (Class H Stock)		86,100		217,903
New Oriental Education & Technology Group, Inc., ADR*		9,520		119,476
Oppein Home Group, Inc. (Class A Stock)		3,258		56,754
People’s Insurance Co. Group of China Ltd. (The) (Class H Stock)		160,000		51,034
PetroChina Co. Ltd. (Class H Stock)		408,000		194,734
PICC Property & Casualty Co. Ltd. (Class H Stock)		130,000		132,608
Pinduoduo, Inc., ADR*		2,300		99,107
Ping An Insurance Group Co. of China Ltd. (Class H Stock)		6,500		41,218
RiseSun Real Estate Development Co. Ltd. (Class A Stock)		86,900		48,652
SDIC Capital Co. Ltd. (Class A Stock)		7,200		6,904
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		28,600		73,930
Shanghai International Port Group Co. Ltd. (Class A Stock)		72,261		63,906
Shanxi Taigang Stainless Steel Co. Ltd. (Class A Stock)		55,100		48,867
Shimao Group Holdings Ltd.^		397,000		217,844
Sinotruk Hong Kong Ltd.		5,000		6,046
Sunac China Holdings Ltd.^		16,000		9,035
Suzhou Maxwell Technologies Co. Ltd. (Class A Stock)		960		47,901
TAL Education Group, ADR*		80,600		273,234
TBEA Co. Ltd. (Class A Stock)		12,400		35,749
Tencent Holdings Ltd.		24,600		1,156,870
Want Want China Holdings Ltd.		25,000		22,538
Weibo Corp., ADR*		8,400		194,376
Wuxi Shangji Automation Co. Ltd. (Class A Stock)		2,400		43,503
Xiamen C & D, Inc. (Class A Stock)		27,400		59,323
Yankuang Energy Group Co. Ltd. (Class H Stock)		18,000		50,991
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Class A Stock)		200		9,137
Zhongsheng Group Holdings Ltd.		36,500		240,826
				10,689,620
Colombia    0.1%
Bancolombia SA		1,330		13,045

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 11

Schedule of Investments  (unaudited)(continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Colombia (cont’d.)
Ecopetrol SA		25,146	$	20,368
Interconexion Electrica SA ESP		2,256		12,403
				45,816
Czech Republic    0.0%
Komercni Banka A/S		396		13,036
Greece    1.3%
Eurobank Ergasias Services and Holdings SA*		14,166		14,513
Hellenic Telecommunications Organization SA		12,940		249,038
JUMBO SA		10,535		171,252
OPAP SA		2,867		42,365
				477,168
Hong Kong    0.1%
Sino Biopharmaceutical Ltd.		53,000		27,809
Hungary    0.1%
MOL Hungarian Oil & Gas PLC		1,862		15,772
Richter Gedeon Nyrt		840		16,734
				32,506
India    12.7%
Asian Paints Ltd.		2,090		88,082
Aurobindo Pharma Ltd.		1,574		12,851
Avenue Supermarts Ltd., 144A*		520		26,584
Bajaj Finance Ltd.		416		35,847
Bharat Electronics Ltd.		6,052		18,722
Cipla Ltd.		23,027		294,452
Colgate-Palmolive India Ltd.		658		14,206
Dabur India Ltd.		3,224		23,329
Divi’s Laboratories Ltd.		692		40,613
DLF Ltd.		3,256		15,698
Dr. Reddy’s Laboratories Ltd.		600		32,295
GAIL India Ltd.		9,078		18,763
HCL Technologies Ltd.		5,720		79,754
Hindalco Industries Ltd.		44,580		277,847
Hindustan Petroleum Corp. Ltd.		3,824		13,416
Housing Development Finance Corp. Ltd.		925		26,727
ICICI Bank Ltd.		5,025		48,259
Indian Oil Corp. Ltd.		10,829		17,695
Info Edge India Ltd.		654		39,336

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
India (cont’d.)
Infosys Ltd., ADR		17,700	$	351,699
ITC Ltd.		96,831		326,889
JSW Steel Ltd.		4,900		46,061
Larsen & Toubro Infotech Ltd., 144A		326		20,410
Larsen & Toubro Ltd.		1,088		23,923
Maruti Suzuki India Ltd.		266		26,609
Mindtree Ltd.		336		15,430
Mphasis Ltd.		486		17,849
NTPC Ltd.		157,822		319,478
Oil & Natural Gas Corp. Ltd.		13,394		27,838
Page Industries Ltd.		464		275,227
Power Grid Corp. of India Ltd.		63,844		189,487
Reliance Industries Ltd.		6,870		248,342
SRF Ltd.		814		26,511
State Bank of India		19,462		124,814
Sun Pharmaceutical Industries Ltd.		27,369		330,133
Tata Consultancy Services Ltd.		9,518		438,855
Tata Steel Ltd.		18,775		308,765
Tech Mahindra Ltd.		5,064		82,574
Titan Co. Ltd.		9,240		294,418
Torrent Pharmaceuticals Ltd.		266		9,740
United Spirits Ltd.*		1,518		17,008
UPL Ltd.		2,607		27,938
Wipro Ltd.		7,475		49,249
				4,723,723
Indonesia    3.3%
Adaro Energy Indonesia Tbk PT		72,000		16,584
Astra International Tbk PT		686,200		358,292
Bank Central Asia Tbk PT		212,700		118,205
Bank Mandiri Persero Tbk PT		94,500		58,288
Gudang Garam Tbk PT		20,100		42,522
Indofood Sukses Makmur Tbk PT		610,000		265,200
Kalbe Farma Tbk PT		122,200		13,817
Telkom Indonesia Persero Tbk PT		1,085,000		345,174
Unilever Indonesia Tbk PT		40,500		10,834
				1,228,916
Malaysia    0.3%
Axiata Group Bhd		14,400		11,587
Hartalega Holdings Bhd		9,900		10,000
Hong Leong Bank Bhd		3,400		16,329
IOI Corp. Bhd		12,800		13,725

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Malaysia (cont’d.)
Kuala Lumpur Kepong Bhd		2,200	$	14,875
Petronas Chemicals Group Bhd		12,400		29,075
PPB Group Bhd		3,300		13,007
Sime Darby Plantation Bhd		9,900		11,888
				120,486
Mexico    0.6%
Arca Continental SAB de CV		2,600		16,521
Fibra Uno Administracion SA de CV, REIT		16,800		18,359
Gruma SAB de CV (Class B Stock)		1,080		12,863
Grupo Aeroportuario del Sureste SAB de CV (Class B Stock)		1,120		24,424
Grupo Financiero Banorte SAB de CV (Class O Stock)		5,900		38,887
Grupo Financiero Inbursa SAB de CV (Class O Stock)*		11,600		19,708
Orbia Advance Corp. SAB de CV		5,400		12,982
Wal-Mart de Mexico SAB de CV		27,000		95,700
				239,444
Peru    0.4%
Southern Copper Corp.		2,300		143,221
Philippines    0.9%
BDO Unibank, Inc.		10,240		25,321
International Container Terminal Services, Inc.		67,880		279,364
Jollibee Foods Corp.		2,520		10,346
PLDT, Inc.		420		14,796
				329,827
Poland    0.5%
Powszechny Zaklad Ubezpieczen SA		25,030		172,949
Qatar    0.8%
Industries Qatar QSC		55,624		287,402
Russia    0.0%
Inter RAO UES PJSC^		202,400		—
LUKOIL PJSC^		2,762		—
Magnit PJSC, GDR^		8,583		1
PhosAgro PJSC, GDR (XSTU)^		4		—
PhosAgro PJSC, GDR (XLON)^		698		—
Rosneft Oil Co. PJSC^		5,856		—

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Russia (cont’d.)
Sberbank of Russia PJSC, ADR^		13,841	$	2
Surgutneftegas PJSC^		38,400		—
				3
Saudi Arabia    2.7%
Al Rajhi Bank		880		41,387
Bank Al-Jazira		2,180		18,336
Etihad Etisalat Co.		10,343		118,968
Riyad Bank		13,500		146,417
SABIC Agri-Nutrients Co.		1,071		46,512
Sahara International Petrochemical Co.		1,794		27,284
Saudi Arabian Mining Co.*		2,205		80,689
Saudi Arabian Oil Co., 144A		6,784		81,152
Saudi Basic Industries Corp.		11,497		401,149
Saudi Electricity Co.		3,780		27,209
Saudi Kayan Petrochemical Co.*		3,703		18,599
				1,007,702
South Africa    3.3%
Absa Group Ltd.		15,570		168,101
African Rainbow Minerals Ltd.		680		11,296
Anglo American Platinum Ltd.		276		30,728
Bidvest Group Ltd. (The)		1,500		20,554
FirstRand Ltd.		83,251		358,590
Impala Platinum Holdings Ltd.		14,779		192,328
Kumba Iron Ore Ltd.		5,401		179,733
Mr. Price Group Ltd.		1,400		19,075
MultiChoice Group		1,918		15,614
Nedbank Group Ltd.		2,448		34,146
Northam Platinum Holdings Ltd.*		1,791		21,371
Old Mutual Ltd.		27,166		21,714
Pepkor Holdings Ltd., 144A		6,747		9,156
Shoprite Holdings Ltd.		2,569		37,120
Sibanye Stillwater Ltd.		16,296		57,002
SPAR Group Ltd. (The)		1,008		10,568
Woolworths Holdings Ltd.		5,373		20,139
				1,207,235
South Korea    12.9%
BNK Financial Group, Inc.		35,730		221,836
Cheil Worldwide, Inc.		13,221		262,959
CJ CheilJedang Corp.		44		13,684

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Coway Co. Ltd.		254	$	14,245
DB Insurance Co. Ltd.		758		40,396
E-MART, Inc.		101		10,439
F&F Co. Ltd.		230		25,349
Hana Financial Group, Inc.		8,763		326,383
Hankook Tire & Technology Co. Ltd.		393		10,777
Hyundai Glovis Co. Ltd.		97		15,960
Hyundai Steel Co.		437		14,818
Industrial Bank of Korea		1,330		11,801
KB Financial Group, Inc.		3,606		165,823
Kia Corp.		5,624		367,395
Korea Investment Holdings Co. Ltd.		3,609		200,365
KT&G Corp.		607		39,755
Kumho Petrochemical Co. Ltd.		786		95,528
LG Corp.		465		26,947
LG Display Co. Ltd.		1,189		15,508
LG Energy Solution*		112		36,387
LG Innotek Co. Ltd.		974		265,197
LG Uplus Corp.		1,254		13,837
Mirae Asset Securities Co. Ltd.		5,350		33,854
NH Investment & Securities Co. Ltd.		824		7,049
Pan Ocean Co. Ltd.		1,298		6,776
POSCO Holdings, Inc.		404		91,744
Samsung C&T Corp.		252		22,807
Samsung Electro-Mechanics Co. Ltd.		305		39,389
Samsung Electronics Co. Ltd.		29,259		1,551,823
Samsung Engineering Co. Ltd.*		1,516		30,724
Samsung Fire & Marine Insurance Co. Ltd.		124		20,531
Samsung Securities Co. Ltd.		4,415		138,084
Seegene, Inc.		285		9,125
SK Hynix, Inc.		5,329		463,603
SK Square Co. Ltd.*		528		21,569
SK, Inc.		219		45,776
Woori Financial Group, Inc.		10,332		119,815
				4,798,058
Taiwan    12.8%
Acer, Inc.		16,000		14,799
Advantech Co. Ltd.		3,000		36,973
ASE Technology Holding Co. Ltd.		18,000		56,944
Asustek Computer, Inc.		25,000		299,972
Cathay Financial Holding Co. Ltd.		41,000		85,815
China Development Financial Holding Corp.		71,000		42,583
Chunghwa Telecom Co. Ltd.		35,000		155,050

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Taiwan (cont’d.)
Compal Electronics, Inc.		11,000	$	8,236
E Ink Holdings, Inc.		5,000		28,622
Evergreen Marine Corp. Taiwan Ltd.		60,000		287,605
Far EasTone Telecommunications Co. Ltd.		8,000		22,373
Fubon Financial Holding Co. Ltd.		41,060		102,789
Lite-On Technology Corp.		11,000		23,994
MediaTek, Inc.		10,000		276,551
Micro-Star International Co. Ltd.		4,000		16,078
Nan Ya Plastics Corp.		27,000		78,699
Nan Ya Printed Circuit Board Corp.		2,000		26,776
Nanya Technology Corp.		7,000		15,314
Novatek Microelectronics Corp.		3,000		39,506
Pegatron Corp.		12,000		28,397
Quanta Computer, Inc.		14,000		39,444
Realtek Semiconductor Corp.		3,000		40,627
Synnex Technology International Corp.		8,000		20,749
Taiwan Cooperative Financial Holding Co. Ltd.		48,000		46,025
Taiwan Mobile Co. Ltd.		10,000		36,676
Taiwan Semiconductor Manufacturing Co. Ltd.		140,000		2,522,265
Unimicron Technology Corp.		7,000		49,042
United Microelectronics Corp.		89,000		140,819
Vanguard International Semiconductor Corp.		18,000		62,948
Wan Hai Lines Ltd.		4,400		21,303
Winbond Electronics Corp.		47,000		42,344
WPG Holdings Ltd.		8,000		14,653
Yang Ming Marine Transport Corp.*		8,000		33,416
Zhen Ding Technology Holding Ltd.		4,000		14,143
				4,731,530
Thailand    2.4%
Advanced Info Service PCL		37,300		232,910
Central Retail Corp. PCL		9,600		10,924
Charoen Pokphand Foods PCL		20,000		14,014
Home Product Center PCL		30,000		13,040
Land & Houses PCL		219,300		60,802
Minor International PCL*		16,800		16,970
PTT Global Chemical PCL		95,600		138,184
PTT Oil & Retail Business PCL		16,000		11,632
Sri Trang Gloves Thailand PCL(a)		215,600		152,625
Thai Union Group PCL		476,000		234,402
				885,503

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Turkey    1.5%
Akbank TAS		423,423	$	252,835
BIM Birlesik Magazalar A/S		2,542		14,262
Ford Otomotiv Sanayi A/S		447		8,977
KOC Holding A/S		4,214		11,324
Turkcell Iletisim Hizmetleri A/S		6,468		9,415
Turkiye Is Bankasi A/S (Class C Stock)		384,466		270,721
				567,534
United Arab Emirates    1.3%
Abu Dhabi Commercial Bank PJSC		13,920		38,519
Abu Dhabi Islamic Bank PJSC		92,800		221,151
Aldar Properties PJSC		20,874		31,993
Dubai Islamic Bank PJSC		15,538		27,200
Emaar Properties PJSC		18,075		31,131
First Abu Dhabi Bank PJSC		22,738		138,985
				488,979
United States    0.5%
JBS SA		16,000		122,655
Parade Technologies Ltd.		1,000		47,579
				170,234
TOTAL COMMON STOCKS (cost $31,220,630)				34,094,844
PREFERRED STOCKS    4.3%
Brazil    3.6%
Braskem SA (PRFC A)		26,800		218,565
Cia Energetica de Minas Gerais (PRFC)		65,845		200,440
Cia Paranaense de Energia (PRFC B)		95,600		143,672
Gerdau SA (PRFC)		7,100		40,541
Itau Unibanco Holding SA (PRFC)		25,200		122,026
Itausa SA (PRFC)		112,800		210,590
Petroleo Brasileiro SA (PRFC)		65,800		405,797
				1,341,631
Colombia    0.1%
Bancolombia SA (PRFC)		2,415		23,430

See Notes to Financial Statements.

18

Description						Shares		Value
PREFERRED STOCKS (Continued)
Russia    0.0%
Surgutneftegas PJSC (PRFC)^							38,200	$	—
South Korea    0.6%
Hyundai Motor Co. (2nd PRFC)							200		14,743
Hyundai Motor Co. (PRFC)							128		9,394
LG Chem Ltd. (PRFC)							42		8,277
Samsung Electronics Co. Ltd. (PRFC)							4,350		201,909
									234,323
TOTAL PREFERRED STOCKS   (cost $1,448,742)									1,599,384
TOTAL LONG-TERM INVESTMENTS   (cost $32,669,372)									35,694,228
SHORT-TERM INVESTMENTS     3.8%
AFFILIATED MUTUAL FUND     0.6%
PGIM Institutional Money Market Fund (cost $203,273; includes $203,205 of cash collateral for securities on loan)(b)(wa)							203,456		203,294
	Interest Rate			Maturity Date		Principal  Amount  (000)#
U.S. TREASURY OBLIGATION(k)(n)     0.3%
U.S. Treasury Bills (cost $119,930)		0.461	%		06/16/22		120		119,933
						Shares
UNAFFILIATED FUND     2.9%
Dreyfus Government Cash Management (Institutional Shares) (cost $1,083,723)							1,083,723		1,083,723
TOTAL SHORT-TERM INVESTMENTS (cost $1,406,926)									1,406,950
TOTAL INVESTMENTS     100.0% (cost $34,076,298)									37,101,178
Other assets in excess of liabilities(z)     0.0%									16,060
NET ASSETS     100.0%								$	37,117,238

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Below is a list of the abbreviation(s) used in the semiannual report:

USD—US Dollar

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

UTS—Unit Trust Security

XLON—London Stock Exchange

XSTU—Stuttgart Stock Exchange

* Non-income producing security.

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

^ Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $226,882 and 0.6% 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 $185,796; cash collateral of $203,205 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

Futures contracts outstanding at April 30, 2022:

Number     of Contracts	Type	Expiration      Date	Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Position:
24	Mini MSCI Emerging Markets Index	Jun. 2022		$	1,268,880		$	(38,501	)

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Morgan Stanley & Co. LLC		$—		$119,933

See Notes to Financial Statements.

20

Fair Value Measurements:

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

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

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

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

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	1,176,658	$	—	$	—
Chile		529,485		—		—
China		1,323,345		9,139,396		226,879
Colombia		45,816		—		—
Czech Republic		—		13,036		—
Greece		—		477,168		—
Hong Kong		—		27,809		—
Hungary		—		32,506		—
India		351,699		4,372,024		—
Indonesia		—		1,228,916		—
Malaysia		—		120,486		—
Mexico		239,444		—		—
Peru		143,221		—		—
Philippines		—		329,827		—
Poland		—		172,949		—
Qatar		—		287,402		—
Russia		—		—		3
Saudi Arabia		—		1,007,702		—
South Africa		—		1,207,235		—
South Korea		—		4,798,058		—
Taiwan		—		4,731,530		—
Thailand		—		885,503		—
Turkey		—		567,534		—
United Arab Emirates		—		488,979		—
United States		122,655		47,579		—
Preferred Stocks
Brazil		1,341,631		—		—
Colombia		23,430		—		—
Russia		—		—		—
South Korea		—		234,323		—
Short-Term Investments
Affiliated Mutual Fund		203,294		—		—

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 21

Schedule of Investments  (unaudited)(continued)

as of April 30, 2022

	Level 1				Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Short-Term Investments (continued)
U.S. Treasury Obligation		$	—			$	119,933		$	—
Unaffiliated Fund			1,083,723				—			—
Total		$	6,584,401			$	30,289,895		$	226,882
Other Financial Instruments*
Liabilities
Futures Contracts		$	(38,501	)		$	—		$	—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2022 were as follows:

Banks	15.1	%
Semiconductors & Semiconductor Equipment	10.0
Metals & Mining	6.1
Technology Hardware, Storage & Peripherals	6.0
Oil, Gas & Consumable Fuels	4.8
Interactive Media & Services	4.3
Internet & Direct Marketing Retail	3.7
Chemicals	3.4
Automobiles	3.2
Pharmaceuticals	3.0
Unaffiliated Fund	2.9
IT Services	2.8
Real Estate Management & Development	2.8
Insurance	2.8
Textiles, Apparel & Luxury Goods	2.3
Diversified Telecommunication Services	2.1
Food Products	2.0
Marine	1.6
Electric Utilities	1.6
Capital Markets	1.3
Electronic Equipment, Instruments & Components	1.3
Specialty Retail	1.3
Industrial Conglomerates	1.2
Wireless Telecommunication Services	1.2
Food & Staples Retailing	1.2

Tobacco	1.1	%
Diversified Consumer Services	1.1
Transportation Infrastructure	1.0
Diversified Financial Services	1.0
Entertainment	1.0
Independent Power & Renewable Electricity Producers	0.9
Media	0.8
Multiline Retail	0.7
Affiliated Mutual Fund (0.5% represents investments purchased with collateral from securities on loan)	0.6
Health Care Equipment & Supplies	0.5
Electrical Equipment	0.5
Beverages	0.4
Construction & Engineering	0.3
U.S. Treasury Obligation	0.3
Trading Companies & Distributors	0.3
Household Durables	0.2
Hotels, Restaurants & Leisure	0.2
Biotechnology	0.2
Personal Products	0.2
Road & Rail	0.1
Auto Components	0.1
Machinery	0.1
Gas Utilities	0.1

See Notes to Financial Statements.

22

Industry Classification (continued):

Life Sciences Tools & Services	0.1	%
Consumer Finance	0.1
Thrifts & Mortgage Finance	0.1
Aerospace & Defense	0.0	*
Equity Real Estate Investment Trusts (REITs)	0.0	*
Air Freight & Logistics	0.0	*
Household Products	0.0	*
	100.0
Other assets in excess of liabilities	0.0	*
	100.0	%

* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of April 30, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives			Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value		Statement of Assets and Liabilities Location	Fair Value
Equity contracts	—		$—	Due from/to broker-variation margin futures		38,501	*

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts		$(215,395)

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts		$	2,351

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$1,273,547

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

(1) Notional Amount in USD.

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

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net Amount
Securities on Loan	$185,796	$(185,796)	$—

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

See Notes to Financial Statements.

24

Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

Assets
Investments at value, including securities on loan of $185,796:
Unaffiliated investments (cost $33,873,025)	$	36,897,884
Affiliated investments (cost $203,273)		203,294
Foreign currency, at value (cost $39,527)		39,074
Receivable for Fund shares sold		198,878
Dividends receivable		130,671
Due from broker—variation margin futures		5,160
Tax reclaim receivable		336
Prepaid expenses and other assets		13,982
Total Assets		37,489,279
Liabilities
Payable to broker for collateral for securities on loan		203,205
Foreign capital gains tax liability accrued		61,564
Custodian and accounting fees payable		34,852
Payable for Fund shares purchased		33,839
Accrued expenses and other liabilities		23,111
Management fee payable		14,776
Trustees’ fees payable		609
Affiliated transfer agent fee payable		85
Total Liabilities		372,041
Net Assets	$	37,117,238
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,247
Paid-in capital in excess of par		34,435,076
Total distributable earnings (loss)		2,678,915
Net assets, April 30, 2022	$	37,117,238
Class R6
Net asset value, offering price and redemption price per share,
($37,117,238 ÷ 3,247,283 shares of beneficial interest issued and outstanding)	$	11.43

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 25

Statement of Operations (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $78,113 foreign withholding tax)	$	636,271
Income from securities lending, net (including affiliated income of $369)		34,142
Affiliated dividend income		251
Total income		670,664
Expenses
Management fee		150,946
Custodian and accounting fees		63,046
Audit fee		16,017
Fund data services		13,504
Legal fees and expenses		9,750
Pricing fees		5,300
Trustees’ fees		4,795
Shareholders’ reports		4,248
Transfer agent’s fees and expenses (including affiliated expense of $201)		212
Registration fees		124
Miscellaneous		13,286
Total expenses		281,228
Less: Fee waiver and/or expense reimbursement		(39,304	)
Net expenses		241,924
Net investment income (loss)		428,740
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(124)) (net of foreign capital gains taxes $(15,621))		(198,039	)
Futures transactions		(215,395	)
Foreign currency transactions		(14,115	)
		(427,549	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $21) (net of change in foreign capital gains taxes $35,715)		(3,141,046	)
Futures		2,351
Foreign currencies		(2,010	)
		(3,140,705	)
Net gain (loss) on investment and foreign currency transactions		(3,568,254	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(3,139,514	)

See Notes to Financial Statements.

26

Statements of Changes in Net Assets (unaudited)

	Six Months Ended April 30, 2022			Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	428,740		$	966,487
Net realized gain (loss) on investment and foreign currency transactions		(427,549	)		4,026,832
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		(3,140,705	)		(509,016	)
Net increase (decrease) in net assets resulting from operations		(3,139,514	)		4,484,303
Dividends and Distributions
Distributions from distributable earnings
Class R6		(1,396,789	)		(567,424	)
Fund share transactions
Net proceeds from shares sold		2,717,188			11,048,336
Net asset value of shares issued in reinvestment of dividends and distributions		1,396,789			567,424
Cost of shares purchased		(4,353,104	)		(9,693,559	)
Net increase (decrease) in net assets from Fund share transactions		(239,127	)		1,922,201
Total increase (decrease)		(4,775,430	)		5,839,080
Net Assets:
Beginning of period		41,892,668			36,053,588
End of period	$	37,117,238		$	41,892,668

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund 27

Financial Highlights (unaudited)

Class R6 Shares
	Six Months Ended April 30, 2022			Year Ended October 31,												November 29, 2016(a) through October 31, 2017
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$12.83			$11.61			$11.14			$10.84			$13.21			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.29			0.18			0.19			0.20			0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(1.11	)		1.11			0.53			0.43			(1.71	)		3.09
Total from investment operations		(0.98	)		1.40			0.71			0.62			(1.51	)		3.25
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.18	)		(0.24	)		(0.21	)		(0.17	)		(0.04	)
Distributions from net realized gains		(0.08	)		-			-			(0.11	)		(0.69	)		-
Total dividends and distributions		(0.42	)		(0.18	)		(0.24	)		(0.32	)		(0.86	)		(0.04	)
Net asset value, end of period		$11.43			$12.83			$11.61			$11.14			$10.84			$13.21
Total Return(c):		(7.86	)%		12.08	%		6.42	%		5.82	%		(12.31	)%		32.58	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$37,117			$41,893			$36,054			$29,804			$27,145			$28,470
Average net assets (000)		$40,586			$45,007			$32,007			$28,694			$29,759			$24,017
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.20	%(e)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%(e)
Expenses before waivers and/or expense reimbursement		1.40	%(e)		1.42	%		1.53	%		1.70	%		1.54	%		1.74	%(e)
Net investment income (loss)		2.13	%(e)		2.15	%		1.66	%		1.71	%		1.56	%		1.49	%(e)
Portfolio turnover rate(f)		45	%		108	%		106	%		117	%		118	%		102	%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

28

Notes to Financial Statements (unaudited)

1.    Organization

Prudential Investment Portfolios 2 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Quant Solutions Emerging Markets Equity Fund (formerly known as PGIM QMA Emerging Markets Equity Fund) (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to seek to provide returns in excess of the Morgan Stanley Capital International Emerging Markets Index over full market cycles.

2.    Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the 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. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign

PGIM Quant Solutions Emerging Markets Equity Fund 29

Notes to Financial Statements (unaudited) (continued)

securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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 Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The 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

30

on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the 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 exchange rate as of the valuation date;

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

Although the net assets of the 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 unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

PGIM Quant Solutions Emerging Markets Equity Fund 31

Notes to Financial Statements (unaudited) (continued)

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

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 by changes in prevailing interest 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. Since futures contracts are exchange-traded, 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.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of 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.

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

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

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

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

The Fund is subject to foreign income taxes imposed by certain countries in which it invests. Additionally, capital gains realized upon disposition of securities issued in or by certain foreign countries are subject to capital gains tax imposed by those countries. All taxes are computed in accordance with the applicable foreign tax law, and, to the extent permitted, capital losses are used to offset capital gains. Taxes attributable to income are accrued by

PGIM Quant Solutions Emerging Markets Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

the Fund as a reduction of income. Current and deferred tax expense attributable to capital gains is reflected as a component of realized or change in unrealized gain/loss on securities in the accompanying financial statements. To the extent that the Fund has country specific capital loss carryforwards, such carryforwards are applied against net unrealized gains when determining the deferred tax liability. Any deferred tax liability incurred by the Fund is included in either Other liabilities or Deferred tax liability on the accompanying Statement of Assets and Liabilities.

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

Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income	Annually
Short-Term Capital Gains	Annually
Long-Term Capital Gains	Annually

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

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

3.    Agreements

The Fund has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with PGIM Quantitative Solutions LLC (“PGIM Quantitative Solutions” or the “subadviser”). The Manager pays for the services of PGIM Quantitative Solutions.

34

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers   and/or expense reimbursements
0.75% of average daily net assets.	0.75%

The Manager has contractually agreed, through February 28, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitation attributable to below class is:

Class	Expense  Limitations
R6	1.20%

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

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

4.   Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

PGIM Quant Solutions Emerging Markets Equity Fund 35

Notes to Financial Statements (unaudited) (continued)

Effective January 2022, the Fund changed its overnight cash sweep vehicle from the Core Fund to an unaffiliated money market fund.

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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2022, no 17a-7 transactions were entered into by the Fund.

5.   Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$17,525,867	$18,697,267

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, is presented as follows:

Value,   Beginning         of     Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$1,210,487	$	3,528,038	$	4,738,525		$—	$	—		$	—		—		$251
PGIM Institutional Money Market Fund(1)(b)(wa)
718,364		649,456		1,164,423		21		(124	)		203,294		203,456		369	(2)
$1,928,851	$	4,177,494	$	5,902,948		$21	$	(124	)	$	203,294				$620

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

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

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

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

36

6.   Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net          Unrealized    Appreciation
$34,251,787	$6,073,380	$(3,262,490)	$2,810,890

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

7.   Capital and Ownership

The Fund offers Class R6 shares. Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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

As of April 30, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares	Percentage of Outstanding Shares
R6	3,247,283	100.0%

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	3	84.1%
Unaffiliated	—	—

PGIM Quant Solutions Emerging Markets Equity Fund 37

Notes to Financial Statements (unaudited) (continued)

Transactions in shares of beneficial interest were as follows:

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2022:
Shares sold		223,112			$  2,717,188
Shares issued in reinvestment of dividends and distributions		113,009			1,396,789
Shares purchased		(352,918	)		(4,353,104	)
Net increase (decrease) in shares outstanding		(16,797	)		$   (239,127	)
Year ended October 31, 2021:
Shares sold		816,485			$11,048,336
Shares issued in reinvestment of dividends and distributions		44,714			567,424
Shares purchased		(703,162	)		(9,693,559	)
Net increase (decrease) in shares outstanding		158,037			$  1,922,201

8.   Borrowings

The RIC, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

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

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

38

The Fund utilized the SCA during the reporting period ended April 30, 2022. The average daily balance for the 1 days that the Fund had loans outstanding during the period was approximately $585,000, borrowed at a weighted average interest rate of 1.30%. The maximum loan outstanding amount during the period was $585,000. At April 30, 2022, the Fund did not have an outstanding loan amount.

9.   Risks of Investing in the Fund

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

Concentration Risk: To the extent that the Fund is concentrated in the securities of companies, a particular market, industry, group of industries, sector or asset class, country, region or group of countries, the Fund may be adversely affected by the performance of those securities, may be subject to increased price volatility and may be more susceptible to adverse economic, market, political or regulatory occurrences affecting that market, industry, group of industries, sector or asset class, country, region or group of countries.

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

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

Emerging Markets Risk: The risks of foreign investments are greater for investments in or exposed to emerging markets. Emerging market countries typically have economic and political systems that are less fully developed, and can be expected to be less stable, than those of more developed countries. For example, the economies of such countries can be subject to rapid and unpredictable rates of inflation or deflation. Low trading volumes may result in a lack of liquidity and price volatility. Emerging market countries may have policies

PGIM Quant Solutions Emerging Markets Equity Fund 39

Notes to Financial Statements (unaudited) (continued)

that restrict investment by non-U.S. investors, or that prevent non-U.S. investors from withdrawing their money at will.

The Fund may invest in some emerging markets that subject it to risks such as those associated with illiquidity, custody of assets, different settlement and clearance procedures and asserting legal title under a developing legal and regulatory regime to a greater degree than in developed markets or even in other emerging markets.

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

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

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

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

40

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

Investments in China Risk: Investments in China subject the Fund to risks specific to China and may make it more volatile than other funds. Over the last few decades, the Chinese government has undertaken reform of economic and market practices and has expanded the sphere of private ownership of property in China. However, Chinese markets generally continue to experience inefficiency, volatility and pricing anomalies resulting from governmental influence, a lack of publicly available information and/or political and social instability. Internal social unrest or confrontations with other neighboring countries, including military conflicts in response to such events, may also disrupt economic development in China and result in a greater risk of currency fluctuations, currency non-convertibility, interest rate fluctuations and higher rates of inflation.

China has experienced security concerns, such as terrorism and strained international relations. Incidents involving China’s or the region’s security may cause uncertainty in Chinese markets and may adversely affect the Chinese economy and the Fund’s investments. Export growth continues to be a major driver of China’s rapid economic growth. Reduction in spending on Chinese products and services, institution of additional tariffs or other trade barriers, including as a result of heightened trade tensions between China and the U.S., or a downturn in any of the economies of China’s key trading partners may have an adverse impact on the Chinese economy or the Fund. For example, a series of executive orders issued between November 2020 and June 2021 prohibit the Fund from investing in certain companies identified by the U.S. government as “Chinese Military Industrial Complex Companies.” The restrictions in these executive orders may force the subadviser to sell certain positions and may restrict the Fund from future investments the subadviser deems otherwise attractive.

Chinese companies, including Chinese companies that are listed on U.S. exchanges, are not subject to the same degree of regulatory requirements, accounting standards or auditor oversight as companies in more developed countries, and as a result, information about the Chinese securities in which the Fund invests may be less reliable or complete. There may be significant obstacles to obtaining information necessary for investigations into or litigation against Chinese companies and shareholders may have limited legal remedies.

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

PGIM Quant Solutions Emerging Markets Equity Fund 41

Notes to Financial Statements (unaudited) (continued)

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

Liquidity Risk: Liquidity risk is the risk that the Fund could not meet requests to redeem shares issued by the Fund without significant dilution of remaining investors’ interests in the Fund. The Fund may invest in instruments that trade in lower volumes and are more illiquid than other investments. If the Fund is forced to sell these investments to pay redemption proceeds or for other reasons, the Fund may lose money. In addition, when there is no willing buyer and investments cannot be readily sold at the desired time or price, the Fund may have to accept a lower price or may not be able to sell the instrument at all.

Management Risk: The value of your investment may decrease if judgments by the subadviser about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements are incorrect.

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

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

42

securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero.

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

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

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

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

Portfolio Turnover Risk: The length of time the Fund has held a particular security is not generally a consideration in investment decisions. Under certain market conditions, the Fund’s turnover rate may be higher than that of other mutual funds. Portfolio turnover generally involves some expense to the Fund, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and reinvestment in other securities. These transactions may result in realization of taxable capital gains. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s investment performance.

Small and Medium Sized Companies Risk: Small and medium sized companies usually offer a smaller range of products and services than larger companies. Smaller companies may also have limited financial resources and may lack management depth. As a result, their prices may fluctuate more than the stocks of larger, more established companies.

PGIM Quant Solutions Emerging Markets Equity Fund 43

Notes to Financial Statements (unaudited) (continued)

Historically, small and medium sized companies have sometimes gone through extended periods when they did not perform as well as larger companies. Small and medium sized companies generally are more illiquid than larger companies, which may make such investments more difficult to sell at the time and price that the Fund would like.

Value Style Risk: Since the Fund may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

10.   Recent Regulatory Developments

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

44

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

PGIM Quant Solutions Emerging Markets Equity Fund 45

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Quantitative Solutions 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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Quant Solutions 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 that Trustee at the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

Mutual Funds:

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

PGIM QUANT SOLUTIONS EMERGING MARKETS EQUITY FUND

SHARE CLASS	R6
NASDAQ	PQEMX
CUSIP	74440E706

MF244E2

PGIM QUANT SOLUTIONS INTERNATIONAL

DEVELOPED MARKETS INDEX FUND

Formerly known as PGIM QMA International Developed Markets Index Fund

SEMIANNUAL REPORT

APRIL 30, 2022

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

Table of Contents
Letter from the President	3
Your Fund’s Performance	4
Fees and Expenses	6
Holdings and Financial Statements	9

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

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

The accompanying financial statements as of April 30, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. PGIM Quantitative Solutions is the primary business name of PGIM Quantitative Solutions LLC (formerly known as QMA LLC), a wholly owned subsidiary of PGIM, Inc. (PGIM), a registered investment adviser and Prudential Financial company. © 2022 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.

2    Visit our website at pgim.com/investments

Letter from the President

Dear Shareholder: We hope you find the semiannual report for the PGIM Quant Solutions International Developed Markets Index Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022. Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Quant Solutions International Developed Markets Index Fund

June 15, 2022

PGIM Quant Solutions International Developed Markets Index Fund    3

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 4/30/22	Average Annual Total Returns as of 4/30/22
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Fund	-13.19	-10.52	4.34		6.42 (11/17/2016)
FTSE Developed Markets Ex-North America Net Index
	-11.94	-9.29	4.86		7.03

*Not annualized

Since Inception returns are provided since the Fund has less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

Benchmark Definition

FTSE Developed Markets Ex-North America Net Index—The FTSE Developed Markets Ex-North America Net Index is a part of a range of indexes designed to help investors benchmark their international investments. The index comprises large- and mid-cap stocks providing coverage of developed markets, excluding the US and Canada. The index is derived from the FTSE Global Equity Index Series (GEIS), which covers 98% of the world’s investable market capitalization.

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

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Presentation of Fund Holdings as of 4/30/22

Ten Largest Holdings	Line of Business	Country	% of Net Assets
iShares MSCI EAFE ETF	Exchange Traded Funds	United States	2.5%
Nestle SA	Food Products	Switzerland	2.0%
Roche Holding AG	Pharmaceuticals	Switzerland	1.5%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	1.4%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	1.2%
Toyota Motor Corp.	Automobiles	Japan	1.2%
Shell plc	Oil, Gas & Consumable Fuels	Netherlands	1.2%
AstraZeneca plc	Pharmaceuticals	United Kingdom	1.1%
Novartis AG	Pharmaceuticals	Switzerland	1.0%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	1.0%

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

PGIM Quant Solutions International Developed Markets Index Fund    5

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, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

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

6    Visit our website at pgim.com/investments

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

PGIM Quant Solutions International Developed Markets Index Fund	Beginning Account Value     November 1, 2021	Ending     Account Value       April  30, 2022	Annualized Expense     Ratio Based on the       Six-Month Period	Expenses Paid During the     Six-Month Period*
Class R6     Actual	$1,000.00	$  868.10	0.31%	$1.44
Hypothetical	$1,000.00	$1,023.30	0.31%	$1.56

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

PGIM Quant Solutions International Developed Markets Index Fund    7

Schedule of Investments  (unaudited)

as of April 30, 2022

Description	Shares		Value
LONG-TERM INVESTMENTS    96.2%
COMMON STOCKS    93.0%
Australia    8.2%
Adbri Ltd.		1,446	$	2,940
AGL Energy Ltd.		2,640		16,023
Allkem Ltd.*		2,324		19,310
ALS Ltd.		2,006		18,038
Altium Ltd.		469		10,550
Alumina Ltd.		10,963		13,668
AMP Ltd.*		13,150		10,559
Ampol Ltd.		969		22,736
Ansell Ltd.		526		10,047
APA Group		4,752		38,096
Appen Ltd.		437		1,992
Aristocrat Leisure Ltd.		2,694		62,177
ASX Ltd.		779		46,954
Atlas Arteria Ltd.		4,006		19,377
Aurizon Holdings Ltd.		7,377		20,823
Australia & New Zealand Banking Group Ltd.		11,338		215,188
Bank of Queensland Ltd.		2,651		14,987
Beach Energy Ltd.		7,103		8,105
Bendigo & Adelaide Bank Ltd.		2,338		17,385
BHP Group Ltd.		20,331		674,866
BlueScope Steel Ltd.		1,972		28,093
Boral Ltd.		1,710		4,279
Brambles Ltd.		5,776		42,094
carsales.com Ltd.		1,140		16,825
Challenger Ltd.		2,694		13,580
Charter Hall Group, REIT		1,994		21,447
Cleanaway Waste Management Ltd.		5,481		12,205
Cochlear Ltd.		258		41,743
Coles Group Ltd.		5,107		66,962
Commonwealth Bank of Australia		6,907		500,129
Computershare Ltd.		2,163		37,990
Crown Resorts Ltd.*		1,446		13,057
CSL Ltd.		1,922		367,093
CSR Ltd.		2,068		8,833
Deterra Royalties Ltd.		1,608		5,437
Dexus, REIT		4,332		33,636
Domain Holdings Australia Ltd.		938		2,269
Domino’s Pizza Enterprises Ltd.		249		13,056
Downer EDI Ltd.		2,850		10,958
EBOS Group Ltd.		435		11,854
Endeavour Group Ltd.		5,106		27,812
Evolution Mining Ltd.		7,241		20,387
Flight Centre Travel Group Ltd.*		594		9,253

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    9

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Australia (cont’d.)
Fortescue Metals Group Ltd.		6,402	$	96,400
Glencore PLC*		52,791		323,427
Goodman Group, REIT		7,381		122,637
GPT Group (The), REIT		7,716		27,356
Harvey Norman Holdings Ltd.		2,351		8,353
IDP Education Ltd.		778		14,431
IGO Ltd.		2,596		23,398
Iluka Resources Ltd.		1,737		13,488
Incitec Pivot Ltd.		7,891		21,084
Insignia Financial Ltd.		3,018		7,211
Insurance Australia Group Ltd.		10,413		33,056
JB Hi-Fi Ltd.		462		17,059
Lendlease Corp. Ltd.		2,817		23,973
Lynas Rare Earths Ltd.*		3,618		22,756
Macquarie Group Ltd.		1,397		199,937
Magellan Financial Group Ltd.		531		5,982
Medibank Private Ltd.		11,835		26,554
Metcash Ltd.		3,744		12,530
Mineral Resources Ltd.		572		22,992
Mirvac Group, REIT		15,843		26,617
National Australia Bank Ltd.		13,053		292,350
Newcrest Mining Ltd.		3,611		67,731
NEXTDC Ltd.*		1,893		14,732
Northern Star Resources Ltd.		4,578		31,548
Nufarm Ltd.		1,263		5,652
Orica Ltd.		1,682		19,180
Origin Energy Ltd.		7,072		33,629
Orora Ltd.		3,409		9,532
OZ Minerals Ltd.		1,307		22,602
Perpetual Ltd.		224		5,132
Pilbara Minerals Ltd.*		10,582		20,498
Platinum Asset Management Ltd.		2,149		2,807
Pro Medicus Ltd.		163		5,336
Qantas Airways Ltd.*		2,994		11,619
QBE Insurance Group Ltd.		5,933		50,725
Qube Holdings Ltd.		6,019		12,392
Ramsay Health Care Ltd.		703		39,778
REA Group Ltd.		205		18,297
Reece Ltd.		1,111		13,414
Rio Tinto Ltd.		1,494		117,150
Rio Tinto PLC		4,373		308,687
Santos Ltd.		12,366		68,777
Scentre Group, REIT		20,887		43,529
SEEK Ltd.		1,403		27,398

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Australia (cont’d.)
Seven Group Holdings Ltd.		585	$	8,140
Shopping Centres Australasia Property Group, REIT		5,212		11,090
Sonic Healthcare Ltd.		1,922		49,489
South32 Ltd.		18,785		62,150
Star Entertainment Group Ltd. (The)*		3,956		8,701
Stockland, REIT		9,606		27,666
Suncorp Group Ltd.		5,082		40,673
Tabcorp Holdings Ltd.		8,373		31,890
Telstra Corp. Ltd.		16,562		46,774
TPG Telecom Ltd.		1,473		6,035
Transurban Group		12,243		122,525
Treasury Wine Estates Ltd.		3,102		24,456
Vicinity Centres, REIT		15,439		19,825
Washington H Soul Pattinson & Co. Ltd.		1,090		21,101
Wesfarmers Ltd.		4,557		157,840
Westpac Banking Corp.		14,095		235,517
Whitehaven Coal Ltd.		3,475		11,822
WiseTech Global Ltd.		635		19,690
Woodside Petroleum Ltd.		3,869		83,574
Woolworths Group Ltd.		4,870		131,738
Worley Ltd.		1,519		14,652
				5,979,897
Austria    0.3%
ams-OSRAM AG*		1,027		12,564
ANDRITZ AG		291		12,419
Erste Group Bank AG		1,237		38,289
Mondi PLC		1,950		36,656
OMV AG		571		29,304
Raiffeisen Bank International AG		535		6,061
Telekom Austria AG*		558		3,990
Verbund AG		265		28,387
voestalpine AG		497		13,018
				180,688
Belgium    0.8%
Ackermans & van Haaren NV		89		15,954
Ageas SA/NV		715		34,009
Anheuser-Busch InBev SA/NV		3,475		200,582
D’ieteren Group		96		15,549
Elia Group SA/NV		141		22,431
Etablissements Franz Colruyt NV		211		7,747
Groupe Bruxelles Lambert SA		409		38,701

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Belgium (cont’d.)
KBC Group NV		1,105	$	75,228
Proximus SADP		562		9,810
Sofina SA		61		18,826
Solvay SA		278		26,269
Telenet Group Holding NV		174		5,186
UCB SA		486		55,225
Umicore SA		824		31,880
Warehouses De Pauw CVA, REIT		566		21,981
				579,378
Brazil    0.0%
Yara International ASA		654		33,246
Cambodia    0.0%
NagaCorp Ltd.		4,600		4,124
Chile    0.0%
Antofagasta PLC		1,392		26,645
China    0.7%
AAC Technologies Holdings, Inc.		3,200		7,418
BeiGene Ltd.*		2,600		33,168
BOC Hong Kong Holdings Ltd.		14,400		52,226
Budweiser Brewing Co. APAC Ltd., 144A		7,000		17,409
China Travel International Investment Hong Kong Ltd.*		16,000		2,894
Chow Tai Fook Jewellery Group Ltd.*		7,200		12,058
ESR Cayman Ltd., 144A*		6,600		20,004
FIH Mobile Ltd.*		7,000		868
HUTCHMED China Ltd.*		2,000		6,419
Kerry Logistics Network Ltd.		1,100		2,532
Lee & Man Paper Manufacturing Ltd.		6,000		2,875
Lenovo Group Ltd.		29,000		27,997
Microport Scientific Corp.		2,000		3,935
Minth Group Ltd.		3,300		7,821
MMG Ltd.*		10,000		4,241
Nexteer Automotive Group Ltd.		4,000		2,264
Prosus NV*		3,547		170,821
Shangri-La Asia Ltd.*		3,600		2,731
Shui On Land Ltd.		15,000		2,130
SITC International Holdings Co. Ltd.		4,000		13,312
Tingyi Cayman Islands Holding Corp.		8,400		15,431
Towngas Smart Energy Co. Ltd.*		6,000		2,971
Uni-President China Holdings Ltd.		4,600		4,042

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Want Want China Holdings Ltd.		22,000	$	19,834
Wharf Holdings Ltd. (The)		5,000		14,622
Wilmar International Ltd.		8,400		26,754
				476,777
Denmark    2.3%
Ambu A/S (Class B Stock)		736		9,731
AP Moller - Maersk A/S (Class A Stock)		17		48,450
AP Moller - Maersk A/S (Class B Stock)		22		64,239
Carlsberg A/S (Class B Stock)		386		49,354
Chr Hansen Holding A/S		413		32,252
Coloplast A/S (Class B Stock)		535		72,649
Danske Bank A/S		2,652		40,858
Demant A/S*		433		19,036
DSV A/S		781		128,936
Genmab A/S*		238		84,121
GN Store Nord A/S		514		19,416
H. Lundbeck A/S		247		5,691
Novo Nordisk A/S (Class B Stock)		6,421		736,305
Novozymes A/S (Class B Stock)		798		55,677
Orsted A/S, 144A		758		84,682
Pandora A/S		374		33,167
ROCKWOOL A/S (Class B Stock)		26		7,325
Royal Unibrew A/S		198		17,176
SimCorp A/S		167		11,775
Tryg A/S		1,238		29,634
Vestas Wind Systems A/S		4,060		104,130
				1,654,604
Finland    1.1%
Elisa OYJ		577		33,780
Fortum OYJ		1,736		28,924
Huhtamaki OYJ		383		14,472
Kesko OYJ (Class B Stock)		1,084		27,161
Kojamo OYJ		784		15,466
Kone OYJ (Class B Stock)		1,580		76,014
Metso Outotec OYJ		2,437		20,824
Neste OYJ		1,674		72,005
Nokia OYJ*		22,670		115,897
Nokian Renkaat OYJ		557		7,373
Nordea Bank Abp		14,375		143,513
Orion OYJ (Class B Stock)		417		16,425
Sampo OYJ (Class A Stock)		2,034		98,778

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Finland (cont’d.)
Stora Enso OYJ (Class R Stock)		2,310	$	45,394
UPM-Kymmene OYJ		2,145		73,664
Valmet OYJ		679		18,188
Wartsila OYJ Abp		1,961		15,718
				823,596
France    8.5%
Accor SA*		735		24,166
Adevinta ASA*		1,219		9,744
Aeroports de Paris*		117		16,513
Air Liquide SA		1,869		323,494
Airbus SE		2,238		244,384
ALD SA, 144A		293		3,985
Alstom SA		1,187		26,042
Amundi SA, 144A		235		14,192
Arkema SA		261		29,672
Atos SE		388		9,476
AXA SA		7,741		203,909
BioMerieux		187		17,678
BNP Paribas SA		4,304		222,781
Bollore SE		3,976		18,635
Bouygues SA		856		29,464
Bureau Veritas SA		1,141		32,979
Capgemini SE		644		131,064
Carrefour SA		2,495		52,717
Cie de L’Odet SE		2		2,306
Cie de Saint-Gobain		1,879		109,147
Cie Generale des Etablissements Michelin SCA		704		87,242
Cie Plastic Omnium SA		226		3,662
CNP Assurances		606		13,329
Covivio, REIT		206		14,689
Credit Agricole SA		4,874		52,625
Danone SA		2,416		145,937
Dassault Aviation SA		93		15,567
Dassault Systemes SE		2,678		118,314
Edenred		1,003		50,387
Eiffage SA		316		31,233
Electricite de France SA		2,498		22,609
Engie SA		6,674		78,966
EssilorLuxottica SA		1,187		203,219
Eurazeo SE		181		13,903
Faurecia SE		484		10,523
Gecina SA, REIT		207		23,341
Getlink SE		1,832		33,531

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Hermes International		124	$	152,474
ICADE, REIT		132		7,867
Ipsen SA		144		14,918
JCDecaux SA*		282		5,999
Kering SA		295		157,113
Klepierre SA, REIT*		744		17,665
La Francaise des Jeux SAEM, 144A		365		13,652
Legrand SA		1,076		95,033
L’Oreal SA		991		358,565
LVMH Moet Hennessy Louis Vuitton SE		1,009		649,184
Neoen SA, 144A*		114		4,534
Orange SA		7,716		91,421
Orpea SA		201		7,134
Pernod Ricard SA		840		173,519
Publicis Groupe SA		920		55,051
Remy Cointreau SA		98		19,361
Renault SA*		741		18,095
Rexel SA*		1,304		26,698
Safran SA		1,401		149,978
Sanofi		4,398		465,142
Sartorius Stedim Biotech		96		31,427
SCOR SE		629		17,669
SEB SA		124		14,852
Societe Generale SA		3,066		73,351
Sodexo SA		350		26,375
SOITEC*		94		16,884
Somfy SA		31		4,120
Teleperformance		233		83,581
Thales SA		404		51,564
TotalEnergies SE		9,611		471,309
Ubisoft Entertainment SA*		420		18,928
Unibail-Rodamco-Westfield, REIT*		413		29,200
Valeo		1,056		19,125
Veolia Environnement SA		2,505		73,524
Vinci SA		2,017		194,897
Vivendi SE		2,963		34,005
Wendel SE		114		11,329
Worldline SA, 144A*		977		38,385
				6,135,353
Germany    6.5%
1&1 AG		176		3,694
adidas AG		737		148,796
Allianz SE		1,654		372,162

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
Aroundtown SA		4,588	$	23,030
Auto1 Group SE, 144A*		361		3,771
BASF SE		3,684		194,350
Bayer AG*		3,957		259,750
Bayerische Motoren Werke AG		1,292		105,366
Bechtle AG		329		15,143
Beiersdorf AG		401		40,323
Brenntag SE		622		47,996
Carl Zeiss Meditec AG		147		18,430
Commerzbank AG*		4,187		26,996
Continental AG*		435		29,818
Covestro AG, 144A		725		31,226
CTS Eventim AG & Co. KGaA*		242		16,171
Daimler Truck Holding AG*		1,691		45,328
Deutsche Bank AG*		8,224		81,280
Deutsche Boerse AG		739		128,822
Deutsche Lufthansa AG*		2,526		18,754
Deutsche Post AG		3,936		167,019
Deutsche Telekom AG		13,612		249,145
Deutsche Wohnen SE		202		5,793
DWS Group GmbH & Co. KGaA, 144A		122		4,018
E.ON SE		8,715		90,744
Evonik Industries AG		768		20,071
Evotec SE*		685		16,632
Fielmann AG		95		4,812
Fraport AG Frankfurt Airport Services Worldwide*		147		7,790
Fresenius Medical Care AG & Co. KGaA		817		50,766
Fresenius SE & Co. KGaA		1,642		58,171
Fuchs Petrolub SE		142		3,775
GEA Group AG		666		25,969
Hannover Rueck SE		241		37,584
HeidelbergCement AG		582		33,343
Hella GmbH & Co. KGaA		91		5,759
HelloFresh SE*		691		29,132
Henkel AG & Co. KGaA		407		25,669
HOCHTIEF AG		71		4,252
Infineon Technologies AG		5,241		149,673
KION Group AG		336		18,675
Knorr-Bremse AG		284		20,235
LANXESS AG		357		13,874
LEG Immobilien SE		293		29,945
Mercedes-Benz Group AG*		3,383		235,184
Merck KGaA		520		96,714
METRO AG*		519		4,526

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
MTU Aero Engines AG		214	$	43,294
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		564		133,914
Nemetschek SE		234		18,546
Puma SE		401		29,569
Rational AG		15		9,077
Rheinmetall AG		174		38,899
RWE AG		2,536		105,183
SAP SE		4,485		453,478
Sartorius AG		9		2,996
Scout24 SE, 144A		329		20,702
Siemens AG		3,041		369,013
Siemens Energy AG		1,725		33,084
Siemens Healthineers AG, 144A		1,116		59,874
Sixt SE*		52		6,772
SUSE SA*		147		4,710
Symrise AG		524		62,272
Talanx AG		220		9,135
Telefonica Deutschland Holding AG		2,922		8,763
thyssenkrupp AG*		2,166		16,495
Traton SE		207		3,451
TUI AG*		4,737		13,412
Uniper SE		357		9,171
United Internet AG		445		14,266
Vantage Towers AG		379		12,815
Varta AG		51		4,784
Volkswagen AG		128		27,752
Vonovia SE		3,128		124,581
Wacker Chemie AG		62		9,840
Zalando SE, 144A*		877		34,725
				4,701,049
Hong Kong    2.2%
AIA Group Ltd.		49,000		482,268
ASM Pacific Technology Ltd.		1,200		12,075
Bank of East Asia Ltd. (The)		5,200		7,699
Brightoil Petroleum Holdings Ltd.*^		7,000		—
Cathay Pacific Airways Ltd.*		3,700		3,694
Champion REIT, REIT		8,000		3,508
CK Asset Holdings Ltd.		8,300		56,207
CK Infrastructure Holdings Ltd.		2,700		18,135
CLP Holdings Ltd.		6,400		62,360
Dah Sing Banking Group Ltd.		2,400		2,015
Dah Sing Financial Holdings Ltd.		400		1,165
Dairy Farm International Holdings Ltd.		1,200		3,254

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Hong Kong (cont’d.)
Guotai Junan International Holdings Ltd.		7,000	$	761
Haitong International Securities Group Ltd.		13,000		2,067
Hang Lung Group Ltd.		2,800		5,471
Hang Lung Properties Ltd.		8,000		15,353
Hang Seng Bank Ltd.		2,900		51,330
Henderson Land Development Co. Ltd.		6,004		24,281
Hong Kong & China Gas Co. Ltd.		43,356		47,805
Hong Kong Exchanges & Clearing Ltd.		5,140		218,012
Hongkong Land Holdings Ltd.		4,700		21,906
Huabao International Holdings Ltd.		4,000		2,192
Hutchison Port Holdings Trust, UTS		21,100		4,919
Hutchison Telecommunications Hong Kong Holdings Ltd.		8,000		1,332
Hysan Development Co. Ltd.		1,800		5,294
Jardine Matheson Holdings Ltd.		887		46,922
Johnson Electric Holdings Ltd.		1,500		1,710
Kerry Properties Ltd.		2,400		6,472
Lifestyle International Holdings Ltd.*		2,000		962
Link REIT, REIT		8,400		72,406
Man Wah Holdings Ltd.		6,800		6,387
Melco International Development Ltd.*		3,600		2,846
MTR Corp. Ltd.		5,500		29,228
New World Development Co. Ltd.		5,900		22,522
NWS Holdings Ltd.		6,000		5,427
Orient Overseas International Ltd.		700		19,403
PCCW Ltd.		16,000		9,085
Power Assets Holdings Ltd.		5,100		34,290
Shun Tak Holdings Ltd.*		8,000		1,624
Sino Land Co. Ltd.		13,600		17,999
Sun Hung Kai Properties Ltd.		6,000		68,717
Swire Pacific Ltd. (Class A Stock)		2,000		11,390
Swire Pacific Ltd. (Class B Stock)		2,900		2,729
Swire Properties Ltd.		4,000		9,604
Techtronic Industries Co. Ltd.		5,000		66,588
United Energy Group Ltd.		30,000		3,539
Vinda International Holdings Ltd.		1,000		2,412
Vitasoy International Holdings Ltd.		3,000		5,433
VTech Holdings Ltd.		600		4,257
WH Group Ltd., 144A		31,200		21,566
Wharf Real Estate Investment Co. Ltd.		6,500		30,603
Xinyi Glass Holdings Ltd.		8,000		17,534
Yue Yuen Industrial Holdings Ltd.*		2,700		3,975
				1,578,733

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Indonesia    0.0%
First Pacific Co. Ltd.		10,000	$	4,031
Golden Agri-Resources Ltd.		25,200		5,855
				9,886
Ireland    0.5%
AIB Group PLC		3,424		7,519
CRH PLC		3,114		123,844
Flutter Entertainment PLC*		705		72,484
Glanbia PLC		811		9,774
Kerry Group PLC (Class A Stock)		619		68,852
Kingspan Group PLC		608		56,963
Smurfit Kappa Group PLC		1,043		43,347
				382,783
Israel    0.7%
AFI Properties Ltd.		67		4,065
Airport City Ltd.*		285		6,367
Alony Hetz Properties & Investments Ltd.		408		6,646
Amot Investments Ltd.		580		4,414
Ashtrom Group Ltd.		171		4,807
Azrieli Group Ltd.		151		12,983
Bank Hapoalim BM		5,089		47,132
Bank Leumi Le-Israel BM		5,820		61,529
Bezeq The Israeli Telecommunication Corp. Ltd.*		9,576		15,289
Big Shopping Centers Ltd.		39		5,894
Camtek Ltd.*		108		3,185
Elbit Systems Ltd.		107		23,251
Electra Ltd.		9		6,185
Energix-Renewable Energies Ltd.		729		2,488
Enlight Renewable Energy Ltd.*		3,875		8,380
Fattal Holdings 1998 Ltd.*		30		4,382
First International Bank of Israel Ltd. (The)		211		8,861
Fox Wizel Ltd.		27		3,993
Gav-Yam Lands Corp. Ltd.		406		4,492
Gazit-Globe Ltd.		280		2,644
Harel Insurance Investments & Financial Services Ltd.		462		5,659
ICL Group Ltd.		3,049		33,451
Israel Corp. Ltd. (The)*		14		7,978
Israel Discount Bank Ltd. (Class A Stock)		5,002		31,349
Maytronics Ltd.		183		3,259
Melisron Ltd.*		63		5,115
Mivne Real Estate KD Ltd.		2,710		10,191
Mizrahi Tefahot Bank Ltd.		598		22,297

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Israel (cont’d.)
Nice Ltd.*		254	$	52,406
Nova Ltd.*		113		11,103
OPC Energy Ltd.*		304		3,350
Paz Oil Co. Ltd.*		39		6,049
Phoenix Holdings Ltd. (The)		494		6,212
Sapiens International Corp. NV		130		3,046
Shapir Engineering and Industry Ltd.		367		3,445
Shikun & Binui Ltd.*		905		5,379
Shufersal Ltd.		463		3,913
Strauss Group Ltd.		145		3,887
Teva Pharmaceutical Industries Ltd.*		3,967		35,070
Tower Semiconductor Ltd.*		457		22,043
				512,189
Italy    1.9%
A2A SpA		6,319		10,781
Amplifon SpA		555		22,123
Assicurazioni Generali SpA		5,225		98,921
Atlantia SpA*		1,980		46,945
Banca Mediolanum SpA		1,104		8,032
Buzzi Unicem SpA		423		7,843
Coca-Cola HBC AG		794		15,776
Davide Campari-Milano NV		1,988		22,401
De’ Longhi SpA		276		6,694
DiaSorin SpA		92		12,070
Enel SpA		31,281		203,291
Eni SpA		9,967		139,482
Ferrari NV		499		105,052
FinecoBank Banca Fineco SpA		2,456		34,142
Hera SpA		3,219		12,008
Infrastrutture Wireless Italiane SpA, 144A		1,429		15,253
Interpump Group SpA		336		13,601
Intesa Sanpaolo SpA		66,823		136,126
Italgas SpA		2,028		13,125
Iveco Group NV*		795		4,692
Leonardo SpA*		1,657		17,032
Mediobanca Banca di Credito Finanziario SpA		2,796		28,093
Moncler SpA		865		45,122
Nexi SpA, 144A*		2,987		29,316
Pirelli & C SpA, 144A		1,969		9,765
Poste Italiane SpA, 144A		1,836		17,974
PRADA SpA		2,000		12,504
Prysmian SpA		1,113		36,165
Recordati Industria Chimica e Farmaceutica SpA		394		18,973

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Italy (cont’d.)
Reply SpA		96	$	14,113
Snam SpA		8,967		49,159
Telecom Italia SpA		43,637		12,601
Telecom Italia SpA, RSP		24,530		6,806
Terna - Rete Elettrica Nazionale		5,673		46,172
UniCredit SpA		8,620		78,974
UnipolSai Assicurazioni SpA		1,497		4,211
				1,355,338
Japan    20.8%
ABC-Mart, Inc.		100		4,111
Acom Co. Ltd.		1,200		3,069
Activia Properties, Inc., REIT		3		9,583
Advance Residence Investment Corp., REIT		6		16,498
Advantest Corp.		770		52,818
Aeon Co. Ltd.		2,830		53,492
AEON Financial Service Co. Ltd.		410		3,714
Aeon Mall Co. Ltd.		430		5,210
AEON REIT Investment Corp., REIT		7		8,063
AGC, Inc.		720		27,091
Aica Kogyo Co. Ltd.		180		4,148
Ain Holdings, Inc.		100		4,482
Air Water, Inc.		680		8,994
Aisin Corp.		700		20,310
Ajinomoto Co., Inc.		1,920		50,568
Alfresa Holdings Corp.		650		8,777
Alps Alpine Co. Ltd.		800		7,080
Amada Co. Ltd.		1,100		8,515
Amano Corp.		310		5,956
ANA Holdings, Inc.*		650		12,182
Anritsu Corp.		560		7,067
Aozora Bank Ltd.		420		8,320
Ariake Japan Co. Ltd.		70		2,801
As One Corp.		120		6,362
Asahi Group Holdings Ltd.		1,690		63,013
Asahi Intecc Co. Ltd.		800		15,451
Asahi Kasei Corp.		4,950		40,645
Asics Corp.		700		10,976
ASKUL Corp.		200		2,450
Astellas Pharma, Inc.		7,430		112,612
Azbil Corp.		500		15,195
Bandai Namco Holdings, Inc.		770		52,130
Bank of Kyoto Ltd. (The)		340		14,695
BayCurrent Consulting, Inc.		40		13,135

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    21

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Benefit One, Inc.		200	$	3,036
Benesse Holdings, Inc.		320		5,690
Bic Camera, Inc.		600		5,058
BIPROGY, Inc.		300		7,549
Bridgestone Corp.		2,300		83,951
Brother Industries Ltd.		950		16,498
Calbee, Inc.		340		6,074
Canon Marketing Japan, Inc.		160		3,471
Canon, Inc.		3,980		91,185
Capcom Co. Ltd.		700		18,433
Casio Computer Co. Ltd.		800		8,304
Central Japan Railway Co.		764		96,054
Chiba Bank Ltd. (The)		2,650		15,065
Chubu Electric Power Co., Inc.		2,950		29,781
Chugai Pharmaceutical Co. Ltd.		2,620		78,628
Chugoku Bank Ltd. (The)		650		4,755
Chugoku Electric Power Co., Inc. (The)		1,080		7,090
Coca-Cola Bottlers Japan Holdings, Inc.		540		6,027
COMSYS Holdings Corp.		400		8,317
Concordia Financial Group Ltd.		4,450		15,937
Cosmo Energy Holdings Co. Ltd.		300		7,386
Cosmos Pharmaceutical Corp.		40		3,714
Credit Saison Co. Ltd.		650		7,239
CyberAgent, Inc.		1,610		17,021
Dai Nippon Printing Co. Ltd.		1,050		21,842
Daicel Corp.		980		5,963
Daido Steel Co. Ltd.		160		4,538
Daifuku Co. Ltd.		350		21,571
Dai-ichi Life Holdings, Inc.		4,000		78,881
Daiichi Sankyo Co. Ltd.		7,560		189,452
Daiichikosho Co. Ltd.		130		3,538
Daikin Industries Ltd.		1,060		161,925
Daio Paper Corp.		300		3,580
Daito Trust Construction Co. Ltd.		296		28,493
Daiwa House Industry Co. Ltd.		2,570		61,984
Daiwa House REIT Investment Corp., REIT		9		21,847
Daiwa Office Investment Corp., REIT		1		5,669
Daiwa Securities Group, Inc.		5,850		28,690
DeNA Co. Ltd.*		410		5,901
Denka Co. Ltd.		390		10,412
Denso Corp.		1,780		109,405
Dentsu Group, Inc.		830		29,966
Descente Ltd.		150		2,878
DIC Corp.		300		5,693

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Disco Corp.		130	$	31,690
DMG Mori Co. Ltd.		400		5,006
Dowa Holdings Co. Ltd.		170		7,204
East Japan Railway Co.		1,430		74,701
Ebara Corp.		400		18,362
Eisai Co. Ltd.		1,064		46,348
Electric Power Development Co. Ltd.		700		9,600
ENEOS Holdings, Inc.		12,010		42,173
EXEO Group, Inc.		390		6,482
Ezaki Glico Co. Ltd.		210		5,994
Fancl Corp.		300		5,749
FANUC Corp.		803		124,191
Fast Retailing Co. Ltd.		215		98,818
Food & Life Cos. Ltd.		400		9,412
FP Corp.		180		4,078
Fuji Electric Co. Ltd.		500		21,996
Fuji Kyuko Co. Ltd.		100		3,153
Fuji Media Holdings, Inc.		200		1,716
Fuji Oil Holdings, Inc.		160		2,262
FUJIFILM Holdings Corp.		1,460		80,427
Fujitsu General Ltd.		200		3,550
Fujitsu Ltd.		790		112,596
Fukuoka Financial Group, Inc.		660		11,892
Fukuyama Transporting Co. Ltd.		120		3,354
Furukawa Electric Co. Ltd.		200		3,249
Fuyo General Lease Co. Ltd.		100		5,376
GLP J-REIT, REIT		18		24,294
GMO internet, Inc.		200		4,001
GMO Payment Gateway, Inc.		190		15,988
Goldwin, Inc.		142		7,101
GS Yuasa Corp.		300		5,208
GungHo Online Entertainment, Inc.		120		2,446
H.U. Group Holdings, Inc.		240		5,340
Hachijuni Bank Ltd. (The)		1,390		4,530
Hakuhodo DY Holdings, Inc.		900		10,581
Hamamatsu Photonics KK		550		24,669
Hankyu Hanshin Holdings, Inc.		870		22,884
Haseko Corp.		970		10,600
Heiwa Corp.		200		3,001
Hikari Tsushin, Inc.		80		9,363
Hino Motors Ltd.		1,100		5,667
Hirogin Holdings, Inc.		1,100		5,389
Hirose Electric Co. Ltd.		145		18,445
Hisamitsu Pharmaceutical Co., Inc.		310		8,455

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Hitachi Construction Machinery Co. Ltd.		420	$	9,456
Hitachi Ltd.		3,780		175,894
Hitachi Metals Ltd.*		800		12,474
Hitachi Transport System Ltd.		150		9,845
Honda Motor Co. Ltd.		6,940		182,651
Horiba Ltd.		150		7,314
Hoshizaki Corp.		220		13,924
House Foods Group, Inc.		340		7,946
Hoya Corp.		1,430		140,900
Hulic Co. Ltd.		1,710		14,417
Ibiden Co. Ltd.		460		17,249
Idemitsu Kosan Co. Ltd.		947		24,771
IHI Corp.		530		12,911
Iida Group Holdings Co. Ltd.		530		8,452
Industrial & Infrastructure Fund Investment Corp., REIT		8		11,456
Information Services International-Dentsu Ltd.		100		2,848
INFRONEER Holdings, Inc.		1,078		7,871
Inpex Corp.		3,450		41,605
Internet Initiative Japan, Inc.		200		6,274
Isetan Mitsukoshi Holdings Ltd.		1,400		10,337
Isuzu Motors Ltd.		2,150		25,102
Ito En Ltd.		230		9,435
ITOCHU Corp.		5,500		165,538
Itochu Techno-Solutions Corp.		380		8,883
Itoham Yonekyu Holdings, Inc.		400		2,009
Iwatani Corp.		250		9,961
Iyo Bank Ltd. (The)		970		4,672
Izumi Co. Ltd.		200		4,301
J Front Retailing Co. Ltd.		900		6,694
Japan Airlines Co. Ltd.*		560		9,195
Japan Airport Terminal Co. Ltd.*		250		10,322
Japan Aviation Electronics Industry Ltd.		220		3,072
Japan Exchange Group, Inc.		2,100		31,383
Japan Hotel REIT Investment Corp., REIT		17		8,633
Japan Logistics Fund, Inc., REIT		4		9,807
Japan Metropolitan Fund Investment Corp., REIT		27		21,490
Japan Post Bank Co. Ltd.		1,600		11,971
Japan Post Holdings Co. Ltd.		8,900		62,064
Japan Post Insurance Co. Ltd.		800		12,882
Japan Prime Realty Investment Corp., REIT		4		12,153
Japan Real Estate Investment Corp., REIT		6		29,054
Japan Steel Works Ltd. (The)		300		8,436
Japan Tobacco, Inc.		4,730		80,890
JCR Pharmaceuticals Co. Ltd.		200		3,720

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Jeol Ltd.		200	$	8,929
JFE Holdings, Inc.		2,030		24,691
JGC Holdings Corp.		880		9,901
JSR Corp.		700		18,999
JTEKT Corp.		900		6,229
Justsystems Corp.		160		6,913
Kadokawa Corp.		400		10,044
Kagome Co. Ltd.		300		7,500
Kajima Corp.		1,750		19,429
Kakaku.com, Inc.		550		11,487
Kaken Pharmaceutical Co. Ltd.		150		4,536
Kamigumi Co. Ltd.		380		6,460
Kandenko Co. Ltd.		400		2,533
Kaneka Corp.		230		6,143
Kansai Electric Power Co., Inc. (The)		3,070		26,946
Kansai Paint Co. Ltd.		780		10,765
Kao Corp.		1,830		73,622
Katitas Co. Ltd.		200		4,665
Kawasaki Heavy Industries Ltd.		590		10,441
Kawasaki Kisen Kaisha Ltd.		300		15,748
KDDI Corp.		6,660		225,391
Keihan Holdings Co. Ltd.		410		8,747
Keikyu Corp.		1,000		10,044
Keio Corp.		460		17,582
Keisei Electric Railway Co. Ltd.		550		13,433
Kenedix Office Investment Corp., REIT		1		5,247
Kewpie Corp.		460		7,712
Keyence Corp.		726		293,300
Kikkoman Corp.		710		39,848
Kinden Corp.		500		5,907
Kintetsu Group Holdings Co. Ltd.		760		21,711
Kirin Holdings Co. Ltd.		3,050		44,538
Kobayashi Pharmaceutical Co. Ltd.		280		19,114
Kobe Bussan Co. Ltd.		550		13,443
Kobe Steel Ltd.		1,200		5,181
Koei Tecmo Holdings Co. Ltd.		260		7,890
Koito Manufacturing Co. Ltd.		480		17,532
Kokuyo Co. Ltd.		300		3,893
Komatsu Ltd.		3,660		81,617
Konami Holdings Corp.		400		24,594
Konica Minolta, Inc.		1,600		5,504
Kose Corp.		130		13,386
Kotobuki Spirits Co. Ltd.		70		3,666
K’s Holdings Corp.		600		5,949

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    25

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Kubota Corp.		4,350	$	74,076
Kuraray Co. Ltd.		1,400		11,183
Kurita Water Industries Ltd.		460		15,673
Kusuri no Aoki Holdings Co. Ltd.		100		4,425
Kyocera Corp.		1,200		63,132
Kyowa Kirin Co. Ltd.		1,020		21,399
Kyudenko Corp.		150		3,390
Kyushu Electric Power Co., Inc.		1,800		11,259
Kyushu Financial Group, Inc.		1,500		4,559
Kyushu Railway Co.		620		12,097
LaSalle Logiport REIT, REIT		7		9,458
Lasertec Corp.		300		41,154
Lawson, Inc.		150		5,492
Lintec Corp.		240		4,457
Lion Corp.		940		9,645
Lixil Corp.		1,020		17,851
M3, Inc.		1,670		53,611
Mabuchi Motor Co. Ltd.		160		4,282
Makita Corp.		950		28,128
Mani, Inc.		280		3,197
Marubeni Corp.		6,300		68,921
Marui Group Co. Ltd.		780		13,423
Maruichi Steel Tube Ltd.		270		5,750
Maruwa Unyu Kikan Co. Ltd.		200		2,336
Matsui Securities Co. Ltd.		300		1,848
MatsukiyoCocokara & Co.		540		17,757
Mazda Motor Corp.		2,500		17,741
Mebuki Financial Group, Inc.		3,400		6,778
Medipal Holdings Corp.		600		9,780
MEIJI Holdings Co. Ltd.		516		25,624
Menicon Co. Ltd.		200		4,250
MINEBEA MITSUMI, Inc.		1,600		30,851
MISUMI Group, Inc.		1,150		28,695
Mitsubishi Chemical Holdings Corp.		5,100		31,510
Mitsubishi Corp.		4,880		164,095
Mitsubishi Electric Corp.		7,830		82,261
Mitsubishi Estate Co. Ltd.		4,570		66,153
Mitsubishi Gas Chemical Co., Inc.		720		10,467
Mitsubishi HC Capital, Inc.		2,423		10,866
Mitsubishi Heavy Industries Ltd.		1,110		37,568
Mitsubishi Logistics Corp.		290		6,683
Mitsubishi Materials Corp.		510		7,945
Mitsubishi Motors Corp.*		2,100		5,207
Mitsubishi UFJ Financial Group, Inc.		49,200		282,289

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Mitsui & Co. Ltd.		6,400	$	154,623
Mitsui Chemicals, Inc.		740		17,040
Mitsui Fudosan Co. Ltd.		3,760		79,261
Mitsui Fudosan Logistics Park, Inc., REIT		2		8,596
Mitsui High-Tec, Inc.		100		8,713
Mitsui Mining & Smelting Co. Ltd.		200		5,048
Mitsui OSK Lines Ltd.		1,410		33,078
Miura Co. Ltd.		430		8,987
Mizuho Financial Group, Inc.		10,180		122,213
Money Forward, Inc.*		200		6,742
MonotaRO Co. Ltd.		920		15,907
Mori Hills REIT Investment Corp., REIT		6		6,809
Morinaga & Co. Ltd.		140		4,358
Morinaga Milk Industry Co. Ltd.		210		8,453
MS&AD Insurance Group Holdings, Inc.		1,860		54,977
Murata Manufacturing Co. Ltd.		2,270		135,289
Nabtesco Corp.		480		10,906
Nagase & Co. Ltd.		400		5,714
Nagoya Railroad Co. Ltd.		760		12,162
Nankai Electric Railway Co. Ltd.		430		7,651
NEC Corp.		1,050		40,679
NEC Networks & System Integration Corp.		300		4,259
NET One Systems Co. Ltd.		360		8,553
Nexon Co. Ltd.		1,640		37,411
NGK Insulators Ltd.		1,030		13,848
NGK Spark Plug Co. Ltd.		810		12,430
NH Foods Ltd.		400		12,615
NHK Spring Co. Ltd.		680		4,387
Nichirei Corp.		400		7,334
Nidec Corp.		1,840		121,368
Nifco, Inc.		350		7,329
Nihon Kohden Corp.		300		7,315
Nihon M&A Center Holdings, Inc.		1,000		12,664
Nikon Corp.		1,450		16,056
Nintendo Co. Ltd.		420		191,705
Nippon Accommodations Fund, Inc., REIT		2		9,841
Nippon Building Fund, Inc., REIT		7		36,207
Nippon Electric Glass Co. Ltd.		330		6,646
NIPPON EXPRESS HOLDINGS, Inc.		270		15,753
Nippon Kayaku Co. Ltd.		700		6,094
Nippon Paint Holdings Co. Ltd.		4,050		32,262
Nippon Prologis REIT, Inc., REIT		10		27,794
Nippon Sanso Holdings Corp.		590		10,526
Nippon Shinyaku Co. Ltd.		250		16,906

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    27

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Nippon Shokubai Co. Ltd.		130	$	5,221
Nippon Steel Corp.		3,280		52,121
Nippon Telegraph & Telephone Corp.		4,770		141,266
Nippon Television Holdings, Inc.		200		1,919
Nippon Yusen KK		700		50,733
Nipro Corp.		500		3,942
Nishi-Nippon Railroad Co. Ltd.		280		5,586
Nissan Chemical Corp.		510		27,016
Nissan Motor Co. Ltd.*		8,050		31,807
Nisshin Seifun Group, Inc.		1,060		14,134
Nissin Foods Holdings Co. Ltd.		250		17,362
Nitori Holdings Co. Ltd.		332		33,914
Nitto Denko Corp.		600		40,785
Noevir Holdings Co. Ltd.		100		3,916
NOF Corp.		300		11,218
NOK Corp.		450		3,831
Nomura Holdings, Inc.		12,050		45,863
Nomura Real Estate Holdings, Inc.		430		10,415
Nomura Real Estate Master Fund, Inc., REIT		19		23,863
Nomura Research Institute Ltd.		1,060		29,996
NS Solutions Corp.		130		3,882
NSK Ltd.		1,800		9,955
NTT Data Corp.		2,500		46,004
Obayashi Corp.		2,700		18,581
OBIC Business Consultants Co. Ltd.		160		5,752
Obic Co. Ltd.		250		36,873
Odakyu Electric Railway Co. Ltd.		1,240		18,710
Oji Holdings Corp.		3,500		16,572
OKUMA Corp.		150		5,341
Olympus Corp.		4,230		74,728
Omron Corp.		770		45,559
Ono Pharmaceutical Co. Ltd.		1,680		42,940
Open House Group Co. Ltd.		310		11,993
Oracle Corp.		150		9,616
Orient Corp.		1,800		1,718
Oriental Land Co. Ltd.		750		113,314
ORIX Corp.		4,800		86,835
Orix JREIT, Inc., REIT		11		14,802
Osaka Gas Co. Ltd.		1,590		28,552
OSG Corp.		260		3,239
Otsuka Corp.		390		12,743
Otsuka Holdings Co. Ltd.		1,660		55,467
PALTAC Corp.		100		3,641
Pan Pacific International Holdings Corp.		1,600		24,621

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Panasonic Holdings Corp.		8,560	$	76,271
Park24 Co. Ltd.*		420		6,075
Penta-Ocean Construction Co. Ltd.		1,200		5,862
PeptiDream, Inc.*		370		5,911
Persol Holdings Co. Ltd.		650		12,830
Pigeon Corp.		460		7,820
Pola Orbis Holdings, Inc.		310		3,576
Rakus Co. Ltd.		400		4,886
Rakuten Group, Inc.		3,250		22,809
Recruit Holdings Co. Ltd.		5,800		214,665
Relo Group, Inc.		400		5,699
Renesas Electronics Corp.*		3,980		42,844
Rengo Co. Ltd.		800		4,738
RENOVA, Inc.*		200		2,479
Resona Holdings, Inc.		8,710		37,408
Resorttrust, Inc.		220		3,697
Ricoh Co. Ltd.		2,400		17,516
Rinnai Corp.		160		10,155
Rohm Co. Ltd.		360		25,324
Rohto Pharmaceutical Co. Ltd.		400		10,662
Ryohin Keikaku Co. Ltd.		880		7,888
Sankyo Co. Ltd.		160		4,604
Sankyu, Inc.		200		6,062
Sansan, Inc.*		400		3,772
Santen Pharmaceutical Co. Ltd.		1,400		11,430
Sanwa Holdings Corp.		760		6,923
Sapporo Holdings Ltd.		300		6,222
Sawai Group Holdings Co. Ltd.		150		5,023
SBI Holdings, Inc.		1,000		22,204
SCREEN Holdings Co. Ltd.		180		14,872
SCSK Corp.		480		7,619
Secom Co. Ltd.		800		56,442
Sega Sammy Holdings, Inc.		770		13,598
Seibu Holdings, Inc.		900		8,896
Seiko Epson Corp.		1,050		14,637
Seino Holdings Co. Ltd.		600		4,884
Sekisui Chemical Co. Ltd.		1,400		18,893
Sekisui House Ltd.		2,280		39,116
Sekisui House Reit, Inc., REIT		16		9,371
Seven & i Holdings Co. Ltd.		3,100		136,013
Seven Bank Ltd.		2,000		3,722
SG Holdings Co. Ltd.		1,700		29,950
Sharp Corp.		740		6,230
SHIFT, Inc.*		30		5,658

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    29

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Shikoku Electric Power Co., Inc.		600	$	3,456
Shimadzu Corp.		1,080		35,248
Shimamura Co. Ltd.		100		8,879
Shimano, Inc.		330		57,630
Shimizu Corp.		2,100		11,009
Shin-Etsu Chemical Co. Ltd.		1,590		219,339
Shinko Electric Industries Co. Ltd.		300		13,084
Shinsei Bank Ltd.*		230		4,006
Shionogi & Co. Ltd.		1,140		64,236
Ship Healthcare Holdings, Inc.		300		5,022
Shiseido Co. Ltd.		1,550		72,861
Shizuoka Bank Ltd. (The)		1,860		11,938
SHO-BOND Holdings Co. Ltd.		182		7,663
Shochiku Co. Ltd.*		50		5,098
Showa Denko KK		700		13,571
Skylark Holdings Co. Ltd.		900		10,678
SMC Corp.		225		108,077
SMS Co. Ltd.		200		4,707
SoftBank Corp.		10,950		129,500
SoftBank Group Corp.		5,300		216,792
Sohgo Security Services Co. Ltd.		320		8,897
Sojitz Corp.		930		14,229
Sompo Holdings, Inc.		1,260		50,778
Sony Group Corp.		4,980		428,121
Sotetsu Holdings, Inc.		360		6,171
Square Enix Holdings Co. Ltd.		330		13,201
Stanley Electric Co. Ltd.		540		9,286
Subaru Corp.		2,420		35,932
Sugi Holdings Co. Ltd.		150		6,431
SUMCO Corp.		1,130		16,393
Sumitomo Bakelite Co. Ltd.		100		3,289
Sumitomo Chemical Co. Ltd.		6,050		25,503
Sumitomo Corp.		4,480		70,664
Sumitomo Electric Industries Ltd.		3,020		32,252
Sumitomo Forestry Co. Ltd.		500		7,665
Sumitomo Heavy Industries Ltd.		410		8,629
Sumitomo Metal Mining Co. Ltd.		910		39,509
Sumitomo Mitsui Financial Group, Inc.		5,220		155,524
Sumitomo Mitsui Trust Holdings, Inc.		1,430		43,759
Sumitomo Pharma Co. Ltd.		700		6,211
Sumitomo Realty & Development Co. Ltd.		1,550		40,848
Sumitomo Rubber Industries Ltd.		700		6,047
Sundrug Co. Ltd.		320		7,394
Suntory Beverage & Food Ltd.		520		20,445

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Suzuken Co. Ltd.		330	$	9,732
Suzuki Motor Corp.		1,820		55,060
Sysmex Corp.		810		52,982
T&D Holdings, Inc.		2,050		25,980
Taiheiyo Cement Corp.		430		6,949
Taisei Corp.		650		17,613
Taisho Pharmaceutical Holdings Co. Ltd.		180		7,055
Taiyo Yuden Co. Ltd.		500		19,512
Takara Bio, Inc.		230		3,680
Takara Holdings, Inc.		700		5,880
Takashimaya Co. Ltd.		600		5,432
Takeda Pharmaceutical Co. Ltd.		6,233		180,876
TBS Holdings, Inc.		170		2,215
TDK Corp.		1,410		43,751
TechnoPro Holdings, Inc.		440		11,220
Teijin Ltd.		740		7,880
Terumo Corp.		2,610		77,684
THK Co. Ltd.		470		9,311
TIS, Inc.		1,000		22,417
Tobu Railway Co. Ltd.		830		18,562
Toda Corp.		800		4,579
Toho Co. Ltd.		420		15,553
Toho Gas Co. Ltd.		370		8,674
Tohoku Electric Power Co., Inc.		1,780		9,882
Tokai Carbon Co. Ltd.		800		6,582
Tokio Marine Holdings, Inc.		2,520		134,932
Tokyo Century Corp.		260		7,945
Tokyo Electric Power Co. Holdings, Inc.*		6,700		23,105
Tokyo Electron Ltd.		590		250,095
Tokyo Gas Co. Ltd.		1,690		32,421
Tokyo Ohka Kogyo Co. Ltd.		150		8,160
Tokyo Tatemono Co. Ltd.		770		10,785
Tokyu Corp.		1,950		23,739
Tokyu Fudosan Holdings Corp.		2,400		12,472
TOPPAN, Inc.		1,100		18,170
Toray Industries, Inc.		6,390		29,938
Toshiba Corp.		1,660		68,327
Toshiba TEC Corp.		100		3,392
Tosoh Corp.		1,150		15,847
TOTO Ltd.		630		21,170
Toyo Seikan Group Holdings Ltd.		570		6,161
Toyo Suisan Kaisha Ltd.		370		11,398
Toyo Tire Corp.		400		4,559
Toyoda Gosei Co. Ltd.		310		4,519

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    31

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Toyota Boshoku Corp.		280	$	4,468
Toyota Industries Corp.		630		37,580
Toyota Motor Corp.		49,200		844,360
Toyota Tsusho Corp.		860		30,827
Trend Micro, Inc.		540		30,151
TS Tech Co. Ltd.		360		3,759
Tsumura & Co.		280		6,870
Tsuruha Holdings, Inc.		160		8,178
UBE Corp.		400		6,174
Ulvac, Inc.		200		7,895
Unicharm Corp.		1,540		53,630
United Urban Investment Corp., REIT		11		12,044
Ushio, Inc.		400		5,190
USS Co. Ltd.		850		14,115
Welcia Holdings Co. Ltd.		420		8,648
West Japan Railway Co.		910		33,712
Yakult Honsha Co. Ltd.		500		25,854
Yamada Holdings Co. Ltd.*		2,700		8,037
Yamaguchi Financial Group, Inc.		900		4,902
Yamaha Corp.		620		23,749
Yamaha Motor Co. Ltd.		1,250		25,799
Yamato Holdings Co. Ltd.		1,330		24,983
Yamato Kogyo Co. Ltd.		100		3,215
Yamazaki Baking Co. Ltd.		500		6,181
Yaoko Co. Ltd.		100		5,241
Yaskawa Electric Corp.		1,020		34,518
Yokogawa Electric Corp.		1,000		15,982
Yokohama Rubber Co. Ltd. (The)		470		6,244
Z Holdings Corp.		10,450		40,983
Zenkoku Hosho Co. Ltd.		200		7,007
Zensho Holdings Co. Ltd.		400		9,427
Zeon Corp.		600		6,358
ZOZO, Inc.		490		10,233
				15,064,676
Jordan     0.0%
Hikma Pharmaceuticals PLC		693		16,329
Luxembourg     0.2%
ArcelorMittal SA		2,362		69,088
Eurofins Scientific SE		488		45,223

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Luxembourg (cont’d.)
L’Occitane International SA		1,750	$	5,499
RTL Group SA		157		8,200
				128,010
Macau     0.1%
Galaxy Entertainment Group Ltd.		9,500		54,122
MGM China Holdings Ltd.*		3,100		1,782
Sands China Ltd.*		10,000		22,008
SJM Holdings Ltd.*		7,600		3,196
Wynn Macau Ltd.*		6,000		3,680
				84,788
Mexico     0.0%
Fresnillo PLC		723		7,135
Netherlands     4.5%
Aalberts NV		387		19,058
ABN AMRO Bank NV, 144A, CVA		1,666		20,723
Adyen NV, 144A*		119		197,672
Aegon NV		7,126		36,770
Akzo Nobel NV		690		59,753
Argenx SE*		205		59,053
ASM International NV		192		57,415
ASML Holding NV		1,548		876,260
ASR Nederland NV		526		23,777
BE Semiconductor Industries NV		292		17,583
CTP NV, 144A		239		3,388
Euronext NV, 144A		330		26,445
EXOR NV		416		28,878
Heineken Holding NV		425		33,141
Heineken NV		958		93,180
IMCD NV		229		36,513
ING Groep NV		15,208		143,522
JDE Peet’s NV		349		10,266
Koninklijke Ahold Delhaize NV		3,923		115,255
Koninklijke DSM NV		669		111,968
Koninklijke KPN NV		13,088		45,270
Koninklijke Philips NV		3,524		91,578
Koninklijke Vopak NV		270		7,231
NN Group NV		1,260		61,908
Randstad NV		444		23,476
Shell PLC		30,907		833,501
Signify NV, 144A		505		21,216

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    33

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Netherlands (cont’d.)
Universal Music Group NV		3,004	$	69,484
Wolters Kluwer NV		1,032		104,286
				3,228,570
New Zealand     0.3%
a2 Milk Co. Ltd. (The)*		2,998		9,496
Air New Zealand Ltd.*		6,155		3,496
Auckland International Airport Ltd.*		5,079		25,495
Contact Energy Ltd.		3,414		17,941
Fisher & Paykel Healthcare Corp. Ltd.		2,288		31,489
Fletcher Building Ltd.		3,406		13,588
Infratil Ltd.		2,162		11,702
Kiwi Property Group Ltd.		6,110		4,170
Mainfreight Ltd.		337		17,568
Mercury NZ Ltd.		2,799		10,881
Meridian Energy Ltd.		5,141		15,625
Ryman Healthcare Ltd.		1,804		10,688
SKYCITY Entertainment Group Ltd.		3,080		5,744
Spark New Zealand Ltd.		8,009		25,341
Xero Ltd.*		503		33,344
				236,568
Nigeria     0.0%
Airtel Africa PLC, 144A		4,017		7,243
Norway     0.7%
Aker ASA (Class A Stock)		99		8,076
Aker BP ASA		555		19,938
DNB Bank ASA		4,121		79,979
Equinor ASA		3,865		131,084
Gjensidige Forsikring ASA		694		14,827
Leroy Seafood Group ASA		1,003		9,445
Mowi ASA		1,779		50,248
Nordic Semiconductor ASA*		633		12,678
Norsk Hydro ASA		5,382		45,430
Orkla ASA		3,266		26,479
Salmar ASA		217		17,779
Schibsted ASA (Class A Stock)		340		7,083
Schibsted ASA (Class B Stock)		424		8,130
Telenor ASA		2,550		35,989
TOMRA Systems ASA		503		19,759
				486,924

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Poland     0.2%
Allegro.eu SA, 144A*		1,698	$	8,721
Bank Polska Kasa Opieki SA		637		14,021
CD Projekt SA		262		7,126
Cyfrowy Polsat SA		1,109		6,062
Dino Polska SA, 144A*		201		13,016
InPost SA*		777		4,756
KGHM Polska Miedz SA		549		17,882
LPP SA		5		10,546
Polski Koncern Naftowy ORLEN SA		1,248		21,143
Polskie Gornictwo Naftowe i Gazownictwo SA		7,450		10,442
Powszechna Kasa Oszczednosci Bank Polski SA*		3,428		25,182
Powszechny Zaklad Ubezpieczen SA		2,300		15,892
Santander Bank Polska SA		113		6,880
				161,669
Portugal     0.1%
EDP - Energias de Portugal SA		11,377		52,875
Galp Energia SGPS SA		2,070		25,224
Jeronimo Martins SGPS SA		1,107		23,089
				101,188
Russia     0.0%
Evraz PLC^		2,361		—
Saudi Arabia 0.0%
Delivery Hero SE, 144A*		757		26,259
Singapore     1.4%
Ascendas Real Estate Investment Trust, REIT		13,716		28,230
Ascott Residence Trust, UTS		7,800		6,486
BOC Aviation Ltd., 144A		800		6,244
CapitaLand Integrated Commercial Trust, REIT		19,488		32,607
Capitaland Investment Ltd.*		10,200		30,974
City Developments Ltd.		1,900		11,667
ComfortDelGro Corp. Ltd.		8,000		8,476
DBS Group Holdings Ltd.		7,291		176,996
Frasers Logistics & Commercial Trust, REIT		11,500		12,004
Genting Singapore Ltd.		23,800		13,846
Jardine Cycle & Carriage Ltd.		390		8,132
Kenon Holdings Ltd.		73		4,173
Keppel Corp. Ltd.		5,700		28,082
Keppel DC REIT, REIT		5,700		8,509

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    35

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Singapore (cont’d.)
Keppel REIT, REIT		9,200	$	8,092
Mapletree Commercial Trust, REIT		9,200		12,364
Mapletree Industrial Trust, REIT		7,800		14,656
Mapletree Logistics Trust, REIT		12,900		16,577
Mapletree North Asia Commercial Trust, REIT		9,900		8,548
NetLink NBN Trust, UTS		11,900		8,592
Olam Group Ltd.		2,400		2,893
Oversea-Chinese Banking Corp. Ltd.		14,073		124,912
SATS Ltd.*		2,600		8,492
Sembcorp Industries Ltd.		4,100		8,702
Sembcorp Marine Ltd.*		59,735		4,686
SIA Engineering Co. Ltd.*		1,000		1,923
Singapore Airlines Ltd.*		5,300		20,878
Singapore Exchange Ltd.		3,600		25,303
Singapore Post Ltd.		6,000		3,080
Singapore Press Holdings Ltd.		6,100		10,410
Singapore Technologies Engineering Ltd.		6,300		18,597
Singapore Telecommunications Ltd.		30,200		59,926
StarHub Ltd.		2,900		2,633
STMicroelectronics NV		2,546		93,978
Suntec Real Estate Investment Trust, REIT		9,200		12,157
United Overseas Bank Ltd.		5,257		112,470
UOL Group Ltd.		2,000		10,493
Venture Corp. Ltd.		1,000		12,300
Wing Tai Holdings Ltd.		1,500		1,890
				980,978
South Africa    0.3%
Anglo American PLC		4,899		221,792
South Korea    4.6%
Alteogen, Inc.*		111		5,004
Amorepacific Corp.		130		18,459
Amorepacific Group		118		4,625
BGF retail Co. Ltd.		25		3,568
BNK Financial Group, Inc.		1,143		7,097
Celltrion Healthcare Co. Ltd.		325		16,490
Celltrion Pharm, Inc.*		77		5,631
Celltrion, Inc.		433		60,324
Cheil Worldwide, Inc.		277		5,509
CJ CheilJedang Corp.		33		10,263
CJ Corp.		48		3,293
CJ ENM Co. Ltd.		39		3,903

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
CJ Logistics Corp.*		27	$	2,629
Coway Co. Ltd.		238		13,348
Daewoo Engineering & Construction Co. Ltd.*		691		3,681
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		207		4,250
DB Insurance Co. Ltd.		180		9,593
DGB Financial Group, Inc.		628		4,437
DL E&C Co. Ltd.		116		5,456
DL Holdings Co. Ltd.		73		3,548
Dongsuh Cos., Inc.		129		2,733
Doosan Bobcat, Inc.		106		3,450
Doosan Enerbility*		1,480		23,690
Ecopro BM Co. Ltd.		36		13,198
E-MART, Inc.		88		9,096
F&F Co. Ltd.		75		8,266
Fila Holdings Corp.		204		5,202
Green Cross Corp.		23		3,403
GS Engineering & Construction Corp.		275		9,069
GS Holdings Corp.		195		6,741
GS Retail Co. Ltd.		173		3,922
Hana Financial Group, Inc.		1,261		46,967
Hanjin Kal Corp.*		87		3,931
Hankook Tire & Technology Co. Ltd.		310		8,501
Hanmi Pharm Co. Ltd.		33		8,101
Hanmi Science Co. Ltd.		57		2,295
Hanon Systems		660		5,909
Hanssem Co. Ltd.		34		2,096
Hanwha Aerospace Co. Ltd.		142		5,957
Hanwha Corp.		141		3,337
Hanwha Life Insurance Co. Ltd.*		760		1,754
Hanwha Solutions Corp.*		410		10,331
HD Hyundai Co. Ltd.		200		9,181
HDC Hyundai Development Co-Engineering & Construction (Class E Stock)		154		1,820
Helixmith Co. Ltd.*		132		2,185
Hite Jinro Co. Ltd.		102		2,973
HLB, Inc.*		379		9,246
HMM Co. Ltd.		1,531		34,043
Hotel Shilla Co. Ltd.		128		8,136
HYBE Co. Ltd.*		74		14,396
Hyundai Department Store Co. Ltd.		60		3,568
Hyundai Doosan Infracore Co. Ltd.*		420		2,168
Hyundai Engineering & Construction Co. Ltd.		304		10,577
Hyundai Glovis Co. Ltd.		74		12,176
Hyundai Heavy Industries Co. Ltd.*		57		6,239

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    37

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Hyundai Marine & Fire Insurance Co. Ltd.		225	$	5,784
Hyundai Mipo Dockyard Co. Ltd.*		84		5,525
Hyundai Mobis Co. Ltd.		252		40,782
Hyundai Motor Co.		557		79,745
Hyundai Steel Co.		329		11,156
Hyundai Wia Corp.		65		3,302
Iljin Materials Co. Ltd.		68		4,669
Industrial Bank of Korea		1,022		9,068
Kakao Corp.		1,093		76,138
Kakao Games Corp.*		108		5,066
KakaoBank Corp.*		598		19,748
Kangwon Land, Inc.*		408		8,553
KB Financial Group, Inc.		1,555		71,507
KCC Corp.		18		4,807
KEPCO Plant Service & Engineering Co. Ltd.		71		2,121
Kia Corp.		1,032		67,417
Korea Aerospace Industries Ltd.		265		9,119
Korea Electric Power Corp.*		1,062		19,341
Korea Gas Corp.		107		3,477
Korea Investment Holdings Co. Ltd.		161		8,938
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		182		13,083
Korea Zinc Co. Ltd.		44		20,107
Korean Air Lines Co. Ltd.*		727		17,125
Krafton, Inc.*		120		23,636
KT&G Corp.		444		29,080
Kumho Petrochemical Co. Ltd.		67		8,143
L&F Co. Ltd.*		86		14,496
LG Chem Ltd.		186		75,448
LG Corp.		396		22,948
LG Display Co. Ltd.		911		11,882
LG Electronics, Inc.		472		42,580
LG Household & Health Care Ltd.		40		28,754
LG Innotek Co. Ltd.		62		16,881
LG Uplus Corp.		877		9,677
Lotte Chemical Corp.		60		9,269
Lotte Chilsung Beverage Co. Ltd.		21		3,012
Lotte Corp.		108		2,923
LOTTE Fine Chemical Co. Ltd.		72		4,618
Lotte Shopping Co. Ltd.		46		3,414
LS Corp.		71		3,228
Mando Corp.		136		5,747
Medytox, Inc.*		16		1,720
Mirae Asset Securities Co. Ltd.		1,439		9,106
NAVER Corp.		547		122,269

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
NCSoft Corp.		73	$	23,987
Netmarble Corp., 144A		71		5,317
NH Investment & Securities Co. Ltd.		553		4,731
NHN Corp.*		94		2,587
NongShim Co. Ltd.		11		2,631
OCI Co. Ltd.		74		6,103
Orion Corp.		90		6,727
Ottogi Corp.		7		2,613
Pan Ocean Co. Ltd.		732		3,821
Paradise Co. Ltd.*		142		1,847
Pearl Abyss Corp.*		136		7,270
POSCO Chemical Co. Ltd.		109		11,449
POSCO Holdings, Inc.		259		58,816
Posco International Corp.		206		3,954
S-1 Corp.		75		4,089
Samsung Biologics Co. Ltd., 144A*		62		41,032
Samsung C&T Corp.		354		32,038
Samsung Card Co. Ltd.		124		3,282
Samsung Electro-Mechanics Co. Ltd.		238		30,737
Samsung Electronics Co. Ltd.		19,088		1,012,379
Samsung Engineering Co. Ltd.*		643		13,031
Samsung Fire & Marine Insurance Co. Ltd.		142		23,512
Samsung Heavy Industries Co. Ltd.*		2,527		12,003
Samsung Life Insurance Co. Ltd.		265		13,585
Samsung SDI Co. Ltd.		210		99,583
Samsung SDS Co. Ltd.		132		15,352
Samsung Securities Co. Ltd.		260		8,132
SD Biosensor, Inc.		136		4,908
Seegene, Inc.		120		3,842
Shin Poong Pharmaceutical Co. Ltd.*		140		3,350
Shinhan Financial Group Co. Ltd.		1,996		66,101
Shinsegae, Inc.		26		5,035
SillaJen, Inc.*^		138		—
SK Biopharmaceuticals Co. Ltd.*		107		7,732
SK Bioscience Co. Ltd.*		77		8,275
SK Chemicals Co. Ltd.		48		4,808
SK Hynix, Inc.		2,076		180,604
SK IE Technology Co. Ltd., 144A*		105		10,254
SK Innovation Co. Ltd.*		232		36,832
SK Networks Co. Ltd.		404		1,545
SK Square Co. Ltd.*		298		12,174
SK Telecom Co. Ltd.		292		13,128
SK, Inc.		163		34,071
SKC Co. Ltd.		78		9,157

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    39

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
S-Oil Corp.		168	$	13,690
Solus Advanced Materials Co. Ltd.		38		2,120
SSANGYONG C&E Co. Ltd.		309		2,021
Wemade Co. Ltd.		66		3,984
Woori Financial Group, Inc.		2,340		27,136
Yuhan Corp.		198		9,547
				3,362,096
Spain    2.1%
Acciona SA		94		18,400
ACS Actividades de Construccion y Servicios SA		871		22,345
Aena SME SA, 144A*		283		40,268
Amadeus IT Group SA*		1,713		107,651
Banco Bilbao Vizcaya Argentaria SA		26,784		140,455
Banco Santander SA		67,903		198,699
Bankinter SA		2,858		16,938
CaixaBank SA		17,739		57,213
Cellnex Telecom SA, 144A		2,446		113,827
Corp. ACCIONA Energias Renovables SA		203		7,550
EDP Renovaveis SA		968		22,936
Enagas SA		1,000		21,616
Endesa SA		1,275		26,720
Ferrovial SA		1,907		48,967
Fluidra SA		480		13,022
Grifols SA		1,421		23,708
Iberdrola SA		24,142		277,129
Industria de Diseno Textil SA		4,230		88,628
Inmobiliaria Colonial Socimi SA, REIT		1,513		12,626
Mapfre SA		3,972		7,263
Merlin Properties Socimi SA, REIT		1,366		14,879
Naturgy Energy Group SA		630		18,867
Red Electrica Corp. SA		1,734		34,819
Repsol SA		5,228		77,970
Siemens Gamesa Renewable Energy SA*		985		15,631
Telefonica SA		20,452		99,377
				1,527,504
Sweden    2.9%
Alfa Laval AB		1,262		34,984
Assa Abloy AB (Class B Stock)		3,690		93,624
Atlas Copco AB (Class A Stock)		2,541		114,914
Atlas Copco AB (Class B Stock)		1,520		59,448
Beijer Ref AB		1,049		16,915

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont’d.)
Boliden AB		1,101	$	47,702
Castellum AB		1,089		21,569
Electrolux AB (Class B Stock)		943		14,391
Elekta AB (Class B Stock)		1,539		10,377
Epiroc AB (Class A Stock)		2,509		51,006
Epiroc AB (Class B Stock)		1,621		28,358
EQT AB		1,135		32,296
Essity AB (Class B Stock)		2,451		64,819
Evolution AB, 144A		649		66,726
Fastighets AB Balder (Class B Stock)*		432		21,452
Getinge AB (Class B Stock)		898		26,029
H & M Hennes & Mauritz AB (Class B Stock)		3,526		44,498
Hexagon AB (Class B Stock)		7,547		97,761
Holmen AB (Class B Stock)		386		22,351
Husqvarna AB (Class A Stock)		182		1,761
Husqvarna AB (Class B Stock)		1,791		17,171
Industrivarden AB (Class A Stock)		905		23,099
Industrivarden AB (Class C Stock)		753		18,900
Indutrade AB		1,127		26,681
Investment AB Latour (Class B Stock)		587		15,557
Investor AB (Class A Stock)		2,136		44,690
Investor AB (Class B Stock)		7,316		139,883
Kinnevik AB (Class A Stock)*		63		1,375
Kinnevik AB (Class B Stock)*		1,028		20,181
L E Lundbergforetagen AB (Class B Stock)		308		14,410
Lifco AB (Class B Stock)		913		19,221
Lundin Energy AB		760		31,429
Nibe Industrier AB (Class B Stock)		4,820		47,429
Sagax AB (Class B Stock)		691		17,457
Sagax AB (Class D Stock)		658		2,025
Samhallsbyggnadsbolaget i Norden AB		4,451		14,014
Sandvik AB		4,333		82,198
Securitas AB (Class B Stock)		1,290		15,273
Sinch AB, 144A*		2,203		9,769
Skandinaviska Enskilda Banken AB (Class A Stock)		5,774		64,929
Skandinaviska Enskilda Banken AB (Class C Stock)		100		1,223
Skanska AB (Class B Stock)		1,441		27,490
SKF AB (Class B Stock)		1,649		26,888
Svenska Cellulosa AB SCA (Class A Stock)		138		2,714
Svenska Cellulosa AB SCA (Class B Stock)		2,389		46,336
Svenska Handelsbanken AB (Class A Stock)		5,975		60,579
Svenska Handelsbanken AB (Class B Stock)		188		2,133
Sweco AB (Class B Stock)		801		11,307
Swedbank AB (Class A Stock)		4,040		64,142

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    41

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont’d.)
Swedish Match AB		6,211	$	49,335
Swedish Orphan Biovitrum AB*		717		15,002
Tele2 AB (Class B Stock)		2,010		26,591
Telefonaktiebolaget LM Ericsson (Class A Stock)		197		1,664
Telefonaktiebolaget LM Ericsson (Class B Stock)		12,105		96,566
Telia Co. AB		10,330		42,806
Thule Group AB, 144A		421		14,173
Trelleborg AB (Class B Stock)		977		21,456
Vitrolife AB		286		7,375
Volvo AB (Class A Stock)		843		13,768
Volvo AB (Class B Stock)		6,075		95,402
				2,123,622
Switzerland    8.7%
ABB Ltd.		6,597		197,496
Adecco Group AG		661		25,615
Alcon, Inc.		1,849		131,657
Baloise Holding AG		173		30,104
Banque Cantonale Vaudoise		123		10,417
Barry Callebaut AG		15		34,515
Belimo Holding AG		32		15,807
BKW AG		77		9,387
Chocoladefabriken Lindt & Spruengli AG		9		100,813
Cie Financiere Richemont SA (Class A Stock)		2,054		238,174
Clariant AG*		936		16,002
Credit Suisse Group AG		10,344		70,287
DKSH Holding AG		138		11,841
Emmi AG		6		5,957
EMS-Chemie Holding AG		28		24,997
Flughafen Zurich AG*		78		13,186
Geberit AG		143		81,494
Georg Fischer AG		320		17,369
Givaudan SA		38		151,165
Helvetia Holding AG		134		17,242
Holcim AG*		2,207		107,919
Julius Baer Group Ltd.		859		41,279
Kuehne + Nagel International AG		201		56,320
Logitech International SA		588		38,239
Lonza Group AG		298		175,783
Nestle SA		11,134		1,433,452
Novartis AG		8,490		750,463
Partners Group Holding AG		90		95,642
PSP Swiss Property AG		177		22,325
Roche Holding AG (TRQX)		2,844		1,053,331

See Notes to Financial Statements.

42

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
Roche Holding AG (XSWX)		107	$	42,928
Schindler Holding AG		80		15,392
Schindler Holding AG (Part. Cert.)		164		31,492
SGS SA		25		64,213
SIG Group AG*		1,366		28,640
Sika AG		615		187,902
Sonova Holding AG		213		76,480
Straumann Holding AG		400		47,239
Swatch Group AG (The) (XSWX)		116		29,915
Swatch Group AG (The) (TRQX)		183		9,024
Swiss Life Holding AG		125		73,021
Swiss Prime Site AG		308		30,129
Swisscom AG		108		63,755
Tecan Group AG		52		15,477
Temenos AG		242		24,438
UBS Group AG		12,798		216,444
VAT Group AG, 144A		103		31,870
Vifor Pharma AG		243		42,865
Zurich Insurance Group AG		598		272,160
				6,281,662
Taiwan    0.0%
FIT Hon Teng Ltd., 144A*		3,000		383
United Arab Emirates    0.0%
NMC Health PLC*^		372		—
United Kingdom    10.6%
3i Group PLC		3,833		63,120
abrdn PLC		8,647		20,324
Admiral Group PLC		893		28,384
Ashtead Group PLC		1,799		93,334
Associated British Foods PLC		1,399		27,882
AstraZeneca PLC		6,261		827,726
Auto Trader Group PLC, 144A		3,745		29,733
AVEVA Group PLC		477		13,027
Aviva PLC		15,026		80,108
B&M European Value Retail SA		3,828		23,386
BAE Systems PLC		12,783		118,303
Barclays PLC		67,367		123,797
Barratt Developments PLC		4,073		24,961
Bellway PLC		497		15,207
Berkeley Group Holdings PLC*		448		22,953

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    43

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
BP PLC		77,211	$	370,090
British American Tobacco PLC		9,235		386,863
British Land Co. PLC (The), REIT		3,721		24,055
BT Group PLC		27,945		61,125
Bunzl PLC		1,355		52,617
Burberry Group PLC		1,595		31,206
Centrica PLC*		23,660		23,453
CK Hutchison Holdings Ltd.		11,100		77,609
CNH Industrial NV		3,960		56,481
Compass Group PLC		7,172		150,922
ConvaTec Group PLC, 144A		6,682		17,812
Croda International PLC		542		53,286
DCC PLC		397		30,470
Dechra Pharmaceuticals PLC		422		19,403
Deliveroo PLC (Class A Stock), 144A*		5,212		7,390
Derwent London PLC, REIT		421		16,069
Diageo PLC		9,290		459,266
Direct Line Insurance Group PLC		5,565		17,751
Dr. Martens PLC		2,240		5,747
DS Smith PLC		5,479		22,568
easyJet PLC*		1,455		10,065
Electrocomponents PLC		1,891		24,885
Entain PLC*		2,344		44,204
Experian PLC		3,681		128,443
Halma PLC		1,524		46,571
Hargreaves Lansdown PLC		1,522		17,379
Hiscox Ltd.		1,389		16,596
HomeServe PLC		1,140		14,080
Howden Joinery Group PLC		2,294		21,562
HSBC Holdings PLC		82,661		517,701
IMI PLC		1,108		18,712
Imperial Brands PLC		3,792		78,559
Informa PLC*		6,023		42,427
InterContinental Hotels Group PLC		736		47,069
Intermediate Capital Group PLC		1,119		21,566
International Consolidated Airlines Group SA*		5,274		9,360
Intertek Group PLC		649		40,636
ITV PLC		15,256		13,764
J Sainsbury PLC		6,915		20,339
JD Sports Fashion PLC		9,915		16,416
Johnson Matthey PLC		750		20,815
Just Eat Takeaway.com NV, 144A*		755		20,592
Kingfisher PLC		8,285		26,187
Land Securities Group PLC, REIT		2,867		26,915

See Notes to Financial Statements.

44

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Legal & General Group PLC		23,851	$	75,021
Lloyds Banking Group PLC		285,087		162,098
London Stock Exchange Group PLC		1,461		145,827
M&G PLC		10,461		28,274
Meggitt PLC*		3,504		33,829
Melrose Industries PLC		18,285		26,337
National Grid PLC		14,548		217,115
NatWest Group PLC		20,660		55,294
Next PLC		512		38,508
Ocado Group PLC*		1,958		22,599
Pearson PLC		3,035		29,630
Pennon Group PLC		1,175		16,325
Pepco Group NV, 144A*		448		4,204
Persimmon PLC		1,277		33,372
Phoenix Group Holdings PLC		3,098		23,527
Prudential PLC		11,050		137,777
Reckitt Benckiser Group PLC		2,550		200,146
RELX PLC		7,486		225,722
Renishaw PLC		142		7,462
Rentokil Initial PLC		7,488		51,882
Rightmove PLC		3,396		26,377
Rolls-Royce Holdings PLC*		33,698		35,085
Royal Mail PLC		3,764		15,988
Sage Group PLC (The)		4,526		41,761
Schroders PLC		449		15,785
Segro PLC, REIT		4,818		81,403
Severn Trent PLC		1,007		39,691
Smith & Nephew PLC		3,538		56,647
Smiths Group PLC		1,562		28,805
Spirax-Sarco Engineering PLC		295		44,823
SSE PLC		4,290		99,890
St. James’s Place PLC		2,138		34,748
Standard Chartered PLC		10,147		68,821
Tate & Lyle PLC		1,923		18,846
Taylor Wimpey PLC		14,564		22,865
Tesco PLC		30,386		103,527
THG PLC*		4,041		5,561
Travis Perkins PLC		926		14,166
Unilever PLC		10,331		480,551
United Utilities Group PLC		2,745		39,505
Vodafone Group PLC		108,771		162,919
Weir Group PLC (The)		1,042		20,208
Whitbread PLC*		812		28,274

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    45

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Wise PLC (Class A Stock)*		1,851	$	9,155
WPP PLC		4,458		55,675
				7,727,296
United States    1.8%
Amcor PLC, CDI		6,210		72,946
Ferguson PLC		891		112,472
GlaxoSmithKline PLC		19,997		451,697
James Hardie Industries PLC, CDI		1,787		51,394
JS Global Lifestyle Co. Ltd., 144A		2,500		2,984
QIAGEN NV*		888		40,588
Samsonite International SA, 144A*		5,100		11,203
Schneider Electric SE		2,129		304,787
Sims Ltd.		685		9,848
Stellantis NV		8,139		108,731
Swiss Re AG		1,162		95,363
Tenaris SA		1,978		30,251
				1,292,264
TOTAL COMMON STOCKS (cost $57,775,408)				67,501,242
EXCHANGE-TRADED FUND    2.5%
United States
iShares MSCI EAFE ETF(a) (cost $1,958,222)		26,450		1,815,528
PREFERRED STOCKS    0.7%
Germany    0.4%
Bayerische Motoren Werke AG (PRFC)		236		17,384
Fuchs Petrolub SE (PRFC)		291		9,197
Henkel AG & Co. KGaA (PRFC)		702		44,818
Porsche Automobil Holding SE (PRFC)		616		50,983
Sartorius AG (PRFC)		99		37,204
Sixt SE (PRFC)		67		4,830
Volkswagen AG (PRFC)		737		113,791
				278,207
South Korea    0.3%
Amorepacific Corp. (PRFC)		46		2,761

See Notes to Financial Statements.

46

Description	Shares		Value
PREFERRED STOCKS (Continued)
South Korea (cont’d.)
CJ CheilJedang Corp. (PRFC)		14	$	1,968
Hanwha Corp. (PRFC)		100		1,256
Hyundai Motor Co. (2nd PRFC)		155		11,426
Hyundai Motor Co. (PRFC)		88		6,458
LG Chem Ltd. (PRFC)		30		5,912
LG Electronics, Inc. (PRFC)		64		2,928
LG Household & Health Care Ltd. (PRFC)		8		3,141
Mirae Asset Securities Co. Ltd. (2nd PRFC)		574		2,012
Samsung Electronics Co. Ltd. (PRFC)		3,314		153,822
Samsung Fire & Marine Insurance Co. Ltd. (PRFC)		15		1,927
Samsung SDI Co. Ltd. (PRFC)		7		1,666
				195,277
Spain    0.0%
Grifols SA (Class B Stock) (PRFC)		1,040		11,302
TOTAL PREFERRED STOCKS (cost $425,162)				484,786
	Units
WARRANTS*    0.0%
Australia
Magellan Financial Group Ltd. (cost $0)		66		73
TOTAL LONG-TERM INVESTMENTS (cost $60,158,792)				69,801,629
	Shares
SHORT-TERM INVESTMENTS    3.5%
AFFILIATED MUTUAL FUND    1.8%
PGIM Institutional Money Market Fund (cost $1,320,345; includes $1,320,006 of cash collateral for securities on loan)(b)(wa)		1,321,402		1,320,345

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    47

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Description	Interest Rate		Maturity Date		Principal     Amount (000)#		Value
U.S. TREASURY OBLIGATION(k)(n)    0.3%
U.S. Treasury Bills (cost $189,888)		0.461%		06/16/22		190	$	189,894
					Shares
UNAFFILIATED FUND    1.4%
Dreyfus Government Cash Management (Institutional Shares) (cost $1,057,289)						1,057,289		1,057,289
TOTAL SHORT-TERM INVESTMENTS (cost $2,567,522)								2,567,528
TOTAL INVESTMENTS    99.7% (cost $62,726,314)								72,369,157
Other assets in excess of liabilities(z)    0.3%								201,385
NET ASSETS    100.0%							$	72,570,542

Below is a list of the abbreviation(s) used in the semiannual report:

USD—US Dollar

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

ASX—Australian Securities Exchange

CAC40—French Stock Market Index

CDI—Chess Depository Interest

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OTC—Over-the-counter

PART CERT—Participation Certificates

PRFC—Preference Shares

REITs—Real Estate Investment Trust

RSP—Savings Shares

SPI—Share Price Index

STOXX—Stock Index of the Eurozone

TOPIX—Tokyo Stock Price Index

TRQX—Turquoise Stock Exchange

UTS—Unit Trust Security

XSWX—SIX Swiss Exchange

* Non-income producing security.

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

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

See Notes to Financial Statements.

48

(a) All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $1,278,832; cash collateral of $1,320,006 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

Futures contracts outstanding at April 30, 2022:

Number of Contracts	Type	Expiration      Date	Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
1	ASX SPI 200 Index	Jun. 2022		$	130,871		$	6,128
1	CAC40 10 Euro	May 2022			68,324			204
6	Euro STOXX 50 Index	Jun. 2022			236,477			3,911
2	FTSE 100 Index	Jun. 2022			188,944			9,982
12	Mini MSCI EAFE Index	Jun. 2022			1,197,960			(112,206	)
2	TOPIX Index	Jun. 2022			293,277			23,807
							$	(68,174	)

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

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

Broker	Cash and/or Foreign Currency		Securities Market Value
Morgan Stanley & Co. LLC		$—		$189,894

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    49

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

The following is a summary of the inputs used as of April 30, 2022 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—		$	5,979,897		$	—
Austria		—			180,688			—
Belgium		—			579,378			—
Brazil		—			33,246			—
Cambodia		—			4,124			—
Chile		—			26,645			—
China		—			476,777			—
Denmark		—			1,654,604			—
Finland		—			823,596			—
France		—			6,135,353			—
Germany		—			4,701,049			—
Hong Kong		—			1,578,733			—
Indonesia		—			9,886			—
Ireland		—			382,783			—
Israel		—			512,189			—
Italy		—			1,355,338			—
Japan		—			15,064,676			—
Jordan		—			16,329			—
Luxembourg		—			128,010			—
Macau		—			84,788			—
Mexico		—			7,135			—
Netherlands		—			3,228,570			—
New Zealand		—			236,568			—
Nigeria		—			7,243			—
Norway		—			486,924			—
Poland		—			161,669			—
Portugal		—			101,188			—
Russia		—			—			—
Saudi Arabia		—			26,259			—
Singapore		—			980,978			—
South Africa		—			221,792			—
South Korea		—			3,362,096			—
Spain		—			1,527,504			—
Sweden		—			2,123,622			—
Switzerland		—			6,281,662			—
Taiwan		—			383			—
United Arab Emirates		—			—			—
United Kingdom		—			7,727,296			—
United States		—			1,292,264			—
Exchange-Traded Fund
United States		1,815,528			—			—
Preferred Stocks
Germany		—			278,207			—
South Korea		—			195,277			—

See Notes to Financial Statements.

50

	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Preferred Stocks (continued)
Spain	$	—			$	11,302		$—
Warrants
Australia		73				—		—
Short-Term Investments
Affiliated Mutual Fund		1,320,345				—		—
U.S. Treasury Obligation		—				189,894		—
Unaffiliated Fund		1,057,289				—		—
Total	$	4,193,235			$	68,175,922		$—
Other Financial Instruments*
Assets
Futures Contracts	$	44,032			$	—		$—
Liabilities
Futures Contracts	$	(112,206	)		$	—		$—

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2022 were as follows:

Pharmaceuticals	8.0	%
Banks	8.0
Insurance	4.4
Oil, Gas & Consumable Fuels	3.7
Metals & Mining	3.6
Chemicals	3.3
Food Products	3.3
Automobiles	3.0
Machinery	2.8
Semiconductors & Semiconductor Equipment	2.7
Exchange-Traded Fund	2.5
Textiles, Apparel & Luxury Goods	2.5
Capital Markets	2.4
Technology Hardware, Storage & Peripherals	2.0
Affiliated Mutual Fund (1.8% represents investments purchased with collateral from securities on loan)	1.8

Beverages	1.8	%
Electric Utilities	1.8
Diversified Telecommunication Services	1.7
Health Care Equipment & Supplies	1.7
Equity Real Estate Investment Trusts (REITs)	1.7
Trading Companies & Distributors	1.6
Real Estate Management & Development	1.6
Personal Products	1.6
Electronic Equipment, Instruments & Components	1.5
Electrical Equipment	1.5
Unaffiliated Fund	1.4
IT Services	1.4
Professional Services	1.4
Industrial Conglomerates	1.4
Food & Staples Retailing	1.3
Hotels, Restaurants & Leisure	1.3
Software	1.2

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    51

Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

Industry Classification (continued):

Household Durables	1.2	%
Aerospace & Defense	1.1
Wireless Telecommunication Services	1.1
Biotechnology	0.9
Building Products	0.9
Tobacco	0.9
Auto Components	0.8
Construction & Engineering	0.8
Diversified Financial Services	0.8
Entertainment	0.8
Multi-Utilities	0.7
Road & Rail	0.7
Specialty Retail	0.6
Air Freight & Logistics	0.6
Household Products	0.6
Interactive Media & Services	0.6
Transportation Infrastructure	0.5
Life Sciences Tools & Services	0.5
Construction Materials	0.5
Media	0.5
Marine	0.5
Health Care Providers & Services	0.4
Internet & Direct Marketing Retail	0.4
Multiline Retail	0.4

Commercial Services & Supplies	0.4	%
Gas Utilities	0.4
Paper & Forest Products	0.3
Communications Equipment	0.3
Containers & Packaging	0.3
Independent Power & Renewable Electricity Producers	0.3
U.S. Treasury Obligation	0.3
Leisure Products	0.2
Airlines	0.2
Water Utilities	0.1
Health Care Technology	0.1
Energy Equipment & Services	0.1
Consumer Finance	0.0	*
Diversified Consumer Services	0.0	*
Distributors	0.0	*
	99.7
Other assets in excess of liabilities	0.3
	100.0	%

* Less than +/- 0.05%

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

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

Fair values of derivative instruments as of April 30, 2022 as presented in the Statement of Assets and Liabilities:

	Asset Derivatives				Liability Derivatives
Derivatives not accounted for as hedging instruments, carried at fair value	Statement of Assets and Liabilities Location	Fair Value			Statement of Assets and Liabilities Location	Fair Value
Equity contracts	Due from/to broker-variation margin futures	$	44,032	*	Due from/to broker-variation margin futures	$	112,206	*

See Notes to Financial Statements.

52

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

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2022 are as follows:

Amount of Realized Gain (Loss) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(136,669	)

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	(67,915	)

For the six months ended April 30, 2022, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$2,042,675

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2022.

(1) Notional Amount in USD.

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

The Fund entered into financial instruments/transactions during the reporting period that are either offset in accordance with current requirements or are subject to enforceable master netting arrangements or similar agreements that permit offsetting. The information about offsetting and related netting arrangements for financial instruments/transactions where the legal right to set-off exists is presented in the summary below.

Offsetting of financial instrument/transaction assets and liabilities:

Description	Gross Market Value of Recognized Assets/(Liabilities)	Collateral Pledged/(Received)(1)	Net  Amount
Securities on Loan	$1,278,832	$(1,278,832)	$—

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

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    53

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2022

Assets
Investments at value, including securities on loan of $1,278,832:
Unaffiliated investments (cost $61,405,969)	$	71,048,812
Affiliated investments (cost $1,320,345)		1,320,345
Foreign currency, at value (cost $608,990)		586,366
Receivable for Fund shares sold		806,307
Dividends and interest receivable		281,273
Tax reclaim receivable		189,906
Due from Manager		4,990
Prepaid expenses and other assets		16,961
Total Assets		74,254,960
Liabilities
Payable to broker for collateral for securities on loan		1,320,006
Payable for Fund shares purchased		234,536
Accrued expenses and other liabilities		117,294
Due to broker—variation margin futures		11,589
Trustees’ fees payable		882
Affiliated transfer agent fee payable		111
Total Liabilities		1,684,418
Net Assets	$	72,570,542
Net assets were comprised of:
Shares of beneficial interest, at par	$	5,865
Paid-in capital in excess of par		65,446,974
Total distributable earnings (loss)		7,117,703
Net assets, April 30, 2022	$	72,570,542
Class R6
Net asset value, offering price and redemption price per share, ($72,570,542 ÷ 5,864,777 shares of beneficial interest issued and outstanding)	$	12.37

See Notes to Financial Statements.

54

Statement of Operations  (unaudited)

Six Months Ended April 30, 2022

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $116,212 foreign withholding tax)	$	1,081,925
Income from securities lending, net (including affiliated income of $317)		592
Affiliated dividend income		263
Total income		1,082,780
Expenses
Management fee		99,703
Custodian and accounting fees		76,130
Pricing fees		24,970
Fund data services		23,359
Audit fee		16,017
Legal fees and expenses		9,998
Trustees’ fees		5,528
Shareholders’ reports		5,138
SEC registration fees		951
Transfer agent’s fees and expenses (including affiliated expense of $269)		277
Registration fees		124
Miscellaneous		3,497
Total expenses		265,692
Less: Fee waiver and/or expense reimbursement		(145,421	)
Net expenses		120,271
Net investment income (loss)		962,509
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $(375))		(681,617	)
Futures transactions		(136,669	)
Foreign currency transactions		(52,808	)
		(871,094	)
Net change in unrealized appreciation (depreciation) on:
Investments		(10,691,070	)
Futures		(67,915	)
Foreign currencies		(46,001	)
		(10,804,986	)
Net gain (loss) on investment and foreign currency transactions		(11,676,080	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(10,713,571	)

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    55

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended April 30, 2022				Year Ended October 31, 2021
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	962,509			$	1,788,161
Net realized gain (loss) on investment and foreign currency transactions			(871,094	)			127,411
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			(10,804,986	)			20,015,390
Net increase (decrease) in net assets resulting from operations			(10,713,571	)			21,930,962
Dividends and Distributions
Distributions from distributable earnings Class R6			(2,691,266	)			(1,190,150	)
Fund share transactions
Net proceeds from shares sold			15,867,794				23,764,053
Net asset value of shares issued in reinvestment of dividends and distributions			2,691,266				1,190,150
Cost of shares purchased			(14,195,459	)			(30,245,554	)
Net increase (decrease) in net assets from Fund share transactions			4,363,601				(5,291,351	)
Total increase (decrease)			(9,041,236	)			15,449,461
Net Assets:
Beginning of period			81,611,778				66,162,317
End of period		$	72,570,542			$	81,611,778

See Notes to Financial Statements.

56

Financial Highlights  (unaudited)

	Six Months Ended April 30, 2022															November 17, 2016(a) through October 31, 2017
				Year Ended October 31,
				2021			2020			2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$14.73			$11.23			$12.16			$11.36			$12.55			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.31			0.22			0.32			0.32			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(2.05	)		3.40			(0.82	)		0.76			(1.20	)		2.30
Total from investment operations		(1.89	)		3.71			(0.60	)		1.08			(0.88	)		2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.42	)		(0.21	)		(0.33	)		(0.27	)		(0.23	)		(0.01	)
Distributions from net realized gains		(0.05	)		-			-			(0.01	)		(0.08	)		-
Total dividends and distributions		(0.47	)		(0.21	)		(0.33	)		(0.28	)		(0.31	)		(0.01	)
Net asset value, end of period		$12.37			$14.73			$11.23			$12.16			$11.36			$12.55
Total Return(c):		(13.19	)%		33.21	%		(5.21	)%		9.88	%		(7.22	)%		25.61	%
Ratios/Supplemental Data:
Net assets, end of period (000)		$72,571			$81,612			$66,162			$50,807			$41,429			$30,320
Average net assets (000)		$80,423			$82,645			$56,084			$45,226			$36,379			$20,731
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.30	%(e)		0.30	%		0.30	%		0.30	%		0.30	%		0.33	%(e)
Expenses before waivers and/or expense reimbursement		0.66	%(e)		0.69	%		0.95	%		1.12	%		1.49	%		2.61	%(e)
Net investment income (loss)		2.41	%(e)		2.16	%		1.93	%		2.83	%		2.56	%		2.39	%(e)
Portfolio turnover rate(f)		14	%		23	%		13	%		13	%		9	%		7	%

(a) Commencement of operations.

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

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

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

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    57

Notes to Financial Statements  (unaudited)

1. Organization

Prudential Investment Portfolios 2 (the “Registered Investment Company” or “RIC”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The RIC is organized as a Delaware Statutory Trust. These financial statements relate only to the PGIM Quant Solutions International Developed Markets Index Fund (formerly known as PGIM QMA International Developed Markets Index Fund) (the “Fund”), a series of the RIC. The Fund is classified as a diversified fund for purposes of the 1940 Act.

The investment objective of the Fund is to provide investment results that approximate the performance of the FTSE Developed Markets Ex-North America Net Index.

2. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the 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. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

For the fiscal reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur

58

when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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 Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield spreads, credit ratings, deal terms, tranche level attributes, default rates, cash flows, prepayment speeds, broker/dealer quotations and reported trades. Certain Level 3 securities are also

PGIM Quant Solutions International Developed Markets Index Fund    59

Notes to Financial Statements  (unaudited) (continued)

valued using the market approach when obtaining a single broker quote or when utilizing transaction prices for identical securities that have been used in excess of five business days. During the reporting period, there were no changes to report with respect to the valuation approach and/or valuation techniques discussed above.

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy. Altering one or more unobservable inputs may result in a significant change to a Level 3 security’s fair value measurement.

When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the Manager regarding the issuer or the markets or industry in which it operates. Using fair value to price securities may result in a value that is different from a security’s most recent closing price and from the price used by other unaffiliated mutual funds to calculate their net asset values.

Foreign Currency Translation: The books and records of the 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 exchange rate as of the valuation date;

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

Although the net assets of the 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 unrealized and realized foreign currency gains (losses) are included in the reported net change in unrealized appreciation (depreciation) on investments and net realized gains (losses) on investment transactions on the Statements of Operations.

60

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

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 by changes in prevailing interest 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. Since futures contracts are exchange-traded, 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.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of 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.

Securities Lending: The Fund lends 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

PGIM Quant Solutions International Developed Markets Index Fund    61

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

Dividends and Distributions: Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from GAAP, are recorded on the ex-date. Permanent book/tax differences relating to income and

62

gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate. The chart below sets forth the expected frequency of dividend and capital gains distributions to shareholders. Various factors may impact the frequency of dividend distributions to shareholders, including but not limited to adverse market conditions or portfolio holding-specific events.

Expected Distribution Schedule to Shareholders*	Frequency
Net Investment Income	Annually
Short-Term Capital Gains	Annually
Long-Term Capital Gains	Annually

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

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

3. Agreements

The Fund has a management agreement with the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the subadviser’s performance of such services.

The Manager has entered into a subadvisory agreement with PGIM Quantitative Solutions LLC (formerly known as QMA LLC) (“PGIM Quantitative Solutions” or the “subadviser”). The Manager pays for the services of PGIM Quantitative Solutions.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2022, the contractual and effective management fee rates were as follows:

Contractual Management Rate	Effective Management Fee, before any waivers   and/or expense reimbursements
0.25% of average daily net assets.	0.25%

The Manager has contractually agreed, through February 28, 2023, to limit total annual operating expenses after fee waivers and/or expense reimbursements. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without

PGIM Quant Solutions International Developed Markets Index Fund    63

Notes to Financial Statements  (unaudited) (continued)

exceeding the expense limit in effect at the time of the recoupment for that fiscal year. The expense limitations attributable to each class are as follows:

Class	Expense Limitations
R6	0.30%

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

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

4. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a fund of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

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 subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2022, no 17a-7 transactions were entered into by the Fund.

64

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2022, were as follows:

Cost of Purchases	Proceeds from Sales
$12,653,143	$10,823,674

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2022, is presented as follows:

Value, Beginning of Period	Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
Short-Term Investments - Affiliated Mutual Funds:
PGIM Core Ultra Short Bond Fund(1)(wa)
$827,948		$ 3,862,788		$ 4,690,736		$—		$   —		$            —		—		$263
PGIM Institutional Money Market Fund(1)(b)(wa)
—		11,166,578		9,845,858		—		(375)		1,320,345		1,321,402		317(2)
$827,948		$15,029,366		$14,536,594		$—		$(375)		$1,320,345				$580

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

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

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

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2022 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net         Unrealized   Appreciation
$65,328,974	$14,236,891	$(7,264,882)	$6,972,009

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended October 31, 2021 are subject to such review.

PGIM Quant Solutions International Developed Markets Index Fund    65

Notes to Financial Statements  (unaudited) (continued)

7. Capital and Ownership

The Fund offers Class R6 shares. Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

The RIC has authorized the Fund to issue an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share.

As of April 30, 2022, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Class	Number of Shares		Percentage of Outstanding Shares
R6		5,864,777	100.0%

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

	Number of Shareholders	Percentage of Outstanding Shares
Affiliated	8	91.8%
Unaffiliated	—	—

Transactions in shares of beneficial interest were as follows:

Share Class	Shares			Amount
Class R6
Six months ended April 30, 2022:
Shares sold		1,188,365		$	15,867,794
Shares issued in reinvestment of dividends and distributions		192,233			2,691,266
Shares purchased		(1,055,158	)		(14,195,459	)
Net increase (decrease) in shares outstanding		325,440		$	4,363,601
Year ended October 31, 2021:
Shares sold		1,680,877		$	23,764,053
Shares issued in reinvestment of dividends and distributions		89,687			1,190,150
Shares purchased		(2,122,616	)		(30,245,554	)
Net increase (decrease) in shares outstanding		(352,052	)	$	(5,291,351	)

8. Borrowings

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

66

group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.

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

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

The Fund utilized the SCA during the reporting period ended April 30, 2022. The average daily balance for the 10 days that the Fund had loans outstanding during the period was approximately $1,268,500, borrowed at a weighted average interest rate of 1.65%. The maximum loan outstanding amount during the period was $3,368,000. At April 30, 2022, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

Country Risk: Changes in the business environment may adversely affect operating profits or the value of assets in a specific country. For example, financial factors such as currency controls, devaluation or regulatory changes or stability factors such as mass riots, civil war and other potential events may contribute to companies’ operational risks.

Currency Risk: The Fund’s net asset value could decline as a result of changes in exchange rates, which could adversely affect the Fund’s investments in currencies, or in securities that trade in, and receive revenues related to, currencies, or in derivatives that provide exposure to currencies. Certain foreign countries may impose restrictions on the ability of issuers of foreign securities to make payment of principal and interest or dividends to investors located outside the country, due to blockage of foreign currency exchanges or otherwise.

PGIM Quant Solutions International Developed Markets Index Fund    67

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

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

68

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

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

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

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

Geographic Concentration Risk: The Fund’s performance may be closely tied to the market, economic, political, regulatory or other conditions in the countries or regions in which the Fund invests. This can result in more pronounced risks based upon conditions that impact one or more countries or regions more or less than other countries or regions.

PGIM Quant Solutions International Developed Markets Index Fund    69

Notes to Financial Statements  (unaudited) (continued)

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

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

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

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

Market Disruption and Geopolitical Risks: Market disruption can be caused by economic, financial or political events and factors, including but not limited to, international wars or conflicts (including Russia’s military invasion of Ukraine), geopolitical developments

70

(including trading and tariff arrangements, sanctions and cybersecurity attacks), instability in regions such as Asia, Eastern Europe and the Middle East, terrorism, natural disasters and public health epidemics (including the outbreak of COVID-19 globally).

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

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

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

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

Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual

PGIM Quant Solutions International Developed Markets Index Fund    71

Notes to Financial Statements  (unaudited) (continued)

of distributions, tax gains or losses, changes to the Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

Value Style Risk: Since the Fund may invest significantly in value stocks or use a value investment style, there is the risk that value stocks or the value style may be out of favor for long periods of time, that the market will not recognize a security’s intrinsic value for a long time or at all, or that a stock judged to be undervalued may actually be appropriately priced or overvalued. Issuers of value stocks may have experienced adverse business developments or may be subject to special risks that have caused the stock to be out of favor. In addition, the Fund’s value investment style may go out of favor with investors, negatively affecting the Fund’s performance. If the Fund’s assessment of market conditions or a company’s value is inaccurate, the Fund could suffer losses or produce poor performance relative to other funds.

10. Recent Regulatory Developments

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

72

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

The Fund’s LRMP includes a number of processes designed to support the assessment and management of its liquidity risk. In particular, the Fund’s LRMP includes no less than annual assessments of factors that influence the Fund’s liquidity risk; no less than monthly classifications of the Fund’s investments into one of four liquidity classifications provided for in the Liquidity Rule; a 15% of net assets limit on the acquisition of “illiquid investments” (as defined under the Liquidity Rule); establishment of a minimum percentage of the Fund’s assets to be invested in investments classified as “highly liquid” (as defined under the Liquidity Rule) if the Fund does not invest primarily in highly liquid investments; and regular reporting to the Board.

At a meeting of the Board on March 1-3, 2022, PGIM Investments provided a written report (“LRMP Report”) to the Board addressing the operation, adequacy, and effectiveness of the Fund’s LRMP, including any material changes to the LRMP for the period from January 1, 2021 through December 31, 2021 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

There can be no assurance that the LRMP will achieve its objectives in the future. Additional information regarding risks of investing in the Fund, including liquidity risks presented by the Fund’s investment portfolio, is found in the Fund’s Prospectus and Statement of Additional Information.

PGIM Quant Solutions International Developed Markets Index Fund    73

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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
SUBADVISER	PGIM Quantitative Solutions 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	240 Greenwich Street New York, NY 10286
TRANSFER AGENT	Prudential Mutual Fund Services LLC	PO Box 9658 Providence, RI 02940
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017
FUND COUNSEL	Willkie Farr & Gallagher LLP	787 Seventh Avenue New York, NY 10019

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM Quant Solutions 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 that Trustee at the same address.

Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO HOLDINGS

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

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

PGIM QUANT SOLUTIONS INTERNATIONAL DEVELOPED MARKETS INDEX FUND

SHARE CLASS	R6
NASDAQ	PQDMX
CUSIP	74440E607
MF243E2

Item 2 –	Code of Ethics — Not required, as this is not an annual filing.
Item 3 –	Audit Committee Financial Expert – Not required, as this is not an annual filing.
Item 4 –	Principal Accountant Fees and Services – Not required, as this is not an annual filing.
Item 5 –	Audit Committee of Listed Registrants – Not applicable.
Item 6 – Schedule of Investments – The schedule is included as part of the report to shareholders filed under Item 1 of this Form.
Item 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies – Not applicable.
Item 8 –	Portfolio Managers of Closed-End Management Investment Companies – Not applicable.
Item 9 –	Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers – Not applicable.

Item 10 –	Submission of Matters to a Vote of Security Holders – There have been no material changes to these procedures.
Item 11 –	Controls and Procedures

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

(b) There has been no significant change in the registrant’s internal control over financial reporting that occurred during the 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 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

(a)	(1)	Code of Ethics – Not required, as this is not an annual filing.
	(2)	Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto as Exhibit EX-99.CERT.
	(3)	Any written solicitation to purchase securities under Rule 23c-1. – Not applicable.

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

SIGNATURES

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

Registrant	Prudential Investment Portfolios 2
By:	/s/ Andrew R. French
	Andrew R. French
	Secretary
Date:	June 17, 2022

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

By:	/s/ Stuart S. Parker
	Stuart S. Parker
	President and Principal Executive Officer
Date:	June 17, 2022
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	June 17, 2022