ThZeal - The Zeal

Tax Basis

Gross

Unrealized

Appreciation

Gross

Unrealized

Depreciation

Net

Unrealized

Appreciation

$32,139,911

$8,419,583

$(1,998,585)

$6,420,998

N-CSRS 1 d837944dncsrs.htm PRUDENTIAL INVESTMENT PORTFOLIOS 2 Prudential Investment Portfolios 2

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, 6^th Floor
		Newark, New Jersey 07102

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

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

Date of fiscal year end:		10/31/2024

Date of reporting period:		4/30/2024

Item 1 – Reports to Stockholders

PGIM QUANT SOLUTIONS EMERGING MARKETS EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2024

LOGO

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 andExpenses			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, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. PGIM Quantitative Solutions LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), is a registered investment adviser. © 2024 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, 2024.

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 14th-largest investment manager with more than $1.3 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 14, 2024


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 4/30/24 (without sales charges)	Average Annual Total Returns as of 4/30/24 (with sales charges)
	*Six Months (%)**	One Year (%)	Five Years (%)	Since Inception (%)

Fund	17.31	14.72	2.87	5.32 (11/29/2016)

MSCI Emerging Markets Index

	15.40	9.88	1.89	5.12

*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 4/30/24



Ten Largest Holdings	Line of Business	Country	% of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	8.4%

Tencent Holdings Ltd.	Interactive Media & Services	China	4.0%

Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	3.5%

PDD Holdings, Inc., ADR	Broadline Retail	China	1.5%

Alibaba Group Holding Ltd.	Broadline Retail	China	1.5%

China Construction Bank Corp. (Class H Stock)	Banks	China	1.5%

SK Hynix, Inc.	Semiconductors & Semiconductor Equipment	South Korea	1.3%

Petroleo Brasileiro SA (PRFC)	Oil, Gas & Consumable Fuels	Brazil	1.1%

Tata Consultancy Services Ltd.	IT Services	India	1.1%

MediaTek, Inc.	Semiconductors & Semiconductor Equipment	Taiwan	1.1%

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, 2024. 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, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,173.10	1.21%	$6.54
	Hypothetical	$1,000.00	$1,018.85	1.21%	$6.07

*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 182 days in the six-month period ended April 30, 2024, and divided by the 366 days in the Fund’s fiscal year ending October 31, 2024 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying funds in which the Fund may invest.


PGIM Quant Solutions Emerging Markets Equity Fund			7

Schedule of Investments (unaudited)

as of April 30, 2024


Description	Shares		Value

LONG-TERM INVESTMENTS 97.9%

COMMON STOCKS 94.3%

Brazil 3.9%

Ambev SA		24,900	$	58,455
Banco Bradesco SA		8,801		20,915
Banco BTG Pactual SA, UTS		6,000		38,640
Banco do Brasil SA		54,600		289,056
BB Seguridade Participacoes SA		13,300		82,475
Caixa Seguridade Participacoes S/A		3,200		9,644
Centrais Eletricas Brasileiras SA		5,900		42,995
CPFL Energia SA		23,000		142,050
Engie Brasil Energia SA		1,100		8,683
Klabin SA, UTS		3,200		14,174
Petroleo Brasileiro SA		19,700		168,144
Suzano SA		6,200		69,802
TIM SA		19,400		66,054
Vale SA		32,832		399,920
Vibra Energia SA		6,500		29,379
WEG SA		5,800		44,322


				1,484,708

Chile 0.4%

Cencosud SA		6,880		11,789
Cia Sud Americana de Vapores SA		92,420		7,210
Empresas CMPC SA		5,730		11,316
Enel Chile SA		2,131,507		126,552


				156,867

China 27.8%

AAC Technologies Holdings, Inc.		4,000		12,731
Agricultural Bank of China Ltd. (Class H Stock)		690,000		307,679
Alibaba Group Holding Ltd.		60,200		563,657
Aluminum Corp. of China Ltd. (Class H Stock)		24,000		15,917
Anhui Conch Cement Co. Ltd. (Class H Stock)		6,500		15,080
ANTA Sports Products Ltd.		28,600		323,780
Baidu, Inc., ADR*		1,300		134,420
Baidu, Inc. (Class A Stock)*		1,300		16,842
Bank of Beijing Co. Ltd. (Class A Stock)		9,100		6,993
Bank of Changsha Co. Ltd. (Class A Stock)		51,000		57,282
Bank of Chengdu Co. Ltd. (Class A Stock)		31,200		63,544
Bank of Communications Co. Ltd. (Class H Stock)		28,000		20,162
Bank of Hangzhou Co. Ltd. (Class A Stock)		35,600		63,278
Bank of Nanjing Co. Ltd. (Class A Stock)		46,000		59,068
Bank of Shanghai Co. Ltd. (Class A Stock)		66,800		67,185

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund		9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

Bank of Suzhou Co. Ltd. (Class A Stock)		50,700	$	52,698
Baoshan Iron & Steel Co. Ltd. (Class A Stock)		62,000		59,274
Beijing Enterprises Holdings Ltd.		66,500		212,903
Beijing New Building Materials PLC (Class A Stock)		13,700		61,761
Beijing Roborock Technology Co. Ltd. (Class A Stock)		187		10,907
Bosideng International Holdings Ltd.		58,000		33,574
BYD Electronic International Co. Ltd.		4,000		13,475
China CITIC Bank Corp. Ltd. (Class H Stock)		306,000		179,020
China Coal Energy Co. Ltd. (Class H Stock)		135,000		135,991
China Construction Bank Corp. (Class H Stock)		866,000		560,294
China Feihe Ltd., 144A		20,000		10,937
China Medical System Holdings Ltd.		8,000		7,143
China Minsheng Banking Corp. Ltd. (Class H Stock)		468,000		171,232
China National Building Material Co. Ltd. (Class H Stock)		20,000		7,739
China Pacific Insurance Group Co. Ltd. (Class H Stock)		70,800		155,128
China Resources Gas Group Ltd.		4,600		14,458
China Resources Power Holdings Co. Ltd.		12,000		29,842
China Shenhua Energy Co. Ltd. (Class H Stock)		2,500		10,376
CITIC Ltd.		62,000		58,677
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		1,400		39,090
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)		15,000		19,408
CSPC Pharmaceutical Group Ltd.		43,200		35,473
Dong-E-E-Jiao Co. Ltd. (Class A Stock)		900		8,507
ENN Energy Holdings Ltd.		4,400		37,490
Fuyao Glass Industry Group Co. Ltd. (Class H Stock), 144A		3,200		19,159
Giant Biogene Holding Co. Ltd., 144A*		1,600		9,748
Goneo Group Co. Ltd. (Class A Stock)		4,200		69,054
Gree Electric Appliances, Inc. of Zhuhai (Class A Stock)		11,600		67,181
Greentown China Holdings Ltd.		41,500		36,388
Guangdong Investment Ltd.		14,000		7,313
H World Group Ltd., ADR		7,500		275,325
Haidilao International Holding Ltd., 144A		9,000		20,306
Hengan International Group Co. Ltd.		3,500		11,750
HLA Group Corp. Ltd. (Class A Stock)		47,300		59,298
Huaibei Mining Holdings Co. Ltd. (Class A Stock)		20,900		55,502
Huatai Securities Co. Ltd. (Class H Stock), 144A		6,400		7,569
Huaxia Bank Co. Ltd. (Class A Stock)		66,000		60,979
Hubei Jumpcan Pharmaceutical Co. Ltd. (Class A Stock)		9,327		52,806
Industrial & Commercial Bank of China Ltd. (Class H Stock)		341,000		182,854
Industrial Bank Co. Ltd. (Class A Stock)		6,800		15,768
Inner Mongolia Yili Industrial Group Co. Ltd. (Class A Stock)		2,200		8,655
Inner Mongolia Yitai Coal Co. Ltd. (Class B Stock)		5,600		10,884
JD.com, Inc., ADR		10,200		294,678

See Notes to Financial Statements.


	10


Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (Class A Stock)		11,900	$	63,349
Jiangxi Copper Co. Ltd. (Class H Stock)		6,000		12,220
JOYY, Inc., ADR		300		9,786
Kanzhun Ltd., ADR		900		17,811
Kuaishou Technology, 144A*		38,400		269,211
Kunlun Energy Co. Ltd.		22,000		21,326
Kweichow Moutai Co. Ltd. (Class A Stock)		200		46,812
Li Auto, Inc. (Class A Stock)*		20,300		265,969
Luzhou Laojiao Co. Ltd. (Class A Stock)		400		10,221
Meituan (Class B Stock), 144A*		4,960		67,726
Midea Group Co. Ltd. (Class A Stock)		6,900		66,247
MINISO Group Holding Ltd., ADR		600		13,482
NARI Technology Co. Ltd. (Class A Stock)		2,400		7,749
NetEase, Inc.		1,700		31,866
NetEase, Inc., ADR		4,100		383,227
New Oriental Education & Technology Group, Inc.*		13,400		106,476
Ningbo Sanxing Medical Electric Co. Ltd. (Class A Stock)		1,800		8,348
PDD Holdings, Inc., ADR*		4,700		588,346
People’s Insurance Co. Group of China Ltd. (The) (Class H Stock)		264,000		86,652
PetroChina Co. Ltd. (Class H Stock)		132,000		122,990
Ping An Bank Co. Ltd. (Class A Stock)		6,000		8,903
Ping An Insurance Group Co. of China Ltd. (Class H Stock)		51,000		231,136
Pop Mart International Group Ltd., 144A		2,400		10,271
Postal Savings Bank of China Co. Ltd. (Class H Stock), 144A		41,000		21,244
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		3,200		10,819
Shan Xi Hua Yang Group New Energy Co. Ltd. (Class A Stock)		38,500		50,093
Shandong Himile Mechanical Science & Technology Co. Ltd. (Class A Stock)		10,200		55,872
Shanghai Pudong Development Bank Co. Ltd. (Class A Stock)		9,100		9,630
Shanghai Rural Commercial Bank Co. Ltd. (Class A Stock)		63,200		58,850
Shanxi Lu’an Environmental Energy Development Co. Ltd. (Class A Stock)		16,700		48,610
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Class A Stock)		400		16,767
Sichuan Kelun Pharmaceutical Co. Ltd. (Class A Stock)		14,200		66,379
Sinopharm Group Co. Ltd. (Class H Stock)		7,600		19,193
Sinotruk Hong Kong Ltd.		4,000		9,955
Sungrow Power Supply Co. Ltd. (Class A Stock)		4,300		60,962
Tencent Holdings Ltd.		34,800		1,527,135
Tencent Music Entertainment Group, ADR*		26,600		333,830
Tongcheng Travel Holdings Ltd.*		6,800		17,897
Trip.com Group Ltd.*		2,950		143,687

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund			11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

Vipshop Holdings Ltd., ADR		17,100	$	257,184
Weichai Power Co. Ltd. (Class H Stock)		114,000		232,943
Xiaomi Corp. (Class B Stock), 144A*		80,600		175,702
Yankuang Energy Group Co. Ltd. (Class H Stock)		12,000		26,032
Youngor Fashion Co. Ltd. (Class A Stock)		7,700		8,284
Yutong Bus Co. Ltd. (Class A Stock)		17,200		60,620
Zhejiang Dingli Machinery Co. Ltd. (Class A Stock)		5,700		51,411
Zhuzhou CRRC Times Electric Co. Ltd. (Class H Stock)		2,500		8,960


				10,640,415

Colombia 0.0%

Bancolombia SA		1,330		11,459

Czech Republic 0.1%

CEZ A/S		910		33,609

Greece 0.6%

Eurobank Ergasias Services & Holdings SA*		13,574		29,038
Hellenic Telecommunications Organization SA		1,000		15,192
Motor Oil Hellas Corinth Refineries SA		750		21,760
National Bank of Greece SA*		20,514		165,091


				231,081

Hong Kong 0.0%

Orient Overseas International Ltd.		500		7,293

Hungary 0.2%

OTP Bank Nyrt		1,132		56,108

India 15.9%

ABB India Ltd.		668		52,307
Aurobindo Pharma Ltd.		12,860		177,482
Bajaj Auto Ltd.		313		33,415
Bajaj Finserv Ltd.		1,904		36,780
Bank of Baroda		10,891		36,619
Bharat Electronics Ltd.		20,202		56,492
Cipla Ltd.		12,209		204,382
Coal India Ltd.		8,100		44,039
Colgate-Palmolive India Ltd.		9,169		310,294
Cummins India Ltd.		5,690		222,786
Dr. Reddy’s Laboratories Ltd.		4,225		313,527
HCL Technologies Ltd.		18,470		301,338

See Notes to Financial Statements.


12



Description	Shares		Value

COMMON STOCKS (Continued)

India (cont’d.)

HDFC Asset Management Co. Ltd., 144A		5,372	$	250,437
HDFC Bank Ltd.		1,707		31,000
Hero MotoCorp Ltd.		600		32,563
Hindalco Industries Ltd.		42,802		329,181
Hindustan Aeronautics Ltd.		950		44,832
ICICI Bank Ltd.		6,361		87,648
Indian Hotels Co. Ltd.		4,400		30,320
Indian Railway Catering & Tourism Corp. Ltd.		1,206		14,975
Indraprastha Gas Ltd.		1,764		9,897
Info Edge India Ltd.		370		26,760
Infosys Ltd.		1,045		17,644
Infosys Ltd., ADR		3,400		56,814
InterGlobe Aviation Ltd., 144A*		920		43,869
ITC Ltd.		15,514		80,894
Jindal Steel & Power Ltd.		1,817		20,180
JSW Steel Ltd.		26,832		282,701
Larsen & Toubro Ltd.		3,822		164,292
Lupin Ltd.		1,155		22,742
Max Healthcare Institute Ltd.		3,444		34,609
Nestle India Ltd.		1,725		51,780
NMDC Ltd.		53,734		163,065
NTPC Ltd.		12,811		55,676
Oil & Natural Gas Corp. Ltd.		16,644		56,186
Persistent Systems Ltd.		1,636		65,813
Power Finance Corp. Ltd.		42,809		225,657
Power Grid Corp. of India Ltd.		23,884		86,144
Reliance Industries Ltd.		8,361		293,507
Shree Cement Ltd.		50		14,639
Shriram Finance Ltd.		1,475		45,003
Siemens Ltd.		455		31,790
State Bank of India		7,227		71,388
Sun Pharmaceutical Industries Ltd.		4,770		85,694
Tata Consultancy Services Ltd.		9,506		433,855
Tata Motors Ltd.		27,293		329,128
Tata Motors Ltd. (Class A Stock)		2,200		17,945
Trent Ltd.		4,751		250,781
UltraTech Cement Ltd.		1,910		227,795
United Spirits Ltd.		1,525		21,453
Vedanta Ltd.		32,128		153,336
Wipro Ltd.		6,612		36,413


				6,087,867

Indonesia 1.5%

Adaro Energy Indonesia Tbk PT		78,800		13,096

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund		13

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Indonesia (cont’d.)

Bank Mandiri Persero Tbk PT		314,800	$	133,059
Bank Rakyat Indonesia Persero Tbk PT		924,300		279,789
Indofood Sukses Makmur Tbk PT		345,300		132,597
United Tractors Tbk PT		7,200		10,973


				569,514

Kuwait 0.1%

National Bank of Kuwait SAKP		12,066		33,815

Malaysia 0.7%

CIMB Group Holdings Bhd		35,400		48,924
Malayan Banking Bhd		75,900		154,659
Malaysia Airports Holdings Bhd		4,800		10,046
MISC Bhd		7,200		11,997
PPB Group Bhd		3,000		9,883
Sime Darby Bhd		16,000		9,367
Telekom Malaysia Bhd		6,600		8,553
YTL Corp. Bhd		13,000		8,405
YTL Power International Bhd		12,800		12,271


				274,105

Mexico 2.5%


Banco del Bajio SA, 144A		73,400		271,307
Cemex SAB de CV, UTS*		165,700		131,065
Fibra Uno Administracion SA de CV, REIT		146,600		209,835
Gruma SAB de CV (Class B Stock)		915		17,947
Grupo Financiero Banorte SAB de CV (Class O Stock)		13,700		135,890
Grupo Mexico SAB de CV (Class B Stock)		16,300		100,726
Kimberly-Clark de Mexico SAB de CV (Class A Stock)		41,200		86,004
Promotora y Operadora de Infraestructura SAB de CV		975		9,766


				962,540

Philippines 0.1%

International Container Terminal Services, Inc.		5,580		31,914
Manila Electric Co.		1,540		9,838
Metropolitan Bank & Trust Co.		9,100		11,011


				52,763

Poland 0.8%
Bank Polska Kasa Opieki SA		1,039		43,015
Budimex SA		64		10,827

See Notes to Financial Statements.


14



Description	Shares		Value

COMMON STOCKS (Continued)

Poland (cont’d.)

Powszechny Zaklad Ubezpieczen SA		19,202	$	241,674
Santander Bank Polska SA		183		25,077


				320,593

Qatar 0.7%

Commercial Bank PSQC (The)		16,048		18,292
Mesaieed Petrochemical Holding Co.		24,945		13,149
Ooredoo QPSC		83,946		230,322


				261,763

Russia 0.0%

Inter RAO UES PJSC^		202,400		—
LUKOIL PJSC^		2,762		—
Magnit PJSC^		1,716		—
PhosAgro PJSC^		232		—
PhosAgro PJSC, GDR (XSTU)*^		4		—
PhosAgro PJSC, GDR (XLON)*^		2		—
Rosneft Oil Co. PJSC^		5,856		—
Sberbank of Russia PJSC^		55,364		—
Surgutneftegas PJSC^		38,400		—


				—

Saudi Arabia 2.5%


Almarai Co. JSC		1,125		17,019
Arab National Bank		15,727		129,266
Dr. Sulaiman Al Habib Medical Services Group Co.		3,129		258,730
Elm Co.		126		30,670
Etihad Etisalat Co.		19,704		272,746
Mobile Telecommunications Co. Saudi Arabia		2,244		7,223
Nahdi Medical Co.		207		7,621
Saudi Aramco Base Oil Co.		3,561		143,458
Saudi Awwal Bank		5,600		60,771
Saudi Tadawul Group Holding Co.		260		18,350
Savola Group (The)		1,377		18,504


				964,358

South Africa 1.2%

Exxaro Resources Ltd.		1,326		12,705
Harmony Gold Mining Co. Ltd.		2,928		25,345
Kumba Iron Ore Ltd.		2,205		54,052
Nedbank Group Ltd.		17,735		215,643

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund			15

Schedule of Investments (unaudited) (continued)

as of April 30, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

South Africa (cont’d.)
Old Mutual Ltd.		27,166	$	15,961
Sanlam Ltd.		20,349		73,610
Standard Bank Group Ltd.		7,093		66,609


				463,925

South Korea 13.2%
CJ CheilJedang Corp.		523		126,768
Coway Co. Ltd.		306		12,260
DB Insurance Co. Ltd.		238		16,695
GS Holdings Corp.		267		8,633
Hana Financial Group, Inc.		4,079		172,039
Hankook Tire & Technology Co. Ltd.		5,945		252,260
Hanmi Semiconductor Co. Ltd.		256		24,378
Hanwha Aerospace Co. Ltd.		164		24,911
Hyundai Glovis Co. Ltd.		1,634		213,907
Hyundai Mobis Co. Ltd.		414		67,730
Hyundai Motor Co.		379		68,173
Industrial Bank of Korea		25,334		254,696
KB Financial Group, Inc.		6,647		360,513
Kia Corp.		4,304		364,646
Korea Investment Holdings Co. Ltd.		240		11,600
Krafton, Inc.*		160		27,537
KT Corp.		2,379		59,480
KT&G Corp.		3,757		242,085
NH Investment & Securities Co. Ltd.		832		7,479
Orion Corp.		3,317		221,986
Samsung Electronics Co. Ltd.		24,442		1,358,649
Samsung Life Insurance Co. Ltd.		3,293		207,501
Samsung SDS Co. Ltd.		191		21,942
Samsung Securities Co. Ltd.		7,102		194,282
Shinhan Financial Group Co. Ltd.		2,347		78,853
SK Hynix, Inc.		3,926		484,491
SK Telecom Co. Ltd.		3,870		143,120
Woori Financial Group, Inc.		3,234		33,141


				5,059,755

Taiwan 15.6%
Acer, Inc.		178,000		244,920
Advantech Co. Ltd.		3,000		34,894
Asustek Computer, Inc.		18,000		236,030
Catcher Technology Co. Ltd.		4,000		26,719
Compal Electronics, Inc.		215,000		234,513
Eclat Textile Co. Ltd.		1,000		15,734

See Notes to Financial Statements.


	16


Description	Shares		Value

COMMON STOCKS (Continued)

Taiwan (cont’d.)
Eva Airways Corp.		240,000	$	260,937
Evergreen Marine Corp. Taiwan Ltd.		24,000		139,453
Hon Hai Precision Industry Co. Ltd.		70,000		333,225
Inventec Corp.		14,000		22,459
Largan Precision Co. Ltd.		1,000		66,658
MediaTek, Inc.		14,000		422,117
Nien Made Enterprise Co. Ltd.		1,000		11,686
Pegatron Corp.		11,000		32,807
President Chain Store Corp.		13,000		109,325
Quanta Computer, Inc.		45,000		353,171
Realtek Semiconductor Corp.		3,000		47,325
Synnex Technology International Corp.		6,000		14,666
Taiwan Semiconductor Manufacturing Co. Ltd.		135,000		3,232,409
Wistron Corp.		7,000		23,968
Wiwynn Corp.		1,000		71,139
WPG Holdings Ltd.		9,000		24,307


				5,958,462

Thailand 1.7%
Advanced Info Service PCL		3,000		15,939
Bangkok Dusit Medical Services PCL		58,400		45,604
Bumrungrad Hospital PCL		30,500		201,308
Central Pattana PCL		21,000		35,813
CP ALL PCL		31,200		48,220
PTT Exploration & Production PCL		7,900		33,048
PTT PCL		56,000		50,751
Srisawad Corp. PCL		4,800		5,261
Thai Oil PCL		76,000		110,736
TMBThanachart Bank PCL		2,263,200		110,282


				656,962

Turkey 1.8%
Akbank TAS		49,783		91,630
BIM Birlesik Magazalar A/S		2,480		29,628
KOC Holding A/S		44,444		310,179
Turk Hava Yollari AO*		2,880		28,968
Turkcell Iletisim Hizmetleri A/S		23,530		58,579
Turkiye Is Bankasi A/S (Class C Stock)		1		1
Yapi ve Kredi Bankasi A/S		162,645		162,869


				681,854

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund			17

Schedule of Investments (unaudited) (continued)

as of April 30, 2024


Description	Shares		Value

COMMON STOCKS (Continued)

United Arab Emirates 2.9%
Abu Dhabi Islamic Bank PJSC		82,848	$	251,881
Aldar Properties PJSC		120,159		178,570
Dubai Islamic Bank PJSC		66,936		101,345
Emaar Properties PJSC*		132,084		295,353
Emirates NBD Bank PJSC		63,222		292,759


				1,119,908

United States 0.1%
JBS SA		4,400		19,871


TOTAL COMMON STOCKS (cost $29,308,935)			36,109,595


PREFERRED STOCKS 3.6%

Brazil 2.9%
Cia Energetica de Minas Gerais (PRFC)		124,537		232,881
Gerdau SA (PRFC)		65,694		230,636
Itau Unibanco Holding SA (PRFC)		36,200		218,904
Petroleo Brasileiro SA (PRFC)		54,800		442,402


				1,124,823

Colombia 0.1%
Bancolombia SA (PRFC)		4,612		37,738

Russia 0.0%
Surgutneftegas PJSC (PRFC)^		38,200		—

South Korea 0.6%
Hyundai Motor Co. (2nd PRFC)		200		22,854
Hyundai Motor Co. (PRFC)		128		14,565
Samsung Electronics Co. Ltd. (PRFC)		4,194		195,822


				233,241


TOTAL PREFERRED STOCKS (cost $1,097,393)			1,395,802


TOTAL LONG-TERM INVESTMENTS (cost $30,406,328)			37,505,397

See Notes to Financial Statements.


18


Description					Shares		Value

SHORT-TERM INVESTMENTS 2.8%

AFFILIATED MUTUAL FUND 2.6%
PGIM Core Government Money Market Fund (7-day effective yield 5.540%) (cost $992,777)(wb)						992,777	$	992,777


	Interest Rate		Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATION(k)(n) 0.2%
U.S. Treasury Bills (cost $69,495)		5.270%		06/20/24		70		69,487


TOTAL SHORT-TERM INVESTMENTS (cost $1,062,272)							1,062,264


TOTAL INVESTMENTS 100.7% (cost $31,468,600)							38,567,661
Liabilities in excess of other assets(z) (0.7)%								(269,464	)


NET ASSETS 100.0%							$	38,298,197

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

XLON—London Stock Exchange

XSTU—Stuttgart Stock Exchange

*	Non-income producing security.

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

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

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

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund			19

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

Futures contracts outstanding at April 30, 2024:

Number
of
Contracts

Type

Expiration

Date

Current
Notional
Amount

Value /
Unrealized
Appreciation
(Depreciation)

Long Position:

Mini MSCI Emerging Markets Index

Jun. 2024

$1,146,200

$(6,752)

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

$—

$69,487

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, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Brazil	$	1,484,708	$	—	$	—
Chile		156,867		—		—
China		2,308,089		8,332,326		—
Colombia		11,459		—		—
Czech Republic		—		33,609		—
Greece		—		231,081		—
Hong Kong		—		7,293		—
Hungary		—		56,108		—
India		56,814		6,031,053		—
Indonesia		—		569,514		—
Kuwait		—		33,815		—
Malaysia		—		274,105		—
Mexico		962,540		—		—
Philippines		—		52,763		—

See Notes to Financial Statements.


20


	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
Poland	$	—		$	320,593	$	—
Qatar		—			261,763		—
Russia		—			—		—	**
Saudi Arabia		—			964,358		—
South Africa		—			463,925		—
South Korea		—			5,059,755		—
Taiwan		—			5,958,462		—
Thailand		—			656,962		—
Turkey		—			681,854		—
United Arab Emirates		—			1,119,908		—
United States		19,871			—		—
Preferred Stocks
Brazil		1,124,823			—		—
Colombia		37,738			—		—
Russia		—			—		—	**
South Korea		—			233,241		—
Short-Term Investments
Affiliated Mutual Fund		992,777			—		—
U.S. Treasury Obligation		—			69,487		—

Total	$	7,155,686		$	31,411,975	$	—


Other Financial Instruments*
Liabilities
Futures Contracts	$	(6,752	)	$	—	$	—

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 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 liabilities in excess of other assets shown as a percentage of net assets as of April 30, 2024 were as follows:


Banks	17.2	%
Semiconductors & Semiconductor Equipment	11.0
Technology Hardware, Storage & Peripherals	7.9
Interactive Media & Services	5.2
Metals & Mining	5.0
Broadline Retail	4.5
Oil, Gas & Consumable Fuels	4.3


Automobiles	3.0	%
Insurance	2.9
Affiliated Mutual Fund	2.6
Pharmaceuticals	2.5
IT Services	2.5
Entertainment	2.0
Electric Utilities	1.8

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund			21

Schedule of Investments (unaudited) (continued)

as of April 30, 2024


Industry Classification (continued):

Machinery	1.7	%
Food Products	1.7
Wireless Telecommunication Services	1.5
Health Care Providers & Services	1.5
Hotels, Restaurants & Leisure	1.5
Real Estate Management & Development	1.4
Capital Markets	1.4
Electronic Equipment, Instruments & Components	1.2
Industrial Conglomerates	1.1
Construction Materials	1.0
Textiles, Apparel & Luxury Goods	1.0
Specialty Retail	0.9
Automobile Components	0.9
Passenger Airlines	0.9
Personal Care Products	0.9
Tobacco	0.8
Diversified Telecommunication Services	0.8
Gas Utilities	0.8
Electrical Equipment	0.7
Financial Services	0.7
Air Freight & Logistics	0.6
Diversified REITs	0.5
Consumer Staples Distribution & Retail	0.5
Marine Transportation	0.5
Construction & Engineering	0.5
Household Durables	0.4
Chemicals	0.4
Beverages	0.4
Aerospace & Defense	0.3
Diversified Consumer Services	0.3
Independent Power & Renewable Electricity Producers	0.2
Household Products	0.2
Paper & Forest Products	0.2
Health Care Equipment & Supplies	0.2
U.S. Treasury Obligation	0.2
Building Products	0.2
Transportation Infrastructure	0.1
Consumer Finance	0.1
Multi-Utilities	0.1
Commercial Services & Supplies	0.0	*
Containers & Packaging	0.0	*
Communications Equipment	0.0	*




Water Utilities	0.0	*%

	100.7
Liabilities in excess of other assets	(0.7	)


	100.0	%

* Less than 0.05%

See Notes to Financial Statements.


	22

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 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, 2024 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	$6,752*

*	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, 2024 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		$36,294


Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income
Derivatives not accounted for as hedging instruments, carried at fair value		Futures
Equity contracts		$56,192

For the six months ended April 30, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$1,115,533

*	Average volume is based on average quarter end balances for the six months ended April 30, 2024.

(1)	Notional Amount in USD.

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund		23

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024


Assets
Investments at value:
Unaffiliated investments (cost $30,475,823)	$	37,574,884
Affiliated investments (cost $992,777)		992,777
Foreign currency, at value (cost $71,788)		71,688
Dividends and interest receivable		108,940
Tax reclaim receivable		4,531
Receivable for Fund shares sold		1,296
Prepaid expenses		360

Total Assets		38,754,476


Liabilities
Foreign capital gains tax liability accrued		219,406
Payable for Fund shares purchased		124,690
Custodian and accounting fees payable		44,021
Accrued expenses and other liabilities		18,460
Management fee payable		17,557
Due to broker—variation margin futures		15,730
Audit fees payable		15,499
Trustees’ fees payable		856
Affiliated transfer agent fee payable		60

Total Liabilities		456,279


Net Assets	$	38,298,197


Net assets were comprised of:
Paid-in capital	$	35,133,411
Total distributable earnings (loss)		3,164,786

Net assets, April 30, 2024	$	38,298,197


Class R6
Net asset value, offering price and redemption price per share, ($38,298,197 ÷ 3,320,511 shares of beneficial interest issued and outstanding)	$	11.53

See Notes to Financial Statements.


	24

Statement of Operations (unaudited)

Six Months Ended April 30, 2024


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $80,170 foreign withholding tax)	$	563,713
Affiliated dividend income		27,399
Interest income		2,084

Total income		593,196


Expenses
Management fee		140,716
Custodian and accounting fees		72,774
Professional fees		21,911
Audit fee		15,497
Shareholders’ reports		8,211
Fund data services		5,716
Trustees’ fees		5,167
Transfer agent’s fees and expenses (including affiliated expense of $198)		252
Registration fees		111
Miscellaneous		11,259

Total expenses		281,614
Less: Fee waiver and/or expense reimbursement		(54,343	)

Net expenses		227,271

Net investment income (loss)		365,925


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions
Net realized gain (loss) on:
Investment transactions (net of foreign capital gains taxes $(103,414))		932,050
Futures transactions		36,294
Foreign currency transactions		(10,399	)

		957,945

Net change in unrealized appreciation (depreciation) on:
Investments (net of change in foreign capital gains taxes $(149,328))		4,587,908
Futures		56,192
Foreign currencies		(2,005	)

		4,642,095

Net gain (loss) on investment and foreign currency transactions		5,600,040

Net Increase (Decrease) In Net Assets Resulting From Operations	$	5,965,965

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund			25

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2024			Year Ended October 31, 2023
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	365,925		$	947,391
Net realized gain (loss) on investment and foreign currency transactions		957,945			(1,162,979	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies		4,642,095			4,576,407

Net increase (decrease) in net assets resulting from operations		5,965,965			4,360,819


Dividends and Distributions
Distributions from distributable earnings
Class R6		(1,306,279	)		(1,391,984	)


Fund share transactions
Net proceeds from shares sold (157,905 and 337,480 shares, respectively)		1,734,288			3,482,394
Net asset value of shares issued in reinvestment of dividends and distributions (125,123 and 136,737 shares, respectively)		1,306,279			1,391,984
Cost of shares purchased (444,762 and 437,103 shares, respectively)		(4,837,657	)		(4,588,650	)


Net increase (decrease) in net assets from Fund share transactions		(1,797,090	)		285,728

Total increase (decrease)		2,862,596			3,254,563

Net Assets:
Beginning of period		35,435,601			32,181,038

End of period	$	38,298,197		$	35,435,601

See Notes to Financial Statements.


	26

Financial Highlights (unaudited)


Class R6 Shares
	Six Months Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019
Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$10.18			$9.34			$12.83			$11.61			$11.14			$10.84
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.27			0.38			0.29			0.18			0.19
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.61			0.98			(3.45	)		1.11			0.53			0.43
Total from investment operations		1.72			1.25			(3.07	)		1.40			0.71			0.62
Less Dividends and Distributions:
Dividends from net investment income		(0.37	)		(0.41	)		(0.35	)		(0.18	)		(0.24	)		(0.21	)
Distributions from net realized gains		-			-			(0.07	)		-			-			(0.11	)
Total dividends and distributions		(0.37	)		(0.41	)		(0.42	)		(0.18	)		(0.24	)		(0.32	)
Net asset value, end of period		$11.53			$10.18			$9.34			$12.83			$11.61			$11.14
Total Return^(b):		17.31	%		13.37	%		(24.71	)%		12.08	%		6.42	%		5.82	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$38,298			$35,436			$32,181			$41,893			$36,054			$29,804
Average net assets (000)		$37,730			$37,262			$38,004			$45,007			$32,007			$28,694
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		1.21	%^(d)(e)		1.21	%^(e)		1.20	%		1.20	%		1.20	%		1.20	%
Expenses before waivers and/or expense reimbursement		1.50	%^(d)		1.61	%		1.54	%		1.42	%		1.53	%		1.70	%
Net investment income (loss)		1.95	%^(d)		2.54	%		3.36	%		2.15	%		1.66	%		1.71	%
Portfolio turnover rate^(f)		46	%		101	%		101	%		108	%		106	%		117	%

(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)	Includes certain non-recurring expenses of 0.01% which are being excluded from the Fund’s contractual waiver for the six months ended April 30, 2024 and for the year ended October 31, 2023.

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

See Notes to Financial Statements.


PGIM Quant Solutions Emerging Markets Equity Fund		27

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 PGIM Investments LLC (“PGIM Investments” or the “Manager”) as the “Valuation Designee,” as defined by Rule 2a-5(b) under the 1940 Act, 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 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 estimated 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


	28

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 (“ETFs”) 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 a 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 ETFs) 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			29

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; and 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.


	30

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.


PGIM Quant Solutions Emerging Markets Equity Fund			31

Notes to Financial Statements (unaudited) (continued)

collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the 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 expense amounts.

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


	32

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, including supervision of the subadviser’s performance of such services, and for rendering 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, 2024, 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			33

Notes to Financial Statements (unaudited) (continued)

The Manager has contractually agreed, through February 28, 2025, 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 series 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 series 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”.


	34

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, 2024, no Rule 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, 2024, were as follows:



Cost of Purchases		Proceeds from Sales
$16,780,879		$19,796,950

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2024, 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 Fund:

PGIM Core Government Money Market Fund (7-day effective yield 5.540%)^(1)(wb)
$466,140	$8,518,124	$7,991,487	$—	$—	$992,777	992,777	$27,399

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

(wb)	Represents an investment in a Fund affiliated with the Manager.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2024 were as follows:

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, 2023 which can be carried forward for an unlimited period. No capital gains


PGIM Quant Solutions Emerging Markets Equity Fund			35

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
$4,159,000		$—

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, 2023 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, 2024, 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	3,320,511	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	1	76.8%

Unaffiliated	—	—

8. Borrowings


	36

funding for capital share redemptions. The table below provides details of the SCA in effect at the reporting period-end.



		SCA
Term of Commitment		9/29/2023 - 9/26/2024
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, 2024.

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		37

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


	38

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			39

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


	40

affecting a particular security, industry or sector or about market movements may be 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 and the Israel-Hamas war), 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.

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

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

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


PGIM Quant Solutions Emerging Markets Equity Fund			41

Notes to Financial Statements (unaudited) (continued)

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.


	42

Liquidity Risk Management Program (unaudited)

Consistent with Rule 22e-4 under the 1940 Act (the “Liquidity Rule”), the Fund has adopted and implemented a liquidity risk management program (the “LRMP”). The Fund’s LRMP seeks to assess and manage the Fund’s liquidity risk, which is defined as the risk that the Fund is unable to meet investor redemption requests without significantly diluting the remaining investors’ interests in the Fund. The Board has approved PGIM Investments, 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 5-7, 2024, 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, 2023 through December 31, 2023 (“Reporting Period”). The LRMP Report concluded that the Fund’s LRMP was reasonably designed to assess and manage the Fund’s liquidity risk and was adequately and effectively implemented during the Reporting Period. There were no material changes to the LRMP during the Reporting Period. The LRMP Report further concluded that the Fund’s investment strategies continue to be appropriate given the Fund’s status as an open-end fund.

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


PGIM Quant Solutions Emerging Markets Equity Fund		43



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

PROXY VOTING

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

TRUSTEES

Ellen S. Alberding • KevinJ. 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 and Principal Executive Officer • Scott E. Benjamin, Vice President • Christian J. Kelly, Chief Financial Officer • Claudia DiGiacomo, Chief Legal Officer • Andrew 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 • George Hoyt, Assistant Secretary • Devan Goolsby, 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	655 Broad Street 16th Floor 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

LOGO

PGIM QUANT SOLUTIONS INTERNATIONAL DEVELOPED MARKETS INDEX FUND

SEMIANNUAL REPORT

APRIL 30, 2024

LOGO

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 andExpenses			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, 2024 were not audited and, accordingly, no auditor’s opinion is expressed on them.

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, 2024.

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.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM Quant Solutions International Developed Markets Index Fund

June 14, 2024

PGIM Quant Solutions International Developed Markets Index Fund 3

Your Fund’s Performance



	Total Returns as of 4/30/24 (without sales charges) *Six Months (%)**	Average Annual Total Returns as of 4/30/24 (with sales charges)
		One Year (%)	Five Years (%)	Since Inception (%)

Fund	16.65	8.18	5.66	6.91 (11/17/2016)

MSCI EAFE Index**

	18.63	9.28	6.18	7.43

FTSE Developed Markets Ex-North America Net Index**

	18.47	9.47	6.07	7.33

*Not annualized

**Effective December 11, 2023, the Fund’s benchmark changed from the FTSE Developed Markets Ex-North America Net Index to the MSCI EAFE Index. The change in benchmark was made in connection with a change in the Fund’s investment objective and strategy to track the MSCI EAFE Index.

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

Benchmark Definition

MSCI EAFE Index—The MSCI EAFE Index is a free-float-adjusted market capitalization weighted index that is designed to measure the equity performance of developed markets, excluding the US and Canada.

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 United States 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 Indexes 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 4/30/24



Ten Largest Holdings	Asset Class/Line of Business	Country	% of Net Assets

iShares MSCI EAFE ETF	Unaffiliated Exchange-Traded Funds	United States	3.4%

Novo Nordisk A/S (Class B Stock)	Pharmaceuticals	Denmark	2.4%

ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	2.0%

Nestle SA	Food Products	United States	1.5%

Toyota Motor Corp.	Automobiles	Japan	1.4%

AstraZeneca plc	Pharmaceuticals	United Kingdom	1.3%

Shell plc	Oil, Gas & Consumable Fuels	United States	1.3%

LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	1.3%

Novartis AG	Pharmaceuticals	Switzerland	1.1%

SAP SE	Software	Germany	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

Actual Expenses

Hypothetical Example for Comparison Purposes

6 Visit our website at pgim.com/investments



PGIM Quant Solutions International Developed Markets Index Fund		Beginning Account Value November 1, 2023	Ending Account Value April 30, 2024	Annualized Expense Ratio Based on the Six-Month Period	Expenses Paid During the Six-Month Period*

Class R6	Actual	$1,000.00	$1,166.50	0.24%	$1.29

	Hypothetical	$1,000.00	$1,023.67	0.24%	$1.21

PGIM Quant Solutions International Developed Markets Index Fund 7

Schedule of Investments (unaudited)

as of April 30, 2024



Description	Shares		Value

LONG-TERM INVESTMENTS 95.8%

COMMON STOCKS 92.0%

Australia 6.7%

Ampol Ltd.		794	$	18,749
ANZ Group Holdings Ltd.		10,010		180,620
APA Group, UTS		4,273		22,803
Aristocrat Leisure Ltd.		1,944		49,611
ASX Ltd.		645		26,348
Aurizon Holdings Ltd.		6,131		15,059
BHP Group Ltd.		16,982		465,750
BlueScope Steel Ltd.		1,505		21,966
Brambles Ltd.		4,628		43,539
CAR Group Ltd.		1,263		27,386
Cochlear Ltd.		218		45,477
Coles Group Ltd.		4,458		46,494
Commonwealth Bank of Australia		5,611		411,115
Computershare Ltd.		1,810		31,799
Dexus, REIT		3,582		16,270
EBOS Group Ltd.		511		10,530
Endeavour Group Ltd.		4,772		16,411
Fortescue Ltd.		5,640		93,480
Glencore PLC		34,865		202,864
Goodman Group, REIT		5,693		114,997
GPT Group (The), REIT		6,380		17,159
IDP Education Ltd.		881		9,186
Insurance Australia Group Ltd.		8,116		33,624
Lottery Corp. Ltd. (The)		7,413		23,125
Macquarie Group Ltd.		1,223		146,440
Medibank Private Ltd.		9,173		21,023
Mineral Resources Ltd.		585		26,537
Mirvac Group, REIT		13,143		17,221
National Australia Bank Ltd.		10,422		225,923
Northern Star Resources Ltd.		3,828		36,285
Orica Ltd.		1,517		17,565
Origin Energy Ltd.		5,738		36,215
Pilbara Minerals Ltd.		9,523		24,245
Qantas Airways Ltd.*		2,814		10,617
QBE Insurance Group Ltd.		4,976		56,920
Ramsay Health Care Ltd.		611		20,481
REA Group Ltd.		176		20,175
Reece Ltd.		753		13,358
Rio Tinto Ltd.		1,236		102,865
Rio Tinto PLC		3,773		255,284
Santos Ltd.		10,817		53,083
Scentre Group, REIT		17,288		35,009
SEEK Ltd.		1,186		18,321

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Australia (cont’d.)

Seven Group Holdings Ltd.		548	$	13,316
Sonic Healthcare Ltd.		1,501		25,796
South32 Ltd.		15,106		34,464
Stockland, REIT		7,951		22,526
Suncorp Group Ltd.		4,231		45,189
Telstra Group Ltd.		13,470		31,824
Transurban Group, UTS		10,285		82,573
Treasury Wine Estates Ltd.		2,659		20,621
Vicinity Ltd., REIT		12,888		15,782
Washington H Soul Pattinson & Co. Ltd.		781		16,344
Wesfarmers Ltd.		3,779		161,889
Westpac Banking Corp.		11,688		194,095
WiseTech Global Ltd.		555		32,697
Woodside Energy Group Ltd.		6,324		113,307
Woolworths Group Ltd.		4,069		83,484


				3,975,836

Austria 0.2%

Erste Group Bank AG		1,145		53,397
Mondi PLC		1,470		27,859
OMV AG		490		23,251
Verbund AG		227		17,341
voestalpine AG		386		10,308


				132,156

Belgium 0.7%

Ageas SA/NV		532		24,420
Anheuser-Busch InBev SA/NV		2,893		172,926
D’ieteren Group		71		15,316
Elia Group SA/NV		98		9,436
Groupe Bruxelles Lambert NV		293		21,749
KBC Group NV		834		61,953
Lotus Bakeries NV		1		10,053
Sofina SA		51		11,938
Syensqo SA*		247		22,895
UCB SA		421		55,829
Umicore SA		697		15,439
Warehouses De Pauw CVA, REIT		585		15,470


				437,424

Brazil 0.0%

Yara International ASA		551		15,706

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Burkina Faso 0.0%

Endeavour Mining PLC		615	$	13,021

Chile 0.1%

Antofagasta PLC		1,313		36,018

China 0.4%
BOC Hong Kong Holdings Ltd.		12,400		38,007
ESR Group Ltd., 144A		5,800		6,356
Prosus NV*		4,872		163,017
SITC International Holdings Co. Ltd.		5,000		10,843
Wharf Holdings Ltd. (The)		4,000		12,869
Wilmar International Ltd.		6,400		15,044


				246,136

Denmark 3.5%

AP Moller - Maersk A/S (Class A Stock)		10		14,182
AP Moller - Maersk A/S (Class B Stock)		14		20,287
Carlsberg A/S (Class B Stock)		328		44,120
Coloplast A/S (Class B Stock)		423		50,999
Danske Bank A/S		2,297		66,124
Demant A/S*		336		16,045
DSV A/S		605		85,952
Genmab A/S*		220		61,079
Novo Nordisk A/S (Class B Stock)		10,933		1,402,073
Novozymes A/S (Class B Stock)		1,244		68,889
Orsted A/S, 144A*		630		34,624
Pandora A/S		282		42,920
ROCKWOOL A/S (Class B Stock)		31		10,106
Svitzer A/S*		48		1,613
Tryg A/S		1,163		23,018
Vestas Wind Systems A/S*		3,364		90,150


				2,032,181

Finland 0.9%

Elisa OYJ		474		21,372
Fortum OYJ		1,494		19,687
Kesko OYJ (Class B Stock)		910		15,536
Kone OYJ (Class B Stock)		1,132		55,182
Metso OYJ		2,209		25,044
Neste OYJ		1,409		31,941
Nokia OYJ		18,010		65,473
Nordea Bank Abp		10,664		124,963

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Finland (cont’d.)

Orion OYJ (Class B Stock)		359	$	13,708
Sampo OYJ (Class A Stock)		1,508		61,200
Stora Enso OYJ (Class R Stock)		1,938		25,815
UPM-Kymmene OYJ		1,778		62,310
Wartsila OYJ Abp		1,577		29,092


				551,323

France 9.5%

Accor SA		662		29,013
Aeroports de Paris SA		115		14,607
Air Liquide SA		1,757		343,632
Airbus SE		1,986		326,812
Alstom SA		960		15,137
Amundi SA, 144A		204		14,232
Arkema SA		200		20,637
AXA SA		6,085		210,246
BioMerieux		138		14,670
BNP Paribas SA		3,460		248,988
Bollore SE		2,457		15,948
Bouygues SA		635		23,403
Bureau Veritas SA		982		28,641
Capgemini SE		520		109,294
Carrefour SA		1,918		32,267
Cie de Saint-Gobain SA		1,518		120,047
Cie Generale des Etablissements Michelin SCA		2,260		86,826
Covivio SA, REIT		168		8,362
Credit Agricole SA		3,559		55,069
Danone SA		2,100		131,433
Dassault Aviation SA		67		14,341
Dassault Systemes SE		2,226		87,375
Edenred SE		831		39,433
Eiffage SA		245		26,141
Engie SA*		6,083		105,605
EssilorLuxottica SA		989		210,886
Eurazeo SE*		145		13,061
Gecina SA, REIT		153		15,622
Getlink SE		1,191		20,275
Hermes International SCA		106		253,763
Ipsen SA		126		15,326
Kering SA		248		86,916
Klepierre SA, REIT		716		19,226
La Francaise des Jeux SAEM, 144A		350		13,190
Legrand SA		883		90,743
L’Oreal SA		806		377,896

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

France (cont’d.)

LVMH Moet Hennessy Louis Vuitton SE		925	$	759,829
Orange SA		6,202		69,030
Pernod Ricard SA		681		102,996
Publicis Groupe SA		762		84,084
Remy Cointreau SA		77		7,305
Renault SA		640		31,701
Rexel SA		756		19,595
Safran SA		1,145		248,273
Sartorius Stedim Biotech		98		21,106
SEB SA		83		9,796
Societe Generale SA		2,460		66,285
Sodexo SA		295		25,687
Teleperformance SE*		198		17,936
Thales SA		317		53,277
TotalEnergies SE		7,274		528,083
Unibail-Rodamco-Westfield, REIT*		394		32,833
Veolia Environnement SA		2,309		71,782
Vinci SA		1,691		198,145
Vivendi SE		2,230		22,687
Worldline SA, 144A*		801		8,308


				5,617,801

Germany 7.5%

adidas AG		540		130,131
Allianz SE		1,313		372,610
BASF SE		2,973		155,775
Bayer AG		3,272		95,446
Bayerische Motoren Werke AG		1,062		115,704
Bechtle AG		273		13,175
Beiersdorf AG		336		50,502
Brenntag SE		445		35,513
Carl Zeiss Meditec AG		134		14,139
Commerzbank AG		3,511		52,181
Continental AG		366		23,721
Covestro AG, 144A*		644		32,254
Daimler Truck Holding AG		1,782		80,361
Deutsche Bank AG		6,456		103,119
Deutsche Boerse AG		633		122,037
Deutsche Lufthansa AG*		1,993		14,263
Deutsche Post AG		3,302		138,255
Deutsche Telekom AG		10,796		247,289
E.ON SE		7,478		99,023
Evonik Industries AG		776		16,172
Fresenius Medical Care AG		684		28,798

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Germany (cont’d.)

Fresenius SE & Co. KGaA		1,407	$	41,985
GEA Group AG*		545		21,996
Hannover Rueck SE		201		49,857
Heidelberg Materials AG		437		43,978
Henkel AG & Co. KGaA		346		24,880
Infineon Technologies AG		4,350		150,958
Knorr-Bremse AG		242		17,958
LEG Immobilien SE*		247		20,967
Mercedes-Benz Group AG		2,688		203,323
Merck KGaA		430		68,328
MTU Aero Engines AG		179		43,124
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		454		199,673
Nemetschek SE		192		16,967
Puma SE		352		16,252
Rational AG		17		14,501
Rheinmetall AG		145		79,901
RWE AG		2,106		73,364
SAP SE		3,499		631,804
Scout24 SE, 144A		290		21,303
Siemens AG		2,546		476,951
Siemens Energy AG*		1,730		35,523
Siemens Healthineers AG, 144A		939		52,075
Symrise AG		442		47,379
Talanx AG		215		16,171
Volkswagen AG		98		13,835
Vonovia SE		2,442		70,564
Zalando SE, 144A*		747		19,545


				4,413,630

Hong Kong 1.7%

AIA Group Ltd.		38,200		279,790
Brightoil Petroleum Holdings Ltd.*^		7,000		—
CK Asset Holdings Ltd.		6,800		29,006
CK Infrastructure Holdings Ltd.		2,200		12,428
CLP Holdings Ltd.		5,400		42,477
Futu Holdings Ltd., ADR*		200		12,862
Hang Lung Properties Ltd.		6,000		6,622
Hang Seng Bank Ltd.		2,700		35,604
Henderson Land Development Co. Ltd.		5,004		15,086
HKT Trust & HKT Ltd., UTS		13,000		14,352
Hong Kong & China Gas Co. Ltd.		37,356		28,404
Hong Kong Exchanges & Clearing Ltd.		4,040		128,369
Hongkong Land Holdings Ltd.		3,700		11,822
Jardine Matheson Holdings Ltd.		587		22,464

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Hong Kong (cont’d.)

Link REIT, REIT		8,500	$	36,421
MTR Corp. Ltd.		5,500		18,075
Power Assets Holdings Ltd.		4,600		26,386
Prudential PLC		9,170		79,755
Sino Land Co. Ltd.		13,600		14,541
Sun Hung Kai Properties Ltd.		4,750		43,819
Swire Pacific Ltd. (Class A Stock)		1,500		12,703
Swire Properties Ltd.		3,800		7,859
Techtronic Industries Co. Ltd.		4,500		62,187
WH Group Ltd., 144A		27,700		20,133
Wharf Real Estate Investment Co. Ltd.		5,500		17,064


				978,229

Ireland 0.4%

AerCap Holdings NV*		700		59,143
AIB Group PLC		5,233		27,087
Bank of Ireland Group PLC		3,519		37,545
Kerry Group PLC (Class A Stock)		531		45,697
Kingspan Group PLC		515		45,808
Smurfit Kappa Group PLC		867		37,567


				252,847

Israel 0.6%

Azrieli Group Ltd.		141		9,072
Bank Hapoalim BM		4,231		38,115
Bank Leumi Le-Israel BM		5,077		39,560
Check Point Software Technologies Ltd.*		300		44,826
Elbit Systems Ltd.		89		18,117
Enlight Renewable Energy Ltd.*		1		8
Global-e Online Ltd.*		300		10,059
ICL Group Ltd.		2,577		12,096
Israel Discount Bank Ltd. (Class A Stock)		4,120		21,132
Mizrahi Tefahot Bank Ltd.		514		18,717
Nice Ltd.*		211		47,182
Teva Pharmaceutical Industries Ltd., ADR*		3,800		53,390
Wix.com Ltd.*		200		23,774


				336,048

Italy 2.3%

Amplifon SpA		415		13,855
Assicurazioni Generali SpA		3,376		82,315
Banco BPM SpA		4,037		26,506

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Italy (cont’d.)

Coca-Cola HBC AG*		736	$	23,757
Davide Campari-Milano NV		2,144		21,502
DiaSorin SpA		83		8,383
Enel SpA		27,090		178,047
Eni SpA		7,352		118,086
Ferrari NV		420		172,735
FinecoBank Banca Fineco SpA		2,034		31,160
Infrastrutture Wireless Italiane SpA, 144A		1,119		11,992
Intesa Sanpaolo SpA		49,702		186,035
Leonardo SpA		1,348		30,980
Mediobanca Banca di Credito Finanziario SpA		1,709		24,282
Moncler SpA		686		46,704
Nexi SpA, 144A*		1,967		11,444
Poste Italiane SpA, 144A		1,740		22,104
Prysmian SpA		875		47,476
Recordati Industria Chimica e Farmaceutica SpA		348		18,518
Snam SpA		6,716		30,728
Telecom Italia SpA*		33,188		7,868
Terna - Rete Elettrica Nazionale		4,686		37,544
UniCredit SpA		5,164		189,541


				1,341,562

Japan 21.4%

Advantest Corp.		2,630		82,321
Aeon Co. Ltd.		2,180		45,580
AGC, Inc.		720		26,621
Aisin Corp.		500		19,018
Ajinomoto Co., Inc.		1,570		58,375
ANA Holdings, Inc.		550		10,446
Asahi Group Holdings Ltd.		1,590		54,392
Asahi Intecc Co. Ltd.		700		10,257
Asahi Kasei Corp.		4,150		28,934
Astellas Pharma, Inc.		6,030		57,875
Azbil Corp.		400		11,172
Bandai Namco Holdings, Inc.		2,010		37,557
Bridgestone Corp.		1,900		83,841
Brother Industries Ltd.		750		13,267
Canon, Inc.		3,330		90,127
Capcom Co. Ltd.		1,100		18,109
Central Japan Railway Co.		2,620		59,914
Chiba Bank Ltd. (The)		1,750		14,782
Chubu Electric Power Co., Inc.		2,150		27,597
Chugai Pharmaceutical Co. Ltd.		2,220		70,605
Concordia Financial Group Ltd.		3,550		19,128

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Dai Nippon Printing Co. Ltd.		700	$	20,388
Daifuku Co. Ltd.		1,000		20,484
Dai-ichi Life Holdings, Inc.		3,150		72,957
Daiichi Sankyo Co. Ltd.		6,260		210,697
Daikin Industries Ltd.		880		120,112
Daito Trust Construction Co. Ltd.		246		26,370
Daiwa House Industry Co. Ltd.		1,970		55,434
Daiwa Securities Group, Inc.		4,450		32,703
Denso Corp.		6,370		108,565
Dentsu Group, Inc.		680		18,396
Disco Corp.		310		88,302
East Japan Railway Co.		3,240		59,386
Eisai Co. Ltd.		814		33,430
ENEOS Holdings, Inc.		9,610		44,400
FANUC Corp.		3,165		93,745
Fast Retailing Co. Ltd.		585		152,959
Fuji Electric Co. Ltd.		400		24,882
FUJIFILM Holdings Corp.		3,780		80,410
Fujitsu Ltd.		5,900		91,144
GLP J-REIT, REIT		17		13,826
Hamamatsu Photonics KK		450		16,489
Hankyu Hanshin Holdings, Inc.		770		20,188
Hikari Tsushin, Inc.		80		13,002
Hirose Electric Co. Ltd.		145		15,391
Hitachi Construction Machinery Co. Ltd.		420		11,996
Hitachi Ltd.		3,080		284,163
Honda Motor Co. Ltd.		15,370		174,873
Hoshizaki Corp.		340		11,716
Hoya Corp.		1,180		136,809
Hulic Co. Ltd.		1,260		11,610
Ibiden Co. Ltd.		360		13,685
Idemitsu Kosan Co. Ltd.		3,235		21,918
Iida Group Holdings Co. Ltd.		530		6,766
Inpex Corp.		3,250		48,684
Isuzu Motors Ltd.		1,950		24,712
ITOCHU Corp.		4,050		182,715
Japan Airlines Co. Ltd.		460		8,151
Japan Exchange Group, Inc.		1,750		40,986
Japan Metropolitan Fund Investment Corp., REIT		23		13,886
Japan Post Bank Co. Ltd.		4,800		48,722
Japan Post Holdings Co. Ltd.		6,900		66,263
Japan Post Insurance Co. Ltd.		650		12,203
Japan Real Estate Investment Corp., REIT		4		13,565
Japan Tobacco, Inc.		4,080		109,759

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

JFE Holdings, Inc.		1,930	$	28,807
Kajima Corp.		1,400		26,820
Kansai Electric Power Co., Inc. (The)		2,420		36,250
Kao Corp.		1,630		67,241
Kawasaki Kisen Kaisha Ltd.		1,350		19,021
KDDI Corp.		4,960		137,634
KDX Realty Investment Corp., REIT		14		13,809
Keisei Electric Railway Co. Ltd.		450		16,764
Keyence Corp.		646		284,091
Kikkoman Corp.		2,300		27,405
Kintetsu Group Holdings Co. Ltd.		610		15,682
Kirin Holdings Co. Ltd.		2,600		37,954
Kobe Bussan Co. Ltd.		500		10,799
Koito Manufacturing Co. Ltd.		660		8,878
Komatsu Ltd.		3,160		94,345
Konami Group Corp.		400		24,135
Kubota Corp.		3,350		53,733
Kyocera Corp.		4,250		51,802
Kyowa Kirin Co. Ltd.		920		15,450
Lasertec Corp.		250		53,926
LY Corp.		8,900		21,383
M3, Inc.		1,470		15,550
Makita Corp.		750		21,713
Marubeni Corp.		4,850		86,409
MatsukiyoCocokara & Co.		1,120		15,882
Mazda Motor Corp.		1,900		21,507
McDonald’s Holdings Co. Japan Ltd.		300		13,197
MEIJI Holdings Co. Ltd.		782		17,497
MINEBEA MITSUMI, Inc.		1,200		22,476
MISUMI Group, Inc.		950		15,445
Mitsubishi Chemical Group Corp.		4,250		24,794
Mitsubishi Corp.		11,590		265,058
Mitsubishi Electric Corp.		6,530		113,817
Mitsubishi Estate Co. Ltd.		3,770		69,084
Mitsubishi HC Capital, Inc.		2,673		17,310
Mitsubishi Heavy Industries Ltd.		10,600		94,776
Mitsubishi UFJ Financial Group, Inc.		37,200		370,562
Mitsui & Co. Ltd.		4,400		212,413
Mitsui Chemicals, Inc.		640		18,216
Mitsui Fudosan Co. Ltd.		8,880		90,372
Mitsui OSK Lines Ltd.		1,160		36,818
Mizuho Financial Group, Inc.		8,030		155,213
MonotaRO Co. Ltd.		920		11,026
MS&AD Insurance Group Holdings, Inc.		4,230		76,051

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Murata Manufacturing Co. Ltd.		5,760	$	105,248
NEC Corp.		800		57,922
Nexon Co. Ltd.		1,140		17,774
Nidec Corp.		1,390		65,098
Nintendo Co. Ltd.		3,450		168,253
Nippon Building Fund, Inc., REIT		5		19,104
Nippon Express Holdings, Inc.		270		13,813
Nippon Paint Holdings Co. Ltd.		3,150		20,163
Nippon Prologis REIT, Inc., REIT		7		12,079
Nippon Sanso Holdings Corp.		590		17,524
Nippon Steel Corp.		2,930		65,687
Nippon Telegraph & Telephone Corp.		99,500		107,426
Nippon Yusen KK		1,600		45,425
Nissan Chemical Corp.		410		13,976
Nissan Motor Co. Ltd.		7,750		28,363
Nissin Foods Holdings Co. Ltd.		650		17,346
Nitori Holdings Co. Ltd.		262		35,064
Nitto Denko Corp.		450		37,209
Nomura Holdings, Inc.		10,000		56,900
Nomura Real Estate Holdings, Inc.		380		10,639
Nomura Real Estate Master Fund, Inc., REIT		14		13,383
Nomura Research Institute Ltd.		1,360		32,909
NTT Data Group Corp.		2,100		32,839
Obayashi Corp.		2,150		23,996
Obic Co. Ltd.		250		32,117
Odakyu Electric Railway Co. Ltd.		1,040		11,692
Olympus Corp.		4,080		56,833
Omron Corp.		570		19,564
Ono Pharmaceutical Co. Ltd.		1,280		18,436
Oracle Corp.		150		11,257
Oriental Land Co. Ltd.		3,650		100,710
ORIX Corp.		3,900		79,815
Osaka Gas Co. Ltd.		1,240		27,573
Otsuka Corp.		780		15,513
Otsuka Holdings Co. Ltd.		1,410		60,287
Pan Pacific International Holdings Corp.		1,250		29,358
Panasonic Holdings Corp.		7,360		64,241
Rakuten Group, Inc.*		5,000		24,047
Recruit Holdings Co. Ltd.		4,800		206,723
Renesas Electronics Corp.		4,980		80,854
Resona Holdings, Inc.		7,060		44,646
Ricoh Co. Ltd.		1,800		15,529
Rohm Co. Ltd.		1,090		15,669
SBI Holdings, Inc.		800		19,479

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

SCREEN Holdings Co. Ltd.		270	$	27,858
SCSK Corp.		530		9,635
Secom Co. Ltd.		700		48,624
Seiko Epson Corp.		950		15,628
Sekisui Chemical Co. Ltd.		1,300		18,912
Sekisui House Ltd.		1,980		45,501
Seven & i Holdings Co. Ltd.		7,500		96,909
SG Holdings Co. Ltd.		1,050		12,290
Sharp Corp.*		840		4,409
Shimadzu Corp.		780		21,191
Shimano, Inc.		270		43,879
Shimizu Corp.		1,750		10,840
Shin-Etsu Chemical Co. Ltd.		6,050		234,189
Shionogi & Co. Ltd.		890		41,564
Shiseido Co. Ltd.		1,350		36,137
Shizuoka Financial Group, Inc.		1,560		14,561
SMC Corp.		190		99,820
SoftBank Corp.		9,550		115,189
SoftBank Group Corp.		3,500		172,132
Sompo Holdings, Inc.		3,180		62,933
Sony Group Corp.		4,230		349,615
Square Enix Holdings Co. Ltd.		280		10,121
Subaru Corp.		2,070		46,221
SUMCO Corp.		1,180		17,598
Sumitomo Corp.		3,480		91,514
Sumitomo Electric Industries Ltd.		2,370		36,632
Sumitomo Metal Mining Co. Ltd.		810		27,061
Sumitomo Mitsui Financial Group, Inc.		4,320		245,393
Sumitomo Mitsui Trust Holdings, Inc.		2,260		47,516
Sumitomo Realty & Development Co. Ltd.		950		32,874
Suntory Beverage & Food Ltd.		470		15,292
Suzuki Motor Corp.		5,280		61,490
Sysmex Corp.		1,680		26,864
T&D Holdings, Inc.		1,650		26,924
Taisei Corp.		550		20,136
Takeda Pharmaceutical Co. Ltd.		5,283		138,848
TDK Corp.		1,310		58,440
Terumo Corp.		4,520		76,678
TIS, Inc.		750		16,017
Tobu Railway Co. Ltd.		630		12,500
Toho Co. Ltd.		420		14,071
Tokio Marine Holdings, Inc.		6,010		189,954
Tokyo Electric Power Co. Holdings, Inc.*		5,100		31,723
Tokyo Electron Ltd.		1,570		344,373

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Tokyo Gas Co. Ltd.		1,240	$	27,810
Tokyu Corp.		1,650		19,532
TOPPAN Holdings, Inc.		800		18,979
Toray Industries, Inc.		4,590		20,980
TOTO Ltd.		530		14,344
Toyota Industries Corp.		480		45,613
Toyota Motor Corp.		35,550		810,846
Toyota Tsusho Corp.		710		45,142
Trend Micro, Inc.		440		21,682
Unicharm Corp.		1,340		39,816
USS Co. Ltd.		1,400		10,695
West Japan Railway Co.		1,420		26,954
Yakult Honsha Co. Ltd.		850		16,626
Yamaha Corp.		420		8,851
Yamaha Motor Co. Ltd.		2,950		27,515
Yamato Holdings Co. Ltd.		880		11,622
Yaskawa Electric Corp.		820		33,786
Yokogawa Electric Corp.		750		16,572
Zensho Holdings Co. Ltd.		300		11,628
ZOZO, Inc.		440		9,477


				12,608,884

Jordan 0.0%

Hikma Pharmaceuticals PLC		552		13,254

Luxembourg 0.1%

ArcelorMittal SA		1,704		42,571
Eurofins Scientific SE		449		27,518


				70,089

Macau 0.1%

Galaxy Entertainment Group Ltd.		8,000		35,895
Sands China Ltd.*		8,000		18,869


				54,764

Netherlands 4.2%

ABN AMRO Bank NV, 144A, CVA		1,586		25,405
Adyen NV, 144A*		73		87,454
Aegon Ltd.		5,155		32,105
Akzo Nobel NV		568		37,478
Argenx SE*		197		73,592
ASM International NV		156		98,130

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Netherlands (cont’d.)

ASML Holding NV		1,351	$	1,176,738
ASR Nederland NV		528		26,421
BE Semiconductor Industries NV		257		34,097
Euronext NV, 144A		285		25,664
EXOR NV		312		34,063
Heineken Holding NV		432		34,752
Heineken NV		959		93,329
IMCD NV*		190		28,666
ING Groep NV		11,134		176,032
JDE Peet’s NV		325		7,221
Koninklijke Ahold Delhaize NV		3,200		97,133
Koninklijke KPN NV		11,176		40,615
Koninklijke Philips NV*		2,629		69,816
NN Group NV		902		41,610
OCI NV		351		9,441
Randstad NV		368		18,456
Universal Music Group NV		2,730		80,303
Wolters Kluwer NV		828		123,957


				2,472,478

New Zealand 0.2%

Auckland International Airport Ltd.		4,415		20,411
Fisher & Paykel Healthcare Corp. Ltd.		1,939		32,474
Mercury NZ Ltd.		2,554		9,585
Meridian Energy Ltd.		4,308		15,194
Spark New Zealand Ltd.		6,124		17,209
Xero Ltd.*		479		37,189


				132,062

Norway 0.5%

Aker BP ASA		1,052		25,514
DNB Bank ASA		3,083		53,734
Equinor ASA		3,001		79,852
Gjensidige Forsikring ASA		842		13,500
Kongsberg Gruppen ASA		293		20,684
Mowi ASA		1,702		29,882
Norsk Hydro ASA		4,419		27,156
Orkla ASA		2,335		15,884
Salmar ASA		242		15,224
Telenor ASA		2,097		24,109


				305,539

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Portugal 0.2%

EDP - Energias de Portugal SA*		10,452	$	39,249
Galp Energia SGPS SA		1,513		32,501
Jeronimo Martins SGPS SA		943		19,399


				91,149

Russia 0.0%

Evraz PLC*^		2,361		—

Singapore 1.4%

CapitaLand Ascendas REIT, REIT		12,416		23,519
CapitaLand Integrated Commercial Trust, REIT		17,688		25,214
CapitaLand Investment Ltd.*		8,700		16,825
City Developments Ltd.		1,700		7,619
DBS Group Holdings Ltd.		6,700		170,565
Genting Singapore Ltd.		20,100		13,414
Grab Holdings Ltd. (Class A Stock)*		6,300		22,050
Jardine Cycle & Carriage Ltd.		390		7,526
Keppel Ltd.		4,800		24,009
Mapletree Logistics Trust, REIT		11,600		11,383
Mapletree Pan Asia Commercial Trust, REIT		7,900		7,239
Oversea-Chinese Banking Corp. Ltd.		11,473		119,108
Sea Ltd., ADR*		1,300		82,147
Seatrium Ltd.*		147,677		10,550
Sembcorp Industries Ltd.		3,000		11,724
Singapore Airlines Ltd.		5,000		23,858
Singapore Exchange Ltd.		2,800		19,100
Singapore Technologies Engineering Ltd.		5,200		15,275
Singapore Telecommunications Ltd.		27,500		47,693
STMicroelectronics NV		2,276		90,095
United Overseas Bank Ltd.		4,257		94,466


				843,379

South Africa 0.2%

Anglo American PLC		4,232		138,291

South Korea 0.0%

Delivery Hero SE, 144A*		586		16,395

Spain 2.4%

Acciona SA		82		9,480
ACS Actividades de Construccion y Servicios SA		695		27,835
Aena SME SA, 144A		250		45,560

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Spain (cont’d.)

Amadeus IT Group SA		1,500	$	95,211
Banco Bilbao Vizcaya Argentaria SA		19,559		211,511
Banco Santander SA		54,222		263,824
CaixaBank SA		12,567		66,273
Cellnex Telecom SA, 144A		1,539		50,871
EDP Renovaveis SA		1,023		14,005
Enagas SA		829		12,158
Endesa SA		1,058		19,293
Grifols SA*		993		9,088
Iberdrola SA		20,560		252,098
Industria de Diseno Textil SA		3,633		165,414
Redeia Corp. SA		1,352		22,570
Repsol SA		4,066		63,820
Telefonica SA		16,280		72,928


				1,401,939

Sweden 2.8%

Alfa Laval AB		964		41,042
Assa Abloy AB (Class B Stock)		3,338		88,195
Atlas Copco AB (Class A Stock)		8,947		156,716
Atlas Copco AB (Class B Stock)		5,199		77,955
Beijer Ref AB		1,282		18,068
Boliden AB		911		29,940
Epiroc AB (Class A Stock)		2,195		40,580
Epiroc AB (Class B Stock)		1,299		21,532
EQT AB		1,251		33,751
Essity AB (Class B Stock)		2,029		50,623
Evolution AB, 144A		610		67,396
Fastighets AB Balder (Class B Stock)*		2,171		13,684
Getinge AB (Class B Stock)		762		16,042
H & M Hennes & Mauritz AB (Class B Stock)		2,151		34,190
Hexagon AB (Class B Stock)		6,915		72,338
Holmen AB (Class B Stock)		254		9,893
Husqvarna AB (Class B Stock)		1,165		9,450
Industrivarden AB (Class A Stock)		433		13,944
Industrivarden AB (Class C Stock)		487		15,657
Indutrade AB		910		20,935
Investment AB Latour (Class B Stock)		493		11,879
Investor AB (Class B Stock)		5,765		141,201
L E Lundbergforetagen AB (Class B Stock)		253		12,470
Lifco AB (Class B Stock)		776		18,801
Nibe Industrier AB (Class B Stock)		5,048		23,293
Saab AB (Class B Stock)		267		21,138
Sagax AB (Class B Stock)		658		16,478

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Sweden (cont’d.)

Sandvik AB		3,551	$	70,784
Securitas AB (Class B Stock)		1,638		16,415
Skandinaviska Enskilda Banken AB (Class A Stock)		5,285		69,215
Skanska AB (Class B Stock)		1,133		19,463
SKF AB (Class B Stock)		1,135		23,333
Svenska Cellulosa AB SCA (Class B Stock)		2,018		29,574
Svenska Handelsbanken AB (Class A Stock)		4,858		41,659
Swedbank AB (Class A Stock)		2,828		54,078
Swedish Orphan Biovitrum AB*		648		16,727
Tele2 AB (Class B Stock)		2,010		18,747
Telefonaktiebolaget LM Ericsson (Class B Stock)		9,753		49,495
Telia Co. AB		7,858		17,975
Volvo AB (Class A Stock)		667		17,566
Volvo AB (Class B Stock)		5,026		127,928
Volvo Car AB (Class B Stock)*		2,496		7,748


				1,657,898

Switzerland 5.6%

ABB Ltd.		5,360		260,434
Adecco Group AG		533		18,646
Alcon, Inc.		1,664		127,590
Avolta AG*		326		12,328
Bachem Holding AG		112		9,717
Baloise Holding AG		138		20,854
Banque Cantonale Vaudoise		100		10,457
Barry Callebaut AG		10		16,160
BKW AG		70		10,391
Chocoladefabriken Lindt & Spruengli AG		7		80,633
Cie Financiere Richemont SA (Class A Stock)		1,801		248,947
Clariant AG*		719		10,757
DSM-Firmenich AG		618		69,311
EMS-Chemie Holding AG		23		18,350
Geberit AG		116		61,919
Givaudan SA		31		132,580
Helvetia Holding AG		124		16,220
Julius Baer Group Ltd.		686		36,810
Kuehne + Nagel International AG		181		47,838
Logitech International SA		548		42,666
Lonza Group AG		248		136,894
Novartis AG		6,867		666,494
Partners Group Holding AG		76		97,779
Sandoz Group AG*		1,364		46,358
Schindler Holding AG		78		19,005
Schindler Holding AG (Part. Cert.)		127		31,656

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

Switzerland (cont’d.)

SGS SA		499	$	43,940
SIG Group AG*		1,019		20,363
Sika AG		508		144,506
Sonova Holding AG		177		48,928
Straumann Holding AG		372		49,453
Swatch Group AG (The)		194		8,043
Swatch Group AG (The) (Bearer Shares)		96		20,171
Swiss Life Holding AG		102		68,825
Swiss Prime Site AG		205		18,928
Swisscom AG		91		49,923
Temenos AG		213		13,250
UBS Group AG		11,019		289,395
VAT Group AG, 144A		90		44,808
Zurich Insurance Group AG		491		237,667


				3,308,994

United Arab Emirates 0.0%

NMC Health PLC*^		372		—

United Kingdom 9.8%

3i Group PLC		3,242		115,828
abrdn PLC		6,282		11,456
Admiral Group PLC		867		29,510
Ashtead Group PLC		1,458		105,868
Associated British Foods PLC		1,148		37,996
AstraZeneca PLC		5,194		785,587
Auto Trader Group PLC, 144A		3,333		28,895
Aviva PLC		9,121		52,958
BAE Systems PLC		10,128		168,451
Barclays PLC		50,315		126,859
Barratt Developments PLC		3,246		18,340
Berkeley Group Holdings PLC		354		20,789
British American Tobacco PLC		6,744		197,979
BT Group PLC		21,527		27,529
Bunzl PLC		1,126		43,180
Burberry Group PLC		1,210		17,314
Centrica PLC		18,250		29,132
CK Hutchison Holdings Ltd.		9,100		44,197
Coca-Cola Europacific Partners PLC		700		50,414
Compass Group PLC		5,709		158,789
Croda International PLC		465		26,634
DCC PLC		329		22,468
Diageo PLC		7,487		258,748

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)

Entain PLC		2,128	$	20,761
Flutter Entertainment PLC*		589		109,118
Halma PLC		1,264		34,642
Hargreaves Lansdown PLC		1,185		11,975
HSBC Holdings PLC		64,183		556,335
Imperial Brands PLC		2,836		64,803
Informa PLC		4,609		45,629
InterContinental Hotels Group PLC		551		53,741
Intertek Group PLC		537		33,051
J Sainsbury PLC		5,521		18,110
JD Sports Fashion PLC		8,632		12,358
Kingfisher PLC		6,302		19,412
Land Securities Group PLC, REIT		2,357		19,049
Legal & General Group PLC		19,913		58,455
Lloyds Banking Group PLC		211,658		136,601
London Stock Exchange Group PLC		1,387		152,903
M&G PLC		7,471		18,704
Melrose Industries PLC		4,484		35,228
National Grid PLC		12,462		163,466
NatWest Group PLC		19,187		72,419
Next PLC		401		44,975
Ocado Group PLC*		1,930		8,450
Pearson PLC		2,129		25,833
Persimmon PLC		1,064		17,229
Phoenix Group Holdings PLC		2,502		15,239
Reckitt Benckiser Group PLC		2,390		133,618
RELX PLC		6,293		258,560
Rentokil Initial PLC		8,402		42,413
Rolls-Royce Holdings PLC*		28,034		143,759
Sage Group PLC (The)		3,420		49,593
Schroders PLC		2,685		11,771
Segro PLC, REIT		3,884		40,852
Severn Trent PLC		896		27,619
Smith & Nephew PLC		2,909		35,244
Smiths Group PLC		1,157		23,325
Spirax-Sarco Engineering PLC		246		27,069
SSE PLC		3,638		75,621
St. James’s Place PLC		1,827		9,886
Standard Chartered PLC		7,633		65,579
Taylor Wimpey PLC		11,766		19,280
Tesco PLC		23,670		87,391
Unilever PLC		8,377		433,349
United Utilities Group PLC		2,271		29,603
Vodafone Group PLC		76,660		64,648

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2024



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)

Whitbread PLC		644	$	25,382
Wise PLC (Class A Stock)*		2,048		19,682
WPP PLC		3,580		35,883


				5,787,534

United States 8.6%

BP PLC		57,348		369,644
CRH PLC		2,325		180,050
CSL Ltd.		1,619		287,658
CyberArk Software Ltd.*		150		35,887
Experian PLC		3,064		123,583
Ferrovial SE		1,708		61,429
GSK PLC		13,787		286,038
Haleon PLC		22,910		96,757
Holcim AG*		1,736		145,317
James Hardie Industries PLC, CDI*		1,466		50,398
Monday.com Ltd.*		100		18,933
Nestle SA		8,945		898,080
QIAGEN NV*		736		30,729
Roche Holding AG		2,354		564,052
Roche Holding AG (Bearer Shares)		115		30,252
Sanofi SA		3,814		376,796
Schneider Electric SE		1,823		415,668
Shell PLC		21,874		777,590
Stellantis NV		7,423		164,245
Swiss Re AG		1,013		110,119
Tenaris SA		1,573		26,123


				5,049,348

TOTAL COMMON STOCKS
(cost $36,347,990)				54,331,915


PREFERRED STOCKS 0.4%

Germany

Bayerische Motoren Werke AG (PRFC)		196		20,140
Dr. Ing. h.c. F. Porsche AG (PRFC), 144A		379		33,741
Henkel AG & Co. KGaA (PRFC)		564		44,805
Porsche Automobil Holding SE (PRFC)		510		25,985
Sartorius AG (PRFC)		87		26,009

See Notes to Financial Statements.



Description	Shares		Value

PREFERRED STOCKS (Continued)

Germany (cont’d.)

Volkswagen AG (PRFC)		687	$	84,161


TOTAL PREFERRED STOCKS
(cost $227,549)				234,841


UNAFFILIATED EXCHANGE-TRADED FUND 3.4%

United States

iShares MSCI EAFE ETF
(cost $1,780,038)		26,085		2,015,588


TOTAL LONG-TERM INVESTMENTS
(cost $38,355,577)				56,582,344


SHORT-TERM INVESTMENTS 2.1%

AFFILIATED MUTUAL FUNDS 1.8%
PGIM Core Government Money Market Fund (7-day effective yield 5.540%)(wb)		1,072,519		1,072,519
PGIM Institutional Money Market Fund (7-day effective yield 5.644%)(wb)		781		781


TOTAL AFFILIATED MUTUAL FUNDS
(cost $1,073,300)				1,073,300

Interest

Rate

Maturity

Date

Principal

Amount

(000)#

U.S. TREASURY OBLIGATION(k)(n) 0.3%

U.S. Treasury Bills

(cost $148,918)

5.270%

06/20/24

150

148,901

TOTAL SHORT-TERM INVESTMENTS

(cost $1,222,218)

1,222,201

TOTAL INVESTMENTS 97.9%

(cost $39,577,795)

57,804,545

Other assets in excess of liabilities(z) 2.1%

1,231,195

NET ASSETS 100.0%

59,035,740

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.

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

ADR—American Depositary Receipt

ASX—Australian Securities Exchange

CDI—Chess Depository Interest

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

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

SOFR—Secured Overnight Financing Rate

SPI—Share Price Index

STOXX—Stock Index of the Eurozone

TOPIX—Tokyo Stock Price Index

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 $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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

(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, 2024:


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

Long Positions:
1	ASX SPI 200 Index		Jun. 2024		$	124,459		$	(422	)
6	Euro STOXX 50 Index		Jun. 2024			313,565			216
2	FTSE 100 Index		Jun. 2024			203,889			12,631
12	Mini MSCI EAFE Index		Jun. 2024			1,360,500			(39,134	)
2	TOPIX Index		Jun. 2024			348,350			6,369


								$	(20,340	)

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


Broker	Cash and/or Foreign Currency			Securities Market Value

MSC		$	—		$	148,901

See Notes to Financial Statements.

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, 2024 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Long-Term Investments
Common Stocks
Australia	$	—	$	3,975,836		$	—
Austria		—		132,156			—
Belgium		—		437,424			—
Brazil		—		15,706			—
Burkina Faso		—		13,021			—
Chile		—		36,018			—
China		—		246,136			—
Denmark		1,613		2,030,568			—
Finland		—		551,323			—
France		—		5,617,801			—
Germany		—		4,413,630			—
Hong Kong		12,862		965,367			—	**
Ireland		59,143		193,704			—
Israel		132,049		203,999			—
Italy		—		1,341,562			—
Japan		—		12,608,884			—
Jordan		—		13,254			—
Luxembourg		—		70,089			—
Macau		—		54,764			—
Netherlands		—		2,472,478			—
New Zealand		—		132,062			—
Norway		—		305,539			—
Portugal		—		91,149			—
Russia		—		—			—	**
Singapore		104,197		739,182			—
South Africa		—		138,291			—
South Korea		—		16,395			—
Spain		—		1,401,939			—
Sweden		—		1,657,898			—
Switzerland		—		3,308,994			—
United Arab Emirates		—		—			—	**
United Kingdom		50,414		5,737,120			—

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2024


	Level 1			Level 2		Level 3
Investments in Securities (continued)
Assets (continued)
Long-Term Investments (continued)
Common Stocks (continued)
United States	$	54,820		$	4,994,528		$—
Preferred Stocks
Germany		—			234,841		—
Unaffiliated Exchange-Traded Fund
United States		2,015,588			—		—
Short-Term Investments
Affiliated Mutual Funds		1,073,300			—		—
U.S. Treasury Obligation		—			148,901		—

Total	$	3,503,986		$	54,300,559		$—**


Other Financial Instruments*
Assets
Futures Contracts	$	19,216		$	—		$—


Liabilities
Futures Contracts	$	(39,556	)	$	—		$—

**	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, 2024 were as follows:


Banks	9.7	%
Pharmaceuticals	8.7
Insurance	4.8
Oil, Gas & Consumable Fuels	4.0
Semiconductors & Semiconductor Equipment	3.8
Automobiles	3.5
Unaffiliated Exchange-Traded Fund	3.4
Metals & Mining	2.9
Machinery	2.8
Chemicals	2.8
Textiles, Apparel & Luxury Goods	2.8
Capital Markets	2.6
Food Products	2.5
Trading Companies & Distributors	2.1
Aerospace & Defense	2.1


Electrical Equipment	1.9	%
Health Care Equipment & Supplies	1.9
Affiliated Mutual Funds	1.8
Personal Care Products	1.8
Software	1.8
Industrial Conglomerates	1.6
Electric Utilities	1.6
Beverages	1.6
Professional Services	1.5
Hotels, Restaurants & Leisure	1.5
Diversified Telecommunication Services	1.5
Electronic Equipment, Instruments & Components	1.2
Real Estate Management & Development	1.1
Consumer Staples Distribution & Retail	1.0
Household Durables	1.0

See Notes to Financial Statements.

Industry Classification (continued):


Financial Services	1.0	%
Building Products	0.9
Wireless Telecommunication Services	0.9
Multi-Utilities	0.8
Specialty Retail	0.8
Biotechnology	0.8
Construction & Engineering	0.7
IT Services	0.7
Broadline Retail	0.7
Entertainment	0.7
Construction Materials	0.7
Tobacco	0.6
Automobile Components	0.6
Ground Transportation	0.5
Household Products	0.5
Air Freight & Logistics	0.4
Technology Hardware, Storage & Peripherals	0.4
Life Sciences Tools & Services	0.4
Industrial REITs	0.4
Media	0.3
Marine Transportation	0.3
Commercial Services & Supplies	0.3
Retail REITs	0.3
Transportation Infrastructure	0.3
Paper & Forest Products	0.3


Gas Utilities	0.3	%
U.S. Treasury Obligation	0.3
Health Care Providers & Services	0.2
Interactive Media & Services	0.2
Communications Equipment	0.2
Diversified REITs	0.2
Independent Power & Renewable Electricity Producers	0.2
Leisure Products	0.2
Passenger Airlines	0.1
Office REITs	0.1
Containers & Packaging	0.1
Water Utilities	0.1
Diversified Consumer Services	0.1
Energy Equipment & Services	0.0	*
Health Care Technology	0.0	*
Distributors	0.0	*

	97.9
Other assets in excess of liabilities	2.1


	100.0	%

*	Less than 0.05%

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

Fair values of derivative instruments as of April 30, 2024 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

19,216

Due from/to broker-variation margin futures

39,556

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2024

*	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, 2024 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	$	201,435


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

Equity contracts	$	80,121

For the six months ended April 30, 2024, the Fund’s average volume of derivative activities is as follows:


Derivative Contract Type		Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)		$2,088,005

*	Average volume is based on average quarter end balances for the six months ended April 30, 2024.

(1)	Notional Amount in USD.

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

as of April 30, 2024



Assets

Investments at value:
Unaffiliated investments (cost $38,504,495)	$	56,731,245
Affiliated investments (cost $1,073,300)		1,073,300
Foreign currency, at value (cost $860,416)		846,742
Dividends receivable		221,894
Tax reclaim receivable		220,959
Receivable for Fund shares sold		19,555
Due from Manager		17,726
Prepaid expenses and other assets		30,377

Total Assets		59,161,798


Liabilities

Payable for investments purchased		38,775
Custodian and accounting fees payable		35,056
Due to broker—variation margin futures		15,038
Audit fee payable		14,760
Accrued expenses and other liabilities		6,669
Payable for Fund shares purchased		5,206
Shareholders’ reports fee payable		3,678
Pricing fees payable		3,209
Fund data services payable		1,466
Professional fees payable		1,407
Trustees’ fees payable		685
Affiliated transfer agent fee payable		91
Transfer agent fee payable		18

Total Liabilities		126,058


Net Assets	$	59,035,740




Net assets were comprised of:
Paid-in capital	$	45,293,172
Total distributable earnings (loss)		13,742,568

Net assets, April 30, 2024	$	59,035,740


Class R6
Net asset value, offering price and redemption price per share, ($59,035,740 ÷ 4,303,180 shares of beneficial interest issued and outstanding)	$	13.72

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 35

Statement of Operations (unaudited)

Six Months Ended April 30, 2024


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $114,322 foreign withholding tax)	$	843,014
Affiliated dividend income		23,526
Interest income		4,076
Affiliated income from securities lending, net		402

Total income		871,018


Expenses
Management fee		77,876
Custodian and accounting fees		60,051
Pricing fees		28,434
Professional fees		27,421
Audit fee		14,759
Shareholders’ reports		9,257
Fund data services		7,275
Trustees’ fees		5,112
Interest expense		4,621
Commitment fees		1,962
Transfer agent’s fees and expenses (including affiliated expense of $289)		366
Insurance expense		357
Registration fees		111
Miscellaneous		19,809


Total expenses		257,411
Less: Fee waiver and/or expense reimbursement		(186,632	)


Net expenses		70,779


Net investment income (loss)		800,239


Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions

Net realized gain (loss) on:
Investment transactions (including affiliated of $(139))		(68,805	)
Futures transactions		201,435
Foreign currency transactions		(9,897	)


		122,733

Net change in unrealized appreciation (depreciation) on:
Investments		9,068,137
Futures		80,121
Foreign currencies		(9,002	)


		9,139,256


Net gain (loss) on investment and foreign currency transactions		9,261,989


Net Increase (Decrease) In Net Assets Resulting From Operations	$	10,062,228

See Notes to Financial Statements.

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2024				Year Ended October 31, 2023

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	800,239			$	1,762,584
Net realized gain (loss) on investment and foreign currency transactions			122,733				(387,550	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			9,139,256				7,610,572


Net increase (decrease) in net assets resulting from operations			10,062,228				8,985,606

Dividends and Distributions
Distributions from distributable earnings
Class R6			(2,059,921	)			(1,557,701	)

Fund share transactions
Net proceeds from shares sold (396,202 and 620,905 shares, respectively)			5,377,236				7,856,647
Net asset value of shares issued in reinvestment of dividends and distributions (159,808 and 133,023 shares, respectively)			2,059,921				1,557,701
Cost of shares purchased (1,414,410 and 1,197,009 shares, respectively)			(18,991,174	)			(14,905,886	)


Net increase (decrease) in net assets from Fund share transactions			(11,554,017	)			(5,491,538	)

Total increase (decrease)			(3,551,710	)			1,936,367

Net Assets:

Beginning of period			62,587,450				60,651,083


End of period		$	59,035,740			$	62,587,450

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund 37

Financial Highlights (unaudited)



	Six Months
	Ended April 30,			Year Ended October 31,
	2024			2023			2022			2021			2020			2019

Per Share Operating Performance^(a):
Net Asset Value, Beginning of Period		$12.13			$10.82			$14.73			$11.23			$12.16			$11.36
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.34			0.32			0.31			0.22			0.32
Net realized and unrealized gain (loss) on investment and foreign currency transactions		1.82			1.26			(3.76	)		3.40			(0.82	)		0.76
Total from investment operations		1.99			1.60			(3.44	)		3.71			(0.60	)		1.08
Less Dividends and Distributions:
Dividends from net investment income		(0.40	)		(0.29	)		(0.43	)		(0.21	)		(0.33	)		(0.27	)
Distributions from net realized gains		-			-			(0.04	)		-			-			(0.01	)
Total dividends and distributions		(0.40	)		(0.29	)		(0.47	)		(0.21	)		(0.33	)		(0.28	)
Net asset value, end of period		$13.72			$12.13			$10.82			$14.73			$11.23			$12.16
Total Return^(b):		16.65	%		14.87	%		(24.07	)%		33.21	%		(5.21	)%		9.88	%

Ratios/Supplemental Data:

Net assets, end of period (000)		$59,036			$62,587			$60,651			$81,612			$66,162			$50,807
Average net assets (000)		$62,643			$66,020			$72,851			$82,645			$56,084			$45,226
Ratios to average net assets^(c):
Expenses after waivers and/or expense reimbursement		0.23	%^(d)		0.29	%		0.30	%		0.30	%		0.30	%		0.30	%
Expenses before waivers and/or expense reimbursement		0.83	%^(d)		0.77	%		0.70	%		0.69	%		0.95	%		1.12	%
Net investment income (loss)		2.57	%^(d)		2.67	%		2.57	%		2.16	%		1.93	%		2.83	%
Portfolio turnover rate^(e)		17	%		8	%		26	%		23	%		13	%		13	%

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

(b)

(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.

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 MSCI EAFE Index.

2.	Accounting Policies

PGIM Quant Solutions International Developed Markets Index Fund 39

Notes to Financial Statements (unaudited) (continued)

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

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.

PGIM Quant Solutions International Developed Markets Index Fund 41

Notes to Financial Statements (unaudited) (continued)

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of the 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.

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 expense amounts.

PGIM Quant Solutions International Developed Markets Index Fund 43

Notes to Financial Statements (unaudited) (continued)

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.

3.	Agreements

Fees payable under the management agreement are computed daily and paid monthly. For the reporting period ended April 30, 2024, 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 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. This waiver has no express termination date and may not be terminated by the Manager without prior approval of the Fund’s Board of Trustees. The expense limitation attributable to Class R6 is as follows:



Class		Expense Limitations*
R6		0.19%

*Prior to December 11, 2023, the Manager had contractually agreed to limit total annual operating expenses after fee waivers and/or expense reimbursements (exclusive of taxes, interest, distribution (12b-1 fees) and certain extraordinary expenses) to 0.25% of the Fund’s average daily net assets on an annualized basis.

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

4.	Other Transactions with Affiliates

PGIM Quant Solutions International Developed Markets Index Fund 45

Notes to Financial Statements (unaudited) (continued)

5.	Portfolio Securities



Cost of Purchases		Proceeds from Sales
$10,006,824		$23,007,867

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2024, 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 (7-day effective yield 5.540%)^(1)(wb)
	$1,142,230		$ 6,109,030		$ 6,178,741	$—		$ —		$	1,072,519		1,072,519	$23,526

	PGIM Institutional Money Market Fund (7-day effective yield 5.644%)^(1)(wb)
	—		9,183,506		9,182,586	—		(139	)		781		781	402⁽²⁾
	$1,142,230		$15,292,536		$15,361,327	$—		$(139	)	$	1,073,300			$23,928

(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.

(wb)	Represents an investment in a Fund affiliated with the Manager.

6.	Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2024 were as follows:

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, 2023 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
$2,426,000		$—

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, 2024, 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	4,277,960	99.4%

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	6	80.6%
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 in effect at the reporting period-end.



		SCA
Term of Commitment		9/29/2023 - 9/26/2024
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%

PGIM Quant Solutions International Developed Markets Index Fund 47

Notes to Financial Statements (unaudited) (continued)



		SCA
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

The Fund utilized the SCA during the reporting period ended April 30, 2024. The average daily balance for the 3 days that the Fund had loans outstanding during the period was approximately $8,639,000, borrowed at a weighted average interest rate of 6.42%. The maximum loan outstanding amount during the period was $11,256,000. At April 30, 2024, the Fund did not have an outstanding loan amount.

9.	Risks of Investing in the Fund

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

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

stabilize economic growth or the functioning of the securities markets, 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.

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

PGIM Quant Solutions International Developed Markets Index Fund 49

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. Investments in emerging markets are subject to greater volatility and price declines.

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

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.

PGIM Quant Solutions International Developed Markets Index Fund 51

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.

Liquidity Risk Management Program (unaudited)

PGIM Quant Solutions International Developed Markets Index Fund 53



∎	MAIL	∎	TELEPHONE	∎	WEBSITE

	655 Broad Street		(800) 225-1852		pgim.com/investments

	Newark, NJ 07102

PROXY VOTING

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 and Principal Executive Officer · Scott E. Benjamin, Vice President · Christian J. Kelly, Chief Financial Officer · Claudia DiGiacomo, Chief Legal Officer · Andrew 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 · George Hoyt, Assistant Secretary · Devan Goolsby, 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	655 Broad Street 16th Floor 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

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


Mutual Funds:

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

LOGO

PGIM 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 – Disclosure of Securities Lending Activities for Closed-End Management Investment Companies – Not applicable.

Item 13 – Recovery of Erroneously Awarded Compensation – Not applicable.

Item 14 – Exhibits


		(a)(1)		Code of Ethics – Not required, as this is not an annual filing.
		(a)(2)		Policy required by the listing standards adopted pursuant to Rule 10D-1 under the Securities Exchange Act of 1934 – Not applicable.
		(a)(3)		Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002– Attached hereto as Exhibit EX-99.CERT.

(a)(3)(1) Any written solicitation to purchase securities under Rule 23c-1 under the Investment Company Act of 1940 – Not applicable.

(a)(3)(2) Change in the registrant’s independent public accountant – Not applicable.


		(b)		Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 – Attached hereto as Exhibit EX-99.906CERT.

SIGNATURES

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


Registrant		Prudential Investment Portfolios 2

By:		/s/ Andrew R. French
		Andrew R. French
		Secretary

Date:		June 17, 2024

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


By:		/s/ Stuart S. Parker
		Stuart S. Parker
		President and Principal Executive Officer

Date:		June 17, 2024

By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Chief Financial Officer (Principal Financial Officer)

Date:		June 17, 2024