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Form N-CSRS PRUDENTIAL INVESTMENT For: Apr 30

June 24, 2022 2:18 PM EDT

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

 

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

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

 

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


Item 1 –

 

Reports to Stockholders


LOGO

PGIM QUANT SOLUTIONS EMERGING MARKETS

EQUITY FUND

Formerly known as PGIM QMA Emerging Markets Equity Fund

 

     

SEMIANNUAL REPORT

APRIL 30, 2022

 

 

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, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.

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

 

2  

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Letter from the President

 

LOGO  

  

 

 

 

Dear Shareholder:

 

We hope you find the semiannual report for the PGIM Quant Solutions Emerging Markets Equity Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022.

 

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

 

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

 

At PGIM Investments, we provide access to active investment strategies across the global markets in the pursuit of consistent outperformance for investors. PGIM is a top-10 investment manager globally with more than $1.5 trillion in assets under management. Our scale and investment expertise allow us to deliver a diversified suite of actively managed solutions across a broad spectrum of asset classes and investment styles.

 

Thank you for choosing our family of funds.

 

Sincerely,

 

LOGO

 

Stuart S. Parker, President

PGIM Quant Solutions Emerging Markets Equity Fund

June 15, 2022

 

 

PGIM Quant Solutions Emerging Markets Equity Fund

    3  


Your Fund’s Performance

 

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

 

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

 

*Not annualized

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

Benchmark Definition

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

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

 

4  

Visit our website at pgim.com/investments


 

Presentation of Fund Holdings as of 4/30/22

 

  Ten Largest Holdings    Line of Business    Country   % of Net Assets

Taiwan Semiconductor Manufacturing Co. Ltd.

   Semiconductors & Semiconductor Equipment    Taiwan   6.8%

Samsung Electronics Co. Ltd.

   Technology Hardware, Storage & Peripherals    South Korea   4.2%

Tencent Holdings Ltd.

   Interactive Media & Services    China   3.1%

Alibaba Group Holding Ltd.

   Internet & Direct Marketing Retail    China   2.3%

Vale SA

   Metals & Mining    Brazil   1.6%

China Construction Bank Corp. (Class H Stock)

   Banks    China   1.4%

Industrial & Commercial Bank of China Ltd. (Class H Stock)

   Banks    China   1.3%

SK Hynix, Inc.

   Semiconductors & Semiconductor Equipment    South Korea   1.2%

Tata Consultancy Services Ltd.

   IT Services    India   1.2%

Bank of China Ltd. (Class H Stock)

   Banks    China   1.2%

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    5  


Fees and Expenses

 

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 

6  

Visit our website at pgim.com/investments


 

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

 

       

PGIM Quant Solutions Emerging

Markets Equity Fund

 

Beginning

Account Value

November 1, 2021

 

Ending

Account Value
April 30, 2022

 

Annualized

Expense

Ratio Based on the
Six-Month Period

 

Expenses Paid

During the

Six-Month Period*

       
Class R6   Actual   $   1,000.00   $   921.40   1.20%   $5.72
    Hypothetical   $   1,000.00   $1,018.84   1.20%   $6.01

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    7  


 

This Page Intentionally Left Blank

 

 


Schedule of Investments  (unaudited)

as of April 30, 2022

 

 Description   Shares     Value  

 LONG-TERM INVESTMENTS    96.2%

   

 COMMON STOCKS    91.9%

   

 Brazil    3.2%

               

 

Ambev SA

    25,200     $ 74,469  

Banco Bradesco SA

    8,801       26,418  

Banco do Brasil SA

    39,200       263,239  

Banco Santander Brasil SA, UTS

    5,100       32,824  

BB Seguridade Participacoes SA

    3,600       18,386  

Centrais Eletricas Brasileiras SA

    1,800       14,811  

Cia Siderurgica Nacional SA

    3,500       14,895  

Petroleo Brasileiro SA

    19,500       132,723  

Vale SA

    35,232       598,893  
   

 

 

 
          1,176,658  

 Chile    1.4%

               

 

Banco de Chile

    235,530       23,518  

Banco Santander Chile

    343,791       16,541  

Cencosud SA

    151,380       242,312  

Falabella SA

    87,987       247,114  
   

 

 

 
      529,485  

 China    28.8%

               

 

37 Interactive Entertainment Network Technology Group Co. Ltd. (Class A Stock)

    18,400       65,751  

Agricultural Bank of China Ltd. (Class H Stock)

    139,000       52,243  

Alibaba Group Holding Ltd.*

    68,900       849,516  

Aluminum Corp. of China Ltd. (Class H Stock)*

    24,000       11,153  

Baidu, Inc., ADR*

    1,500       186,255  

Bank of Beijing Co. Ltd. (Class A Stock)

    11,300       7,747  

Bank of Chengdu Co. Ltd. (Class A Stock)

    25,800       64,696  

Bank of China Ltd. (Class H Stock)

    1,114,000       437,758  

Bank of Jiangsu Co. Ltd. (Class A Stock)

    59,100       64,718  

Bank of Nanjing Co. Ltd. (Class A Stock)

    14,400       24,976  

Baoshan Iron & Steel Co. Ltd. (Class A Stock)

    54,000       52,106  

Beijing Enterprises Holdings Ltd.

    2,500       8,455  

Beijing United Information Technology Co. Ltd. (Class A Stock)

    3,600       51,856  

BYD Co. Ltd. (Class H Stock)

    13,000       379,627  

China CITIC Bank Corp. Ltd. (Class H Stock)

    318,000       161,592  

China Construction Bank Corp. (Class H Stock)

    714,000       504,335  

China Feihe Ltd., 144A

    20,000       19,016  

China Galaxy Securities Co. Ltd. (Class H Stock)

    18,000       9,798  

China Hongqiao Group Ltd.

    12,000       15,016  

China International Capital Corp. Ltd. (Class H Stock), 144A

    7,200       14,462  

China Life Insurance Co. Ltd. (Class H Stock)

    39,000       56,602  

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    9  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 China (cont’d.)

               

 

China Medical System Holdings Ltd.

    137,000     $     197,186  

China Meidong Auto Holdings Ltd.

    2,000       6,551  

China Merchants Bank Co. Ltd. (Class H Stock)

    25,000       151,092  

China Merchants Port Holdings Co. Ltd.

    8,000       13,943  

China Molybdenum Co. Ltd. (Class H Stock)

    21,000       10,357  

China Overseas Land & Investment Ltd.

    22,000       67,919  

China Overseas Property Holdings Ltd.

    140,000       165,332  

China Pacific Insurance Group Co. Ltd. (Class H Stock)

    13,800       30,310  

China Petroleum & Chemical Corp. (Class H Stock)

    126,000       61,793  

China Railway Group Ltd. (Class H Stock)

    18,000       12,573  

China Resources Land Ltd.

    18,000       80,329  

China Resources Mixc Lifestyle Services Ltd., 144A

    1,800       8,679  

China Resources Sanjiu Medical & Pharmaceutical Co. Ltd. (Class A Stock)

    8,800       48,411  

China Shenhua Energy Co. Ltd. (Class H Stock)

    109,500       350,013  

China Traditional Chinese Medicine Holdings Co. Ltd.

    14,000       6,838  

Chongqing Rural Commercial Bank Co. Ltd. (Class A Stock)

    96,000       55,672  

Chongqing Zhifei Biological Products Co. Ltd. (Class A Stock)

    3,900       55,164  

CIFI Holdings Group Co. Ltd.

    22,000       10,643  

CITIC Ltd.

    31,000       31,998  

Contemporary Amperex Technology Co. Ltd. (Class A Stock)

    800       48,361  

COSCO SHIPPING Holdings Co. Ltd. (Class H Stock)*

    166,350       259,152  

COSCO SHIPPING Ports Ltd.

    10,000       7,127  

CSPC Pharmaceutical Group Ltd.

    45,200       46,392  

Daqin Railway Co. Ltd. (Class A Stock)

    52,800       52,782  

FAW Jiefang Group Co. Ltd. (Class A Stock)

    5,800       7,056  

G-bits Network Technology Xiamen Co. Ltd. (Class A Stock)

    1,100       55,336  

Guanghui Energy Co. Ltd. (Class A Stock)*

    45,500       60,172  

Guangzhou Baiyunshan Pharmaceutical Holdings Co. Ltd. (Class A Stock)

    12,800       55,700  

Guotai Junan Securities Co. Ltd. (Class A Stock)

    23,600       51,411  

Hengan International Group Co. Ltd.

    4,000       18,923  

Huafon Chemical Co. Ltd. (Class A Stock)

    39,500       45,956  

Huaxia Bank Co. Ltd. (Class A Stock)

    72,000       58,845  

Huayu Automotive Systems Co. Ltd. (Class A Stock)

    13,400       39,217  

Hunan Valin Steel Co. Ltd. (Class A Stock)

    12,900       11,220  

Industrial & Commercial Bank of China Ltd. (Class H Stock)

    787,000       478,984  

Industrial Bank Co. Ltd. (Class A Stock)

    23,200       71,173  

Industrial Securities Co. Ltd. (Class A Stock)

    22,800       22,144  

Intco Medical Technology Co. Ltd. (Class A Stock)*

    7,050       30,359  

JD.com, Inc., ADR*

    3,500       215,810  

JD.com, Inc. (Class A Stock)*

    1,195       38,688  

Jiangxi Copper Co. Ltd. (Class H Stock)

    6,000       9,391  

JOYY, Inc., ADR

    400       15,828  

 

See Notes to Financial Statements.

 

10  


 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 China (cont’d.)

               

 

Kingsoft Corp. Ltd.

    4,200     $ 12,638  

Kunlun Energy Co. Ltd.

    20,000       16,690  

Kweichow Moutai Co. Ltd. (Class A Stock)

    100       27,281  

Lenovo Group Ltd.

    38,000       36,686  

Li Ning Co. Ltd.

    31,500       246,675  

Longfor Group Holdings Ltd., 144A

    59,500       293,421  

Meituan (Class B Stock), 144A*

    7,400       157,337  

Metallurgical Corp. of China Ltd. (Class A Stock)

    104,900       54,659  

NetEase, Inc., ADR

    2,300       219,259  

New China Life Insurance Co. Ltd. (Class H Stock)

    86,100       217,903  

New Oriental Education & Technology Group, Inc., ADR*

    9,520       119,476  

Oppein Home Group, Inc. (Class A Stock)

    3,258       56,754  

People’s Insurance Co. Group of China Ltd. (The) (Class H Stock)

    160,000       51,034  

PetroChina Co. Ltd. (Class H Stock)

    408,000       194,734  

PICC Property & Casualty Co. Ltd. (Class H Stock)

    130,000       132,608  

Pinduoduo, Inc., ADR*

    2,300       99,107  

Ping An Insurance Group Co. of China Ltd. (Class H Stock)

    6,500       41,218  

RiseSun Real Estate Development Co. Ltd. (Class A Stock)

    86,900       48,652  

SDIC Capital Co. Ltd. (Class A Stock)

    7,200       6,904  

Shaanxi Coal Industry Co. Ltd. (Class A Stock)

    28,600       73,930  

Shanghai International Port Group Co. Ltd. (Class A Stock)

    72,261       63,906  

Shanxi Taigang Stainless Steel Co. Ltd. (Class A Stock)

    55,100       48,867  

Shimao Group Holdings Ltd.^

    397,000       217,844  

Sinotruk Hong Kong Ltd.

    5,000       6,046  

Sunac China Holdings Ltd.^

    16,000       9,035  

Suzhou Maxwell Technologies Co. Ltd. (Class A Stock)

    960       47,901  

TAL Education Group, ADR*

    80,600       273,234  

TBEA Co. Ltd. (Class A Stock)

    12,400       35,749  

Tencent Holdings Ltd.

    24,600       1,156,870  

Want Want China Holdings Ltd.

    25,000       22,538  

Weibo Corp., ADR*

    8,400       194,376  

Wuxi Shangji Automation Co. Ltd. (Class A Stock)

    2,400       43,503  

Xiamen C & D, Inc. (Class A Stock)

    27,400       59,323  

Yankuang Energy Group Co. Ltd. (Class H Stock)

    18,000       50,991  

Zhangzhou Pientzehuang Pharmaceutical Co. Ltd. (Class A Stock)

    200       9,137  

Zhongsheng Group Holdings Ltd.

    36,500       240,826  
   

 

 

 
          10,689,620  

 Colombia    0.1%

               

 

Bancolombia SA

    1,330       13,045  

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    11  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 Colombia (cont’d.)

               

Ecopetrol SA

    25,146     $ 20,368  

Interconexion Electrica SA ESP

    2,256       12,403  
   

 

 

 
      45,816  

 Czech Republic    0.0%

               

Komercni Banka A/S

    396       13,036  

 Greece    1.3%

               

Eurobank Ergasias Services and Holdings SA*

    14,166       14,513  

Hellenic Telecommunications Organization SA

    12,940       249,038  

JUMBO SA

    10,535               171,252  

OPAP SA

    2,867       42,365  
   

 

 

 
      477,168  

 Hong Kong    0.1%

               

Sino Biopharmaceutical Ltd.

    53,000       27,809  

 Hungary    0.1%

               

MOL Hungarian Oil & Gas PLC

    1,862       15,772  

Richter Gedeon Nyrt

    840       16,734  
   

 

 

 
      32,506  

 India    12.7%

               

Asian Paints Ltd.

    2,090       88,082  

Aurobindo Pharma Ltd.

    1,574       12,851  

Avenue Supermarts Ltd., 144A*

    520       26,584  

Bajaj Finance Ltd.

    416       35,847  

Bharat Electronics Ltd.

    6,052       18,722  

Cipla Ltd.

    23,027       294,452  

Colgate-Palmolive India Ltd.

    658       14,206  

Dabur India Ltd.

    3,224       23,329  

Divi’s Laboratories Ltd.

    692       40,613  

DLF Ltd.

    3,256       15,698  

Dr. Reddy’s Laboratories Ltd.

    600       32,295  

GAIL India Ltd.

    9,078       18,763  

HCL Technologies Ltd.

    5,720       79,754  

Hindalco Industries Ltd.

    44,580       277,847  

Hindustan Petroleum Corp. Ltd.

    3,824       13,416  

Housing Development Finance Corp. Ltd.

    925       26,727  

ICICI Bank Ltd.

    5,025       48,259  

Indian Oil Corp. Ltd.

    10,829       17,695  

Info Edge India Ltd.

    654       39,336  

 

See Notes to Financial Statements.

 

12  


 

 

 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 India (cont’d.)

               

Infosys Ltd., ADR

    17,700     $ 351,699  

ITC Ltd.

    96,831       326,889  

JSW Steel Ltd.

    4,900       46,061  

Larsen & Toubro Infotech Ltd., 144A

    326       20,410  

Larsen & Toubro Ltd.

    1,088       23,923  

Maruti Suzuki India Ltd.

    266       26,609  

Mindtree Ltd.

    336       15,430  

Mphasis Ltd.

    486       17,849  

NTPC Ltd.

    157,822       319,478  

Oil & Natural Gas Corp. Ltd.

    13,394       27,838  

Page Industries Ltd.

    464       275,227  

Power Grid Corp. of India Ltd.

    63,844       189,487  

Reliance Industries Ltd.

    6,870       248,342  

SRF Ltd.

    814       26,511  

State Bank of India

    19,462       124,814  

Sun Pharmaceutical Industries Ltd.

    27,369       330,133  

Tata Consultancy Services Ltd.

    9,518       438,855  

Tata Steel Ltd.

    18,775       308,765  

Tech Mahindra Ltd.

    5,064       82,574  

Titan Co. Ltd.

    9,240       294,418  

Torrent Pharmaceuticals Ltd.

    266       9,740  

United Spirits Ltd.*

    1,518       17,008  

UPL Ltd.

    2,607       27,938  

Wipro Ltd.

    7,475       49,249  
   

 

 

 
          4,723,723  

 Indonesia    3.3%

               

Adaro Energy Indonesia Tbk PT

    72,000       16,584  

Astra International Tbk PT

    686,200       358,292  

Bank Central Asia Tbk PT

    212,700       118,205  

Bank Mandiri Persero Tbk PT

    94,500       58,288  

Gudang Garam Tbk PT

    20,100       42,522  

Indofood Sukses Makmur Tbk PT

    610,000       265,200  

Kalbe Farma Tbk PT

    122,200       13,817  

Telkom Indonesia Persero Tbk PT

    1,085,000       345,174  

Unilever Indonesia Tbk PT

    40,500       10,834  
   

 

 

 
      1,228,916  

 Malaysia    0.3%

               

Axiata Group Bhd

    14,400       11,587  

Hartalega Holdings Bhd

    9,900       10,000  

Hong Leong Bank Bhd

    3,400       16,329  

IOI Corp. Bhd

    12,800       13,725  

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    13  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 Malaysia (cont’d.)

               

Kuala Lumpur Kepong Bhd

    2,200     $ 14,875  

Petronas Chemicals Group Bhd

    12,400       29,075  

PPB Group Bhd

    3,300       13,007  

Sime Darby Plantation Bhd

    9,900       11,888  
   

 

 

 
      120,486  

 Mexico    0.6%

               

Arca Continental SAB de CV

    2,600       16,521  

Fibra Uno Administracion SA de CV, REIT

    16,800       18,359  

Gruma SAB de CV (Class B Stock)

    1,080       12,863  

Grupo Aeroportuario del Sureste SAB de CV (Class B Stock)

    1,120       24,424  

Grupo Financiero Banorte SAB de CV (Class O Stock)

    5,900       38,887  

Grupo Financiero Inbursa SAB de CV (Class O Stock)*

    11,600       19,708  

Orbia Advance Corp. SAB de CV

    5,400       12,982  

Wal-Mart de Mexico SAB de CV

    27,000       95,700  
   

 

 

 
      239,444  

 Peru    0.4%

               

Southern Copper Corp.

    2,300       143,221  

 Philippines    0.9%

               

BDO Unibank, Inc.

    10,240       25,321  

International Container Terminal Services, Inc.

    67,880       279,364  

Jollibee Foods Corp.

    2,520       10,346  

PLDT, Inc.

    420       14,796  
   

 

 

 
      329,827  

 Poland    0.5%

               

Powszechny Zaklad Ubezpieczen SA

    25,030               172,949  

 Qatar    0.8%

               

Industries Qatar QSC

    55,624       287,402  

 Russia    0.0%

               

Inter RAO UES PJSC^

    202,400        

LUKOIL PJSC^

    2,762        

Magnit PJSC, GDR^

    8,583       1  

PhosAgro PJSC, GDR (XSTU)^

    4        

PhosAgro PJSC, GDR (XLON)^

    698        

Rosneft Oil Co. PJSC^

    5,856        

 

See Notes to Financial Statements.

 

14  


 

 

 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 Russia (cont’d.)

               

Sberbank of Russia PJSC, ADR^

    13,841     $ 2  

Surgutneftegas PJSC^

    38,400        
   

 

 

 
      3  

 Saudi Arabia    2.7%

               

Al Rajhi Bank

    880       41,387  

Bank Al-Jazira

    2,180       18,336  

Etihad Etisalat Co.

    10,343       118,968  

Riyad Bank

    13,500       146,417  

SABIC Agri-Nutrients Co.

    1,071       46,512  

Sahara International Petrochemical Co.

    1,794       27,284  

Saudi Arabian Mining Co.*

    2,205       80,689  

Saudi Arabian Oil Co., 144A

    6,784       81,152  

Saudi Basic Industries Corp.

    11,497       401,149  

Saudi Electricity Co.

    3,780       27,209  

Saudi Kayan Petrochemical Co.*

    3,703       18,599  
   

 

 

 
      1,007,702  

 South Africa    3.3%

               

Absa Group Ltd.

    15,570       168,101  

African Rainbow Minerals Ltd.

    680       11,296  

Anglo American Platinum Ltd.

    276       30,728  

Bidvest Group Ltd. (The)

    1,500       20,554  

FirstRand Ltd.

    83,251       358,590  

Impala Platinum Holdings Ltd.

    14,779       192,328  

Kumba Iron Ore Ltd.

    5,401       179,733  

Mr. Price Group Ltd.

    1,400       19,075  

MultiChoice Group

    1,918       15,614  

Nedbank Group Ltd.

    2,448       34,146  

Northam Platinum Holdings Ltd.*

    1,791       21,371  

Old Mutual Ltd.

    27,166       21,714  

Pepkor Holdings Ltd., 144A

    6,747       9,156  

Shoprite Holdings Ltd.

    2,569       37,120  

Sibanye Stillwater Ltd.

    16,296       57,002  

SPAR Group Ltd. (The)

    1,008       10,568  

Woolworths Holdings Ltd.

    5,373       20,139  
   

 

 

 
        1,207,235  

 South Korea    12.9%

               

BNK Financial Group, Inc.

    35,730       221,836  

Cheil Worldwide, Inc.

    13,221       262,959  

CJ CheilJedang Corp.

    44       13,684  

 

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    15  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

 Description   Shares     Value  

 COMMON STOCKS (Continued)

   

 South Korea (cont’d.)

               

Coway Co. Ltd.

    254     $ 14,245  

DB Insurance Co. Ltd.

    758       40,396  

E-MART, Inc.

    101       10,439  

F&F Co. Ltd.

    230       25,349  

Hana Financial Group, Inc.

    8,763       326,383  

Hankook Tire & Technology Co. Ltd.

    393       10,777  

Hyundai Glovis Co. Ltd.

    97       15,960  

Hyundai Steel Co.

    437       14,818  

Industrial Bank of Korea

    1,330       11,801  

KB Financial Group, Inc.

    3,606       165,823  

Kia Corp.

    5,624       367,395  

Korea Investment Holdings Co. Ltd.

    3,609       200,365  

KT&G Corp.

    607       39,755  

Kumho Petrochemical Co. Ltd.

    786       95,528  

LG Corp.

    465       26,947  

LG Display Co. Ltd.

    1,189       15,508  

LG Energy Solution*

    112       36,387  

LG Innotek Co. Ltd.

    974       265,197  

LG Uplus Corp.

    1,254       13,837  

Mirae Asset Securities Co. Ltd.

    5,350       33,854  

NH Investment & Securities Co. Ltd.

    824       7,049  

Pan Ocean Co. Ltd.

    1,298       6,776  

POSCO Holdings, Inc.

    404       91,744  

Samsung C&T Corp.

    252       22,807  

Samsung Electro-Mechanics Co. Ltd.

    305       39,389  

Samsung Electronics Co. Ltd.

    29,259       1,551,823  

Samsung Engineering Co. Ltd.*

    1,516       30,724  

Samsung Fire & Marine Insurance Co. Ltd.

    124       20,531  

Samsung Securities Co. Ltd.

    4,415       138,084  

Seegene, Inc.

    285       9,125  

SK Hynix, Inc.

    5,329       463,603  

SK Square Co. Ltd.*

    528       21,569  

SK, Inc.

    219       45,776  

Woori Financial Group, Inc.

    10,332       119,815  
   

 

 

 
          4,798,058  

 Taiwan    12.8%

               

Acer, Inc.

    16,000       14,799  

Advantech Co. Ltd.

    3,000       36,973  

ASE Technology Holding Co. Ltd.

    18,000       56,944  

Asustek Computer, Inc.

    25,000       299,972  

Cathay Financial Holding Co. Ltd.

    41,000       85,815  

China Development Financial Holding Corp.

    71,000       42,583  

Chunghwa Telecom Co. Ltd.

    35,000       155,050  

 

 

See Notes to Financial Statements.

 

16  


 

 

 Description   Shares         Value  

 COMMON STOCKS (Continued)

   

 Taiwan (cont’d.)

               

 

Compal Electronics, Inc.

    11,000     $ 8,236  

E Ink Holdings, Inc.

    5,000       28,622  

Evergreen Marine Corp. Taiwan Ltd.

    60,000       287,605  

Far EasTone Telecommunications Co. Ltd.

    8,000       22,373  

Fubon Financial Holding Co. Ltd.

    41,060       102,789  

Lite-On Technology Corp.

    11,000       23,994  

MediaTek, Inc.

    10,000       276,551  

Micro-Star International Co. Ltd.

    4,000       16,078  

Nan Ya Plastics Corp.

    27,000       78,699  

Nan Ya Printed Circuit Board Corp.

    2,000       26,776  

Nanya Technology Corp.

    7,000       15,314  

Novatek Microelectronics Corp.

    3,000       39,506  

Pegatron Corp.

    12,000       28,397  

Quanta Computer, Inc.

    14,000       39,444  

Realtek Semiconductor Corp.

    3,000       40,627  

Synnex Technology International Corp.

    8,000       20,749  

Taiwan Cooperative Financial Holding Co. Ltd.

    48,000       46,025  

Taiwan Mobile Co. Ltd.

    10,000       36,676  

Taiwan Semiconductor Manufacturing Co. Ltd.

    140,000       2,522,265  

Unimicron Technology Corp.

    7,000       49,042  

United Microelectronics Corp.

    89,000       140,819  

Vanguard International Semiconductor Corp.

    18,000       62,948  

Wan Hai Lines Ltd.

    4,400       21,303  

Winbond Electronics Corp.

    47,000       42,344  

WPG Holdings Ltd.

    8,000       14,653  

Yang Ming Marine Transport Corp.*

    8,000       33,416  

Zhen Ding Technology Holding Ltd.

    4,000       14,143  
   

 

 

 
          4,731,530  

 Thailand    2.4%

               

 

Advanced Info Service PCL

    37,300       232,910  

Central Retail Corp. PCL

    9,600       10,924  

Charoen Pokphand Foods PCL

    20,000       14,014  

Home Product Center PCL

    30,000       13,040  

Land & Houses PCL

    219,300       60,802  

Minor International PCL*

    16,800       16,970  

PTT Global Chemical PCL

    95,600       138,184  

PTT Oil & Retail Business PCL

    16,000       11,632  

Sri Trang Gloves Thailand PCL(a)

    215,600       152,625  

Thai Union Group PCL

    476,000       234,402  
   

 

 

 
      885,503  

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    17  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

 Description   Shares         Value  

 COMMON STOCKS (Continued)

   

 Turkey    1.5%

               

 

Akbank TAS

    423,423     $ 252,835  

BIM Birlesik Magazalar A/S

    2,542       14,262  

Ford Otomotiv Sanayi A/S

    447       8,977  

KOC Holding A/S

    4,214       11,324  

Turkcell Iletisim Hizmetleri A/S

    6,468       9,415  

Turkiye Is Bankasi A/S (Class C Stock)

    384,466       270,721  
   

 

 

 
      567,534  

 United Arab Emirates    1.3%

               

 

Abu Dhabi Commercial Bank PJSC

    13,920       38,519  

Abu Dhabi Islamic Bank PJSC

    92,800       221,151  

Aldar Properties PJSC

    20,874       31,993  

Dubai Islamic Bank PJSC

    15,538       27,200  

Emaar Properties PJSC

    18,075       31,131  

First Abu Dhabi Bank PJSC

    22,738       138,985  
   

 

 

 
      488,979  

 United States    0.5%

               

 

JBS SA

    16,000       122,655  

Parade Technologies Ltd.

    1,000       47,579  
   

 

 

 
      170,234  
   

 

 

 

 TOTAL COMMON STOCKS
(cost $31,220,630)

      34,094,844  
   

 

 

 

 PREFERRED STOCKS    4.3%

   

 Brazil    3.6%

               

 

Braskem SA (PRFC A)

    26,800       218,565  

Cia Energetica de Minas Gerais (PRFC)

    65,845       200,440  

Cia Paranaense de Energia (PRFC B)

    95,600       143,672  

Gerdau SA (PRFC)

    7,100       40,541  

Itau Unibanco Holding SA (PRFC)

    25,200       122,026  

Itausa SA (PRFC)

    112,800       210,590  

Petroleo Brasileiro SA (PRFC)

    65,800       405,797  
   

 

 

 
      1,341,631  

 Colombia    0.1%

               

 

Bancolombia SA (PRFC)

    2,415       23,430  

 

See Notes to Financial Statements.

 

18  


 

 

  Description               Shares         Value  

PREFERRED STOCKS (Continued)

       

  Russia    0.0%

                               

 

Surgutneftegas PJSC (PRFC)^

        38,200     $  

  South Korea    0.6%

                               

 

Hyundai Motor Co. (2nd PRFC)

        200       14,743  

Hyundai Motor Co. (PRFC)

        128       9,394  

LG Chem Ltd. (PRFC)

        42       8,277  

Samsung Electronics Co. Ltd. (PRFC)

        4,350       201,909  
       

 

 

 
          234,323  
       

 

 

 

TOTAL PREFERRED STOCKS
  
(cost $1,448,742)

          1,599,384  
       

 

 

 

TOTAL LONG-TERM INVESTMENTS
  
(cost $32,669,372)

          35,694,228  
       

 

 

 

SHORT-TERM INVESTMENTS     3.8%

       

AFFILIATED MUTUAL FUND     0.6%

       

 

PGIM Institutional Money Market Fund
(cost $203,273; includes $203,205 of cash collateral for securities on loan)(b)(wa)

        203,456       203,294  
       

 

 

 
    Interest
Rate
    Maturity
Date
    Principal
 Amount
 (000)#
                            

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

       

 

U.S. Treasury Bills
(cost $119,930)

    0.461     06/16/22       120       119,933  
       

 

 

 
                Shares        

UNAFFILIATED FUND     2.9%

       

 

Dreyfus Government Cash Management (Institutional Shares)
(cost $1,083,723)

        1,083,723       1,083,723  
       

 

 

 

TOTAL SHORT-TERM INVESTMENTS
(cost $1,406,926)

          1,406,950  
       

 

 

 

TOTAL INVESTMENTS     100.0%
(cost $34,076,298)

          37,101,178  

Other assets in excess of liabilities(z)     0.0%

          16,060  
       

 

 

 

NET ASSETS     100.0%

        $ 37,117,238  
       

 

 

 

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    19  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

 

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

USD—US Dollar

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

ADR—American Depositary Receipt

GDR—Global Depositary Receipt

LIBOR—London Interbank Offered Rate

MSCI—Morgan Stanley Capital International

PJSC—Public Joint-Stock Company

PRFC—Preference Shares

UTS—Unit Trust Security

XLON—London Stock Exchange

XSTU—Stuttgart Stock Exchange

 

*

Non-income producing security.

#

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

^

Indicates a Level 3 instrument. The aggregate value of Level 3 instruments is $226,882 and 0.6% of net assets.

(a)

All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $185,796; cash collateral of $203,205 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the Fund may reflect a collateral value that is less than the market value of the loaned securities and such shortfall is remedied the following business day.

(b)

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

(k)

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

(n)

Rate shown reflects yield to maturity at purchased date.

(wa)

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

(z)

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

Futures contracts outstanding at April 30, 2022:

 

Number

    of

Contracts

 

Type

  

Expiration

     Date     

  

Current

Notional

Amount

   Value /
Unrealized
Appreciation
(Depreciation)
Long Position:             

24    

  Mini MSCI Emerging Markets Index    Jun. 2022      $ 1,268,880      $ (38,501 )
              

 

 

 

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

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

 

Broker

           Cash and/or Foreign Currency                    Securities Market Value        

Morgan Stanley & Co. LLC

       $—        $119,933
    

 

 

      

 

 

 

 

See Notes to Financial Statements.

 

20  


 

 

Fair Value Measurements:

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

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

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

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

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

 

    Level 1     Level 2     Level 3  
Investments in Securities                  
Assets                  
Long-Term Investments                  

Common Stocks

     

Brazil

  $ 1,176,658     $     $  

Chile

    529,485              

China

    1,323,345       9,139,396       226,879  

Colombia

    45,816              

Czech Republic

          13,036        

Greece

          477,168        

Hong Kong

          27,809        

Hungary

          32,506        

India

    351,699       4,372,024        

Indonesia

          1,228,916        

Malaysia

          120,486        

Mexico

    239,444              

Peru

    143,221              

Philippines

          329,827        

Poland

          172,949        

Qatar

          287,402        

Russia

                3  

Saudi Arabia

          1,007,702        

South Africa

          1,207,235        

South Korea

          4,798,058        

Taiwan

          4,731,530        

Thailand

          885,503        

Turkey

          567,534        

United Arab Emirates

          488,979        

United States

    122,655       47,579        

Preferred Stocks

     

Brazil

    1,341,631              

Colombia

    23,430              

Russia

                 

South Korea

          234,323        
Short-Term Investments                  

Affiliated Mutual Fund

    203,294              

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    21  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

    Level 1   Level 2   Level 3
Investments in Securities (continued)            
Assets (continued)            
Short-Term Investments (continued)            

U.S. Treasury Obligation

    $     $ 119,933     $

Unaffiliated Fund

      1,083,723                  
   

 

 

     

 

 

     

 

 

 

Total

    $ 6,584,401     $ 30,289,895     $ 226,882
   

 

 

     

 

 

     

 

 

 

 

Other Financial Instruments*

           

Liabilities

           

Futures Contracts

    $ (38,501 )     $     $
   

 

 

     

 

 

     

 

 

 

 

*

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

Industry Classification:

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

 

Banks

    15.1

Semiconductors & Semiconductor Equipment

    10.0  

Metals & Mining

    6.1  

Technology Hardware, Storage & Peripherals

    6.0  

Oil, Gas & Consumable Fuels

    4.8  

Interactive Media & Services

    4.3  

Internet & Direct Marketing Retail

    3.7  

Chemicals

    3.4  

Automobiles

    3.2  

Pharmaceuticals

    3.0  

Unaffiliated Fund

    2.9  

IT Services

    2.8  

Real Estate Management & Development

    2.8  

Insurance

    2.8  

Textiles, Apparel & Luxury Goods

    2.3  

Diversified Telecommunication Services

    2.1  

Food Products

    2.0  

Marine

    1.6  

Electric Utilities

    1.6  

Capital Markets

    1.3  

Electronic Equipment, Instruments & Components

    1.3  

Specialty Retail

    1.3  

Industrial Conglomerates

    1.2  

Wireless Telecommunication Services

    1.2  

Food & Staples Retailing

    1.2  

Tobacco

    1.1

Diversified Consumer Services

    1.1  

Transportation Infrastructure

    1.0  

Diversified Financial Services

    1.0  

Entertainment

    1.0  

Independent Power & Renewable Electricity Producers

    0.9  

Media

    0.8  

Multiline Retail

    0.7  

Affiliated Mutual Fund (0.5% represents investments purchased with collateral from securities on loan)

    0.6  

Health Care Equipment & Supplies

    0.5  

Electrical Equipment

    0.5  

Beverages

    0.4  

Construction & Engineering

    0.3  

U.S. Treasury Obligation

    0.3  

Trading Companies & Distributors

    0.3  

Household Durables

    0.2  

Hotels, Restaurants & Leisure

    0.2  

Biotechnology

    0.2  

Personal Products

    0.2  

Road & Rail

    0.1  

Auto Components

    0.1  

Machinery

    0.1  

Gas Utilities

    0.1  
 

 

See Notes to Financial Statements.

 

22  


 

 

Industry Classification (continued):

 

Life Sciences Tools & Services

    0.1

Consumer Finance

    0.1  

Thrifts & Mortgage Finance

    0.1  

Aerospace & Defense

    0.0

Equity Real Estate Investment Trusts (REITs)

    0.0

Air Freight & Logistics

    0.0

Household Products

    0.0
 

 

 

 
    100.0  

Other assets in excess of liabilities

    0.0
 

 

 

 
    100.0
 

 

 

 

 

*

Less than +/- 0.05%

    

    

 

 

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

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

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

 

 

   Asset Derivatives   

Liability Derivatives

Derivatives not accounted for as

hedging instruments, carried at fair

value

   Statement of
Assets and
Liabilities Location
   Fair
Value
  

Statement of

Assets and

Liabilities Location

  

Fair
Value

Equity contracts

           $—     

Due from/to

broker-variation margin

futures

       38,501
       

 

 

         

 

 

 

 

*

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

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

 

Amount of Realized Gain (Loss) on Derivatives Recognized in Income

Derivatives not accounted for as hedging

instruments, carried at fair value

 

   Futures   

Equity contracts

      $(215,395)  
   

 

 

 

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    23  


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

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

Derivatives not accounted for

as hedging instruments,

carried at fair value

  

Futures

Equity contracts

     $ 2,351
    

 

 

 

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

 

Derivative Contract Type   Average Volume of Derivative Activities*

Futures Contracts - Long Positions (1)

  $1,273,547

 

*

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

(1)

Notional Amount in USD.

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

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

Offsetting of financial instrument/transaction assets and liabilities:

 

Description  

Gross Market
Value of
Recognized

Assets/(Liabilities)

  Collateral
Pledged/(Received)(1)
  Net
Amount

Securities on Loan

  $185,796   $(185,796)   $—

 

(1)

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

 

See Notes to Financial Statements.

 

24  


Statement of Assets and Liabilities (unaudited)

as of April 30, 2022

 

Assets

        

Investments at value, including securities on loan of $185,796:

  

Unaffiliated investments (cost $33,873,025)

   $ 36,897,884  

Affiliated investments (cost $203,273)

     203,294  

Foreign currency, at value (cost $39,527)

     39,074  

Receivable for Fund shares sold

     198,878  

Dividends receivable

     130,671  

Due from broker—variation margin futures

     5,160  

Tax reclaim receivable

     336  

Prepaid expenses and other assets

     13,982  
  

 

 

 

Total Assets

     37,489,279  
  

 

 

 

Liabilities

        

Payable to broker for collateral for securities on loan

     203,205  

Foreign capital gains tax liability accrued

     61,564  

Custodian and accounting fees payable

     34,852  

Payable for Fund shares purchased

     33,839  

Accrued expenses and other liabilities

     23,111  

Management fee payable

     14,776  

Trustees’ fees payable

     609  

Affiliated transfer agent fee payable

     85  
  

 

 

 

Total Liabilities

     372,041  
  

 

 

 

Net Assets

   $ 37,117,238  
  

 

 

 

    

        

Net assets were comprised of:

  

Shares of beneficial interest, at par

   $ 3,247  

Paid-in capital in excess of par

     34,435,076  

Total distributable earnings (loss)

     2,678,915  
  

 

 

 

Net assets, April 30, 2022

   $ 37,117,238  
  

 

 

 

Class R6

        

Net asset value, offering price and redemption price per share,

  

($37,117,238 ÷ 3,247,283 shares of beneficial interest issued and outstanding)

   $ 11.43  
  

 

 

 

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    25  


Statement of Operations (unaudited)

Six Months Ended April 30, 2022

 

Net Investment Income (Loss)

       

Income

 

Unaffiliated dividend income (net of $78,113 foreign withholding tax)

  $ 636,271  

Income from securities lending, net (including affiliated income of $369)

    34,142  

Affiliated dividend income

    251  
 

 

 

 

Total income

    670,664  
 

 

 

 

Expenses

 

Management fee

    150,946  

Custodian and accounting fees

    63,046  

Audit fee

    16,017  

Fund data services

    13,504  

Legal fees and expenses

    9,750  

Pricing fees

    5,300  

Trustees’ fees

    4,795  

Shareholders’ reports

    4,248  

Transfer agent’s fees and expenses (including affiliated expense of $201)

    212  

Registration fees

    124  

Miscellaneous

    13,286  
 

 

 

 

Total expenses

    281,228  

Less: Fee waiver and/or expense reimbursement

    (39,304
 

 

 

 

Net expenses

    241,924  
 

 

 

 

Net investment income (loss)

    428,740  
 

 

 

 

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

       

Net realized gain (loss) on:

 

Investment transactions (including affiliated of $(124)) (net of foreign capital gains taxes $(15,621))

    (198,039

Futures transactions

    (215,395

Foreign currency transactions

    (14,115
 

 

 

 
    (427,549
 

 

 

 

Net change in unrealized appreciation (depreciation) on:

 

Investments (including affiliated of $21) (net of change in foreign capital gains taxes $35,715)

    (3,141,046

Futures

    2,351  

Foreign currencies

    (2,010
 

 

 

 
    (3,140,705
 

 

 

 

Net gain (loss) on investment and foreign currency transactions

    (3,568,254
 

 

 

 

Net Increase (Decrease) In Net Assets Resulting From Operations

  $ (3,139,514
 

 

 

 

 

See Notes to Financial Statements.

 

26  


Statements of Changes in Net Assets (unaudited)

 

   

Six Months Ended

April 30, 2022

     Year Ended
October 31, 2021
 

Increase (Decrease) in Net Assets

                

Operations

    

Net investment income (loss)

  $ 428,740      $ 966,487  

Net realized gain (loss) on investment and foreign currency transactions

    (427,549      4,026,832  

Net change in unrealized appreciation (depreciation) on investments and foreign currencies

    (3,140,705      (509,016
 

 

 

    

 

 

 

Net increase (decrease) in net assets resulting from operations

    (3,139,514      4,484,303  
 

 

 

    

 

 

 

Dividends and Distributions

    

Distributions from distributable earnings

    

Class R6

    (1,396,789      (567,424
 

 

 

    

 

 

 

Fund share transactions

    

Net proceeds from shares sold

    2,717,188        11,048,336  

Net asset value of shares issued in reinvestment of dividends and distributions

    1,396,789        567,424  

Cost of shares purchased

    (4,353,104      (9,693,559
 

 

 

    

 

 

 

Net increase (decrease) in net assets from Fund share transactions

    (239,127      1,922,201  
 

 

 

    

 

 

 

Total increase (decrease)

    (4,775,430      5,839,080  

Net Assets:

                

Beginning of period

    41,892,668        36,053,588  
 

 

 

    

 

 

 

End of period

  $ 37,117,238      $ 41,892,668  
 

 

 

    

 

 

 

 

See Notes to Financial Statements.

 

PGIM Quant Solutions Emerging Markets Equity Fund

    27  


Financial Highlights (unaudited)

 

Class R6 Shares                                                                      
          

Six Months
Ended April 30,

2022

          Year Ended October 31,          

November 29, 2016(a)
through October 31,

2017

       
                 2021     2020     2019     2018              
Per Share Operating Performance(b):

 

                                                               
Net Asset Value, Beginning of Period             $12.83               $11.61       $11.14       $10.84       $13.21               $10.00          
Income (loss) from investment operations:

 

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

 

(a)

Commencement of operations.

(b)

Calculated based on average shares outstanding during the period.

(c)

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

(d)

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

(e)

Annualized.

(f)

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

 

See Notes to Financial Statements.

 

28  


Notes to Financial Statements (unaudited)

 

1.    Organization

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

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

2.    Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued as of the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. As described in further detail below, the Fund’s investments are valued daily based on a number of factors, including the type of investment and whether market quotations are readily available. The RIC’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. A record of the Valuation Committee’s actions is subject to the Board’s review at its first quarterly meeting following the quarter in which such actions take place.

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    29  


Notes to Financial Statements (unaudited) (continued)

 

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

Various inputs determine how the Fund’s investments are valued, all of which are categorized according to the three broad levels (Level 1, 2, or 3) detailed in the Schedule of Investments and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820 - Fair Value Measurement.

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

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

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

Fixed income securities traded in the OTC market are generally classified as Level 2 in the fair value hierarchy. Such fixed income securities are typically valued using the market approach which generally involves obtaining data from an approved independent third-party vendor source. The Fund utilizes the market approach as the primary method to value securities when market prices of identical or comparable instruments are available. The third-party vendors’ valuation techniques used to derive the evaluated bid price are based

 

30  


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

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

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

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

(i) market value of investment securities, other assets and liabilities — at the exchange rate as of the valuation date;

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

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

 

 

PGIM Quant Solutions Emerging Markets Equity Fund

    31  


Notes to Financial Statements (unaudited) (continued)

 

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

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

The Fund invested in financial futures contracts in order to hedge its existing portfolio securities, or securities the Fund intends to purchase, against fluctuations in value caused by changes in prevailing interest rates. Should interest rates move unexpectedly, the Fund may not achieve the anticipated benefits of the financial futures contracts and may realize a loss. The use of futures transactions involves the risk of imperfect correlation in movements in the price of futures contracts, interest rates and the underlying hedged assets. Since futures contracts are exchange-traded, there is minimal counterparty credit risk to the Fund since the exchanges’ clearinghouse acts as counterparty to all exchange-traded futures and guarantees the futures contracts against default.

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

 

32  


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

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

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

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

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

 

 

PGIM Quant Solutions Emerging Markets Equity Fund

    33  


Notes to Financial Statements (unaudited) (continued)

 

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

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

 

   
  Expected Distribution Schedule to Shareholders*      Frequency

Net Investment Income

     Annually

Short-Term Capital Gains

     Annually

Long-Term Capital Gains

     Annually

 

*

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

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

3.    Agreements

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

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

 

34  


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

 

   
  Contractual Management Rate

 

 

Effective Management Fee, before any waivers  
and/or expense reimbursements

 

0.75% of average daily net assets.

 

  0.75%

 

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

 

   
  Class

 

 

Expense 

Limitations 

 

R6

 

  1.20%

 

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

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

4.   Other Transactions with Affiliates

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

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    35  


Notes to Financial Statements (unaudited) (continued)

 

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

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule 17a-7 procedures. Rule 17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors/trustees, and/or common officers. For the reporting period ended April 30, 2022, no 17a-7 transactions were entered into by the Fund.

5.   Portfolio Securities

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

 

   
Cost of Purchases

 

 

Proceeds from Sales

 

$17,525,867

 

 

$18,697,267

 

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

 

               
      Value,
  Beginning
        of

    Period

 

 

Cost of
Purchases

 

   

Proceeds
from Sales

 

   

Change in
Unrealized
Gain
(Loss)

 

   

Realized
Gain
(Loss)

 

   

Value,
End of
Period

 

   

Shares,
End
of
Period

 

   

Income

 

 

Short-Term Investments - Affiliated Mutual Funds:

 

       

PGIM Core Ultra Short Bond Fund(1)(wa)

 

               

$1,210,487

  $ 3,528,038     $ 4,738,525       $—     $     $             $251  

PGIM Institutional Money Market Fund(1)(b)(wa)

 

               

     718,364

    649,456       1,164,423       21       (124     203,294       203,456       369 (2) 

$1,928,851

  $ 4,177,494     $ 5,902,948       $21     $ (124   $ 203,294               $620  

 

(1)

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

(2)

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

(b)

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

(wa)

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

 

36  


6.   Tax Information

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

 

       
 Tax Basis  

 

Gross

Unrealized

Appreciation

 

 

Gross

Unrealized

Depreciation

 

 

Net         

Unrealized   

Appreciation 

$34,251,787

  $6,073,380   $(3,262,490)   $2,810,890   

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

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

7.   Capital and Ownership

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

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

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

 

     
  Class     

Number of Shares

 

    

Percentage of Outstanding Shares

 

R6

     3,247,283      100.0%

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

 

     
        Number of Shareholders      Percentage of Outstanding Shares

Affiliated

     3      84.1%

Unaffiliated

         

 

PGIM Quant Solutions Emerging Markets Equity Fund

    37  


Notes to Financial Statements (unaudited) (continued)

 

Transactions in shares of beneficial interest were as follows:

 

     
  Share Class   Shares     Amount  

Class R6

               

Six months ended April 30, 2022:

               

Shares sold

    223,112       $  2,717,188  

Shares issued in reinvestment of dividends and distributions

    113,009       1,396,789  

Shares purchased

    (352,918     (4,353,104

Net increase (decrease) in shares outstanding

    (16,797     $   (239,127

Year ended October 31, 2021:

               

Shares sold

    816,485       $11,048,336  

Shares issued in reinvestment of dividends and distributions

    44,714       567,424  

Shares purchased

    (703,162     (9,693,559

Net increase (decrease) in shares outstanding

    158,037       $  1,922,201  

8.   Borrowings

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

 

   
     SCA

Term of Commitment

  10/1/2021 – 9/29/2022

Total Commitment

  $ 1,200,000,000

Annualized Commitment Fee on the Unused Portion of the SCA

  0.15%

Annualized Interest Rate on Borrowings

  1.20% plus the higher of (1)
the effective federal funds
rate, (2) the one-month
LIBOR rate or (3) zero
percent

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

 

38  


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

9.   Risks of Investing in the Fund

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

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

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

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

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

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    39  


Notes to Financial Statements (unaudited) (continued)

 

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

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

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

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

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

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

 

40  


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

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

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

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

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    41  


Notes to Financial Statements (unaudited) (continued)

 

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

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

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

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

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

 

42  


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

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

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

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

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

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

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    43  


Notes to Financial Statements (unaudited) (continued)

 

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

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

10.   Recent Regulatory Developments

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

 

44  


Liquidity Risk Management Program (unaudited)

 

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

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

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

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

 

PGIM Quant Solutions Emerging Markets Equity Fund

    45  


     
 MAIL    TELEPHONE    WEBSITE

655 Broad Street

Newark, NJ 07102

 

(800) 225-1852

 

pgim.com/investments

 

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

 

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

 

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

 

MANAGER   PGIM Investments LLC  

655 Broad Street

Newark, NJ 07102

 

SUBADVISER   PGIM Quantitative Solutions LLC  

Gateway Center Two

100 Mulberry Street

Newark, NJ 07102

 

 

DISTRIBUTOR   Prudential Investment Management Services LLC  

655 Broad Street

Newark, NJ 07102

 

CUSTODIAN   The Bank of New York Mellon  

240 Greenwich Street

New York, NY 10286

 

TRANSFER AGENT   Prudential Mutual Fund Services LLC  

PO Box 9658

Providence, RI 02940

 

INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM
  PricewaterhouseCoopers LLP  

300 Madison Avenue

New York, NY 10017

 

FUND COUNSEL   Willkie Farr & Gallagher LLP  

787 Seventh Avenue

New York, NY 10019

 


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

 

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

 

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

 

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

Mutual Funds:

 

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


LOGO

PGIM QUANT SOLUTIONS EMERGING MARKETS EQUITY FUND

 

SHARE CLASS        

 

 

R6

 

NASDAQ

 

  PQEMX

 

CUSIP

 

  74440E706    

 

MF244E2


LOGO

PGIM QUANT SOLUTIONS INTERNATIONAL

DEVELOPED MARKETS INDEX FUND

Formerly known as PGIM QMA International Developed Markets Index Fund

 

  

SEMIANNUAL REPORT

APRIL 30, 2022

 

    

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, 2022 were not audited and, accordingly, no auditor’s opinion is expressed on them.

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

 

2    Visit our website at pgim.com/investments


Letter from the President

 

LOGO   

Dear Shareholder:

 

We hope you find the semiannual report for the PGIM Quant Solutions International Developed Markets Index Fund informative and useful. The report covers performance for the six-month period ended April 30, 2022.

 

Regarding your investments with PGIM, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

 

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

Thank you for choosing our family of funds.

Sincerely,

 

LOGO

Stuart S. Parker, President

PGIM Quant Solutions International Developed Markets Index Fund

June 15, 2022

 

PGIM Quant Solutions International Developed Markets Index Fund    3


Your Fund’s Performance

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

 

     Total Returns as of 4/30/22    Average Annual Total Returns as of 4/30/22  
     (without sales charges)    (with sales charges)  
     Six Months* (%)     One Year (%)      Five Years (%)      Since Inception (%)   

Fund

   -13.19    -10.52    4.34      6.42 (11/17/2016)      

FTSE Developed Markets Ex-North America Net Index

        
     -11.94    -9.29    4.86      7.03                            

*Not annualized

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

Benchmark Definition

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

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

 

4    Visit our website at pgim.com/investments


Presentation of Fund Holdings as of 4/30/22

 

  Ten Largest Holdings    Line of Business    Country    % of Net Assets 

iShares MSCI EAFE ETF

   Exchange Traded Funds    United States    2.5%

Nestle SA

   Food Products    Switzerland    2.0%

Roche Holding AG

   Pharmaceuticals    Switzerland    1.5%

Samsung Electronics Co. Ltd.

   Technology Hardware, Storage & Peripherals    South Korea    1.4%

ASML Holding NV

   Semiconductors & Semiconductor Equipment    Netherlands    1.2%

Toyota Motor Corp.

   Automobiles    Japan    1.2%

Shell plc

   Oil, Gas & Consumable Fuels    Netherlands    1.2%

AstraZeneca plc

   Pharmaceuticals    United Kingdom    1.1%

Novartis AG

   Pharmaceuticals    Switzerland    1.0%

Novo Nordisk A/S (Class B Stock)

   Pharmaceuticals    Denmark    1.0%

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

 

PGIM Quant Solutions International Developed Markets Index Fund    5


Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended April 30, 2022. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

 

6    Visit our website at pgim.com/investments


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

 

       

PGIM Quant Solutions

International Developed

Markets Index Fund

   Beginning
Account Value
    November 1, 2021       
   Ending
    Account Value      
April  30, 2022
   Annualized Expense
    Ratio Based on the      
Six-Month Period
   Expenses Paid
During the
    Six-Month Period*       
       

Class R6     Actual

   $1,000.00    $  868.10    0.31%    $1.44
       

                     Hypothetical

   $1,000.00    $1,023.30    0.31%    $1.56

*Fund expenses (net of fee waivers or subsidies, if any) are equal to the annualized expense ratio (provided in the table), multiplied by the average account value over the period, multiplied by the 181 days in the six-month period ended April 30, 2022, and divided by the 365 days in the Fund’s fiscal year ending October 31, 2022 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

 

    

 

PGIM Quant Solutions International Developed Markets Index Fund    7


Schedule of Investments  (unaudited)

as of April 30, 2022

 

  Description    Shares                    Value          

LONG-TERM INVESTMENTS    96.2%

     

COMMON STOCKS    93.0%

     

Australia    8.2%

                 

Adbri Ltd.

     1,446      $ 2,940  

AGL Energy Ltd.

     2,640        16,023  

Allkem Ltd.*

     2,324        19,310  

ALS Ltd.

     2,006        18,038  

Altium Ltd.

     469        10,550  

Alumina Ltd.

     10,963        13,668  

AMP Ltd.*

     13,150        10,559  

Ampol Ltd.

     969        22,736  

Ansell Ltd.

     526        10,047  

APA Group

     4,752        38,096  

Appen Ltd.

     437        1,992  

Aristocrat Leisure Ltd.

     2,694        62,177  

ASX Ltd.

     779        46,954  

Atlas Arteria Ltd.

     4,006        19,377  

Aurizon Holdings Ltd.

     7,377        20,823  

Australia & New Zealand Banking Group Ltd.

     11,338        215,188  

Bank of Queensland Ltd.

     2,651        14,987  

Beach Energy Ltd.

     7,103        8,105  

Bendigo & Adelaide Bank Ltd.

     2,338        17,385  

BHP Group Ltd.

     20,331        674,866  

BlueScope Steel Ltd.

     1,972        28,093  

Boral Ltd.

     1,710        4,279  

Brambles Ltd.

     5,776        42,094  

carsales.com Ltd.

     1,140        16,825  

Challenger Ltd.

     2,694        13,580  

Charter Hall Group, REIT

     1,994        21,447  

Cleanaway Waste Management Ltd.

     5,481        12,205  

Cochlear Ltd.

     258        41,743  

Coles Group Ltd.

     5,107        66,962  

Commonwealth Bank of Australia

     6,907        500,129  

Computershare Ltd.

     2,163        37,990  

Crown Resorts Ltd.*

     1,446        13,057  

CSL Ltd.

     1,922        367,093  

CSR Ltd.

     2,068        8,833  

Deterra Royalties Ltd.

     1,608        5,437  

Dexus, REIT

     4,332        33,636  

Domain Holdings Australia Ltd.

     938        2,269  

Domino’s Pizza Enterprises Ltd.

     249        13,056  

Downer EDI Ltd.

     2,850        10,958  

EBOS Group Ltd.

     435        11,854  

Endeavour Group Ltd.

     5,106        27,812  

Evolution Mining Ltd.

     7,241        20,387  

Flight Centre Travel Group Ltd.*

     594        9,253  

 

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    9


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

  Description    Shares                    Value          

COMMON STOCKS (Continued)

     

Australia (cont’d.)

                 

Fortescue Metals Group Ltd.

     6,402      $ 96,400  

Glencore PLC*

     52,791        323,427  

Goodman Group, REIT

     7,381        122,637  

GPT Group (The), REIT

     7,716        27,356  

Harvey Norman Holdings Ltd.

     2,351        8,353  

IDP Education Ltd.

     778        14,431  

IGO Ltd.

     2,596        23,398  

Iluka Resources Ltd.

     1,737        13,488  

Incitec Pivot Ltd.

     7,891        21,084  

Insignia Financial Ltd.

     3,018        7,211  

Insurance Australia Group Ltd.

     10,413        33,056  

JB Hi-Fi Ltd.

     462        17,059  

Lendlease Corp. Ltd.

     2,817        23,973  

Lynas Rare Earths Ltd.*

     3,618        22,756  

Macquarie Group Ltd.

     1,397        199,937  

Magellan Financial Group Ltd.

     531        5,982  

Medibank Private Ltd.

     11,835        26,554  

Metcash Ltd.

     3,744        12,530  

Mineral Resources Ltd.

     572        22,992  

Mirvac Group, REIT

     15,843        26,617  

National Australia Bank Ltd.

     13,053        292,350  

Newcrest Mining Ltd.

     3,611        67,731  

NEXTDC Ltd.*

     1,893        14,732  

Northern Star Resources Ltd.

     4,578        31,548  

Nufarm Ltd.

     1,263        5,652  

Orica Ltd.

     1,682        19,180  

Origin Energy Ltd.

     7,072        33,629  

Orora Ltd.

     3,409        9,532  

OZ Minerals Ltd.

     1,307        22,602  

Perpetual Ltd.

     224        5,132  

Pilbara Minerals Ltd.*

     10,582        20,498  

Platinum Asset Management Ltd.

     2,149        2,807  

Pro Medicus Ltd.

     163        5,336  

Qantas Airways Ltd.*

     2,994        11,619  

QBE Insurance Group Ltd.

     5,933        50,725  

Qube Holdings Ltd.

     6,019        12,392  

Ramsay Health Care Ltd.

     703        39,778  

REA Group Ltd.

     205        18,297  

Reece Ltd.

     1,111        13,414  

Rio Tinto Ltd.

     1,494        117,150  

Rio Tinto PLC

     4,373        308,687  

Santos Ltd.

     12,366        68,777  

Scentre Group, REIT

     20,887        43,529  

SEEK Ltd.

     1,403        27,398  

 

See Notes to Financial Statements.

10


    

    

 

  Description    Shares                    Value          

COMMON STOCKS (Continued)

     

Australia (cont’d.)

                 

Seven Group Holdings Ltd.

     585      $ 8,140  

Shopping Centres Australasia Property Group, REIT

     5,212        11,090  

Sonic Healthcare Ltd.

     1,922        49,489  

South32 Ltd.

     18,785        62,150  

Star Entertainment Group Ltd. (The)*

     3,956        8,701  

Stockland, REIT

     9,606        27,666  

Suncorp Group Ltd.

     5,082        40,673  

Tabcorp Holdings Ltd.

     8,373        31,890  

Telstra Corp. Ltd.

     16,562        46,774  

TPG Telecom Ltd.

     1,473        6,035  

Transurban Group

     12,243        122,525  

Treasury Wine Estates Ltd.

     3,102        24,456  

Vicinity Centres, REIT

     15,439        19,825  

Washington H Soul Pattinson & Co. Ltd.

     1,090        21,101  

Wesfarmers Ltd.

     4,557        157,840  

Westpac Banking Corp.

     14,095        235,517  

Whitehaven Coal Ltd.

     3,475        11,822  

WiseTech Global Ltd.

     635        19,690  

Woodside Petroleum Ltd.

     3,869        83,574  

Woolworths Group Ltd.

     4,870        131,738  

Worley Ltd.

     1,519        14,652  
     

 

 

 
        5,979,897  

Austria    0.3%

                 

ams-OSRAM AG*

     1,027        12,564  

ANDRITZ AG

     291        12,419  

Erste Group Bank AG

     1,237        38,289  

Mondi PLC

     1,950        36,656  

OMV AG

     571        29,304  

Raiffeisen Bank International AG

     535        6,061  

Telekom Austria AG*

     558        3,990  

Verbund AG

     265        28,387  

voestalpine AG

     497        13,018  
     

 

 

 
        180,688  

Belgium    0.8%

                 

Ackermans & van Haaren NV

     89        15,954  

Ageas SA/NV

     715        34,009  

Anheuser-Busch InBev SA/NV

     3,475        200,582  

D’ieteren Group

     96        15,549  

Elia Group SA/NV

     141        22,431  

Etablissements Franz Colruyt NV

     211        7,747  

Groupe Bruxelles Lambert SA

     409        38,701  

 

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    11


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

  Description    Shares                   Value          

COMMON STOCKS (Continued)

    

Belgium (cont’d.)

                

KBC Group NV

     1,105     $ 75,228  

Proximus SADP

     562       9,810  

Sofina SA

     61       18,826  

Solvay SA

     278       26,269  

Telenet Group Holding NV

     174       5,186  

UCB SA

     486       55,225  

Umicore SA

     824       31,880  

Warehouses De Pauw CVA, REIT

     566       21,981  
    

 

 

 
       579,378  

Brazil    0.0%

                

Yara International ASA

     654       33,246  

Cambodia    0.0%

                

NagaCorp Ltd.

     4,600       4,124  

Chile    0.0%

                

Antofagasta PLC

     1,392       26,645  

China    0.7%

                

AAC Technologies Holdings, Inc.

     3,200       7,418  

BeiGene Ltd.*

     2,600       33,168  

BOC Hong Kong Holdings Ltd.

     14,400       52,226  

Budweiser Brewing Co. APAC Ltd., 144A

     7,000       17,409  

China Travel International Investment Hong Kong Ltd.*

     16,000       2,894  

Chow Tai Fook Jewellery Group Ltd.*

     7,200       12,058  

ESR Cayman Ltd., 144A*

     6,600       20,004  

FIH Mobile Ltd.*

     7,000       868  

HUTCHMED China Ltd.*

     2,000       6,419  

Kerry Logistics Network Ltd.

     1,100       2,532  

Lee & Man Paper Manufacturing Ltd.

     6,000       2,875  

Lenovo Group Ltd.

     29,000       27,997  

Microport Scientific Corp.

     2,000       3,935  

Minth Group Ltd.

     3,300       7,821  

MMG Ltd.*

     10,000       4,241  

Nexteer Automotive Group Ltd.

     4,000       2,264  

Prosus NV*

     3,547       170,821  

Shangri-La Asia Ltd.*

     3,600       2,731  

Shui On Land Ltd.

     15,000       2,130  

SITC International Holdings Co. Ltd.

     4,000       13,312  

Tingyi Cayman Islands Holding Corp.

     8,400       15,431  

Towngas Smart Energy Co. Ltd.*

     6,000       2,971  

Uni-President China Holdings Ltd.

     4,600       4,042  

 

See Notes to Financial Statements.

12


    

    

 

  Description    Shares                   Value          

COMMON STOCKS (Continued)

    

China (cont’d.)

                

Want Want China Holdings Ltd.

     22,000     $ 19,834  

Wharf Holdings Ltd. (The)

     5,000       14,622  

Wilmar International Ltd.

     8,400       26,754  
    

 

 

 
       476,777  

Denmark    2.3%

                

Ambu A/S (Class B Stock)

     736       9,731  

AP Moller - Maersk A/S (Class A Stock)

     17       48,450  

AP Moller - Maersk A/S (Class B Stock)

     22       64,239  

Carlsberg A/S (Class B Stock)

     386       49,354  

Chr Hansen Holding A/S

     413       32,252  

Coloplast A/S (Class B Stock)

     535       72,649  

Danske Bank A/S

     2,652       40,858  

Demant A/S*

     433       19,036  

DSV A/S

     781       128,936  

Genmab A/S*

     238       84,121  

GN Store Nord A/S

     514       19,416  

H. Lundbeck A/S

     247       5,691  

Novo Nordisk A/S (Class B Stock)

     6,421       736,305  

Novozymes A/S (Class B Stock)

     798       55,677  

Orsted A/S, 144A

     758       84,682  

Pandora A/S

     374       33,167  

ROCKWOOL A/S (Class B Stock)

     26       7,325  

Royal Unibrew A/S

     198       17,176  

SimCorp A/S

     167       11,775  

Tryg A/S

     1,238       29,634  

Vestas Wind Systems A/S

     4,060       104,130  
    

 

 

 
       1,654,604  

Finland    1.1%

                

Elisa OYJ

     577       33,780  

Fortum OYJ

     1,736       28,924  

Huhtamaki OYJ

     383       14,472  

Kesko OYJ (Class B Stock)

     1,084       27,161  

Kojamo OYJ

     784       15,466  

Kone OYJ (Class B Stock)

     1,580       76,014  

Metso Outotec OYJ

     2,437       20,824  

Neste OYJ

     1,674       72,005  

Nokia OYJ*

     22,670       115,897  

Nokian Renkaat OYJ

     557       7,373  

Nordea Bank Abp

     14,375       143,513  

Orion OYJ (Class B Stock)

     417       16,425  

Sampo OYJ (Class A Stock)

     2,034       98,778  

 

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    13


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

  Description    Shares                   Value          

COMMON STOCKS (Continued)

    

Finland (cont’d.)

                

Stora Enso OYJ (Class R Stock)

     2,310     $ 45,394  

UPM-Kymmene OYJ

     2,145       73,664  

Valmet OYJ

     679       18,188  

Wartsila OYJ Abp

     1,961       15,718  
    

 

 

 
       823,596  

France    8.5%

                

Accor SA*

     735       24,166  

Adevinta ASA*

     1,219       9,744  

Aeroports de Paris*

     117       16,513  

Air Liquide SA

     1,869       323,494  

Airbus SE

     2,238       244,384  

ALD SA, 144A

     293       3,985  

Alstom SA

     1,187       26,042  

Amundi SA, 144A

     235       14,192  

Arkema SA

     261       29,672  

Atos SE

     388       9,476  

AXA SA

     7,741       203,909  

BioMerieux

     187       17,678  

BNP Paribas SA

     4,304       222,781  

Bollore SE

     3,976       18,635  

Bouygues SA

     856       29,464  

Bureau Veritas SA

     1,141       32,979  

Capgemini SE

     644       131,064  

Carrefour SA

     2,495       52,717  

Cie de L’Odet SE

     2       2,306  

Cie de Saint-Gobain

     1,879       109,147  

Cie Generale des Etablissements Michelin SCA

     704       87,242  

Cie Plastic Omnium SA

     226       3,662  

CNP Assurances

     606       13,329  

Covivio, REIT

     206       14,689  

Credit Agricole SA

     4,874       52,625  

Danone SA

     2,416       145,937  

Dassault Aviation SA

     93       15,567  

Dassault Systemes SE

     2,678       118,314  

Edenred

     1,003       50,387  

Eiffage SA

     316       31,233  

Electricite de France SA

     2,498       22,609  

Engie SA

     6,674       78,966  

EssilorLuxottica SA

     1,187       203,219  

Eurazeo SE

     181       13,903  

Faurecia SE

     484       10,523  

Gecina SA, REIT

     207       23,341  

Getlink SE

     1,832       33,531  

 

See Notes to Financial Statements.

14


    

    

 

  Description    Shares                   Value          

COMMON STOCKS (Continued)

    

France (cont’d.)

                

Hermes International

     124     $ 152,474  

ICADE, REIT

     132       7,867  

Ipsen SA

     144       14,918  

JCDecaux SA*

     282       5,999  

Kering SA

     295       157,113  

Klepierre SA, REIT*

     744       17,665  

La Francaise des Jeux SAEM, 144A

     365       13,652  

Legrand SA

     1,076       95,033  

L’Oreal SA

     991       358,565  

LVMH Moet Hennessy Louis Vuitton SE

     1,009       649,184  

Neoen SA, 144A*

     114       4,534  

Orange SA

     7,716       91,421  

Orpea SA

     201       7,134  

Pernod Ricard SA

     840       173,519  

Publicis Groupe SA

     920       55,051  

Remy Cointreau SA

     98       19,361  

Renault SA*

     741       18,095  

Rexel SA*

     1,304       26,698  

Safran SA

     1,401       149,978  

Sanofi

     4,398       465,142  

Sartorius Stedim Biotech

     96       31,427  

SCOR SE

     629       17,669  

SEB SA

     124       14,852  

Societe Generale SA

     3,066       73,351  

Sodexo SA

     350       26,375  

SOITEC*

     94       16,884  

Somfy SA

     31       4,120  

Teleperformance

     233       83,581  

Thales SA

     404       51,564  

TotalEnergies SE

     9,611       471,309  

Ubisoft Entertainment SA*

     420       18,928  

Unibail-Rodamco-Westfield, REIT*

     413       29,200  

Valeo

     1,056       19,125  

Veolia Environnement SA

     2,505       73,524  

Vinci SA

     2,017       194,897  

Vivendi SE

     2,963       34,005  

Wendel SE

     114       11,329  

Worldline SA, 144A*

     977       38,385  
    

 

 

 
       6,135,353  

Germany    6.5%

                

1&1 AG

     176       3,694  

adidas AG

     737       148,796  

Allianz SE

     1,654       372,162  

 

See Notes to Financial Statements.

PGIM Quant Solutions International Developed Markets Index Fund    15


Schedule of Investments  (unaudited) (continued)

as of April 30, 2022

 

  Description    Shares                   Value          

COMMON STOCKS (Continued)

    

Germany (cont’d.)

                

Aroundtown SA

     4,588     $ 23,030  

Auto1 Group SE, 144A*

     361       3,771  

BASF SE

     3,684       194,350  

Bayer AG*

     3,957       259,750  

Bayerische Motoren Werke AG

     1,292       105,366  

Bechtle AG

     329       15,143  

Beiersdorf AG

     401       40,323  

Brenntag SE

     622       47,996