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, 6th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 6th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	10/31/2023
Date of reporting period:	4/30/2023

Item 1 – Reports to Stockholders –

PGIM QUANT SOLUTIONS EMERGING MARKETS EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2023

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, 2023 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 LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser and Prudential Financial company. © 2023 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 Emerging Markets Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2023. Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Quant Solutions Emerging Markets Equity Fund

June 15, 2023

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. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.

	Total Returns as of 4/30/23	Average Annual Total Returns as of 4/30/23
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Fund	15.93	-5.27	-1.68	3.93 (11/29/2016)
MSCI Emerging Markets Index
	16.36	-6.51	-1.05	4.40

*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.

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

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, 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.

4    Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 4/30/23

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	5.8%
Tencent Holdings Ltd.	Interactive Media & Services	China	4.8%
Alibaba Group Holding Ltd.	Broadline Retail	China	2.8%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	2.8%
China Construction Bank Corp. (Class H Stock)	Banks	China	1.6%
Vale SA	Metals & Mining	Brazil	1.1%
BYD Co. Ltd. (Class H Stock)	Automobiles	China	1.1%
Meritz Financial Group, Inc.	Financial Services	South Korea	1.1%
NetEase, Inc., ADR	Entertainment	China	1.1%
ITC Ltd.	Tobacco	India	1.0%

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, 2023. 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 Emerging Markets Equity Fund		Beginning             Account Value              November 1, 2022	Ending Account Value         April 30,  2023	Annualized Expense Ratio Based on the              Six-Month Period	Expenses Paid During the     Six-Month Period*
Class R6	Actual	$1,000.00	$1,159.30	1.20%	$6.42
	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, 2023, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2023 (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

Schedule of Investments  (unaudited)

as of April 30, 2023

Description	Shares		Value
LONG-TERM INVESTMENTS    96.7%
COMMON STOCKS    94.1%
Brazil    4.4%
Banco Bradesco SA		8,801	$	21,739
Banco do Brasil SA		36,400		311,981
BB Seguridade Participacoes SA		3,600		24,547
Centrais Eletricas Brasileiras SA		5,800		39,199
CPFL Energia SA		28,700		189,826
Klabin SA, UTS		4,200		16,075
Petroleo Brasileiro SA		21,000		111,698
Suzano SA		25,200		200,325
Vale SA		29,432		424,975
WEG SA		35,800		294,063
				1,634,428
Chile    0.2%
Banco de Chile		257,372		27,403
Cencosud SA		7,630		15,548
Cia Sud Americana de Vapores SA		89,544		9,150
Empresas CMPC SA		6,270		9,826
				61,927
China    32.6%
3SBio, Inc., 144A		246,000		246,483
Agricultural Bank of China Ltd. (Class H Stock)		166,000		64,181
Airtac International Group		1,000		36,295
Alibaba Group Holding Ltd.*		100,000		1,057,363
Aluminum Corp. of China Ltd. (Class H Stock)		24,000		14,257
Anhui Conch Cement Co. Ltd. (Class H Stock)		7,000		22,103
Autohome, Inc., ADR		500		14,825
Avary Holding Shenzhen Co. Ltd. (Class A Stock)		13,800		52,165
Baidu, Inc., ADR*		1,600		192,976
Bank of Beijing Co. Ltd. (Class A Stock)		89,000		60,964
Bank of Chengdu Co. Ltd. (Class A Stock)		3,600		7,157
Bank of China Ltd. (Class H Stock)		366,000		146,165
Bank of Communications Co. Ltd. (Class H Stock)		48,000		31,003
Bank of Hangzhou Co. Ltd. (Class A Stock)		3,900		7,080
Bank of Jiangsu Co. Ltd. (Class A Stock)		59,100		65,872
Bank of Nanjing Co. Ltd. (Class A Stock)		41,900		57,019
Bank of Suzhou Co. Ltd. (Class A Stock)		55,500		60,302
Beijing Enterprises Holdings Ltd.		68,500		284,274
Beijing Wantai Biological Pharmacy Enterprise Co. Ltd. (Class A Stock)*		3,100		47,028
BYD Co. Ltd. (Class H Stock)		14,000		424,568

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    9

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
BYD Electronic International Co. Ltd.		4,000	$	12,131
C&D International Investment Group Ltd.		4,000		12,319
Canmax Technologies Co. Ltd. (Class A Stock)*		800		5,630
China CITIC Bank Corp. Ltd. (Class H Stock)		183,000		98,997
China Coal Energy Co. Ltd. (Class H Stock)		35,000		30,072
China Construction Bank Corp. (Class H Stock)		889,000		594,320
China Feihe Ltd., 144A		20,000		13,506
China Galaxy Securities Co. Ltd. (Class H Stock)		19,000		10,320
China Gas Holdings Ltd.		14,800		19,040
China Hongqiao Group Ltd.		13,000		12,805
China Medical System Holdings Ltd.		82,000		136,130
China Merchants Bank Co. Ltd. (Class H Stock)		57,000		275,146
China Minsheng Banking Corp. Ltd. (Class H Stock)		36,000		13,224
China Pacific Insurance Group Co. Ltd. (Class H Stock)		33,800		100,962
China Railway Signal & Communication Corp. Ltd. (Class A Stock)		72,384		68,224
China Resources Land Ltd.		64,000		298,032
China Resources Mixc Lifestyle Services Ltd., 144A		3,800		20,146
China Resources Pharmaceutical Group Ltd., 144A		10,000		9,934
China Tower Corp. Ltd. (Class H Stock), 144A		2,094,000		267,243
China Zheshang Bank Co. Ltd. (Class A Stock)*		137,700		61,282
Chongqing Rural Commercial Bank Co. Ltd. (Class A Stock)		79,100		44,234
Chongqing Zhifei Biological Products Co. Ltd. (Class A Stock)		600		7,064
CITIC Ltd.		225,000		282,441
CITIC Securities Co. Ltd. (Class H Stock)		12,000		25,267
CMOC Group Ltd. (Class H Stock)		21,000		12,873
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		3,069		102,713
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)		113,850		132,239
CSPC Pharmaceutical Group Ltd.		245,200		249,686
Daan Gene Co. Ltd. (Class A Stock)		3,200		7,205
Daqin Railway Co. Ltd. (Class A Stock)		7,200		8,011
Daqo New Energy Corp., ADR*		400		18,368
Dongyue Group Ltd.		9,000		9,159
East Buy Holding Ltd., 144A*		22,000		76,269
Foxconn Industrial Internet Co. Ltd. (Class A Stock)		16,000		37,280
GF Securities Co. Ltd. (Class H Stock)		6,400		9,191
Gree Electric Appliances, Inc. of Zhuhai (Class A Stock)		11,200		63,668
Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. (Class A Stock)		12,800		61,929
H World Group Ltd., ADR*		1,000		46,900
Haidilao International Holding Ltd., 144A*		6,000		14,669
Hangzhou Binjiang Real Estate Group Co. Ltd. (Class A Stock)		38,400		51,132
Henan Shenhuo Coal & Power Co. Ltd. (Class A Stock)		19,800		46,676
Hengan International Group Co. Ltd.		4,000		17,866

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Hengdian Group DMEGC Magnetics Co. Ltd. (Class A Stock)		19,200	$	52,757
Hua Hong Semiconductor Ltd., 144A*		4,000		16,436
Huatai Securities Co. Ltd. (Class H Stock), 144A		9,000		11,625
Huaxia Bank Co. Ltd. (Class A Stock)		78,300		65,196
Hubei Jumpcan Pharmaceutical Co. Ltd. (Class A Stock)		1,800		8,209
Hubei Xingfa Chemicals Group Co. Ltd. (Class A Stock)		1,700		6,082
Industrial & Commercial Bank of China Ltd. (Class H Stock)		307,000		165,167
Industrial Bank Co. Ltd. (Class A Stock)		6,800		16,941
Inner Mongolia Yitai Coal Co. Ltd. (Class B Stock)		4,700		6,971
iQIYI, Inc., ADR*		2,400		14,640
JD.com, Inc., ADR		700		25,004
Jiangsu Yanghe Brewery Joint-Stock Co. Ltd. (Class A Stock)		500		10,812
Jiangxi Copper Co. Ltd. (Class H Stock)		6,000		10,674
KE Holdings, Inc., ADR*		1,200		18,828
Kunlun Energy Co. Ltd.		278,000		257,708
Kweichow Moutai Co. Ltd. (Class A Stock)		200		50,920
Lenovo Group Ltd.		40,000		40,923
Longfor Group Holdings Ltd., 144A		22,500		61,571
LONGi Green Energy Technology Co. Ltd. (Class A Stock)		2,500		12,631
Luxi Chemical Group Co. Ltd. (Class A Stock)		3,500		6,066
Luxshare Precision Industry Co. Ltd. (Class A Stock)		2,400		9,078
Meituan (Class B Stock), 144A*		17,560		300,108
MINISO Group Holding Ltd., ADR		600		11,064
NetEase, Inc.		1,700		30,264
NetEase, Inc., ADR		4,500		401,085
New China Life Insurance Co. Ltd. (Class H Stock)		4,900		14,031
New Oriental Education & Technology Group, Inc.*		7,800		35,424
PDD Holdings, Inc., ADR*		5,600		381,640
People’s Insurance Co. Group of China Ltd. (The) (Class H Stock)		46,000		18,092
PetroChina Co. Ltd. (Class H Stock)		116,000		80,578
PICC Property & Casualty Co. Ltd. (Class H Stock)		250,000		302,365
Ping An Bank Co. Ltd. (Class A Stock)		34,800		63,198
Ping An Insurance Group Co. of China Ltd. (Class H Stock)		43,000		313,707
Qifu Technology, Inc., ADR		700		12,348
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		23,200		65,666
Shan Xi Hua Yang Group New Energy Co. Ltd. (Class A Stock)		25,500		51,667
Shanghai Pharmaceuticals Holding Co. Ltd. (Class H Stock)		4,200		8,539
Shanghai Pudong Development Bank Co. Ltd. (Class A Stock)		57,600		63,270
Shanghai Rural Commercial Bank Co. Ltd. (Class A Stock)		66,400		56,703
Shanxi Lu’an Environmental Energy Development Co. Ltd. (Class A Stock)		24,900		72,611
Shenzhen Inovance Technology Co. Ltd. (Class A Stock)		900		8,044

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Class A Stock)		400	$	18,045
Shimao Group Holdings Ltd.*^(a)		397,000		76,222
Sichuan Kelun Pharmaceutical Co. Ltd. (Class A Stock)		3,900		17,926
Sichuan Road & Bridge Group Co. Ltd. (Class A Stock)		36,800		84,315
Sinopharm Group Co. Ltd. (Class H Stock)		7,600		26,921
Tencent Holdings Ltd.		40,100		1,781,086
Tencent Music Entertainment Group, ADR*		30,500		226,005
Tongwei Co. Ltd. (Class A Stock)		10,300		59,391
TravelSky Technology Ltd. (Class H Stock)		6,000		11,977
Vipshop Holdings Ltd., ADR*		2,500		39,250
Weibo Corp., ADR*		400		7,004
Western Mining Co. Ltd. (Class A Stock)		4,400		8,382
WuXi AppTec Co. Ltd. (Class H Stock), 144A		1,500		13,192
Yankuang Energy Group Co. Ltd. (Class H Stock)		18,000		61,750
YTO Express Group Co. Ltd. (Class A Stock)		20,600		51,523
Yum China Holdings, Inc.		2,600		159,068
Zangge Mining Co. Ltd. (Class A Stock)		16,100		53,313
Zhejiang Jiuzhou Pharmaceutical Co. Ltd. (Class A Stock)		1,200		5,561
Zijin Mining Group Co. Ltd. (Class H Stock)		34,000		57,564
ZTE Corp. (Class H Stock)		4,400		14,171
				12,207,692
Colombia    0.0%
Bancolombia SA		1,330		10,192
Czech Republic    0.1%
CEZ A/S		910		48,854
Greece    1.1%
Eurobank Ergasias Services & Holdings SA*		32,990		46,646
JUMBO SA		10,121		233,183
Motor Oil Hellas Corinth Refineries SA		4,183		99,696
Mytilineos SA		569		16,508
National Bank of Greece SA*		3,171		16,594
				412,627
Hong Kong    0.1%
Orient Overseas International Ltd.		1,000		20,317
Sino Biopharmaceutical Ltd.		53,000		29,421
				49,738

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
India    11.6%
ABB India Ltd.		304	$	12,733
Aurobindo Pharma Ltd.		1,574		11,899
Axis Bank Ltd.		12,222		129,014
Bajaj Finance Ltd.		1,536		118,477
Bajaj Finserv Ltd.		2,100		34,936
Britannia Industries Ltd.		598		33,343
CG Power and Industrial Solutions Ltd.		3,582		13,566
Cipla Ltd.		2,785		30,985
Coal India Ltd.		37,198		106,321
Dr. Reddy’s Laboratories Ltd.		2,026		122,173
GAIL India Ltd.		156,883		206,214
HCL Technologies Ltd.		23,327		304,978
Hindalco Industries Ltd.		49,918		267,832
Hindustan Unilever Ltd.		4,791		144,208
Housing Development Finance Corp. Ltd.		1,602		54,583
ICICI Bank Ltd.		6,361		71,759
Indian Hotels Co. Ltd.		14,452		60,111
Indian Railway Catering & Tourism Corp. Ltd.		1,344		10,188
Indraprastha Gas Ltd.		1,764		10,714
Infosys Ltd.		1,595		24,609
Infosys Ltd., ADR		2,700		41,958
ITC Ltd.		74,325		387,587
Jindal Steel & Power Ltd.		35,070		250,939
JSW Steel Ltd.		4,100		36,480
Mahindra & Mahindra Ltd.		4,906		73,814
NTPC Ltd.		21,991		46,383
Reliance Industries Ltd.		8,949		265,760
Shriram Finance Ltd.		1,375		22,472
Siemens Ltd.		396		16,738
State Bank of India		10,100		71,724
Sun Pharmaceutical Industries Ltd.		24,647		298,134
Tata Consultancy Services Ltd.		5,116		202,270
Tata Elxsi Ltd.		2,128		173,646
Tata Steel Ltd.		111,790		148,208
Titan Co. Ltd.		1,936		62,725
Tube Investments of India Ltd.		296		9,391
UPL Ltd.		27,185		246,724
Varun Beverages Ltd.		1,276		22,615
Vedanta Ltd.		44,278		151,891
Wipro Ltd.		7,803		36,948
				4,335,050
Indonesia    2.9%
Adaro Energy Indonesia Tbk PT		1,083,800		232,003

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Indonesia (cont’d.)
Astra International Tbk PT		113,100	$	52,169
Bank Central Asia Tbk PT		285,800		176,868
Bank Mandiri Persero Tbk PT		952,200		336,603
Bank Negara Indonesia Persero Tbk PT		40,800		26,294
Indofood CBP Sukses Makmur Tbk PT		13,200		9,531
Indofood Sukses Makmur Tbk PT		303,900		133,768
Sumber Alfaria Trijaya Tbk PT		92,000		18,191
Telkom Indonesia Persero Tbk PT		280,800		81,333
Unilever Indonesia Tbk PT		40,500		12,165
				1,078,925
Kuwait    0.9%
Mabanee Co. KPSC		3,724		9,282
Mobile Telecommunications Co. KSCP		47,882		89,230
National Bank of Kuwait SAKP		78,063		256,282
				354,794
Malaysia    0.3%
CelcomDigi Bhd		17,600		17,382
Gamuda Bhd		11,200		10,433
IOI Corp. Bhd		12,800		10,994
Kuala Lumpur Kepong Bhd		6,200		29,946
MISC Bhd		7,600		12,455
PPB Group Bhd		3,500		12,761
Sime Darby Plantation Bhd		12,000		11,550
Telekom Malaysia Bhd		6,200		6,908
				112,429
Mexico    2.2%
Arca Continental SAB de CV		2,400		22,926
Banco del Bajio SA, 144A		65,400		215,048
Coca-Cola Femsa SAB de CV, UTS		17,880		148,096
Fibra Uno Administracion SA de CV, REIT		17,000		23,458
Gruma SAB de CV (Class B Stock)		1,170		18,373
Grupo Aeroportuario del Sureste SAB de CV (Class B Stock)		1,120		32,085
Grupo Financiero Banorte SAB de CV (Class O Stock)		14,000		121,332
Grupo Mexico SAB de CV (Class B Stock)		18,000		88,030
Kimberly-Clark de Mexico SAB de CV (Class A Stock)		8,500		19,213
Wal-Mart de Mexico SAB de CV		29,000		116,890
				805,451

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
Philippines    0.1%
Aboitiz Equity Ventures, Inc.		9,600	$	9,505
International Container Terminal Services, Inc.		5,760		22,589
Metropolitan Bank & Trust Co.		10,500		11,123
				43,217
Poland    0.2%
KGHM Polska Miedz SA		1,302		37,453
Powszechny Zaklad Ubezpieczen SA		3,206		29,536
				66,989
Qatar    0.9%
Commercial Bank PSQC (The)		18,834		30,542
Industries Qatar QSC		8,641		30,448
Ooredoo QPSC		90,082		245,139
Qatar Electricity & Water Co. QSC		2,502		11,502
Qatar Islamic Bank SAQ		2,812		13,898
				331,529
Russia    0.0%
Inter RAO UES PJSC^		202,400		—
LUKOIL PJSC^		2,762		—
Magnit PJSC*^		1,716		—
Magnit PJSC, GDR*^		3		—
PhosAgro PJSC^		232		—
PhosAgro PJSC, GDR^		4		—
PhosAgro PJSC, GDR*^		2		—
Rosneft Oil Co. PJSC^		5,856		—
Sberbank of Russia PJSC*^		55,364		—
Surgutneftegas PJSC^		38,400		—
				—
Saudi Arabia    1.9%
Bupa Arabia for Cooperative Insurance Co.		402		18,962
Dr. Sulaiman Al Habib Medical Services Group Co.		2,208		169,610
Elm Co.		138		16,366
Etihad Etisalat Co.		1,638		20,202
Mouwasat Medical Services Co.		275		18,175
Nahdi Medical Co.		210		10,091
SABIC Agri-Nutrients Co.		5,399		194,122
Sahara International Petrochemical Co.		1,794		18,706
Saudi Arabian Mining Co.*		4,862		90,952

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Saudi Arabia (cont’d.)
Saudi British Bank (The)		5,280	$	51,262
Saudi Telecom Co.		8,563		103,064
Savola Group (The)		1,485		12,649
				724,161
South Africa    2.6%
African Rainbow Minerals Ltd.		4,804		60,350
Anglo American Platinum Ltd.		288		17,075
Exxaro Resources Ltd.		1,326		13,933
FirstRand Ltd.		49,482		174,388
Impala Platinum Holdings Ltd.		4,223		41,114
Kumba Iron Ore Ltd.		351		8,535
Northam Platinum Holdings Ltd.*		1,885		18,456
Old Mutual Ltd.		27,166		17,280
OUTsurance Group Ltd.		68,590		130,687
Sanlam Ltd.		82,000		253,120
Sasol Ltd.		3,194		41,593
Sibanye Stillwater Ltd.		52,059		115,094
Standard Bank Group Ltd.		7,590		71,162
Woolworths Holdings Ltd.		5,552		19,768
				982,555
South Korea    13.3%
BGF retail Co. Ltd.		48		6,697
CJ CheilJedang Corp.		46		10,652
DB Insurance Co. Ltd.		2,200		138,295
Doosan Bobcat, Inc.		309		11,855
E-MART, Inc.		2,846		208,149
F&F Co. Ltd.		230		24,336
GS Holdings Corp.		5,345		158,808
Hana Financial Group, Inc.		6,999		219,934
Hankook Tire & Technology Co. Ltd.		1,688		43,596
Hanmi Pharm Co. Ltd.		39		9,433
HD Hyundai Co. Ltd.		272		12,061
HYBE Co. Ltd.*		105		21,233
Hyundai Engineering & Construction Co. Ltd.		3,917		120,517
Hyundai Mobis Co. Ltd.		1,722		280,445
Hyundai Motor Co.		2,353		348,548
Hyundai Steel Co.		437		11,949
Industrial Bank of Korea		21,517		162,040
Kia Corp.		5,744		363,787
Korea Aerospace Industries Ltd.		399		16,389
Korea Investment Holdings Co. Ltd.		240		9,919

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
KT&G Corp.		3,655	$	234,218
LG Electronics, Inc.		2,616		214,820
LG Energy Solution Ltd.*		167		72,785
LG Uplus Corp.		3,365		27,756
Meritz Financial Group, Inc.*		11,739		404,074
Orion Corp.		135		14,636
POSCO Holdings, Inc.		406		114,900
Samsung C&T Corp.		455		37,367
Samsung Electronics Co. Ltd.		21,195		1,042,881
Samsung Engineering Co. Ltd.*		9,166		200,067
Samsung Fire & Marine Insurance Co. Ltd.		324		54,505
Samsung Life Insurance Co. Ltd.		465		23,053
Samsung SDI Co. Ltd.		72		37,366
Samsung Securities Co. Ltd.		336		8,529
Shinhan Financial Group Co. Ltd.		2,622		68,645
Woori Financial Group, Inc.		28,646		251,949
				4,986,194
Taiwan    13.7%
Accton Technology Corp.		26,000		253,992
Acer, Inc.		17,000		16,769
Advantech Co. Ltd.		3,000		36,324
ASE Technology Holding Co. Ltd.		18,000		59,176
Catcher Technology Co. Ltd.		4,000		23,596
Chunghwa Telecom Co. Ltd.		21,000		86,895
Delta Electronics, Inc.		35,000		342,859
Eclat Textile Co. Ltd.		1,000		15,925
Eva Airways Corp.		15,000		13,153
Evergreen Marine Corp. Taiwan Ltd.		24,000		126,756
Feng TAY Enterprise Co. Ltd.		18,000		111,983
Globalwafers Co. Ltd.		15,000		235,743
Hon Hai Precision Industry Co. Ltd.		20,000		68,151
Inventec Corp.		15,000		16,180
Largan Precision Co. Ltd.		1,000		65,662
Micro-Star International Co. Ltd.		4,000		19,012
momo.com, Inc.		1,000		27,096
Nien Made Enterprise Co. Ltd.		1,000		11,010
Novatek Microelectronics Corp.		22,000		300,765
Pegatron Corp.		11,000		25,104
Pou Chen Corp.		13,000		13,467
Quanta Computer, Inc.		15,000		42,001
Taiwan Semiconductor Manufacturing Co. Ltd.		133,000		2,177,954
Unimicron Technology Corp.		7,000		33,259
United Microelectronics Corp.		219,000		352,230

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Taiwan (cont’d.)
Voltronic Power Technology Corp.		1,000	$	57,500
Wan Hai Lines Ltd.		9,060		19,262
Wiwynn Corp.		8,000		304,453
Yageo Corp.		2,000		32,422
Yang Ming Marine Transport Corp.		8,000		16,504
Zhen Ding Technology Holding Ltd.		62,000		225,866
				5,131,069
Thailand    1.0%
Advanced Info Service PCL		6,800		42,693
Bangkok Dusit Medical Services PCL		58,400		50,170
Berli Jucker PCL		7,200		8,248
Bumrungrad Hospital PCL		2,600		18,157
Central Pattana PCL		11,100		22,182
Central Retail Corp. PCL		9,600		12,630
Delta Electronics Thailand PCL		17,500		37,455
Indorama Ventures PCL		9,900		9,890
Krung Thai Bank PCL		20,800		10,996
Land & Houses PCL		305,300		87,765
Minor International PCL		18,200		16,857
PTT Exploration & Production PCL		7,600		33,068
Thai Union Group PCL		17,600		7,122
				357,233
Turkey    1.7%
Haci Omer Sabanci Holding A/S		56,471		111,007
KOC Holding A/S		56,992		221,880
Turk Hava Yollari AO*		13,045		85,789
Turkcell Iletisim Hizmetleri A/S		51,426		87,606
Turkiye Is Bankasi A/S (Class C Stock)		143,279		79,865
Turkiye Petrol Rafinerileri A/S		5,642		19,267
Turkiye Sise ve Cam Fabrikalari A/S		7,680		14,570
Yapi ve Kredi Bankasi A/S		16,752		8,173
				628,157
United Arab Emirates    1.7%
Abu Dhabi Islamic Bank PJSC		8,118		25,150
Abu Dhabi National Oil Co. for Distribution PJSC		69,762		83,453
Emaar Properties PJSC		144,608		234,447
Emirates NBD Bank PJSC		72,490		278,818
				621,868

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
United States    0.6%
JBS SA		65,600	$	234,107
TOTAL COMMON STOCKS (cost $32,412,324)				35,219,186
PREFERRED STOCKS    2.6%
Brazil    1.8%
Cia Energetica de Minas Gerais (PRFC)		112,298		277,154
Gerdau SA (PRFC)		45,045		226,950
Petroleo Brasileiro SA (PRFC)		36,100		171,171
				675,275
Chile    0.2%
Sociedad Quimica y Minera de Chile SA (PRFC B)		819		55,445
Colombia    0.0%
Bancolombia SA (PRFC)		2,415		14,959
Russia    0.0%
Surgutneftegas PJSC (PRFC)^		38,200		—
South Korea    0.6%
Hyundai Motor Co. (2nd PRFC)		200		16,591
Hyundai Motor Co. (PRFC)		128		10,159
LG Chem Ltd. (PRFC)		42		12,291
Samsung Electronics Co. Ltd. (PRFC)		4,494		187,871
				226,912
TOTAL PREFERRED STOCKS
(cost $836,400)				972,591
TOTAL LONG-TERM INVESTMENTS
(cost $33,248,724)				36,191,777
SHORT-TERM INVESTMENTS 3.0%
AFFILIATED MUTUAL FUNDS 2.8%
PGIM Core Government Money Market Fund(wi)		798,559		798,559

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description						Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $239,058; includes $238,112 of cash collateral for securities on loan)(b)(wi)							239,134	$	238,990
TOTAL AFFILIATED MUTUAL FUNDS
(cost $1,037,617)									1,037,549
		Interest      Rate		Maturity      Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)    0.2%
U.S. Treasury Bills (cost $99,431)	��		4.603%		06/15/23		100		99,410
TOTAL SHORT-TERM INVESTMENTS
(cost $1,137,048)									1,136,959
TOTAL INVESTMENTS    99.7%
(cost $34,385,772)									37,328,736
Other assets in excess of liabilities(z)    0.3%									99,893
NET ASSETS    100.0%								$	37,428,629

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

MSC—Morgan Stanley & Co. LLC

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

REITs—Real Estate Investment Trust

SOFR—Secured Overnight Financing Rate

UTS—Unit Trust Security

* 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 $76,222 and 0.2% 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 $223,480; cash collateral of $238,112 (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.

See Notes to Financial Statements.

20

(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.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market 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, 2023:

Number     of Contracts	Type	Expiration Date	Current Notional Amount		Value / Unrealized Appreciation (Depreciation)
Long Position:
23	Mini MSCI Emerging Markets Index	Jun. 2023	$	1,131,830		$	29,281

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
MSC		$	—		$	99,410

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, 2023 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	1,634,428	$	—	$	—
Chile		61,927		—		—
China		1,569,005		10,562,465		76,222
Colombia		10,192		—		—
Czech Republic		—		48,854		—
Greece		—		412,627		—
Hong Kong		—		49,738		—
India		41,958		4,293,092		—

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    21

Schedule of Investments (unaudited) (continued)

as of April 30, 2023

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Indonesia	$	—	$	1,078,925	$	—
Kuwait		—		354,794		—
Malaysia		—		112,429		—
Mexico		805,451		—		—
Philippines		—		43,217		—
Poland		—		66,989		—
Qatar		—		331,529		—
Russia		—		—		—	**
Saudi Arabia		—		724,161		—
South Africa		—		982,555		—
South Korea		—		4,986,194		—
Taiwan		—		5,131,069		—
Thailand		—		357,233		—
Turkey		—		628,157		—
United Arab Emirates		—		621,868		—
United States		234,107		—		—
Preferred Stocks
Brazil		675,275		—		—
Chile		55,445		—		—
Colombia		14,959		—		—
Russia		—		—		—	**
South Korea		—		226,912		—
Short-Term Investments
Affiliated Mutual Funds		1,037,549		—		—
U.S. Treasury Obligation		—		99,410		—
Total	$	6,140,296	$	31,112,218	$	76,222
Other Financial Instruments*
Assets
Futures Contracts	$	29,281	$	—	$	—

* 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.

** Includes Level 3 investments with an aggregate value of $0.

See Notes to Financial Statements.

22

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, 2023 were as follows:

Banks	14.0	%
Semiconductors & Semiconductor Equipment	8.6
Metals & Mining	6.1
Interactive Media & Services	5.3
Technology Hardware, Storage & Peripherals	4.7
Broadline Retail	4.2
Oil, Gas & Consumable Fuels	3.9
Insurance	3.8
Automobiles	3.5
Electronic Equipment, Instruments & Components	2.8
Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan)	2.8
Pharmaceuticals	2.5
Real Estate Management & Development	2.4
Diversified Telecommunication Services	2.2
Industrial Conglomerates	2.1
Gas Utilities	2.1
Entertainment	1.9
Financial Services	1.8
Chemicals	1.8
IT Services	1.7
Tobacco	1.7
Hotels, Restaurants & Leisure	1.6
Electrical Equipment	1.5
Food Products	1.5
Electric Utilities	1.4
Construction & Engineering	1.1
Consumer Staples Distribution & Retail	1.0
Health Care Providers & Services	0.9
Marine Transportation	0.9
Automobile Components	0.9
Specialty Retail	0.8
Biotechnology	0.8
Household Durables	0.8
Communications Equipment	0.8
Wireless Telecommunication Services	0.7
Beverages	0.7
Textiles, Apparel & Luxury Goods	0.6
Paper & Forest Products	0.6
Software	0.5
Personal Care Products	0.4
Consumer Finance	0.4

Diversified Consumer Services	0.3	%
Passenger Airlines	0.3
U.S. Treasury Obligation	0.2
Capital Markets	0.2
Machinery	0.2
Transportation Infrastructure	0.1
Air Freight & Logistics	0.1
Independent Power & Renewable Electricity Producers	0.1
Household Products	0.1
Diversified REITs	0.1
Construction Materials	0.1
Health Care Equipment & Supplies	0.1
Aerospace & Defense	0.0	*
Containers & Packaging	0.0	*
Life Sciences Tools & Services	0.0	*
Multi-Utilities	0.0	*
Commercial Services & Supplies	0.0	*
Ground Transportation	0.0	*
	99.7
Other assets in excess of liabilities	0.3
	100.0	%

* Less than 0.05%

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

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, 2023 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		$29,281	*	—	$	—

* 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, 2023 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	$	14,282

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	184,990

For the six months ended April 30, 2023, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$1,130,190

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2023.

(1) Notional Amount in USD.

See Notes to Financial Statements.

24

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	$223,480	$(223,480)	$—

(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 Emerging Markets Equity Fund    25

Statement of Assets and Liabilities  (unaudited)

as of April 30, 2023

Assets
Investments at value, including securities on loan of $223,480:
Unaffiliated investments (cost $33,348,155)		$	36,291,187
Affiliated investments (cost $1,037,617)			1,037,549
Foreign currency, at value (cost $154,361)			154,362
Receivable for Fund shares sold			226,146
Dividends receivable			98,149
Due from broker—variation margin futures			5,750
Tax reclaim receivable			3,419
Prepaid expenses and other assets			2,473
Total Assets			37,819,035
Liabilities
Payable to broker for collateral for securities on loan			238,112
Custodian and accounting fees payable			54,277
Professional fees payable			21,511
Accrued expenses and other liabilities			16,997
Audit fees payable			16,018
Management fee payable			12,588
Foreign capital gains tax liability accrued			11,403
Payable for Fund shares purchased			10,123
Shareholders’ reports fee payable			4,595
Fund data services fees			2,186
Pricing fee payable			1,723
Trustees’ fees payable			815
Affiliated transfer agent fee payable			58
Total Liabilities			390,406
Net Assets		$	37,428,629
Net assets were comprised of:
Paid-in capital	��	$	38,138,178
Total distributable earnings (loss)			(709,549	)
Net assets, April 30, 2023		$	37,428,629
Class R6
Net asset value, offering price and redemption price per share, ($37,428,629 ÷ 3,594,770 shares of beneficial interest issued and outstanding)		$	10.41

See Notes to Financial Statements.

26

Statement of Operations  (unaudited)

Six Months Ended April 30, 2023

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $89,496 foreign withholding tax)	$	589,864
Affiliated dividend income		6,238
Income from securities lending, net (including affiliated income of $3,172)		3,616
Interest income		2,835
Total income		602,553
Expenses
Management fee		137,341
Custodian and accounting fees		62,241
Professional fees		38,023
Audit fee		16,017
Shareholders’ reports		8,055
Fund data services		5,526
Pricing fees		5,031
Trustees’ fees		5,011
Transfer agent’s fees and expenses (including affiliated expense of $274)		274
Registration fees		110
Miscellaneous		13,574
Total expenses		291,203
Less: Fee waiver and/or expense reimbursement		(71,457	)
Net expenses		219,746
Net investment income (loss)		382,807
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $67) (net of foreign capital gains taxes $4,423)		(551,120	)
Futures transactions		14,282
Foreign currency transactions		(9,312	)
		(546,150	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $(68)) (net of change in foreign capital gains taxes $25,587)		5,125,933
Futures		184,990
Foreign currencies		(1,410	)
		5,309,513
Net gain (loss) on investment and foreign currency transactions		4,763,363
Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,146,170

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    27

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended April 30, 2023			Year Ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	382,807		$	1,275,369
Net realized gain (loss) on investment and foreign currency transactions		(546,150	)		(3,146,395	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		5,309,513			(8,411,138	)
Net increase (decrease) in net assets resulting from operations		5,146,170			(10,282,164	)
Dividends and Distributions
Distributions from distributable earnings
Class R6		(1,391,984	)		(1,396,789	)
Fund share transactions
Net proceeds from shares sold (239,601 and 615,309 shares, respectively)		2,444,802			6,975,346
Net asset value of shares issued in reinvestment of dividends and distributions (136,737 and 113,009 shares, respectively)		1,391,984			1,396,789
Cost of shares purchased (226,699 and 547,267 shares, respectively)		(2,343,381	)		(6,404,812	)
Net increase (decrease) in net assets from Fund share transactions		1,493,405			1,967,323
Total increase (decrease)		5,247,591			(9,711,630	)
Net Assets:
Beginning of period		32,181,038			41,892,668
End of period	$	37,428,629		$	32,181,038

See Notes to Financial Statements.

28

Financial Highlights  (unaudited)

Class R6 Shares
	Six Months Ended April 30, 2023			Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$9.34			$12.83			$11.61			$11.14			$10.84			$13.21
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.38			0.29			0.18			0.19			0.20
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.37			(3.45	)		1.11			0.53			0.43			(1.71	)
Total from investment operations		1.48			(3.07	)		1.40			0.71			0.62			(1.51	)
Less Dividends and Distributions:
Dividends from net investment income		(0.41	)		(0.35	)		(0.18	)		(0.24	)		(0.21	)		(0.17	)
Distributions from net realized gains		-			(0.07	)		-			-			(0.11	)		(0.69	)
Total dividends and distributions		(0.41	)		(0.42	)		(0.18	)		(0.24	)		(0.32	)		(0.86	)
Net asset value, end of period		$10.41			$9.34			$12.83			$11.61			$11.14			$10.84
Total Return(b):		15.93	%		(24.71	)%		12.08	%		6.42	%		5.82	%		(12.31	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$37,429		$	32,181		$	41,893		$	36,054		$	29,804		$	27,145
Average net assets (000)		$36,928		$	38,004		$	45,007		$	32,007		$	28,694		$	29,759
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.20	%(d)		1.20	%		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.59	%(d)		1.54	%		1.42	%		1.53	%		1.70	%		1.54	%
Net investment income (loss)		2.09	%(d)		3.36	%		2.15	%		1.66	%		1.71	%		1.56	%
Portfolio turnover rate(e)		44	%		101	%		108	%		106	%		117	%		118	%

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

(b) 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.

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions Emerging Markets Equity Fund    29

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 (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 approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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.

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

30

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 valued using the market approach when obtaining a single broker quote or when utilizing

PGIM Quant Solutions Emerging Markets Equity Fund    31

Notes to Financial Statements  (unaudited) (continued)

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 policies and procedures 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 Valuation Designee 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.

32

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 Emerging Markets Equity Fund    33

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 open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

34

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, 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 which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative 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.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2023, 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%

PGIM Quant Solutions Emerging Markets Equity Fund    35

Notes to Financial Statements  (unaudited) (continued)

The Manager has contractually agreed, through February 29, 2024, 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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 the 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 and shareholder servicing 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 Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the 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.

36

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, 2023, 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, 2023, were as follows:

Cost of Purchases	Proceeds from Sales
$16,410,155	$15,674,842

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2023, 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 Government Money Market Fund(1)(wi)
$        —	$2,336,343		$1,537,784		$—		$—		$798,559		798,559	$6,238
PGIM Institutional Money Market Fund(1)(b)(wi)
238,749	333,566		333,324		(68)		67		238,990		239,134	3,172(2)
$238,749	$2,669,909		$1,871,108		$(68)		$67		$1,037,549			$9,410

(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.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market 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, 2023 were as follows:

Tax Basis	Gross Unrealized                     Appreciation	Gross Unrealized                     Depreciation	Net          Unrealized   Appreciation
$34,801,791	$5,049,239	$(2,493,013)	$2,556,226

PGIM Quant Solutions Emerging Markets Equity Fund    37

Notes to Financial Statements  (unaudited) (continued)

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2022 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$3,052,000	$—

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, 2022 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, 2023, 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	3,594,770	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	4	86.0%
Unaffiliated	—	—

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

38

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	9/30/2022 - 9/28/2023
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1) the effective federal funds rate, (2) the daily SOFR rate plus 0.10% 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 did not utilize the SCA during the reporting period ended April 30, 2023.

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

PGIM Quant Solutions Emerging Markets Equity Fund    39

Notes to Financial Statements (unaudited) (continued)

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, or otherwise reduce inflation may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. 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 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

40

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.

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

PGIM Quant Solutions Emerging Markets Equity Fund    41

Notes to Financial Statements  (unaudited) (continued)

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.

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

Management Risk: Actively managed funds are subject to management risk. The subadviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but the subadviser’s judgments about the attractiveness, value or market trends affecting a particular security, industry or sector or about market movements may be

42

incorrect. Additionally, the investments selected for the Fund may underperform the markets in general, the Fund’s benchmark and other funds with similar investment objectives.

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

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

COVID-19 and the related governmental and public responses have had, and future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may 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

PGIM Quant Solutions Emerging Markets Equity Fund    43

Notes to Financial Statements  (unaudited) (continued)

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.

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.

44

10. Recent Regulatory Developments

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Fund.

PGIM Quant Solutions Emerging Markets Equity Fund    45

Liquidity Risk Management Program

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 7-9, 2023, 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, 2022 through December 31, 2022 (“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.

Visit our website at pgim.com/investments

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

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, Chief Financial Officer · Claudia DiGiacomo, Chief Legal Officer · Drew Donohue, Chief Compliance Officer · Russ Shupak, Treasurer and Principal Accounting Officer · Kelly Florio, Anti-Money Laundering Compliance Officer · Andrew R. French, Secretary · Melissa Gonzalez, Assistant Secretary · Kelly A. Coyne, Assistant Secretary · Patrick E. McGuinness, Assistant Secretary · Debra Rubano, Assistant Secretary · Lana Lomuti, Assistant Treasurer · Elyse M. McLaughlin, Assistant Treasurer · Deborah Conway, Assistant Treasurer · Robert W. McCormack, 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 534432 Pittsburgh, PA 15253
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 and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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

SEMIANNUAL REPORT

APRIL 30, 2023

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, 2023 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 LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser and Prudential Financial company. © 2023 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, 2023. 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, 2023

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. An investor may obtain performance data as of the most recent month-end by visiting our website at pgim.com/investments or by calling (800) 225-1852.

	Total Returns as of 4/30/23	Average Annual Total Returns as of 4/30/23
	(without sales charges)	(with sales charges)
	Six Months* (%)	One Year (%)	Five Years (%)	Since Inception (%)
Fund	23.86	8.34	3.30		6.71 (11/17/2016)
FTSE Developed Markets Ex-North America Net Index
	23.47	6.83	3.23		7.00

*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.

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

Benchmark Definition

FTSE Developed Markets Ex-North America Net Index—The FTSE Developed Markets Ex-North America Net Index is 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.

4    Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 4/30/23

Ten Largest Holdings	Line of Business	Country	% of Net Assets
Nestle SA	Food Products	United States	1.9%
iShares MSCI EAFE ETF	Exchange Traded Funds	United States	1.7%
Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	1.4%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	1.4%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	1.3%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	1.3%
Roche Holding AG	Pharmaceuticals	United States	1.2%
AstraZeneca plc	Pharmaceuticals	United Kingdom	1.2%
Shell plc	Oil, Gas & Consumable Fuels	Netherlands	1.2%
Novartis AG	Pharmaceuticals	Switzerland	1.1%

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, 2023. 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, 2022	Ending     Account Value       April  30, 2023	Annualized Expense     Ratio Based on the       Six-Month Period	Expenses Paid During the     Six-Month Period*
Class R6     Actual	$1,000.00	$1,238.60	0.31%	$1.71
Hypothetical	$1,000.00	$1,023.26	0.31%	$1.55

*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, 2023, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2023 (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, 2023

Description	Shares		Value
LONG-TERM INVESTMENTS    98.6%
COMMON STOCKS    96.3%
Australia    7.5%
Adbri Ltd.		1,446	$	1,527
AGL Energy Ltd.		2,235		12,304
Allkem Ltd.*		2,199		18,059
ALS Ltd.		1,851		16,155
Altium Ltd.		419		10,681
Alumina Ltd.		9,799		9,945
AMP Ltd.		11,757		8,889
Ampol Ltd.		902		17,997
Ansell Ltd.		481		8,559
ANZ Group Holdings Ltd.		11,068		179,725
APA Group, UTS		4,406		30,082
Aristocrat Leisure Ltd.		2,461		62,252
ASX Ltd.		722		32,858
Atlas Arteria Ltd., UTS		5,500		23,913
Aurizon Holdings Ltd.		6,820		15,506
Bank of Queensland Ltd.		2,425		9,364
Beach Energy Ltd.		7,103		6,991
Bendigo & Adelaide Bank Ltd.		2,137		12,303
BHP Group Ltd.		18,548		550,458
BlueScope Steel Ltd.		1,751		23,274
Boral Ltd.*		1,263		3,467
Brambles Ltd.		5,177		49,041
carsales.com Ltd.		1,345		21,329
Challenger Ltd.		2,510		10,100
Charter Hall Group, REIT		1,820		13,541
Cleanaway Waste Management Ltd.		8,163		13,146
Cochlear Ltd.		239		39,188
Coles Group Ltd.		4,742		57,284
Commonwealth Bank of Australia		6,229		412,211
Computershare Ltd.		2,027		30,174
CSR Ltd.		1,791		6,270
Deterra Royalties Ltd.		1,608		4,931
Dexus, REIT		4,079		21,141
Domain Holdings Australia Ltd.		938		2,092
Domino’s Pizza Enterprises Ltd.		229		7,708
Downer EDI Ltd.		2,521		5,964
EBOS Group Ltd.		599		16,438
Endeavour Group Ltd.		4,843		21,828
Evolution Mining Ltd.		6,539		15,419
Flight Centre Travel Group Ltd.*		536		7,039
Flutter Entertainment PLC*		650		130,259
Fortescue Metals Group Ltd.		5,864		82,047
Glencore PLC		46,540		274,709

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    9

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Australia (cont’d.)
Goodman Group, REIT		6,761	$	87,160
GPT Group (The), REIT		7,266		21,366
Harvey Norman Holdings Ltd.		2,351		5,646
IDP Education Ltd.		699		13,132
IGO Ltd.		2,319		21,355
Iluka Resources Ltd.		1,587		11,661
Incitec Pivot Ltd.		7,407		15,782
Insignia Financial Ltd.		2,463		4,889
Insurance Australia Group Ltd.		9,199		30,477
JB Hi-Fi Ltd.		416		12,312
Lendlease Corp. Ltd., UTS		2,595		12,888
Lottery Corp. Ltd. (The)		8,413		28,209
Lynas Rare Earths Ltd.*		3,395		14,581
Macquarie Group Ltd.		1,284		156,638
Magellan Financial Group Ltd.		531		2,878
Medibank Private Ltd.		10,161		24,047
Metcash Ltd.		3,744		9,703
Mineral Resources Ltd.		628		30,980
Mirvac Group, REIT		14,940		23,985
National Australia Bank Ltd.		11,630		223,891
New Hope Corp. Ltd.		889		3,143
Newcrest Mining Ltd.		3,304		63,089
NEXTDC Ltd.*		1,712		13,137
Northern Star Resources Ltd.		4,145		36,973
Nufarm Ltd.		1,263		4,696
Orica Ltd.		1,682		18,155
Origin Energy Ltd.		6,483		35,945
Orora Ltd.		3,409		7,791
OZ Minerals Ltd.		1,239		21,726
Perpetual Ltd.		418		6,831
Pilbara Minerals Ltd.		10,414		29,640
Platinum Asset Management Ltd.		2,149		2,511
Pro Medicus Ltd.		163		6,691
Qantas Airways Ltd.*		3,132		13,812
QBE Insurance Group Ltd.		5,530		56,549
Qube Holdings Ltd.		6,019		12,314
Ramsay Health Care Ltd.		652		28,037
REA Group Ltd.		190		17,869
Reece Ltd.		822		10,013
Region Re Ltd., REIT		4,499		7,362
Rio Tinto Ltd.		1,374		103,056
Rio Tinto PLC		4,011		254,989
Santos Ltd.		11,172		52,923
Scentre Group, REIT		19,132		36,716

See Notes to Financial Statements.

10

Description	Shares		Value
COMMON STOCKS (Continued)
Australia (cont’d.)
SEEK Ltd.		1,318	$	21,505
Seven Group Holdings Ltd.		528		8,340
Sonic Healthcare Ltd.		1,712		40,357
South32 Ltd.		17,129		48,419
Star Entertainment Group Ltd. (The)*		5,135		4,353
Steadfast Group Ltd.		3,820		15,060
Stockland, REIT		9,046		26,816
Suncorp Group Ltd.		4,656		38,766
Tabcorp Holdings Ltd.		8,373		5,840
Telstra Group Ltd.		15,243		44,223
TPG Telecom Ltd.		1,473		5,258
Transurban Group, UTS		11,456		114,254
Treasury Wine Estates Ltd.		2,695		24,964
Vicinity Ltd., REIT		14,498		20,268
Washington H Soul Pattinson & Co. Ltd.		981		20,536
Wesfarmers Ltd.		4,189		144,912
Westpac Banking Corp.		12,890		192,953
Whitehaven Coal Ltd.		2,751		13,201
WiseTech Global Ltd.		600		27,483
Woodside Energy Group Ltd.		6,993		158,674
Woolworths Group Ltd.		4,493		115,905
Worley Ltd.		1,413		14,197
Yancoal Australia Ltd.		623		2,303
				5,000,303
Austria    0.3%
ANDRITZ AG		267		17,341
Erste Group Bank AG		1,206		43,849
Mondi PLC		1,807		28,795
OMV AG		529		25,034
Raiffeisen Bank International AG*		482		7,404
Telekom Austria AG*		558		4,356
Verbund AG		251		22,354
voestalpine AG		428		14,840
				163,973
Belgium    0.8%
Ackermans & van Haaren NV		83		14,599
Ageas SA/NV		692		30,832
Anheuser-Busch InBev SA/NV		3,198		207,932
D’ieteren Group		85		16,005
Elia Group SA/NV		142		19,471
Groupe Bruxelles Lambert NV		371		33,298

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    11

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Belgium (cont’d.)
KBC Group NV		1,013	$	72,418
Lotus Bakeries NV		1		6,905
Proximus SADP		562		4,791
Sofina SA		57		13,087
Solvay SA		259		31,085
UCB SA		445		41,366
Umicore SA		765		25,112
Warehouses De Pauw CVA, REIT		566		16,924
				533,825
Brazil    0.0%
Yara International ASA		607		24,443
Burkina Faso    0.0%
Endeavour Mining PLC		684		17,688
Cambodia    0.0%
NagaCorp Ltd.*		4,705		3,815
Chile    0.0%
Antofagasta PLC		1,311		24,113
China    0.6%
AAC Technologies Holdings, Inc.*		2,200		4,651
BOC Aviation Ltd., 144A		800		6,341
BOC Hong Kong Holdings Ltd.		12,900		40,722
Budweiser Brewing Co. APAC Ltd., 144A		6,500		18,780
China Travel International Investment Hong Kong Ltd.*		8,000		1,707
Chow Tai Fook Jewellery Group Ltd.		6,400		12,853
ESR Group Ltd., 144A		8,000		12,505
HUTCHMED China Ltd.*		1,500		4,634
Kerry Logistics Network Ltd.		1,100		1,559
Lenovo Group Ltd.		27,000		27,623
MMG Ltd.*		6,000		2,195
Nexteer Automotive Group Ltd.		2,000		1,121
Prosus NV*		2,737		204,819
Shangri-La Asia Ltd.*		3,600		3,321
SITC International Holdings Co. Ltd.		4,000		7,399
Want Want China Holdings Ltd.		16,000		10,204
Wharf Holdings Ltd. (The)		3,000		6,860

See Notes to Financial Statements.

12

Description	Shares		Value
COMMON STOCKS (Continued)
China (cont’d.)
Wilmar International Ltd.		7,900	$	23,334
Xinyi Glass Holdings Ltd.		7,000		12,807
				403,435
Denmark    2.6%
AP Moller - Maersk A/S (Class A Stock)		10		17,872
AP Moller - Maersk A/S (Class B Stock)		17		30,728
Carlsberg A/S (Class B Stock)		338		55,938
Chr Hansen Holding A/S		383		29,809
Coloplast A/S (Class B Stock)		490		70,600
Danske Bank A/S*		2,453		51,843
Demant A/S*		376		16,114
DSV A/S		658		123,837
Genmab A/S*		241		99,042
H. Lundbeck A/S		988		5,231
H. Lundbeck A/S (Class A Stock)		247		1,244
Novo Nordisk A/S (Class B Stock)		5,765		959,034
Novozymes A/S (Class B Stock)		732		38,110
Orsted A/S, 144A		703		63,094
Pandora A/S		321		29,712
ROCKWOOL A/S (Class B Stock)		23		5,571
Royal Unibrew A/S		184		16,447
Tryg A/S		1,284		30,345
Vestas Wind Systems A/S*		3,719		102,907
				1,747,478
Finland    1.1%
Elisa OYJ		560		34,777
Fortum OYJ		1,609		24,032
Huhtamaki OYJ		350		12,616
Kesko OYJ (Class B Stock)		1,024		21,348
Kojamo OYJ		727		9,027
Kone OYJ (Class B Stock)		1,219		69,545
Metso Outotec OYJ		2,297		25,361
Neste OYJ		1,534		74,344
Nokia OYJ		20,858		88,253
Nordea Bank Abp		12,792		141,813
Orion OYJ (Class B Stock)		393		18,460
Sampo OYJ (Class A Stock)		1,725		87,483
Stora Enso OYJ (Class R Stock)		2,142		27,175
UPM-Kymmene OYJ		1,989		63,430

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    13

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Finland (cont’d.)
Valmet OYJ		632	$	21,382
Wartsila OYJ Abp		1,832		21,246
				740,292
France    9.3%
Accor SA*		690		24,479
Adevinta ASA*		1,063		8,188
Aeroports de Paris*		121		19,228
Air Liquide SA		1,883		338,733
Airbus SE		2,055		287,771
ALD SA, 144A		506		6,096
Alstom SA		1,129		28,377
Amundi SA, 144A		215		14,086
Arkema SA		240		23,746
AXA SA		6,916		225,739
BioMerieux		162		16,962
BNP Paribas SA		4,065		262,653
Bollore SE		3,746		25,306
Bouygues SA		785		28,746
Bureau Veritas SA		1,063		30,652
Capgemini SE		592		107,956
Carrefour SA		2,204		45,845
Cie de L’Odet SE		1		1,760
Cie de Saint-Gobain		1,690		97,842
Cie Generale des Etablissements Michelin SCA		2,582		82,230
Covivio SA, REIT		189		10,746
Credit Agricole SA		4,515		55,189
Danone SA		2,255		149,244
Dassault Aviation SA		88		17,197
Dassault Systemes SE		2,469		100,231
Edenred		928		60,296
Eiffage SA		275		32,732
Engie SA		6,144		98,330
EssilorLuxottica SA		1,101		217,976
Eurazeo SE		181		12,924
Gecina SA, REIT		194		21,597
Getlink SE		1,325		24,763
Hermes International		114		247,503
ICADE, REIT		121		5,683
Ipsen SA		132		16,007
JCDecaux SE*		282		6,243
Kering SA		265		169,697
Klepierre SA, REIT		706		17,883
La Francaise des Jeux SAEM, 144A		331		14,148

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
France (cont’d.)
Legrand SA		985	$	93,234
L’Oreal SA		908		433,949
LVMH Moet Hennessy Louis Vuitton SE		909		874,350
Neoen SA, 144A		230		6,905
Orange SA		7,066		91,970
Pernod Ricard SA		753		173,905
Publicis Groupe SA		835		68,267
Remy Cointreau SA		93		16,092
Renault SA*		716		26,594
Rexel SA		904		20,940
Safran SA		1,288		200,309
Sartorius Stedim Biotech		89		23,843
SCOR SE		565		14,614
SEB SA		113		12,957
Societe Generale SA		2,706		65,724
Sodexo SA		325		34,830
SOITEC*		92		13,589
Teleperformance		213		42,569
Thales SA		374		57,074
TotalEnergies SE		8,383		535,673
Ubisoft Entertainment SA*		357		10,456
Unibail-Rodamco-Westfield, REIT*		380		20,378
Valeo		911		17,789
Veolia Environnement SA		2,352		74,476
Vinci SA		1,830		226,355
Vivendi SE		2,626		28,845
Wendel SE		101		11,330
Worldline SA, 144A*		900		39,152
				6,190,953
Germany    7.2%
adidas AG		620		109,186
Allianz SE		1,482		372,140
BASF SE		3,387		175,190
Bayer AG		3,625		239,236
Bayerische Motoren Werke AG		1,173		131,475
Bechtle AG		306		14,232
Beiersdorf AG		372		51,942
Brenntag SE		572		46,621
Carl Zeiss Meditec AG		138		18,561
Commerzbank AG*		3,849		42,774
Continental AG		403		28,277
Covestro AG, 144A*		667		29,262
CTS Eventim AG & Co. KGaA*		222		14,626

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    15

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
Daimler Truck Holding AG*		1,568	$	51,811
Deutsche Bank AG		7,468		82,093
Deutsche Boerse AG		680		129,682
Deutsche Lufthansa AG*		2,251		24,198
Deutsche Post AG		3,580		172,197
Deutsche Telekom AG		12,478		300,867
Deutsche Wohnen SE		202		4,574
DWS Group GmbH & Co. KGaA, 144A		122		4,057
E.ON SE		8,193		108,375
Evonik Industries AG		720	��	15,715
Fielmann AG		95		4,921
Fraport AG Frankfurt Airport Services Worldwide*		133		7,163
Fresenius Medical Care AG & Co. KGaA		758		36,781
Fresenius SE & Co. KGaA		1,504		43,577
Fuchs Petrolub SE		125		4,060
GEA Group AG		610		28,690
Hannover Rueck SE		221		47,219
HeidelbergCement AG		535		40,522
Hella GmbH & Co. KGaA		91		7,696
HelloFresh SE*		609		16,353
Henkel AG & Co. KGaA		373		27,585
HOCHTIEF AG		71		5,943
Infineon Technologies AG		4,819		175,492
KION Group AG		268		11,115
Knorr-Bremse AG		249		17,453
LANXESS AG		326		13,283
LEG Immobilien SE		279		17,366
Mercedes-Benz Group AG		3,173		247,450
Merck KGaA*		476		85,380
METRO AG*		519		4,414
MTU Aero Engines AG		197		51,726
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		518		194,679
Nemetschek SE		202		15,789
Puma SE		377		22,091
Rational AG		17		12,313
Rheinmetall AG		160		46,863
RWE AG		2,331		109,292
SAP SE		4,088		553,173
Sartorius AG		9		2,795
Scout24 SE, 144A		287		17,888
Siemens AG		2,748		452,959
Siemens Energy AG*		1,765		43,320
Siemens Healthineers AG, 144A		1,033		64,382
Sixt SE		52		6,452

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Germany (cont’d.)
SUSE SA*		147	$	2,779
Symrise AG		482		58,236
Talanx AG		200		10,059
Telefonica Deutschland Holding AG		3,343		11,296
thyssenkrupp AG		1,858		13,371
Traton SE		207		4,788
United Internet AG		325		5,580
Volkswagen AG		107		17,964
Vonovia SE		2,641		57,279
Wacker Chemie AG		56		8,660
Zalando SE, 144A*		824		33,891
				4,827,179
Hong Kong    2.3%
AIA Group Ltd.		43,000		468,144
ASMPT Ltd.		1,200		9,435
Bank of East Asia Ltd. (The)		3,600		4,745
Brightoil Petroleum Holdings Ltd.*^		7,000		—
Cafe de Coral Holdings Ltd.		2,000		2,801
Cathay Pacific Airways Ltd.*		3,700		3,580
Champion REIT, REIT		8,000		3,339
CK Asset Holdings Ltd.		7,300		43,166
CK Infrastructure Holdings Ltd.		2,200		12,525
CLP Holdings Ltd.		5,900		43,930
Dah Sing Banking Group Ltd.		2,400		1,925
Dah Sing Financial Holdings Ltd.		400		1,025
DFI Retail Group Holdings Ltd.		1,200		3,612
Guotai Junan International Holdings Ltd.		7,000		591
Haitong International Securities Group Ltd.*		14,300		1,207
Hang Lung Group Ltd.		2,800		4,922
Hang Lung Properties Ltd.		6,000		10,968
Hang Seng Bank Ltd.		2,700		40,022
Henderson Land Development Co. Ltd.		4,004		14,257
Hong Kong & China Gas Co. Ltd.		41,356		36,721
Hong Kong Exchanges & Clearing Ltd.		4,640		192,638
Hongkong Land Holdings Ltd.		4,300		19,137
Huabao International Holdings Ltd.		4,000		1,889
Hutchison Port Holdings Trust, UTS		21,100		4,003
Hutchison Telecommunications Hong Kong Holdings Ltd.		8,000		1,388
Hysan Development Co. Ltd.		1,800		5,087
Jardine Matheson Holdings Ltd.		687		33,211
Johnson Electric Holdings Ltd.		1,500		1,677
Kerry Properties Ltd.		2,400		6,192
Link REIT, REIT		9,400		61,484

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    17

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Hong Kong (cont’d.)
Man Wah Holdings Ltd.		5,200	$	4,374
Melco International Development Ltd.*		2,600		3,026
MTR Corp. Ltd.		5,500		27,481
New World Development Co. Ltd.		4,900		13,068
NWS Holdings Ltd.		4,000		3,465
Orient Overseas International Ltd.		500		10,159
PCCW Ltd.		16,000		8,346
Power Assets Holdings Ltd.		5,100		29,143
Prudential PLC		10,170		155,612
Sino Land Co. Ltd.		13,600		18,327
Sun Hung Kai Properties Ltd.		5,250		73,097
Super Hi International Holding Ltd.*		1,000		2,086
Swire Pacific Ltd. (Class A Stock)		1,500		11,907
Swire Pacific Ltd. (Class B Stock)		2,900		3,682
Swire Properties Ltd.		4,000		10,751
Techtronic Industries Co. Ltd.		4,500		48,683
United Energy Group Ltd.*		30,000		4,521
Vitasoy International Holdings Ltd.		3,000		5,307
VTech Holdings Ltd.		600		3,602
WH Group Ltd., 144A		31,200		17,370
Wharf Real Estate Investment Co. Ltd.		5,500		31,717
Yue Yuen Industrial Holdings Ltd.		2,700		4,063
				1,523,408
Indonesia    0.0%
First Pacific Co. Ltd.		10,000		3,349
Ireland    0.5%
AIB Group PLC		4,317		18,566
Bank of Ireland Group PLC		4,031		41,692
CRH PLC		2,768		134,334
Glanbia PLC		703		10,661
Kerry Group PLC (Class A Stock)		567		59,719
Kingspan Group PLC		563		39,016
Smurfit Kappa Group PLC		960		35,570
				339,558
Israel    0.6%
Airport City Ltd.*		285		3,650
Alony Hetz Properties & Investments Ltd.		408		3,222
Amot Investments Ltd.		580		3,074
Ashtrom Group Ltd.		142		2,238
Azrieli Group Ltd.		138		8,048

See Notes to Financial Statements.

18

Description	Shares		Value
COMMON STOCKS (Continued)
Israel (cont’d.)
Bank Hapoalim BM		4,928	$	42,453
Bank Leumi Le-Israel BM		5,733		45,444
Bezeq The Israeli Telecommunication Corp. Ltd.		7,689		10,468
Big Shopping Centers Ltd.*		50		4,264
Delek Group Ltd.		31		3,377
Elbit Systems Ltd.		92		17,031
Elco Ltd.		39		1,354
Electra Ltd.		6		2,577
Energix-Renewable Energies Ltd.		729		2,169
Enlight Renewable Energy Ltd.*		388		6,422
Fattal Holdings 1998 Ltd.*		20		1,797
First International Bank of Israel Ltd. (The)		193		7,012
Gav-Yam Lands Corp. Ltd.		115		830
Harel Insurance Investments & Financial Services Ltd.		462		4,147
ICL Group Ltd.		2,689		16,701
Israel Corp. Ltd.		14		4,101
Israel Discount Bank Ltd. (Class A Stock)		4,619		22,956
Melisron Ltd.		63		4,212
Mivne Real Estate KD Ltd.		2,419		6,776
Mizrahi Tefahot Bank Ltd.		517		16,954
Nice Ltd.*		234		47,965
Nova Ltd.*		107		9,949
OPC Energy Ltd.*		304		2,169
Phoenix Holdings Ltd. (The)		442		4,742
Shapir Engineering & Industry Ltd.		367		2,623
Shikun & Binui Ltd.*		905		1,942
Shufersal Ltd.*		1,052		5,362
Strauss Group Ltd.*		145		3,233
Teva Pharmaceutical Industries Ltd.*		3,723		32,628
Tower Semiconductor Ltd.*		407		17,945
				369,835
Italy    2.1%
A2A SpA		5,689		10,038
Amplifon SpA		485		17,804
Assicurazioni Generali SpA		5,015		104,453
Banca Mediolanum SpA		938		8,481
Banco BPM SpA		5,141		20,904
Buzzi Unicem SpA		332		8,255
Coca-Cola HBC AG*		743		22,681
Davide Campari-Milano NV		1,876		24,177
De’ Longhi SpA		276		6,413
DiaSorin SpA		83		9,015
Enel SpA		28,753		196,444

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    19

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Italy (cont’d.)
Eni SpA		8,191	$	123,745
Ferrari NV		445		123,998
FinecoBank Banca Fineco SpA		2,302		34,893
Hera SpA		2,932		9,128
Infrastrutture Wireless Italiane SpA, 144A		1,327		18,418
Interpump Group SpA		306		17,078
Intesa Sanpaolo SpA		59,972		157,690
Italgas SpA		1,849		12,073
Leonardo SpA		1,508		17,971
Mediobanca Banca di Credito Finanziario SpA		2,396		25,731
Moncler SpA		759		56,304
Nexi SpA, 144A*		2,126		17,628
Pirelli & C SpA, 144A		1,825		9,559
Poste Italiane SpA, 144A		1,720		17,900
PRADA SpA		2,000		14,725
Prysmian SpA		971		39,739
Recordati Industria Chimica e Farmaceutica SpA		366		16,848
Reply SpA		86		10,019
Snam SpA		8,244		45,818
Telecom Italia SpA*		40,042		11,777
Telecom Italia SpA, RSP*		22,509		6,500
Terna - Rete Elettrica Nazionale		5,211		45,105
UniCredit SpA		6,941		137,539
UnipolSai Assicurazioni SpA		1,497		4,027
				1,402,878
Japan    21.3%
ABC-Mart, Inc.		100		5,683
Acom Co. Ltd.		1,200		2,940
Activia Properties, Inc., REIT		2		5,828
Advance Residence Investment Corp., REIT		4		10,378
Advantest Corp.		670		52,214
Aeon Co. Ltd.		2,630		53,605
AEON Financial Service Co. Ltd.		410		3,652
Aeon Mall Co. Ltd.		430		5,798
AEON REIT Investment Corp., REIT		7		8,025
AGC, Inc.		620		23,117
Aica Kogyo Co. Ltd.		180		4,092
Ain Holdings, Inc.		100		4,158
Air Water, Inc.		680		8,592
Aisin Corp.		600		17,611
Ajinomoto Co., Inc.		1,720		61,859
Alfresa Holdings Corp.		650		9,412
Alps Alpine Co. Ltd.		800		7,304

See Notes to Financial Statements.

20

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Amada Co. Ltd.		1,100	$	10,271
Amano Corp.		210		4,276
Amvis Holdings, Inc.		100		2,178
ANA Holdings, Inc.*		550		11,997
Anritsu Corp.		560		5,128
Aozora Bank Ltd.		420		7,534
As One Corp.		20		847
Asahi Group Holdings Ltd.		1,740		67,223
Asahi Intecc Co. Ltd.		700		12,667
Asahi Kasei Corp.		4,600		32,491
Asics Corp.		600		16,771
ASKUL Corp.		200		2,665
Astellas Pharma, Inc.		6,880		103,644
Azbil Corp.		400		11,187
AZ-COM MARUWA Holdings, Inc.		200		2,949
Bandai Namco Holdings, Inc.		2,160		49,065
Bank of Kyoto Ltd. (The)		240		11,809
BayCurrent Consulting, Inc.		500		17,380
Benefit One, Inc.		200		2,753
Benesse Holdings, Inc.		320		4,593
Bic Camera, Inc.		600		5,020
BIPROGY, Inc.		200		4,822
Bridgestone Corp.		2,100		84,333
Brother Industries Ltd.		850		13,349
Calbee, Inc.		240		5,190
Canon Marketing Japan, Inc.		160		4,000
Canon, Inc.		3,630		86,457
Capcom Co. Ltd.		600		22,547
Casio Computer Co. Ltd.		800		7,612
Central Japan Railway Co.		694		85,916
Chiba Bank Ltd. (The)		2,250		14,693
Chubu Electric Power Co., Inc.		2,600		28,996
Chugai Pharmaceutical Co. Ltd.		2,470		63,740
Chugin Financial Group, Inc.		650		4,362
Chugoku Electric Power Co., Inc. (The)*		1,080		5,687
Coca-Cola Bottlers Japan Holdings, Inc.		540		5,819
COMSYS Holdings Corp.		400		7,654
Concordia Financial Group Ltd.		4,100		15,557
Cosmo Energy Holdings Co. Ltd.		300		9,591
Cosmos Pharmaceutical Corp.		90		8,852
Credit Saison Co. Ltd.		650		9,006
CyberAgent, Inc.		1,610		14,050
Dai Nippon Printing Co. Ltd.		950		27,309
Daicel Corp.		980		7,726

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    21

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Daido Steel Co. Ltd.		60	$	2,311
Daifuku Co. Ltd.		1,050		19,346
Dai-ichi Life Holdings, Inc.		3,600		66,963
Daiichi Sankyo Co. Ltd.		6,960		238,830
Daiichikosho Co. Ltd.		260		4,661
Daikin Industries Ltd.		1,000		181,631
Daio Paper Corp.		300		2,431
Daito Trust Construction Co. Ltd.		246		23,315
Daiwa House Industry Co. Ltd.		2,420		61,682
Daiwa House REIT Investment Corp., REIT		8		17,021
Daiwa Office Investment Corp., REIT		1		4,347
Daiwa Securities Group, Inc.		5,350		24,849
Daiwa Securities Living Investments Corp., REIT		8		6,802
DeNA Co. Ltd.*		310		4,354
Denka Co. Ltd.		290		5,808
Denso Corp.		1,580		95,375
Dentsu Group, Inc.		780		28,107
Descente Ltd.		150		4,764
DIC Corp.		300		5,542
Disco Corp.		300		34,157
DMG Mori Co. Ltd.		400		6,417
Dowa Holdings Co. Ltd.		170		5,554
East Japan Railway Co.		1,330		76,105
Ebara Corp.		300		13,125
Eisai Co. Ltd.		964		55,626
Electric Power Development Co. Ltd.		600		9,594
ENEOS Holdings, Inc.		10,560		37,567
EXEO Group, Inc.		390		7,237
Ezaki Glico Co. Ltd.		210		5,401
Fancl Corp.		300		5,192
FANUC Corp.		3,565		120,394
Fast Retailing Co. Ltd.		585		138,529
Food & Life Cos. Ltd.		400		9,634
FP Corp.		180		4,478
Frontier Real Estate Investment Corp., REIT		2		7,226
Fuji Electric Co. Ltd.		400		16,146
Fuji Kyuko Co. Ltd.		100		3,841
Fuji Media Holdings, Inc.		200		1,875
Fuji Oil Holdings, Inc.		160		2,472
FUJIFILM Holdings Corp.		1,310		68,277
Fujikura Ltd.		1,000		6,818
Fujitsu General Ltd.		200		5,145
Fujitsu Ltd.		710		94,627
Fukuoka Financial Group, Inc.		560		10,548

See Notes to Financial Statements.

22

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Furukawa Electric Co. Ltd.		200	$	3,662
Fuyo General Lease Co. Ltd.		50		3,659
GLP J-REIT, REIT		17		19,424
GMO internet group, Inc.		200		4,023
GMO Payment Gateway, Inc.		190		14,860
Goldwin, Inc.		142		12,902
GS Yuasa Corp.		300		5,280
GungHo Online Entertainment, Inc.		120		2,304
H.U. Group Holdings, Inc.		240		4,852
Hachijuni Bank Ltd. (The)		1,390		6,227
Hakuhodo DY Holdings, Inc.		900		10,605
Hamamatsu Photonics KK		450		23,856
Hankyu Hanshin Holdings, Inc.		770		24,040
Harmonic Drive Systems, Inc.		200		6,115
Haseko Corp.		970		11,842
Heiwa Corp.		200		3,949
Hikari Tsushin, Inc.		80		10,916
Hino Motors Ltd.*		1,100		4,334
Hirogin Holdings, Inc.		1,100		5,455
Hirose Electric Co. Ltd.		145		19,569
Hisamitsu Pharmaceutical Co., Inc.		210		5,809
Hitachi Construction Machinery Co. Ltd.		420		10,350
Hitachi Ltd.		3,330		184,198
Honda Motor Co. Ltd.		6,140		162,851
Horiba Ltd.		150		8,264
Hoshizaki Corp.		440		15,497
House Foods Group, Inc.		240		5,277
Hoya Corp.		1,280		134,214
Hulic Co. Ltd.		1,510		13,001
Ibiden Co. Ltd.		360		14,165
Idemitsu Kosan Co. Ltd.		847		18,035
IHI Corp.		430		10,835
Iida Group Holdings Co. Ltd.		530		9,423
Industrial & Infrastructure Fund Investment Corp., REIT		8		9,168
Information Services International-Dentsu Ltd.		100		3,525
INFRONEER Holdings, Inc.		828		6,540
Inpex Corp.		3,550		38,848
Internet Initiative Japan, Inc.		400		8,278
Invincible Investment Corp., REIT		18		7,772
Isetan Mitsukoshi Holdings Ltd.		1,400		15,457
Isuzu Motors Ltd.		1,950		23,028
Ito En Ltd.		230		7,114
ITOCHU Corp.		4,900		162,557
Itochu Techno-Solutions Corp.		380		9,840

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    23

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Itoham Yonekyu Holdings, Inc.		400	$	2,192
Iwatani Corp.		150		7,101
Iyogin Holdings, Inc.		970		5,680
Izumi Co. Ltd.		200		4,703
J Front Retailing Co. Ltd.		900		9,466
Japan Airlines Co. Ltd.		560		10,683
Japan Airport Terminal Co. Ltd.		150		7,350
Japan Aviation Electronics Industry Ltd.		220		3,859
Japan Exchange Group, Inc.		1,950		31,664
Japan Hotel REIT Investment Corp., REIT		17		9,605
Japan Logistics Fund, Inc., REIT		3		7,125
Japan Metropolitan Fund Investment Corp., REIT		25		18,305
Japan Post Bank Co. Ltd.		5,600		44,719
Japan Post Holdings Co. Ltd.		7,900		65,032
Japan Post Insurance Co. Ltd.		700		11,367
Japan Prime Realty Investment Corp., REIT		3		7,801
Japan Real Estate Investment Corp., REIT		5		19,812
Japan Steel Works Ltd. (The)		200		3,634
Japan Tobacco, Inc.		4,480		96,396
JCR Pharmaceuticals Co. Ltd.		200		2,163
Jeol Ltd.		100		2,918
JFE Holdings, Inc.		1,880		22,241
JGC Holdings Corp.		880		11,009
JMDC, Inc.*		100		3,585
JSR Corp.		650		15,082
JTEKT Corp.		900		7,432
Justsystems Corp.		60		1,586
Kadokawa Corp.		300		6,398
Kagome Co. Ltd.		300		7,287
Kajima Corp.		1,600		21,169
Kakaku.com, Inc.		450		6,191
Kaken Pharmaceutical Co. Ltd.		50		1,377
Kamigumi Co. Ltd.		380		8,328
Kandenko Co. Ltd.		400		3,014
Kaneka Corp.		230		6,119
Kansai Electric Power Co., Inc. (The)		2,720		29,362
Kansai Paint Co. Ltd.		630		8,882
Kao Corp.		1,680		67,886
Katitas Co. Ltd.		200		3,906
Kawasaki Heavy Industries Ltd.		590		12,835
Kawasaki Kisen Kaisha Ltd.		800		19,064
KDDI Corp.		5,910		184,499
Keihan Holdings Co. Ltd.		310		8,533
Keikyu Corp.		1,000		9,720

See Notes to Financial Statements.

24

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Keio Corp.		360	$	13,370
Keisei Electric Railway Co. Ltd.		450		15,880
Kenedix Office Investment Corp., REIT		2		4,422
Kewpie Corp.		460		7,722
Keyence Corp.		726		327,394
Kikkoman Corp.		660		39,094
Kinden Corp.		500		6,817
Kintetsu Group Holdings Co. Ltd.		660		22,280
Kirin Holdings Co. Ltd.		2,850		46,299
Kobayashi Pharmaceutical Co. Ltd.		230		14,352
Kobe Bussan Co. Ltd.		450		12,586
Kobe Steel Ltd.		1,200		8,941
Koei Tecmo Holdings Co. Ltd.		520		9,563
Koito Manufacturing Co. Ltd.		860		16,635
Kokuyo Co. Ltd.		300		4,287
Komatsu Ltd.		3,460		86,050
Konami Group Corp.		300		14,761
Konica Minolta, Inc.		1,600		6,674
Kose Corp.		130		15,170
Kotobuki Spirits Co. Ltd.		70		5,169
K’s Holdings Corp.		600		5,318
Kubota Corp.		4,050		61,370
Kuraray Co. Ltd.		1,250		11,690
Kurita Water Industries Ltd.		360		15,087
Kyocera Corp.		1,150		60,361
Kyowa Kirin Co. Ltd.		920		20,471
Kyudenko Corp.		150		4,000
Kyushu Electric Power Co., Inc.*		1,800		10,481
Kyushu Financial Group, Inc.		1,500		5,407
Kyushu Railway Co.		620		14,079
LaSalle Logiport REIT, REIT		7		8,316
Lasertec Corp.		300		40,814
Lawson, Inc.		150		6,813
Lintec Corp.		140		2,341
Lion Corp.		940		10,248
Lixil Corp.		1,020		16,056
M3, Inc.		1,570		38,537
Mabuchi Motor Co. Ltd.		160		4,516
Makita Corp.		900		25,390
Mani, Inc.		280		3,664
Marubeni Corp.		5,700		80,901
Marui Group Co. Ltd.		680		10,834
Maruichi Steel Tube Ltd.		270		6,108
Matsui Securities Co. Ltd.		300		1,717

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    25

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
MatsukiyoCocokara & Co.		440	$	23,562
Mazda Motor Corp.		2,150		19,456
McDonald’s Holdings Co. Japan Ltd.		300		12,498
Mebuki Financial Group, Inc.		3,400		8,710
Medipal Holdings Corp.		500		7,639
MEIJI Holdings Co. Ltd.		832		20,076
Menicon Co. Ltd.		200		4,248
Mercari, Inc.*		450		7,739
MINEBEA MITSUMI, Inc.		1,550		28,704
MISUMI Group, Inc.		1,050		26,489
Mitsubishi Chemical Group Corp.		4,750		27,867
Mitsubishi Corp.		4,280		158,685
Mitsubishi Electric Corp.		7,230		89,644
Mitsubishi Estate Co. Ltd.		4,220		52,009
Mitsubishi Gas Chemical Co., Inc.		620		9,026
Mitsubishi HC Capital, Inc.		2,423		12,577
Mitsubishi Heavy Industries Ltd.		1,110		42,091
Mitsubishi Logistics Corp.		190		4,708
Mitsubishi Materials Corp.		510		8,351
Mitsubishi Motors Corp.*		2,450		9,417
Mitsubishi UFJ Financial Group, Inc.		42,950		268,847
Mitsui & Co. Ltd.		5,500		171,703
Mitsui Chemicals, Inc.		640		16,193
Mitsui Fudosan Co. Ltd.		3,360		66,736
Mitsui Fudosan Logistics Park, Inc., REIT		2		7,515
Mitsui High-Tec, Inc.		50		3,015
Mitsui Mining & Smelting Co. Ltd.		200		4,763
Mitsui OSK Lines Ltd.		1,210		29,997
Miura Co. Ltd.		330		8,790
Mizuho Financial Group, Inc.		9,530		138,145
Money Forward, Inc.*		100		4,164
MonotaRO Co. Ltd.		920		13,919
Mori Hills REIT Investment Corp., REIT		6		6,781
Morinaga & Co. Ltd.		140		4,149
Morinaga Milk Industry Co. Ltd.		110		4,137
MS&AD Insurance Group Holdings, Inc.		1,660		54,485
Murata Manufacturing Co. Ltd.		2,070		117,444
Nabtesco Corp.		380		9,159
Nagase & Co. Ltd.		400		6,302
Nagoya Railroad Co. Ltd.		760		12,260
Nankai Electric Railway Co. Ltd.		430		10,032
NEC Corp.		1,000		38,455
NEC Networks & System Integration Corp.		300		3,740
NET One Systems Co. Ltd.		260		6,130

See Notes to Financial Statements.

26

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Nexon Co. Ltd.		1,540	$	34,789
NGK Insulators Ltd.		930		11,673
NH Foods Ltd.		300		8,755
NHK Spring Co. Ltd.		680		5,042
Nichirei Corp.		400		8,206
Nidec Corp.		1,640		81,151
Nifco, Inc.		250		7,190
Nihon Kohden Corp.		300		8,301
Nihon M&A Center Holdings, Inc.		1,000		7,644
Nikon Corp.		1,150		11,888
Nintendo Co. Ltd.		3,900		164,882
Nippon Accommodations Fund, Inc., REIT		1		4,861
Nippon Building Fund, Inc., REIT		6		25,159
Nippon Electric Glass Co. Ltd.		330		6,300
NIPPON EXPRESS HOLDINGS, Inc.		270		15,844
Nippon Kayaku Co. Ltd.		700		6,350
Nippon Paint Holdings Co. Ltd.		3,750		33,833
Nippon Prologis REIT, Inc., REIT		9		20,503
Nippon Sanso Holdings Corp.		590		10,645
Nippon Shinyaku Co. Ltd.		150		6,859
Nippon Shokubai Co. Ltd.		130		5,212
Nippon Steel Corp.		3,080		65,781
Nippon Telegraph & Telephone Corp.		4,320		131,820
Nippon Yusen KK		1,800		42,550
Nipro Corp.		500		3,766
Nishi-Nippon Railroad Co. Ltd.		280		5,135
Nissan Chemical Corp.		510		22,665
Nissan Motor Co. Ltd.		7,350		26,801
Nisshin Seifun Group, Inc.		1,060		12,849
Nissin Foods Holdings Co. Ltd.		250		24,103
Niterra Co. Ltd.		710		14,881
Nitori Holdings Co. Ltd.		272		34,635
Nitto Denko Corp.		500		32,324
NOF Corp.		200		9,138
NOK Corp.		450		6,064
Nomura Holdings, Inc.		11,300		40,509
Nomura Real Estate Holdings, Inc.		430		10,715
Nomura Real Estate Master Fund, Inc., REIT		17		19,892
Nomura Research Institute Ltd.		1,610		40,507
NS Solutions Corp.		130		3,538
NSK Ltd.		1,800		10,163
NTT Data Corp.		2,350		31,920
Obayashi Corp.		2,500		20,842
OBIC Business Consultants Co. Ltd.		60		2,278

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    27

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Obic Co. Ltd.		250	$	38,519
Odakyu Electric Railway Co. Ltd.		1,240		17,321
Oji Holdings Corp.		3,500		13,754
OKUMA Corp.		50		2,220
Olympus Corp.		4,580		80,179
Omron Corp.		670		39,302
Ono Pharmaceutical Co. Ltd.		1,580		31,813
Open House Group Co. Ltd.		210		8,394
Oracle Corp.		150		10,765
Orient Corp.		180		1,502
Oriental Land Co. Ltd.		3,450		122,093
ORIX Corp.		4,450		75,706
Orix JREIT, Inc., REIT		10		12,927
Osaka Gas Co. Ltd.		1,440		23,819
OSG Corp.		260		3,652
Otsuka Corp.		390		14,196
Otsuka Holdings Co. Ltd.		1,560		53,072
PALTAC Corp.		100		3,837
Pan Pacific International Holdings Corp.		1,500		28,030
Panasonic Holdings Corp.		7,960		74,974
Park24 Co. Ltd.*		520		8,038
Penta-Ocean Construction Co. Ltd.		1,200		5,834
PeptiDream, Inc.*		370		4,999
Persol Holdings Co. Ltd.		650		13,403
Pigeon Corp.		360		5,606
Pola Orbis Holdings, Inc.		310		4,309
Rakus Co. Ltd.		400		6,080
Rakuten Group, Inc.		3,250		16,211
Recruit Holdings Co. Ltd.		5,050		141,671
Relo Group, Inc.		400		6,219
Renesas Electronics Corp.*		4,580		59,689
Rengo Co. Ltd.		800		5,217
RENOVA, Inc.*		200		2,833
Resona Holdings, Inc.		8,110		40,420
Resonac Holdings Corp.		700		11,085
Resorttrust, Inc.		220		3,633
Ricoh Co. Ltd.		2,100		17,387
Rinnai Corp.		480		11,602
Rohm Co. Ltd.		260		19,575
Rohto Pharmaceutical Co. Ltd.		750		15,560
Ryohin Keikaku Co. Ltd.		880		9,261
Sankyo Co. Ltd.		160		7,059
Sankyu, Inc.		200		7,054
Sanrio Co. Ltd.		150		6,942

See Notes to Financial Statements.

28

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Santen Pharmaceutical Co. Ltd.		1,400	$	11,779
Sanwa Holdings Corp.		760		8,324
Sapporo Holdings Ltd.		200		5,580
Sawai Group Holdings Co. Ltd.		150		4,340
SBI Holdings, Inc.		900		17,578
SBI Shinsei Bank Ltd.*		230		4,127
SCREEN Holdings Co. Ltd.		180		14,641
SCSK Corp.		480		7,247
Secom Co. Ltd.		700		44,824
Sega Sammy Holdings, Inc.		570		10,654
Seibu Holdings, Inc.		750		8,394
Seiko Epson Corp.		950		14,529
Seino Holdings Co. Ltd.		600		6,661
Sekisui Chemical Co. Ltd.		1,250		17,791
Sekisui House Ltd.		2,030		41,734
Sekisui House Reit, Inc., REIT		16		9,069
Seven & i Holdings Co. Ltd.		2,850		129,155
Seven Bank Ltd.		2,000		4,094
SG Holdings Co. Ltd.		1,550		22,304
Sharp Corp.*		740		5,274
SHIFT, Inc.*		30		5,585
Shikoku Electric Power Co., Inc.*		600		3,545
Shimadzu Corp.		980		30,651
Shimamura Co. Ltd.		50		4,590
Shimano, Inc.		270		41,756
Shimizu Corp.		2,100		12,825
Shin-Etsu Chemical Co. Ltd.		7,150		204,031
Shinko Electric Industries Co. Ltd.		200		5,938
Shionogi & Co. Ltd.		1,040		46,555
Ship Healthcare Holdings, Inc.		300		5,292
Shiseido Co. Ltd.		1,400		70,176
Shizuoka Financial Group, Inc.		1,860		14,020
SHO-BOND Holdings Co. Ltd.		182		7,778
Shochiku Co. Ltd.		50		4,490
Skylark Holdings Co. Ltd.*		900		12,076
SMC Corp.		210		104,736
SMS Co. Ltd.		200		4,700
SoftBank Corp.		10,300		115,966
SoftBank Group Corp.		3,550		133,134
Sohgo Security Services Co. Ltd.		220		6,144
Sojitz Corp.		830		17,481
Sompo Holdings, Inc.		1,110		46,320
Sony Group Corp.		4,530		409,846
Sotetsu Holdings, Inc.		260		4,951

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    29

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Square Enix Holdings Co. Ltd.		230	$	11,318
Stanley Electric Co. Ltd.		540		12,181
Subaru Corp.		2,270		37,051
Sugi Holdings Co. Ltd.		150		6,364
SUMCO Corp.		1,230		16,939
Sumitomo Bakelite Co. Ltd.		100		3,824
Sumitomo Chemical Co. Ltd.		5,650		19,093
Sumitomo Corp.		4,180		74,918
Sumitomo Electric Industries Ltd.		2,820		35,990
Sumitomo Forestry Co. Ltd.		500		10,802
Sumitomo Heavy Industries Ltd.		410		9,906
Sumitomo Metal Mining Co. Ltd.		810		29,896
Sumitomo Mitsui Financial Group, Inc.		4,720		192,924
Sumitomo Mitsui Trust Holdings, Inc.		1,280		46,141
Sumitomo Pharma Co. Ltd.		700		4,392
Sumitomo Realty & Development Co. Ltd.		1,500		35,024
Sumitomo Rubber Industries Ltd.		700		6,420
Sundrug Co. Ltd.		220		6,064
Suntory Beverage & Food Ltd.		420		15,811
Suzuken Co. Ltd.		230		6,546
Suzuki Motor Corp.		1,620		56,487
Sysmex Corp.		710		45,670
T&D Holdings, Inc.		1,900		23,268
Taiheiyo Cement Corp.		430		7,710
Taisei Corp.		650		22,107
Taisho Pharmaceutical Holdings Co. Ltd.		180		7,773
Taiyo Yuden Co. Ltd.		400		12,247
Takara Bio, Inc.		130		1,640
Takara Holdings, Inc.		700		5,516
Takashimaya Co. Ltd.		500		7,386
Takeda Pharmaceutical Co. Ltd.		5,583		185,128
TBS Holdings, Inc.		170		2,563
TDK Corp.		1,260		43,317
TechnoPro Holdings, Inc.		340		9,276
Teijin Ltd.		740		8,265
Terumo Corp.		2,410		72,169
THK Co. Ltd.		470		10,544
TIS, Inc.		800		21,968
Tobu Railway Co. Ltd.		730		18,634
Toda Corp.		800		4,680
Toho Co. Ltd.		420		16,685
Toho Gas Co. Ltd.		370		6,923
Tohoku Electric Power Co., Inc.*		1,780		9,152
Tokai Carbon Co. Ltd.		800		7,270

See Notes to Financial Statements.

30

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Tokio Marine Holdings, Inc.		6,860	$	137,934
Tokyo Century Corp.		160		5,504
Tokyo Electric Power Co. Holdings, Inc.*		5,800		20,795
Tokyo Electron Ltd.		1,680		192,369
Tokyo Gas Co. Ltd.		1,540		31,544
Tokyo Ohka Kogyo Co. Ltd.		150		7,830
Tokyo Tatemono Co. Ltd.		770		9,752
Tokyu Corp.		2,250		31,761
Tokyu Fudosan Holdings Corp.		2,400		12,180
TOPPAN, Inc.		1,000		21,259
Toray Industries, Inc.		5,840		33,097
Toshiba Corp.		1,610		51,874
Toshiba TEC Corp.		100		2,904
Tosoh Corp.		1,050		14,028
TOTO Ltd.		530		18,127
Toyo Seikan Group Holdings Ltd.		570		8,052
Toyo Suisan Kaisha Ltd.		270		12,055
Toyo Tire Corp.		400		4,766
Toyoda Gosei Co. Ltd.		310		5,316
Toyota Boshoku Corp.		280		4,432
Toyota Industries Corp.		530		30,803
Toyota Motor Corp.		44,300		608,241
Toyota Tsusho Corp.		760		31,591
Trend Micro, Inc.		440		21,500
TS Tech Co. Ltd.		360		4,854
Tsumura & Co.		280		5,682
Tsuruha Holdings, Inc.		110		7,205
UBE Corp.		400		6,345
Ulvac, Inc.		200		7,940
Unicharm Corp.		1,440		58,133
United Urban Investment Corp., REIT		11		12,214
Ushio, Inc.		400		4,976
USS Co. Ltd.		750		12,603
Welcia Holdings Co. Ltd.		420		8,794
West Japan Railway Co.		860		37,274
Workman Co. Ltd.		150		6,110
Yakult Honsha Co. Ltd.		500		37,607
Yamada Holdings Co. Ltd.		2,250		7,841
Yamaguchi Financial Group, Inc.		900		5,534
Yamaha Corp.		520		20,493
Yamaha Motor Co. Ltd.		1,150		29,821
Yamato Holdings Co. Ltd.		1,230		21,128
Yamato Kogyo Co. Ltd.		100		3,929
Yamazaki Baking Co. Ltd.		500		6,700

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    31

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Japan (cont’d.)
Yaskawa Electric Corp.		970	$	39,504
Yokogawa Electric Corp.		900		14,617
Yokohama Rubber Co. Ltd. (The)		470		10,218
Z Holdings Corp.		9,700		26,571
Zenkoku Hosho Co. Ltd.		200		7,351
Zensho Holdings Co. Ltd.		300		9,532
Zeon Corp.		600		6,191
ZOZO, Inc.		390		8,207
				14,206,930
Jordan    0.0%
Hikma Pharmaceuticals PLC		619		14,337
Luxembourg    0.1%
ArcelorMittal SA		1,780		50,569
Eurofins Scientific SE		456		31,852
L’Occitane International SA		1,750		4,452
RTL Group SA		144		6,750
				93,623
Macau    0.2%
Galaxy Entertainment Group Ltd.*		8,000		56,939
MGM China Holdings Ltd.*		3,100		4,234
Sands China Ltd.*		9,200		32,949
SJM Holdings Ltd.*		7,600		3,958
Wynn Macau Ltd.*		6,000		6,491
				104,571
Mexico    0.0%
Fresnillo PLC		723		6,470
Netherlands    4.8%
Aalberts NV		362		16,719
ABN AMRO Bank NV, 144A, CVA		1,490		23,881
Adyen NV, 144A*		108		173,540
Aegon NV		6,307		28,777
Akzo Nobel NV		645		53,508
Argenx SE*		205		79,078
ASM International NV		171		62,082
ASML Holding NV		1,485		942,400
ASR Nederland NV		526		23,135
BE Semiconductor Industries NV		292		26,284

See Notes to Financial Statements.

32

Description	Shares		Value
COMMON STOCKS (Continued)
Netherlands (cont’d.)
CTP NV, 144A		385	$	5,051
Euronext NV, 144A		303		24,097
EXOR NV*		376		30,945
Heineken Holding NV		446		42,808
Heineken NV		929		106,673
IMCD NV		212		31,914
ING Groep NV		13,402		166,215
JDE Peet’s NV		305		9,277
Koninklijke Ahold Delhaize NV		3,544		121,859
Koninklijke DSM NV		640		84,018
Koninklijke KPN NV		11,943		43,555
Koninklijke Philips NV		3,306		69,796
Koninklijke Vopak NV		242		9,247
NN Group NV		1,054		39,304
OCI NV		360		9,486
Randstad NV		409		22,223
Shell PLC		25,674		788,915
Universal Music Group NV		2,785		60,845
Wolters Kluwer NV		927		122,822
				3,218,454
New Zealand    0.3%
a2 Milk Co. Ltd. (The)*		2,779		10,150
Air New Zealand Ltd.*		6,155		2,900
Auckland International Airport Ltd.*		4,413		24,163
Contact Energy Ltd.		2,946		14,288
Fisher & Paykel Healthcare Corp. Ltd.		2,125		36,450
Fletcher Building Ltd.		3,020		8,421
Infratil Ltd.		2,699		15,959
Kiwi Property Group Ltd.		6,110		3,484
Mainfreight Ltd.		307		13,635
Mercury NZ Ltd.		2,554		10,032
Meridian Energy Ltd.		4,693		15,894
Ryman Healthcare Ltd.		2,082		6,839
SKYCITY Entertainment Group Ltd.		3,080		4,574
Spark New Zealand Ltd.		6,975		22,600
Xero Ltd.*		477		29,777
				219,166
Nigeria    0.0%
Airtel Africa PLC, 144A		4,017		6,064

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    33

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Norway    0.6%
Aker ASA (Class A Stock)		89	$	5,440
Aker BP ASA		1,141		27,276
AutoStore Holdings Ltd., 144A*		2,344		5,048
DNB Bank ASA		3,775		66,403
Equinor ASA		3,401		97,918
Gjensidige Forsikring ASA		639		11,131
Kongsberg Gruppen ASA		280		12,576
Leroy Seafood Group ASA		1,003		5,282
Mowi ASA		1,649		31,462
Nordic Semiconductor ASA*		583		6,313
Norsk Hydro ASA		4,930		36,280
Orkla ASA		2,884		20,730
Salmar ASA		262		11,640
Schibsted ASA (Class A Stock)		291		5,167
Schibsted ASA (Class B Stock)		366		5,926
Telenor ASA		2,364		29,498
TOMRA Systems ASA		882		13,525
Var Energi ASA		1,600		4,199
				395,814
Poland    0.3%
Allegro.eu SA, 144A*		1,511		11,910
Bank Polska Kasa Opieki SA		590		13,651
Dino Polska SA, 144A*		179		18,255
InPost SA*		777		8,339
KGHM Polska Miedz SA		515		14,814
LPP SA		4		11,531
Polski Koncern Naftowy ORLEN SA		2,167		33,061
Powszechna Kasa Oszczednosci Bank Polski SA		3,229		24,967
Powszechny Zaklad Ubezpieczen SA		2,122		19,550
Santander Bank Polska SA		113		9,191
				165,269
Portugal    0.2%
EDP - Energias de Portugal SA		10,548		58,119
Galp Energia SGPS SA		1,862		22,500
Jeronimo Martins SGPS SA		1,042		26,295
				106,914
Russia    0.0%
Evraz PLC*^		2,361		—

See Notes to Financial Statements.

34

Description	Shares		Value
COMMON STOCKS (Continued)
Singapore    1.4%
CapitaLand Ascendas REIT, REIT		12,716	$	27,364
CapitaLand Ascott Trust, REIT, UTS		8,342		6,772
CapitaLand Integrated Commercial Trust, REIT		18,888		28,841
Capitaland Investment Ltd.		9,500		26,593
City Developments Ltd.		1,700		8,893
ComfortDelGro Corp. Ltd.		8,000		7,161
DBS Group Holdings Ltd.		6,691		165,334
Frasers Logistics & Commercial Trust, REIT		10,500		10,657
Genting Singapore Ltd.		21,800		18,546
Jardine Cycle & Carriage Ltd.		290		7,386
Kenon Holdings Ltd.		73		1,942
Keppel Corp. Ltd.		5,000		23,217
Keppel DC REIT, REIT		4,700		7,599
Keppel REIT, REIT		8,000		5,232
Mapletree Industrial Trust, REIT		7,106		12,703
Mapletree Logistics Trust, REIT		12,000		15,704
Mapletree Pan Asia Commercial Trust, REIT		8,500		11,260
NetLink NBN Trust, UTS		11,900		7,812
Olam Group Ltd.		4,300		5,190
Oversea-Chinese Banking Corp. Ltd.		12,973		122,736
SATS Ltd.*		3,100		5,922
Sembcorp Industries Ltd.		3,500		11,262
Sembcorp Marine Ltd.*		158,977		14,827
SIA Engineering Co. Ltd.*		1,000		1,677
Singapore Airlines Ltd.		4,700		20,672
Singapore Exchange Ltd.		3,000		21,590
Singapore Post Ltd.		6,000		2,299
Singapore Technologies Engineering Ltd.		5,800		15,789
Singapore Telecommunications Ltd.		28,000		53,658
StarHub Ltd.		2,100		1,577
STMicroelectronics NV		2,341		100,141
Suntec Real Estate Investment Trust, REIT		8,000		8,109
United Overseas Bank Ltd.		4,757		101,029
UOL Group Ltd.		1,800		9,390
Venture Corp. Ltd.		900		11,498
				900,382
South Africa    0.2%
Anglo American PLC		4,465		137,585
South Korea    4.3%
Alteogen, Inc.*		133		4,355
Amorepacific Corp.		112		10,362

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    35

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
AMOREPACIFIC Group		118	$	3,235
BGF retail Co. Ltd.		25		3,488
BNK Financial Group, Inc.		1,143		5,686
Celltrion Healthcare Co. Ltd.		372		19,391
Celltrion Pharm, Inc.*		80		4,904
Celltrion, Inc.		409		49,280
Cheil Worldwide, Inc.		277		3,833
CJ CheilJedang Corp.		29		6,716
CJ Corp.		48		3,287
CJ ENM Co. Ltd.*		39		2,329
CJ Logistics Corp.		27		1,560
Coway Co. Ltd.		212		7,784
Daewoo Engineering & Construction Co. Ltd.*		691		2,185
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		177		3,581
DB Insurance Co. Ltd.		165		10,372
Delivery Hero SE, 144A*		704		28,140
DGB Financial Group, Inc.		628		3,220
DL E&C Co. Ltd.		116		3,065
DL Holdings Co. Ltd.		46		1,704
Dongsuh Cos., Inc.		129		1,855
Doosan Bobcat, Inc.		106		4,067
Doosan Enerbility Co. Ltd.*		1,574		19,722
Ecopro BM Co. Ltd.		146		29,318
E-MART, Inc.		72		5,266
F&F Co. Ltd.		61		6,454
Fila Holdings Corp.		204		5,603
Green Cross Corp.		23		2,131
GS Engineering & Construction Corp.		233		3,781
GS Holdings Corp.		195		5,794
GS Retail Co. Ltd.		144		2,868
Hana Financial Group, Inc.		1,082		34,000
Hanjin Kal Corp.		87		2,576
Hankook Tire & Technology Co. Ltd.		276		7,128
Hanmi Pharm Co. Ltd.		28		6,772
Hanmi Science Co. Ltd.		90		2,955
Hanon Systems		660		4,537
Hanwha Aerospace Co. Ltd.		128		9,850
Hanwha Corp.		141		2,864
Hanwha Galleria Co. Ltd.*		439		565
Hanwha Life Insurance Co. Ltd.*		760		1,412
Hanwha Solutions Corp.*		390		14,033
HD Hyundai Co. Ltd.		187		8,292
HD Hyundai Heavy Industries Co. Ltd.*		69		5,677
HD Hyundai Infracore Co. Ltd.		420		3,108

See Notes to Financial Statements.

36

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
HD Korea Shipbuilding & Offshore Engineering Co. Ltd.*		161	$	10,240
Hite Jinro Co. Ltd.		102		1,701
HL Mando Co. Ltd.		122		4,238
HLB, Inc.*		375		9,966
HMM Co. Ltd.		1,083		16,589
Hotel Shilla Co. Ltd.		115		7,026
HYBE Co. Ltd.*		68		13,751
Hyundai Department Store Co. Ltd.		60		2,323
Hyundai Engineering & Construction Co. Ltd.		273		8,400
Hyundai Glovis Co. Ltd.		68		8,342
Hyundai Marine & Fire Insurance Co. Ltd.		225		6,321
Hyundai Mipo Dockyard Co. Ltd.*		75		4,128
Hyundai Mobis Co. Ltd.		228		37,132
Hyundai Motor Co.		511		75,694
Hyundai Steel Co.		282		7,711
Hyundai Wia Corp.		65		2,733
Industrial Bank of Korea		944		7,109
Kakao Corp.		1,124		49,219
Kakao Games Corp.*		108		3,282
KakaoBank Corp.		621		10,281
Kakaopay Corp.*		85		3,493
Kangwon Land, Inc.		408		5,780
KB Financial Group, Inc.		1,442		53,522
KCC Corp.		15		2,500
KEPCO Plant Service & Engineering Co. Ltd.		71		1,899
Kia Corp.		956		60,547
Korea Aerospace Industries Ltd.		265		10,885
Korea Electric Power Corp.*		948		13,235
Korea Gas Corp.*		107		2,147
Korea Investment Holdings Co. Ltd.		141		5,827
Korea Zinc Co. Ltd.		35		13,453
Korean Air Lines Co. Ltd.		659		11,304
Krafton, Inc.*		112		16,179
KT&G Corp.		398		25,504
Kumho Petrochemical Co. Ltd.		67		6,851
L&F Co. Ltd.		86		17,167
LG Chem Ltd.		171		94,988
LG Corp.		322		21,075
LG Display Co. Ltd.*		829		9,242
LG Electronics, Inc.		400		32,847
LG Energy Solution Ltd.*		127		55,351
LG H&H Co. Ltd.		32		14,942
LG Innotek Co. Ltd.		52		10,350
LG Uplus Corp.		786		6,483

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    37

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
Lotte Chemical Corp.		67	$	8,445
Lotte Chilsung Beverage Co. Ltd.		11		1,282
Lotte Corp.		108		2,266
Lotte Energy Materials Corp.		68		3,076
LOTTE Fine Chemical Co. Ltd.		72		3,307
Lotte Shopping Co. Ltd.		46		2,750
LS Corp.		71		4,769
Meritz Financial Group, Inc.*		483		16,626
Mirae Asset Securities Co. Ltd.		1,014		5,269
NAVER Corp.		528		76,494
NCSoft Corp.		60		16,978
Netmarble Corp., 144A*		71		3,457
NH Investment & Securities Co. Ltd.		553		3,872
NHN Corp.*		62		1,262
NongShim Co. Ltd.		11		3,259
OCI Co. Ltd.		67		6,027
Orion Corp.		81		8,782
Ottogi Corp.		5		1,727
Pan Ocean Co. Ltd.		732		2,987
Paradise Co. Ltd.*		142		1,635
Pearl Abyss Corp.*		115		3,724
POSCO Future M Co. Ltd.		102		25,675
POSCO Holdings, Inc.		275		77,826
Posco International Corp.		167		3,358
S-1 Corp.		75		3,276
Samsung Biologics Co. Ltd., 144A*		66		38,601
Samsung C&T Corp.		311		25,541
Samsung Card Co. Ltd.		124		2,762
Samsung Electro-Mechanics Co. Ltd.		207		22,386
Samsung Electronics Co. Ltd.		17,447		858,464
Samsung Engineering Co. Ltd.*		592		12,922
Samsung Fire & Marine Insurance Co. Ltd.		124		20,860
Samsung Heavy Industries Co. Ltd.*		2,295		9,776
Samsung Life Insurance Co. Ltd.		276		13,683
Samsung SDI Co. Ltd.		193		100,162
Samsung SDS Co. Ltd.		136		11,958
Samsung Securities Co. Ltd.		234		5,940
SD Biosensor, Inc.		136		2,121
Seegene, Inc.*		120		2,187
Shin Poong Pharmaceutical Co. Ltd.*		140		1,894
Shinhan Financial Group Co. Ltd.		1,851		48,460
Shinsegae, Inc.		26		4,014
SK Biopharmaceuticals Co. Ltd.*		91		4,706
SK Bioscience Co. Ltd.*		77		4,069

See Notes to Financial Statements.

38

Description	Shares		Value
COMMON STOCKS (Continued)
South Korea (cont’d.)
SK Chemicals Co. Ltd.		37	$	1,976
SK Hynix, Inc.		1,992		134,029
SK IE Technology Co. Ltd., 144A*		95		5,523
SK Innovation Co. Ltd.*		193		25,119
SK Networks Co. Ltd.		404		1,410
SK Square Co. Ltd.*		366		11,664
SK Telecom Co. Ltd.		47		1,675
SK, Inc.		137		16,707
SKC Co. Ltd.		71		5,303
S-Oil Corp.		154		8,625
Solus Advanced Materials Co. Ltd.		38		1,152
SSANGYONG C&E Co. Ltd.		309		1,353
Wemade Co. Ltd.		66		2,766
Woori Financial Group, Inc.		2,353		20,695
Yuhan Corp.		207		8,926
				2,876,420
Spain    2.3%
Acciona SA		87		16,120
ACS Actividades de Construccion y Servicios SA		749		25,752
Aena SME SA, 144A*		262		44,125
Amadeus IT Group SA*		1,665		117,025
Banco Bilbao Vizcaya Argentaria SA		22,281		163,119
Banco Santander SA		60,334		211,958
Bankinter SA		2,554		15,102
CaixaBank SA		14,069		52,078
Cellnex Telecom SA, 144A		2,064		86,903
Corp. ACCIONA Energias Renovables SA*		212		7,612
EDP Renovaveis SA		911		20,249
Enagas SA		937		18,759
Endesa SA		1,182		26,516
Ferrovial SA		1,745		54,712
Grifols SA*		1,223		12,589
Iberdrola SA		21,982		284,845
Industria de Diseno Textil SA		3,885		133,554
Inmobiliaria Colonial Socimi SA, REIT		1,313		8,393
Mapfre SA		3,686		7,384
Merlin Properties Socimi SA, REIT		1,256		11,105
Naturgy Energy Group SA		545		16,969
Red Electrica Corp. SA		1,608		29,236
Repsol SA		4,724		69,394
Telefonica SA		18,393		83,545
				1,517,044

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    39

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden    2.9%
Alfa Laval AB		1,140	$	41,823
Assa Abloy AB (Class B Stock)		3,596		85,678
Atlas Copco AB (Class A Stock)		9,345		135,167
Atlas Copco AB (Class B Stock)		5,636		72,292
Axfood AB		402		9,976
Beijer Ref AB		1,221		19,973
Boliden AB		1,008		36,023
Castellum AB		992		12,059
Electrolux AB (Class B Stock)		805		12,143
Epiroc AB (Class A Stock)		2,307		46,216
Epiroc AB (Class B Stock)		1,408		24,243
EQT AB		1,265		27,246
Essity AB (Class B Stock)		2,246		68,066
Evolution AB, 144A		589		78,695
Fastighets AB Balder (Class B Stock)*		2,331		10,853
Getinge AB (Class B Stock)		841		21,345
H & M Hennes & Mauritz AB (Class B Stock)		2,464		36,124
Hexagon AB (Class B Stock)		6,905		79,060
Holmen AB (Class B Stock)		362		13,694
Husqvarna AB (Class B Stock)		1,534		13,240
Industrivarden AB (Class A Stock)		481		13,763
Industrivarden AB (Class C Stock)		559		15,963
Indutrade AB		1,063		25,525
Investment AB Latour (Class B Stock)		540		11,692
Investor AB (Class A Stock)		1,957		42,913
Investor AB (Class B Stock)		6,727		144,517
Kinnevik AB (Class B Stock)*		896		14,719
L E Lundbergforetagen AB (Class B Stock)		279		13,387
Lifco AB (Class B Stock)		855		19,498
Nibe Industrier AB (Class B Stock)		5,423		60,721
Saab AB (Class B Stock)		341		19,147
Sagax AB (Class B Stock)		648		15,895
Sagax AB (Class D Stock)		430		1,136
Sandvik AB		3,969		80,848
Securitas AB (Class B Stock)		1,809		16,215
Skandinaviska Enskilda Banken AB (Class A Stock)		6,035		68,623
Skandinaviska Enskilda Banken AB (Class C Stock)		100		1,276
Skanska AB (Class B Stock)		1,357		22,196
SKF AB (Class B Stock)		1,438		26,045
SSAB AB (Class A Stock)		893		6,342
SSAB AB (Class B Stock)		2,465		16,661
Svenska Cellulosa AB SCA (Class B Stock)		2,215		30,389
Svenska Handelsbanken AB (Class A Stock)		5,539		48,964
Svenska Handelsbanken AB (Class B Stock)		131		1,439

See Notes to Financial Statements.

40

Description	Shares		Value
COMMON STOCKS (Continued)
Sweden (cont’d.)
Sweco AB (Class B Stock)		751	$	10,068
Swedbank AB (Class A Stock)		3,751		65,179
Swedish Orphan Biovitrum AB*		665		16,183
Tele2 AB (Class B Stock)		2,010		21,359
Telefonaktiebolaget LM Ericsson (Class A Stock)		197		1,208
Telefonaktiebolaget LM Ericsson (Class B Stock)		11,230		61,829
Telia Co. AB		9,098		25,330
Trelleborg AB (Class B Stock)		840		21,108
Volvo AB (Class A Stock)		777		16,454
Volvo AB (Class B Stock)		5,585		114,831
Volvo Car AB (Class B Stock)*		1,999		8,251
				1,923,590
Switzerland    5.2%
ABB Ltd.		5,626		202,950
Adecco Group AG		592		20,363
Alcon, Inc.		1,703		124,006
Bachem Holding AG		114		12,453
Baloise Holding AG		168		28,122
Banque Cantonale Vaudoise		108		11,364
Barry Callebaut AG		13		27,756
Belimo Holding AG		34		16,409
BKW AG		67		11,474
Chocoladefabriken Lindt & Spruengli AG		8		98,777
Cie Financiere Richemont SA (Class A Stock)		1,883		311,262
Clariant AG*		856		14,278
Credit Suisse Group AG*		13,494		12,143
DKSH Holding AG		70		5,576
Emmi AG		3		3,122
EMS-Chemie Holding AG		28		22,996
Flughafen Zurich AG		71		13,665
Geberit AG		128		72,904
Georg Fischer AG		305		22,241
Givaudan SA		29		101,441
Helvetia Holding AG		127		18,998
Julius Baer Group Ltd.		777		55,677
Kuehne + Nagel International AG		183		54,215
Logitech International SA		536		31,719
Lonza Group AG		274		170,877
Novartis AG		7,339		750,735
Partners Group Holding AG		81		78,629
PSP Swiss Property AG		156		18,371
Schindler Holding AG		69		14,740
Schindler Holding AG (Part. Cert.)		152		33,968

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    41

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
Switzerland (cont’d.)
SGS SA		575	$	52,035
SIG Group AG*		1,243		33,270
Sika AG		535		147,779
Sonova Holding AG		186		58,985
Straumann Holding AG		394		59,278
Swatch Group AG (The) (XSWX)		107		36,708
Swatch Group AG (The) (TRQX)		167		10,536
Swiss Life Holding AG*		112		73,926
Swiss Prime Site AG		283		25,617
Swisscom AG		98		67,282
Tecan Group AG		46		20,046
Temenos AG		227		19,121
UBS Group AG		10,583		215,391
VAT Group AG, 144A		96		33,868
Zurich Insurance Group AG		547		265,269
				3,480,342
Taiwan    0.0%
FIT Hon Teng Ltd., 144A*		3,000		595
United Arab Emirates    0.0%
NMC Health PLC*^		372		—
United Kingdom    10.7%
3i Group PLC		3,511		78,116
abrdn PLC		7,298		19,557
Admiral Group PLC		1,075		31,244
Allfunds Group PLC*		1,262		8,372
Ashtead Group PLC		1,615		93,115
Associated British Foods PLC		1,297		31,956
AstraZeneca PLC		5,447		801,597
Auto Trader Group PLC, 144A		3,326		26,598
Aviva PLC		10,428		55,522
B&M European Value Retail SA		3,557		21,473
BAE Systems PLC		11,313		144,127
Barclays PLC		58,481		117,805
Barratt Developments PLC		3,765		23,687
Beazley PLC		2,472		18,546
Berkeley Group Holdings PLC		392		21,937
BP PLC		65,244		437,722
British American Tobacco PLC		8,261		305,209
British Land Co. PLC (The), REIT		3,488		17,573
BT Group PLC		25,715		51,360

See Notes to Financial Statements.

42

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Bunzl PLC		1,247	$	49,639
Burberry Group PLC		1,393		45,470
Centrica PLC		21,384		30,728
CK Hutchison Holdings Ltd.		9,600		64,180
CNH Industrial NV		3,683		51,827
Compass Group PLC		6,494		171,318
ConvaTec Group PLC, 144A		6,199		17,138
Croda International PLC		513		45,072
DCC PLC		374		23,269
Dechra Pharmaceuticals PLC		422		19,809
Derwent London PLC, REIT		421		12,710
Diageo PLC		8,189		373,550
Direct Line Insurance Group PLC		5,048		10,911
Dowlais Group PLC*		5,047		8,411
DS Smith PLC		4,821		18,822
Entain PLC		2,184		39,795
Halma PLC		1,413		41,095
Hargreaves Lansdown PLC		1,426		14,437
Hiscox Ltd.		1,279		19,036
Howden Joinery Group PLC		1,986		17,120
HSBC Holdings PLC		74,227		534,980
IMI PLC		969		19,442
Imperial Brands PLC		3,427		84,832
Informa PLC		5,206		47,328
InterContinental Hotels Group PLC		647		44,486
Intermediate Capital Group PLC		1,048		17,208
International Consolidated Airlines Group SA*		4,173		8,005
Intertek Group PLC		602		31,493
ITV PLC		14,051		14,301
J Sainsbury PLC		6,490		22,553
JD Sports Fashion PLC		9,292		18,859
Johnson Matthey PLC		674		16,650
Just Eat Takeaway.com NV, 144A*		696		12,205
Kingfisher PLC		7,374		23,900
Land Securities Group PLC, REIT		2,700		22,912
Legal & General Group PLC		21,859		64,495
Lloyds Banking Group PLC		248,480		150,957
London Stock Exchange Group PLC		1,444		151,610
M&G PLC		8,162		21,095
Melrose Industries PLC		5,047		25,998
National Grid PLC		13,484		193,333
NatWest Group PLC		19,943		65,694
Next PLC		466		39,539
Ocado Group PLC*		2,227		14,173

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    43

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description	Shares		Value
COMMON STOCKS (Continued)
United Kingdom (cont’d.)
Pearson PLC		2,708	$	30,129
Pepco Group NV, 144A*		543		5,207
Persimmon PLC		1,198		19,827
Phoenix Group Holdings PLC		2,767		20,616
Reckitt Benckiser Group PLC		2,647		213,904
RELX PLC		7,085		236,063
Renishaw PLC		127		5,761
Rentokil Initial PLC		9,251		73,650
Rightmove PLC		3,062		22,163
Rolls-Royce Holdings PLC*		30,980		59,347
RS Group PLC		1,776		20,605
Sage Group PLC (The)		3,800		39,189
Schroders PLC		3,248		19,894
Segro PLC, REIT		4,443		46,776
Severn Trent PLC		934		34,403
Smith & Nephew PLC		3,228		53,164
Smiths Group PLC		1,339		28,313
Spirax-Sarco Engineering PLC		271		37,869
SSE PLC		3,991		92,085
St. James’s Place PLC		1,996		30,355
Standard Chartered PLC		8,738		69,232
Tate & Lyle PLC		1,513		15,514
Taylor Wimpey PLC		13,079		21,108
Tesco PLC		26,785		94,697
Unilever PLC		9,260		515,617
UNITE Group PLC (The), REIT		1,190		14,359
United Utilities Group PLC		2,545		34,572
Vodafone Group PLC		87,300		104,858
Weir Group PLC (The)		981		22,704
Whitbread PLC		753		30,822
Wise PLC (Class A Stock)*		2,702		18,708
WPP PLC		3,863		45,021
				7,102,433
United States    6.6%
Amcor PLC, CDI		5,502		60,154
CSL Ltd.		1,773		353,956
Experian PLC		3,402		120,447
Ferguson PLC		767		108,376
GSK PLC		14,734		265,701
Haleon PLC		18,417		80,974
Holcim AG*		2,017		133,269
James Hardie Industries PLC, CDI		1,652		36,864
JS Global Lifestyle Co. Ltd., 144A		5,000		4,433

See Notes to Financial Statements.

44

Description	Shares		Value
COMMON STOCKS (Continued)
United States (cont’d.)
Nestle SA		9,955	$	1,277,123
QIAGEN NV*		810		36,224
Roche Holding AG		2,560		801,639
Roche Holding AG (Bearer Shares)		108		36,547
Samsonite International SA, 144A*		4,800		15,210
Sanofi		4,014		432,582
Schneider Electric SE		1,958		341,459
Signify NV, 144A		471		15,730
Sims Ltd.		597		6,256
Stellantis NV		7,682		127,418
Swiss Re AG		1,068		107,552
Tenaris SA		1,762		25,206
				4,387,120
TOTAL COMMON STOCKS (cost $49,837,424)				64,179,648
PREFERRED STOCKS    0.6%
Germany    0.3%
Bayerische Motoren Werke AG (PRFC)		222		23,597
Fuchs Petrolub SE (PRFC)		262		10,351
Henkel AG & Co. KGaA (PRFC)		625		50,530
Sartorius AG (PRFC)		90		34,982
Sixt SE (PRFC)		67		5,338
Volkswagen AG (PRFC)		745		101,730
				226,528
South Korea    0.3%
Amorepacific Corp. (PRFC)		46		1,379
CJ CheilJedang Corp. (PRFC)*		4		438
Hanwha Corp. (3rd PRFC)		100		1,079
Hyundai Motor Co. (2nd PRFC)		135		11,199
Hyundai Motor Co. (PRFC)		88		6,984
LG Chem Ltd. (PRFC)		30		8,779
LG Electronics, Inc. (PRFC)		64		2,357
LG H&H Co. Ltd. (PRFC)		8		1,603
Mirae Asset Securities Co. Ltd. (2nd PRFC)		574		1,580
Samsung Electronics Co. Ltd. (PRFC)		3,047		127,379
Samsung Fire & Marine Insurance Co. Ltd. (PRFC)		10		1,249
Samsung SDI Co. Ltd. (PRFC)		5		1,271
				165,297

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    45

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Description						Shares		Value
PREFERRED STOCKS (Continued)
Spain    0.0%
Grifols SA (Class B Stock) (PRFC)*							957	$	7,080
TOTAL PREFERRED STOCKS (cost $354,295)									398,905
UNAFFILIATED EXCHANGE-TRADED FUND    1.7%
United States
iShares MSCI EAFE ETF (cost $959,191)							15,700		1,155,834
TOTAL LONG-TERM INVESTMENTS (cost $51,150,910)									65,734,387
SHORT-TERM INVESTMENTS    1.0%
AFFILIATED MUTUAL FUND    0.8%
PGIM Core Government Money Market Fund (cost $507,167)(wi)							507,167		507,167
	Interest Rate			Maturity Date		Principal Amount (000)#
U.S. TREASURY OBLIGATION(k)(n)    0.2%
U.S. Treasury Bills (cost $149,147)		4.603	%		06/15/23		150		149,115
TOTAL SHORT-TERM INVESTMENTS (cost $656,314)									656,282
TOTAL INVESTMENTS    99.6% (cost $51,807,224)									66,390,669
Other assets in excess of liabilities(z)    0.4%									262,241
NET ASSETS    100.0%								$	66,652,910

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

CDI—Chess Depository Interest

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

See Notes to Financial Statements.

46

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

MSC—Morgan Stanley & Co. LLC

MSCI—Morgan Stanley Capital International

OTC—Over-the-counter

PRFC—Preference Shares

REITs—Real Estate Investment Trust

RSP—Savings Shares

SOFR—Secured Overnight Financing Rate

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.

(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.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market 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, 2023:

Number of Contracts	Type	Expiration      Date	Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
1	ASX SPI 200 Index	Jun. 2023		$	121,058		$	4,399
6	Euro STOXX 50 Index	Jun. 2023			285,612			16,222
2	FTSE 100 Index	Jun. 2023			197,624			6,206
8	Mini MSCI EAFE Index	Jun. 2023			859,840			55,700
2	TOPIX Index	Jun. 2023			302,103			6,822
							$	89,349

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
MSC		$—		$149,115

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    47

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

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, 2023 in valuing such portfolio securities:

	Level 1		Level 2			Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—		$	5,000,303		$	—
Austria		—			163,973			—
Belgium		—			533,825			—
Brazil		—			24,443			—
Burkina Faso		—			17,688			—
Cambodia		—			3,815			—
Chile		—			24,113			—
China		—			403,435			—
Denmark		—			1,747,478			—
Finland		—			740,292			—
France		—			6,190,953			—
Germany		—			4,827,179			—
Hong Kong		—			1,523,408			—	**
Indonesia		—			3,349			—
Ireland		—			339,558			—
Israel		—			369,835			—
Italy		—			1,402,878			—
Japan		—			14,206,930			—
Jordan		—			14,337			—
Luxembourg		—			93,623			—
Macau		—			104,571			—
Mexico		—			6,470			—
Netherlands		—			3,218,454			—
New Zealand		—			219,166			—
Nigeria		—			6,064			—
Norway		—			395,814			—
Poland		—			165,269			—
Portugal		—			106,914			—
Russia		—			—			—	**
Singapore		—			900,382			—
South Africa		—			137,585			—
South Korea		565			2,875,855			—

See Notes to Financial Statements.

48

	Level 1		Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Spain	$	—		$	1,517,044		$—
Sweden		—			1,923,590		—
Switzerland		—			3,480,342		—
Taiwan		—			595		—
United Arab Emirates		—			—		—**
United Kingdom		8,411			7,094,022		—
United States		—			4,387,120		—
Preferred Stocks
Germany		—			226,528		—
South Korea		—			165,297		—
Spain		—			7,080		—
Unaffiliated Exchange-Traded Fund
United States		1,155,834			—		—
Short-Term Investments
Affiliated Mutual Fund		507,167			—		—
U.S. Treasury Obligation		—			149,115		—
Total	$	1,671,977		$	64,718,692		$—**
Other Financial Instruments*
Assets
Futures Contracts	$	89,349		$	—		$—

* 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.

** Includes Level 3 investments with an aggregate value of $0.

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, 2023 were as follows:

Banks	8.6	%
Pharmaceuticals	8.1
Insurance	4.9
Oil, Gas & Consumable Fuels	4.0
Metals & Mining	3.4
Chemicals	3.2
Food Products	3.2
Machinery	3.1
Textiles, Apparel & Luxury Goods	3.0
Semiconductors & Semiconductor Equipment	2.9

Automobiles	2.9	%
Capital Markets	2.3
Personal Care Products	2.0
Health Care Equipment & Supplies	1.9
Technology Hardware, Storage & Peripherals	1.9
Beverages	1.9
Diversified Telecommunication Services	1.8
Hotels, Restaurants & Leisure	1.8
Electric Utilities	1.8
Electrical Equipment	1.7

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    49

Schedule of Investments  (unaudited) (continued)

as of April 30, 2023

Industry Classification (continued):

Unaffiliated Exchange-Traded Fund	1.7	%
Trading Companies & Distributors	1.7
Electronic Equipment, Instruments & Components	1.6
Industrial Conglomerates	1.5
Aerospace & Defense	1.5
Professional Services	1.4
Consumer Staples Distribution & Retail	1.3
Software	1.3
Real Estate Management & Development	1.3
Financial Services	1.3
Household Durables	1.2
Building Products	1.0
Biotechnology	0.9
Construction & Engineering	0.9
Wireless Telecommunication Services	0.9
Automobile Components	0.8
Multi-Utilities	0.8
Broadline Retail	0.8
Specialty Retail	0.8
Tobacco	0.8
Affiliated Mutual Fund	0.8
IT Services	0.7
Ground Transportation	0.7
Entertainment	0.7
Household Products	0.7
Air Freight & Logistics	0.6
Construction Materials	0.6
Life Sciences Tools & Services	0.6
Transportation Infrastructure	0.5
Interactive Media & Services	0.4
Media	0.4
Industrial REITs	0.4

Commercial Services & Supplies	0.4	%
Health Care Providers & Services	0.4
Retail REITs	0.4
Marine Transportation	0.4
Gas Utilities	0.3
Diversified REITs	0.3
Containers & Packaging	0.3
Independent Power & Renewable Electricity Producers	0.3
Paper & Forest Products	0.3
Office REITs	0.3
Communications Equipment	0.2
U.S. Treasury Obligation	0.2
Leisure Products	0.2
Passenger Airlines	0.2
Water Utilities	0.1
Health Care Technology	0.1
Diversified Consumer Services	0.1
Residential REITs	0.1
Consumer Finance	0.0	*
Energy Equipment & Services	0.0	*
Hotel & Resort REITs	0.0	*
Distributors	0.0	*
Specialized REITs	0.0	*
	99.6
Other assets in excess of liabilities	0.4
	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, 2023 as presented in the Statement of Assets and Liabilities:

See Notes to Financial Statements.

50

	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	$	89,349	*	—		$—

* 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, 2023 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	$	178,704

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts	$	130,253

For the six months ended April 30, 2023, the Fund’s average volume of derivative activities is as follows:

Derivative Contract Type	Average Volume of Derivative Activities*
Futures Contracts - Long Positions (1)	$1,826,408

* Average volume is based on average quarter end balances as noted for the six months ended April 30, 2023.

(1) Notional Amount in USD.

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    51

Statement of Assets and Liabilities (unaudited)

as of April 30, 2023

Assets
Investments at value:
Unaffiliated investments (cost $51,300,057)	$	65,883,502
Affiliated investments (cost $507,167)		507,167
Foreign currency, at value (cost $649,766)		648,145
Dividends receivable		269,867
Tax reclaim receivable		213,322
Receivable for investments sold		65,804
Receivable for Fund shares sold		11,274
Due from Manager		7,456
Due from broker—variation margin futures		2,825
Prepaid expenses and other assets		10,534
Total Assets		67,619,896
Liabilities
Payable for Fund shares purchased		851,430
Custodian and accounting fees payable		71,311
Accrued expenses and other liabilities		23,189
Payable for investments purchased		20,342
Trustees’ fees payable		635
Affiliated transfer agent fee payable		79
Total Liabilities		966,986
Net Assets	$	66,652,910
Net assets were comprised of:
Paid-in capital	$	56,075,162
Total distributable earnings (loss)		10,577,748
Net assets, April 30, 2023	$	66,652,910
Class R6
Net asset value, offering price and redemption price per share, ($66,652,910 ÷ 5,096,816 shares of beneficial interest issued and outstanding)	$	13.08

See Notes to Financial Statements.

52

Statement of Operations  (unaudited)

Six Months Ended April 30, 2023

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $119,220 foreign withholding tax)	$	970,556
Affiliated dividend income		3,613
Interest income		3,060
Affiliated income from securities lending, net		1,246
Total income		978,475
Expenses
Management fee		81,844
Custodian and accounting fees		67,942
Pricing fees		31,001
Professional fees		22,432
Audit fee		16,017
Shareholders’ reports		8,386
Trustees’ fees		5,352
Transfer agent’s fees and expenses (including affiliated expense of $338)		351
Registration fees		110
Miscellaneous		10,738
Total expenses		244,173
Less: Fee waiver and/or expense reimbursement		(145,758	)
Net expenses		98,415
Net investment income (loss)		880,060
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (including affiliated of $230)		(550,019	)
Futures transactions		178,704
Foreign currency transactions		76,783
		(294,532	)
Net change in unrealized appreciation (depreciation) on:
Investments (including affiliated of $285)		13,090,115
Futures		130,253
Foreign currencies		17,197
		13,237,565
Net gain (loss) on investment and foreign currency transactions		12,943,033
Net Increase (Decrease) In Net Assets Resulting From Operations	$	13,823,093

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    53

Statements of Changes in Net Assets  (unaudited)

	Six Months Ended April 30, 2023				Year Ended October 31, 2022
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	880,060			$	1,871,461
Net realized gain (loss) on investment and foreign currency transactions			(294,532	)			(2,487,895	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			13,237,565				(18,902,484	)
Net increase (decrease) in net assets resulting from operations			13,823,093				(19,518,918	)
Dividends and Distributions
Distributions from distributable earnings Class R6			(1,557,701	)			(2,691,266	)
Fund share transactions
Net proceeds from shares sold (229,630 and 1,825,257 shares, respectively)			2,847,420				23,072,500
Net asset value of shares issued in reinvestment of dividends and distributions (133,023 and 192,233 shares, respectively)			1,557,701				2,691,265
Cost of shares purchased (870,498 and 1,952,166 shares, respectively)			(10,668,686	)			(24,514,276	)
Net increase (decrease) in net assets from Fund share transactions			(6,263,565	)			1,249,489
Total increase (decrease)			6,001,827				(20,960,695	)
Net Assets:
Beginning of period			60,651,083				81,611,778
End of period		$	66,652,910			$	60,651,083

See Notes to Financial Statements.

54

Financial Highlights  (unaudited)

	Six Months Ended April 30, 2023
				Year Ended October 31,
				2022			2021			2020			2019			2018
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.82			$14.73			$11.23			$12.16			$11.36			$12.55
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.32			0.31			0.22			0.32			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.39			(3.76	)		3.40			(0.82	)		0.76			(1.20	)
Total from investment operations		2.55			(3.44	)		3.71			(0.60	)		1.08			(0.88	)
Less Dividends and Distributions:
Dividends from net investment income		(0.29	)		(0.43	)		(0.21	)		(0.33	)		(0.27	)		(0.23	)
Distributions from net realized gains		-			(0.04	)		-			-			(0.01	)		(0.08	)
Total dividends and distributions		(0.29	)		(0.47	)		(0.21	)		(0.33	)		(0.28	)		(0.31	)
Net asset value, end of period		$13.08			$10.82			$14.73			$11.23			$12.16			$11.36
Total Return(b):		23.86	%		(24.07	)%		33.21	%		(5.21	)%		9.88	%		(7.22	)%
Ratios/Supplemental Data:
Net assets, end of period (000)		$66,653			$60,651			$81,612			$66,162			$50,807			$41,429
Average net assets (000)		$66,017			$72,851			$82,645			$56,084			$45,226			$36,379
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		0.30	%(d)		0.30	%		0.30	%		0.30	%		0.30	%		0.30	%
Expenses before waivers and/or expense reimbursement		0.75	%(d)		0.70	%		0.69	%		0.95	%		1.12	%		1.49	%
Net investment income (loss)		2.69	%(d)		2.57	%		2.16	%		1.93	%		2.83	%		2.56	%
Portfolio turnover rate(e)		3	%		26	%		23	%		13	%		13	%		9	%

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

(b) 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.

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

(d) Annualized.

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

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    55

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 (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 approved the Fund’s valuation policies and procedures for security valuation and designated to PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the Valuation Designee pursuant to SEC Rule 2a-5(b) to perform the fair value determination relating to all Fund investments. Pursuant to the Board’s oversight, the Valuation Designee has established a Valuation Committee to perform the duties and responsibilities as valuation designee under SEC Rule 2a-5. 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.

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

56

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 valued using the market approach when obtaining a single broker quote or when utilizing

PGIM Quant Solutions International Developed Markets Index Fund    57

Notes to Financial Statements (unaudited) (continued)

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 policies and procedures 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 Valuation Designee 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.

58

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    59

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 open loans of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

60

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

Expected Distribution Schedule to Shareholders*	Frequency
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 which it has responsibility for all investment advisory services and supervises the subadviser’s performance of such services, and pursuant to which it renders administrative 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.

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2023, 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 29, 2024, 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 for the purpose of preventing the expenses from exceeding a certain expense ratio limit 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

PGIM Quant Solutions International Developed Markets Index Fund    61

Notes to Financial Statements  (unaudited) (continued)

expense limit in effect at the time of the recoupment for that fiscal year. The expense limitation attributable to class R6 is 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 and shareholder servicing 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 Government Money Market Fund (the “Core Government Fund”), a fund of the Prudential Government Money Market Fund, Inc., and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), a fund of Prudential Investment Portfolios 2, each 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 Government Fund and the Money Market Fund. In addition to the realized and unrealized gains on investments in the Core Government Fund and the Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Affiliated 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, 2023, no 17a-7 transactions were entered into by the Fund.

62

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, 2023, were as follows:

Cost of Purchases	Proceeds from Sales
$2,023,482	$7,793,468

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2023, 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 Government Money Market Fund(1)(wi)
$            —		$2,002,991		$1,495,824		$ —		$   —		$ 507,167		507,167		$ 3,613
PGIM Institutional Money Market Fund(1)(b)(wi)
1,550,153		11,266,775		12,817,443		285		230		—		—		1,246(2)
$1,550,153		$13,269,766		$14,313,267		$ 285		$ 230		$ 507,167				$ 4,859

(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.

(wi) PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Government Money Market 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, 2023 were as follows:

Tax Basis	Gross Unrealized Appreciation	Gross Unrealized Depreciation	Net         Unrealized   Appreciation
$54,585,653	$17,436,985	$(5,542,620)	$11,894,365

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

For federal income tax purposes, the Fund had an approximated capital loss carryforward as of October 31, 2022 which can be carried forward for an unlimited period. No capital gains

PGIM Quant Solutions International Developed Markets Index Fund    63

Notes to Financial Statements  (unaudited) (continued)

distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.

Capital Loss Carryforward	Capital Loss Carryforward Utilized
$1,485,000	$—

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, 2022 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, 2023, 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	5,073,303	99.5%

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	7	87.1%
Unaffiliated	—	—

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	9/30/2022 - 9/28/2023

64

	SCA
Total Commitment	$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA	0.15%
Annualized Interest Rate on Borrowings	1.00% plus the higher of (1)     the effective federal funds rate, (2) the daily SOFR rate plus 0.10% 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, 2023. The average daily balance for the 4 days that the Fund had loans outstanding during the period was approximately $347,500, borrowed at a weighted average interest rate of 5.27%. The maximum loan outstanding amount during the period was $514,000. At April 30, 2023, 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.

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

PGIM Quant Solutions International Developed Markets Index Fund    65

Notes to Financial Statements  (unaudited) (continued)

ways, especially in abnormal market conditions. Some derivatives are “leveraged” or may create economic leverage for the Fund and therefore may magnify or otherwise increase investment losses to the Fund. The Fund’s use of derivatives may also increase the amount of taxes payable by shareholders.

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

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

Economic and Market Events Risk: Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth or the functioning of the securities markets, or otherwise reduce inflation, may at times result in unusually high market volatility, which could negatively impact performance. Governmental efforts to curb inflation often have negative effects on the level of economic activity. 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,

66

which may be substantial during periods of market stress. The trading price of an index-based ETF is expected to (but may not) closely track the net asset value of the ETF, and the Fund will generally gain or lose value consistent with the performance of the ETF’s portfolio securities. The Fund will pay brokerage commissions in connection with the purchase and sale of shares of ETFs. In addition, the Fund will indirectly bear its pro rata share of the fees and expenses incurred by an ETF (including ETFs managed by the Manager or the subadviser(s)) in which 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

PGIM Quant Solutions International Developed Markets Index Fund    67

Notes to Financial Statements  (unaudited) (continued)

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.

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.

68

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

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

COVID-19 and the related governmental and public responses have had, and future public health epidemics may have, an impact on the Fund’s investments and net asset value and have led and may lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Future public health epidemics may 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.

PGIM Quant Solutions International Developed Markets Index Fund    69

Notes to Financial Statements (unaudited) (continued)

Tracking Error Risk: Tracking error is the divergence of the Fund’s performance from that of the Index. Tracking error may occur because of differences between the securities and other instruments held in the Fund’s portfolio and those included in the Index, pricing differences, transaction costs, the Fund’s holding of uninvested cash, differences in timing of the accrual of distributions, tax gains or losses, changes to the Index or the need to meet various new or existing regulatory requirements. This risk may be heightened during times of increased market volatility or other unusual market conditions. Tracking error also may result because the Fund incurs fees and expenses, while the Index does not.

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

Effective January 24, 2023, the SEC adopted rule and form amendments to require mutual funds and ETFs to transmit concise and visually engaging streamlined annual and semiannual reports to shareholders that highlight key information deemed important for retail investors to assess and monitor their fund investments (the “Rule”). Other information, including financial statements, will no longer appear in the funds’ streamlined shareholder reports but must be available online, delivered free of charge upon request, and filed on a semiannual basis on Form N-CSR. The Rule and form amendments have a compliance date of July 24, 2024. At this time, management is evaluating the Rule and its impact to the Fund.

70

Liquidity Risk Management Program

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 7-9, 2023, 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, 2022 through December 31, 2022 (“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    

⬛  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, Chief Financial Officer ● Claudia DiGiacomo, Chief Legal Officer ● Drew Donohue, Chief Compliance Officer ● Russ Shupak, Treasurer and Principal Accounting Officer ● Kelly Florio, Anti-Money Laundering Compliance Officer ● Andrew R. French, Secretary ● Melissa Gonzalez, Assistant Secretary ● Kelly A. Coyne, Assistant Secretary ● Patrick E. McGuinness, Assistant Secretary ● Debra Rubano, Assistant Secretary ● Lana Lomuti, Assistant Treasurer ● Elyse M. McLaughlin, Assistant Treasurer ● Deborah Conway, Assistant Treasurer ● Robert W. McCormack, 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 534432 Pittsburgh, PA 15253
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 and summary prospectus contain this and other information about the Fund. An investor may obtain the prospectus and summary prospectus by visiting our website at pgim.com/investments or by calling (800) 225-1852. The prospectus and summary 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 for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website at sec.gov.

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 (as defined in Rule 30a-3(d) under the Act (17 CFR 270.30a-3(d))) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12 – Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Exhibits

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

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

(a)(2)(1) Any written solicitation to purchase securities under Rule 23c-1 – Not applicable.

(a)(2)(2) Change in the registrant’s independent public accountant – 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 16, 2023

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 16, 2023
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Chief Financial Officer (Principal Financial Officer)
Date:	June 16, 2023