Prudential Investment Portfolios 2

N-CSRS 1 d155178dncsrs.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 QMA Emerging Markets Equity Fund and PGIM QMA International Developed Markets Index Fund (each a “Fund” and collectively the “Funds”))

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

Name and address of agent for service:		Andrew R. French
		655 Broad Street, 17^th Floor
		Newark, New Jersey 07102

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

Date of fiscal year end:		10/31/2021

Date of reporting period:		04/30/2021

Item 1 – Reports to Stockholders

LOGO

PGIM QMA EMERGING MARKETS EQUITY FUND

SEMIANNUAL REPORT

APRIL 30, 2021

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 and Expenses			6

Holdings and Financial Statements			9

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

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

The accompanying financial statements as of April 30, 2021 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company, member SIPC. QMA is the primary business name of QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2021 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

LOGO

Dear Shareholder,

We hope you find the semiannual report for the PGIM QMA Emerging Markets Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2021.

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 consider it a great privilege and responsibility to help investors participate in opportunities across global markets while meeting their toughest investment challenges. PGIM is a top-10 global investment manager with more than $1 trillion in assets under management. This investment expertise allows us to deliver actively managed funds and strategies to meet the needs of investors around the globe.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

PGIM QMA Emerging Markets Equity Fund

June 15, 2021


PGIM QMA Emerging Markets Equity Fund			3

Your Fund’s Performance

Performance data quoted represents 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



	(without sales charges)	Average Annual Total Returns as of 4/30/21 (with sales charges)
	*Six Months (%)**	One Year (%)	Since Inception (%)
Fund (Class R6)	22.39	46.48	11.26 (11/29/16)
MSCI Emerging Markets Index
	22.95	48.71	13.16

*Not annualized

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. Since Inception returns for the Index are measured from the closest month-end to the Fund’s inception date.

Benchmark Definitions

MSCI Emerging Markets Index—The MSCI Emerging Markets Index is 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, Malaysia, Mexico, Pakistan, Peru, the Philippines, Poland, Qatar, Russia, 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 4/30/21



Ten Largest Holdings	Line of Business	Country	% of Net Assets
Taiwan Semiconductor Manufacturing Co. Ltd.	Semiconductors & Semiconductor Equipment	Taiwan	6.6%
Tencent Holdings Ltd.	Interactive Media & Services	China	5.1%
Alibaba Group Holding Ltd., ADR	Internet & Direct Marketing Retail	China	4.6%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	3.8%
Vale SA	Metals & Mining	Brazil	1.6%
China Construction Bank Corp. (Class H Stock)	Banks	China	1.5%
MediaTek, Inc.	Semiconductors & Semiconductor Equipment	Taiwan	1.5%
Baidu, Inc., ADR	Interactive Media & Services	China	1.3%
Sberbank of Russia PJSC, ADR	Banks	Russia	1.1%
Meituan (Class B Stock), 144A	Internet & Direct Marketing Retail	China	1.0%

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


PGIM QMA Emerging Markets Equity Fund			5

Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs as applicable, and (2) ongoing costs, including management 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, 2021. The example is for illustrative purposes only; you should consult the Fund’s 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.


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 QMA Emerging Markets Equity Fund	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual		$1,000.00	$	1,223.90		1.20	%	$	6.62
Hypothetical	$	1,000.00	$	1,018.84		1.20	%	$	6.01

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2021, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2021 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.


PGIM QMA Emerging Markets Equity Fund			7

Schedule of Investments (unaudited)

as of April 30, 2021



Description	Shares		Value

LONG-TERM INVESTMENTS 97.0%

COMMON STOCKS 94.9%

Brazil 4.1%

Ambev SA		8,400	$	23,165
B3 SA - Brasil Bolsa Balcao		11,600		110,084
Banco Bradesco SA		8,001		30,504
Banco do Brasil SA		4,800		26,067
Banco Santander Brasil SA, UTS		39,100		278,059
BB Seguridade Participacoes SA		3,900		16,011
Centrais Eletricas Brasileiras SA		1,800		12,237
Cia Siderurgica Nacional SA		3,800		34,586
Petroleo Brasileiro SA		21,800		92,866
Telefonica Brasil SA		2,900		22,983
TIM SA		133,000		297,484
Vale SA		37,932		766,105
WEG SA		49,800		318,398


				2,028,549

Chile 0.9%

Banco Santander Chile		3,101,766		170,204
Empresas CopEC SA		2,325		25,038
Falabella SA		50,537		228,250


				423,492

China 36.7%

Agile Group Holdings Ltd.		210,000		329,403
Airtac International Group		1,000		42,323
Alibaba Group Holding Ltd., ADR*		9,800		2,263,310
A-Living Smart City Services Co. Ltd. (Class H Stock), 144A		2,750		12,717
Anhui Conch Cement Co. Ltd. (Class H Stock)		28,500		170,290
Autohome, Inc., ADR		2,300		213,279
Baidu, Inc., ADR*		3,000		630,990
Bank of China Ltd. (Class H Stock)		878,000		349,579
Bank of Communications Co. Ltd. (Class H Stock)		51,000		32,636
Baoshan Iron & Steel Co. Ltd. (Class A Stock)		62,400		83,113
Beijing Enterprises Holdings Ltd.		2,500		8,186
BOE Technology Group Co. Ltd. (Class A Stock)		32,800		37,072
BYD Co. Ltd. (Class H Stock)		4,500		93,073
Changzhou Xingyu Automotive Lighting Systems Co. Ltd. (Class A Stock)		2,000		60,100
China CITIC Bank Corp. Ltd. (Class H Stock)		285,000		149,485
China Construction Bank Corp. (Class H Stock)		933,000		738,756
China Galaxy Securities Co. Ltd. (Class H Stock)		361,000		215,497
China Hongqiao Group Ltd.		229,000		363,515

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

China Medical System Holdings Ltd.		169,000	$	392,272
China Meidong Auto Holdings Ltd.		4,000		20,031
China Merchants Bank Co. Ltd. (Class H Stock)		12,000		96,814
China Merchants Port Holdings Co. Ltd.		8,000		12,848
China National Building Material Co. Ltd. (Class H Stock)		191,000		277,492
China Overseas Land & Investment Ltd.		37,500		94,903
China Petroleum & Chemical Corp. (Class H Stock)		70,000		34,694
China Resources Cement Holdings Ltd.		16,000		17,445
China Resources Pharmaceutical Group Ltd., 144A		249,000		168,695
China Resources Power Holdings Co. Ltd.		12,000		15,769
China Shenhua Energy Co. Ltd. (Class H Stock)		175,000		364,987
China South Publishing & Media Group Co. Ltd. (Class A Stock)		50,200		79,137
China Tourism Group Duty Free Corp. Ltd. (Class A Stock)		2,189		105,136
China Zheshang Bank Co. Ltd. (Class A Stock)		78,000		47,552
Chongqing Zhifei Biological Products Co. Ltd. (Class A Stock)		600		20,858
CITIC Ltd.		305,000		321,468
Contemporary Amperex Technology Co. Ltd. (Class A Stock)		800		47,889
COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)*		227,500		408,299
CSPC Pharmaceutical Group Ltd.		87,200		108,110
Daqo New Energy Corp., ADR*		400		32,196
Focus Media Information Technology Co. Ltd. (Class A Stock)		50,600		84,202
GF Securities Co. Ltd. (Class H Stock)		208,600		302,956
Greenland Holdings Corp. Ltd. (Class A Stock)		84,300		73,685
Guangdong Kinlong Hardware Products Co. Ltd. (Class A Stock)		2,800		81,786
Haitian International Holdings Ltd.		4,000		16,316
Hengan International Group Co. Ltd.		31,000		200,831
Huaxin Cement Co. Ltd. (Class A Stock)		3,400		11,518
Hunan Valin Steel Co. Ltd. (Class A Stock)		58,500		70,767
Industrial & Commercial Bank of China Ltd. (Class H Stock)		689,000		448,611
Industrial Bank Co. Ltd. (Class A Stock)		29,400		98,717
Inner Mongolia Yili Industrial Group Co. Ltd. (Class A Stock)		2,200		13,918
Intco Medical Technology Co. Ltd. (Class A Stock)		3,000		78,964
JD Health International, Inc., 144A*		11,000		171,529
JD.com, Inc., ADR*		5,100		394,536
Jiangsu Hengli Hydraulic Co. Ltd. (Class A Stock)		6,956		92,322
Jiangsu Yuyue Medical Equipment & Supply Co. Ltd. (Class A Stock)		5,900		28,948
Jiangxi Copper Co. Ltd. (Class H Stock)		7,000		17,180
Jinke Properties Group Co. Ltd. (Class A Stock)		7,800		7,937
Jiumaojiu International Holdings Ltd., 144A*		25,000		104,793
KE Holdings, Inc., ADR*		4,500		234,225
Kweichow Moutai Co. Ltd. (Class A Stock)		200		61,906
KWG Group Holdings Ltd.		7,500		12,064
Lenovo Group Ltd.		38,000		52,127

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

Li Ning Co. Ltd.		5,500	$	44,957
Livzon Pharmaceutical Group, Inc. (Class A Stock)		11,200		81,241
Longfor Group Holdings Ltd., 144A		25,500		158,881
Luzhou Laojiao Co. Ltd. (Class A Stock)		600		23,623
Meituan (Class B Stock), 144A*		13,200		505,477
Metallurgical Corp. of China Ltd. (Class A Stock)		104,900		49,841
Midea Group Co. Ltd. (Class A Stock)		1,100		13,581
Muyuan Foods Co. Ltd. (Class A Stock)		1,400		24,438
New China Life Insurance Co. Ltd. (Class H Stock)		81,500		314,550
NIO, Inc., ADR*		6,100		243,024
People’s Insurance Co. Group of China Ltd. (The) (Class H Stock)		48,000		16,465
Pinduoduo, Inc., ADR*		200		26,786
Ping An Insurance Group Co. of China Ltd. (Class H Stock)		34,500		378,124
Sany Heavy Industry Co. Ltd. (Class A Stock)		18,000		85,708
Shaanxi Coal Industry Co. Ltd. (Class A Stock)		44,500		77,255
Shandong Buchang Pharmaceuticals Co. Ltd. (Class A Stock)		5,200		18,322
Shanghai Fosun Pharmaceutical Group Co. Ltd. (Class H Stock)		3,000		19,092
Shanghai International Port Group Co. Ltd. (Class A Stock)		98,361		70,278
Shanghai M&G Stationery, Inc. (Class A Stock)		2,500		35,286
Shanghai Pharmaceuticals Holding Co. Ltd. (Class H Stock)		4,800		10,940
Shanghai Pudong Development Bank Co. Ltd. (Class A Stock)		53,900		83,649
Shanxi Coking Coal Energy Group Co. Ltd. (Class A Stock)		86,400		75,003
Shenzhen Investment Ltd.		204,000		74,865
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (Class A Stock)		1,400		100,725
Shenzhen Overseas Chinese Town Co. Ltd. (Class A Stock)		10,500		15,094
Shijiazhuang Yiling Pharmaceutical Co. Ltd. (Class A Stock)		5,200		22,504
Shimao Group Holdings Ltd.		7,000		20,260
Sinotruk Hong Kong Ltd.		48,500		119,385
Sunac China Holdings Ltd.		16,000		62,332
Sungrow Power Supply Co. Ltd. (Class A Stock)		800		11,031
Sunny Optical Technology Group Co. Ltd.		4,100		99,868
Tencent Holdings Ltd.		31,400		2,523,477
Uni-President China Holdings Ltd.		8,000		9,764
Vipshop Holdings Ltd., ADR*		13,400		412,318
Wanhua Chemical Group Co. Ltd. (Class A Stock)		1,200		19,038
Want Want China Holdings Ltd.		257,000		186,357
Weibo Corp., ADR*		400		20,160
Wens Foodstuffs Group Co. Ltd. (Class A Stock)		17,560		38,977
Yanzhou Coal Mining Co. Ltd. (Class H Stock)		10,000		11,948
Yum China Holdings, Inc.		7,100		446,732
Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Class A Stock)		300		15,709

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

Zhongsheng Group Holdings Ltd.		49,500	$	375,540
Zoomlion Heavy Industry Science & Technology Co. Ltd. (Class H Stock)		7,200		10,000
Zoomlion Heavy Industry Science & Technology Co. Ltd. (Class A Stock)		31,500		57,373


				18,129,735

Colombia 0.0%

Bancolombia SA		1,330		9,894

Hong Kong 0.1%

Nine Dragons Paper Holdings Ltd.		30,000		41,234

Hungary 0.2%

Richter Gedeon Nyrt		3,254		93,017

India 8.0%

ACC Ltd.		429		10,927
Adani Ports & Special Economic Zone Ltd.*		2,688		26,584
Ambuja Cements Ltd.		3,942		16,484
Aurobindo Pharma Ltd.		21,666		287,602
Bajaj Auto Ltd.*		3,019		156,371
Colgate-Palmolive India Ltd.		2,195		43,939
GAIL India Ltd.		9,078		16,870
Havells India Ltd.		1,281		17,157
HCL Technologies Ltd.		28,921		351,818
Hero MotoCorp Ltd.		4,168		158,991
Housing Development Finance Corp. Ltd.		925		30,214
ICICI Bank Ltd.*		29,269		238,206
Indus Towers Ltd.		4,350		14,853
Infosys Ltd., ADR		19,900		359,792
Ipca Laboratories Ltd.		400		11,372
ITC Ltd.		67,021		183,434
Jubilant Foodworks Ltd.*		460		17,970
Larsen & Toubro Infotech Ltd., 144A		1,998		105,104
LIC Housing Finance Ltd.		2,645		14,514
Motherson Sumi Systems Ltd.*		39,683		115,206
MRF Ltd.		12		13,115
NTPC Ltd.		240,381		333,031
Oil & Natural Gas Corp. Ltd.		67,416		98,450
Page Industries Ltd.		32		12,844
Power Grid Corp. of India Ltd.		77,307		229,615
Reliance Industries Ltd.		5,168		139,188

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

India (cont’d.)

State Bank of India*		40,561	$	194,152
Sun Pharmaceutical Industries Ltd.		30,044		266,199
Tata Consultancy Services Ltd.		3,629		148,971
UltraTech Cement Ltd.		616		52,316
Wipro Ltd.		44,399		294,753


				3,960,042

Indonesia 0.8%

Indofood Sukses Makmur Tbk PT		343,400		155,161
United Tractors Tbk PT		165,100		242,418


				397,579

Kuwait 0.0%

Mobile Telecommunications Co.		12,644		25,286

Malaysia 1.6%

Hartalega Holdings Bhd		9,900		24,849
Kossan Rubber Industries		39,800		43,161
Sime Darby Bhd		18,200		10,057
Supermax Corp. Bhd		51,133		75,573
Telekom Malaysia Bhd		163,800		228,469
Top Glove Corp. Bhd		264,000		364,026
Westports Holdings Bhd		51,900		54,458


				800,593

Mexico 1.4%

Arca Continental SAB de CV		2,600		13,989
Grupo Bimbo SAB de CV (Class A Stock)		9,600		19,165
Grupo Mexico SAB de CV (Class B Stock)		81,600		370,114
Kimberly-Clark de Mexico SAB de CV (Class A Stock)		58,600		101,567
Megacable Holdings SAB de CV, UTS		16,200		59,316
Orbia Advance Corp. SAB de CV		6,300		17,622
Wal-Mart de Mexico SAB de CV		29,400		96,413


				678,186

Pakistan 0.1%

Habib Bank Ltd.		57,359		46,816

Peru 0.1%

Southern Copper Corp.		400		27,764

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Philippines 0.1%

International Container Terminal Services, Inc.		5,760	$	15,537
PLDT, Inc.		1,410		37,363


				52,900

Poland 0.2%

Cyfrowy Polsat SA		1,590		12,384
Polskie Gornictwo Naftowe i Gazownictwo SA		48,082		83,371


				95,755

Qatar 0.3%

Industries Qatar QSC		10,255		37,898
Masraf Al Rayan QSC		51,882		63,632
Qatar Gas Transport Co. Ltd.		28,691		24,887
Qatar International Islamic Bank QSC		4,740		12,030


				138,447

Russia 2.9%

Inter RAO UES PJSC		1,872,000		122,384
Magnit PJSC, GDR		15,458		218,241
MMC Norilsk Nickel PJSC		350		119,580
PhosAgro PJSC, GDR		795		14,654
Rosneft Oil Co. PJSC		49,180		343,979
Sberbank of Russia PJSC, ADR		35,112		553,016
Severstal PAO		1,225		28,934
Surgutneftegas PJSC		42,000		18,998


				1,419,786

Saudi Arabia 1.7%

Al Rajhi Bank		18,760		494,669
Bank AlBilad		2,112		21,081
Jarir Marketing Co.		3,954		209,968
Saudi Arabian Oil Co., 144A		1,764		16,639
Saudi Telecom Co.		3,379		114,379


				856,736

South Africa 4.5%

African Rainbow Minerals Ltd.		680		12,739
Anglo American Platinum Ltd.		318		43,612
Exxaro Resources Ltd.(a)		25,507		269,060
Impala Platinum Holdings Ltd.		22,990		431,171

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

South Africa (cont’d.)

Kumba Iron Ore Ltd.		7,408	$	336,507
Mr. Price Group Ltd.		28,032		352,073
MultiChoice Group		35,625		305,964
Naspers Ltd. (Class N Stock)		1,125		256,499
Old Mutual Ltd.		27,166		23,703
Shoprite Holdings Ltd.		4,609		45,982
Sibanye Stillwater Ltd.		11,424		53,279
SPAR Group Ltd. (The)		1,820		23,072
Vodacom Group Ltd.		3,570		30,943
Woolworths Holdings Ltd.*		5,548		18,835


				2,203,439

South Korea 13.2%

BNK Financial Group, Inc.		55,999		386,003
Coway Co. Ltd.		254		15,267
DB Insurance Co. Ltd.		551		24,229
E-MART, Inc.		545		82,288
Hana Financial Group, Inc.		10,779		442,519
Hankook Tire & Technology Co. Ltd.		2,108		90,876
Kakao Corp.		1,650		168,102
KB Financial Group, Inc.		9,524		469,771
Kia Corp.		5,789		399,846
Korea Investment Holdings Co. Ltd.		247		24,884
KT&G Corp.		3,141		232,557
Kumho Petrochemical Co. Ltd.		1,539		360,173
LG Corp.		511		57,951
LG Electronics, Inc.		2,651		374,690
LG Innotek Co. Ltd.		168		30,384
Meritz Securities Co. Ltd.		78,763		341,756
NAVER Corp.		830		267,989
NH Investment & Securities Co. Ltd.		988		11,414
POSCO		411		133,817
Samsung Card Co. Ltd.		294		9,329
Samsung Electro-Mechanics Co. Ltd.		1,990		319,979
Samsung Electronics Co. Ltd.		25,726		1,882,690
Samsung Life Insurance Co. Ltd.		182		13,378
Samsung Securities Co. Ltd.		315		12,075
Seegene, Inc.		540		45,903
SK Hynix, Inc.		2,107		241,891
SK Telecom Co. Ltd.		224		61,083


				6,500,844

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Taiwan 14.4%

Acer, Inc.		16,000	$	19,685
ASE Technology Holding Co. Ltd.		18,000		75,616
Asustek Computer, Inc.		31,000		415,244
AU Optronics Corp.*		50,000		59,226
Cathay Financial Holding Co. Ltd.		46,000		86,001
Chailease Holding Co. Ltd.		3,000		21,656
Cheng Shin Rubber Industry Co. Ltd.		10,000		19,282
Chicony Electronics Co. Ltd.		4,000		12,051
Chunghwa Telecom Co. Ltd.		23,000		93,829
Compal Electronics, Inc.		24,000		21,458
CTBC Financial Holding Co. Ltd.		24,000		19,556
Delta Electronics, Inc.		3,000		32,363
Eclat Textile Co. Ltd.		4,000		76,776
Evergreen Marine Corp. Taiwan Ltd.*		12,000		34,106
Fubon Financial Holding Co. Ltd.		154,000		352,208
Giant Manufacturing Co. Ltd.		2,000		25,542
Hon Hai Precision Industry Co. Ltd.		122,000		502,500
Lite-On Technology Corp.		144,000		329,423
MediaTek, Inc.		17,000		721,485
Micro-Star International Co. Ltd.		4,000		26,336
Nien Made Enterprise Co. Ltd.		17,000		273,493
Novatek Microelectronics Corp.		4,000		89,122
Phison Electronics Corp.		1,000		21,671
Quanta Computer, Inc.		16,000		56,117
SinoPac Financial Holdings Co. Ltd.		44,000		20,911
Synnex Technology International Corp.		8,000		15,948
Taishin Financial Holding Co. Ltd.		56,000		28,219
Taiwan Semiconductor Manufacturing Co. Ltd.		155,000		3,280,962
Uni-President Enterprises Corp.		27,000		72,535
United Microelectronics Corp.		64,000		128,473
Vanguard International Semiconductor Corp.		5,000		21,283
Wistron Corp.		29,000		33,941
Wiwynn Corp.		1,000		32,552
Yageo Corp.		3,000		58,141
Yuanta Financial Holding Co. Ltd.		51,000		47,282


				7,124,993

Thailand 1.4%

Charoen Pokphand Foods PCL		319,000		297,212
Kasikornbank PCL		6,400		27,122
PTT Exploration & Production PCL		7,500		28,625
Siam Cement PCL (The)		2,900		43,053

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Thailand (cont’d.)

Siam Commercial Bank PCL (The)		4,800	$	16,149
Thai Union Group PCL		612,800		297,532


				709,693

Turkey 1.2%

Anadolu Efes Biracilik Ve Malt Sanayii A/S		7,487		21,151
BIM Birlesik Magazalar A/S		2,542		19,991
Eregli Demir ve Celik Fabrikalari TAS		7,497		17,250
Ford Otomotiv Sanayi A/S		12,702		270,738
KOC Holding A/S		4,214		9,329
Turkcell Iletisim Hizmetleri A/S		138,844		249,108


				587,567

United Arab Emirates 0.9%

Abu Dhabi Islamic Bank PJSC		65,604		86,171
Aldar Properties PJSC		20,874		19,929
First Abu Dhabi Bank PJSC		88,139		341,586


				447,686

United States 0.1%

JBS SA		5,400		30,022


TOTAL COMMON STOCKS
(cost $35,119,515)				46,830,055


PREFERRED STOCKS 2.1%

Brazil 1.3%

Bradespar SA (PRFC)		1,300		17,011
Cia Energetica de Minas Gerais (PRFC)		5,153		13,185
Cia Paranaense de Energia (PRFC B)		259,200		301,093
Gerdau SA (PRFC)		11,700		71,552
Itausa SA (PRFC)		58,200		107,892
Petroleo Brasileiro SA (PRFC)		27,400		119,445


				630,178

Chile 0.1%

Embotelladora Andina SA (PRFC B)		12,364		29,486

Russia 0.0%

Surgutneftegas PJSC (PRFC)		38,200		21,779

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

PREFERRED STOCKS (Continued)

South Korea 0.7%

Hyundai Motor Co. (2nd PRFC)		200	$	19,070
Hyundai Motor Co. (PRFC)		128		12,253
LG Chem Ltd. (PRFC)		42		16,836
Samsung Electronics Co. Ltd. (PRFC)		4,771		314,202


				362,361


TOTAL PREFERRED STOCKS (cost $864,234)				1,043,804


TOTAL LONG-TERM INVESTMENTS (cost $35,983,749)				47,873,859


SHORT-TERM INVESTMENTS 2.8%

AFFILIATED MUTUAL FUNDS 2.6%
PGIM Core Ultra Short Bond Fund(wa)		967,858		967,858
PGIM Institutional Money Market Fund (cost $293,333; includes $293,319 of cash collateral for securities on loan)(b)(wa)		293,480		293,333


TOTAL AFFILIATED MUTUAL FUNDS (cost $1,261,191)				1,261,191


	Interest Rate			Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATIONS(k)(n) 0.2%
U.S. Treasury Bills		0.030	%		06/17/21		50		50,000
U.S. Treasury Bills		0.037			09/16/21		75		74,997


TOTAL U.S. TREASURY OBLIGATIONS (cost $124,988)									124,997


TOTAL SHORT-TERM INVESTMENTS (cost $1,386,179)									1,386,188


TOTAL INVESTMENTS 99.8% (cost $37,369,928)									49,260,047
Other assets in excess of liabilities(z) 0.2%									95,793


NET ASSETS 100.0%								$	49,355,840

See Notes to Financial Statements.

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

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

UTS—Unit Trust Security

*	Non-income producing security.

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

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $268,114; cash collateral of $293,319 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

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

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

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

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

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

Futures contracts outstanding at April 30, 2021:


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

Long Position:
18	Mini MSCI Emerging Markets Index	Jun. 2021		$	1,202,940		$	(423	)

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

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


Broker	Cash and/or Foreign Currency			Securities Market Value

Morgan Stanley & Co. LLC		$	—		$	124,997

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.

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2021

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, 2021 in valuing such portfolio securities:


	Level 1			Level 2		Level 3

Investments in Securities
Assets
Common Stocks
Brazil	$	2,028,549		$	—		$—
Chile		423,492			—		—
China		4,917,556			13,212,179		—
Colombia		9,894			—		—
Hong Kong		—			41,234		—
Hungary		—			93,017		—
India		359,792			3,600,250		—
Indonesia		—			397,579		—
Kuwait		—			25,286		—
Malaysia		—			800,593		—
Mexico		678,186			—		—
Pakistan		—			46,816		—
Peru		27,764			—		—
Philippines		—			52,900		—
Poland		—			95,755		—
Qatar		—			138,447		—
Russia		—			1,419,786		—
Saudi Arabia		—			856,736		—
South Africa		—			2,203,439		—
South Korea		—			6,500,844		—
Taiwan		—			7,124,993		—
Thailand		—			709,693		—
Turkey		—			587,567		—
United Arab Emirates		—			447,686		—
United States		30,022			—		—
Preferred Stocks
Brazil		630,178			—		—
Chile		29,486			—		—
Russia		—			21,779		—
South Korea		—			362,361		—
Affiliated Mutual Funds		1,261,191			—		—
U.S. Treasury Obligations		—			124,997		—

Total	$	10,396,110		$	38,863,937		$—


Other Financial Instruments*
Liabilities
Futures Contracts	$	(423	)	$	—		$—

See Notes to Financial Statements.

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

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of April 30, 2021 were as follows:


Banks	12.5	%
Semiconductors & Semiconductor Equipment	9.4
Internet & Direct Marketing Retail	8.2
Interactive Media & Services	7.6
Technology Hardware, Storage & Peripherals	6.4
Metals & Mining	6.4
Oil, Gas & Consumable Fuels	4.4
Pharmaceuticals	3.0
Automobiles	2.8
Affiliated Mutual Funds (0.6% represents investments purchased with collateral from securities on loan)	2.6
IT Services	2.5
Insurance	2.5
Food Products	2.4
Electronic Equipment, Instruments & Components	2.3
Real Estate Management & Development	2.2
Specialty Retail	2.1
Capital Markets	2.0
Health Care Equipment & Supplies	1.5
Wireless Telecommunication Services	1.4
Electric Utilities	1.4
Household Durables	1.4
Construction Materials	1.2
Hotels, Restaurants & Leisure	1.2
Media	1.1
Food & Staples Retailing	1.0
Diversified Telecommunication Services	0.9
Marine	0.9
Industrial Conglomerates	0.9
Tobacco	0.9
Machinery	0.8
Chemicals	0.7
Electrical Equipment	0.7
Independent Power & Renewable Electricity Producers	0.7
Auto Components	0.5
Multiline Retail	0.5


Personal Products	0.5	%
Beverages	0.4
Transportation Infrastructure	0.3
Textiles, Apparel & Luxury Goods	0.3
U.S. Treasury Obligations	0.2
Household Products	0.2
Building Products	0.2
Diversified Financial Services	0.1
Biotechnology	0.1
Construction & Engineering	0.1
Commercial Services & Supplies	0.1
Thrifts & Mortgage Finance	0.1
Paper & Forest Products	0.1
Leisure Products	0.1
Gas Utilities	0.0	*
Health Care Providers & Services	0.0	*
Consumer Finance	0.0	*


	99.8
Other assets in excess of liabilities	0.2


	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2021

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

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

Fair values of derivative instruments as of April 30, 2021 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

$423*

*	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, 2021 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		$4,907


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

Derivatives not accounted for as hedging instruments, carried at fair value	Futures
Equity contracts		$	(423	)

See Notes to Financial Statements.

For the six months ended April 30, 2021, the Fund’s average volume of derivative activities is as follows:

Futures

Contracts—

Long

Positions(1)

$489,387

(1)	Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended April 30, 2021.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

Description

Gross Market
Value of
Recognized
Assets/(Liabilities)

Collateral
Pledged/(Received)(1)

Net
Amount

Securities on Loan

$268,114

$(268,114)

$—

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

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 23

Statement of Assets and Liabilities (unaudited)

as of April 30, 2021



Assets

Investments at value, including securities on loan of $268,114:
Unaffiliated investments (cost $36,108,737)			$47,998,856
Affiliated investments (cost $1,261,191)			1,261,191
Foreign currency, at value (cost $128,329)			127,561
Receivable for investments sold			276,447
Receivable for Fund shares sold			199,642
Dividends receivable			87,003
Tax reclaim receivable			393
Prepaid expenses and other assets			4,677


Total Assets			49,955,770


Liabilities

Payable to broker for collateral for securities on loan			293,319
Payable for investments purchased			142,950
Accrued expenses and other liabilities			58,439
Foreign capital gains tax liability accrued			53,993
Management fee payable			27,339
Due to broker—variation margin futures			20,970
Payable for Fund shares purchased			1,814
Trustees’ fees payable			1,042
Affiliated transfer agent fee payable			64


Total Liabilities			599,930


Net Assets			$49,355,840




Net assets were comprised of:
Shares of beneficial interest, at par			$ 3,524
Paid-in capital in excess of par			38,397,759
Total distributable earnings (loss)			10,954,557


Net assets, April 30, 2021			$ 49,355,840


Class R6

Net asset value, offering price and redemption price per share, ($49,355,840 ÷ 3,523,637 shares of beneficial interest issued and outstanding)			$ 14.01

See Notes to Financial Statements.

Statement of Operations (unaudited)

Six Months Ended April 30, 2021


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $79,647 foreign withholding tax)	$ 506,383
Income from securities lending, net (including affiliated income of $101)	706
Affiliated dividend income	393


Total income	507,482


Expenses
Management fee	166,606
Custodian and accounting fees	59,228
Audit fee	16,719
Fund data services	13,772
Legal fees and expenses	8,207
Trustees’ fees	5,418
Shareholders’ reports	2,480
Transfer agent’s fees and expenses (including affiliated expense of $161)	202
Registration fees	124
SEC registration fees	14
Miscellaneous	10,693


Total expenses	283,463
Less: Fee waiver and/or expense reimbursement	(16,858	)


Net expenses	266,605


Net investment income (loss)	240,877


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $(68)) (net of foreign capital gains taxes $(2,680))	2,729,474
Futures transactions	4,907
Foreign currency transactions	(15,038	)


	2,719,343

Net change in unrealized appreciation (depreciation) on:
Investments (net of change in foreign capital gains taxes $(53,993))	5,264,751
Futures	(423	)
Foreign currencies	(906	)


	5,263,422


Net gain (loss) on investment and foreign currency transactions	7,982,765


Net Increase (Decrease) In Net Assets Resulting From Operations	$8,223,642

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 25

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2021				Year Ended October 31, 2020

Increase (Decrease) in Net Assets

Operations
Net investment income (loss)		$	240,877			$	530,694
Net realized gain (loss) on investment and foreign currency transactions			2,719,343				(1,996,159	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			5,263,422				3,667,270


Net increase (decrease) in net assets resulting from operations			8,223,642				2,201,805


Dividends and Distributions
Distributions from distributable earnings
Class R6			(567,424	)			(649,151	)


Fund share transactions
Net proceeds from shares sold			7,282,105				7,601,460
Net asset value of shares issued in reinvestment of dividends and distributions			567,424				649,151
Cost of shares purchased			(2,203,495	)			(3,553,887	)


Net increase (decrease) in net assets from Fund share transactions			5,646,034				4,696,724

Total increase (decrease)			13,302,252				6,249,378

Net Assets:

Beginning of period			36,053,588				29,804,210


End of period		$	49,355,840			$	36,053,588

See Notes to Financial Statements.

Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 2 (“PIP 2”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. PIP 2 currently consists of eleven separate series: PGIM Core Conservative Bond Fund, PGIM Core Short-Term Bond Fund, PGIM Core Ultra Short Bond Fund, PGIM Institutional Money Market Fund, PGIM Jennison Small-Cap Core Equity Fund, PGIM QMA Emerging Markets Equity Fund, PGIM QMA International Developed Markets Index Fund, PGIM QMA Mid-Cap Core Equity Fund, PGIM QMA US Broad Market Index Fund and PGIM TIPS Fund, each of which are diversified funds for purposes of the 1940 Act, and PGIM QMA Commodity Strategies Fund, which is a non-diversified fund for purposes of the 1940 Act, and therefore, may invest a greater percentage of their assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM QMA Emerging Markets Equity Fund (the “Fund”).

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. PIP 2’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods

PGIM QMA Emerging Markets Equity Fund 27

Notes to Financial Statements (unaudited) (continued)

when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

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

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

Investments in open-end funds (other than exchange-traded funds) are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are

classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.

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

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

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

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

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

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

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

PGIM QMA Emerging Markets Equity Fund 29

Notes to Financial Statements (unaudited) (continued)

paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.

Master Netting Arrangements: The Fund is subject to various Master Agreements, or netting arrangements, with select counterparties. These are agreements which a subadviser may have negotiated and entered into on behalf of all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

Securities Lending: The Fund lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. The remaining maturities of the securities lending transactions are considered overnight and continuous. Should the borrower of the securities fail financially, the Fund has the right to repurchase the securities in the open market using the collateral.

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

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

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

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

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

3. Agreements

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

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”). The Manager pays for the services of QMA.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.75% of the Fund’s average daily net assets.

The Manager has contractually agreed, through February 28, 2022, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 1.20% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver/reimbursement is made if

PGIM QMA Emerging Markets Equity Fund 31

Notes to Financial Statements (unaudited) (continued)

such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

PIP2, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), 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 QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

4. Other Transactions with Affiliates

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

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of PIP 2, registered under the 1940 Act and managed by PGIM Investments. The Fund may also invest in the PGIM Core Short-Term Bond Fund, pursuant to an exemptive order received from the Securities Exchange Commission (“SEC”), a series of PIP2 (together with PGIM Core Ultra Short Bond Fund, the “Core Funds”) registered under the 1940 Act and managed by PGIM Investments. PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services to the Core Fund. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2021, no 17a-7 transactions were entered into by the Fund.

5. Portfolio Securities

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended April 30, 2021, were $25,876,285 and $22,181,886, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2021, is presented as follows:


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

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund ^(1)(wa)
$—	$	11,817,618	$	10,849,760		$—		$—	$	967,858		967,858		$393

PGIM Institutional Money Market Fund ^(1)(b)(wa)
—		1,869,571		1,576,170		—		(68)		293,333		293,480		101	⁽²⁾

$—	$	13,687,189	$	12,425,930		$—		$(68)	$	1,261,191				$494

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

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

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

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

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2021 were as follows:


Tax Basis	$	37,584,085


Gross Unrealized Appreciation		12,889,478
Gross Unrealized Depreciation		(1,213,939	)


Net Unrealized Appreciation	$	11,675,539

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2020 of approximately $3,520,000 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.

PGIM QMA Emerging Markets Equity Fund 33

Notes to Financial Statements (unaudited) (continued)

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, 2020 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.

PIP2 has authorized the Fund to issue an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share.

As of April 30, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Number of Shares

Percentage of

Outstanding Shares

Class R6

3,523,637

100.0%

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


Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
4	84.7%	—	—%

Transactions in shares of beneficial interest were as follows:


Class R6	Shares			Amount

Six months ended April 30, 2021:
Shares sold		536,843		$	7,282,105
Shares issued in reinvestment of dividends and distributions		44,714			567,424
Shares purchased		(163,963	)		(2,203,495	)

Net increase (decrease) in shares outstanding		417,594		$	5,646,034


Year ended October 31, 2020:
Shares sold		706,936		$	7,601,460
Shares issued in reinvestment of dividends and distributions		56,744			649,151
Shares purchased		(333,994	)		(3,553,887	)

Net increase (decrease) in shares outstanding		429,686		$	4,696,724

8. Borrowings

PIP2, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of

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


		SCA
Term of Commitment		10/2/2020 – 9/30/2021
Total Commitment		$ 1,200,000,000
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

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

The Fund utilized the SCA during the reporting period ended April 30, 2021. The average daily balance for the 9 days that the Fund had loans outstanding during the period was approximately $98,111, borrowed at a weighted average interest rate of 1.43%. The maximum loan outstanding amount during the period was $181,000. At April 30, 2021, the Fund did not have an outstanding loan amount.

9. Risks of Investing in the Fund

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

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-US investors, or that prevent non-US investors from withdrawing their money at will. Countries with emerging markets can be found in regions such as Asia, Latin America, Eastern Europe and Africa.

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

PGIM QMA Emerging Markets Equity Fund 35

Notes to Financial Statements (unaudited) (continued)

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.

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.

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

Market Disruption and Geopolitical Risks: International wars or conflicts and geopolitical developments in foreign countries, along with instability in regions such as Asia, Eastern Europe, and the Middle East, possible terrorist attacks in the United States or around the world, public health epidemics such as the outbreak of infectious diseases like the recent outbreak of coronavirus globally or the 2014–2016 outbreak in West Africa of the Ebola virus, and other similar events could adversely affect the U.S. and foreign financial markets, including increases in market volatility, reduced liquidity in the securities markets and government intervention, and may cause further long-term economic uncertainties in the United States and worldwide generally. The coronavirus pandemic and the related governmental and public responses have had and may continue to have an impact on the Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

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

10.

Recent Regulatory Developments

On December 3, 2020, the SEC announced that it voted to adopt a new rule that establishes an updated regulatory framework for fund valuation practices (the “Rule”). The Rule, in part, provides (i) a framework for determining fair value in good faith and (ii) provides for a fund Board’s assignment of its responsibility for the execution of valuation-related activities to a fund’s investment adviser. Further, the SEC is rescinding previously issued guidance on

PGIM QMA Emerging Markets Equity Fund 37

Notes to Financial Statements (unaudited) (continued)

related issues. The Rule took effect on March 8, 2021, with a compliance date of September 8, 2022. Management is currently evaluating the Rule and its impact to the Fund.

Financial Highlights (unaudited)



Class R6 Shares
	Six Months Ended April 30, 2021			Year Ended October 31,								November 29, 2016^(a) through October 31, 2017
	Six Months Ended April 30, 2021			2020			2019			2018		November 29, 2016^(a) through October 31, 2017
Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$11.61			$11.14			$10.84			$13.21		$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.18			0.19			0.20		0.16
Net realized and unrealized gain (loss) on investment and foreign currency transactions		2.51			0.53			0.43			(1.71)		3.09
Total from investment operations		2.58			0.71			0.62			(1.51)		3.25
Less Dividends and Distributions:
Dividends from net investment income		(0.18)			(0.24	)		(0.21	)		(0.17)		(0.04	)
Distributions from net realized gains		-			-			(0.11	)		(0.69)		-
Total dividends and distributions		(0.18)			(0.24	)		(0.32	)		(0.86)		(0.04	)
Net asset value, end of period		$14.01			$11.61			$11.14			$10.84		$13.21
Total Return^(c):		22.39%			6.42	%		5.82	%		(12.31)%		32.58	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$49,356			$36,054			$29,804			$27,145		$28,470
Average net assets (000)		$44,797			$32,007			$28,694			$29,759		$24,017
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		1.20%	^(e)		1.20	%		1.20	%		1.20%		1.20	%^(e)
Expenses before waivers and/or expense reimbursement		1.28%	^(e)		1.53	%		1.70	%		1.54%		1.74	%^(e)
Net investment income (loss)		1.08%	^(e)		1.66	%		1.71	%		1.56%		1.49	%^(e)
Portfolio turnover rate^(f)		51%			106	%		117	%		118%		102	%

(a)	Commencement of operations.

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

(c)

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

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

(e)	Annualized.

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

See Notes to Financial Statements.

PGIM QMA Emerging Markets Equity Fund 39

Fund 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 Trust’s Board of Trustees (the “Board”) has approved PGIM Investments LLC (“PGIM Investments”), the Fund’s investment manager, to serve as the administrator of the Fund’s LRMP. As part of its responsibilities as administrator, PGIM Investments has retained a third party to perform certain functions, including providing market data and liquidity classification model information.

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

At a meeting of the Board on March 2-5, 2021, 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, 2020 through December 31, 2020 (“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.


40



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

PROXY VOTING

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

TRUSTEES

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

OFFICERS

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


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

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

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

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

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

E-DELIVERY

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

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM QMA Emerging Markets Equity Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to 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

LOGO

PGIM QMA EMERGING MARKETS EQUITY FUND


NASDAQ		PQEMX
CUSIP		74440E706

MF244E2

LOGO

PGIM QMA INTERNATIONAL DEVELOPED MARKETS INDEX FUND

SEMIANNUAL REPORT

APRIL 30, 2021

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 and Expenses			6

Holdings and Financial Statements			9

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

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

The accompanying financial statements as of April 30, 2021 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

LOGO

Dear Shareholder,

We hope you find the semiannual report for the PGIM QMA International Developed Markets Index Fund informative and useful. The report covers performance for the six-month period ended April 30, 2021.

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 QMA International Developed Markets Index Fund

June 15, 2021


PGIM QMA International Developed Markets Index Fund			3

Your Fund’s Performance



	(without sales charges)	Average Annual Total Returns as of 4/30/21 (with sales charges)
	*Six Months (%)**	One Year (%)	Since Inception (%)
Fund (Class R6)	29.23	42.14	10.64 (11/17/16)
FTSE Developed Markets Ex-North America Net Index
	29.81	42.47	11.12

*Not annualized

Benchmark Definitions

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


4		Visit our website at pgim.com/investments

Presentation of Fund Holdings as of 4/30/21



Ten Largest Holdings	Line of Business	Country	% of Net Assets
iShares MSCI EAFE ETF	Exchange Traded Funds	United States	3.2%
Samsung Electronics Co. Ltd.	Technology Hardware, Storage & Peripherals	South Korea	1.7%
Nestle SA	Food Products	Switzerland	1.6%
ASML Holding NV	Semiconductors & Semiconductor Equipment	Netherlands	1.3%
Roche Holding AG	Pharmaceuticals	Switzerland	1.1%
LVMH Moet Hennessy Louis Vuitton SE	Textiles, Apparel & Luxury Goods	France	0.9%
Toyota Motor Corp.	Automobiles	Japan	0.9%
Novartis AG	Pharmaceuticals	Switzerland	0.9%
SAP SE	Software	Germany	0.8%
AIA Group Ltd.	Insurance	Hong Kong	0.8%

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


PGIM QMA International Developed Markets Index Fund			5

Fees and Expenses

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management 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.

Actual Expenses

Hypothetical Example for Comparison Purposes


6		Visit our website at pgim.com/investments



PGIM QMA International Developed Markets Index Fund	Beginning Account Value November 1, 2020		Ending Account Value April 30, 2021		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Actual	$	1,000.00	$	1,292.30		0.31	%	$	1.76
Hypothetical	$	1,000.00	$	1,023.31		0.31	%	$	1.56


PGIM QMA International Developed Markets Index Fund			7

Schedule of Investments (unaudited)

as of April 30, 2021



Description	Shares		Value

LONG-TERM INVESTMENTS 96.1%

COMMON STOCKS 92.0%

Australia 7.4%

Adbri Ltd.		1,980	$	4,900
Afterpay Ltd.*		943		85,214
AGL Energy Ltd.		2,640		18,172
ALS Ltd.		2,211		17,925
Altium Ltd.		479		10,943
Alumina Ltd.		10,323		13,740
AMP Ltd.		15,878		13,672
Ampol Ltd.		1,050		20,737
Ansell Ltd.		579		18,870
APA Group		5,251		40,680
Appen Ltd.		437		5,293
Aristocrat Leisure Ltd.		2,740		78,340
ASX Ltd.		834		46,965
Atlas Arteria Ltd.		4,063		18,886
Aurizon Holdings Ltd.		7,845		22,661
AusNet Services		7,477		10,953
Australia & New Zealand Banking Group Ltd.		12,325		272,139
Bank of Queensland Ltd.		3,257		22,626
Beach Energy Ltd.		7,219		7,079
Bendigo & Adelaide Bank Ltd.		2,292		18,223
BHP Group Ltd.		12,723		463,894
BHP Group PLC		9,031		272,765
BlueScope Steel Ltd.		2,172		35,882
Boral Ltd.*		5,330		25,442
Brambles Ltd.		6,498		52,317
carsales.com Ltd.		863		13,210
Challenger Ltd.		2,694		10,583
Charter Hall Group, REIT		1,961		21,232
CIMIC Group Ltd.*		367		5,485
Cleanaway Waste Management Ltd.		5,554		12,183
Coca-Cola Amatil Ltd.		2,122		21,840
Cochlear Ltd.		280		48,089
Coles Group Ltd.		5,477		69,019
Commonwealth Bank of Australia		7,647		525,348
Computershare Ltd.		2,286		24,956
Crown Resorts Ltd.*		1,690		15,864
CSL Ltd.		1,957		409,973
CSR Ltd.		2,068		9,514
Deterra Royalties Ltd.		1,608		5,413
Dexus, REIT		4,577		36,018
Domain Holdings Australia Ltd.*		938		3,664
Domino’s Pizza Enterprises Ltd.		258		21,172
Downer EDI Ltd.		3,351		14,542

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 9

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Australia (cont’d.)

Evolution Mining Ltd.		6,926	$	24,519
Flight Centre Travel Group Ltd.*		750		9,682
Fortescue Metals Group Ltd.		6,826		118,076
Glencore PLC*		46,557		189,839
Goodman Group, REIT		7,850		114,377
GPT Group (The), REIT		8,338		29,708
Harvey Norman Holdings Ltd.		2,746		11,141
IDP Education Ltd.		680		11,912
IGO Ltd.		2,635		15,221
Iluka Resources Ltd.		1,608		9,585
Incitec Pivot Ltd.*		7,934		16,154
Insurance Australia Group Ltd.		10,488		39,720
IOOF Holdings Ltd.		2,602		7,310
JB Hi-Fi Ltd.		506		18,030
Lendlease Corp. Ltd.		3,162		30,966
Macquarie Group Ltd.		1,404		173,252
Magellan Financial Group Ltd.		583		21,766
Medibank Private Ltd.		11,293		26,882
Metcash Ltd.		4,888		13,397
Mineral Resources Ltd.		561		20,690
Mirvac Group, REIT		17,854		37,118
National Australia Bank Ltd.		14,208		292,674
Newcrest Mining Ltd.		3,615		73,648
NEXTDC Ltd.*		1,827		16,319
Northern Star Resources Ltd.		5,038		40,772
Nufarm Ltd.*		1,263		5,083
Oil Search Ltd.		9,266		27,066
Orica Ltd.		1,661		17,313
Origin Energy Ltd.		7,349		23,554
Orora Ltd.		3,977		9,727
OZ Minerals Ltd.		1,339		24,562
Perpetual Ltd.		224		5,986
Platinum Asset Management Ltd.		1,790		6,520
Qantas Airways Ltd.*		3,633		13,850
QBE Insurance Group Ltd.		6,148		46,803
Qube Holdings Ltd.		6,980		16,207
Ramsay Health Care Ltd.		768		39,927
REA Group Ltd.		208		25,390
Reece Ltd.		1,128		17,607
Rio Tinto Ltd.		1,612		150,520
Rio Tinto PLC		4,687		394,560
Santos Ltd.		7,984		42,779
Scentre Group, REIT		22,769		47,661
SEEK Ltd.*		1,541		36,945

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Australia (cont’d.)

Seven Group Holdings Ltd.		498	$	8,246
Shopping Centres Australasia Property Group, REIT		4,411		8,486
Sonic Healthcare Ltd.		2,099		57,962
South32 Ltd.		21,469		47,496
Star Entertainment Group Ltd. (The)*		3,812		11,713
Stockland, REIT		10,463		37,754
Suncorp Group Ltd.		5,418		44,027
Sydney Airport*		5,507		26,231
Tabcorp Holdings Ltd.		9,245		35,325
Telstra Corp. Ltd.		18,284		47,933
TPG Telecom Ltd.		1,820		7,759
Transurban Group		11,784		129,000
Treasury Wine Estates Ltd.		3,158		24,412
Vicinity Centres, REIT		15,338		18,724
Vocus Group Ltd.*		2,946		12,425
Washington H Soul Pattinson & Co. Ltd.		387		9,034
Wesfarmers Ltd.		4,888		204,127
Westpac Banking Corp.		15,841		304,870
Whitehaven Coal Ltd.*		3,515		3,463
WiseTech Global Ltd.		421		10,154
Woodside Petroleum Ltd.		4,082		71,767
Woolworths Group Ltd.		5,524		167,840
Worley Ltd.		1,231		10,258


				6,480,247

Austria 0.2%

ams AG*		1,076		18,721
ANDRITZ AG		308		16,817
Erste Group Bank AG*		1,197		42,569
OMV AG		650		32,132
Raiffeisen Bank International AG		619		13,589
Telekom Austria AG		745		6,179
Verbund AG		272		22,478
voestalpine AG		464		20,168


				172,653

Belgium 0.8%

Ackermans & van Haaren NV		107		17,174
Ageas SA/NV		751		45,653
Anheuser-Busch InBev SA/NV		3,587		254,695
Elia Group SA/NV		160		17,339
Etablissements Franz Colruyt NV		202		12,005
Galapagos NV*		193		14,997

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 11

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Belgium (cont’d.)
Groupe Bruxelles Lambert SA		455	$	49,996
KBC Group NV*		1,185		92,222
Proximus SADP		537		11,496
Sofina SA		68		25,827
Solvay SA		311		39,758
Telenet Group Holding NV		216		9,277
UCB SA		522		48,689
Umicore SA		890		54,370
Warehouses De Pauw CVA, REIT		590		20,802


				714,300

Brazil 0.0%

Yara International ASA		728		38,012

Cambodia 0.0%

NagaCorp Ltd.		6,600		7,094

Chile 0.0%

Antofagasta PLC		1,494		38,584

China 0.6%
AAC Technologies Holdings, Inc.		2,700		14,877
BOC Hong Kong Holdings Ltd.		15,400		54,332
Budweiser Brewing Co. APAC Ltd., 144A		7,800		24,680
China Travel International Investment Hong Kong Ltd.*		16,000		2,776
Chow Tai Fook Jewellery Group Ltd.		7,000		11,335
ESR Cayman Ltd., 144A*		7,600		25,997
FIH Mobile Ltd.*		18,000		2,555
Kerry Logistics Network Ltd.		3,100		9,327
Lee & Man Paper Manufacturing Ltd.		6,000		5,230
Lenovo Group Ltd.		33,000		45,268
Microport Scientific Corp.		2,000		14,436
Minth Group Ltd.		3,300		13,395
MMG Ltd.*		10,000		6,516
Nexteer Automotive Group Ltd.		4,000		4,486
Prosus NV*		1,870		202,891
Shangri-La Asia Ltd.*		3,600		3,436
Shui On Land Ltd.		15,500		2,556
SITC International Holdings Co. Ltd.		5,000		19,121
Sun Art Retail Group Ltd.		10,000		9,231
Tingyi Cayman Islands Holding Corp.		8,400		15,096
Towngas China Co. Ltd.*		4,000		1,973
Uni-President China Holdings Ltd.		4,600		5,614

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

China (cont’d.)

Want Want China Holdings Ltd.		25,000	$	18,128
Wharf Holdings Ltd. (The)		6,000		18,206
Wilmar International Ltd.		8,900		34,963


				566,425

Denmark 2.0%

Ambu A/S (Class B Stock)		729		40,867
AP Moller - Maersk A/S (Class A Stock)		18		42,281
AP Moller - Maersk A/S (Class B Stock)		25		62,047
Carlsberg A/S (Class B Stock)		431		75,846
Chr Hansen Holding A/S*		455		41,827
Coloplast A/S (Class B Stock)		571		94,789
Danske Bank A/S		2,880		54,989
Demant A/S*		495		24,916
DSV Panalpina A/S		869		194,080
Genmab A/S*		253		92,867
GN Store Nord A/S		556		50,111
H. Lundbeck A/S		301		9,297
Novo Nordisk A/S (Class B Stock)		6,969		511,173
Novozymes A/S (Class B Stock)		898		63,771
Orsted A/S, 144A		811		118,297
Pandora A/S*		415		47,007
ROCKWOOL International A/S (Class B Stock)		26		11,682
SimCorp A/S		168		22,214
Tryg A/S		1,305		29,898
Vestas Wind Systems A/S		4,390		181,309


				1,769,268

Finland 1.1%

Elisa OYJ		647		36,731
Fortum OYJ		1,886		49,614
Huhtamaki OYJ		414		19,629
Kesko OYJ (Class B Stock)		1,144		34,896
Kojamo OYJ		940		20,411
Kone OYJ (Class B Stock)		1,720		135,111
Metso Outotec OYJ		2,513		28,288
Neste OYJ		1,785		107,867
Nokia OYJ*		24,307		114,841
Nokian Renkaat OYJ		564		20,986
Nordea Bank Abp		14,628		151,570
Orion OYJ (Class B Stock)		423		18,757
Sampo OYJ (Class A Stock)		2,169		102,910
Stora Enso OYJ (Class R Stock)		2,529		48,387

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 13

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Finland (cont’d.)

UPM-Kymmene OYJ		2,293	$	89,612
Wartsila OYJ Abp		2,009		25,978


				1,005,588

France 8.9%
Accor SA*		815		32,650
Adevinta ASA*		950		17,459
Aeroports de Paris*		138		17,661
Air Liquide SA		2,006		337,587
Airbus SE*		2,394		286,945
ALD SA, 144A		293		4,605
Alstom SA*		1,157		63,138
Amundi SA, 144A*		253		22,534
Arkema SA		304		37,936
Atos SE*		415		28,192
AXA SA		8,303		234,731
BioMerieux		197		23,406
BNP Paribas SA*		4,673		298,726
Bollore SA		4,506		22,707
Bouygues SA		956		40,973
Bureau Veritas SA*		1,223		36,554
Capgemini SE		689		125,989
Carrefour SA		2,525		48,626
Casino Guichard Perrachon SA*		200		6,979
Cie de Saint-Gobain*		2,052		129,150
Cie Generale des Etablissements Michelin SCA		769		111,236
Cie Plastic Omnium SA		277		9,301
CNP Assurances		606		10,611
Covivio, REIT		202		17,999
Credit Agricole SA*		4,962		76,472
Danone SA		2,620		184,796
Dassault Aviation SA*		9		9,825
Dassault Systemes SE		568		131,602
Edenred		1,056		59,908
Eiffage SA*		315		34,410
Electricite de France SA*		2,143		31,210
Engie SA*		7,147		106,361
EssilorLuxottica SA		1,273		211,935
Eurazeo SE		206		17,149
Faurecia SE*		492		26,475
Gecina SA, REIT		217		31,795
Getlink SE*		1,901		30,202
Hermes International		133		166,703
ICADE, REIT		122		9,519

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

France (cont’d.)

Iliad SA		59	$	10,707
Imerys SA		202		10,508
Ipsen SA		168		16,249
JCDecaux SA*		282		7,174
Kering SA		322		258,441
Klepierre SA, REIT		848		22,434
La Francaise des Jeux SAEM, 144A		371		19,009
Legrand SA		1,174		114,147
L’Oreal SA		1,036		424,287
LVMH Moet Hennessy Louis Vuitton SE		1,078		810,328
Natixis SA*		3,440		16,743
Neoen SA, 144A*		114		5,218
Orange SA		8,262		102,881
Orpea SA*		208		26,772
Pernod Ricard SA		907		186,161
Publicis Groupe SA		968		62,559
Remy Cointreau SA		102		20,371
Renault SA*		782		31,455
Rexel SA*		1,275		25,109
Rubis SCA		381		17,881
Safran SA*		1,393		207,750
Sanofi		4,701		493,108
Sartorius Stedim Biotech		103		47,308
Schneider Electric SE		2,270		362,478
SCOR SE*		690		22,309
SEB SA		130		23,645
Societe Generale SA*		3,336		94,698
Sodexo SA*		384		38,347
SOITEC*		89		17,934
Suez SA		1,666		39,756
Technip Energies NV*		390		5,525
Teleperformance		248		95,698
Thales SA		430		43,839
TOTAL SE		10,467		461,940
Ubisoft Entertainment SA*		413		31,020
Unibail-Rodamco-Westfield, REIT*		575		47,177
Valeo SA		1,043		33,740
Veolia Environnement SA		2,230		71,029
Vinci SA		1,952		214,128
Vivendi SE		3,364		117,292
Wendel SE		132		17,563
Worldline SA, 144A*		1,050		102,931


				7,871,706

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 15

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Germany 7.4%

1&1 Drillisch AG		176	$	5,285
adidas AG*		830		256,304
Allianz SE		1,772		461,092
Aroundtown SA		5,326		41,012
BASF SE		3,951		318,535
Bayer AG		4,244		273,590
Bayerische Motoren Werke AG		1,394		139,904
Bechtle AG		117		23,799
Beiersdorf AG		448		50,409
Brenntag SE		672		60,383
Carl Zeiss Meditec AG		168		29,627
Commerzbank AG*		4,289		28,333
Continental AG		459		62,020
Covestro AG, 144A		783		51,240
CTS Eventim AG & Co. KGaA*		249		17,193
Daimler AG		3,549		316,179
Deutsche Bank AG*		8,828		123,406
Deutsche Boerse AG		792		136,452
Deutsche Lufthansa AG*		1,208		15,637
Deutsche Post AG		4,222		248,235
Deutsche Telekom AG		14,025		270,053
Deutsche Wohnen SE		1,485		80,192
DWS Group GmbH & Co. KGaA, 144A		153		6,709
E.ON SE		9,373		113,134
Evonik Industries AG		825		28,925
Evotec SE*		617		25,762
Fielmann AG*		95		7,223
Fraport AG Frankfurt Airport Services Worldwide*		133		8,849
Fresenius Medical Care AG & Co. KGaA		842		66,999
Fresenius SE & Co. KGaA		1,736		85,338
FUCHS PETROLUB SE		150		6,491
GEA Group AG		705		30,985
Hannover Rueck SE		257		47,579
HeidelbergCement AG		629		57,626
Hella GmbH & Co. KGaA*		214		12,800
HelloFresh SE*		629		52,189
Henkel AG & Co. KGaA		434		43,174
HOCHTIEF AG		92		8,636
Infineon Technologies AG		5,616		225,572
Just Eat Takeaway.com NV, 144A*		510		53,149
KION Group AG		355		35,333
Knorr-Bremse AG		290		35,527
LANXESS AG		342		25,112
LEG Immobilien SE		310		43,197

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Germany (cont’d.)

Merck KGaA		570	$	100,248
METRO AG		646		7,078
MTU Aero Engines AG		230		58,006
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen		613		177,054
Nemetschek SE		227		16,894
OSRAM Licht AG*		150		9,391
ProSiebenSat. 1 Media SE*		627		13,600
Puma SE*		398		41,998
Rational AG		14		11,686
Rheinmetall AG		185		19,324
RWE AG		2,768		105,067
SAP SE		4,857		679,625
Scout24 AG, 144A		431		35,823
Siemens AG		3,246		540,452
Siemens Energy AG*		1,626		54,477
Siemens Healthineers AG, 144A		955		54,576
Symrise AG		545		70,412
Talanx AG		270		11,409
TeamViewer AG, 144A*		665		31,720
Telefonica Deutschland Holding AG		2,731		7,955
thyssenkrupp AG*		2,069		27,688
Traton SE		265		7,575
TUI AG*		3,714		22,014
Uniper SE		508		18,527
United Internet AG		467		19,681
Varta AG*		59		8,635
Volkswagen AG		136		43,327
Vonovia SE		2,469		162,399
Wacker Chemie AG		74		11,140
Zalando SE, 144A*		696		72,149


				6,469,119

Hong Kong 2.4%

AIA Group Ltd.		52,400		669,247
ASM Pacific Technology Ltd.		1,300		19,686
Bank of East Asia Ltd. (The)		5,200		10,949
Brightoil Petroleum Holdings Ltd.*^		7,000		—
Cafe de Coral Holdings Ltd.		2,000		4,346
Cathay Pacific Airways Ltd.*		3,700		3,268
Champion REIT, REIT		7,000		4,076
CK Asset Holdings Ltd.		10,500		65,842
CK Infrastructure Holdings Ltd.		2,700		16,552
CLP Holdings Ltd.		6,900		68,078
Dah Sing Banking Group Ltd.		3,600		3,961

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 17

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Hong Kong (cont’d.)

Dah Sing Financial Holdings Ltd.		800	$	2,591
Dairy Farm International Holdings Ltd.		1,200		5,235
Guotai Junan International Holdings Ltd.		16,000		2,906
Haitong International Securities Group Ltd.		7,000		2,211
Hang Lung Group Ltd.		3,800		9,984
Hang Lung Properties Ltd.		9,000		24,578
Hang Seng Bank Ltd.		3,100		60,811
Henderson Land Development Co. Ltd.		6,004		26,708
Hong Kong & China Gas Co. Ltd.		44,054		70,632
Hong Kong Exchanges & Clearing Ltd.		5,540		334,786
Hongkong Land Holdings Ltd.		5,000		24,760
Huabao International Holdings Ltd.		5,000		5,292
Hutchison Port Holdings Trust, UTS		16,100		4,030
Hysan Development Co. Ltd.		2,800		10,539
Jardine Matheson Holdings Ltd.		870		58,339
Johnson Electric Holdings Ltd.		1,500		3,995
JS Global Lifestyle Co. Ltd., 144A*		3,500		10,560
Kerry Properties Ltd.		2,400		8,105
Link REIT, REIT		8,900		84,173
Man Wah Holdings Ltd.		6,000		12,600
Melco International Development Ltd.		3,600		7,184
MTR Corp. Ltd.		6,000		33,444
New World Development Co. Ltd.		5,900		31,233
NWS Holdings Ltd.		6,000		6,624
PCCW Ltd.		16,000		9,264
Power Assets Holdings Ltd.		6,100		37,504
Shun Tak Holdings Ltd.		6,000		1,927
Sino Land Co. Ltd.		15,600		23,167
Sun Hung Kai Properties Ltd.		6,000		90,525
Swire Pacific Ltd. (Class A Stock)		2,000		16,196
Swire Pacific Ltd. (Class B Stock)		2,900		3,678
Swire Properties Ltd.		4,800		14,337
Techtronic Industries Co. Ltd.		5,500		99,980
United Energy Group Ltd.*		28,000		5,536
Vinda International Holdings Ltd.		1,000		3,559
Vitasoy International Holdings Ltd.		3,000		11,618
VTech Holdings Ltd.		600		5,507
WH Group Ltd., 144A		35,200		30,777
Wharf Real Estate Investment Co. Ltd.		7,500		43,099
Xinyi Glass Holdings Ltd.		8,000		28,384
Yue Yuen Industrial Holdings Ltd.		3,700		9,314


				2,141,697

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Indonesia 0.0%

First Pacific Co. Ltd.		8,000	$	2,739
Golden Agri-Resources Ltd.		26,100		4,907


				7,646

Ireland 0.6%

AIB Group PLC*		3,235		9,452
CRH PLC		3,397		160,992
Flutter Entertainment PLC*		702		143,631
Glanbia PLC		811		12,036
Kerry Group PLC (Class A Stock)		660		85,917
Kingspan Group PLC		666		59,629
Smurfit Kappa Group PLC		1,124		57,668


				529,325

Israel 0.5%

Airport City Ltd.*		216		3,591
Alony Hetz Properties & Investments Ltd.		408		5,875
Amot Investments Ltd.		580		3,796
Ashtrom Group Ltd.		171		3,681
Azrieli Group Ltd.		157		11,044
Bank Hapoalim BM*		4,812		38,420
Bank Leumi Le-Israel BM*		6,061		42,691
Bayside Land Corp. Ltd.		406		3,725
Bezeq The Israeli Telecommunication Corp. Ltd.*		8,238		8,970
Big Shopping Centers Ltd.*		30		3,624
Elbit Systems Ltd.		105		14,425
Electra Ltd./Israel		7		3,884
Energix-Renewable Energies Ltd.		729		2,869
Enlight Renewable Energy Ltd.*		2,285		4,779
Fattal Holdings 1998 Ltd.*		30		3,123
First International Bank Of Israel Ltd.*		211		6,448
Gazit-Globe Ltd.		714		4,660
Harel Insurance Investments & Financial Services Ltd.		653		6,860
ICL Group Ltd.		3,195		20,760
Israel Discount Bank Ltd. (Class A Stock)*		5,194		23,473
Maytronics Ltd.		183		3,746
Melisron Ltd.*		63		3,812
Mivne Real Estate KD Ltd.		2,892		7,954
Mizrahi Tefahot Bank Ltd.*		630		17,746
Nice Ltd.*		266		64,177
Nova Measuring Instruments Ltd.*		119		11,435
OPC Energy Ltd.*		304		3,033
Paz Oil Co. Ltd.		54		5,962

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 19

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Israel (cont’d.)

Phoenix Holdings Ltd. (The)		706	$	6,283
Sapiens International Corp. NV		70		2,299
Shapir Engineering and Industry Ltd.		367		2,633
Shikun & Binui Ltd.*		905		6,099
Shufersal Ltd.		463		3,751
Strauss Group Ltd.		203		5,936
Teva Pharmaceutical Industries Ltd.*		4,250		45,345
Tower Semiconductor Ltd.*		424		12,168


				419,077

Italy 1.8%

A2A SpA		6,326		12,409
Amplifon SpA*		509		21,429
Assicurazioni Generali SpA		5,423		108,798
Atlantia SpA*		2,209		43,357
Banca Mediolanum SpA*		992		9,272
Buzzi Unicem SpA		523		14,006
Davide Campari-Milano NV		2,310		27,363
DiaSorin SpA		93		15,864
Enel SpA		33,558		334,503
Eni SpA		10,718		128,014
Ferrari NV		533		113,896
FinecoBank Banca Fineco SpA*		2,666		46,033
Hera SpA		2,883		11,646
Infrastrutture Wireless Italiane SpA, 144A		1,308		15,244
Intesa Sanpaolo SpA*		67,015		187,484
Italgas SpA		2,370		15,503
Leonardo SpA		1,894		15,514
Mediobanca Banca di Credito Finanziario SpA*		3,108		35,183
Moncler SpA*		827		50,610
Nexi SpA, 144A*		1,980		38,076
Pirelli & C SpA, 144A*		1,878		10,546
Poste Italiane SpA, 144A		2,077		27,225
PRADA SpA*		2,000		12,507
Prysmian SpA		1,075		33,677
Recordati Industria Chimica e Farmaceutica SpA		417		23,038
Snam SpA		9,287		52,260
Telecom Italia SpA		43,812		24,072
Telecom Italia SpA, RSP		24,718		14,551
Terna Rete Elettrica Nazionale SpA		5,857		43,227
UniCredit SpA		9,128		94,037
UnipolSai Assicurazioni SpA		2,039		6,330


				1,585,674

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan 21.6%

ABC-Mart, Inc.		100	$	5,354
Acom Co. Ltd.		2,000		8,573
Activia Properties, Inc., REIT		2		9,205
Advance Residence Investment Corp., REIT		4		12,726
Advantest Corp.		870		82,048
Aeon Co. Ltd.		3,080		84,036
AEON Financial Service Co. Ltd.		410		4,658
Aeon Mall Co. Ltd.		630		9,992
AGC, Inc.		820		37,437
Aica Kogyo Co. Ltd.		280		9,935
Ain Holdings, Inc.		150		8,340
Air Water, Inc.		880		14,556
Aisin Corp.		800		30,833
Ajinomoto Co., Inc.		2,070		41,435
Alfresa Holdings Corp.		750		13,433
Alps Alpine Co. Ltd.		800		9,657
Amada Co. Ltd.		1,500		16,279
Amano Corp.		310		8,426
ANA Holdings, Inc.*		650		14,909
Anritsu Corp.		560		10,897
Aozora Bank Ltd.		520		11,199
Ariake Japan Co. Ltd.		70		4,053
As One Corp.		60		7,509
Asahi Group Holdings Ltd.		1,840		76,843
Asahi Intecc Co. Ltd.		800		21,539
Asahi Kasei Corp.		5,300		55,980
Asics Corp.		700		11,074
ASKUL Corp.		100		3,656
Astellas Pharma, Inc.		7,980		119,820
Azbil Corp.		600		24,268
Bandai Namco Holdings, Inc.		870		63,915
Bank of Kyoto Ltd. (The)		340		18,265
BayCurrent Consulting, Inc.		40		10,894
Benefit One, Inc.		300		7,510
Benesse Holdings, Inc.		320		7,070
Bic Camera, Inc.		600		6,190
Bridgestone Corp.		2,500		100,280
Brother Industries Ltd.		1,100		23,250
Calbee, Inc.		340		8,150
Canon Marketing Japan, Inc.		160		3,859
Canon, Inc.		4,280		101,826
Capcom Co. Ltd.		800		26,027
Casio Computer Co. Ltd.		1,000		17,650
Central Japan Railway Co.		754		110,591

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 21

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Chiba Bank Ltd. (The)		2,800	$	17,485
Chubu Electric Power Co., Inc.		3,200		38,667
Chugai Pharmaceutical Co. Ltd.		2,820		106,064
Chugoku Bank Ltd. (The)		650		5,144
Chugoku Electric Power Co., Inc. (The)		1,280		14,299
Coca-Cola Bottlers Japan Holdings, Inc.		540		8,642
COMSYS Holdings Corp.		500		15,507
Concordia Financial Group Ltd.		5,100		19,186
Cosmo Energy Holdings Co. Ltd.		300		6,447
Cosmos Pharmaceutical Corp.		40		5,744
Credit Saison Co. Ltd.		750		8,630
CyberAgent, Inc.		1,760		36,183
Dai Nippon Printing Co. Ltd.		1,150		22,895
Daicel Corp.		1,180		9,113
Daido Steel Co. Ltd.		160		7,607
Daifuku Co. Ltd.		450		44,378
Dai-ichi Life Holdings, Inc.		4,700		84,771
Daiichi Sankyo Co. Ltd.		8,260		210,573
Daiichikosho Co. Ltd.		230		8,566
Daikin Industries Ltd.		1,110		222,848
Daio Paper Corp.		300		4,917
Daito Trust Construction Co. Ltd.		296		31,476
Daiwa House Industry Co. Ltd.		2,770		82,014
Daiwa House REIT Investment Corp., REIT		7		18,817
Daiwa Office Investment Corp., REIT		1		7,226
Daiwa Securities Group, Inc.		6,800		36,204
DeNA Co. Ltd.		510		10,413
Denka Co. Ltd.		390		15,285
Denso Corp.		1,980		128,127
Dentsu Group, Inc.		930		28,576
DIC Corp.		400		10,233
Disco Corp.		100		32,276
DMG Mori Co. Ltd.		500		8,090
Dowa Holdings Co. Ltd.		170		7,123
East Japan Railway Co.		1,630		111,559
Ebara Corp.		400		17,105
Eisai Co. Ltd.		1,114		72,636
Elecom Co. Ltd.		200		4,202
Electric Power Development Co. Ltd.		800		12,794
ENEOS Holdings, Inc.		13,010		55,998
Ezaki Glico Co. Ltd.		210		7,847
Fancl Corp.		300		9,782
FANUC Corp.		823		189,830
Fast Retailing Co. Ltd.		215		176,465

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Food & Life Cos. Ltd.		500	$	22,382
FP Corp.		180		7,001
Fuji Electric Co. Ltd.		600		27,332
Fuji Kyuko Co. Ltd.		100		4,775
Fuji Media Holdings, Inc.		300		3,633
Fuji Oil Holdings, Inc.		160		4,123
FUJIFILM Holdings Corp.		1,560		101,197
Fujitsu General Ltd.		200		5,294
Fujitsu Ltd.		780		124,121
Fukuoka Financial Group, Inc.		660		11,259
Fukuyama Transporting Co. Ltd.		120		4,591
Furukawa Electric Co. Ltd.		300		7,982
Fuyo General Lease Co. Ltd.		100		6,648
GLP J-REIT, REIT		13		21,773
GMO internet, Inc.		300		8,923
GMO Payment Gateway, Inc.		140		17,857
Goldwin, Inc.		142		8,471
GS Yuasa Corp.		300		8,108
GungHo Online Entertainment, Inc.		120		2,292
Gunma Bank Ltd. (The)		1,800		5,873
H.U. Group Holdings, Inc.		240		7,863
Hachijuni Bank Ltd. (The)		1,890		6,446
Hakuhodo DY Holdings, Inc.		1,100		18,488
Hamamatsu Photonics KK		550		31,834
Hankyu Hanshin Holdings, Inc.		970		30,575
Haseko Corp.		1,170		15,670
Heiwa Corp.		200		3,385
Hikari Tsushin, Inc.		80		16,092
Hino Motors Ltd.		1,100		9,175
Hirogin Holdings, Inc.		1,400		7,728
Hirose Electric Co. Ltd.		145		23,116
Hisamitsu Pharmaceutical Co., Inc.		310		18,033
Hitachi Construction Machinery Co. Ltd.		420		12,899
Hitachi Ltd.		3,980		195,822
Hitachi Metals Ltd.*		800		15,523
Hitachi Transport System Ltd.		150		4,674
Hokuriku Electric Power Co.		600		3,637
Honda Motor Co. Ltd.		7,440		219,670
Horiba Ltd.		150		9,765
Hoshizaki Corp.		220		19,525
House Foods Group, Inc.		340		10,562
Hoya Corp.		1,550		176,256
Hulic Co. Ltd.		1,660		18,893
Ibiden Co. Ltd.		460		21,772

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 23

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Ichigo, Inc.		1,100	$	3,429
Idemitsu Kosan Co. Ltd.		1,047		25,128
IHI Corp.*		630		12,706
Iida Group Holdings Co. Ltd.		630		15,363
Industrial & Infrastructure Fund Investment Corp., REIT		6		10,876
Inpex Corp.		3,900		26,645
Isetan Mitsukoshi Holdings Ltd.		1,700		11,840
Isuzu Motors Ltd.		2,300		23,231
Ito En Ltd.		230		12,732
ITOCHU Corp.		5,900		183,900
Itochu Techno-Solutions Corp.		380		13,166
Itoham Yonekyu Holdings, Inc.		400		2,570
Iwatani Corp.		200		12,555
Iyo Bank Ltd. (The)		1,270		6,995
Izumi Co. Ltd.		200		7,953
J Front Retailing Co. Ltd.		1,100		10,459
Japan Airlines Co. Ltd.*		660		14,050
Japan Airport Terminal Co. Ltd.*		250		11,221
Japan Aviation Electronics Industry Ltd.		220		3,936
Japan Exchange Group, Inc.		2,300		53,996
Japan Logistics Fund, Inc., REIT		3		8,594
Japan Metropolitan Fund Investment Corp., REIT		22		21,651
Japan Post Bank Co. Ltd.		1,900		17,399
Japan Post Holdings Co. Ltd.*		5,800		48,739
Japan Post Insurance Co. Ltd.		900		17,365
Japan Prime Realty Investment Corp., REIT		3		12,190
Japan Real Estate Investment Corp., REIT		5		31,001
Japan Tobacco, Inc.		5,130		95,929
JCR Pharmaceuticals Co. Ltd.		200		5,447
JFE Holdings, Inc.		2,280		30,003
JGC Holdings Corp.		880		10,046
JSR Corp.		800		24,342
JTEKT Corp.		900		8,102
Justsystems Corp.		160		9,272
Kagome Co. Ltd.		400		11,476
Kajima Corp.		1,900		26,250
Kakaku.com, Inc.		550		14,936
Kaken Pharmaceutical Co. Ltd.		150		6,173
Kamigumi Co. Ltd.		380		7,412
Kandenko Co. Ltd.		600		5,128
Kaneka Corp.		230		8,962
Kansai Electric Power Co., Inc. (The)		3,070		30,414
Kansai Paint Co. Ltd.		880		22,182
Kao Corp.		2,030		130,030

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Kawasaki Heavy Industries Ltd.*		690	$	16,505
KDDI Corp.		7,360		222,350
Keihan Holdings Co. Ltd.		410		14,949
Keikyu Corp.		1,000		12,813
Keio Corp.		460		29,938
Keisei Electric Railway Co. Ltd.		650		20,343
Kenedix Office Investment Corp., REIT		2		14,738
Kewpie Corp.		460		10,883
Keyence Corp.		765		367,842
Kikkoman Corp.		810		49,874
Kinden Corp.		500		8,506
Kintetsu Group Holdings Co. Ltd.*		760		27,208
Kirin Holdings Co. Ltd.		3,350		62,959
Kobayashi Pharmaceutical Co. Ltd.		280		24,988
Kobe Bussan Co. Ltd.		200		5,346
Kobe Steel Ltd.		1,500		10,826
Koei Tecmo Holdings Co. Ltd.		360		16,095
Koito Manufacturing Co. Ltd.		480		30,005
Kokuyo Co. Ltd.		300		4,633
Komatsu Ltd.		4,010		117,765
Konami Holdings Corp.		400		23,822
Konica Minolta, Inc.		2,300		13,000
Kose Corp.		100		15,025
Kotobuki Spirits Co. Ltd.		100		5,983
K’s Holdings Corp.		800		10,933
Kubota Corp.		4,800		113,032
Kuraray Co. Ltd.		1,600		17,392
Kurita Water Industries Ltd.		460		21,261
Kusuri no Aoki Holdings Co. Ltd.		100		7,029
Kyocera Corp.		1,300		78,787
Kyoritsu Maintenance Co. Ltd.		100		3,174
Kyowa Exeo Corp.		490		13,036
Kyowa Kirin Co. Ltd.		1,120		34,139
Kyudenko Corp.		150		5,236
Kyushu Electric Power Co., Inc.		2,000		18,274
Kyushu Financial Group, Inc.		1,500		5,843
Kyushu Railway Co.		670		15,038
LaSalle Logiport REIT, REIT		5		8,132
Lasertec Corp.		300		52,571
Lawson, Inc.		250		11,204
Lintec Corp.		240		5,226
Lion Corp.		1,040		19,551
Lixil Corp.		1,120		30,244
M3, Inc.		1,820		126,153

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 25

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Mabuchi Motor Co. Ltd.		260	$	10,405
Maeda Corp.		800		6,830
Maeda Road Construction Co. Ltd.		200		3,844
Makita Corp.		1,050		47,231
Mani, Inc.		280		6,597
Marubeni Corp.		6,700		55,759
Marui Group Co. Ltd.		880		16,475
Maruichi Steel Tube Ltd.		270		6,782
Maruwa Unyu Kikan Co. Ltd.		200		3,494
Matsui Securities Co. Ltd.		300		2,352
Matsumotokiyoshi Holdings Co. Ltd.		340		13,634
Mazda Motor Corp.*		2,500		19,328
Mebuki Financial Group, Inc.		5,000		10,881
Medipal Holdings Corp.		600		11,018
Megmilk Snow Brand Co. Ltd.		130		2,602
MEIJI Holdings Co. Ltd.		566		35,056
MINEBEA MITSUMI, Inc.		1,800		45,128
MISUMI Group, Inc.		1,250		35,189
Mitsubishi Chemical Holdings Corp.		5,700		42,360
Mitsubishi Corp.		5,130		141,842
Mitsubishi Electric Corp.		8,580		132,137
Mitsubishi Estate Co. Ltd.		4,970		81,734
Mitsubishi Gas Chemical Co., Inc.		820		18,949
Mitsubishi HC Capital, Inc.		3,323		19,018
Mitsubishi Heavy Industries Ltd.		1,210		36,100
Mitsubishi Logistics Corp.		290		8,638
Mitsubishi Materials Corp.		510		11,458
Mitsubishi Motors Corp.*		2,600		7,040
Mitsubishi Shokuhin Co. Ltd.		100		2,705
Mitsubishi UFJ Financial Group, Inc.		53,900		286,112
Mitsui & Co. Ltd.		7,200		151,864
Mitsui Chemicals, Inc.		740		23,336
Mitsui Fudosan Co. Ltd.		3,960		85,997
Mitsui Mining & Smelting Co. Ltd.		200		6,809
Mitsui OSK Lines Ltd.		470		18,889
Miura Co. Ltd.		430		22,486
Mizuho Financial Group, Inc.		10,930		154,330
Mochida Pharmaceutical Co. Ltd.		130		4,525
MonotaRO Co. Ltd.		1,120		28,480
Mori Hills REIT Investment Corp., REIT		5		7,265
Morinaga & Co. Ltd.		140		4,659
Morinaga Milk Industry Co. Ltd.		210		11,503
MS&AD Insurance Group Holdings, Inc.		2,010		56,879
Murata Manufacturing Co. Ltd.		2,420		192,410

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Nabtesco Corp.		480	$	21,605
Nagase & Co. Ltd.		400		6,019
Nagoya Railroad Co. Ltd.*		860		19,738
Nankai Electric Railway Co. Ltd.		430		9,482
NEC Corp.		1,150		66,871
NEC Networks & System Integration Corp.		300		5,161
NET One Systems Co. Ltd.		360		11,812
Nexon Co. Ltd.		1,740		57,628
NGK Insulators Ltd.		1,130		20,605
NGK Spark Plug Co. Ltd.		810		13,499
NH Foods Ltd.		500		22,316
NHK Spring Co. Ltd.		880		6,522
Nichirei Corp.		500		12,655
Nidec Corp.		2,000		231,032
Nifco, Inc.		350		11,934
Nihon Kohden Corp.		300		9,117
Nihon M&A Center, Inc.		1,200		31,357
Nihon Unisys Ltd.		300		9,499
Nikon Corp.		1,550		14,536
Nintendo Co. Ltd.		445		256,153
Nippo Corp.		240		6,279
Nippon Accommodations Fund, Inc., REIT		2		11,863
Nippon Building Fund, Inc., REIT		5		32,850
Nippon Electric Glass Co. Ltd.		330		8,362
Nippon Express Co. Ltd.		270		20,629
Nippon Kayaku Co. Ltd.		700		6,486
Nippon Paint Holdings Co. Ltd.		3,350		47,698
Nippon Paper Industries Co. Ltd.		500		6,137
Nippon Prologis REIT, Inc., REIT		7		22,437
Nippon Sanso Holdings Corp.		590		11,062
Nippon Shinyaku Co. Ltd.		250		16,890
Nippon Shokubai Co. Ltd.		130		6,829
Nippon Steel Corp.		3,630		63,391
Nippon Telegraph & Telephone Corp.		5,220		131,495
Nippon Television Holdings, Inc.		200		2,617
Nippon Yusen KK		750		29,379
Nipro Corp.		700		8,435
Nishi-Nippon Railroad Co. Ltd.		280		7,239
Nissan Chemical Corp.		560		28,757
Nissan Motor Co. Ltd.*		8,600		42,590
Nisshin Seifun Group, Inc.		1,160		18,715
Nissin Foods Holdings Co. Ltd.		250		17,742
Nitori Holdings Co. Ltd.		282		50,502
Nitto Denko Corp.		600		49,731

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 27

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Noevir Holdings Co. Ltd.		100	$	4,411
NOF Corp.		300		15,853
NOK Corp.		550		7,055
Nomura Holdings, Inc.		13,000		69,889
Nomura Real Estate Holdings, Inc.		530		13,057
Nomura Real Estate Master Fund, Inc., REIT		14		22,243
Nomura Research Institute Ltd.		1,160		35,660
NS Solutions Corp.		130		3,938
NSK Ltd.		2,000		18,409
NTT Data Corp.		2,800		43,454
Obayashi Corp.		2,900		26,536
OBIC Business Consultants Co. Ltd.		60		3,523
Obic Co. Ltd.		250		48,312
Odakyu Electric Railway Co. Ltd.		1,340		36,312
Oji Holdings Corp.		4,100		25,855
OKUMA Corp.		150		8,119
Olympus Corp.		4,680		96,443
Omron Corp.		820		62,001
Ono Pharmaceutical Co. Ltd.		1,830		46,090
Open House Co. Ltd.		310		12,865
Oracle Corp.		150		14,047
Orient Corp.		3,600		4,910
Oriental Land Co. Ltd.		810		114,591
ORIX Corp.		5,400		87,069
Orix JREIT, Inc., REIT		8		14,162
Osaka Gas Co. Ltd.		1,640		31,771
OSG Corp.		460		7,689
Otsuka Corp.		470		23,652
Otsuka Holdings Co. Ltd.		1,810		69,581
PALTAC Corp.		100		5,208
Pan Pacific International Holdings Corp.		2,200		47,369
Panasonic Corp.		9,160		107,771
Park24 Co. Ltd.*		420		8,092
Penta-Ocean Construction Co. Ltd.		1,200		9,353
PeptiDream, Inc.*		370		15,816
Persol Holdings Co. Ltd.		850		15,617
Pigeon Corp.		460		15,643
Pola Orbis Holdings, Inc.		310		8,021
Rakuten Group, Inc.		3,550		45,080
Recruit Holdings Co. Ltd.		5,850		263,945
Relo Group, Inc.		400		8,218
Renesas Electronics Corp.*		3,280		38,019
Rengo Co. Ltd.		1,000		8,299
RENOVA, Inc.*		200		6,302

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Resona Holdings, Inc.		10,110	$	41,615
Resorttrust, Inc.		220		3,496
Ricoh Co. Ltd.		2,900		30,793
Rinnai Corp.		160		16,039
Rohm Co. Ltd.		360		35,449
Rohto Pharmaceutical Co. Ltd.		400		10,258
Ryohin Keikaku Co. Ltd.		980		20,608
Sankyo Co. Ltd.		160		4,139
Sankyu, Inc.		200		8,547
Santen Pharmaceutical Co. Ltd.		1,500		19,207
Sanwa Holdings Corp.		760		9,797
Sapporo Holdings Ltd.		400		7,957
Sawai Group Holdings Co. Ltd.		150		7,241
SBI Holdings, Inc.		1,000		28,224
SCREEN Holdings Co. Ltd.		180		17,159
SCSK Corp.		260		15,076
Secom Co. Ltd.		800		66,636
Sega Sammy Holdings, Inc.		870		12,493
Seibu Holdings, Inc.*		900		9,680
Seiko Epson Corp.		1,200		20,388
Seino Holdings Co. Ltd.		700		9,631
Sekisui Chemical Co. Ltd.		1,500		26,154
Sekisui House Ltd.		2,580		52,152
Sekisui House Reit, Inc., REIT		13		10,797
Seven & i Holdings Co. Ltd.		3,350		144,155
Seven Bank Ltd.		2,700		5,808
SG Holdings Co. Ltd.		1,800		40,939
Sharp Corp.		640		10,803
Shikoku Electric Power Co., Inc.		900		6,576
Shimadzu Corp.		1,180		41,325
Shimamura Co. Ltd.		100		9,912
Shimano, Inc.		330		75,592
Shimizu Corp.		2,300		18,790
Shin-Etsu Chemical Co. Ltd.		1,740		293,575
Shinko Electric Industries Co. Ltd.		300		9,662
Shinsei Bank Ltd.		680		9,922
Shionogi & Co. Ltd.		1,190		62,693
Ship Healthcare Holdings, Inc.		400		10,474
Shiseido Co. Ltd.		1,650		119,871
Shizuoka Bank Ltd. (The)		2,060		15,819
SHO-BOND Holdings Co. Ltd.		182		7,581
Showa Denko KK		600		18,131
SKY Perfect JSAT Holdings, Inc.		500		2,102
Skylark Holdings Co. Ltd.*		900		13,352

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 29

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

SMC Corp.		240	$	139,313
SMS Co. Ltd.		200		5,457
SoftBank Corp.		12,000		154,558
SoftBank Group Corp.		6,050		550,053
Sohgo Security Services Co. Ltd.		320		14,021
Sojitz Corp.		4,900		14,609
Sompo Holdings, Inc.		1,460		54,436
Sony Group Corp.		5,290		524,294
Sotetsu Holdings, Inc.		360		7,304
Square Enix Holdings Co. Ltd.		330		18,268
Stanley Electric Co. Ltd.		640		18,334
Subaru Corp.		2,770		51,432
Sugi Holdings Co. Ltd.		150		11,525
SUMCO Corp.		980		25,295
Sumitomo Bakelite Co. Ltd.		200		8,089
Sumitomo Chemical Co. Ltd.		6,800		34,713
Sumitomo Corp.		4,880		66,453
Sumitomo Dainippon Pharma Co. Ltd.		800		13,890
Sumitomo Electric Industries Ltd.		3,270		48,653
Sumitomo Forestry Co. Ltd.		700		16,158
Sumitomo Heavy Industries Ltd.		510		14,836
Sumitomo Metal Mining Co. Ltd.		1,060		44,995
Sumitomo Mitsui Financial Group, Inc.		5,670		197,736
Sumitomo Mitsui Trust Holdings, Inc.		1,580		53,976
Sumitomo Realty & Development Co. Ltd.		1,700		56,581
Sumitomo Rubber Industries Ltd.		700		8,673
Sundrug Co. Ltd.		320		10,904
Suntory Beverage & Food Ltd.		520		17,537
Suzuken Co. Ltd.		330		11,889
Suzuki Motor Corp.		2,020		76,651
Sysmex Corp.		800		80,019
T&D Holdings, Inc.		2,300		28,295
Taiheiyo Cement Corp.		530		13,282
Taisei Corp.		850		31,326
Taisho Pharmaceutical Holdings Co. Ltd.		180		10,611
Taiyo Yuden Co. Ltd.		600		27,542
Takara Bio, Inc.		230		5,877
Takara Holdings, Inc.		700		9,029
Takashimaya Co. Ltd.		500		5,507
Takeda Pharmaceutical Co. Ltd.		6,583		219,382
TBS Holdings, Inc.		100		1,942
TDK Corp.		470		63,746
TechnoPro Holdings, Inc.		180		13,212
Teijin Ltd.		740		12,184

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

Terumo Corp.		2,860	$	108,395
THK Co. Ltd.		470		16,010
TIS, Inc.		1,000		24,815
Tobu Railway Co. Ltd.		830		21,365
Toda Corp.		1,200		8,549
Toho Co. Ltd.		520		20,690
Toho Gas Co. Ltd.		370		20,574
Tohoku Electric Power Co., Inc.		1,980		17,455
Tokai Carbon Co. Ltd.		800		12,995
Tokai Rika Co. Ltd.		240		3,877
Tokio Marine Holdings, Inc.		2,770		132,960
Tokuyama Corp.		300		6,770
Tokyo Century Corp.		260		16,050
Tokyo Electric Power Co. Holdings, Inc.*		6,400		18,863
Tokyo Electron Ltd.		635		279,909
Tokyo Gas Co. Ltd.		1,840		37,382
Tokyo Ohka Kogyo Co. Ltd.		150		9,916
Tokyo Tatemono Co. Ltd.		870		12,875
Tokyu Corp.		2,100		26,988
Tokyu Fudosan Holdings Corp.		2,800		15,546
Toppan Printing Co. Ltd.		1,250		21,316
Toray Industries, Inc.		6,790		42,157
Toshiba Corp.		1,960		80,999
Toshiba TEC Corp.*		100		3,990
Tosoh Corp.		1,250		22,160
TOTO Ltd.		630		32,726
Toyo Seikan Group Holdings Ltd.		670		7,838
Toyo Suisan Kaisha Ltd.		370		15,086
Toyo Tire Corp.		400		7,345
Toyoda Gosei Co. Ltd.		310		7,576
Toyota Boshoku Corp.		380		7,078
Toyota Industries Corp.		680		54,425
Toyota Motor Corp.		10,640		792,975
Toyota Tsusho Corp.		960		40,588
Trend Micro, Inc.		490		23,398
TS Tech Co. Ltd.		360		5,016
Tsumura & Co.		280		9,323
Tsuruha Holdings, Inc.		110		12,702
TV ASAhi Holdings Corp.		100		1,827
Ube Industries Ltd.		400		8,087
Ulvac, Inc.		200		9,145
Unicharm Corp.		1,740		67,636
United Urban Investment Corp., REIT		9		13,471
Ushio, Inc.		400		5,300

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 31

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Japan (cont’d.)

USS Co. Ltd.		900	$	16,314
Welcia Holdings Co. Ltd.		420		13,114
West Japan Railway Co.		760		42,091
Yakult Honsha Co. Ltd.		600		29,243
Yamada Holdings Co. Ltd.		3,500		17,439
Yamaguchi Financial Group, Inc.		800		4,721
Yamaha Corp.		720		39,305
Yamaha Motor Co. Ltd.		1,200		29,963
Yamato Holdings Co. Ltd.		1,430		40,385
Yamato Kogyo Co. Ltd.		200		6,025
Yamazaki Baking Co. Ltd.		500		7,932
Yaoko Co. Ltd.		100		6,380
Yaskawa Electric Corp.		1,120		51,543
Yokogawa Electric Corp.		1,100		20,002
Yokohama Rubber Co. Ltd. (The)		570		10,617
Z Holdings Corp.		11,200		51,623
Zenkoku Hosho Co. Ltd.		200		8,977
Zensho Holdings Co. Ltd.		400		10,020
Zeon Corp.		600		9,551
ZOZO, Inc.		390		13,194


				19,007,202

Jordan 0.0%
Hikma Pharmaceuticals PLC		720		24,493

Luxembourg 0.2%
ArcelorMittal SA*		3,040		88,809
Eurofins Scientific SE*		520		51,521
L’Occitane International SA		2,500		7,182
RTL Group SA*		157		9,239


				156,751

Macau 0.2%
Galaxy Entertainment Group Ltd.*		9,500		83,529
MGM China Holdings Ltd.		3,100		5,122
Sands China Ltd.*		10,400		49,394
SJM Holdings Ltd.		7,600		9,861
Wynn Macau Ltd.*		6,000		11,549


				159,455

Malaysia 0.0%
Wing Tai Holdings Ltd.		1,500		2,164

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Mexico 0.0%

Fresnillo PLC		723	$	8,275

Netherlands 4.1%

Aalberts NV		409		22,139
ABN AMRO Bank NV, 144A, CVA*		1,851		23,841
Adyen NV, 144A*		116		284,479
Aegon NV		7,596		35,208
Akzo Nobel NV		823		98,801
Argenx SE*		217		62,686
ASM International NV		211		63,767
ASML Holding NV		1,727		1,121,270
ASR Nederland NV		589		25,808
Euronext NV, 144A		270		27,155
EXOR NV		441		36,337
GrandVision NV, 144A		178		5,756
Heineken Holding NV		456		45,236
Heineken NV		1,027		118,858
IMCD NV		254		36,920
ING Groep NV		16,847		215,052
JDE Peet’s NV*		351		13,664
Koninklijke Ahold Delhaize NV		4,614		124,098
Koninklijke DSM NV		745		133,611
Koninklijke KPN NV		14,200		48,944
Koninklijke Philips NV*		3,938		221,860
Koninklijke Vopak NV		308		14,108
NN Group NV		1,361		68,084
Randstad NV		493		35,599
Royal Dutch Shell PLC (Class A Stock)		17,716		332,948
Royal Dutch Shell PLC (Class B Stock)		16,010		286,621
Signify NV, 144A*		532		30,276
Wolters Kluwer NV		1,138		102,954


				3,636,080

New Zealand 0.4%
a2 Milk Co. Ltd. (The)*		2,998		16,486
Air New Zealand Ltd.*		3,164		3,949
Auckland International Airport Ltd.*		5,061		27,388
Contact Energy Ltd.		3,012		16,292
Fisher & Paykel Healthcare Corp. Ltd.		2,464		63,400
Fletcher Building Ltd.		3,380		17,584
Infratil Ltd.		2,162		11,055
Kiwi Property Group Ltd.		5,896		5,358
Mercury NZ Ltd.		2,799		13,904

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 33

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

New Zealand (cont’d.)

Meridian Energy Ltd.		5,876	$	22,400
Ryman Healthcare Ltd.		1,835		18,670
SKYCITY Entertainment Group Ltd.*		3,893		9,971
Spark New Zealand Ltd.		7,799		24,650
Xero Ltd.*		528		57,744


				308,851

Norway 0.6%

Aker ASA (Class A Stock)		123		9,186
Aker BP ASA		415		11,978
DNB ASA		4,421		94,798
Equinor ASA		4,123		83,729
Gjensidige Forsikring ASA		706		16,077
Leroy Seafood Group ASA		1,003		9,215
Mowi ASA		1,882		46,529
Norsk Hydro ASA		5,913		37,848
Orkla ASA		3,390		34,611
Salmar ASA		221		15,369
Scatec ASA, 144A		503		13,545
Schibsted ASA (Class A Stock)*		357		18,015
Schibsted ASA (Class B Stock)*		423		18,546
Telenor ASA		2,719		48,585
TOMRA Systems ASA		506		25,401


				483,432

Poland 0.3%

Allegro.eu SA, 144A*		1,638		24,798
Bank Polska Kasa Opieki SA*		737		15,588
CD Projekt SA*		262		12,057
Cyfrowy Polsat SA		1,243		9,681
Dino Polska SA, 144A*		208		13,528
InPost SA*		858		16,398
KGHM Polska Miedz SA*		562		28,890
LPP SA*		5		12,932
Polski Koncern Naftowy ORLEN SA		1,287		22,680
Polskie Gornictwo Naftowe i Gazownictwo SA		7,691		13,336
Powszechna Kasa Oszczednosci Bank Polski SA*		3,730		34,739
Powszechny Zaklad Ubezpieczen SA*		2,347		20,265
Santander Bank Polska SA*		113		6,696


				231,588

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Portugal 0.1%

EDP - Energias de Portugal SA		12,087	$	67,268
Galp Energia SGPS SA		2,392		27,619
Jeronimo Martins SGPS SA		1,011		18,476


				113,363

Russia 0.1%

Evraz PLC		2,364		20,863
Polymetal International PLC		1,611		33,373


				54,236

Saudi Arabia 0.1%

Delivery Hero SE, 144A*		637		101,135

Singapore 1.0%

Ascendas Real Estate Investment Trust, REIT		14,816		34,636
Ascott Residence Trust, UTS		6,000		4,775
BOC Aviation Ltd., 144A		800		7,203
CapitaLand Integrated Commercial Trust, REIT		18,157		29,313
CapitaLand Ltd.		10,800		30,169
City Developments Ltd.		1,800		10,652
ComfortDelGro Corp. Ltd.		8,000		10,351
DBS Group Holdings Ltd.		7,791		175,038
Frasers Logistics & Commercial Trust, REIT		10,100		11,148
Genting Singapore Ltd.		27,100		17,604
Jardine Cycle & Carriage Ltd.		390		6,803
Keppel Corp. Ltd.		5,900		24,005
Keppel DC REIT, REIT		4,900		9,916
Keppel REIT, REIT		7,700		7,173
Mapletree Commercial Trust, REIT		9,200		15,125
Mapletree Industrial Trust, REIT		6,500		13,844
Mapletree Logistics Trust, REIT		13,400		20,011
Mapletree North Asia Commercial Trust, REIT		11,000		9,014
NetLink NBN Trust, UTS		11,800		8,608
Olam International Ltd.		2,400		3,138
Oversea-Chinese Banking Corp. Ltd.		15,073		137,967
SATS Ltd.*		3,200		9,766
Sembcorp Industries Ltd.		4,100		6,534
Sembcorp Marine Ltd.*		38,435		6,051
SIA Engineering Co. Ltd.		1,000		1,713
Singapore Airlines Ltd.*		5,900		22,434
Singapore Exchange Ltd.		3,400		26,635
Singapore Post Ltd.		8,500		4,919
Singapore Press Holdings Ltd.		7,300		10,095

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 35

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Singapore (cont’d.)

Singapore Technologies Engineering Ltd.		6,300	$	18,311
Singapore Telecommunications Ltd.		32,000		60,095
StarHub Ltd.		2,900		2,942
Suntec Real Estate Investment Trust, REIT		9,900		11,354
United Overseas Bank Ltd.		5,557		110,999
UOL Group Ltd.		2,300		13,280
Venture Corp. Ltd.		1,200		18,153


				909,774

South Africa 0.3%

Anglo American PLC		5,323		225,676

South Korea 5.2%

Alteogen, Inc.*		111		8,088
Amorepacific Corp.		130		31,607
AMOREPACIFIC Group		118		7,790
BGF retail Co. Ltd.		36		4,941
BNK Financial Group, Inc.		1,143		7,879
Celltrion Healthcare Co. Ltd.*		307		31,069
Celltrion Pharm, Inc.*		75		9,026
Celltrion, Inc.*		454		108,698
Cheil Worldwide, Inc.		349		6,889
CJ CheilJedang Corp.		30		10,675
CJ Corp.		65		5,570
CJ ENM Co. Ltd.		49		6,381
CJ Logistics Corp.*		37		5,711
Coway Co. Ltd.		235		14,125
Daewoo Engineering & Construction Co. Ltd.*		933		6,206
Daewoo Shipbuilding & Marine Engineering Co. Ltd.*		159		5,252
DB Insurance Co. Ltd.		214		9,410
DGB Financial Group, Inc.		628		5,005
DL E&C Co. Ltd.*		58		6,924
DL Holdings Co. Ltd.		47		3,999
Dongsuh Cos., Inc.		129		3,649
Doosan Bobcat, Inc.*		66		2,708
Doosan Heavy Industries & Construction Co. Ltd.*		984		12,295
Doosan Infracore Co. Ltd.*		536		5,194
E-MART, Inc.		76		11,475
Fila Holdings Corp.		237		9,704
Green Cross Corp.		23		7,007
GS Engineering & Construction Corp.		239		9,487
GS Holdings Corp.		235		9,069
GS Retail Co. Ltd.		72		2,317

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

South Korea (cont’d.)

Hana Financial Group, Inc.		1,260	$	51,728
Hanjin Kal Corp.*		120		5,982
Hankook Tire & Technology Co. Ltd.		345		14,873
Hanmi Pharm Co. Ltd.		27		8,207
Hanmi Science Co. Ltd.		56		3,479
Hanon Systems		660		9,627
Hanssem Co. Ltd.		51		5,129
Hanwha Aerospace Co. Ltd.		142		4,930
Hanwha Corp.		141		3,902
Hanwha Life Insurance Co. Ltd.		1,253		3,945
Hanwha Solutions Corp.*		422		17,413
HDC Hyundai Development Co-Engineering & Construction (Class E Stock)		154		3,871
Helixmith Co. Ltd.*		120		3,334
Hite Jinro Co. Ltd.		102		3,200
HLB, Inc.*		416		12,455
HMM Co. Ltd.*		1,190		41,992
Hotel Shilla Co. Ltd.		128		9,971
Hyundai Department Store Co. Ltd.		82		6,845
Hyundai Engineering & Construction Co. Ltd.		352		15,956
Hyundai Glovis Co. Ltd.		74		12,757
Hyundai Heavy Industries Holdings Co. Ltd.		200		12,638
Hyundai Marine & Fire Insurance Co. Ltd.		225		4,923
Hyundai Mipo Dockyard Co. Ltd.*		122		9,395
Hyundai Mobis Co. Ltd.		275		66,628
Hyundai Motor Co.		602		114,712
Hyundai Steel Co.		325		16,190
Hyundai Wia Corp.		65		4,065
Industrial Bank of Korea		1,022		8,901
Kakao Corp.		1,156		117,774
Kangwon Land, Inc.*		472		10,725
KB Financial Group, Inc.		1,709		84,296
KCC Corp.		29		8,162
KEPCO Plant Service & Engineering Co. Ltd.		71		2,166
Kia Corp.		1,100		75,977
Korea Aerospace Industries Ltd.		265		7,777
Korea Electric Power Corp.		1,059		22,523
Korea Gas Corp.*		70		2,195
Korea Investment Holdings Co. Ltd.		179		18,033
Korea Shipbuilding & Offshore Engineering Co. Ltd.*		198		27,285
Korea Zinc Co. Ltd.		42		16,836
Korean Air Lines Co. Ltd.*		740		17,889
KT&G Corp.		459		33,984
Kumho Petrochemical Co. Ltd.		75		17,552

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 37

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

South Korea (cont’d.)

LG Chem Ltd.		195	$	163,493
LG Corp.		395		44,796
LG Display Co. Ltd.*		994		21,664
LG Electronics, Inc.		457		64,592
LG Household & Health Care Ltd.		38		52,642
LG Innotek Co. Ltd.		57		10,309
LG Uplus Corp.		1,076		12,776
Lotte Chemical Corp.		60		16,375
Lotte Chilsung Beverage Co. Ltd.		26		3,273
Lotte Corp.		157		5,165
LOTTE Fine Chemical Co. Ltd.		103		6,288
Lotte Shopping Co. Ltd.		46		5,131
LS Corp.		71		4,669
Mando Corp.*		182		9,506
Medytox, Inc.		24		3,784
Mirae Asset Securities Co. Ltd.		1,450		13,044
NAVER Corp.		571		184,363
NCSoft Corp.		72		53,523
Netmarble Corp., 144A		71		8,270
NH Investment & Securities Co. Ltd.		574		6,631
NHN Corp.*		77		5,055
NongShim Co. Ltd.		16		4,103
OCI Co. Ltd.*		97		10,852
Orion Corp.		106		11,156
Ottogi Corp.		4		1,996
Paradise Co. Ltd.*		244		4,007
POSCO		285		92,793
POSCO Chemical Co. Ltd.		109		14,543
Posco International Corp.		206		3,888
S-1 Corp.		75		5,490
Samsung Biologics Co. Ltd., 144A*		57		41,202
Samsung C&T Corp.		360		43,986
Samsung Card Co. Ltd.		83		2,634
Samsung Electro-Mechanics Co. Ltd.		236		37,947
Samsung Electronics Co. Ltd.		20,340		1,488,530
Samsung Engineering Co. Ltd.*		593		9,237
Samsung Fire & Marine Insurance Co. Ltd.		141		25,100
Samsung Heavy Industries Co. Ltd.*		1,911		12,895
Samsung Life Insurance Co. Ltd.		262		19,259
Samsung SDI Co. Ltd.		226		132,442
Samsung SDS Co. Ltd.		130		21,349
Samsung Securities Co. Ltd.		318		12,190
Seegene, Inc.		120		10,201
Shin Poong Pharmaceutical Co. Ltd.		140		8,803

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

South Korea (cont’d.)

Shinhan Financial Group Co. Ltd.		2,152	$	77,325
Shinsegae, Inc.		26		7,116
SillaJen, Inc.*^		138		689
SK Biopharmaceuticals Co. Ltd.*		103		10,098
SK Chemicals Co. Ltd.		38		9,116
SK Holdings Co. Ltd.		130		32,265
SK Hynix, Inc.		2,227		255,668
SK Innovation Co. Ltd.*		238		57,906
SK Networks Co. Ltd.		404		1,924
SK Telecom Co. Ltd.		108		29,451
SKC Co. Ltd.		96		11,647
S-Oil Corp.*		193		15,081
Solus Advanced Materials Co. Ltd.		66		2,990
SSANGYONG C&E Co. Ltd.		819		5,718
Woori Financial Group, Inc.		2,222		21,358
Yuhan Corp.		189		10,957


				4,567,633

Spain 2.1%

Acciona SA		94		16,370
ACS Actividades de Construccion y Servicios SA		947		30,902
Aena SME SA, 144A*		307		53,389
Amadeus IT Group SA*		1,836		125,075
Banco Bilbao Vizcaya Argentaria SA*		28,735		160,753
Banco Santander SA*		74,086		285,505
Bankinter SA		2,963		16,205
CaixaBank SA		19,110		61,220
Cellnex Telecom SA, 144A		2,055		116,140
EDP Renovaveis SA*		1,022		24,392
Enagas SA		1,056		23,000
Endesa SA		1,362		35,842
Ferrovial SA		2,116		60,096
Grifols SA		1,419		38,504
Iberdrola SA		25,378		342,977
Industria de Diseno Textil SA		4,603		163,510
Inmobiliaria Colonial Socimi SA, REIT		1,565		15,886
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros*		2,963		5,806
Mapfre SA		4,037		8,688
Merlin Properties Socimi SA, REIT		1,515		16,774
Naturgy Energy Group SA		1,280		32,837
Red Electrica Corp. SA		1,806		33,193
Repsol SA		5,881		70,082
Siemens Gamesa Renewable Energy SA		960		34,781

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 39

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Spain (cont’d.)

Telefonica SA		20,866	$	96,568
Zardoya Otis SA		852		5,395


				1,873,890

Sweden 3.2%

Alfa Laval AB		1,354		45,755
Assa Abloy AB (Class B Stock)		3,958		112,648
Atlas Copco AB (Class A Stock)		2,701		163,351
Atlas Copco AB (Class B Stock)		1,635		84,691
Boliden AB*		1,180		46,059
Castellum AB		1,152		28,070
Electrolux AB (Class B Stock)		992		27,917
Elekta AB (Class B Stock)		1,486		19,902
Epiroc AB (Class A Stock)		2,652		57,411
Epiroc AB (Class B Stock)		1,694		33,193
EQT AB		898		30,373
Essity AB (Class B Stock)		2,606		85,117
Evolution Gaming Group AB, 144A		683		135,178
Fastighets AB Balder (Class B Stock)*		421		24,232
Getinge AB (Class B Stock)		946		32,039
H & M Hennes & Mauritz AB (Class B Stock)*		3,857		94,876
Hexagon AB (Class B Stock)		1,120		106,525
Holmen AB (Class B Stock)		388		18,293
Husqvarna AB (Class A Stock)		125		1,757
Husqvarna AB (Class B Stock)		1,669		23,258
ICA Gruppen AB		353		16,273
Industrivarden AB (Class A Stock)		891		34,186
Industrivarden AB (Class C Stock)		733		26,450
Indutrade AB		1,185		31,008
Investment AB Latour (Class B Stock)		575		17,597
Investor AB (Class A Stock)		569		48,391
Investor AB (Class B Stock)		1,980		168,151
Kinnevik AB (Class A Stock)*		63		4,245
Kinnevik AB (Class B Stock)*		1,050		58,015
L E Lundbergforetagen AB (Class B Stock)		339		19,356
Lifco AB (Class B Stock)		183		19,695
Lundin Energy AB		840		26,916
Nibe Industrier AB (Class B Stock)		1,285		47,070
Saab AB (Class B Stock)		354		10,485
Sagax AB (Class B Stock)		728		19,271
Sagax AB (Class D Stock)		400		1,553
Sandvik AB		4,647		114,717
Securitas AB (Class B Stock)		1,433		24,433
Sinch AB, 144A*		188		29,761

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

Sweden (cont’d.)

Skandinaviska Enskilda Banken AB (Class A Stock)		6,159	$	78,939
Skandinaviska Enskilda Banken AB (Class C Stock)		100		1,277
Skanska AB (Class B Stock)		1,499		40,569
SKF AB (Class B Stock)		1,653		42,630
Svenska Cellulosa AB SCA (Class A Stock)		80		1,443
Svenska Cellulosa AB SCA (Class B Stock)		2,563		44,884
Svenska Handelsbanken AB (Class A Stock)		6,382		73,966
Svenska Handelsbanken AB (Class B Stock)		188		2,304
Sweco AB (Class B Stock)		801		14,282
Swedbank AB (Class A Stock)		4,312		75,682
Swedish Match AB		670		54,966
Swedish Orphan Biovitrum AB*		826		14,071
Tele2 AB (Class B Stock)		2,214		28,595
Telefonaktiebolaget LM Ericsson (Class A Stock)		197		2,708
Telefonaktiebolaget LM Ericsson (Class B Stock)		13,101		179,357
Telia Co. AB		11,263		46,666
Trelleborg AB (Class B Stock)		1,063		27,689
Volvo AB (Class A Stock)		873		21,950
Volvo AB (Class B Stock)		6,476		158,224


				2,798,420

Switzerland 7.8%

ABB Ltd.		7,422		241,244
Adecco Group AG		683		46,290
Alcon, Inc.*		2,031		152,331
Baloise Holding AG		191		32,316
Banque Cantonale Vaudoise		123		12,546
Barry Callebaut AG		13		28,672
BKW AG		77		8,633
Chocoladefabriken Lindt & Spruengli AG*		8		74,201
Cie Financiere Richemont SA (Class A Stock)		2,219		227,950
Clariant AG		1,023		21,440
Coca-Cola HBC AG		802		27,778
Credit Suisse Group AG		10,622		111,053
DKSH Holding AG		160		12,860
EMS-Chemie Holding AG		30		27,994
Flughafen Zurich AG*		90		16,210
Geberit AG		153		100,607
Georg Fischer AG		18		25,253
Givaudan SA		40		167,676
Helvetia Holding AG		148		17,831
Julius Baer Group Ltd.		956		60,041
Kuehne + Nagel International AG		217		64,938
LafargeHolcim Ltd.*		2,244		138,386

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 41

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

Switzerland (cont’d.)

Logitech International SA		627	$	70,023
Lonza Group AG*		321		204,489
Nestle SA		12,064		1,439,482
Novartis AG		9,174		783,271
OC Oerlikon Corp. AG		769		9,000
Partners Group Holding AG		98		139,830
PSP Swiss Property AG		179		22,101
Roche Holding AG (TRQX)		3,014		982,712
Roche Holding AG (XSWX)		117		40,721
Schindler Holding AG		79		21,997
Schindler Holding AG (PART. CERT.)		174		49,527
SGS SA		25		73,919
SIG Combibloc Group AG*		1,445		35,475
Sika AG		606		181,204
Sonova Holding AG*		232		68,632
STMicroelectronics NV		2,782		103,950
Straumann Holding AG		44		62,969
Sulzer AG		31		3,538
Swatch Group AG (The) (XSWX)		121		37,093
Swatch Group AG (The) (TRQX)		177		10,620
Swiss Life Holding AG		139		67,849
Swiss Prime Site AG		313		30,462
Swiss Re AG		1,231		114,476
Swisscom AG		113		61,437
Tecan Group AG		50		24,391
Temenos AG		270		39,665
UBS Group AG		14,510		220,714
VAT Group AG, 144A		114		32,656
Vifor Pharma AG		214		30,913
Zurich Insurance Group AG		645		264,554


				6,843,920

Taiwan 0.0%

FIT Hon Teng Ltd., 144A*		3,000		925

United Arab Emirates 0.0%
NMC Health PLC*^		372		—

United Kingdom 10.4%

3i Group PLC		4,144		73,365
Admiral Group PLC		868		37,700
Ashmore Group PLC		1,966		10,917
Ashtead Group PLC		1,929		124,075

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)

Associated British Foods PLC*		1,519	$	48,149
AstraZeneca PLC		5,700		611,928
Auto Trader Group PLC, 144A*		3,949		31,127
AVEVA Group PLC		465		22,491
Aviva PLC		16,995		93,669
B&M European Value Retail SA		3,791		29,501
BAE Systems PLC		13,912		97,364
Barclays PLC		75,480		182,232
Barratt Developments PLC		4,543		48,417
Bellway PLC		508		25,351
Berkeley Group Holdings PLC		489		31,201
BP PLC		85,623		358,021
British American Tobacco PLC		9,854		365,508
British Land Co. PLC (The), REIT		4,076		29,114
BT Group PLC*		37,352		85,088
Bunzl PLC		1,460		47,102
Burberry Group PLC*		1,791		51,379
Centrica PLC*		23,861		18,568
CK Hutchison Holdings Ltd.		11,600		95,045
CNH Industrial NV		4,281		63,742
Compass Group PLC*		7,647		166,079
ConvaTec Group PLC, 144A		6,595		19,969
Croda International PLC		591		55,370
DCC PLC		442		38,408
Derwent London PLC, REIT		464		21,355
Diageo PLC		9,903		447,231
Direct Line Insurance Group PLC		5,601		22,098
DS Smith PLC		5,794		33,869
easyJet PLC*		905		12,881
Entain PLC*		2,542		59,463
Experian PLC		3,932		151,651
GlaxoSmithKline PLC		21,281		394,623
Halma PLC		1,616		57,745
Hargreaves Lansdown PLC		1,598		37,814
Hiscox Ltd.*		1,547		17,374
HomeServe PLC		1,140		17,268
Howden Joinery Group PLC*		2,337		26,084
HSBC Holdings PLC		87,964		548,328
IMI PLC		1,137		24,963
Imperial Brands PLC		4,051		84,589
Informa PLC*		6,594		51,102
InterContinental Hotels Group PLC*		794		56,431
Intermediate Capital Group PLC		1,257		38,019
International Consolidated Airlines Group SA*		4,571		12,711

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 43

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)

Intertek Group PLC		708	$	60,105
ITV PLC*		16,747		27,958
J Sainsbury PLC		6,678		21,892
JD Sports Fashion PLC*		1,920		24,384
Johnson Matthey PLC		807		36,323
Kingfisher PLC*		9,334		46,064
Land Securities Group PLC, REIT		3,267		32,510
Legal & General Group PLC		25,663		96,143
Lloyds Banking Group PLC		307,422		192,621
London Stock Exchange Group PLC		1,561		159,192
M&G PLC		11,220		33,642
Meggitt PLC*		3,210		20,737
Melrose Industries PLC		20,947		47,009
Mondi PLC		2,112		57,496
National Grid PLC		15,485		195,755
Natwest Group PLC		19,877		53,849
Next PLC*		550		59,728
Ocado Group PLC*		2,121		61,541
Pearson PLC		3,370		38,721
Pennon Group PLC		1,715		24,631
Persimmon PLC		1,370		59,355
Phoenix Group Holdings PLC		2,507		24,629
Prudential PLC		11,259		238,674
Quilter PLC, 144A		7,354		16,607
Reckitt Benckiser Group PLC		2,742		244,067
RELX PLC		8,043		208,377
Renishaw PLC		165		14,167
Rentokil Initial PLC		8,057		55,692
Rightmove PLC		3,627		30,842
Rolls-Royce Holdings PLC*		32,658		46,863
RSA Insurance Group PLC		4,491		42,261
Sage Group PLC (The)		4,793		42,319
Schroders PLC		488		24,344
Segro PLC, REIT		5,191		72,024
Severn Trent PLC		991		33,903
Smith & Nephew PLC		3,771		81,420
Smiths Group PLC		1,650		36,990
Spirax-Sarco Engineering PLC		327		53,363
SSE PLC		4,510		91,460
St. James’s Place PLC		2,220		41,762
Standard Chartered PLC		11,100		79,466
Standard Life Aberdeen PLC		9,019		34,461
Tate & Lyle PLC		2,106		23,328
Taylor Wimpey PLC		16,072		39,890

See Notes to Financial Statements.



Description	Shares		Value

COMMON STOCKS (Continued)

United Kingdom (cont’d.)

TechnipFMC PLC*		1,953	$	14,573
Tesco PLC		33,032		100,857
THG PLC*		2,613		22,399
Travis Perkins PLC*		1,014		21,660
Unilever PLC		11,034		649,898
United Utilities Group PLC		3,075		41,147
Vodafone Group PLC		115,958		219,267
Weir Group PLC (The)*		1,068		28,210
Whitbread PLC*		847		37,906
Wickes Group PLC*		1,137		3,925
Wm Morrison Supermarkets PLC		9,089		21,833
WPP PLC		5,138		69,350


				9,134,069

United States 0.6%

Amcor PLC, CDI		6,767		79,265
Avast PLC, 144A		2,265		14,976
Ferguson PLC		984		124,616
James Hardie Industries PLC, CDI		1,912		63,145
QIAGEN NV*		953		46,265
Samsonite International SA, 144A*		6,000		11,148
Sims Ltd.		842		10,200
Stellantis NV		8,795		145,893
Tenaris SA		1,969		21,299


				516,807


TOTAL COMMON STOCKS (cost $63,550,298)				80,974,554


EXCHANGE-TRADED FUND 3.2%

United States

iShares MSCI EAFE ETF (cost $2,321,733)		36,000		2,811,960


PREFERRED STOCKS 0.9%

Germany 0.6%

Bayerische Motoren Werke AG (PRFC)		262		21,415
FUCHS PETROLUB SE (PRFC)		300		15,915
Henkel AG & Co. KGaA (PRFC)		749		86,075
Porsche Automobil Holding SE (PRFC)		667		70,446

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 45

Schedule of Investments (unaudited) (continued)

as of April 30, 2021



Description	Shares		Value

PREFERRED STOCKS (Continued)

Germany (cont’d.)

Sartorius AG (PRFC)		151	$	85,323
Volkswagen AG (PRFC)		793		206,291


				485,465

South Korea 0.3%

Amorepacific Corp. (PRFC)		46		3,686
CJ CheilJedang Corp. (PRFC)		14		2,339
Hyundai Motor Co. (2nd PRFC)		155		14,779
Hyundai Motor Co. (PRFC)		88		8,424
LG Chem Ltd. (PRFC)		30		12,026
LG Electronics, Inc. (PRFC)		64		4,276
LG Household & Health Care Ltd. (PRFC)		8		5,153
Mirae Asset Securities Co. Ltd. (2nd PRFC)		712		3,132
Samsung Electronics Co. Ltd. (PRFC)		3,555		234,120
Samsung Fire & Marine Insurance Co. Ltd. (PRFC)		15		2,120
Samsung SDI Co. Ltd. (PRFC)		8		3,227


				293,282


TOTAL PREFERRED STOCKS (cost $470,283)				778,747


	Units

*RIGHTS 0.0%**

Netherlands 0.0%

Euronext NV, expiring 05/10/21		270		3,165


Switzerland 0.0%

Credit Suisse Group AG, expiring 05/12/21^		10,622		1


TOTAL RIGHTS (COST $0)				3,166


TOTAL LONG-TERM INVESTMENTS (cost $66,342,314)				84,568,427

See Notes to Financial Statements.



Description					Shares		Value
SHORT-TERM INVESTMENTS 2.3%

AFFILIATED MUTUAL FUND 1.9%
PGIM Core Ultra Short Bond Fund (cost $1,638,792)(wb)						1,638,792	$	1,638,792


	Interest Rate		Maturity Date		Principal Amount (000)#

U.S. TREASURY OBLIGATION(k)(n) 0.4%
U.S. Treasury Bills (cost $324,944)		0.045%		09/16/21		325		324,988


TOTAL SHORT-TERM INVESTMENTS (cost $1,963,736)								1,963,780


TOTAL INVESTMENTS 98.4% (cost $68,306,050)								86,532,207
Other assets in excess of liabilities(z) 1.6%								1,444,249


NET ASSETS 100.0%							$	87,976,456

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

USD—US Dollar

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

ASX—Australian Securities Exchange

CAC40—French Stock Market Index

CDI—Chess Depository Interest

CVA—Certificate Van Aandelen (Bearer)

EAFE—Europe, Australasia, Far East

ETF—Exchange-Traded Fund

FTSE—Financial Times Stock Exchange

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

OTC—Over-the-counter

PART CERT—Participation Certificates

PRFC—Preference Shares

REITs—Real Estate Investment Trust

RSP—Savings Shares

SPI—Swiss Performance Index

STOXX—Stock Index of the Eurozone

TOPIX—Tokyo Stock Price Index

TRQX—Turquoise Stock Exchange

UTS—Unit Trust Security

XSWX—SIX Swiss Exchange

*	Non-income producing security.

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

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 47

Schedule of Investments (unaudited) (continued)

as of April 30, 2021

^	Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $690 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)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

(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, 2021:


Number of Contracts	Type	Expiration Date		Current Notional Amount			Value / Unrealized Appreciation (Depreciation)
Long Positions:
1	ASX SPI 200 Index		Jun. 2021		$	134,850		$	4,544
1	CAC40 10 Euro		May 2021			74,732			1,378
6	Euro STOXX 50 Index		Jun. 2021			284,212			11,280
2	FTSE 100 Index		Jun. 2021			191,621			6,530
17	Mini MSCI EAFE Index		Jun. 2021			1,918,705			35,997
2	TOPIX Index		Jun. 2021			347,973			3,198

								$	62,927

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


Broker	Cash and/or Foreign Currency			Securities Market Value
Morgan Stanley & Co. LLC		$	—		$	324,988

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, 2021 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Assets
Common Stocks
Australia	$	—	$	6,480,247		$ —
Austria		—		172,653		—

See Notes to Financial Statements.


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Common Stocks (continued)
Belgium		$	—		$	714,300		$ —
Brazil			—			38,012		—
Cambodia			—			7,094		—
Chile			—			38,584		—
China			—			566,425		—
Denmark			—			1,769,268		—
Finland			—			1,005,588		—
France			—			7,871,706		—
Germany			—			6,469,119		—
Hong Kong			—			2,141,697		—
Indonesia			—			7,646		—
Ireland			—			529,325		—
Israel			—			419,077		—
Italy			—			1,585,674		—
Japan			—			19,007,202		—
Jordan			—			24,493		—
Luxembourg			—			156,751		—
Macau			—			159,455		—
Malaysia			—			2,164		—
Mexico			—			8,275		—
Netherlands			—			3,636,080		—
New Zealand			—			308,851		—
Norway			—			483,432		—
Poland			—			231,588		—
Portugal			—			113,363		—
Russia			—			54,236		—
Saudi Arabia			—			101,135		—
Singapore			—			909,774		—
South Africa			—			225,676		—
South Korea			—			4,566,944		689
Spain			5,806			1,868,084		—
Sweden			—			2,798,420		—
Switzerland			—			6,843,920		—
Taiwan			—			925		—
United Arab Emirates			—			—		—
United Kingdom			3,925			9,130,144		—
United States			—			516,807		—
Exchange-Traded Fund
United States			2,811,960			—		—
Preferred Stocks
Germany			—			485,465		—
South Korea			—			293,282		—
Rights
Netherlands			3,165			—		—

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 49

Schedule of Investments (unaudited) (continued)

as of April 30, 2021


	Level 1			Level 2			Level 3
Investments in Securities (continued)
Assets (continued)
Rights (continued)
Switzerland		$	—		$	—		$	1
Affiliated Mutual Fund			1,638,792			—			—
U.S. Treasury Obligation			—			324,988			—

Total		$	4,463,648		$	82,067,869		$	690


Other Financial Instruments*
Assets
Futures Contracts		$	62,927		$	—		$	—

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, 2021 were as follows:


Banks	8.0	%
Pharmaceuticals	6.5
Insurance	4.3
Metals & Mining	3.4
Chemicals	3.3
Automobiles	3.3
Exchange-Traded Fund	3.2
Machinery	3.1
Semiconductors & Semiconductor Equipment	2.9
Textiles, Apparel & Luxury Goods	2.8
Food Products	2.7
Oil, Gas & Consumable Fuels	2.6
Capital Markets	2.6
Technology Hardware, Storage & Peripherals	2.5
Health Care Equipment & Supplies	1.9
Affiliated Mutual Funds	1.9
Personal Products	1.9
Electronic Equipment, Instruments & Components	1.8
Electric Utilities	1.8
IT Services	1.7
Diversified Telecommunication Services	1.7
Electrical Equipment	1.6
Beverages	1.5
Real Estate Management & Development	1.5


Wireless Telecommunication Services	1.5	%
Software	1.4
Trading Companies & Distributors	1.4
Professional Services	1.4
Industrial Conglomerates	1.4
Hotels, Restaurants & Leisure	1.3
Equity Real Estate Investment Trusts (REITs)	1.2
Household Durables	1.2
Building Products	1.2
Auto Components	1.0
Internet & Direct Marketing Retail	1.0
Food & Staples Retailing	0.9
Aerospace & Defense	0.9
Biotechnology	0.9
Construction & Engineering	0.8
Tobacco	0.8
Diversified Financial Services	0.7
Multi-Utilities	0.7
Specialty Retail	0.7
Road & Rail	0.7
Air Freight & Logistics	0.7
Household Products	0.7
Entertainment	0.6
Interactive Media & Services	0.6

See Notes to Financial Statements.

Industry Classification (continued):


Construction Materials	0.6	%
Life Sciences Tools & Services	0.6
Media	0.5
Transportation Infrastructure	0.5
Health Care Providers & Services	0.5
Gas Utilities	0.5
Multiline Retail	0.4
U.S. Treasury Obligation	0.4
Paper & Forest Products	0.4
Marine	0.4
Commercial Services & Supplies	0.3
Communications Equipment	0.3
Leisure Products	0.3
Containers & Packaging	0.2
Health Care Technology	0.2
Water Utilities	0.1


Airlines	0.0	*%
Independent Power & Renewable Electricity Producers	0.0	*
Energy Equipment & Services	0.0	*
Consumer Finance	0.0	*
Diversified Consumer Services	0.0	*
Distributors	0.0	*


	98.4
Other assets in excess of liabilities	1.6


	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, 2021 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

62,927

—

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

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 51

Schedule of Investments (unaudited) (continued)

as of April 30, 2021

The effects of derivative instruments on the Statement of Operations for the six months ended April 30, 2021 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		$482,232

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

Equity contracts		$230,660

For the six months ended April 30, 2021, the Fund’s average volume of derivative activities is as follows:

Futures

Contracts—

Long

Positions(1)

$2,650,903

(1)	Notional Amount in USD.

Average volume is based on average quarter end balances as noted for the six months ended April 30, 2021.

See Notes to Financial Statements.

Statement of Assets and Liabilities (unaudited)

as of April 30, 2021


Assets

Investments at value:
Unaffiliated investments (cost $66,667,258)	$	84,893,415
Affiliated investments (cost $1,638,792)		1,638,792
Foreign currency, at value (cost $817,807)		814,544
Receivable for Fund shares sold		384,707
Dividends receivable		278,053
Tax reclaim receivable		137,232
Due from Manager		5,313
Prepaid expenses		1,186


Total Assets		88,153,242


Liabilities

Custodian and accounting fees payable		102,240
Due to broker—variation margin futures		28,930
Audit fee payable		14,630
Payable for Fund shares purchased		14,215
Shareholders’ reports payable		9,208
Accrued expenses and other liabilities		6,257
Trustees’ fees payable		1,222
Affiliated transfer agent fee payable		84


Total Liabilities		176,786


Net Assets	$	87,976,456




Net assets were comprised of:
Shares of beneficial interest, at par	$	6,155
Paid-in capital in excess of par		70,180,576
Total distributable earnings (loss)		17,789,725


Net assets, April 30, 2021	$	87,976,456


Class R6

Net asset value, offering price and redemption price per share, ($87,976,456 ÷ 6,154,635 shares of beneficial interest issued and outstanding)	$	14.29

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 53

Statement of Operations (unaudited)

Six Months Ended April 30, 2021


Net Investment Income (Loss)

Income
Unaffiliated dividend income (net of $132,324 foreign withholding tax)	$	994,870
Affiliated dividend income		1,320
Income from securities lending, net (including affiliated income of $173)		254

Total income		996,444


Expenses
Management fee		99,500
Custodian and accounting fees		130,019
Pricing fees		23,197
Audit fee		16,734
Fund data services		14,606
Legal fees and expenses		8,277
Trustees’ fees		6,119
Shareholders’ reports		3,968
Transfer agent’s fees and expenses (including affiliated expense of $216)		258
Registration fees		124
SEC registration fees		89
Miscellaneous		7,503

Total expenses		310,394
Less: Fee waiver and/or expense reimbursement		(190,975	)

Net expenses		119,419

Net investment income (loss)		877,025


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

Net realized gain (loss) on:
Investment transactions (including affiliated of $1)		(162,637	)
Futures transactions		482,232
Foreign currency transactions		29,822

		349,417

Net change in unrealized appreciation (depreciation) on:
Investments		17,739,407
Futures		230,660
Foreign currencies		1,638

		17,971,705

Net gain (loss) on investment and foreign currency transactions		18,321,122

Net Increase (Decrease) In Net Assets Resulting From Operations	$	19,198,147

See Notes to Financial Statements.

Statements of Changes in Net Assets (unaudited)



	Six Months Ended April 30, 2021				Year Ended October 31, 2020

Increase (Decrease) in Net Assets
Operations
Net investment income (loss)		$	877,025			$	1,079,795
Net realized gain (loss) on investment and foreign currency transactions			349,417				(882,534	)
Net change in unrealized appreciation (depreciation) on investments and foreign currencies			17,971,705				(3,077,513	)

Net increase (decrease) in net assets resulting from operations			19,198,147				(2,880,252	)


Dividends and Distributions
Distributions from distributable earnings
Class R6			(1,190,150	)			(1,380,800	)


Fund share transactions
Net proceeds from shares sold			11,890,962				31,311,713
Net asset value of shares issued in reinvestment of dividends and distributions			1,190,150				1,380,800
Cost of shares purchased			(9,274,970	)			(13,076,279	)

Net increase (decrease) in net assets from Fund share transactions			3,806,142				19,616,234

Total increase (decrease)			21,814,139				15,355,182

Net Assets:

Beginning of period			66,162,317				50,807,135

End of period		$	87,976,456			$	66,162,317

See Notes to Financial Statements.

PGIM QMA International Developed Markets Index Fund 55

Notes to Financial Statements (unaudited)

1. Organization

Prudential Investment Portfolios 2 (“PIP 2”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. PIP 2 currently consists of eleven separate series: PGIM Core Conservative Bond Fund, PGIM Core Short-Term Bond Fund, PGIM Core Ultra Short Bond Fund, PGIM Institutional Money Market Fund, PGIM Jennison Small-Cap Core Equity Fund, PGIM QMA Emerging Markets Equity Fund, PGIM QMA International Developed Markets Index Fund, PGIM QMA Mid-Cap Core Equity Fund, PGIM QMA US Broad Market Index Fund and PGIM TIPS Fund, each of which are diversified funds for purposes of the 1940 Act, and PGIM QMA Commodity Strategies Fund, which is a non-diversified fund for purposes of the 1940 Act and may invest a greater percentage of its assets in the securities of a single company or other issuer than a diversified fund. Investing in a non-diversified fund involves greater risk than investing in a diversified fund because a loss resulting from the decline in value of any one security may represent a greater portion of the total assets of a non-diversified fund. These financial statements relate only to the PGIM QMA International Developed Markets Index Fund (the “Fund”).

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

2. Accounting Policies

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

PGIM QMA International Developed Markets Index Fund 57

Notes to Financial Statements (unaudited) (continued)

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based on evaluating observable inputs, including but not limited to, yield curves, yield 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 current rates of exchange;

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

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.

PGIM QMA International Developed Markets Index Fund 59

Notes to Financial Statements (unaudited) (continued)

counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right to set-off exists when all the conditions are met such that each of the parties owes the other determinable amounts, the reporting party has the right to set-off the amount owed with the amount owed by the other party, the reporting party intends to set-off and the right of set-off is enforceable by law.

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

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.

3. Agreements

The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”). The Manager pays for the services of QMA.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.25% of the Fund’s average daily net assets.

The Manager has contractually agreed, through February 28, 2022, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 0.30% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is

PGIM QMA International Developed Markets Index Fund 61

Notes to Financial Statements (unaudited) (continued)

made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

4. Other Transactions with Affiliates

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

5. Portfolio Securities

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended April 30, 2021, is presented as follows:


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

Short-Term Investments - Affiliated Mutual Funds:

PGIM Core Ultra Short Bond Fund ^(1)(wb)
$1,828,205	$10,182,133	$10,371,546	$—	$—		$1,638,792		1,638,792		$1,320

PGIM Institutional Money Market Fund ^(1)(wb)
—	4,450,430	4,450,431	—	1		—		—		173	⁽²⁾
$1,828,205	$14,632,563	$14,821,977	$—	$ 1		$1,638,792				$1,493

(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)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the PGIM Core Ultra Short Bond Fund.

6. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of April 30, 2021 were as follows:


Tax Basis	$	69,239,118

Gross Unrealized Appreciation		20,933,329
Gross Unrealized Depreciation		(3,577,313	)


Net Unrealized Appreciation	$	17,356,016

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

For federal income tax purposes, the Fund had a capital loss carryforward as of October 31, 2020 of approximately $650,000 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.

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, 2020 are subject to such review.

PGIM QMA International Developed Markets Index Fund 63

Notes to Financial Statements (unaudited) (continued)

7. Capital and Ownership

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

PIP2 has authorized the Fund to issue an unlimited number of shares of beneficial interest of the Fund at $0.001 par value per share.

As of April 30, 2021, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:

Number of Shares

Percentage of

Outstanding Shares

Class R6

6,154,635

100.0%

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


Affiliated		Unaffiliated
Number of Shareholders	Percentage of Outstanding Shares	Number of Shareholders	Percentage of Outstanding Shares
8	90.7%	—	—%

Transactions in shares of beneficial interest were as follows:


Class R6	Shares			Amount
Six months ended April 30, 2021:
Shares sold		872,974			$	11,890,962
Shares issued in reinvestment of dividends and distributions		89,687				1,190,150
Shares purchased		(699,415	)			(9,274,970	)


Net increase (decrease) in shares outstanding		263,246			$	3,806,142


Year ended October 31, 2020:
Shares sold		2,823,157			$	31,311,713
Shares issued in reinvestment of dividends and distributions		111,445				1,380,800
Shares purchased		(1,220,850	)			(13,076,279	)


Net increase (decrease) in shares outstanding		1,713,752			$	19,616,234

8. Borrowings

PIP2, on behalf of the Fund, along with other affiliated registered investment companies (the “Participating Funds”), is a party to a Syndicated Credit Agreement (“SCA”) with a group of banks. The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The table below provides details of the SCA.


		SCA
Term of Commitment		10/2/2020 – 9/30/2021
Total Commitment		$1,200,000,000


		SCA
Annualized Commitment Fee on the Unused Portion of the SCA		0.15%
Annualized Interest Rate on Borrowings		1.30% plus the higher of (1) the effective federal funds rate, (2) the one-month LIBOR rate or (3) zero percent

The Fund did not utilize the SCA during the reporting period ended April 30, 2021.

9. Risks of Investing in the Fund

Credit Risk: This is the risk that the issuer, the guarantor or the insurer of a fixed income security, or the counterparty to a contract, may be unable or unwilling to make timely principal and interest payments, or to otherwise honor its obligations. Additionally, fixed income securities could lose value due to a loss of confidence in the ability of the issuer, guarantor, insurer or counterparty to pay back debt. The longer the maturity and the lower the credit quality of a bond, the more sensitive it is to credit risk.

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

PGIM QMA International Developed Markets Index Fund 65

Notes to Financial Statements (unaudited) (continued)

Foreign Securities Risk: The Fund’s investments in securities of foreign issuers or issuers with significant exposure to foreign markets involve additional risk. The securities of such issuers may trade in markets that are less liquid, less regulated and more volatile than US markets. The value of the Fund’s investments may decline because of factors affecting the particular issuer as well as foreign markets and issuers generally, such as unfavorable government actions, and political or financial instability. Lack of information may also affect the value of these securities.

Fund’s investments and net asset value and have led and may continue to lead to increased market volatility and the potential for illiquidity in certain classes of securities and sectors of the market. Preventative or protective actions that governments may take in respect of pandemic or epidemic diseases may result in periods of business disruption, business closures, inability to obtain raw materials, supplies and component parts, and reduced or disrupted operations for the issuers in which the Fund invests. Government intervention in markets may impact interest rates, market volatility and security pricing. The occurrence, reoccurrence and pendency of such diseases could adversely affect the economies (including through changes in business activity and increased unemployment) and financial markets either in specific countries or worldwide.

10. Recent Regulatory Developments

PGIM QMA International Developed Markets Index Fund 67

Financial Highlights (unaudited)



	Six Months Ended April 30, 2021												November 17, 2016^(a) through October 31, 2017
				Year Ended October 31,
				2020			2019			2018

Per Share Operating Performance^(b):
Net Asset Value, Beginning of Period		$11.23			$12.16			$11.36			$12.55			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.22			0.32			0.32			0.26
Net realized and unrealized gain (loss) on investment and foreign currency transactions		3.12			(0.82	)		0.76			(1.20	)		2.30
Total from investment operations		3.27			(0.60	)		1.08			(0.88	)		2.56
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		(0.33	)		(0.27	)		(0.23	)		(0.01	)
Distributions from net realized gains		-			-			(0.01	)		(0.08	)		-
Total dividends and distributions		(0.21	)		(0.33	)		(0.28	)		(0.31	)		(0.01	)
Net asset value, end of period		$14.29			$11.23			$12.16			$11.36			$12.55
Total Return^(c):		29.23	%		(5.21	)%		9.88	%		(7.22	)%		25.61	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$87,976			$66,162			$50,807			$41,429			$30,320
Average net assets (000)		$80,260			$56,084			$45,226			$36,379			$20,731
Ratios to average net assets^(d):
Expenses after waivers and/or expense reimbursement		0.30	%^(e)		0.30	%		0.30	%		0.30	%		0.33	%^(e)
Expenses before waivers and/or expense reimbursement		0.78	%^(e)		0.95	%		1.12	%		1.49	%		2.61	%^(e)
Net investment income (loss)		2.20	%^(e)		1.93	%		2.83	%		2.56	%		2.39	%^(e)
Portfolio turnover rate^(f)		6	%		13	%		13	%		9	%		7	%

(a)	Commencement of operations.

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

(c)

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

(e)	Annualized.

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

See Notes to Financial Statements.

Fund Liquidity Risk Management Program (unaudited)


PGIM QMA International Developed Markets Index Fund			69



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

PROXY VOTING

TRUSTEES

OFFICERS


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

SUBADVISER	QMA LLC	Gateway Center Two 100 Mulberry Street Newark, NJ 07102

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

CUSTODIAN	The Bank of New York Mellon	240 Greenwich Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	PricewaterhouseCoopers LLP	300 Madison Avenue New York, NY 10017

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

E-DELIVERY

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM QMA International Developed Markets Index Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to 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 QMA INTERNATIONAL DEVELOPED MARKETS INDEX FUND


NASDAQ		PQDMX
CUSIP		74440E607

MF243E2


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

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

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

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

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

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

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

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


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

Item 11 –		Controls and Procedures

(a)

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

(b)

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



Item 12 –				Controls and Procedures - Disclosure of Securities Lending Activities for Closed-End

				Management Investment Companies – Not applicable.

Item 13 –				Exhibits



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

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

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

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

SIGNATURES

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


Registrant		Prudential Investment Portfolios 2

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

Date:		June 17, 2021

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, 2021


By:		/s/ Christian J. Kelly
		Christian J. Kelly
		Treasurer and Principal Financial and Accounting Officer

Date:		June 17, 2021