Prudential Investment Portfolios 5 NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES


Investment Company Act file number:		811-09439

Exact name of registrant as specified in charter:		Prudential Investment Portfolios 5

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

Name and address of agent for service:		Deborah A. Docs 655 Broad Street, 17^th Floor Newark, New Jersey 07102

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

Date of fiscal year end:		7/31/2018

Date of reporting period:		1/31/2018

Item 1 – Reports to Stockholders

LOGO

PRUDENTIAL JENNISON DIVERSIFIED GROWTH FUND (formerly known as Prudential Jennison Conservative Growth Fund)

SEMIANNUAL REPORT

JANUARY 31, 2018

LOGO

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Long-term capital appreciation

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 are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, member SIPC. Jennison Associates LLC is a registered investment adviser. Both are Prudential Financial companies. ^© 2018 Prudential Financial, Inc. and its related entities. Jennison Associates, Jennison, PGIM, and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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PRUDENTIAL FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved renaming the Fund’s Class Q shares as Class R6 shares, effective on June 11, 2018. The renaming of Class Q shares as Class R6 shares will not result in any changes to pricing, eligibility, or shareholder rights and obligations. The renamed Class R6 shares will not be exchangeable with Class R6 shares of the Prudential Day One Funds or the Prudential 60/40 Allocation Fund.

- Not part of the Semiannual Report -


Prudential Jennison Diversified Growth Fund			3

PRUDENTIAL FUNDS — UPDATE

Effective on or about June 1, 2018 (the “Effective Date”), the Fund’s Class A, Class C, Class R, and Class Z shares, as applicable, will be closed to investments by new group retirement plans, except as discussed below. Existing group retirement plans as of the Effective Date may keep their investments in their current share class and may continue to make additional purchases or exchanges of that class of shares. As of the Effective Date, all new group retirement plans wishing to add the Fund as a new addition to the plan generally will be into one of the available Class Q shares, Class R2 shares, or Class R4 shares of the Fund.

In addition, on or about the Effective Date, the Class R shares of the Fund will be closed to all new investors, except as discussed below. Due to the closing of the Class R shares to new investors, effective on or about the Effective Date, new IRA investors may only purchase Class A, Class C, Class Z, or Class Q shares of the Fund, subject to share class eligibility. Following the Effective Date, no new accounts may be established in the Fund’s Class R shares and no Class R shares may be purchased or acquired by any new Class R shareholder, except as discussed below.


	Class A	Class C	Class Z	Class R
Existing Investors (Group Retirement Plans, IRAs, and all other investors)	No Change	No Change	No Change	No Change
New Group Retirement Plans	Closed to group retirement plans wishing to add the share classes as new additions to plan menus on or about June 1, 2018, subject to certain exceptions below
New IRAs	No Change	No Change	No Change	Closed to all new investors on or about June 1, 2018, subject to certain exceptions below
All Other New Investors	No Change	No Change	No Change

- Not part of the Semiannual Report -


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However, the following new investors may continue to purchase Class A, Class C, Class R, and Class Z shares of the Fund, as applicable:

•

Eligible group retirement plans who are exercising their one-time 90-day repurchase privilege in the Fund will be permitted to purchase such share classes.

•

Plan participants in a group retirement plan that offers Class A, Class C, Class R, or Class Z shares of the Fund as of the Effective Date will be permitted to purchase such share classes of the Fund, even if the plan participant did not own shares of that class of the Fund as of the Effective Date.

•

Certain new group retirement plans will be permitted to offer such share classes of the Fund after the Effective Date, provided that the plan has or is actively negotiating a contractual agreement with the Fund’s distributor or service provider to offer such share classes of the Fund prior to or on the Effective Date.

•

New group retirement plans that combine with, replace, or are otherwise affiliated with a current plan that invests in such share classes prior to or on the Effective Date will be permitted to purchase such share classes.

The Fund also reserves the right to refuse any purchase order that might disrupt management of the Fund or to otherwise modify the closure policy at any time on a case-by-case basis.

- Not part of the Semiannual Report -


Prudential Jennison Diversified Growth Fund			5

Table of Contents



Letter from the President			7

Your Fund’s Performance			8

Fees and Expenses			11

Holdings and Financial Statements			13


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Letter from the President

LOGO

Dear Shareholder:

We hope you find the semiannual report for the Prudential Jennison Diversified Growth Fund informative and useful. The report covers performance for the six-month period ended January 31, 2018.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

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

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

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Jennison Diversified Growth Fund

March 15, 2018


Prudential Jennison Diversified Growth Fund			7

Your Fund’s Performance (unaudited)

Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website at www.pgiminvestments.com or by calling (800) 225-1852.


	Total Returns as of 1/31/18 (without sales charges	Average Annual Total Returns as of 1/31/18 (with sales charges)
	*Six Months (%)**	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	17.64	24.50	14.42	9.41	—
Class B	16.98	25.60	14.73	9.19	—
Class C	17.16	29.80	14.88	9.21	—
Class Q	N/A	N/A	N/A	N/A	17.45* (9/27/17)
Class Z	N/A	N/A	N/A	N/A	17.45* (9/27/17)
Russell 1000 Growth Index	19.15	34.89	17.95	11.65	—
Lipper Large-Cap Growth Funds Average**	17.75	34.39	16.35	10.26	—
Lipper Large-Cap Core Funds Average**	14.70	24.95	14.37	8.75	—

*Not annualized

**The Fund is compared to the Lipper Large-Cap Growth Funds Performance universe although Lipper classifies the Fund in the Lipper Large-Cap Core Funds Performance universe. The Lipper Large-Cap Growth Funds Performance universe is utilized because the Fund’s manager believes the funds included in this universe provide a more appropriate basis for Fund performance comparisons.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. The Since Inception returns for the Index and the Lipper Averages are measured from the closest month-end to the inception date for the indicated share class.

Source: PGIM Investments LLC and Lipper Inc.


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


	Class A*	Class B**	Class C*	Class Q***	Class Z*
Maximum initial sales charge	5.50% of the public offering price	None	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	5.00% (Yr.1) 4.00% (Yr.2) 3.00% (Yr.3) 2.00% (Yr.4) 1.00% (Yr.5/6) 0.00% (Yr.7)	1% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	1.00%	None	None

*Certain share classes will be generally closed to investments by new group retirement plans effective on or about June 1, 2018. Please see the “PRUDENTIAL FUNDS-UPDATE” in the front of this report for more information.

**Class B shares are closed to all purchase activity and no additional Class B shares may be purchased or acquired except by exchange from Class B shares of another Fund or through dividend or capital gains reinvestment.

***Class Q shares will be renamed as Class R6 shares effective June 11, 2018. Please see the “PRUDENTIAL FUNDS-UPDATE” in the front of this report for more information.

Benchmark Definitions

Russell 1000 Growth Index—The Russell 1000 Growth Index is an unmanaged index which contains those securities in the Russell 1000^® Index with an above-average growth orientation. Companies in this index tend to exhibit higher price-to-book and price-to-earnings ratios, lower dividend yields, and higher forecasted growth rates. The cumulative total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class Q and Class Z shares through 1/31/18 is 15.50%.

Lipper Large-Cap Growth Funds Average—The Lipper Large-Cap Growth Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Growth Funds universe for the periods noted. Funds in the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. The cumulative total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class Q and Class Z shares through 1/31/18 is 14.98%.

Lipper Large-Cap Core Funds Average—The Lipper Large-Cap Core Funds Average (Lipper Average) is based on the average return of all funds in the Lipper Large-Cap Core Funds universe for the periods noted. Funds in


Prudential Jennison Diversified Growth Fund			9

Your Fund’s Performance (continued)

the Lipper Average invest at least 75% of their equity assets in companies with market capitalizations (on a three-year weighted basis) greater than 300% of the dollar-weighted median market capitalization of the middle 1,000 securities of the S&P SuperComposite 1500 Index. Large-cap core funds have wide latitude in the companies in which they invest. These funds typically have a below-average price-to-earnings ratio, price-to-book ratio, and three-year sales-per-share-growth value compared with the S&P 500 Index. The cumulative total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class Q and Class Z shares through 1/31/18 is 12.07%.

Investors cannot invest directly in an index or average. 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. Returns for the Lipper Averages reflect the deduction of operating expenses, but not sales charges or taxes.

Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
Amazon.com, Inc.			5.6
Apple, Inc.			4.8
Alibaba Group Holding Ltd. (China), ADR			4.3
Microsoft Corp.			3.5
Netflix, Inc.			3.5

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


Five Largest Industries expressed as a percentage of net assets as of 1/31/18 (%)
Internet Software & Services			12.5
Internet & Direct Marketing Retail			11.2
Software			9.7
IT Services			9.4
Semiconductors & Semiconductor Equipment			5.3

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


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Fees and Expenses (unaudited)

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 January 31, 2018. 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 for each share class 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 for each share class 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 Prudential 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


Prudential Jennison Diversified Growth Fund			11

Fees and Expenses (continued)

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.

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 for each share class 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.


Prudential Jennison Diversified Growth Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,176.40		1.23	%	$	6.75
	Hypothetical	$	1,000.00	$	1,019.00		1.23	%	$	6.26
Class B	Actual	$	1,000.00	$	1,169.80		2.26	%	$	12.36
	Hypothetical	$	1,000.00	$	1,013.81		2.26	%	$	11.47
Class C	Actual	$	1,000.00	$	1,171.60		1.95	%	$	10.67
	Hypothetical	$	1,000.00	$	1,015.38		1.95	%	$	9.91
Class Q**	Actual	$	1,000.00	$	1,174.50		1.00	%	$	3.75
	Hypothetical	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Class Z**	Actual	$	1,000.00	$	1,174.50		1.00	%	$	3.75
	Hypothetical	$	1,000.00	$	1,020.16		1.00	%	$	5.09

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 126-day period ended January 31, 2018 due to the class’ inception date of September 27, 2017.


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Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 98.6%

COMMON STOCKS

Aerospace & Defense 5.1%
Boeing Co. (The)		22,073	$	7,822,009
Northrop Grumman Corp.		8,691		2,959,546
Raytheon Co.		11,154		2,330,517

				13,112,072

Air Freight & Logistics 0.2%
FedEx Corp.		2,346		615,778

Airlines 0.7%
Copa Holdings SA (Panama), (Class A Stock)		13,004		1,798,843

Auto Components 0.8%
Lear Corp.		10,724		2,071,233

Banks 1.7%
JPMorgan Chase & Co.		38,816		4,489,847

Beverages 1.4%
Constellation Brands, Inc., (Class A Stock)		10,738		2,356,669
Monster Beverage Corp.*		9,331		636,654
PepsiCo, Inc.		4,918		591,635

				3,584,958

Biotechnology 4.1%
AbbVie, Inc.		64,959		7,289,699
Amgen, Inc.		13,855		2,577,723
Gilead Sciences, Inc.		8,036		673,417

10,540,839

Capital Markets 0.8%
Cboe Global Markets, Inc.		10,274		1,380,723
Goldman Sachs Group, Inc. (The)		2,422		648,829

2,029,552

Chemicals 2.2%
Celanese Corp., Series A		5,486		593,366
LyondellBasell Industries NV, (Class A Stock)		18,575		2,226,028
Monsanto Co.		23,126		2,816,747

5,636,141

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			13

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Commercial Services & Supplies 0.7%
Copart, Inc.*		38,313	$	1,688,454

Containers & Packaging 1.4%
Avery Dennison Corp.		16,803		2,061,392
Crown Holdings, Inc.*		10,502		609,641
Owens-Illinois, Inc.*		40,176		932,887

3,603,920

Equity Real Estate Investment Trusts (REITs) 0.3%
Equinix, Inc.		1,655		753,339

Food & Staples Retailing 0.2%
Costco Wholesale Corp.		3,148		613,451

Food Products 1.3%
Lamb Weston Holdings, Inc.		32,346		1,895,476
Pilgrim’s Pride Corp.*(a)		57,059		1,584,528

3,480,004

Health Care Equipment & Supplies 1.3%
Baxter International, Inc.		26,773		1,928,459
Intuitive Surgical, Inc.*		3,060		1,320,910

3,249,369

Health Care Providers & Services 0.2%
UnitedHealth Group, Inc.		2,662		630,308

Hotels, Restaurants & Leisure 4.8%
Marriott International, Inc., (Class A Stock)		38,741		5,708,099
McDonald’s Corp.		34,955		5,982,199
Yum China Holdings, Inc.		14,995		695,618

12,385,916

Household Durables 1.2%
D.R. Horton, Inc.		15,902		779,993
Mohawk Industries, Inc.*		2,146		603,155
PulteGroup, Inc.		53,886		1,715,191

3,098,339

Household Products 0.2%
Procter & Gamble Co. (The)		6,497		560,951

See Notes to Financial Statements.


14


Description	Shares		Value
COMMON STOCKS (continued)

Industrial Conglomerates 1.5%
3M Co.		2,483	$	621,992
Honeywell International, Inc.		19,548		3,121,229

3,743,221

Insurance 1.0%
Allstate Corp. (The)		18,664		1,843,443
Progressive Corp. (The)		15,325		829,083

2,672,526

Internet & Direct Marketing Retail 11.2%
Amazon.com, Inc.*		9,923		14,397,182
Netflix, Inc.*		33,164		8,964,229
Priceline Group, Inc. (The)*		2,898		5,541,121

28,902,532

Internet Software & Services 12.5%
Alibaba Group Holding Ltd. (China), ADR*		54,455		11,124,612
Alphabet, Inc., (Class A Stock)*		7,580		8,961,228
Facebook, Inc., (Class A Stock)*		33,213		6,207,177
Tencent Holdings Ltd. (China), ADR		88,527		5,238,143
VeriSign, Inc.*		5,127		589,195

32,120,355

IT Services 9.4%
DXC Technology Co.		9,095		905,407
Genpact Ltd.		57,295		1,944,592
International Business Machines Corp.		22,111		3,619,571
Mastercard, Inc., (Class A Stock)		51,078		8,632,182
PayPal Holdings, Inc.*		8,060		687,679
Visa, Inc., (Class A Stock)		66,808		8,299,558

				24,088,989

Life Sciences Tools & Services 4.6%
Agilent Technologies, Inc.		26,691		1,959,920
Bruker Corp.		35,945		1,280,001
Illumina, Inc.*		5,844		1,359,548
Mettler-Toledo International, Inc.*		952		642,848
PerkinElmer, Inc.		24,456		1,960,393
Thermo Fisher Scientific, Inc.		10,663		2,389,685
Waters Corp.*		10,486		2,260,887

11,853,282

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			15

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (continued)

Machinery 0.5%
Caterpillar, Inc.		3,725	$	606,356
Parker-Hannifin Corp.		2,950		594,189

1,200,545

Oil, Gas & Consumable Fuels 0.8%
Devon Energy Corp.		34,990		1,447,536
EOG Resources, Inc.		5,412		622,380

2,069,916

Personal Products 2.4%
Estee Lauder Cos., Inc. (The), (Class A Stock)		31,528		4,255,019
Nu Skin Enterprises, Inc., (Class A Stock)		25,571		1,837,021

6,092,040

Pharmaceuticals 2.7%
Bristol-Myers Squibb Co.		65,385		4,093,101
Johnson & Johnson		20,053		2,771,124

6,864,225

Real Estate Management & Development 0.8%
CBRE Group, Inc., (Class A Stock)*		42,561		1,944,612

Semiconductors & Semiconductor Equipment 5.3%
Broadcom Ltd.		5,685		1,410,050
Lam Research Corp.		12,435		2,381,551
Micron Technology, Inc.*		56,472		2,468,956
NVIDIA Corp.		21,132		5,194,246
NXP Semiconductors NV (Netherlands)*		18,613		2,239,516

13,694,319

Software 9.7%
Adobe Systems, Inc.*		15,072		3,010,783
Cadence Design Systems, Inc.*		46,699		2,094,917
Microsoft Corp.		95,903		9,111,744
Oracle Corp.		41,451		2,138,457
Red Hat, Inc.*		30,916		4,061,744
salesforce.com, Inc.*		39,398		4,487,826

24,905,471

Specialty Retail 0.9%
Home Depot, Inc. (The)		6,892		1,384,603
Industria de Diseno Textil SA (Spain), ADR		48,872		873,831

				2,258,434

See Notes to Financial Statements.


16


Description	Shares		Value
COMMON STOCKS (Continued)

Technology Hardware, Storage & Peripherals 4.8%
Apple, Inc.		73,196	$	12,255,206

Textiles, Apparel & Luxury Goods 1.7%
adidas AG (Germany), ADR		5,804		673,612
Kering (France), ADR		37,380		1,891,054
Michael Kors Holdings Ltd.*		27,866		1,839,156

4,403,822

Tobacco 0.2%
Altria Group, Inc.		8,097		569,543

TOTAL LONG-TERM INVESTMENTS (cost $171,353,849)				253,582,352


SHORT-TERM INVESTMENTS 2.0%

AFFILIATED MUTUAL FUNDS
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund(w)		2,383,093		2,383,093

Prudential Investment Portfolios 2 - Prudential Institutional Money Market Fund (cost $2,818,708; includes $2,803,857 of cash collateral for securities on loan)(b)(w)		2,818,707		2,821,525

TOTAL SHORT-TERM INVESTMENTS (cost $5,201,801)				5,204,618

TOTAL INVESTMENTS 100.6% (cost $176,555,650)				258,786,970
Liabilities in excess of other assets (0.6)%				(1,546,413	)

NET ASSETS 100.0%			$	257,240,557

The following abbreviations are used in the semiannual report:

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REIT(s)—Real Estate Investment Trust(s)

*	Non-income producing security.

(a)	All or a portion of security is on loan. The aggregate market value of such securities, including those sold and pending settlement, is $2,715,125; cash collateral of $2,803,857 (included in liabilities) was received with which the Fund purchased highly liquid short-term investments.

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

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund and Prudential Institutional Money Market Fund.

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			17

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

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 January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	13,112,072	$	—	$	—
Air Freight & Logistics		615,778		—		—
Airlines		1,798,843		—		—
Auto Components		2,071,233		—		—
Banks		4,489,847		—		—
Beverages		3,584,958		—		—
Biotechnology		10,540,839		—		—
Capital Markets		2,029,552		—		—
Chemicals		5,636,141		—		—
Commercial Services & Supplies		1,688,454		—		—
Containers & Packaging		3,603,920		—		—
Equity Real Estate Investment Trusts (REITs)		753,339		—		—
Food & Staples Retailing		613,451		—		—
Food Products		3,480,004		—		—
Health Care Equipment & Supplies		3,249,369		—		—
Health Care Providers & Services		630,308		—		—
Hotels, Restaurants & Leisure		12,385,916		—		—
Household Durables		3,098,339		—		—
Household Products		560,951		—		—
Industrial Conglomerates		3,743,221		—		—
Insurance		2,672,526		—		—
Internet & Direct Marketing Retail		28,902,532		—		—
Internet Software & Services		32,120,355		—		—
IT Services		24,088,989		—		—
Life Sciences Tools & Services		11,853,282		—		—
Machinery		1,200,545		—		—
Oil, Gas & Consumable Fuels		2,069,916		—		—

See Notes to Financial Statements.


18


	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Personal Products	$	6,092,040	$	—	$	—
Pharmaceuticals		6,864,225		—		—
Real Estate Management & Development		1,944,612		—		—
Semiconductors & Semiconductor Equipment		13,694,319		—		—
Software		24,905,471		—		—
Specialty Retail		2,258,434		—		—
Technology Hardware, Storage & Peripherals		12,255,206		—		—
Textiles, Apparel & Luxury Goods		4,403,822		—		—
Tobacco		569,543		—		—
Affiliated Mutual Funds		5,204,618		—		—

Total	$	258,786,970	$		$

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Industry Classification:

The industry classification of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Internet Software & Services	12.5	%
Internet & Direct Marketing Retail	11.2
Software	9.7
IT Services	9.4
Semiconductors & Semiconductor Equipment	5.3
Aerospace & Defense	5.1
Hotels, Restaurants & Leisure	4.8
Technology Hardware, Storage & Peripherals	4.8
Life Sciences Tools & Services	4.6
Biotechnology	4.1
Pharmaceuticals	2.7
Personal Products	2.4
Chemicals	2.2
Affiliated Mutual Funds (including 1.1% of collateral for securities on loan)	2.0
Banks	1.7
Textiles, Apparel & Luxury Goods	1.7
Industrial Conglomerates	1.5
Containers & Packaging	1.4
Beverages	1.4
Food Products	1.3
Health Care Equipment & Supplies	1.3	%
Household Durables	1.2
Insurance	1.0
Specialty Retail	0.9
Auto Components	0.8
Oil, Gas & Consumable Fuels	0.8
Capital Markets	0.8
Real Estate Management & Development	0.8
Airlines	0.7
Commercial Services & Supplies	0.7
Machinery	0.5
Equity Real Estate Investment Trusts (REITs)	0.3
Health Care Providers & Services	0.2
Air Freight & Logistics	0.2
Food & Staples Retailing	0.2
Tobacco	0.2
Household Products	0.2

	100.6
Liabilities in excess of other assets	(0.6	)

	100.0	%

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			19

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

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	$	2,715,125	$	(2,715,125	)	$	—

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

See Notes to Financial Statements.


20

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value, including securities on loan of $2,715,125:
Unaffiliated investments (cost $171,353,849)	$	253,582,352
Affiliated investments (cost $5,201,801)		5,204,618
Receivable for investments sold		1,798,598
Dividends receivable		112,169
Tax reclaim receivable		23,121
Receivable for Fund shares sold		18,226
Prepaid expenses		1,363

Total Assets		260,740,447


Liabilities
Payable to broker for collateral for securities on loan		2,803,857
Payable for Fund shares reacquired		307,655
Management fee payable		143,893
Accrued expenses and other liabilities		139,228
Distribution fee payable		87,742
Affiliated transfer agent fee payable		17,414
Payable for investments purchased		101

Total Liabilities		3,499,890


Net Assets	$	257,240,557


Net assets were comprised of:
Shares of beneficial interest, at par	$	19,820
Paid-in capital in excess of par		169,651,959

		169,671,779
Accumulated net investment loss		(235,828	)
Accumulated net realized gain on investment transactions		5,573,286
Net unrealized appreciation on investments		82,231,320

Net assets, January 31, 2018	$	257,240,557

See Notes to Financial Statements.


22


Class A
Net asset value and redemption price per share
($200,673,767 ÷ 14,829,126 shares of beneficial interest issued and outstanding)	$	13.53
Maximum sales charge (5.50% of offering price)		0.79

Maximum offering price to public	$	14.32


Class B
Net asset value, offering price and redemption price per share
($2,087,913 ÷ 184,801 shares of beneficial interest issued and outstanding)	$	11.30


Class C
Net asset value, offering price and redemption price per share
($54,052,618 ÷ 4,774,369 shares of beneficial interest issued and outstanding)	$	11.32


Class Q
Net asset value, offering price and redemption price per share
($11,745 ÷ 867 shares of beneficial interest issued and outstanding)	$	13.54


Class Z
Net asset value, offering price and redemption price per share
($414,514 ÷ 30,610 shares of beneficial interest issued and outstanding)	$	13.54

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			23

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $6,744)	$	1,387,493
Income from securities lending, net (including affiliated income of $10,494)		20,852
Affiliated dividend income		14,841

Total income		1,423,186


Expenses
Management fee		832,738
Distribution fee(a)		540,965
Transfer agent’s fees and expenses (including affiliated expense of $65,795)(a)		219,228
Registration fees(a)		37,504
Custodian and accounting fees		29,395
Shareholders’ reports		23,355
Audit fee		11,873
Legal fees and expenses		10,216
Trustees’ fees		6,371
Miscellaneous		7,568

Total expenses		1,719,213
Less: Management fee waiver and/or expense reimbursement(a)		(22,407	)
Distribution fee waiver(a)		(46,302	)

Net expenses		1,650,504

Net investment income (loss)		(227,318	)


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on:
Investment transactions (including affiliated of $843)		11,737,926
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $2,538)		27,514,936

Net gain (loss) on investment transactions		39,252,862

Net Increase (Decrease) In Net Assets Resulting From Operations	$	39,025,544

(a)	Class specific expenses and waivers were as follows:


	Class A			Class B			Class C		Class Q			Class Z
Distribution fee		277,805			10,255			252,905		—			—
Transfer Agency fees and expenses		177,559			6,288			34,888		41			452
Including affiliated expenses		50,757			3,623			11,353		20			42
Registration fees		8,592			8,216			8,212		6,242			6,242
Management fee waiver and/or expense reimbursement		—			(9,524	)		—		(6,275	)		(6,608	)
Distribution fee waiver		(46,302	)		—			—		—			—

See Notes to Financial Statements.


24

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			Year Ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(227,318	)	$	467,448
Net realized gain (loss) on investment transactions		11,737,926			26,961,911
Net change in unrealized appreciation (depreciation) on investments		27,514,936			12,224,121

Net increase (decrease) in net assets resulting from operations		39,025,544			39,653,480


Dividends and Distributions
Dividends from net investment income
Class A		(359,379	)		(865,867	)
Class Q		(21	)		—
Class Z		(183	)		—

		(359,583	)		(865,867	)

Distributions from net realized gains
Class A		(18,411,360	)		(4,609,408	)
Class B		(225,437	)		(78,699	)
Class C		(5,884,435	)		(1,548,074	)
Class Q		(1,059	)		—
Class Z		(9,397	)		—

		(24,531,688	)		(6,236,181	)


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		3,234,023			6,581,454
Net asset value of shares issued in reinvestment of dividends and distributions		24,639,762			7,009,461
Cost of shares reacquired		(16,084,122	)		(33,578,029	)

Net increase (decrease) in net assets from Fund share transactions		11,789,663			(19,987,114	)

Total increase (decrease)		25,923,936			12,564,318

Net Assets:

Beginning of period		231,316,621			218,752,303

End of period(a)	$	257,240,557		$	231,316,621

(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(235,828	)	$	351,073

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			25

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 5 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as an open-end management investment company. The Trust was established as a Delaware business trust on July 8, 1999. The Trust currently consists of fifteen funds: Prudential Day One Income Fund, Prudential Day One 2010 Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund, Prudential 60/40 Allocation Fund, Prudential Jennison Diversified Growth Fund and Prudential Jennison Rising Dividend Fund which are non-diversified funds. These financial statements relate to the Prudential Jennison Diversified Growth Fund (the “Fund”).

The investment objective of the Fund is long-term capital appreciation.

1. Accounting Policies

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

Securities Valuation: The Fund holds securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. The 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”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the 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. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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.


26

Common and preferred stocks, exchange-traded funds, and derivative instruments, such as futures or options, 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.

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

Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.

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 investment 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.

Restricted and Illiquid Securities: Subject to guidelines adopted by the Board, the Fund may invest up to 15% of its net assets in illiquid securities, including those which are restricted as to disposition under securities law (“restricted securities”). Restricted securities are valued pursuant to the valuation procedures noted above. Illiquid securities are those that, because of the absence of a readily available market or due to legal or contractual restrictions on resale, cannot be sold within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the investment. Therefore, the Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its Subadviser and may incur expenses that would not be incurred in the sale of securities that were freely marketable. Certain securities that would otherwise be considered illiquid because of legal restrictions on resale to the general public may be traded among qualified institutional buyers under Rule 144A of the Securities Act of 1933. These Rule 144A securities, as well as commercial paper that is sold in private placements under Section 4(2) of the Securities Act, may be deemed liquid by the Fund’s Subadviser


Prudential Jennison Diversified Growth Fund			27

Notes to Financial Statements (unaudited) (continued)

under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

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

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

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

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

Additionally, 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 securities 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) from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates are reflected as a component of net unrealized appreciation (depreciation) on foreign currencies.


28

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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.

Securities Lending: The Fund may lend 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. 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. 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 on the Statement of Operations as “Income from securities lending, net”.

Concentration of Risk: Foreign security and currency transactions may involve certain considerations and risks not typically associated with those of domestic origin as a result of, among other factors, the possibility of political or economic instability or the level of governmental supervision and regulation of foreign securities markets.

Equity and Mortgage Real Estate Investment Trusts (REITs): The Fund invests in equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from equity REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the equity REITs.


Prudential Jennison Diversified Growth Fund			29

Notes to Financial Statements (unaudited) (continued)

unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include Distribution fees and Distribution fee waivers, and effective August 1, 2017, Transfer Agent’s fees and expenses, Registration fees and Management fee waivers. Prior to August 1, 2017 Transfer Agent’s fees and expenses, Registration fees and Management fee waivers were not designated as class specific expenses and were allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

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

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

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

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with PGIM Investments.

Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Fund’s custodian (the Custodian), and the Fund’s


30

transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

PGIM Investments has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment advisory services in connection with the management of the Fund. In connection therewith, Jennison is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of Jennison, the cost of compensation of officers of the Fund, occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.70% of the Fund’s average daily net assets on the first $500 million, 0.65% of the average daily net assets on the next $500 million and 0.60% of the average daily net assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursement was 0.70% for the six months ended January 31, 2018. The effective management fee rate, net of waivers and/or expense reimbursement, was 0.68%.

PGIM Investments has contractually agreed, through November 30, 2019, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 2.26% of average daily net assets for Class B shares, 1.00% of average daily net assets for Class Q shares and 1.00% of average daily net assets for Class Z shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments 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 Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”) which acts as the distributor of the Class A, Class B, Class C, Class Q and Class Z shares shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A, Class B, and Class C shares, pursuant to the plans of distribution (the “Class A, B, and C Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30%, 1% and 1% of the average daily net assets of the Class A, B and C shares, respectively. PIMS has contractually agreed through November 30, 2019 to reduce its distribution and service (12b-1) fees for Class A shares to 0.25% of the average daily net assets of the Class A shares.


Prudential Jennison Diversified Growth Fund			31

Notes to Financial Statements (unaudited) (continued)

PIMS has advised the Fund that it received $34,397 in front-end sales charges resulting from sales of Class A shares during the six months ended January 31, 2018. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended January 31, 2018, it received $965 and $272 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively.

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

3. 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 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 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, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended January 31, 2018 no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended January 31, 2018, PGIM, Inc. was compensated $3,187 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.


32

4. 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 six months ended January 31, 2018, were $204,225,371 and $219,266,872, respectively.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2018 were as follows:


Tax Basis	$	177,352,824

Gross Unrealized Appreciation		81,659,845
Gross Unrealized Depreciation		(225,699	)

Net Unrealized Appreciation	$	81,434,146

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

The Fund utilized approximately $1,188,000 of its capital loss carryforward to offset net taxable gains realized in the fiscal year ended July 31, 2017.

Management 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. The Fund’s federal, state and local income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and state departments of revenue.

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Q and Class Z shares. Class A shares are sold with a maximum front-end sales charge of 5.50%. Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class B shares are sold with a CDSC which declines from 5% to zero depending on the period of time the shares are held. Class B shares automatically convert to Class A shares on a quarterly basis, approximately seven years after purchase. Class B shares are closed to new purchases. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.


Prudential Jennison Diversified Growth Fund			33

Notes to Financial Statements (unaudited) (continued)

Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest.

The Trust has authorized an unlimited number of shares of beneficial interest at $0.001 par value per share.

As of January 31, 2018, Prudential through its affiliate entities owned 867 shares of Class Q and Class Z.

At reporting period end, three shareholders of record held 25% of the Fund’s outstanding shares on behalf of multiple beneficial owners.

Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended January 31, 2018:
Shares sold		190,416		$	2,464,948
Shares issued in reinvestment of dividends and distributions		1,503,353			18,566,414
Shares reacquired		(921,804	)		(12,007,079	)

Net increase (decrease) in shares outstanding before conversion		771,965			9,024,283
Shares issued upon conversion from other share class(es)		37,672			485,511
Shares reacquired upon conversion into other share class(es)		(13,214	)		(170,023	)

Net increase (decrease) in shares outstanding		796,423		$	9,339,771

Year ended July 31, 2017:
Shares sold		464,735		$	5,400,607
Shares issued in reinvestment of dividends and distributions		478,707			5,418,963
Shares reacquired		(2,366,974	)		(27,332,390	)

Net increase (decrease) in shares outstanding before conversion		(1,423,532	)		(16,512,820	)
Shares issued upon conversion from other share class(es)		317,278			3,739,029

Net increase (decrease) in shares outstanding		(1,106,254	)	$	(12,773,791	)


34


Class B	Shares			Amount
Six months ended January 31, 2018:
Shares sold		4,828		$	52,575
Shares issued in reinvestment of dividends and distributions		21,374			220,576
Shares reacquired		(16,831	)		(184,763	)

Net increase (decrease) in shares outstanding before conversion		9,371			88,388
Shares reacquired upon conversion into other share class(es)		(23,052	)		(256,422	)

Net increase (decrease) in shares outstanding		(13,681	)	$	(168,034	)

Year ended July 31, 2017:
Shares sold		9,731		$	95,850
Shares issued in reinvestment of dividends and distributions		7,848			76,286
Shares reacquired		(45,825	)		(453,370	)

Net increase (decrease) in shares outstanding before conversion		(28,246	)		(281,234	)
Shares reacquired upon conversion into other share class(es)		(78,804	)		(793,809	)

Net increase (decrease) in shares outstanding		(107,050	)	$	(1,075,043	)

Class C
Six months ended January 31, 2018:
Shares sold		49,903		$	561,676
Shares issued in reinvestment of dividends and distributions		565,001			5,842,112
Shares reacquired		(352,337	)		(3,891,026	)

Net increase (decrease) in shares outstanding before conversion		262,567			2,512,762
Shares reacquired upon conversion into other share class(es)		(27,647	)		(301,177	)

Net increase (decrease) in shares outstanding		234,920		$	2,211,585

Year ended July 31, 2017:
Shares sold		108,548		$	1,084,997
Shares issued in reinvestment of dividends and distributions		155,783			1,514,212
Shares reacquired		(583,348	)		(5,792,269	)

Net increase (decrease) in shares outstanding before conversion		(319,017	)		(3,193,060	)
Shares reacquired upon conversion into other share class(es)		(291,556	)		(2,945,220	)

Net increase (decrease) in shares outstanding		(610,573	)	$	(6,138,280	)

Class Q
Period ended January 31, 2018*:
Shares sold		780		$	10,000
Shares issued in reinvestment of dividends and distributions		87			1,079

Net increase (decrease) in shares outstanding		867		$	11,079

Class Z
Period ended January 31, 2018*:
Shares sold		11,271		$	144,824
Shares issued in reinvestment of dividends and distributions		776			9,581
Shares reacquired		(102	)		(1,254	)

Net increase (decrease) in shares outstanding before conversion		11,945			153,151
Shares issued upon conversion from other share class(es)		18,665			242,111

Net increase (decrease) in shares outstanding		30,610		$	395,262

*	Commencement of offering was September 27, 2017.


Prudential Jennison Diversified Growth Fund			35

Notes to Financial Statements (unaudited) (continued)

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

Other 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 Funds in the SCA equitably.

The Fund did not utilize the SCA during the year ended January 31, 2018.


36

Financial Highlights (unaudited)


Class A Shares
	Six Months Ended January 31,			Year Ended July 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$12.79			$11.03			$12.01			$11.81			$10.46			$8.38
Income (loss) from investment operations:
Net investment income (loss)		-	(d)		0.04			0.06			0.06			0.04			0.05
Net realized and unrealized gain (loss) on investments		2.12			2.09			(0.19	)		1.28			1.78			2.07
Total from investment operations		2.12			2.13			(0.13	)		1.34			1.82			2.12
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)		(0.06	)		(0.03	)		(0.04	)		(0.02	)		(0.04	)
Distributions from net realized gains		(1.36	)		(0.31	)		(0.82	)		(1.10	)		(0.45	)		-
Total dividends and distributions		(1.38	)		(0.37	)		(0.85	)		(1.14	)		(0.47	)		(0.04	)
Net asset value, end of period		$13.53			$12.79			$11.03			$12.01			$11.81			$10.46
Total Return(b):		17.64%			19.78%			(0.82)%			11.84%			17.78%			25.45%

Ratios/Supplemental Data:
Net assets, end of period (000)		$200,674			$179,539			$166,997			$186,770			$175,928			$158,694
Average net assets (000)		$183,693			$169,500			$167,524			$181,444			$169,539			$143,264
Ratios to average net assets(c):
Expenses after waiver and/or expense reimbursement		1.23%	(e)		1.24%			1.28%			1.24%			1.26%			1.35%
Expenses before waiver and/or expense reimbursement		1.28%	(e)		1.29%			1.33%			1.29%			1.31%			1.40%
Net investment income (loss)		(0.03)%	(e)		0.38%			0.52%			0.47%			0.36%			0.54%
Portfolio turnover rate		87%	(f)		181%			246%			295%			234%			148%

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

(b)

Total return does not consider the effects of sales loads. 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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

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

(d)	Less than $0.005 per share.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			37

Financial Highlights (continued)


Class B Shares
	Six Months Ended January 31,			Year Ended July 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.93			$9.49			$10.49			$10.49			$9.38			$7.53
Income (loss) from investment operations:
Net investment income (loss)		(0.06	)		(0.03	)		(0.02	)		(0.03	)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.79			1.78			(0.16	)		1.13			1.60			1.87
Total from investment operations		1.73			1.75			(0.18	)		1.10			1.56			1.85
Less Dividends and Distributions:
Distributions from net realized gains		(1.36	)		(0.31	)		(0.82	)		(1.10	)		(0.45	)		-
Net asset value, end of period		$11.30			$10.93			$9.49			$10.49			$10.49			$9.38
Total Return(b):		16.98	%		18.90	%		(1.51)	%		11.01	%		16.96	%		24.57	%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,088			$2,169			$2,898			$4,200			$5,138			$5,244
Average net assets (000)		$2,034			$2,508			$3,375			$4,801			$5,457			$5,169
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		2.26%	(d)		1.99%			2.03%			1.99%			2.01%			2.11%
Expenses before waivers and/or expense reimbursement		3.19%	(d)		1.99%			2.03%			1.99%			2.01%			2.11%
Net investment income (loss)		(1.04)%	(d)		(0.33)%			(0.21)%			(0.25)%			(0.38)%			(0.19)%
Portfolio turnover rate		87%	(e)		181%			246%			295%			234%			148%

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

(b)

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

(d)	Annualized.

(e)	Not annualized.

See Notes to Financial Statements.


38


Class C Shares
	Six Months Ended January 31,			Year Ended July 31,
	2018			2017			2016			2015			2014			2013
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$10.93			$9.49			$10.49			$10.49			$9.38			$7.53
Income (loss) from investment operations:
Net investment income (loss)		(0.04	)		(0.04	)		(0.02	)		(0.03	)		(0.04	)		(0.02	)
Net realized and unrealized gain (loss) on investments		1.79			1.79			(0.16	)		10.13			1.60			1.87
Total from investment operations		1.75			1.75			(0.18	)		1.10			1.56			1.85
Less Dividends and Distributions:
Distributions from net realized gains		(1.36	)		(0.31	)		(0.82	)		(1.10	)		(0.45	)		-
Net asset value, end of period		$11.32			$10.93			$9.49			$10.49			$10.49			$9.38
Total Return(b):		17.16%			18.90%			(1.51)%			11.01%			16.96%			24.57%

Ratios/Supplemental Data:
Net assets, end of period (000)		$54,053			$49,609			$48,858			$55,384			$55,860			$52,005
Average net assets (000)		$50,169			$48,525			$49,288			$56,581			$55,220			$48,375
Ratios to average net assets(c):
Expenses after waivers and/or expense reimbursement		1.95%	(d)		1.99%			2.03%			1.99%			2.01%			2.10%
Expenses before waivers and/or expense reimbursement		1.95%	(d)		1.99%			2.03%			1.99%			2.01%			2.10%
Net investment income (loss)		(0.75)%	(d)		(0.36)%			(0.23)%			(0.27)%			(0.39)%			(0.21)%
Portfolio turnover rate		87%	(e)		181%			246%			295%			234%			148%

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

(b)

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

(d)	Annualized.

(e)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			39

Financial Highlights (continued)


Class Q Shares
	September 27, 2017(a) through January 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$12.82
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)
Net realized and unrealized gain (loss) on investment transactions		2.11
Total from investment operations		2.10
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)
Distributions from net realized gains		(1.36	)
Total dividends and distributions		(1.38	)
Net asset value, end of period		$13.54
Total Return(c):		17.45%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12
Average net assets (000)		$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.00%	(e)
Expenses before waivers and/or expense reimbursement		170.65%	(e)
Net investment income (loss)		(0.12)%	(e)
Portfolio turnover rate		87%	(g)

(a)	Commencement of offering.

(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 generally accepted accounting principles. Total returns for periods of 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)	Not annualized.

See Notes to Financial Statements.


40


Class Z Shares
	September 27, 2017(a) through January 31,
	2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$12.82
Income (loss) from investment operations:
Net investment income (loss)		(0.02	)
Net realized and unrealized gain (loss) on investment transactions		2.12
Total from investment operations		2.10
Less Dividends and Distributions:
Dividends from net investment income		(0.02	)
Distributions from net realized gains		(1.36	)
Total dividends and distributions		(1.38	)
Net asset value, end of period		$13.54
Total Return(c):		17.45%

Ratios/Supplemental Data:
Net assets, end of period (000)		$415
Average net assets (000)		$120
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.00%	(e)
Expenses before waivers and/or expense reimbursement		16.94%	(e)
Net investment income (loss)		(0.38)%	(e)
Portfolio turnover rate		87%	(f)

(a)	Commencement of offering.

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

(c)

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Diversified Growth Fund			41

^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s investment 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. 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 at www.sec.gov.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Richard A. Redeker • Brian K. Reid • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Chad A. Earnst, Chief Compliance Officer • Deborah A. Docs, Secretary • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

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

CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

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

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

E-DELIVERY

To receive your mutual fund documents on-line, go to www.pgiminvestments.com/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, Prudential Jennison Diversified Growth Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL JENNISON DIVERSIFIED GROWTH FUND


SHARE CLASS	A	B	C	Q	Z
NASDAQ	TBDAX	TBDBX	TBDCX	TBDQX	TBDZX
CUSIP	74440V104	74440V203	74440V302	74440V716	74440V690

MF503 E2

LOGO

PRUDENTIAL JENNISON RISING DIVIDEND FUND

SEMIANNUAL REPORT

JANUARY 31, 2018

LOGO

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Capital appreciation and income

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 are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.


2		Visit our website at pgiminvestments.com

PRUDENTIAL FUNDS — UPDATE

- Not part of the Semiannual Report -


Prudential Jennison Rising Dividend Fund			3

PRUDENTIAL FUNDS — UPDATE


	Class A	Class C	Class Z	Class R
Existing Investors (Group Retirement Plans, IRAs, and all other investors)	No Change	No Change	No Change	No Change
New Group Retirement Plans	Closed to group retirement plans wishing to add the share classes as new additions to plan menus on or about June 1, 2018, subject to certain exceptions below
New IRAs	No Change	No Change	No Change	Closed to all new investors on or about June 1, 2018, subject to certain exceptions below
All Other New Investors	No Change	No Change	No Change

- Not part of the Semiannual Report -


4		Visit our website at pgiminvestments.com

However, the following new investors may continue to purchase Class A, Class C, Class R, and Class Z shares of the Fund, as applicable:

•

Eligible group retirement plans who are exercising their one-time 90-day repurchase privilege in the Fund will be permitted to purchase such share classes.

•

The Fund also reserves the right to refuse any purchase order that might disrupt management of the Fund or to otherwise modify the closure policy at any time on a case-by-case basis.

- Not part of the Semiannual Report -


Prudential Jennison Rising Dividend Fund			5

Table of Contents



Letter from the President			7

Your Fund’s Performance			8

Fees and Expenses			11

Holdings and Financial Statements			13


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Letter from the President

LOGO

Dear Shareholder:

We hope you find the semiannual report for the Prudential Jennison Rising Dividend Fund informative and useful. The report covers performance for the six-month period ended January 31, 2018.

Since market conditions change over time, we believe it is important to maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Jennison Rising Dividend Fund

March 15, 2018


Prudential Jennison Rising Dividend Fund			7

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18 (without sales charges)	Average Annual Total Returns as of 1/31/18 (with sales charges)
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class A	12.45	15.31	8.65 (3/5/14)
Class C	12.02	20.14	9.44 (3/5/14)
Class Q	N/A	N/A	10.47* (9/27/17)
Class Z	12.58	22.39	10.54 (3/5/14)
S&P 500 Index	15.42	26.39	13.56
Lipper Equity Income Funds Average	11.97	18.80	9.82

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

Since Inception returns are provided for any share class with less than 10 fiscal years of returns. The Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to inception date for the indicated share class.


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	Class A*	Class C*	Class Q**	Class Z*
Maximum initial sales charge	5.50% of the public offering price	None	None	None
Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)	1.00% on sales of $1 million or more made within 12 months of purchase	1.00% on sales made within 12 months of purchase	None	None
Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

** Class Q shares will be renamed as Class R6 shares effective June 11, 2018. Please see the “PRUDENTIAL FUNDS-UPDATE” in the front of this report for more information.

Benchmark Definitions

S&P 500 Index—The Standard & Poor’s 500 Composite Stock Price Index (S&P 500 Index) is an unmanaged index of over 500 stocks of large US public companies. It gives a broad look at how stock prices in the United States have performed. The cumulative total returns for the Index measured from the month-end closest to the inception date of the Fund’s Class Q shares through 1/31/18 is 12.75%.

Lipper Equity Income Funds Average—The Lipper Equity Income Funds Average (Lipper Average) is based on the return of all mutual funds in the Lipper Equity Income Funds universe. Funds in the Lipper Average seek relatively high current income and growth of income through investing 65% or more of their portfolios in dividend-paying equity securities. The cumulative total returns for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class Q shares through 1/31/18 is 9.52%.

Investors cannot invest directly in an index or average. 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. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.


Prudential Jennison Rising Dividend Fund			9

Your Fund’s Performance (continued)

Presentation of Fund Holdings


Five Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
JPMorgan Chase & Co., Banks			3.7
Bank of America Corp., Banks			3.4
PNC Financial Services Group, Inc. (The), Banks			3.2
Citigroup, Inc., Banks			3.1
Suncor Energy, Inc. (Canada), Oil, Gas & Consumable Fuels			3.0

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


Five Largest Industries expressed as a percentage of net assets as of 1/31/18 (%)
Banks			16.7
Oil, Gas & Consumable Fuels			7.7
IT Services			7.3
Pharmaceuticals			5.8
Software			4.6

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


10		Visit our website at pgiminvestments.com

Fees and Expenses (unaudited)

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.

Actual Expenses

Hypothetical Example for Comparison Purposes

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 Prudential 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


Prudential Jennison Rising Dividend Fund			11

Fees and Expenses (continued)

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.


Prudential Jennison Rising Dividend Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	1,124.50		1.24	%	$	6.64
	Hypothetical	$	1,000.00	$	1,018.95		1.24	%	$	6.31
Class C	Actual	$	1,000.00	$	1,120.20		1.99	%	$	10.63
	Hypothetical	$	1,000.00	$	1,015.17		1.99	%	$	10.11
Class Q**	Actual	$	1,000.00	$	1,104.70		0.99	%	$	3.60
	Hypothetical	$	1,000.00	$	1,020.21		0.99	%	$	5.04
Class Z	Actual	$	1,000.00	$	1,125.80		0.99	%	$	5.30
	Hypothetical	$	1,000.00	$	1,020.21		0.99	%	$	5.04

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2018, and divided by the 365 days in the Fund's fiscal year ending July 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 126-day period ended January 31, 2018 due to the class inception date of September 27, 2017.


12		Visit our website at pgiminvestments.com

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 98.9%

COMMON STOCKS

Aerospace & Defense 2.9%
General Dynamics Corp.		788	$	175,314
Lockheed Martin Corp.		697		247,331

				422,645

Air Freight & Logistics 2.5%
FedEx Corp.		1,388		364,322

Banks 16.7%
Bank of America Corp.		15,711		502,752
BB&T Corp.		6,117		337,597
Citigroup, Inc.		5,847		458,873
East West Bancorp, Inc.		2,228		146,847
JPMorgan Chase & Co.		4,740		548,276
PNC Financial Services Group, Inc. (The)		2,935		463,789

				2,458,134

Beverages 4.4%
Coca-Cola Co. (The)		4,599		218,867
Constellation Brands, Inc., (Class A Stock)		956		209,813
Diageo PLC (United Kingdom), ADR		1,501		216,084

				644,764

Biotechnology 1.1%
AbbVie, Inc.		1,411		158,342

Capital Markets 4.0%
Affiliated Managers Group, Inc.		1,500		299,445
Goldman Sachs Group, Inc. (The)		538		144,125
Moelis & Co., (Class A Stock)		2,920		150,964

				594,534

Chemicals 3.5%
Air Products & Chemicals, Inc.		1,163		195,814
DowDuPont, Inc.		4,257		321,744

				517,558

Communications Equipment 1.8%
Cisco Systems, Inc.		6,199		257,506

Diversified Consumer Services 1.6%
Service Corp. International		5,999		239,780

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			13

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Electric Utilities 1.0%
NextEra Energy, Inc.		950	$	150,499

Electronic Equipment, Instruments & Components 2.4%
Corning, Inc.		7,422		231,715
Universal Display Corp.		716		114,130

				345,845

Equity Real Estate Investment Trusts (REITs) 2.4%
Crown Castle International Corp.		988		111,417
Equinix, Inc.		516		234,878

				346,295

Food & Staples Retailing 1.7%
Wal-Mart Stores, Inc.		2,376		253,282

Health Care Equipment & Supplies 2.2%
Abbott Laboratories		5,087		316,208

Health Care Providers & Services 1.5%
UnitedHealth Group, Inc.		934		221,152

Hotels, Restaurants & Leisure 3.8%
McDonald’s Corp.		1,655		283,237
MGM Resorts International		2,020		73,629
Starbucks Corp.		3,665		208,208

				565,074

Household Products 0.9%
Procter & Gamble Co. (The)		1,579		136,331

Industrial Conglomerates 3.8%
3M Co.		1,080		270,540
Honeywell International, Inc.		1,842		294,112

				564,652

Internet & Direct Marketing Retail 0.6%
Expedia, Inc.		673		86,151

IT Services 7.3%
Accenture PLC, (Class A Stock)		1,825		293,278
DXC Technology Co.		1,839		183,072
Mastercard, Inc., (Class A Stock)		2,034		343,746
Visa, Inc., (Class A Stock)		2,021		251,069

				1,071,165

See Notes to Financial Statements.


14


Description	Shares		Value
COMMON STOCKS (Continued)

Life Sciences Tools & Services 3.3%
Agilent Technologies, Inc.		4,467	$	328,012
Thermo Fisher Scientific, Inc.		717		160,687

				488,699

Media 1.2%
Twenty-First Century Fox, Inc., (Class A Stock)		4,939		182,249

Multi-Utilities 0.5%
NiSource, Inc.		2,791		68,882

Oil, Gas & Consumable Fuels 7.7%
Andeavor		1,852		200,312
ONEOK, Inc.		2,510		147,739
Pembina Pipeline Corp. (Canada)		5,907		201,488
Royal Dutch Shell PLC (Netherlands), (Class A Stock), ADR		2,153		151,227
Suncor Energy, Inc. (Canada)		12,050		436,812

				1,137,578

Pharmaceuticals 5.8%
Allergan PLC		815		146,912
Bristol-Myers Squibb Co.		4,577		286,520
Eli Lilly & Co.		2,421		197,191
Pfizer, Inc.		5,929		219,610

				850,233

Road & Rail 2.9%
CSX Corp.		1,080		61,312
JB Hunt Transport Services, Inc.		3,028		365,873

				427,185

Semiconductors & Semiconductor Equipment 3.7%
Broadcom Ltd.		544		134,928
NVIDIA Corp.		1,047		257,353
Texas Instruments, Inc.		1,378		151,125

				543,406

Software 4.6%
Intuit, Inc.		1,825		306,417
Microsoft Corp.		3,893		369,874

				676,291

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			15

Schedule of Investments (unaudited) (continued)

as of January 31, 2018


Description	Shares		Value
COMMON STOCKS (Continued)

Specialty Retail 1.7%
Home Depot, Inc. (The)		1,257	$	252,531

Technology Hardware, Storage & Peripherals 0.5%
Apple, Inc.		435		72,832

Textiles, Apparel & Luxury Goods 0.9%
Tapestry, Inc.		2,722		128,043

TOTAL LONG-TERM INVESTMENTS (cost $11,363,928)				14,542,168


SHORT-TERM INVESTMENT 1.1%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2—Prudential Core Ultra Short Bond Fund (cost $158,782)(w)		158,782		158,782

TOTAL INVESTMENTS 100.0% (cost $11,522,710)				14,700,950
Other assets in excess of liabilities 0.0%				7,329

NET ASSETS 100.0%			$	14,708,279

The following abbreviations are used in the semiannual report:

ADR—American Depositary Receipt

LIBOR—London Interbank Offered Rate

REIT(s)—Real Estate Investment Trust(s)

(w)	PGIM Investments LLC, the manager of the Fund, also serves as manager of the Prudential Investment Portfolios 2—Prudential Core Ultra Short Bond Fund.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


16

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	422,645	$	—	$	—
Air Freight & Logistics		364,322		—		—
Banks		2,458,134		—		—
Beverages		644,764		—		—
Biotechnology		158,342		—		—
Capital Markets		594,534		—		—
Chemicals		517,558		—		—
Communications Equipment		257,506		—		—
Diversified Consumer Services		239,780		—		—
Electric Utilities		150,499		—		—
Electronic Equipment, Instruments & Components		345,845		—		—
Equity Real Estate Investment Trusts (REITs)		346,295		—		—
Food & Staples Retailing		253,282		—		—
Health Care Equipment & Supplies		316,208		—		—
Health Care Providers & Services		221,152		—		—
Hotels, Restaurants & Leisure		565,074		—		—
Household Products		136,331		—		—
Industrial Conglomerates		564,652		—		—
Internet & Direct Marketing Retail		86,151		—		—
IT Services		1,071,165		—		—
Life Sciences Tools & Services		488,699		—		—
Media		182,249		—		—
Multi-Utilities		68,882		—		—
Oil, Gas & Consumable Fuels		1,137,578		—		—
Pharmaceuticals		850,233		—		—
Road & Rail		427,185		—		—
Semiconductors & Semiconductor Equipment		543,406		—		—
Software		676,291		—		—
Specialty Retail		252,531		—		—
Technology Hardware, Storage & Peripherals		72,832		—		—
Textiles, Apparel & Luxury Goods		128,043		—		—
Affiliated Mutual Fund		158,782		—		—

Total	$	14,700,950	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			17

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

Industry Classification:

The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follows:


Banks	16.7	%
Oil, Gas & Consumable Fuels	7.7
IT Services	7.3
Pharmaceuticals	5.8
Software	4.6
Beverages	4.4
Capital Markets	4.0
Hotels, Restaurants & Leisure	3.8
Industrial Conglomerates	3.8
Semiconductors & Semiconductor Equipment	3.7
Chemicals	3.5
Life Sciences Tools & Services	3.3
Road & Rail	2.9
Aerospace & Defense	2.9
Air Freight & Logistics	2.5
Equity Real Estate Investment Trusts (REITs)	2.4
Electronic Equipment, Instruments & Components	2.4
Health Care Equipment & Supplies	2.2
Communications Equipment	1.8	%
Food & Staples Retailing	1.7
Specialty Retail	1.7
Diversified Consumer Services	1.6
Health Care Providers & Services	1.5
Media	1.2
Affiliated Mutual Fund	1.1
Biotechnology	1.1
Electric Utilities	1.0
Household Products	0.9
Textiles, Apparel & Luxury Goods	0.9
Internet & Direct Marketing Retail	0.6
Technology Hardware, Storage & Peripherals	0.5
Multi-Utilities	0.5

	100.0
Other assets in excess of liabilities	0.0	*
	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.


18

This Page Intentionally Left Blank

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Investments at value:
Unaffiliated investments (cost $11,363,928)	$	14,542,168
Affiliated investments (cost $158,782)		158,782
Receivable for investments sold		221,713
Dividends receivable		10,970
Receivable from Manager		5,163
Receivable for Fund shares sold		1,603
Prepaid expenses		23,584

Total assets		14,963,983


Liabilities
Payable for investments purchased		202,713
Audit fee payable		12,487
Payable for Fund shares reacquired		11,417
Accrued expenses and other liabilities		11,091
Custodian and accounting fees payable		8,962
Shareholders’ reports payable		6,056
Distribution fee payable		2,394
Affiliated transfer agent fee payable		584

Total liabilities		255,704


Net Assets	$	14,708,279


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,057
Paid-in capital in excess of par		11,247,488

		11,248,545
Distributions in excess of net investment income		(2,108	)
Accumulated net realized gain on investment transactions		283,602
Net unrealized appreciation on investments		3,178,240

Net assets, January 31, 2018	$	14,708,279

See Notes to Financial Statements.


20



Class A
Net asset value, offering price and redemption price per share, ($4,228,819 ÷ 304,011 shares of beneficial interest issued and outstanding)	$	13.91
Maximum sales charge (5.50% of offering price)		0.81

Maximum offering price to public	$	14.72


Class C
Net asset value, offering price and redemption price per share, ($1,798,745 ÷ 129,306 shares of beneficial interest issued and outstanding)	$	13.91


Class Q
Net asset value, offering price and redemption price per share, ($11,045 ÷ 794 shares of beneficial interest issued and outstanding)	$	13.92


Class Z
Net asset value, offering price and redemption price per share, ($8,669,670 ÷ 622,647 shares of beneficial interest issued and outstanding)	$	13.92

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			21

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of foreign withholding taxes of $1,258)	$	128,959
Affiliated dividend income		1,529

Total income		130,488


Expenses
Management fee		52,704
Distribution fee(a)		14,192
Registration fees(a)		27,210
Custodian and accounting fees		26,915
Shareholders’ reports		15,050
Audit fee		11,832
Legal fees and expenses		8,971
Trustees’ fees		5,305
Transfer agent’s fees and expenses (affiliated expense of $1,503)(a)		3,757
Miscellaneous		6,461

Total expenses		172,397
Less: Management fee waiver and/or expense reimbursement(a)		(90,880	)
Distribution fee waiver(a)		(993	)

Net expenses		80,524

Net investment income (loss)		49,964


Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions		452,286
Net change in unrealized appreciation (depreciation) on investments		1,105,137

Net gain (loss) on investment transactions		1,557,423

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,607,387

(a)	Class specific expenses and waivers were as follows:


	Class A			Class C			Class Q			Class Z
Distribution fee		5,955			8,237			—			—
Transfer Agency fees and expenses		2,310			797			42			608
Affiliated expenses		1,002			248			20			233
Registration fees		6,991			6,893			6,432			6,894
Management fee waiver and/or expense reimbursement		(26,873	)		(14,937	)		(6,505	)		(42,565	)
Distribution fee waiver		(993	)		—			—			—

See Notes to Financial Statements.


22

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			Year Ended July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	49,964		$	141,510
Net realized gain (loss) on investment transactions		452,286			195,676
Net change in unrealized appreciation (depreciation) on investments		1,105,137			863,332

Net increase (decrease) in net assets resulting from operations		1,607,387			1,200,518


Dividends and Distributions
Dividends from net investment income
Class A		(15,382	)		(36,605	)
Class C		—			(7,173	)
Class Q		(29	)		—
Class Z		(40,382	)		(100,464	)

		(55,793	)		(144,242	)

Distributions from net realized gains
Class A		(26,846	)		—
Class C		(11,229	)		—
Class Q		(70	)		—
Class Z		(54,449	)		—

		(92,594	)		—


Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,593,793			2,398,464
Net asset value of shares issued in reinvestment of dividends and distributions		147,048			143,489
Cost of shares reacquired		(892,051	)		(1,742,268	)

Net increase (decrease) in net assets from share transactions		848,790			799,685

Total increase (decrease)		2,307,790			1,855,961

Net Assets:
Beginning of period		12,400,489			10,544,528

End of period(a)	$	14,708,279		$	12,400,489

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(2,108	)	$	3,721

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			23

Notes to Financial Statements (unaudited)

Prudential Investment Portfolios 5 (the “Trust”) is registered under the Investment Company Act of 1940, as amended (“1940 Act”), as a diversified, open-end management investment company. The Trust was established as a Delaware business trust on July 8, 1999. The Trust currently consists of fifteen funds: Prudential Day One Income Fund, Prudential Day One 2010 Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund, Prudential 60/40 Allocation Fund, Prudential Jennison Diversified Growth Fund and Prudential Jennison Rising Dividend Fund. These financial statements relate to the Prudential Jennison Rising Dividend Fund (the “Fund”).

The investment objective of the Fund is capital appreciation and income.

1. Accounting Policies

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.


24


Prudential Jennison Rising Dividend Fund			25

Notes to Financial Statements (unaudited) (continued)

under the guidelines adopted by the Trustees of the Fund. However, the liquidity of the Fund’s investments in Rule 144A securities could be impaired if trading does not develop or declines.

Master Netting Arrangements: The Trust, on behalf of 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 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. During the reporting period, there was no intention to settle on a net basis and all amounts are presented on a gross basis on the Statement of Assets and Liabilities.


26

Equity Real Estate Investment Trusts (REITs): The Fund invests in equity REITs, which report information on the source of their distributions annually. Based on current and historical information, a portion of distributions received from equity REITs during the period is estimated to be dividend income, capital gain or return of capital and recorded accordingly. When material, these estimates are adjusted periodically when the actual source of distributions is disclosed by the equity REITs.

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 exdate. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class specific expenses and waivers, which are allocated as noted below) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.

Dividends and Distributions: The Fund expects to pay dividends from net investment income quarterly. Distributions from net realized capital and currency gains, if any, are declared and paid annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.


Prudential Jennison Rising Dividend Fund			27

Notes to Financial Statements (unaudited) (continued)

2. Agreements

The Trust, on behalf of the Fund, has a management agreement with PGIM Investments. Pursuant to this agreement, PGIM Investments has responsibility for all investment advisory services and supervises the subadviser’s performance of such services. In addition, under the management agreement, PGIM Investments provides all of the administrative functions necessary for the organization, operation and management of the Fund. PGIM Investments administers the corporate affairs of the Fund and, in connection therewith, furnishes the Fund with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Fund’s custodian (the Custodian), and the Fund’s transfer agent. PGIM Investments is also responsible for the staffing and management of dedicated groups of legal, marketing, compliance and related personnel necessary for the operation of the Fund. The legal, marketing, compliance and related personnel are also responsible for the management and oversight of the various service providers to the Fund, including, but not limited to, the custodian, transfer agent, and accounting agent.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.775% of the Fund’s average daily net assets up to and including $1 billion, 0.755% on the next $2 billion of average daily net assets, 0.735% on the next $2 billion of average daily net assets, 0.715% on the next $5 billion of average daily net assets and 0.705% on the average daily net assets in excess of $10 billion. The effective management fee rate, before any waivers and/or expense reimbursement was 0.775% for the six months ended January 31, 2018. The management fee waiver and/or expense reimbursement exceeded the management fee for the six months ended January 31, 2018.

PGIM Investments has contractually agreed, through November 30, 2018, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.24% of average daily net assets for Class A shares, 1.99% of average daily net assets for Class C shares, 0.99% of average daily net assets for Class Q shares and 0.99% of average daily net assets for Class Z shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Fees and/or expenses


28

waived and/or reimbursed by PGIM Investments may be recouped by PGIM Investments 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 Trust, on behalf of the Fund, has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Q and Class Z shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class Q and Class Z shares of the Fund.

Pursuant to the Distribution Plans, the Fund compensates PIMS for distribution related activities at an annual rate of up to 0.30% and 1% of the average daily net assets of the Class A and C shares, respectively. PIMS has contractually agreed through November 30, 2018 to reduce its distribution and service (12b-1) fees for Class A shares to 0.25% of the average daily net assets of the Class A shares.

PIMS has advised the Fund that it received $6,407 in front-end sales charges resulting from sales of Class A shares during the six months ended January 31, 2018. From these fees, PIMS paid such sales charges to affiliated broker-dealers, which in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the six months ended January 31, 2018, it received $146 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.

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

3. Other Transactions with Affiliates


Prudential Jennison Rising Dividend Fund			29

Notes to Financial Statements (unaudited) (continued)

The Fund may invest its overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the Prudential Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. For the reporting period ended January 31, 2018, PGIM, Inc. was compensated $1 by PGIM Investments for managing the Fund’s securities lending cash collateral as subadviser to the Money Market Fund. Earnings from the Core Fund and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

4. Portfolio Securities

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2018 were as follows:


Tax Basis	$	11,524,365

Gross Unrealized Appreciation		3,267,537
Gross Unrealized Depreciation		(90,952	)

Net Unrealized Appreciation	$	3,176,585

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

For federal income tax purposes, the Fund had a capital loss carryforward as of July 31, 2017 of approximately $74,000 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized In excess of such losses.


30

6. Capital and Ownership

The Fund offers Class A, Class C, Class Q and Class Z shares. Class A shares are sold with a maximum front-end sales charge of 5.50% . Investors who purchase $1 million or more of Class A shares and sell these shares within 12 months of purchase are subject to a contingent deferred sales charge (“CDSC”) of 1%, although they are not subject to an initial sales charge. The Class A CDSC is waived for certain retirement and/or benefit plans. A special exchange privilege is also available for shareholders who qualified to purchase Class A shares at net asset value. Class C shares are sold with a CDSC of 1% on sales made within 12 months of purchase. Class Q and Class Z shares are not subject to any sales or redemption charge and are offered exclusively for sale to a limited group of investors.

There is an unlimited number of shares of beneficial interest at $0.001 par value of share.

As of January 31, 2018, Prudential owned 794 and 531,229 of Class Q and Z shares of the Fund, respectively. At reporting period end, four shareholders of record held 77% of the Fund’s outstanding shares on behalf of multiple beneficial owners, of which 50% were held by an affiliate of Prudential.

Transactions in shares of beneficial interest were as follows:


Class A	Shares			Amount
Six months ended January 31, 2018:
Shares sold		70,124		$	899,809
Shares issued in reinvestment of dividends and distributions		3,096			40,889
Shares reacquired		(48,687	)		(633,308	)

Net increase (decrease) in shares outstanding before conversion		24,533			307,390
Shares issued upon conversion from other share class(es)		2,676			34,772
Shares reacquired upon conversion into other share class(es)		(1,047	)		(13,261	)

Net increase (decrease) in shares outstanding		26,162		$	328,901

Year ended July 31, 2017:
Shares sold		145,744		$	1,703,412
Shares issued in reinvestment of dividends and distributions		3,063			35,852
Shares reacquired		(102,095	)		(1,150,601	)

Net increase (decrease) in shares outstanding before conversion		46,712			588,663
Shares issued upon conversion from other share class(es)		132			1,591
Shares reacquired upon conversion into other share class(es)		(14,027	)		(162,683	)

Net increase (decrease) in shares outstanding		32,817		$	427,571


Prudential Jennison Rising Dividend Fund			31

Notes to Financial Statements (unaudited) (continued)


Class C	Shares			Amount
Six months ended January 31, 2018:
Shares sold		18,176		$	240,858
Shares issued in reinvestment of dividends and distributions		843			11,229
Shares reacquired		(15,399	)		(199,505	)

Net increase (decrease) in shares outstanding before conversion		3,620			52,582
Shares reacquired upon conversion into other share class(es)		(2,892	)		(37,596	)

Net increase (decrease) in shares outstanding		728		$	14,986

Year ended July 31, 2017:
Shares sold		49,504		$	580,091
Shares issued in reinvestment of dividends and distributions		611			7,173
Shares reacquired		(40,310	)		(464,159	)

Net increase (decrease) in shares outstanding before conversion		9,805			123,105
Shares reacquired upon conversion into other share class(es)		(5,377	)		(60,156	)

Net increase (decrease) in shares outstanding		4,428		$	62,949

Class Q
Six months ended January 31, 2018*:
Shares sold		786		$	10,000
Shares issued in reinvestment of dividends and distributions		8			99

Net increase (decrease) in shares outstanding		794		$	10,099

Class Z
Six months ended January 31, 2018:
Shares sold		33,997		$	443,126
Shares issued in reinvestment of dividends and distributions		7,186			94,831
Shares reacquired		(4,513	)		(59,238	)

Net increase (decrease) in shares outstanding before conversion		36,670			478,719
Shares issued upon conversion from other share class(es)		1,262			16,085

Net increase (decrease) in shares outstanding		37,932		$	494,804

Year ended July 31, 2017:
Shares sold		9,966		$	114,961
Shares issued in reinvestment of dividends and distributions		8,578			100,464
Shares reacquired		(11,146	)		(127,508	)

Net increase (decrease) in shares outstanding before conversion		7,398			87,917
Shares issued upon conversion from other share class(es)		19,251			221,248

Net increase (decrease) in shares outstanding		26,649		$	309,165

*	Commencement of offering was September 27, 2017.

7. Borrowings

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


32

The purpose of the SCA is to provide an alternative source of temporary funding for capital share redemptions. The SCA provides for a commitment of $900 million for the period October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The Fund did not utilize the SCA during the six months ended January 31, 2018.


Prudential Jennison Rising Dividend Fund			33

Financial Highlights (unaudited)


Class A Shares
	Six Months Ended January 31,			Year Ended July 31,									March 5, 2014(b) through July 31,
	2018(c)			2017(c)			2016(c)			2015			2014(c)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.50			$11.37			$11.33			$10.34			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.04			0.14			0.13			0.10			0.04
Net realized and unrealized gain (loss) on investments		1.51			1.14			0.04			1.03			0.33
Total from investment operations		1.55			1.28			0.17			1.13			0.37
Less Dividends and Distributions:
Dividends from net investment income		(0.05	)		(0.15	)		(0.13	)		(0.11	)		(0.03	)
Distributions from net realized gains on investments		(0.09	)		-			-			(0.03	)		-
Total dividends and distributions		(0.14	)		(0.15	)		(0.13	)		(0.14	)		(0.03	)
Net Asset Value, end of period		$13.91			$12.50			$11.37			$11.33			$10.34
Total Return(a):		12.45%			11.32%			1.61%			11.03%			3.66%

Ratios/Supplemental Data:
Net assets, end of period (000)		$4,229			$3,474			$2,785			$1,087			$383
Average net assets (000)		$3,938			$2,912			$1,831			$822			$192
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.24%	(e)		1.24%			1.24%			1.24%			1.24%	(e)
Expenses before waivers and/or expense reimbursement		2.64%	(e)		2.65%			3.38%			3.54%			8.18%	(e)
Net investment income (loss)		0.67%	(e)		1.22%			1.24%			1.09%			0.85%	(e)
Portfolio turnover rate		55%	(f)		67%			51%			45%			9%	(f)

(a)

Total return does not consider the effect of sales loads. 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 generally accepted accounting principles. Total returns for periods less than one full year are not annualized.

(b)	Commencement of operations.

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

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


34


Class C Shares
	Six Months Ended January 31,			Year Ended July 31,									March 5, 2014(b) through July 31,
	2018(c)			2017(c)			2016(c)			2015			2014(c)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.50			$11.36			$11.32			$10.33			$10.00
Income (loss) from investment operations:
Net investment income (loss)		-	(g)		0.06			0.06			0.02			-	(g)
Net realized and unrealized gain (loss) on investments		1.50			1.14			0.03			1.03			0.33
Total from investment operations		1.50			1.20			0.09			1.05			0.33
Less Dividends and Distributions:
Dividends from net investment income		-			(0.06	)		(0.05	)		(0.03	)		-	(g)
Distributions from net realized gains on investments		(0.09	)		-			-			(0.03	)		-
Total dividends and distributions		(0.09	)		(0.06	)		(0.05	)		(0.06	)		-	(g)
Net Asset Value, end of period		$13.91			$12.50			$11.36			$11.32			$10.33
Total Return(a):		12.02%			10.59%			0.85%			10.23%			3.35%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1,799			$1,608			$1,411			$423			$33
Average net assets (000)		$1,634			$1,401			$1,160			$188			$16
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		1.99%	(e)		1.99%			1.99%			1.99%			1.99%	(e)
Expenses before waivers and/or expense reimbursement		3.80%	(e)		3.36%			4.02%			4.16%			8.95%	(e)
Net investment income (loss)		(0.07)%	(e)		0.48%			0.56%			0.32%			0.08%	(e)
Portfolio turnover rate		55%	(f)		67%			51%			45%			9%	(f)

(a)

(b)	Commencement of operations.

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

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

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $(0.005).

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			35

Financial Highlights (unaudited) (continued)


Class Q Shares
	September 27, 2017(b) through January 31, 2018(c)
Per Share Operating Performance:
Net Asset Value, Beginning Of Period		$12.72
Income (loss) from investment operations:
Net investment income (loss)		0.04
Net realized and unrealized gain (loss) on investments		1.29
Total from investment operations		1.33
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)
Distributions from net realized gains on investments		(0.09	)
Total dividends and distributions		(0.13	)
Net asset value, end of period		$13.92
Total Return(a)		10.47%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11
Average net assets (000)		$10
Ratios to average net assets:(d)
Expense after waivers and/or expense reimbursement		0.99%	(e)
Expense before waivers and/or expense reimbursement		180.77%	(e)
Net investment income (loss)		0.80%	(e)
Portfolio turnover rate		55%	(f)

(a)

(b)	Commencement of offering.

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

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


36


Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,									March 5, 2014(b) through July 31,
	2018(c)			2017(c)			2016(c)			2015			2014(c)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$12.52			$11.38			$11.33			$10.35			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.06			0.17			0.16			0.14			0.05
Net realized and unrealized gain (loss) on investments		1.50			1.15			0.05			1.01			0.33
Total from investment operations		1.56			1.32			0.21			1.15			0.38
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.18	)		(0.16	)		(0.14	)		(0.03	)
Distributions from net realized gains on investments		(0.09	)		-			-			(0.03	)		-
Total dividends and distributions		(0.16	)		(0.18	)		(0.16	)		(0.17	)		(0.03	)
Net Asset Value, end of period		$13.92			$12.52			$11.38			$11.33			$10.35
Total Return(a):		12.50%			11.68%			1.95%			11.19%			3.84%

Ratios/Supplemental Data:
Net assets, end of period (000)		$8,670			$7,319			$6,349			$6,190			$5,299
Average net assets (000)		$7,911			$6,704			$5,935			$5,953			$5,133
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.99%	(e)		0.99%			0.99%			0.99%			0.99%	(e)
Expenses before waivers and/or expense reimbursement		2.06%	(e)		2.36%			3.08%			3.31%			8.04%	(e)
Net investment income (loss)		0.93%	(e)		1.48%			1.49%			1.33%			1.09%	(e)
Portfolio turnover rate		55%	(f)		67%			51%			45%			9%	(f)

(a)

(b)	Commencement of operations.

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

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

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Jennison Rising Dividend Fund			37

^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

TRUSTEES

OFFICERS


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

INVESTMENT SUBADVISER	Jennison Associates LLC	466 Lexington Avenue New York, NY 10017

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

CUSTODIAN	The Bank of New York Mellon	225 Liberty Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

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

E-DELIVERY

To receive your mutual fund documents online, go to www.pgiminvestments.com/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, Prudential Jennison Rising Dividend Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Fund’s schedule of portfolio holdings is also available on the Fund’s website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL JENNISON RISING DIVIDEND FUND


SHARE CLASS	A	C	Q	Z
NASDAQ	PJDAX	PJDCX	PJDQX	PJDZX
CUSIP	74440V823	74440V815	74440V682	74440V799

MF220E2

LOGO

PRUDENTIAL 60/40 ALLOCATION FUND

SEMIANNUAL REPORT

JANUARY 31, 2018

LOGO

Objective: Seeks a balance between growth and conservation of capital.

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 are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name of Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2018 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.


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Table of Contents



Your Fund’s Performance			5

Fees and Expenses			7

Holdings and Financial Statements			9


Prudential 60/40 Allocation Fund			3

This Page Intentionally Left Blank

Your Fund’s Performance (unaudited)

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


		Total Returns as of 1/31/18
		*Since Inception (%)**
Class R6		8.90 (9/13/17)
Customized Benchmark Index		8.33
Lipper Mixed Asset Target Allocation Growth Funds Average		9.58

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Since Inception returns for the Index and the Lipper Average are measured from the closest month-end to the Fund’s inception date.

Benchmark Definitions

Customized Benchmark Index—The Customized Benchmark is 60% S&P 500 Index and 40% Bloomberg Barclays US Bond Index.

Lipper Mixed Asset Target Allocation Growth Funds Average—Lipper Mixed Asset Target Allocation Growth Funds Average are Funds that by portfolio practice maintain a mix of between 60%-80% equity securities, with the remainder invested in bonds, cash, and cash equivalents.

Investors cannot invest directly in an index or average. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.


Prudential 60/40 Allocation Fund			5

Your Fund’s Performance (continued)

Presentation of Fund Holdings


Largest Holdings expressed as a percentage of net assets as of 1/31/18 (%)
Prudential QMA Large-Cap Core Equity			59.86
Prudential Total Return Bond			40.06

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


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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 period ended January 31, 2018. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

Hypothetical Example for Comparison Purposes

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 Prudential 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


Prudential 60/40 Allocation Fund			7

Fees and Expenses (continued)


Prudential 60/40 Allocation Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class R6	Actual**	$	1,000.00	$	1,089.00		0.40	%	$	1.61
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

*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 184 days in the six-month period ended January 31, 2018, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2018. Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

**“Actual” expenses are calculated using the 141-day period ended January 31, 2018 due to the Fund’s inception date of September 13, 2017.


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Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.9%

AFFILIATED MUTUAL FUNDS
Prudential QMA Large-Cap Core Equity Fund (Class Q)		472	$	8,453
Prudential Total Return Bond Fund (Class Q)		392		5,657

TOTAL LONG-TERM INVESTMENTS (cost $14,178)				14,110


SHORT-TERM INVESTMENT 55.6%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $7,843)		7,843		7,843

TOTAL INVESTMENTS 155.5% (cost $22,021)(w)				21,953
Liabilities in excess of other assets (55.5)%				(7,832	)

NET ASSETS 100.0%			$	14,121

The following abbreviation is used in the semiannual report:

LIBOR— London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential 60/40 Allocation Fund			9

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	21,953	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large-Cap Core Equity	59.9	%
Core Ultra Short Bond	55.6
Total Return Bond	40.0

	155.5
Liabilities in excess of other assets	(55.5	)

	100.0	%

See Notes to Financial Statements.


10

Statement of Assets & Liabilities

as of January 31, 2018 (unaudited)


Assets
Affiliated investments (cost $22,021)	$	21,953
Receivable from Manager		8,197
Receivable for investments sold		180
Prepaid expenses		5,155

Total assets		35,485


Liabilities
Audit fee payable		8,976
Legal fees and expenses payable		6,428
Custodian and accounting fees payable		5,123
Accrued expenses and other liabilities		649
Payable for investments purchased		181
Affiliated transfer agent fee payable		7

Total liabilities		21,364


Net Assets	$	14,121


Net assets were comprised of:
Shares of beneficial interest, at par	$	1
Paid-in capital in excess of par		13,200

		13,201
Distributions in excess of net investment income		(28	)
Accumulated net realized gain on investment transactions		1,016
Net unrealized depreciation on investments		(68	)

Net assets, January 31, 2018	$	14,121


Class R6
Net asset value, offering price and redemption price per share, ($14,121 ÷ 1,316.6 shares of beneficial interest issued and outstanding)	$	10.73

See Notes to Financial Statements.


Prudential 60/40 Allocation Fund			11

Statement of Operations (unaudited)

Period* Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	171


Expenses
Management fee		1
Legal fees and expenses		10,751
Audit fee		8,976
Custodian and accounting fees		8,856
Shareholders’ reports		5,692
Trustees’ fees		3,656
Registration fees		472
Transfer agent’s fees and expenses (including affiliated expense of $1)		5
Miscellaneous		1,779

Total expenses		40,188
Less: Management fee waiver and/or expense reimbursement		(40,190	)

Net expenses		(2	)

Net investment income (loss)		173


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(4	)
Net capital gain distributions received		1,020

		1,016

Net change in unrealized appreciation (depreciation) on investments		(68	)

Net gain (loss) on investment transactions		948

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,121

*	Commencement of operations was September 13, 2017.

See Notes to Financial Statements.


12

Statement of Changes in Net Assets (unaudited)


	September 13, 2017* through January 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	173
Net realized gain (loss) on investment transactions		(4	)
Net capital gain distributions received		1020
Net change in unrealized appreciation (depreciation) on investments		(68	)

Net increase (decrease) in net assets resulting from operations		1,121


Dividends from net investment income
Class R6		(201	)


Fund share transactions
Net proceeds from shares sold		13,000
Net asset value of shares issued in reinvestment of dividends and distributions		201

Net increase (decrease) in net assets from share transactions		13,201

Total increase (decrease)		14,121

Net Assets:
Beginning of period		—

End of period(a)	$	14,121

(a) Includes (distributions in excess) of net investment income of:	$	(28	)

*	Commencement of operations.

See Notes to Financial Statements.


Prudential 60/40 Allocation Fund			13

Notes to Financial Statements (unaudited)

The investment objective of the Prudential 60/40 Allocation Fund is to seek a balance between growth and conservation of capital. Prudential 60/40 Allocation Fund seeks to achieve its objective by investing in a combination of mutual funds in the Prudential mutual fund family (each, an underlying fund). Prudential 60/40 Allocation Fund is typically referred to as a “Fund of Funds” because it invests in other mutual funds. Prudential 60/40 Allocation Fund may also invest directly in U.S. Government securities and money market instruments for cash management purposes or when assuming a defensive position.

1. Accounting Policies


14

available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

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.

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. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual and such expenses exclude those of the underlying funds. Expenses on the underlying funds are reflected in the net asset values of those funds. The Trust’s expenses are allocated to the respective fund on the basis of relative net assets except the expenses that are charged directly at the portfolio or class level.

Net investment income or loss (other than distribution fees, transfer agency fees shareholder service fees, which are charged directly to the respective share class) and unrealized and realized gains (losses) are allocated daily to each class of shares based upon the relative proportion of adjusted net assets of each class at the beginning of the day.


Prudential 60/40 Allocation Fund			15

Notes to Financial Statements (unaudited) (continued)

Taxes: It is the Fund’s policy 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.

2. Agreements

PGIM Investments has entered into a subadvisory agreement with Quantitative Management Associates, LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Fund. In connection therewith, QMA is obligated to keep certain books and records of the Fund. PGIM Investments pays for the services of QMA, the cost of compensation of officers of the Fund,


16

occupancy and certain clerical and bookkeeping costs of the Fund. The Fund bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.02% of the Fund’s average daily net assets. The Fund’s management fee amount waived exceeded the management fee for the period ended January 31, 2018.

PGIM Investments has contractually agreed through November 30, 2018 to limit the Fund’s net annual operating expenses and acquired fund fees and expenses (exclusive of distribution and service (12b-1) fees, shareholder service fees, taxes (including acquired fund taxes and taxes such as income and foreign withholding taxes, stamp duty and deferred tax expenses), interest, brokerage, extraordinary and certain other expenses such as dividend, broker charges and interest expense on short sales (including acquired fund dividend and interest expense on short sales)) of each class of shares to 0.40% of the Fund’s average daily net assets. Expenses waived/reimbursed by the manager may be recouped by the manager within the same fiscal year during which such waiver/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 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 and QMA are indirect, wholly-owned subsidiaries of Prudential Financial, Inc. (“Prudential”).

3. Other Transactions with Affiliates

Prudential Mutual Fund Services LLC (“PMFS”), an affiliate of PGIM Investments and 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 Prudential Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Earnings from the Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.


Prudential 60/40 Allocation Fund			17

Notes to Financial Statements (unaudited) (continued)

4. Investments in Affiliated Issuers

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the period ended January 31, 2018, were $14,644 and $462, respectively.

A summary of cost of purchases and proceeds of sales from shares of affiliated mutual funds, other than short-term investments, for the period ended January 31, 2018, is presented as follows:


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential QMA Large-Cap Core Equity Fund (Class Q)	$	—	$	8,925	$	—	$	459	$	(9	)	$	(4	)	$	8,453		472	$	103	$	1,020
Prudential Total Return Bond Fund (Class Q)		—		5,719		—		3		(59	)		—			5,657		392		—		—

	$	—	$	14,644	$	—	$	462	$	(68	)	$	(4	)	$	14,110			$	103	$	1,020

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized depreciation as of January 31, 2018 were as follows:


Tax Basis	$	22,021

Gross Unrealized Appreciation		—
Gross Unrealized Depreciation		(68	)

Net Unrealized Depreciation	$	(68	)

Management has analyzed the Fund’s tax positions and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. The Fund’s federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service.

6. Capital

The Trust is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share, divided into one class, designated Class R6 shares.


18

At reporting period end, Prudential owned all of the shares of the Fund, with the exception of 302 Class R6 shares of the Fund.

Transactions in shares of beneficial interest were as follows:


Class R6	Shares		Amount
Period ended January 31, 2018*:
Shares sold		1,297.6	$	13,000
Shares issued in reinvestment of dividends and distributions		19.0		201

Net increase (decrease) in shares outstanding		1,316.6	$	13,201

*	Commencement of operations was September 13, 2017.

7. Borrowings

The Trust, on behalf of the Fund, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The Fund did not utilize the SCA during the period ended January 31, 2018.


Prudential 60/40 Allocation Fund			19

Financial Highlights (unaudited)


Class R6 Shares
	September 13, 2017(a) through January 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14
Net realized and unrealized gain (loss) on investment transactions		0.74
Total from investment operations		0.88
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)
Net asset value, end of period		$10.73
Total Return(c):		8.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$14
Average net assets (000)		$13
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.05)%	(e)
Expenses before waivers and/or expense reimbursement		795.97%	(e)
Net investment income (loss)		3.43%	(e)
Portfolio turnover rate		4%	(f)

(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 generally accepted accounting principles. 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. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


20

^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

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

TRUSTEES

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

INVESTMENT SUBADVISER	Quantitative Management Associates 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	225 Liberty Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

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

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

SHAREHOLDER COMMUNICATIONS WITH DIRECTORS

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, Prudential 60/40 Allocation Fund, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Forms N-Q are available on the Commission’s website at www.sec.gov. The Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

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

PRUDENTIAL 60/40 ALLOCATION FUND


SHARE CLASS		R6
NASDAQ		PALDX
CUSIP		74440V724

LOGO

PRUDENTIAL DAY ONE FUNDS

SEMIANNUAL REPORT

JANUARY 31, 2018

LOGO

To enroll in e-delivery, go to pgiminvestments.com/edelivery

Objective: Seek a balance between growth and conservation of capital

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

The information about the Funds’ portfolio holdings are for the period covered by this report and are subject to change thereafter.

The accompanying financial statements as of January 31, 2018 were not audited and, accordingly, no auditor’s opinion is expressed on them.

Mutual funds are distributed by Prudential Investment Management Services LLC, a Prudential Financial company and member SIPC. QMA is the primary business name for Quantitative Management Associates LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company. ^© 2018 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 pgiminvestments.com

Prudential Day One Funds

TABLE OF CONTENTS



Letter from the President			5

Prudential Day One Income Fund			6

Prudential Day One 2010 Fund			8

Prudential Day One 2015 Fund			10

Prudential Day One 2020 Fund			12

Prudential Day One 2025 Fund			14

Prudential Day One 2030 Fund			16

Prudential Day One 2035 Fund			18

Prudential Day One 2040 Fund			20

Prudential Day One 2045 Fund			22

Prudential Day One 2050 Fund			24

Prudential Day One 2055 Fund			26

Prudential Day One 2060 Fund			28

Fees and Expenses			30

Holdings and Financial Statements			39


Prudential Day One Funds			3

This Page Intentionally Left Blank

Letter from the President

LOGO

Dear Shareholder:

We hope you find the semiannual report for the Prudential Day One Funds informative and useful. The report covers performance for the six-month period ended January 31, 2018.

Since market conditions change over time, we believe it is important to

maintain a diversified portfolio of funds consistent with your tolerance for risk, time horizon, and financial goals.

Thank you for choosing our family of funds.

Sincerely,

LOGO

Stuart S. Parker, President

Prudential Day One Funds

March 15, 2018


Prudential Day One Funds			5

Prudential Day One Income Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	4.24	8.09	7.27
Class R2	4.28	8.33	7.49
Class R3	4.35	8.48	7.62
Class R4	4.51	8.61	7.82
Class R5	4.57	8.73	7.93
Class R6	4.63	8.54	8.14
Prudential Day One Income Custom Benchmark	4.15	7.77	8.14
Lipper Mixed-Asset Target Today Funds Average	4.26	8.90	9.31
S&P Target Date Retirement Income Index	4.55	8.96	9.11

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.

The returns in the tables do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or following the redemption of Fund shares. Inception returns are provided since the Fund has less than 10 fiscal years of returns. The Since Inception returns for the Custom Benchmark, the Indexes, and the Lipper Average are measured from the closest month-end to the Fund’s inception date.


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The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One Income Custom Benchmark—The Prudential Day One Income Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target Today Funds Average—The Lipper Mixed-Asset Target Today Funds (Lipper Average) are funds that by portfolio practice, maintain a conservative mix of equity, bonds, cash, and cash equivalents designed to provide income to investors who are in or close to retirement.

S&P Target Date^® Retirement Income Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.

Investors cannot invest directly in an index or average. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes. Returns for the Lipper Average reflect the deduction of operating expenses, but not sales charges or taxes.


Prudential Day One Funds			7

Prudential Day One 2010 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	4.45	8.72	7.83
Class R2	4.51	9.00	8.07
Class R3	4.56	9.16	8.21
Class R4	4.67	9.27	8.31
Class R5	4.68	9.38	8.49
Class R6	4.84	9.11	8.64
Prudential Day One 2010 Custom Benchmark	4.36	8.17	8.54
Lipper Mixed-Asset Target 2010 Funds Average	5.13	10.51	11.05
S&P Target Date 2010 Index	5.25	10.43	10.75

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


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The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2010 Custom Benchmark—The Prudential Day One 2010 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2010 Funds Average—The Lipper Mixed-Asset Target 2010 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon not to exceed the year 2010.

S&P Target Date^® 2010 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			9

Prudential Day One 2015 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	5.07	10.11	8.94
Class R2	5.24	10.28	9.19
Class R3	5.30	10.45	9.33
Class R4	5.31	10.46	9.34
Class R5	5.40	10.77	9.61
Class R6	5.47	10.29	9.67
Prudential Day One 2015 Custom Benchmark	5.07	9.36	9.79
Lipper Mixed-Asset Target 2015 Funds Average	5.94	11.86	12.45
S&P Target Date 2015 Index	6.06	12.06	12.52

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


10		Visit our website at pgiminvestments.com

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2015 Custom Benchmark—The Prudential Day One 2015 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2015 Funds Average—The Lipper Mixed-Asset Target 2015 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2011 to December 31, 2015.

S&P Target Date^® 2015 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			11

Prudential Day One 2020 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	5.85	11.24	9.93
Class R2	6.00	11.51	10.25
Class R3	6.05	11.66	10.39
Class R4	6.17	11.78	10.49
Class R5	6.18	11.90	10.60
Class R6	6.26	11.22	10.48
Prudential Day One 2020 Custom Benchmark	5.77	10.55	10.97
Lipper Mixed-Asset Target 2020 Funds Average	6.28	12.47	12.96
S&P Target Date 2020 Index	6.91	13.67	14.24

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


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The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2020 Custom Benchmark—The Prudential Day One 2020 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2020 Funds Average—The Lipper Mixed-Asset Target 2020 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2016 to December 31, 2020.

S&P Target Date^® 2020 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			13

Prudential Day One 2025 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	7.01	13.22	11.55
Class R2	7.19	13.52	11.81
Class R3	7.24	13.78	12.04
Class R4	7.26	13.81	12.05
Class R5	7.36	13.91	12.24
Class R6	7.42	13.72	12.48
Prudential Day One 2025 Custom Benchmark	6.93	12.55	13.10
Lipper Mixed-Asset Target 2025 Funds Average	7.71	15.15	15.67
S&P Target Date 2025 Index	8.25	15.87	16.44

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


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The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2025 Custom Benchmark—The Prudential Day One 2025 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2025 Funds Average—The Lipper Mixed-Asset Target 2025 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2021 to December 31, 2025.

S&P Target Date^® 2025 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			15

Prudential Day One 2030 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	9.22	17.42	15.08
Class R2	9.47	17.68	15.40
Class R3	9.43	17.75	15.46
Class R4	9.45	17.88	15.58
Class R5	9.55	18.09	15.76
Class R6	9.71	17.78	16.00
Prudential Day One 2030 Custom Benchmark	9.06	16.38	16.91
Lipper Mixed-Asset Target 2030 Funds Average	9.25	17.73	18.24
S&P Target Date 2030 Index	9.54	17.96	18.51

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


16		Visit our website at pgiminvestments.com

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2030 Custom Benchmark—The Prudential Day One 2030 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2030 Funds Average—The Lipper Mixed-Asset Target 2030 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2026 to December 31, 2030.

S&P Target Date^® 2030 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			17

Prudential Day One 2035 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	10.68	19.53	17.10
Class R2	10.74	19.82	17.35
Class R3	10.88	20.07	17.57
Class R4	10.90	20.20	17.68
Class R5	11.01	20.32	17.79
Class R6	11.06	20.00	18.03
Prudential Day One 2035 Custom Benchmark	10.54	19.10	19.64
Lipper Mixed-Asset Target 2035 Funds Average	10.71	20.45	20.96
S&P Target Date 2035 Index	10.76	20.00	20.54

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


18		Visit our website at pgiminvestments.com

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2035 Custom Benchmark—The Prudential Day One 2035 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2035 Funds Average—The Lipper Mixed-Asset Target 2035 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2031 to December 31, 2035.

S&P Target Date^® 2035 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			19

Prudential Day One 2040 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	11.41	21.32	18.65
Class R2	11.47	21.61	18.89
Class R3	11.61	21.86	19.11
Class R4	11.63	22.00	19.23
Class R5	11.64	22.00	19.34
Class R6	11.79	21.79	19.58
Prudential Day One 2040 Custom Benchmark	11.33	20.71	21.30
Lipper Mixed-Asset Target 2040 Funds Average	11.39	21.48	22.00
S&P Target Date 2040 Index	11.59	21.37	21.91

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


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The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2040 Custom Benchmark—The Prudential Day One 2040 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2040 Funds Average—The Lipper Mixed-Asset Target 2040 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2036 to December 31, 2040.

S&P Target Date^® 2040 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			21

Prudential Day One 2045 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	11.88	22.61	19.76
Class R2	12.14	23.01	20.10
Class R3	12.18	23.04	20.23
Class R4	12.20	23.17	20.35
Class R5	12.30	23.40	20.54
Class R6	12.35	23.18	20.78
Prudential Day One 2045 Custom Benchmark	11.99	21.96	22.56
Lipper Mixed-Asset Target 2045 Funds Average	12.12	22.92	23.41
S&P Target Date 2045 Index	12.04	22.20	22.78

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


22		Visit our website at pgiminvestments.com

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2045 Custom Benchmark—The Prudential Day One 2045 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2045 Funds Average—The Lipper Mixed-Asset Target 2045 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2041 to December 31, 2045.

S&P Target Date^® 2045 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			23

Prudential Day One 2050 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	12.35	22.78	20.00
Class R2	12.54	23.09	20.28
Class R3	12.59	23.26	20.42
Class R4	12.60	23.39	20.53
Class R5	12.62	23.52	20.64
Class R6	12.86	23.28	20.96
Prudential Day One 2050 Custom Benchmark	12.42	22.79	23.41
Lipper Mixed-Asset Target 2050 Funds Average	12.18	22.86	23.36
S&P Target Date 2050 Index	12.36	22.86	23.51

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


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The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2050 Custom Benchmark—The Prudential Day One 2050 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2050 Funds Average—The Lipper Mixed-Asset Target 2050 Funds (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon from January 1, 2046 to December 31, 2050.

S&P Target Date^® 2050 Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			25

Prudential Day One 2055 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	12.94	24.90	21.72
Class R2	13.09	25.16	22.05
Class R3	13.13	25.33	22.20
Class R4	13.24	25.56	22.40
Class R5	13.26	25.69	22.51
Class R6	13.32	25.25	22.66
Prudential Day One 2055 Custom Benchmark	13.05	23.85	24.44
Lipper Mixed-Asset Target 2055 Funds+ Average	12.57	23.73	24.16
S&P Target Date 2055+ Index	12.50	23.18	23.88

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


26		Visit our website at pgiminvestments.com

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2055 Custom Benchmark—The Prudential Day One 2055 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

Lipper Mixed-Asset Target 2055 Funds+ Average—The Lipper Mixed-Asset Target 2055 Funds+ Average (Lipper Average) are funds that seek to maximize assets for retirement or other purposes with an expected time horizon exceeding December 31, 2050.

S&P Target Date^® 2055+ Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			27

Prudential Day One 2060 Fund

Your Fund’s Performance (unaudited)


	Total Returns as of 1/31/18	Average Annual Total Returns as of 1/31/18
	*Six Months (%)**	One Year (%)	Since Inception (%)
Class R1	13.31	24.62	21.49
Class R2	13.46	24.90	21.83
Class R3	13.60	25.16	22.05
Class R4	13.72	25.30	22.17
Class R5	13.72	25.42	22.27
Class R6	13.69	24.87	22.34
Prudential Day One 2060 Custom Benchmark	13.47	24.47	25.02
Lipper Mixed-Asset Target 2055 Funds+ Average	12.57	23.73	24.16
S&P Target Date 2060+ Index	12.73	23.52	24.24

*Not annualized

Fund inception date: December 13, 2016.

Source: PGIM Investments LLC and Lipper Inc.


28		Visit our website at pgiminvestments.com

The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.

Class R1

Class R2

Class R3

Class R4

Class R5

Class R6

Maximum initial sales charge

None

Contingent deferred sales charge (CDSC) (as a percentage of the lower of original purchase price or net asset value at redemption)

None

Annual distribution and service (12b-1) fees (shown as a percentage of average daily net assets)

0.50%

0.25%

0.10%

None

Shareholder service fees

0.10%

None

Benchmark Definitions

Prudential Day One 2060 Custom Benchmark—The Prudential Day One 2060 Custom Benchmark reflects the normal weighted average of the underlying funds’ stock/non-traditional assets/bond/cash allocation, as represented by the S&P 1500 Composite Index, Russell Developed ex-North America Large Cap Index, MSCI Emerging Markets Net Dividend Index, Bloomberg Barclays US TIPS Index, Bloomberg Barclays US Aggregate Bond Index, Citigroup Three Month T-Bill, Bloomberg Commodities Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index. Because the asset allocation of the Fund changes over time with the Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.

S&P Target Date^® 2060+ Index—The S&P Target Date Series comprises 11 multi-asset class indices, each corresponding to a particular target retirement date. Each index provides varying levels of exposure to equities and fixed income. Each target date allocation is created and retired according to a predetermined schedule related to the respective target date.


Prudential Day One Funds			29

Fees and Expenses (unaudited)

As a shareholder of a 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. These examples are intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

These examples are based on an investment of $1,000 held through the six-month period ended January 31, 2018. These examples are for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.

Actual Expenses

The first line for each share class in the tables on the following pages 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 Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line for each share class in the tables below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each 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 each 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 Funds’ transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the tables on the following pages. 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 tables, 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 Prudential funds, including the Funds, that you own. You should consider the additional fees that were charged to your


30		Visit our website at pgiminvestments.com

Fund account over the 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 tables. Additional fees have the effect of reducing investment returns.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs such as sales charges (loads). Therefore, the second line for each share class in the tables 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.


Prudential Day One Income Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,042.40		1.15	%	$	5.92
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,042.80		0.90	%	$	4.63
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,043.50		0.75	%	$	3.86
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,045.10		0.65	%	$	3.35
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,045.70		0.55	%	$	2.84
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,046.30		0.40	%	$	2.06
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One Funds			31

Fees and Expenses (unaudited) (continued)


Prudential Day One 2010 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,044.50		1.15	%	$	5.93
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,045.10		0.90	%	$	4.64
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,045.60		0.75	%	$	3.87
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,046.70		0.65	%	$	3.35
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,046.80		0.55	%	$	2.84
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,048.40		0.40	%	$	2.07
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One 2015 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,050.70		1.15	%	$	5.94
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,052.40		0.90	%	$	4.66
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,053.00		0.75	%	$	3.88
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,053.10		0.65	%	$	3.36
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,054.00		0.55	%	$	2.85
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,054.70		0.40	%	$	2.07
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


32		Visit our website at pgiminvestments.com


Prudential Day One 2020 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,058.50		1.15	%	$	5.97
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,060.00		0.90	%	$	4.67
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,060.50		0.75	%	$	3.90
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,061.70		0.65	%	$	3.38
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,061.80		0.55	%	$	2.86
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,062.60		0.40	%	$	2.08
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One 2025 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,070.10		1.15	%	$	6.00
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,071.90		0.90	%	$	4.70
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,072.40		0.75	%	$	3.92
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,072.60		0.65	%	$	3.40
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,073.60		0.55	%	$	2.87
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,074.20		0.40	%	$	2.09
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One Funds			33

Fees and Expenses (unaudited) (continued)


Prudential Day One 2030 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,092.20		1.15	%	$	6.06
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,094.70		0.90	%	$	4.75
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,094.30		0.75	%	$	3.96
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,094.50		0.65	%	$	3.43
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,095.50		0.55	%	$	2.90
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,097.10		0.40	%	$	2.11
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One 2035 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,106.80		1.15	%	$	6.11
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,107.40		0.90	%	$	4.78
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,108.80		0.75	%	$	3.99
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,109.00		0.65	%	$	3.46
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,110.10		0.55	%	$	2.93
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,110.60		0.40	%	$	2.13
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


34		Visit our website at pgiminvestments.com


Prudential Day One 2040 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,114.10		1.15	%	$	6.13
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,114.70		0.90	%	$	4.80
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,116.10		0.75	%	$	4.00
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,116.30		0.65	%	$	3.47
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,116.40		0.55	%	$	2.93
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,117.90		0.40	%	$	2.14
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One 2045 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,118.80		1.15	%	$	6.14
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,121.40		0.90	%	$	4.81
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,121.80		0.75	%	$	4.01
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,122.00		0.65	%	$	3.48
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,123.00		0.55	%	$	2.94
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,123.50		0.40	%	$	2.14
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One Funds			35

Fees and Expenses (unaudited) (continued)


Prudential Day One 2050 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,123.50		1.15	%	$	6.16
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,125.40		0.90	%	$	4.82
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,125.90		0.75	%	$	4.02
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,126.00		0.65	%	$	3.48
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,126.20		0.55	%	$	2.95
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,128.60		0.40	%	$	2.15
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


Prudential Day One 2055 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,129.40		1.15	%	$	6.17
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,130.90		0.90	%	$	4.83
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,131.30		0.75	%	$	4.03
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,132.40		0.65	%	$	3.49
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,132.60		0.55	%	$	2.96
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,133.20		0.40	%	$	2.15
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04


36		Visit our website at pgiminvestments.com


Prudential Day One 2060 Fund		Beginning Account Value August 1, 2017		Ending Account Value January 31, 2018		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	1,133.10		1.15	%	$	6.18
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	1,134.60		0.90	%	$	4.84
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	1,136.00		0.75	%	$	4.04
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	1,137.20		0.65	%	$	3.50
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	1,137.20		0.55	%	$	2.96
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	1,136.90		0.40	%	$	2.15
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

*Fund expenses (net of fee waivers or subsidies, if any) for each share class are equal to the annualized expense ratio for each share class (provided in the table), multiplied by the average account value over the period, multiplied by the 184 days in the six-month period ended January 31, 2018, and divided by the 365 days in the Fund's fiscal year ending July 31, 2018 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.


Prudential Day One Funds			37

Prudential Day One Income Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 90.0%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		18,872	$	203,256
Prudential Core Conservative Bond Fund (Class Q)		58,159		572,862
Prudential Global Real Estate Fund (Class Q)		10,260		248,093
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		3,278		40,743
Prudential QMA International Developed Markets Index Fund (Class Q)		15,494		204,050
Prudential QMA Large-Cap Core Equity Fund (Class Q)		25,056		449,001
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		3,370		40,674
Prudential QMA US Broad Market Index Fund (Class Q)		19,040		245,045
Prudential TIPS Fund (Class Q)		108,374		1,064,229
Prudential Total Return Bond Fund (Class Q)		42,588		614,541

TOTAL LONG-TERM INVESTMENTS (cost $3,627,416)				3,682,494


SHORT-TERM INVESTMENT 10.2%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $418,536)		418,536		418,536

TOTAL INVESTMENTS 100.2% (cost $4,045,952)(w)				4,101,030
Liabilities in excess of other assets (0.2)%				(6,820	)

NET ASSETS 100.0%			$	4,094,210

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			39

Prudential Day One Income Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	4,101,030	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


TIPS	26.0	%
Total Return Bond	15.0
Core Bond	14.0
Large Cap	11.0
Short Term	10.2
Real Estate	6.0
Broad Market	6.0
Developed Markets	5.0
Commodity	5.0	%
Small Cap	1.0
Mid Cap	1.0

	100.2
Liabilities in excess of other assets	(0.2	)

	100.0	%

See Notes to Financial Statements.


40

Prudential Day One 2010 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 90.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		24,614	$	265,089
Prudential Core Conservative Bond Fund (Class Q)		81,276		800,565
Prudential Global Real Estate Fund (Class Q)		13,381		323,548
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		4,275		53,137
Prudential QMA International Developed Markets Index Fund (Class Q)		20,207		266,126
Prudential QMA Large-Cap Core Equity Fund (Class Q)		35,649		638,826
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		4,395		53,048
Prudential QMA US Broad Market Index Fund (Class Q)		24,832		319,591
Prudential TIPS Fund (Class Q)		135,906		1,334,593
Prudential Total Return Bond Fund (Class Q)		55,549		801,571

TOTAL LONG-TERM INVESTMENTS (cost $4,734,275)				4,856,094


SHORT-TERM INVESTMENT 9.2%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $488,331)		488,331		488,331

TOTAL INVESTMENTS 100.1% (cost $5,222,606)(w)				5,344,425
Liabilities in excess of other assets (0.1)%				(4,637	)

NET ASSETS 100.0%			$	5,339,788

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			41

Prudential Day One 2010 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	5,344,425	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


TIPS	25.0	%
Total Return Bond	15.0
Core Bond	15.0
Large Cap	11.9
Short Term	9.2
Real Estate	6.0
Broad Market	6.0
Developed Markets	5.0
Commodity	5.0	%
Small Cap	1.0
Mid Cap	1.0

	100.1
Liabilities in excess of other assets	(0.1	)

	100.0	%

See Notes to Financial Statements.


42

Prudential Day One 2015 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 90.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		31,981	$	344,438
Prudential Core Conservative Bond Fund (Class Q)		91,527		901,540
Prudential Global Real Estate Fund (Class Q)		17,385		420,378
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		5,555		69,045
Prudential QMA International Developed Markets Index Fund (Class Q)		31,508		414,961
Prudential QMA Large-Cap Core Equity Fund (Class Q)		54,043		968,448
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		11,421		137,850
Prudential QMA US Broad Market Index Fund (Class Q)		37,646		484,503
Prudential TIPS Fund (Class Q)		169,530		1,664,781
Prudential Total Return Bond Fund (Class Q)		62,554		902,651

TOTAL LONG-TERM INVESTMENTS (cost $6,137,352)				6,308,595


SHORT-TERM INVESTMENT 9.0%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $622,863)		622,863		622,863

TOTAL INVESTMENTS 99.9% (cost $6,760,215)(w)				6,931,458
Other assets in excess of liabilities 0.1%				5,665

NET ASSETS 100.0%			$	6,937,123

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			43

Prudential Day One 2015 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	6,931,458	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follows:


TIPS	24.0	%
Large Cap	13.9
Total Return Bond	13.0
Core Bond	13.0
Short Term	9.0
Broad Market	7.0
Real Estate	6.0
Developed Markets	6.0
Commodity	5.0	%
Mid Cap	2.0
Small Cap	1.0

	99.9
Other assets in excess of liabilities	0.1

	100.0	%

See Notes to Financial Statements.


44

Prudential Day One 2020 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 91.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		86,435	$	930,902
Prudential Core Conservative Bond Fund (Class Q)		228,332		2,249,071
Prudential Global Real Estate Fund (Class Q)		46,985		1,136,093
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		15,012		186,603
Prudential QMA International Developed Markets Index Fund (Class Q)		99,347		1,308,402
Prudential QMA Large-Cap Core Equity Fund (Class Q)		166,923		2,991,266
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		30,867		372,562
Prudential QMA US Broad Market Index Fund (Class Q)		130,812		1,683,555
Prudential TIPS Fund (Class Q)		419,992		4,124,320
Prudential Total Return Bond Fund (Class Q)		156,052		2,251,832

TOTAL LONG-TERM INVESTMENTS (cost $16,692,794)				17,234,606


SHORT-TERM INVESTMENT 8.0%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,492,775)		1,492,775		1,492,775

TOTAL INVESTMENTS 99.9% (cost $18,185,569)(w)				18,727,381
Other assets in excess of liabilities 0.1%				18,826

NET ASSETS 100.0%			$	18,746,207

The following abbreviations are used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			45

Prudential Day One 2020 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	18,727,381	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follows:


TIPS	22.0	%
Large Cap	15.9
Total Return Bond	12.0
Core Bond	12.0
Broad Market	9.0
Short Term	8.0
Developed Markets	7.0
Real Estate	6.0
Commodity	5.0	%
Mid Cap	2.0
Small Cap	1.0

	99.9
Other assets in excess of liabilities	0.1

	100.0	%

See Notes to Financial Statements.


46

Prudential Day One 2025 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 92.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		125,942	$	1,356,398
Prudential Core Conservative Bond Fund (Class Q)		249,537		2,457,937
Prudential Global Real Estate Fund (Class Q)		68,461		1,655,386
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		21,874		271,895
Prudential QMA International Developed Markets Index Fund (Class Q)		186,116		2,451,152
Prudential QMA Large-Cap Core Equity Fund (Class Q)		304,027		5,448,162
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		44,976		542,859
Prudential QMA US Broad Market Index Fund (Class Q)		211,783		2,725,650
Prudential TIPS Fund (Class Q)		528,515		5,190,019
Prudential Total Return Bond Fund (Class Q)		227,395		3,281,315

TOTAL LONG-TERM INVESTMENTS (cost $24,475,965)				25,380,773


SHORT-TERM INVESTMENT 7.0%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $1,909,283)		1,909,283		1,909,283

TOTAL INVESTMENTS 99.9% (cost $26,385,248)(w)				27,290,056
Other assets in excess of liabilities 0.1%				20,760

NET ASSETS 100.0%			$	27,310,816

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			47

Prudential Day One 2025 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	27,290,056	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2018 were as follows:


Large-Cap	19.9	%
TIPS	19.0
Total Return Bond	12.0
Broad Market	10.0
Core Bond	9.0
Developed Markets	9.0
Short Term	7.0
Real Estate	6.0
Commodity	5.0	%
Mid-Cap	2.0
Small-Cap	1.0

	99.9
Other assets in excess of liabilities	0.1

	100.0	%

See Notes to Financial Statements.


48

Prudential Day One 2030 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 94.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		63,986	$	689,127
Prudential Core Conservative Bond Fund (Class Q)		105,636		1,040,517
Prudential Global Real Estate Fund (Class Q)		43,486		1,051,493
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		13,892		172,672
Prudential QMA Emerging Markets Equity Fund (Class Q)		12,570		174,345
Prudential QMA International Developed Markets Index Fund (Class Q)		157,594		2,075,519
Prudential QMA Large-Cap Core Equity Fund (Class Q)		260,649		4,670,839
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		42,845		517,144
Prudential QMA US Broad Market Index Fund (Class Q)		201,738		2,596,366
Prudential TIPS Fund (Class Q)		194,324		1,908,264
Prudential Total Return Bond Fund (Class Q)		108,296		1,562,708

TOTAL LONG-TERM INVESTMENTS (cost $15,684,202)				16,458,994


SHORT-TERM INVESTMENT 5.2%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $890,888)		890,888		890,888

TOTAL INVESTMENTS 100.1% (cost $16,575,090)(w)				17,349,882
Liabilities in excess of other assets (0.1)%				(11,426	)

NET ASSETS 100.0%			$	17,338,456

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			49

Prudential Day One 2030 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	17,349,882	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	26.9	%
Broad Market	15.0
Developed Markets	12.0
TIPS	11.0
Total Return Bond	9.0
Real Estate	6.0
Core Bond	6.0
Short Term	5.2
Commodity	4.0	%
Mid Cap	3.0
Emerging Markets	1.0
Small Cap	1.0

	100.1
Liabilities in excess of other assets	(0.1	)

	100.0	%

See Notes to Financial Statements.


50

Prudential Day One 2035 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 97.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		64,115	$	690,515
Prudential Core Conservative Bond Fund (Class Q)		88,213		868,897
Prudential Global Real Estate Fund (Class Q)		36,316		878,120
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		27,840		346,047
Prudential QMA Emerging Markets Equity Fund (Class Q)		50,380		698,771
Prudential QMA International Developed Markets Index Fund (Class Q)		184,233		2,426,353
Prudential QMA Large-Cap Core Equity (Class Q)		270,853		4,853,692
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		57,242		690,912
Prudential QMA US Broad Market Index Fund (Class Q)		229,101		2,948,527
Prudential TIPS Fund (Class Q)		123,913		1,216,830
Prudential Total Return Bond Fund (Class Q)		96,464		1,391,980

TOTAL LONG-TERM INVESTMENTS (cost $16,140,110)				17,010,644


SHORT-TERM INVESTMENT 2.1%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $367,657)		367,657		367,657

TOTAL INVESTMENTS 100.0% (cost $16,507,767)(w)				17,378,301
Liabilities in excess of other assets (0.0)%				(6,794	)

NET ASSETS 100.0%			$	17,371,507

The following abbreviations are used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			51

Prudential Day One 2035 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	17,378,301	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	27.9	%
Broad Market	17.0
Developed Markets	14.0
Total Return Bond	8.0
TIPS	7.0
Real Estate	5.0
Core Bond	5.0
Emerging Markets	4.0
Mid Cap	4.0	%
Commodity	4.0
Short Term	2.1
Small Cap	2.0

	100.0
Liabilities in excess of other assets	0.0	*

	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.


52

Prudential Day One 2040 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 98.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		39,110	$	421,214
Prudential Core Conservative Bond Fund (Class Q)		43,047		424,009
Prudential Global Real Estate Fund (Class Q)		22,151		535,608
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		16,982		211,087
Prudential QMA Emerging Markets Equity Fund (Class Q)		30,730		426,225
Prudential QMA International Developed Markets Index Fund (Class Q)		120,407		1,585,763
Prudential QMA Large-Cap Core Equity Fund (Class Q)		177,018		3,172,167
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		43,647		526,819
Prudential QMA US Broad Market Index Fund (Class Q)		147,969		1,904,356
Prudential TIPS Fund (Class Q)		43,191		424,138
Prudential Total Return Bond Fund (Class Q)		58,841		849,077

TOTAL LONG-TERM INVESTMENTS (cost $9,857,649)				10,480,463


SHORT-TERM INVESTMENT 1.1%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $117,323)		117,323		117,323

TOTAL INVESTMENTS 100.0% (cost $9,974,972)(w)				10,597,786
Liabilities in excess of other assets (0.0)%				(3,058	)

NET ASSETS 100.0%			$	10,594,728

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			53

Prudential Day One 2040 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	10,597,786	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of portfolio holdings and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	29.9	%
Broad Market	18.0
Developed Markets	15.0
Total Return Bond	8.0
Real Estate	5.0
Mid Cap	5.0
Emerging Markets	4.0
TIPS	4.0
Core Bond	4.0	%
Commodity	4.0
Small Cap	2.0
Short Term	1.1

	100.0
Liabilities in excess of other assets	(0.0	)*

	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.


54

Prudential Day One 2045 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		30,811	$	331,838
Prudential Core Conservative Bond Fund (Class Q)		33,915		334,060
Prudential Global Real Estate Fund (Class Q)		23,268		562,632
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		26,759		332,614
Prudential QMA Emerging Markets Equity Fund (Class Q)		40,355		559,727
Prudential QMA International Developed Markets Index Fund (Class Q)		151,782		1,998,972
Prudential QMA Large-Cap Core Equity Fund (Class Q)		185,954		3,332,289
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		55,022		664,120
Prudential QMA US Broad Market Index Fund (Class Q)		155,438		2,000,486
Prudential TIPS Fund (Class Q)		22,685		222,771
Prudential Total Return Bond Fund (Class Q)		54,085		780,443

TOTAL LONG-TERM INVESTMENTS (cost $10,480,199)				11,119,952


SHORT-TERM INVESTMENT 0.1%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $11,852)		11,852		11,852

TOTAL INVESTMENTS 100.0% (cost $10,492,051)(w)				11,131,804
Liabilities in excess of other assets (0.0)%				(2,968	)

NET ASSETS 100.0%			$	11,128,836

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			55

Prudential Day One 2045 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	11,131,804	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	29.9	%
Broad Market	18.0
Developed Markets	18.0
Total Return Bond	7.0
Mid Cap	6.0
Real Estate	5.0
Emerging Markets	5.0
Core Bond	3.0
Small Cap	3.0	%
Commodity	3.0
TIPS	2.0
Short Term	0.1

	100.0
Liabilities in excess of other assets	(0.0	)*

	100.0	%

*	Less than +/- 0.05%

See Notes to Financial Statements.


56

Prudential Day One 2050 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		9,507	$	102,389
Prudential Core Conservative Bond Fund (Class Q)		6,976		68,716
Prudential Global Real Estate Fund (Class Q)		7,179		173,599
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		11,009		136,838
Prudential QMA Emerging Markets Equity Fund (Class Q)		14,942		207,244
Prudential QMA International Developed Markets Index Fund (Class Q)		46,832		616,783
Prudential QMA Large-Cap Core Equity (Class Q)		55,464		993,906
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		16,977		204,915
Prudential QMA US Broad Market Index Fund (Class Q)		50,625		651,542
Prudential TIPS Fund (Class Q)		3,500		34,368
Prudential Total Return Bond Fund (Class Q)		16,688		240,805

TOTAL LONG-TERM INVESTMENTS (cost $3,197,418)				3,431,105


SHORT-TERM INVESTMENT 0.2%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $6,003)		6,003		6,003

TOTAL INVESTMENTS 100.1% (cost $3,203,421)(w)				3,437,108
Liabilities in excess of other assets (0.1)%				(3,263	)

NET ASSETS 100.0%			$	3,433,845

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			57

Prudential Day One 2050 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	3,437,108	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	28.9	%
Broad Market	19.0
Developed Markets	18.0
Total Return Bond	7.0
Emerging Markets	6.0
Mid Cap	6.0
Real Estate	5.0
Small Cap	4.0
Commodity	3.0	%
Core Bond	2.0
TIPS	1.0
Short Term	0.2

	100.1
Liabilities in excess of other assets	(0.1	)

	100.0	%

See Notes to Financial Statements.


58

Prudential Day One 2055 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		14,165	$	152,557
Prudential Global Real Estate Fund (Class Q)		10,697		258,654
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		16,402		203,880
Prudential QMA Emerging Markets Equity Fund (Class Q)		25,973		360,245
Prudential QMA International Developed Markets Index Fund (Class Q)		77,531		1,021,085
Prudential QMA Large-Cap Core Equity Fund (Class Q)		82,638		1,480,869
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		29,511		356,197
Prudential QMA US Broad Market Index Fund (Class Q)		75,429		970,765
Prudential Total Return Bond Fund (Class Q)		21,311		307,511

TOTAL LONG-TERM INVESTMENTS (cost $4,814,387)				5,111,763


SHORT-TERM INVESTMENT 0.2%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $7,001)		7,001		7,001

TOTAL INVESTMENTS 100.1% (cost $4,821,388)(w)				5,118,764
Liabilities in excess of other assets (0.1)%				(2,920	)

NET ASSETS 100.0%			$	5,115,844

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			59

Prudential Day One 2055 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	5,118,764	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	28.9	%
Developed Markets	20.0
Broad Market	19.0
Emerging Markets	7.0
Mid Cap	7.0
Total Return Bond	6.0
Real Estate	5.0
Small Cap	4.0	%
Commodity	3.0
Short Term	0.2

	100.1
Liabilities in excess of other assets	(0.1	)

	100.0	%

See Notes to Financial Statements.


60

Prudential Day One 2060 Fund

Schedule of Investments (unaudited)

as of January 31, 2018


Description	Shares		Value
LONG-TERM INVESTMENTS 99.9%

AFFILIATED MUTUAL FUNDS
Prudential Commodity Strategies Fund (Class Q)		1,125	$	12,112
Prudential Global Real Estate Fund (Class Q)		849		20,530
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		1,302		16,185
Prudential QMA Emerging Markets Equity Fund (Class Q)		2,356		32,683
Prudential QMA International Developed Markets Index Fund (Class Q)		6,463		85,114
Prudential QMA Large-Cap Core Equity Fund (Class Q)		6,787		121,614
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		2,343		28,277
Prudential QMA US Broad Market Index Fund (Class Q)		5,988		77,065
Prudential Total Return Bond Fund (Class Q)		846		12,209

TOTAL LONG-TERM INVESTMENTS (cost $377,091)				405,789


SHORT-TERM INVESTMENT 1.0%

AFFILIATED MUTUAL FUND
Prudential Investment Portfolios 2 - Prudential Core Ultra Short Bond Fund (cost $4,050)		4,050		4,050

TOTAL INVESTMENTS 100.9% (cost $381,141)(w)				409,839
Liabilities in excess of other assets (0.9)%				(3,728	)

NET ASSETS 100.0%			$	406,111

The following abbreviation is used in the semiannual report:

LIBOR—London Interbank Offered Rate

(w)	PGIM Prudential Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests.

Fair Value Measurements:

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

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

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

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

See Notes to Financial Statements.


Prudential Day One Funds			61

Prudential Day One 2060 Fund

Schedule of Investments (unaudited) (continued)

as of January 31, 2018

The following is a summary of the inputs used as of January 31, 2018 in valuing such portfolio securities:


	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	409,839	$	—	$	—

During the period, there were no transfers between Level 1, Level 2 and Level 3 to report.

Investment Allocation:

The investment allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2018 were as follows:


Large Cap	29.9	%
Developed Markets	21.0
Broad Market Index	19.0
Emerging Markets	8.0
Mid Cap	7.0
Real Estate	5.0
Small Cap	4.0
Total Return Bond	3.0	%
Commodity	3.0
Short Term	1.0

	100.9
Liabilities in excess of other assets	(0.9	)

	100.0	%

See Notes to Financial Statements.


62

This Page Intentionally Left Blank

Prudential Day One Income Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $4,045,952)	$	4,101,030
Due from Manager		22,416
Receivable for investments sold		12,961
Receivable for Fund shares sold		6,416
Prepaid expenses		13,582

Total assets		4,156,405


Liabilities
Custodian and accounting fees payable		17,984
Payable for investments purchased		13,746
Audit fee payable		10,182
Payable for Fund shares reacquired		9,205
Shareholders’ reports payable		5,288
Legal fees and expenses payable		3,501
Accrued expenses		1,611
Affiliated transfer agent fee payable		439
Distribution fee payable		121
Shareholder servicing fee payable		118

Total liabilities		62,195


Net Assets	$	4,094,210


Net assets were comprised of:
Shares of beneficial interest, at par	$	383
Paid-in capital in excess of par		3,990,085

		3,990,468
Distributions in excess of net investment income		(1,866	)
Accumulated net realized gain on investment transactions		50,530
Net unrealized appreciation on investments		55,078

Net assets, January 31, 2018	$	4,094,210

See Notes to Financial Statements.


64


Class R1
Net asset value, offering price and redemption price per share, ($10,829 ÷ 1,013 shares of beneficial interest issued and outstanding)	$	10.69


Class R2
Net asset value, offering price and redemption price per share, ($12,223 ÷ 1,143 shares of beneficial interest issued and outstanding)	$	10.69


Class R3
Net asset value, offering price and redemption price per share, ($1,349,068 ÷ 126,152 shares of beneficial interest issued and outstanding)	$	10.69


Class R4
Net asset value, offering price and redemption price per share, ($18,191 ÷ 1,700 shares of beneficial interest issued and outstanding)	$	10.70


Class R5
Net asset value, offering price and redemption price per share, ($10,904 ÷ 1,019 shares of beneficial interest issued and outstanding)	$	10.70


Class R6
Net asset value, offering price and redemption price per share, ($2,692,995 ÷ 251,498 shares of beneficial interest issued and outstanding)	$	10.71

See Notes to Financial Statements.


Prudential Day One Funds			65

Prudential Day One 2010 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $5,222,606)	$	5,344,425
Due from Manager		23,029
Receivable for investments sold		6,497
Receivable for Fund shares sold		257
Prepaid expenses		14,114

Total assets		5,388,322


Liabilities
Custodian and accounting fees payable		17,937
Audit fee payable		10,183
Payable for investments purchased		9,085
Shareholders’ reports payable		5,506
Legal fees and expenses payable		3,491
Accrued expenses and other liabilities		2,020
Payable for Fund shares reacquired		182
Affiliated transfer agent fee payable		91
Shareholder servicing fee payable		20
Distribution fee payable		19

Total liabilities		48,534


Net Assets	$	5,339,788


Net assets were comprised of:
Shares of beneficial interest, at par	$	495
Paid-in capital in excess of par		5,130,424

		5,130,919
Distributions in excess of net investment income		(4,125	)
Accumulated net realized gain on investment transactions		91,175
Net unrealized appreciation on investments		121,819

Net assets, January 31, 2018	$	5,339,788

See Notes to Financial Statements.


66


Class R1
Net asset value, offering price and redemption price per share, ($10,894 ÷ 1,011 shares of beneficial interest issued and outstanding)	$	10.78


Class R2
Net asset value, offering price and redemption price per share, ($10,925 ÷ 1,013 shares of beneficial interest issued and outstanding)	$	10.78


Class R3
Net asset value, offering price and redemption price per share, ($129,515 ÷ 12,012 shares of beneficial interest issued and outstanding)	$	10.78


Class R4
Net asset value, offering price and redemption price per share, ($51,431 ÷ 4,769 shares of beneficial interest issued and outstanding)	$	10.78


Class R5
Net asset value, offering price and redemption price per share, ($10,970 ÷ 1,017 shares of beneficial interest issued and outstanding)	$	10.79


Class R6
Net asset value, offering price and redemption price per share, ($5,126,053 ÷ 475,069 shares of beneficial interest issued and outstanding)	$	10.79

See Notes to Financial Statements.


Prudential Day One Funds			67

Prudential Day One 2015 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $6,760,215)	$	6,931,458
Receivable for investments sold		78,390
Due from Manager		23,290
Receivable for Fund shares sold		3,357
Prepaid expenses		16,320

Total assets		7,052,815


Liabilities
Payable for investments purchased		76,235
Custodian and accounting fees payable		18,027
Audit fee payable		10,183
Accrued expenses and other liabilities		5,570
Shareholders’ reports payable		5,382
Payable for Fund shares reacquired		192
Affiliated transfer agent fee payable		85
Shareholder servicing fee payable		10
Distribution fee payable		8

Total liabilities		115,692


Net Assets	$	6,937,123


Net assets were comprised of:
Shares of beneficial interest, at par	$	635
Paid-in capital in excess of par		6,658,518

		6,659,153
Distributions in excess of net investment income		(6,421	)
Accumulated net realized gain on investment transactions		113,148
Net unrealized appreciation on investments		171,243

Net assets, January 31, 2018	$	6,937,123

See Notes to Financial Statements.


68


Class R1
Net asset value, offering price and redemption price per share, ($11,019 ÷ 1,009 shares of beneficial interest issued and outstanding)	$	10.92


Class R2
Net asset value, offering price and redemption price per share, ($11,050 ÷ 1,012 shares of beneficial interest issued and outstanding)	$	10.92


Class R3
Net asset value, offering price and redemption price per share, ($11,069 ÷ 1,013 shares of beneficial interest issued and outstanding)	$	10.92


Class R4
Net asset value, offering price and redemption price per share, ($65,596 ÷ 6,010 shares of beneficial interest issued and outstanding)	$	10.91


Class R5
Net asset value, offering price and redemption price per share, ($11,095 ÷ 1,015 shares of beneficial interest issued and outstanding)	$	10.93


Class R6
Net asset value, offering price and redemption price per share, ($6,827,294 ÷ 625,167 shares of beneficial interest issued and outstanding)	$	10.92

See Notes to Financial Statements.


Prudential Day One Funds			69

Prudential Day One 2020 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $18,185,569)		18,727,381
Receivable for investments sold		224,445
Due from Manager		24,402
Receivable for Fund shares sold		6,597
Prepaid expenses		11,097

Total assets		18,993,922


Liabilities
Payable for investments purchased		214,203
Custodian and accounting fees payable		18,057
Accrued expenses and other liabilities		11,418
Legal fees and expenses payable		3,488
Payable for Fund shares reacquired		239
Affiliated transfer agent fee payable		141
Shareholder servicing fee payable		90
Distribution fee payable		79

Total liabilities		247,715


Net Assets	$	18,746,207


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,702
Paid-in capital in excess of par		17,889,771

		17,891,473
Distributions in excess of net investment income		(24,063	)
Accumulated net realized gain on investment transactions		336,985
Net unrealized appreciation on investments		541,812

Net assets, January 31, 2018	$	18,746,207

See Notes to Financial Statements.


70


Class R1
Net asset value, offering price and redemption price per share, ($11,134 ÷ 1,009 shares of beneficial interest issued and outstanding)	$	11.04


Class R2
Net asset value, offering price and redemption price per share, ($31,393 ÷ 2,842 shares of beneficial interest issued and outstanding)	$	11.05


Class R3
Net asset value, offering price and redemption price per share, ($801,517 ÷ 72,538 shares of beneficial interest issued and outstanding)	$	11.05


Class R4
Net asset value, offering price and redemption price per share, ($203,027 ÷ 18,381 shares of beneficial interest issued and outstanding)	$	11.05


Class R5
Net asset value, offering price and redemption price per share, ($11,211 ÷ 1,015 shares of beneficial interest issued and outstanding)	$	11.05


Class R6
Net asset value, offering price and redemption price per share, ($17,687,925 ÷ 1,605,803 shares of beneficial interest issued and outstanding)	$	11.02

See Notes to Financial Statements.


Prudential Day One Funds			71

Prudential Day One 2025 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018



Investments at value:
Affiliated investments (cost $26,385,248)	$	27,290,056
Receivable for investments sold		455,818
Due from Manager		24,639
Receivable for Fund shares sold		16,013
Prepaid expenses		14,397

Total assets		27,800,923


Liabilities
Payable for investments purchased		325,118
Payable for Fund shares reacquired		125,539
Accrued expenses and other liabilities		18,964
Custodian and accounting fees payable		18,103
Affiliated transfer agent fee payable		1,251
Distribution fee payable		674
Shareholder servicing fee payable		458

Total liabilities		490,107


Net Assets	$	27,310,816


Net assets were comprised of:
Shares of beneficial interest, at par	$	2,430
Paid-in capital in excess of par		25,822,804

		25,825,234
Distributions in excess of net investment income		(66,952	)
Accumulated net realized gain on investment transactions		647,726
Net unrealized appreciation on investments		904,808

Net assets, January 31, 2018	$	27,310,816

See Notes to Financial Statements.


72


Class R1
Net asset value, offering price and redemption price per share, ($658,864 ÷ 58,716 shares of beneficial interest issued and outstanding)	$	11.22


Class R2
Net asset value, offering price and redemption price per share, ($30,000 ÷ 2,673 shares of beneficial interest issued and outstanding)	$	11.22


Class R3
Net asset value, offering price and redemption price per share, ($4,655,827 ÷ 414,619 shares of beneficial interest issued and outstanding)	$	11.23


Class R4
Net asset value, offering price and redemption price per share, ($110,957 ÷ 9,885 shares of beneficial interest issued and outstanding)	$	11.22


Class R5
Net asset value, offering price and redemption price per share, ($17,558 ÷ 1,564 shares of beneficial interest issued and outstanding)	$	11.23


Class R6
Net asset value, offering price and redemption price per share, ($21,837,610 ÷ 1,942,565 shares of beneficial interest issued and outstanding)	$	11.24

See Notes to Financial Statements.


Prudential Day One Funds			73

Prudential Day One 2030 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $16,575,090)	$	17,349,882
Receivable for investments sold		108,266
Due from Manager		23,973
Prepaid expenses		15,146
Receivable for Fund shares sold		3,192

Total assets		17,500,459


Liabilities
Payable for Fund shares reacquired		89,080
Payable for investments purchased		33,177
Custodian and accounting fees payable		18,111
Audit fee payable		10,183
Accrued expenses and other liabilities		5,544
Shareholders’ reports payable		5,332
Affiliated transfer agent fee payable		353
Shareholder servicing fee payable		145
Distribution fee payable		78

Total liabilities		162,003


Net Assets	$	17,338,456


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,491
Paid-in capital in excess of par		16,090,275

		16,091,766
Distributions in excess of net investment income		(51,038	)
Accumulated net realized gain on investment transactions		522,936
Net unrealized appreciation on investments		774,792

Net assets, January 31, 2018	$	17,338,456

See Notes to Financial Statements.


74


Class R1
Net asset value, offering price and redemption price per share, ($15,320 ÷ 1,319 shares of beneficial interest issued and outstanding)	$	11.61


Class R2
Net asset value, offering price and redemption price per share, ($120,064 ÷ 10,336 shares of beneficial interest issued and outstanding)	$	11.62


Class R3
Net asset value, offering price and redemption price per share, ($559,867 ÷ 48,204 shares of beneficial interest issued and outstanding)	$	11.61


Class R4
Net asset value, offering price and redemption price per share, ($1,030,137 ÷ 88,693 shares of beneficial interest issued and outstanding)	$	11.61


Class R5
Net asset value, offering price and redemption price per share, ($138,931 ÷ 11,959 shares of beneficial interest issued and outstanding)	$	11.62


Class R6
Net asset value, offering price and redemption price per share, ($15,474,137 ÷ 1,330,795 shares of beneficial interest issued and outstanding)	$	11.63

See Notes to Financial Statements.


Prudential Day One Funds			75

Prudential Day One 2035 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $16,507,767)	$	17,378,301
Receivable for investments sold		119,002
Due from Manager		24,157
Receivable for Fund shares sold		13,244
Prepaid expenses		15,083

Total assets		17,549,787


Liabilities
Payable for Fund shares reacquired		84,682
Payable for investments purchased		54,605
Custodian and accounting fees payable		18,791
Audit fee payable		10,183
Shareholders’ reports		4,938
Accrued expenses and other liabilities		2,938
Affiliated transfer agent fee payable		1,284
Distribution fee payable		430
Shareholder servicing fee payable		429

Total liabilities		178,280


Net Assets	$	17,371,507


Net assets were comprised of:
Shares of beneficial interest, at par	$	1,469
Paid-in capital in excess of par		15,980,120

		15,981,589
Distributions in excess of net investment income		(93,138	)
Accumulated net realized gain on investment transactions		612,522
Net unrealized appreciation on investments		870,534

Net assets, January 31, 2018	$	17,371,507

See Notes to Financial Statements.


76


Class R1
Net asset value, offering price and redemption price per share, ($11,966 ÷ 1,013 shares of beneficial interest issued and outstanding)	$	11.81


Class R2
Net asset value, offering price and redemption price per share, ($13,024 ÷ 1,102 shares of beneficial interest issued and outstanding)	$	11.81


Class R3
Net asset value, offering price and redemption price per share, ($5,122,543 ÷ 433,228 shares of beneficial interest issued and outstanding)	$	11.82


Class R4
Net asset value, offering price and redemption price per share, ($45,025 ÷ 3,808 shares of beneficial interest issued and outstanding)	$	11.82


Class R5
Net asset value, offering price and redemption price per share, ($12,045 ÷ 1,019 shares of beneficial interest issued and outstanding)	$	11.82


Class R6
Net asset value, offering price and redemption price per share, ($12,166,904 ÷ 1,028,887 shares of beneficial interest issued and outstanding)	$	11.83

See Notes to Financial Statements.


Prudential Day One Funds			77

Prudential Day One 2040 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $9,974,972)	$	10,597,786
Receivable for investments sold		26,591
Due from Manager		23,907
Receivable for Fund shares sold		17,283
Prepaid expenses		14,083

Total assets		10,679,650


Liabilities
Payable for investments purchased		45,253
Custodian and accounting fees payable		18,062
Audit fee payable		10,183
Shareholders’ reports payable		5,302
Legal fees and expenses payable		3,489
Accrued expenses and other liabilities		2,029
Payable for Fund shares reacquired		385
Affiliated transfer agent fee payable		146
Shareholder servicing fee payable		40
Distribution fee payable		33

Total liabilities		84,922


Net Assets	$	10,594,728


Net assets were comprised of:
Shares of beneficial interest, at par	$	884
Paid-in capital in excess of par		9,656,084

		9,656,968
Distributions in excess of net investment income		(64,029	)
Accumulated net realized gain on investment transactions		378,975
Net unrealized appreciation on investments		622,814

Net assets, January 31, 2018	$	10,594,728

See Notes to Financial Statements.


78


Class R1
Net asset value, offering price and redemption price per share, ($12,141 ÷ 1,014 shares of beneficial interest issued and outstanding)	$	11.97


Class R2
Net asset value, offering price and redemption price per share, ($15,637 ÷ 1,306 shares of beneficial interest issued and outstanding)	$	11.97


Class R3
Net asset value, offering price and redemption price per share, ($312,008 ÷ 26,052 shares of beneficial interest issued and outstanding)	$	11.98


Class R4
Net asset value, offering price and redemption price per share, ($138,337 ÷ 11,549 shares of beneficial interest issued and outstanding)	$	11.98


Class R5
Net asset value, offering price and redemption price per share, ($12,548 ÷ 1,047 shares of beneficial interest issued and outstanding)	$	11.98


Class R6
Net asset value, offering price and redemption price per share, ($10,104,057 ÷ 842,948 shares of beneficial interest issued and outstanding)	$	11.99

See Notes to Financial Statements.


Prudential Day One Funds			79

Prudential Day One 2045 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $10,492,051)	$	11,131,804
Due from Manager		23,452
Receivable for Fund shares sold		19,381
Receivable for investments sold		17,177
Prepaid expenses		13,073

Total assets		11,204,887


Liabilities
Payable for investments purchased		36,180
Custodian and accounting fees payable		18,078
Audit fee payable		10,183
Shareholders’ reports payable		4,968
Legal fees and expenses payable		3,489
Affiliated transfer agent fee payable		1,339
Payable for Fund shares reacquired		485
Shareholder servicing fee payable		467
Distribution fee payable		440
Accrued expenses and other liabilities		422

Total liabilities		76,051


Net Assets	$	11,128,836


Net assets were comprised of:
Shares of beneficial interest, at par	$	920
Paid-in capital in excess of par		10,150,999

		10,151,919
Distributions in excess of net investment income		(72,576	)
Accumulated net realized gain on investment transactions		409,740
Net unrealized appreciation on investments		639,753

Net assets, January 31, 2018	$	11,128,836

See Notes to Financial Statements.


80


Class R1
Net asset value, offering price and redemption price per share, ($12,277 ÷ 1,016 shares of beneficial interest issued and outstanding)	$	12.08


Class R2
Net asset value, offering price and redemption price per share, ($16,264 ÷ 1,345 shares of beneficial interest issued and outstanding)	$	12.09


Class R3
Net asset value, offering price and redemption price per share, ($5,175,223 ÷ 428,092 shares of beneficial interest issued and outstanding)	$	12.09


Class R4
Net asset value, offering price and redemption price per share, ($393,811 ÷ 32,573 shares of beneficial interest issued and outstanding)	$	12.09


Class R5
Net asset value, offering price and redemption price per share, ($14,616 ÷ 1,208 shares of beneficial interest issued and outstanding)	$	12.10


Class R6
Net asset value, offering price and redemption price per share, ($5,516,645 ÷ 455,480 shares of beneficial interest issued and outstanding)	$	12.11

See Notes to Financial Statements.


Prudential Day One Funds			81

Prudential Day One 2050 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $3,203,421)	$	3,437,108
Due from Manager		23,008
Receivable for Fund shares sold		8,134
Receivable for investments sold		5,186
Prepaid expenses		13,072

Total assets		3,486,508


Liabilities
Custodian and accounting fees payable		18,060
Payable for investments purchased		13,051
Audit fee payable		10,183
Shareholders’ reports payable		5,274
Legal fees and expenses payable		3,489
Accrued expenses and other liabilities		1,987
Payable for Fund shares reacquired		365
Affiliated transfer agent fee payable		148
Distribution fee payable		72
Shareholder servicing fee payable		34

Total liabilities		52,663


Net Assets	$	3,433,845


Net assets were comprised of:
Shares of beneficial interest, at par	$	283
Paid-in capital in excess of par		3,091,104

		3,091,387
Distributions in excess of net investment income		(25,704	)
Accumulated net realized gain on investment transactions		134,475
Net unrealized appreciation on investments		233,687

Net assets, January 31, 2018	$	3,433,845

See Notes to Financial Statements.


82


Class R1
Net asset value, offering price and redemption price per share, ($127,532 ÷ 10,544 shares of beneficial interest issued and outstanding)	$	12.10


Class R2
Net asset value, offering price and redemption price per share, ($32,499 ÷ 2,686 shares of beneficial interest issued and outstanding)	$	12.10


Class R3
Net asset value, offering price and redemption price per share, ($147,506 ÷ 12,190 shares of beneficial interest issued and outstanding)	$	12.10


Class R4
Net asset value, offering price and redemption price per share, ($101,879 ÷ 8,419 shares of beneficial interest issued and outstanding)	$	12.10


Class R5
Net asset value, offering price and redemption price per share, ($12,524 ÷ 1,035 shares of beneficial interest issued and outstanding)	$	12.10


Class R6
Net asset value, offering price and redemption price per share, ($3,011,905 ÷ 248,452 shares of beneficial interest issued and outstanding)	$	12.12

See Notes to Financial Statements.


Prudential Day One Funds			83

Prudential Day One 2055 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $4,821,388)	$	5,118,764
Due from Manager		23,021
Receivable for Fund shares sold		14,045
Receivable for investments sold		7,503
Prepaid expenses		13,073

Total assets		5,176,406


Liabilities
Payable for investments purchased		21,230
Custodian and accounting fees payable		18,028
Audit fee payable		10,183
Shareholders’ reports payable		5,061
Legal fees and expenses payable		3,489
Accrued expenses and other liabilities		1,285
Affiliated transfer agent fee payable		663
Distribution fee payable		212
Shareholder servicing fee payable		211
Payable for Fund shares reacquired		200

Total liabilities		60,562


Net Assets	$	5,115,844


Net assets were comprised of:
Shares of beneficial interest, at par	$	415
Paid-in capital in excess of par		4,659,358

		4,659,773
Distributions in excess of net investment income		(38,040	)
Accumulated net realized gain on investment transactions		196,735
Net unrealized appreciation on investments		297,376

Net assets, January 31, 2018	$	5,115,844

See Notes to Financial Statements.


84


Class R1
Net asset value, offering price and redemption price per share, ($12,506 ÷ 1,017 shares of beneficial interest issued and outstanding)	$	12.30


Class R2
Net asset value, offering price and redemption price per share, ($22,953 ÷ 1,864 shares of beneficial interest issued and outstanding)	$	12.31


Class R3
Net asset value, offering price and redemption price per share, ($2,438,498 ÷ 198,094 shares of beneficial interest issued and outstanding)	$	12.31


Class R4
Net asset value, offering price and redemption price per share, ($58,848 ÷ 4,778 shares of beneficial interest issued and outstanding)	$	12.32


Class R5
Net asset value, offering price and redemption price per share, ($13,640 ÷ 1,107 shares of beneficial interest issued and outstanding)	$	12.32


Class R6
Net asset value, offering price and redemption price per share, ($2,569,399 ÷ 208,613 shares of beneficial interest issued and outstanding)	$	12.32

See Notes to Financial Statements.


Prudential Day One Funds			85

Prudential Day One 2060 Fund

Statement of Assets & Liabilities (unaudited)

as of January 31, 2018


Assets
Affiliated investments (cost $381,141)	$	409,839
Due from Manager		22,601
Receivable for Fund shares sold		4,336
Receivable for investments sold		1,144
Prepaid expenses		13,073

Total assets		450,993


Liabilities
Custodian and accounting fees payable		17,979
Audit fee payable		10,183
Shareholders’ reports payable		5,580
Payable for investments purchased		5,286
Legal fees and expenses payable		3,489
Accrued expenses and other liabilities		2,044
Payable for Fund shares reacquired		187
Affiliated transfer agent fee payable		109
Distribution fee payable		15
Shareholder servicing fee payable		10

Total liabilities		44,882


Net Assets	$	406,111


Net assets were comprised of:
Shares of beneficial interest, at par	$	33
Paid-in capital in excess of par		364,607

		364,640
Distributions in excess of net investment income		(4,001	)
Accumulated net realized gain on investment transactions		16,774
Net unrealized appreciation on investments		28,698

Net assets, January 31, 2018	$	406,111

See Notes to Financial Statements.


86


Class R1
Net asset value, offering price and redemption price per share, ($12,480 ÷ 1,016 shares of beneficial interest issued and outstanding)	$	12.28


Class R2
Net asset value, offering price and redemption price per share, ($15,229 ÷ 1,240 shares of beneficial interest issued and outstanding)	$	12.28


Class R3
Net asset value, offering price and redemption price per share, ($81,976 ÷ 6,672 shares of beneficial interest issued and outstanding)	$	12.29


Class R4
Net asset value, offering price and redemption price per share, ($12,630 ÷ 1,028 shares of beneficial interest issued and outstanding)	$	12.29


Class R5
Net asset value, offering price and redemption price per share, ($13,557 ÷ 1,103 shares of beneficial interest issued and outstanding)	$	12.29


Class R6
Net asset value, offering price and redemption price per share, ($270,239 ÷ 22,000 shares of beneficial interest issued and outstanding)	$	12.28

See Notes to Financial Statements.


Prudential Day One Funds			87

Prudential Day One Income Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	40,991


Expenses
Management fee		310
Distribution fee(a)		699
Shareholder servicing fee(a)		677
Registration fees(a)		49,689
Custodian and accounting fees		32,016
Audit fee		10,183
Legal fees and expenses		8,920
Trustees’ fees		5,287
Shareholders’ reports		3,824
Transfer agent’s fees and expenses (affiliated expense of $729)(a)		729
Miscellaneous		4,999

Total expenses		117,333
Less: Management fee waiver and/or expense reimbursement(a)		(117,627	)

Net expenses		(294	)

Net investment income (loss)		41,285


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(7,301	)
Net capital gain distributions received		60,710

		53,409

Net change in unrealized appreciation (depreciation) on investments		45,027

Net gain (loss) on investment transactions		98,436

Net Increase (Decrease) In Net Assets Resulting From Operations	$	139,721

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			15			657			—			—			—
Shareholder servicing fee		6			6			656			9			—			—
Transfer Agency fees and expenses		31			53			467			52			30			96
Registration fees		8,282			8,282			8,282			8,281			8,281			8,281
Management fee waiver and/or expense reimbursement		(8,541	)		(8,592	)		(36,850	)		(8,712	)		(8,541	)		(46,391	)

See Notes to Financial Statements.


88

Prudential Day One 2010 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	59,811


Expenses
Management fee		495
Distribution fee(a)		67
Shareholder servicing fee(a)		62
Registration fees(a)		50,119
Custodian and accounting fees		32,098
Audit fee		10,183
Legal fees and expenses		8,910
Trustees’ fees		5,266
Shareholders’ reports		3,783
Transfer agent’s fees and expenses (affiliated expense of $214)(a)		266
Miscellaneous		4,986

Total expenses		116,235
Less: Management fee waiver and/or expense reimbursement(a)		(120,755	)

Net expenses		(4,520	)

Net investment income (loss)		64,331


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		20,513
Net capital gain distributions received		78,654

		99,167

Net change in unrealized appreciation (depreciation) on investments		66,380

Net gain (loss) on investment transactions		165,547

Net Increase (Decrease) In Net Assets Resulting From Operations	$	229,878

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			13			27			—			—			—
Shareholder servcing fee		6			6			27			23			—			—
Registration fees		8,345			8,345			8,345			8,345			8,345			8,394
Transfer Agency fees and expenses		28			20			21			62			28			107
Management fee waiver and/or expense reimbursement		(8,519	)		(8,510	)		(9,155	)		(9,022	)		(8,519	)		(77,030	)

See Notes to Financial Statements.


Prudential Day One Funds			89

Prudential Day One 2015 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	75,823


Expenses
Management fee		591
Distribution fee(a)		46
Shareholder servicing fee(a)		48
Registration fees(a)		50,242
Custodian and accounting fees		32,080
Audit fee		10,183
Legal fees and expenses		8,910
Trustees’ fees		5,266
Shareholders’ reports		3,807
Transfer agent’s fees and expenses (affiliated expense of $226)(a)		283
Miscellaneous		4,935

Total expenses		116,391
Less: Management fee waiver and/or expense reimbursement(a)		(121,497	)

Net expenses		(5,106	)

Net investment income (loss)		80,929


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(3,352	)
Net capital gain distributions received		123,774

		120,422

Net change in unrealized appreciation (depreciation) on investments		108,253

Net gain (loss) on investment transactions		228,675

Net Increase (Decrease) In Net Assets Resulting From Operations	$	309,604

(a)	Class specific expenses were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			13			6			—			—			—
Shareholder servicing fee		6			6			6			30			—			—
Registration fees		8,345			8,345			8,345			8,345			8,345			8,517
Transfer Agency fees and expenses		29			21			21			68			30			114
Management fee waiver and/or expense reimbursement		(8,496	)		(8,487	)		(8,489	)		(9,079	)		(8,497	)		(78,449	)

See Notes to Financial Statements.


90

Prudential Day One 2020 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	198,933


Expenses
Management fee		1,497
Distribution fee(a)		253
Shareholder servicing fee(a)		309
Registration fees(a)		50,280
Custodian and accounting fees		32,220
Audit fee		10,183
Legal fees and expenses		8,910
Trustees’ fees		5,270
Shareholders’ reports		3,845
Transfer agent’s fees and expenses (affiliated expense of $382)(a)		472
Miscellaneous		4,968

Total expenses		118,207
Less: Management fee waiver and/or expense reimbursement(a)		(130,000	)

Net expenses		(11,793	)

Net investment income (loss)		210,726


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(45,884	)
Net capital gain distributions received		396,521

		350,637

Net change in unrealized appreciation (depreciation) on investments		350,381

Net gain (loss) on investment transactions		701,018

Net Increase (Decrease) In Net Assets Resulting From Operations	$	911,744

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			30			196			—			—			—
Shareholder servicing fee		6			12			196			95			—			—
Registration fees		8,345			8,345			8,345			8,345			8,344			8,556
Transfer Agency fees and expenses		29			21			37			255			23			107
Management fee waiver and/or expense reimbursement		(8,424	)		(8,474	)		(10,081	)		(9,475	)		(8,418	)		(85,128	)

See Notes to Financial Statements.


Prudential Day One Funds			91

Prudential Day One 2025 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	298,023


Expenses
Management fee		2,238
Distribution fee(a)		3,727
Shareholder servicing fee(a)		2,530
Registration fees(a)		50,134
Custodian and accounting fees		32,358
Audit fee		10,183
Legal fees and expenses		8,911
Trustees’ fees		5,278
Shareholders’ reports		3,920
Transfer agent’s fees and expenses (affiliated expenses of $1,839)(a)		1,839
Miscellaneous		4,919

Total expenses		126,037
Less: Management fee waiver and/or expense reimbursement(a)		(134,026	)

Net expenses		(7,989	)

Net investment income (loss)		306,012


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(40,021	)
Net capital gain distributions received		695,392

		655,371

Net change in unrealized appreciation (depreciation) on investments		686,719

Net gain (loss) on investment transactions		1,342,090

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,648,102

(a) Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		1,576			27			2,124			—			—			—
Shareholder servicing fee		315			11			2,124			80			—			—
Registration fees		8,345			8,345			8,345			8,345			8,344			8,410
Transfer Agency fees and expenses		161			19			1,330			180			35			114
Management fee waiver and/or expense reimbursement		(10,457	)		(8,430	)		(22,820	)		(9,028	)		(8,432	)		(74,859	)

See Notes to Financial Statements.


92

Prudential Day One 2030 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	190,987


Expenses
Management fee		1,350
Distribution fee(a)		275
Shareholder servicing fee(a)		649
Registration fees(a)		50,176
Custodian and accounting fees		32,211
Audit fee		10,183
Legal fees and expenses		8,910
Trustees’ fees		5,270
Shareholders’ reports		3,832
Transfer agent’s fees and expenses (affiliated expense of $863)(a)		863
Miscellaneous		4,919

Total expenses		118,638
Less: Management fee waiver and/or expense reimbursement(a)		(125,907	)

Net expenses		(7,269	)

Net investment income (loss)		198,256


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(52,182	)
Net capital gain distributions received		581,137

		528,955

Net change in unrealized appreciation (depreciation) on investments		550,032

Net gain (loss) on investment transactions		1,078,987

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,277,243

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		38			109			128			—			—			—
Shareholder servicing fee		8			44			128			469
Registration fees		8,345			8,345			8,345			8,345			8,344			8,452
Transfer Agency fees and expenses		26			40			33			656			14			94
Management fee waiver and/or expense reimbursement		(8,444	)		(8,800	)		(9,583	)		(13,574	)		(8,700	)		(76,806	)

See Notes to Financial Statements.


Prudential Day One Funds			93

Prudential Day One 2035 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	201,784


Expenses
Management fee		1,416
Distribution fee(a)		2,304
Shareholder servicing fee(a)		2,295
Registration fees(a)		50,298
Custodian and accounting fees		31,899
Audit fee		10,183
Legal fees and expenses		8,908
Trustees’ fees		5,263
Shareholders’ reports		3,903
Transfer agent’s fees and expenses (affiliated expense of $1,672)(a)		1,672
Miscellaneous		4,906

Total expenses		123,047
Less: Management fee waiver and/or expense reimbursement(a)		(126,910	)

Net expenses		(3,863	)

Net investment income (loss)		205,647


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(29,783	)
Net capital gain distributions received		645,426

		615,643

Net change in unrealized appreciation (depreciation) on investments		704,254

Net gain (loss) on investment transactions		1,319,897

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,525,544

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		31			15			2,258			—			—			—
Shareholder servicing fee		6			6			2,258			25			—			—
Registration fees		8,367			8,367			8,366			8,366			8,366			8,466
Transfer Agency fees and expenses		35			23			1,410			71			26			107
Management fee waiver and/or expense reimbursement		(8,462	)		(8,444	)		(31,435	)		(8,677	)		(8,446	)		(61,446	)

See Notes to Financial Statements.


94

Prudential Day One 2040 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	119,888


Expenses
Management fee		808
Distribution fee(a)		119
Shareholder service fee(a)		149
Registration fees(a)		50,248
Custodian and accounting fees		32,121
Audit fee		10,183
Legal fees and expenses		8,908
Trustees’ fees		5,259
Shareholders’ reports		3,843
Transfer agent’s fees and expenses (affiliated expense of $357)(a)		360
Miscellaneous		4,908

Total expenses		116,906
Less: Management fee waiver and/or expense reimbursement(a)		(123,554	)

Net expenses		(6,648	)

Net investment income (loss)		126,536


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(8,996	)
Net capital gain distributions received		391,795

		382,799

Net change in unrealized appreciation (depreciation) on investments		442,012

Net gain (loss) on investment transactions		824,811

Net Increase (Decrease) In Net Assets Resulting From Operations	$	951,347

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		29			17			73			—			—			—
Shareholder servcing fee		6			7			73			63			—			—
Registration fees		8,367			8,366			8,366			8,366			8,366			8,417
Transfer Agency fees and expenses		31			36			37			119			33			104
Management fee waiver and/or expense reimbursement		(8,493	)		(8,516	)		(9,566	)		(9,541	)		(8,497	)		(78,941	)

See Notes to Financial Statements.


Prudential Day One Funds			95

Prudential Day One 2045 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	129,620


Expenses
Management fee		908
Distribution fee(a)		2,251
Shareholder servicing fee(a)		2,373
Registration fees(a)		50,198
Custodian and accounting fees		32,137
Audit fee		10,183
Legal fees and expenses		8,908
Trustees’ fees		5,259
Shareholders’ reports		3,906
Transfer agent’s fees and expenses (affiliated expense of $1,716)(a)		1,716
Miscellaneous		4,906

Total expenses		122,745
Less: Management fee waiver and/or expense reimbursement(a)		(122,767	)

Net expenses		(22	)

Net investment income (loss)		129,642


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(15,688	)
Net capital gain distributions received		429,060

		413,372

Net change in unrealized appreciation (depreciation) on investments		538,151

Net gain (loss) on investment transactions		951,523

Net Increase (Decrease) In Net Assets Resulting From Operations	$	1,081,165

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		29			17			2,205			—			—			—
Shareholder servicing fee		6			7			2,205			155			—			—
Transfer Agency fees and expenses		26			60			1,295			206			41			88
Registration fees		8,367			8,367			8,366			8,366			8,366			8,366
Management fee waiver and/or expense reimbursement		(8,478	)		(8,529	)		(42,465	)		(10,872	)		(8,504	)		(43,919	)

See Notes to Financial Statements.


96

Prudential Day One 2050 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	41,326


Expenses
Management fee		289
Distribution fee(a)		359
Shareholder servicing fee(a)		151
Registration fees(a)		50,198
Custodian and accounting fees		32,030
Audit fee		10,183
Legal fees and expenses		8,908
Trustees’ fees		5,259
Shareholders’ reports		3,839
Transfer agent’s fees and expenses (affiliated expense of $356)(a)		374
Miscellaneous		4,904

Total expenses		116,494
Less: Management fee waiver and/or expense reimbursement(a)		(118,492	)

Net expenses		(1,998	)

Net investment income (loss)		43,324


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(135	)
Net capital gain distributions received		138,942

		138,807

Net change in unrealized appreciation (depreciation) on investments		171,248

Net gain (loss) on investment transactions		310,055

Net Increase (Decrease) In Net Assets Resulting From Operations	$	353,379

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		292			30			37			—			—			—
Shareholder servcing fee		58			12			37			44			—			—
Registration fees		8,366			8,366			8,366			8,366			8,367			8,367
Transfer Agency fees and expenses		50			67			37			87			29			104
Management fee waiver and/or expense reimbursement		(11,085	)		(8,978	)		(10,106	)		(10,450	)		(8,660	)		(69,213	)

See Notes to Financial Statements.


Prudential Day One Funds			97

Prudential Day One 2055 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	59,096


Expenses
Management fee		397
Distribution fee(a)		1,101
Shareholder servicing fee(a)		1,090
Registration fees(a)		50,198
Custodian and accounting fees		32,057
Audit fee		10,183
Legal fees and expenses		8,908
Trustees’ fees		5,259
Shareholders’ reports		3,883
Transfer agent’s fees and expenses (affiliated expenses of $870)(a)		870
Miscellaneous		4,906

Total expenses		118,852
Less: Management fee waiver and/or expense reimbursement(a)		(118,652	)

Net expenses		200

Net investment income (loss)		58,896


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(7,334	)
Net capital gain distributions received		204,550

		197,216

Net change in unrealized appreciation (depreciation) on investments		259,117

Net gain (loss) on investment transactions		456,333

Net Increase (Decrease) In Net Assets Resulting From Operations	$	515,229

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		29			23			1,049			—			—			—
Shareholder servicing fee		6			9			1,049			26			—			—
Registration fees		8,366			8,366			8,367			8,366			8,366			8,367
Transfer Agency fees and expenses		29			28			634			52			30			97
Management fee waiver and/or expense reimbursement		(8,592	)		(8,709	)		(44,193	)		(9,279	)		(8,600	)		(39,279	)

See Notes to Financial Statements.


98

Prudential Day One 2060 Fund

Statement of Operations (unaudited)

Six Months Ended January 31, 2018


Net Investment Income (Loss)
Affiliated dividend income	$	5,508


Expenses
Management fee		30
Distribution fee(a)		72
Shareholder servicing fee(a)		45
Registration fees(a)		50,198
Custodian and accounting fees		32,001
Audit fee		10,183
Legal fees and expenses		8,908
Trustees’ fees		5,259
Shareholders’ reports		3,767
Transfer agent’s fees and expenses (affiliated expense of $265)(a)		292
Miscellaneous		4,905

Total expenses		115,660
Less: Management fee waiver and/or expense reimbursement(a)		(115,748	)

Net expenses		(88	)

Net investment income (loss)		5,596


Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(3,213	)
Net capital gain distributions received		20,098

		16,885

Net change in unrealized appreciation (depreciation) on investments		21,333

Net gain (loss) on investment transactions		38,218

Net Increase (Decrease) In Net Assets Resulting From Operations	$	43,814

(a)	Class specific expenses and waivers were as follows:


	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		29			16			27			—			—			—
Shareholder servicing fee		6			6			27			6			—			—
Registration fees		8,366			8,366			8,367			8,366			8,366			8,367
Transfer Agency fees and expenses		32			26			38			38			31			127
Management fee waiver and/or expense reimbursement		(11,151	)		(11,354	)		(20,048	)		(11,175	)		(11,167	)		(50,853	)

See Notes to Financial Statements.


Prudential Day One Funds			99

Prudential Day One Income Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	41,285		$	3,186
Net realized gain (loss) on investment transactions		(7,301	)		(1,760	)
Net capital gain distributions received		60,710			258
Net change in unrealized appreciation (depreciation) on investments		45,027			10,051

Net increase (decrease) in net assets resulting from operations		139,721			11,735


Dividends and Distributions
Dividends from net investment income
Class R1		(104	)		(29	)
Class R2		(133	)		(39	)
Class R3		(15,247	)		(46	)
Class R4		(220	)		(83	)
Class R5		(139	)		(57	)
Class R6		(28,904	)		(1,339	)

		(44,747	)		(1,593	)

Distributions from net realized gains
Class R1		(4	)		—
Class R2		(5	)		—
Class R3		(497	)		—
Class R4		(7	)		—
Class R5		(4	)		—
Class R6		(860	)		—

		(1,377	)		—


Fund share transactions
Net proceeds from shares sold		2,224,535			2,630,195
Net asset value of shares issued in reinvestment of dividends and distributions		46,123			1,593
Cost of shares reacquired		(309,164	)		(602,811	)

Net increase (decrease) in net assets from Fund share transactions		1,961,494			2,028,977

Total increase (decrease)		2,055,091			2,039,119

Net Assets:
Beginning of period		2,039,119			—

End of period(a)	$	4,094,210		$	2,039,119

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(1,866	)	$	1,596

*	Commencement of operations.

See Notes to Financial Statements.


100

Prudential Day One 2010 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	64,331		$	6,998
Net realized gain (loss) on investment transactions		20,513			(641	)
Net capital gain distributions received		78,654			281
Net change in unrealized appreciation (depreciation) on investments		66,380			55,439

Net increase (decrease) in net assets resulting from operations		229,878			62,077


Dividends and Distributions
Dividends from net investment income
Class R1		(95	)		—
Class R2		(122	)		—
Class R3		(2,100	)		—
Class R4		(623	)		—
Class R5		(160	)		—
Class R6		(72,357	)		—

		(75,457	)		—

Distributions from net realized gains
Class R1		(18	)		—
Class R2		(18	)		—
Class R3		(269	)		—
Class R4		(74	)		—
Class R5		(18	)		—
Class R6		(7,235	)		—

		(7,632	)		—


Fund share transactions
Net proceeds from shares sold		2,018,712			4,488,653
Net asset value of shares issued in reinvestment of dividends and distributions		83,090			—
Cost of shares reacquired		(1,428,902	)		(30,631	)

Net increase (decrease) in net assets from share transactions		672,900			4,458,022

Total increase (decrease)		819,689			4,520,099

Net Assets:
Beginning of period		4,520,099			—

End of period(a)	$	5,339,788		$	4,520,099

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(4,125	)	$	7,001

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Funds			101

Prudential Day One 2015 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	80,929		$	8,695
Net realized gain (loss) on investment transactions		(3,352	)		1,152
Net capital gain distributions received		123,774			352
Net change in unrealized appreciation (depreciation) on investments		108,253			62,990

Net increase (decrease) in net assets resulting from operations		309,604			73,189


Dividends and Distributions
Dividends from net investment income
Class R1		(85	)		—
Class R2		(113	)		—
Class R3		(129	)		—
Class R4		(811	)		—
Class R5		(151	)		—
Class R6		(94,760	)		—

Total dividends from net investment income		(96,049	)		—

Distributions from net realized gains
Class R1		(15	)		—
Class R2		(15	)		—
Class R3		(15	)		—
Class R4		(89	)		—
Class R5		(15	)		—
Class R6		(8,629	)		—

Total distributions from net realized gains		(8,778	)		—


Fund share transactions
Net proceeds from shares sold		4,662,562			4,846,667
Net asset value of shares issued in reinvestment of dividends and distributions		104,827			—
Cost of shares reacquired		(2,226,823	)		(728,076	)

Net increase (decrease) in net assets from share transactions		2,540,566			4,118,591

Total increase (decrease)		2,745,343			4,191,780

Net Assets:
Beginning of period		4,191,780			—

End of period(a)	$	6,937,123		$	4,191,780

(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(6,421	)	$	8,699

*	Commencement of operations.

See Notes to Financial Statements.


102

Prudential Day One 2020 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	210,726		$	23,913
Net realized gain (loss) on investment transactions		(45,884	)		(1,824	)
Net capital gain distributions received		396,521			398
Net change in unrealized appreciation (depreciation) on investments		350,381			191,431

Net increase (decrease) in net assets resulting from operations		911,744			213,918


Dividends and Distributions
Dividends from net investment income
Class R1		(86	)		—
Class R2		(314	)		—
Class R3		(9,100	)		—
Class R4		(2,476	)		—
Class R5		(152	)		—
Class R6		(246,578	)		—

		(258,706	)		—

Distributions from net realized gains
Class R1		(8	)		—
Class R2		(22	)		—
Class R3		(557	)		—
Class R4		(139	)		—
Class R5		(8	)		—
Class R6		(11,492	)		—

		(12,226	)		—


Fund share transactions
Net proceeds from shares sold		9,768,075			12,908,699
Net asset value of shares issued in reinvestment of dividends and distributions		270,679			—
Cost of shares reacquired		(4,521,255	)		(534,721	)

Net increase (decrease) in net assets from share transactions		5,517,499			12,373,978

Total increase (decrease)		6,158,311			12,587,896

Net Assets:
Beginning of period		12,587,896			—

End of period(a)	$	18,746,207		$	12,587,896

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(24,063	)	$	23,917

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Funds			103

Prudential Day One 2025 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	306,012		$	21,912
Net realized gain (loss) on investment transactions		(40,021	)		(1,441	)
Net capital gain distributions received		695,392			539
Net change in unrealized appreciation (depreciation) on investments		686,719			218,089

Net increase (decrease) in net assets resulting from operations		1,648,102			239,099


Dividends and Distributions
Dividends from net investment income
Class R1		(5,622	)		—
Class R2		(333	)		—
Class R3		(56,820	)		—
Class R4		(1,397	)		—
Class R5		(255	)		—
Class R6		(330,455	)		—

		(394,882	)		—

Distributions from net realized gains
Class R1		(171	)		—
Class R2		(8	)		—
Class R3		(1,179	)		—
Class R4		(27	)		—
Class R5		(4	)		—
Class R6		(5,354	)		—

		(6,743	)		—


Fund share transactions
Net proceeds from shares sold		11,692,290			17,955,468
Net asset value of shares issued in reinvestment of dividends and distributions		401,625			—
Cost of shares reacquired		(4,066,787	)		(157,356	)

Net increase (decrease) in net assets from Fund share transactions		8,027,128			17,798,112

Total increase (decrease)		9,273,605			18,037,211

Net Assets:
Beginning of period		18,037,211			—

End of period(a)	$	27,310,816		$	18,037,211

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(66,952	)	$	21,918

*	Commencement of operations.

See Notes to Financial Statements.


104

Prudential Day One 2030 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	198,256		$	14,926
Net realized gain (loss) on investment transactions		(52,182	)		(1,364	)
Net capital gain distributions received		581,137			633
Net change in unrealized appreciation (depreciation) on investments		550,032			224,760

Net increase (decrease) in net assets resulting from operations		1,277,243			238,955


Dividends and Distributions
Dividends from net investment income
Class R1		(148	)		—
Class R2		(1,420	)		—
Class R3		(7,053	)		—
Class R4		(14,481	)		—
Class R5		(2,115	)		—
Class R6		(239,010	)		—

		(264,227	)		—

Distributions from net realized gains
Class R1		(5	)		—
Class R2		(39	)		—
Class R3		(175	)		—
Class R4		(332	)		—
Class R5		(46	)		—
Class R6		(4,691	)		—

		(5,288	)		—


Fund share transactions
Net proceeds from shares sold		8,806,499			10,121,534
Net asset value of shares issued in reinvestment of dividends and distributions		269,515			—
Cost of shares reacquired		(3,076,913	)		(28,862	)

Net increase (decrease) in net assets from Fund share transactions		5,999,101			10,092,672

Total increase (decrease)		7,006,829			10,331,627

Net Assets:
Beginning of period		10,331,627			—

End of period(a)	$	17,338,456		$	10,331,627

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(51,038	)	$	14,933

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Funds			105

Prudential Day One 2035 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	205,647		$	8,975
Net realized gain (loss) on investment transactions		(29,783	)		200
Net capital gain distributions received		645,426			656
Net change in unrealized appreciation (depreciation) on investments		704,254			166,280

Net increase (decrease) in net assets resulting from operations		1,525,544			176,111


Dividends and Distributions
Dividends from net investment income
Class R1		(146	)		—
Class R2		(182	)		—
Class R3		(77,919	)		—
Class R4		(746	)		—
Class R5		(214	)		—
Class R6		(228,561	)		—

		(307,768	)		—

Distributions from net realized gains
Class R1		(3	)		—
Class R2		(3	)		—
Class R3		(1,161	)		—
Class R4		(10	)		—
Class R5		(3	)		—
Class R6		(2,797	)		—

		(3,977	)		—


Fund share transactions
Net proceeds from shares sold		6,890,867			11,087,629
Net asset value of shares issued in reinvestment of dividends and distributions		311,745			—
Cost of shares reacquired		(2,069,527	)		(239,117	)

Net increase (decrease) in net assets from share transactions		5,133,085			10,848,512

Total increase (decrease)		6,346,884			11,024,623

Net Assets:
Beginning of period		11,024,623			—

End of period(a)	$	17,371,507		$	11,024,623

(a) Includes undistributed/(distributions in excess) net investment income of:	$	(93,138	)	$	8,983

*	Commencement of operations.

See Notes to Financial Statements.


106

Prudential Day One 2040 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	126,536		$	7,824
Net realized gain (loss) on investment transactions		(8,996	)		4,803
Net capital gain distributions received		391,795			656
Net change in unrealized appreciation (depreciation) on investments		442,012			180,802

Net increase (decrease) in net assets resulting from operations		951,347			194,085


Dividends and Distributions
Dividends from net investment income
Class R1		(156	)		—
Class R2		(229	)		—
Class R3		(4,597	)		—
Class R4		(2,380	)		—
Class R5		(229	)		—
Class R6		(190,806	)		—

		(198,397	)		—

Distributions from net realized gains
Class R1		(11	)		—
Class R2		(14	)		—
Class R3		(258	)		—
Class R4		(126	)		—
Class R5		(11	)		—
Class R6		(8,863	)		—

		(9,283	)		—


Fund share transactions
Net proceeds from shares sold		4,741,602			6,044,148
Net asset value of shares issued in reinvestment of dividends and distributions		207,682			—
Cost of shares reacquired		(951,225	)		(385,231	)

Net increase (decrease) in net assets from Fund share transactions		3,998,059			5,658,917

Total increase (decrease)		4,741,726			5,853,002

Net Assets:
Beginning of period		5,853,002			—

End of period(a)	$	10,594,728		$	5,853,002

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(64,029	)	$	7,832

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Funds			107

Prudential Day One 2045 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	129,642		$	4,034
Net realized gain (loss) on investment transactions		(15,688	)		3,410
Net capital gain distributions received		429,060			656
Net change in unrealized appreciation (depreciation) on investments		538,151			101,602

Net increase (decrease) in net assets resulting from operations		1,081,165			109,702


Dividends and Distributions
Dividends from net investment income
Class R1		(177	)		—
Class R2		(257	)		—
Class R3		(89,711	)		—
Class R4		(7,291	)		—
Class R5		(284	)		—
Class R6		(108,540	)		—

		(206,260	)		—

Distributions from net realized gains
Class R1		(9	)		—
Class R2		(11	)		—
Class R3		(3,663	)		—
Class R4		(281	)		—
Class R5		(10	)		—
Class R6		(3,724	)		—

		(7,698	)		—


Fund share transactions
Net proceeds from shares sold		4,611,941			7,680,944
Net asset value of shares issued in reinvestment of dividends and distributions		213,958			—
Cost of shares reacquired		(2,108,276	)		(246,640	)

Net increase (decrease) in net assets from Fund share transactions		2,717,623			7,434,304

Total increase (decrease)		3,584,830			7,544,006

Net Assets:
Beginning of period		7,544,006			—

End of period(a)	$	11,128,836		$	7,544,006

(a) Includes undistributed/(distributions in excess) of net investment income of:	$	(72,576	)	$	4,042

*	Commencement of operations.

See Notes to Financial Statements.


108

Prudential Day One 2050 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	43,324		$	1,934
Net realized gain (loss) on investment transactions		(135	)		(1,093	)
Net capital gain distributions received		138,942			633
Net change in unrealized appreciation (depreciation) on investments		171,248			62,439

Net increase (decrease) in net assets resulting from operations		353,379			63,913


Dividends and Distributions
Dividends from net investment income
Class R1		(1,853	)		—
Class R2		(535	)		—
Class R3		(2,293	)		—
Class R4		(1,851	)		—
Class R5		(251	)		—
Class R6		(64,187	)		—

		(70,970	)		—

Distributions from net realized gains
Class R1		(147	)		—
Class R2		(36	)		—
Class R3		(145	)		—
Class R4		(111	)		—
Class R5		(14	)		—
Class R6		(3,419	)		—

		(3,872	)		—


Fund share transactions
Net proceeds from shares sold		2,329,215			2,232,116
Net asset value of shares issued in reinvestment of dividends and distributions		74,841			—
Cost of shares reacquired		(1,473,652	)		(71,125	)

Net increase (decrease) in net assets from share transactions		930,404			2,160,991

Total increase (decrease)		1,208,941			2,224,904

Net Assets:
Beginning of period		2,224,904			—

End of period(a)	$	3,433,845		$	2,224,904

(a) Includes undistributed (distributions in excess of) net investment income of:	$	(25,704	)	$	1,942

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Funds			109

Prudential Day One 2055 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	58,896		$	1,189
Net realized gain (loss) on investment transactions		(7,334	)		(1,137	)
Net capital gain distributions received		204,550			656
Net change in unrealized appreciation (depreciation) on investments		259,117			38,259

Net increase (decrease) in net assets resulting from operations		515,229			38,967


Dividends from net investment income
Class R1		(193	)		—
Class R2		(361	)		—
Class R3		(44,776	)		—
Class R4		(1,142	)		—
Class R5		(278	)		—
Class R6		(51,383	)		—

		(98,133	)		—


Fund share transactions
Net proceeds from shares sold		2,041,522			2,797,316
Net asset value of shares issued in reinvestment of dividends		98,133			—
Cost of shares reacquired		(270,790	)		(6,400	)

Net increase (decrease) in net assets from Fund share transactions		1,868,865			2,790,916

Total increase (decrease)		2,285,961			2,829,883

Net Assets:
Beginning of period		2,829,883			—

End of period(a)	$	5,115,844		$	2,829,883

(a) Includes undistributed/(distributions in excess of) net investment income of:	$	(38,040	)	$	1,197

*	Commencement of operations.

See Notes to Financial Statements.


110

Prudential Day One 2060 Fund

Statements of Changes in Net Assets (unaudited)


	Six Months Ended January 31, 2018			December 13, 2016* through July 31, 2017
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	5,596		$	282
Net realized gain (loss) on investment transactions		(3,213	)		(791	)
Net capital gain distributions received		20,098			680
Net change in unrealized appreciation (depreciation) on investments		21,333			7,365

Net increase (decrease) in net assets resulting from operations		43,814			7,536


Dividends from net investment income
Class R1		(195	)		—
Class R2		(253	)		—
Class R3		(1,462	)		—
Class R4		(252	)		—
Class R5		(264	)		—
Class R6		(7,478	)		—

		(9,904	)		—


Fund share transactions
Net proceeds from shares sold		504,247			107,447
Net asset value of shares issued in reinvestment of dividends and distributions		9,905			—
Cost of shares reacquired		(248,876	)		(8,058	)

Net increase (decrease) in net assets from share transactions		265,276			99,389

Total increase (decrease)		299,186			106,925

Net Assets:
Beginning of period		106,925			—

End of period(a)	$	406,111		$	106,925

(a) Includes undistributed of net investment income of:	$	(4,001	)	$	307

*	Commencement of operations.

See Notes to Financial Statements.


Prudential Day One Funds			111

Notes to Financial Statements (unaudited)

The investment objective of the Day One Funds is to seek a balance between growth and conservation of capital. Each Day One Fund seeks to achieve its objective by investing in a combination of mutual funds in the Prudential mutual fund family (each, an underlying fund). Each Fund in the Day One Funds is typically referred to as a “Fund of Funds” because it invests in other mutual funds. The Day One Funds may also invest directly in U.S. Government securities and money market instruments for cash management purposes or when assuming a defensive position.

1. Accounting Policies

The Day One Funds follow investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification Topic 946 Financial Services —Investment Companies. The following accounting policies conform to U.S. generally accepted accounting principles. The Day One Funds consistently follow such policies in the preparation of their financial statements.

Securities Valuation: The Day One Funds hold securities and other assets and liabilities that are fair valued at the close of each day (generally, 4:00 PM Eastern time) the New York Stock Exchange (“NYSE”) is open for trading. 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. The 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”). Under the current valuation procedures, the Valuation Committee is responsible for supervising the valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Day One Funds to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not


112

readily available or not deemed representative of fair value. A record of the Valuation Committee’s actions is subject to the Board’s review, approval, and ratification at its next regularly scheduled quarterly meeting.

Various inputs determine how each Day One 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.


Prudential Day One Funds			113

Notes to Financial Statements (unaudited) (continued)

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

Dividends and Distributions: The Prudential Day One Income Fund expects to pay dividends from net investment income quarterly. All other Day One Funds expect to pay dividends from net investment income annually. Each Day One Fund declares and pays its net realized capital gains, if any, annually. Dividends and distributions to shareholders, which are determined in accordance with federal income tax regulations and which may differ from generally accepted accounting principles, are recorded on the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst undistributed net investment income, accumulated net realized gain (loss) and paid-in capital in excess of par, as appropriate.

2. Agreements

PGIM Investments has entered into a subadvisory agreement with Quantitative Management Associates LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Day One Funds. In connection therewith, QMA is obligated to keep certain books and records of the


114

Day One Funds. PGIM Investments pays for the services of QMA, the cost of compensation of officers of the Day One Funds, occupancy and certain clerical and bookkeeping costs of the Day One Funds. The Day One Funds bears all other costs and expenses.

The management fee paid to PGIM Investments is accrued daily and payable monthly at an annual rate of 0.02% of each Day One Fund’s average daily net assets. For all Day One Funds the management fee amount waived exceeded the management fee for the six months ended January 31, 2018.

PGIM Investments has contractually agreed, through November 30, 2018, to limit Total Annual Fund Operating Expenses after fee waivers and/or expense reimbursements to 1.15% of average daily net assets for Class R1 shares, 0.90% of average daily net assets for Class R2 shares, 0.75% of average daily net assets for Class R3 shares, 0.65% of average daily net assets for Class R4 shares, 0.55% of average daily net assets for Class R5 shares, and 0.40% of average daily net assets for Class R6 shares. This contractual waiver includes acquired fund fees and expenses, and excludes Fund and any acquired fund interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax 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 PGIM Investments may be recouped by PGIM Investments 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 Trust, on behalf of the Day One Funds, has a distribution agreement pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares of the Day One Funds. The Day One Funds compensate PIMS for distributing and servicing the Day One Funds’ Class R1, Class R2 and Class R3 shares, pursuant to plans of distribution (the “Distribution Plans”), regardless of expenses actually incurred by PIMS. The distribution fees are accrued daily and payable monthly. No distribution or service fees are paid to PIMS as distributor of the Class R4, Class R5 and Class R6 shares of the Day One Funds.

Pursuant to the Distribution Plans, the Day One Funds compensate PIMS for distribution related activities at an annual rate of up to 0.50%, 0.25% and 0.10% of the average daily net assets of the Class R1, Class R2 and Class R3 shares, respectively.

The Day One Funds have adopted a Shareholder Services Plan with respect to Class R1, Class R2, Class R3 and Class R4 shares. Under the terms of the Shareholder Services Plan, each Fund’s Class R1, Class R2, Class R3 and Class R4 shares are authorized to pay to Prudential Mutual Fund Services LLC (“PMFS”), its affiliates or third-party service providers, as compensation for services rendered to the shareholders of such Class R1, Class R2, Class R3 or Class R4 shares, a shareholder service fee at an annual rate of 0.10% of the average daily net assets attributable to Class R1, Class R2, Class R3 and Class R4 shares. The shareholder service fee is accrued daily and paid monthly.


Prudential Day One Funds			115

Notes to Financial Statements (unaudited) (continued)

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

3. Other Transactions with Affiliates

PMFS serves as the Trust’s transfer agent. The transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.

The Day One Funds 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 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, and/or common officers. Such transactions are subject to ratification by the Board. For the reporting period ended January 31, 2018 no such transactions were entered into by the Day One Funds.

The Day One Funds may invest their overnight sweep cash in the Prudential Core Ultra Short Bond Fund (the “Core Fund”), a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Earnings from the Core Fund and other affiliated mutual funds are disclosed on the Statement of Operations as “Affiliated dividend income”.

4. Investments in Affiliated Issuers


	Cost of Purchases		Proceeds from Sales
Prudential Day One Income Fund	$	2,214,465	$	403,426
Prudential Day One 2010 Fund		2,212,167		1,553,091
Prudential Day One 2015 Fund		4,736,372		2,344,309
Prudential Day One 2020 Fund		9,791,955		4,433,705
Prudential Day One 2025 Fund		13,045,922		5,073,086
Prudential Day One 2030 Fund		9,407,037		3,253,147
Prudential Day One 2035 Fund		7,813,324		2,272,634
Prudential Day One 2040 Fund		5,510,681		1,253,081
Prudential Day One 2045 Fund		5,289,606		2,230,092
Prudential Day One 2050 Fund		2,541,692		1,504,825
Prudential Day One 2055 Fund		2,516,714		484,357
Prudential Day One 2060 Fund		533,441		252,610


116

A summary of cost of purchases and proceeds from sales of shares of affiliated mutual funds, other than short-term investments, for the six months ended January 31, 2018, is presented as follows:

Prudential Day One Income Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	101,774	$	114,151	$	—	$	23,084	$	10,455		$	(40	)	$	203,256		18,872	$	2,596	$	—
Prudential Core Conservative Bond Fund (Class Q)		285,435		338,660		—		41,230		(9,569	)		(434	)		572,862		58,159		5,019		—
Prudential Global Real Estate Fund (Class Q)		101,918		163,921		—		16,704		(918	)		(124	)		248,093		10,260		4,081		3,059
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		20,340		23,389		—		6,509		3,502			21			40,743		3,278		5		610
Prudential QMA International Developed Markets Index Fund (Class Q)		102,045		116,289		—		29,209		14,728			197			204,050		15,494		3,242		1,121
Prudential QMA Large-Cap Core Equity Fund (Class Q)		244,363		322,785		—		120,697		8,855			(6,305	)		449,001		25,056		5,480		54,349
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		20,357		23,763		—		6,108		2,653			9			40,674		3,370		217		783
Prudential QMA US Broad Market Index Fund (Class Q)		122,143		137,275		—		39,936		25,075			488			245,045		19,040		2,404		788
Prudential TIPS Fund (Class Q)		529,468		616,317		—		75,548		(5,192	)		(816	)		1,064,229		108,374		8,633		—
Prudential Total Return Bond Fund (Class Q)		305,886		357,915		—		44,401		(4,562	)		(297	)		614,541		42,588		7,204		—

	$	1,833,729	$	2,214,465	$	—	$	403,426	$	45,027		$	(7,301	)	$	3,682,494			$	38,881	$	60,710


Prudential Day One Funds			117

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2010 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	225,521	$	108,606	$	—	$	84,576	$	14,219		$	1,319		$	265,089		24,614	$	3,316	$	—
Prudential Core Conservative Bond Fund (Class Q)		632,932		384,483		—		203,064		(13,211	)		(575	)		800,565		81,276		7,996		—
Prudential Global Real Estate Fund (Class Q}		225,843		174,865		—		76,451		(797	)		88			323,548		13,381		5,514		3,959
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		45,070		22,324		—		19,314		4,664			393			53,137		4,275		7		778
Prudential QMA International Developed Markets Index Fund (Class Q)		226,129		109,553		—		92,711		20,816			2,339			266,126		20,207		4,089		1,414
Prudential QMA Large-Cap Core Equity Fund (Class Q)		541,487		317,259		—		239,828		12,897			7,011			638,826		35,649		6,990		69,332
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		90,218		37,897		—		81,736		3,385			3,284			53,048		4,395		552		1,997
Prudential QMA US Broad Market Index Fund (Class Q)		315,767		140,010		—		177,893		34,486			7,221			319,591		24,832		3,581		1,174
Prudential TIPS Fund (Class Q)		1,128,731		571,343		—		360,044		(4,971	)		(466	)		1,334,593		135,906		13,243		—
Prudential Total Return Bond Fund (Class Q)		678,427		345,827		—		217,474		(5,108	)		(101	)		801,571		55,549		11,547		—

	$	4,110,125	$	2,212,167	$	—	$	1,553,091	$	66,380		$	20,513		$	4,856,094			$	56,835	$	78,654


118

Prudential Day One 2015 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	209,145	$	242,101	$	—	$	126,114	$	18,872		$	434		$	344,438		31,981	$	4,464	$	—
Prudential Core Conservative Bond Fund (Class Q)		503,161		681,830		—		268,927		(14,465	)		(59	)		901,540		91,527		8,243		—
Prudential Global Real Estate Fund (Class Q)		209,440		329,215		—		116,491		(1,235	)		(551	)		420,378		17,385		7,131		5,318
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		41,798		49,274		—		27,549		5,729			(207	)		69,045		5,555		10		1,060
Prudential QMA International Developed Markets Index Fund (Class Q)		293,581		332,977		—		244,287		32,994			(304	)		414,961		31,508		7,888		2,728
Prudential QMA Large-Cap Core Equity Fund (Class Q)		585,861		770,795		—		399,453		15,553			(4,308	)		968,448		54,043		11,103		110,122
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		83,668		98,803		—		52,944		8,700			(377	)		137,850		11,421		752		2,721
Prudential QMA US Broad Market Index Fund (Class Q)		334,673		375,263		—		280,989		54,229			1,327			484,503		37,646		5,569		1,825
Prudential TIPS Fund (Class Q)		1,004,967		1,201,832		—		536,200		(6,228	)		410			1,664,781		169,530		15,175		—
Prudential Total Return Bond Fund (Class Q)		545,337		654,282		—		291,355		(5,896	)		283			902,651		62,554		11,907		—

	$	3,811,631	$	4,736,372	$	—	$	2,344,309	$	108,253		$	(3,352	)	$	6,308,595			$	72,242	$	123,774


Prudential Day One Funds			119

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2020 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	628,081	$	480,748	$	—	$	226,979	$	50,391		$	(1,339	)	$	930,902		86,435	$	11,574	$	—
Prudential Core Conservative Bond Fund (Class Q)		1,385,113		1,331,080		—		431,276		(35,452	)		(394	)		2,249,071		228,332		19,205		—
Prudential Global Real Estate Fund (Class Q)		628,977		719,318		—		206,489		(4,178	)		(1,535	)		1,136,093		46,985		18,866		14,343
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		125,521		97,733		—		51,695		15,009			35			186,603		15,012		25		2,834
Prudential QMA International Developed Markets Index Fund (Class Q)		1,007,635		749,801		—		549,607		101,871			(1,298	)		1,308,402		99,347		24,174		8,360
Prudential QMA Large-Cap Core Equity Fund (Class Q)		2,136,415		1,919,413		—		1,079,578		53,784			(38,768	)		2,991,266		166,923		36,114		358,189
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		251,261		196,441		—		97,595		22,617			(162	)		372,562		30,867		2,017		7,293
Prudential QMA US Broad Market Index Fund (Class Q)		1,130,686		845,603		—		466,208		171,791			1,683			1,683,555		130,812		16,785		5,502
Prudential TIPS Fund (Class Q)		2,766,461		2,228,171		—		855,150		(11,090	)		(4,072	)		4,124,320		419,992		34,282		—
Prudential Total Return Bond Fund (Class Q)		1,511,709		1,223,647		—		469,128		(14,362	)		(34	)		2,251,832		156,052		27,806		—

	$	11,571,859	$	9,791,955	$	—	$	4,433,705	$	350,381		$	(45,884	)	$	17,234,606			$	190,848	$	396,521


120

Prudential Day One 2025 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	900,175	$	591,290		$—	$	209,446	$	76,370		$	(1,991	)	$	1,356,398		125,942	$	17,098	$	—
Prudential Core Conservative Bond Fund (Class Q)		1,443,307		1,337,638		—		282,193		(39,339	)		(1,476	)		2,457,937		249,537		21,192		—
Prudential Global Real Estate Fund (Class Q)		901,454		949,903		—		190,005		(4,336	)		(1,630	)		1,655,386		68,461		28,021		20,333
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		179,899		119,874		—		51,674		23,810			(14	)		271,895		21,874		36		4,054
Prudential QMA International Developed Markets Index Fund (Class Q)		1,624,657		1,053,562		—		418,319		188,646			2,606			2,451,152		186,116		38,765		13,406
Prudential QMA Large-Cap Core Equity Fund (Class Q)		3,782,386		2,990,091		—		1,400,975		121,779			(45,119	)		5,448,162		304,027		63,673		631,531
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		540,165		347,940		—		392,857		43,120			4,491			542859		44,976		4,314		15,601
Prudential QMA US Broad Market Index Fund (Class Q)		2,160,681		1,346,701		—		1,109,010		318,354			8,924			2,725,650		211,783		31,936		10,467
Prudential TIPS Fund (Class Q)		3,243,276		2,599,650		—		628,997		(18,941	)		(4,969	)		5,190,019		528,515		43,766		—
Prudential Total Return Bond Fund (Class Q)		1,985,239		1,709,273		—		389,610		(22,744	)		(843	)		3,281,315		227,395		38,554		—

	$	16,761,239	$	13,045,922	$	—	$	5,073,086	$	686,719		$	(40,021	)	$	25,380,773			$	287,355	$	695,392


Prudential Day One Funds			121

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2030 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	412,465	$	351,239	$	—	$	111,274	$	38,544		$	(1,847	)	$	689,127		63,986	$	8,629	$	—
Prudential Core Conservative Bond Fund (Class Q)		620,181		597,323		—		159,802		(16,457	)		(728	)		1,040,517		105,636		9,299		—
Prudential Global Real Estate Fund (Class Q)		516,314		679,148		—		139,600		(3,051	)		(1,318	)		1,051,493		43,486		17,296		12,990
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		103,038		89,170		—		33,308		13,802			(30	)		172,672		13,892		23		2,558
Prudential QMA Emerging Markets Equity Fund (Class Q)		103,305		97,123		—		39,933		14,011			(161	)		174,345		12,570		1,928		7,830
Prudential QMA International Developed Markets Index Fund (Class Q)		1,344,106		1,131,789		—		554,614		156,160			(1,922	)		2,075,519		157,594		35,141		12,153
Prudential QMA Large-Cap Core Equity Fund (Class Q)		2,888,518		2,874,036		—		1,125,782		77,366			(43,299	)		4,670,839		260,649		53,250		528,154
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		309,384		274,357		—		97,823		31,531			(305	)		517,144		42,845		2,708		9,792
Prudential QMA US Broad Market Index Fund (Class Q)		1,443,804		1,354,918		—		456,507		254,049			102			2,596,366		201,738		23,371		7,660
Prudential TIPS Fund (Class Q)		1,135,455		1,073,578		—		292,800		(5,798	)		(2,171	)		1,908,264		194,324		16,045		—
Prudential Total Return Bond Fund (Class Q)		930,684		884,356		—		241,704		(10,125	)		(503	)		1,562,708		108,296		18,708		—

	$	9,807,254	$	9,407,037	$	—	$	3,253,147	$	550,032		$	(52,182	)	$	16,458,994			$	186,398	$	581,137


122

Prudential Day One 2035 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	440,203	$	286,801	$	—	$	72,253	$	36,963		$	(1,199	)	$	690,515		64,115	$	9,014	$	—
Prudential Core Conservative Bond Fund (Class Q)		551,343		423,688		—		91,551		(14,128	)		(455	)		868,897		88,213		8,102		—
Prudential Global Real Estate Fund (Class Q)		551,032		415,404		—		83,835		(3,621	)		(860	)		878,120		36,316		18,006		13,382
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		219,935		141,621		—		44,389		29,364			(484	)		346,047		27,840		48		5,353
Prudential QMA Emerging Markets Equity Fund (Class Q)		441,000		318,227		—		118,687		57,133			1,098			698,771		50,380		7,935		32,230
Prudential QMA International Developed Markets Index Fund (Class Q)		1,434,477		1,079,913		—		265,481		177,233			211			2,426,353		184,233		36,854		12,745
Prudential QMA Large-Cap Core Equity Fund (Class Q)		3,082,758		2,418,989		—		689,826		67,468			(25,697	)		4,853,692		270,853		56,213		557,540
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		440,251		289,773		—		83,010		44,669			(771	)		690,912		57,242		3,810		13,778
Prudential QMA US Broad Market Index Fund (Class Q)		1,981,149		1,194,731		—		549,562		322,427			(218	)		2,948,527		229,101		31,725		10,398
Prudential TIPS Fund (Class Q)		770,912		577,974		—		126,833		(4,080	)		(1,143	)		1,216,830		123,913		10,759		—
Prudential Total Return Bond Fund (Class Q)		882,423		666,203		—		147,207		(9,174	)		(265	)		1,391,980		96,464		17,359		—

	$	10,795,483	$	7,813,324	$	—	$	2,272,634	$	704,254		$	(29,783	)	$	17,010,644			$	199,825	$	645,426


Prudential Day One Funds			123

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2040 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	233,687	$	198,718	$	—	$	33,028	$	22,064		$	(227	)	$	421,214		39,110	$	5,344	$	—
Prudential Core Conservative Bond Fund (Class Q)		234,270		230,929		—		34,200		(6,739	)		(251	)		424,009		43,047		3,675		—
Prudential Global Real Estate Fund (Class Q)		292,522		283,061		—		36,992		(2,567	)		(416	)		535,608		22,151		10,704		7,969
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		175,133		141,890		—		127,206		19,279			1,991			211,087		16,982		43		4,762
Prudential QMA Emerging Markets Equity Fund (Class Q)		292,641		263,344		—		163,762		37,123			(3,121	)		426,225		30,730		5,909		24,002
Prudential QMA International Developed Markets Index Fund (Class Q)		878,666		725,506		—		132,863		113,655			799			1,585,763		120,407		25,321		8,757
Prudential QMA Large-Cap Core Equity Fund (Class Q)		1,636,524		1,806,316		—		299,921		37,107			(7,859	)		3,172,167		177,018		33,235		329,633
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		292,142		250,584		—		47,233		31,394			(68	)		526,819		43,647		2,816		10,182
Prudential QMA US Broad Market Index Fund (Class Q)		1,110,150		876,205		—		280,965		198,184			782			1,904,356		147,969		19,801		6,490
Prudential TIPS Fund (Class Q)		233,945		225,667		—		33,715		(1,394	)		(365	)		424,138		43,191		3,487		—
Prudential Total Return Bond Fund (Class Q)		410,167		508,461		—		63,196		(6,094	)		(261	)		849,077		58,841		8,960		—

	$	5,789,847	$	5,510,681	$	—	$	1,253,081	$	442,012		$	(8,996	)	$	10,480,463			$	119,295	$	391,795


124

Prudential Day One 2045 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	301,222	$	192,947	$	—	$	183,544	$	19,826		$	1,387		$	331,838		30,811	$	5,637	$	—
Prudential Core Conservative Bond Fund (Class Q)		226,331		172,396		—		59,140		(5,448	)		(79	)		334,060		33,915		3,112		—
Prudential Global Real Estate Fund (Class Q)		377,059		285,168		—		96,977		(2,139	)		(479	)		562,632		23,268		11,337		8,360
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		225,746		146,181		—		66,871		29,244			(1,686	)		332,614		26,759		45		5,022
Prudential QMA Emerging Markets Equity Fund (Class Q)		377,207		264,117		—		128,810		46,158			1,055			559,727		40,355		6,195		25,163
Prudential QMA International Developed Markets Index Fund (Class Q)		1,359,111		858,737		—		367,896		149,981			(961	)		1,998,972		151,782		31,867		11,021
Prudential QMA Large-Cap Core Equity Fund (Class Q)		2,184,808		1,743,914		—		636,093		49,725			(10,065	)		3,332,289		185,954		36,309		360,124
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		451,883		302,251		—		131,795		44,447			(2,666	)		664,120		55,022		3,564		12,887
Prudential QMA US Broad Market Index Fund (Class Q)		1,355,661		815,690		—		380,959		212,154			(2,060	)		2,000,486		155,438		19,780		6,483
Prudential TIPS Fund (Class Q)		150,703		112,167		—		39,219		(730	)		(150	)		222,771		22,685		1,970		—
Prudential Total Return Bond Fund (Class Q)		528,244		396,038		—		138,788		(5,067	)		16			780,443		54,085		9,747		—

	$	7,537,975	$	5,289,606	$	—	$	2,230,092	$	538,151		$	(15,688	)	$	11,119,952			$	129,563	$	429,060


Prudential Day One Funds			125

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2050 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	88,834	$	95,557	$	—	$	88,300	$	6,092		$	206		$	102,389		9,507	$	1,806	$	—
Prudential Core Conservative Bond Fund (Class Q)		44,522		53,174		—		27,781		(1,133	)		(66	)		68,716		6,976		655		—
Prudential Global Real Estate Fund (Class Q)		111,200		132,216		—		68,853		(840	)		(124	)		173,599		7,179		3,645		2,673
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		66,576		104,732		—		44,371		9,772			129			136,838		11,009		14		1,597
Prudential QMA Emerging Markets Eqity Fund (Class Q)		133,494		150,303		—		93,356		16,871			(68	)		207,244		14,942		2,377		9,653
Prudential QMA International Developed Markets Index Fund (Class Q)		400,822		422,621		—		252,904		46,111			133			616,783		46,832		10,189		3,524
Prudential QMA Large-Cap Core Equity Fund (Class Q)		644,330		767,698		—		429,124		12,584			(1,582	)		993,906		55,464		11,548		114,536
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		155,478		166,461		—		131,689		14,279			386			204,915		16,977		1,322		4,781
Prudential QMA US Broad Market Index Fund (Class Q)		422,015		429,550		—		270,360		69,381			956			651,542		50,625		6,645		2,178
Prudential TIPS Fund (Class Q)		22,231		26,140		—		13,855		(106	)		(42	)		34,368		3,500		318		—
Prudential Total Return Bond Fund (Class Q)		133,623		193,240		—		84,232		(1,763	)		(63	)		240,805		16,688		2,744		—

	$	2,223,125	$	2,541,692	$	—	$	1,504,825	$	171,248		$	(135	)	$	3,431,105			$	41,263	$	138,942


126

Prudential Day One 2055 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	113,000	$	86,060	$	—	$	56,025	$	8,737		$	785		$	152,557		14,165	$	2,558	$	—
Prudential Global Real Estate Fund (Class Q)		141,450		129,700		—		11,226		(1,177	)		(93	)		258,654		10,697		5,179		3,804
Prudential Jennison Small-Cap Core Equity Fund (Class Q)		84,687		116,033		—		10,639		13,878			(79	)		203,880		16,402		20		2,280
Prudential QMA Emerging Markets Equity Fund (Class Q)		169,806		192,341		—		29,403		27,515			(14	)		360,245		25,973		3,383		13,741
Prudential QMA International Developed Markets Index Fund (Class Q)		538,181		461,564		—		49,458		71,027			(229	)		1,021,085		77,531		15,350		5,309
Prudential QMA Large-Cap Core Equity Fund (Class Q)		847,872		771,828		—		147,479		17,167			(8,519	)		1,480,869		82,638		17,055		169,155
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		197,773		158,903		—		21,912		21,535			(102	)		356,197		29,511		1,888		6,826
Prudential QMA US Broad Market Index Fund (Class Q)		593,324		420,564		—		146,756		102,698			935			970,765		75,429		10,480		3,435
Prudential Total Return Bond Fund (Class Q)		141,530		179,721		—		11,459		(2,263	)		(18	)		307,511		21,311		3,159		—

	$	2,827,623	$	2,516,714	$	—	$	484,357	$	259,117		$	(7,334	)	$	5,111,763			$	59,072	$	204,550

Prudential Day One 2060 Fund


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Commodity Strategies Fund (Class Q)	$	4,270	$	19,287	$	—	$	12,257	$	776		$	36		$	12,112		1,125	$	244	$	—
Prudential Global Real Estate Fund (Class Q)		5,344		26,870		—		11,459		(4	)		(221	)		20,530		849		463		364


Prudential Day One Funds			127

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2060 Fund (cont’d):


Affiliated Mutual Funds	Value, Beginning of Period		Cost of Purchases		Exchange		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
Prudential Jennison Small-Cap Core Equity Fund (Class Q)	$	4,266	$	20,192	$	—	$	9,568	$	1,254		$	41		$	16,185		1,302	$	3	$	290
Prudential QMA Emerging Markets Equity Fund (Class Q)		6,416		41,477		—		17,628		2,427			(9	)		32,683		2,356		324		1,318
Prudential QMA International Developed Markets Index Fund (Class Q)		20,335		105,733		—		47,132		5,575			603			85,114		6,463		1,464		507
Prudential QMA Large-Cap Core Equity Fund (Class Q)		33,104		167,181		—		76,535		2,057			(4,193	)		121,614		6,787		1,678		16,642
Prudential QMA Mid-Cap Core Equity Fund (Class Q)		7,473		35,648		—		16,473		1,628			1			28,277		2,343		180		650
Prudential QMA US Broad Market Index Fund (Class Q)		22,418		101,102		—		54,701		7,700			546			77,065		5,988		998		327
Prudential Total Return Bond Fund (Class Q)		3,212		15,951		—		6,857		(80	)		(17	)		12,209		846		140		—

	$	106,838	$	533,441	$	—	$	252,610	$	21,333		$	(3,213	)	$	405,789			$	5,494	$	20,098

5. Tax Information

The United States federal income tax basis of the Day One Funds’ investments and the net unrealized appreciation as of January 31, 2018 were as follows:


	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Prudential Day One Income Fund	$	4,047,605	$	71,106	$	(17,681	)	$	53,425
Prudential Day One 2010 Fund		5,223,058		130,995		(9,628	)		121,367
Prudential Day One 2015 Fund		6,762,951		180,172		(11,665	)		168,507
Prudential Day One 2020 Fund		18,188,665		565,995		(27,279	)		538,716
Prudential Day One 2025 Fund		26,386,436		954,622		(51,002	)		903,620
Prudential Day One 2030 Fund		16,575,872		788,522		(14,512	)		774,010


128


	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation
Prudential Day One 2035 Fund	$	16,508,767	$	887,442	$	(17,908	)	$	869,534
Prudential Day One 2040 Fund		9,976,029		629,484		(7,727	)		621,757
Prudential Day One 2045 Fund		10,492,900		646,206		(7,302	)		638,904
Prudential Day One 2050 Fund		3,203,939		234,483		(1,314	)		233,169
Prudential Day One 2055 Fund		4,821,550		298,790		(1,576	)		297,214
Prudential Day One 2060 Fund		381,176		28,673		(10	)		28,663

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

For federal income tax purposes, the following Funds had a capital loss carryforward as of July 31, 2017 which can be carried forward for an unlimited period. No capital gains distributions are expected to be paid to shareholders until net gains have been realized in excess of such losses.


	Capital Loss Carryforward
Prudential Day One 2055 Fund	$	319
Prudential Day One 2060 Fund		76

Management has analyzed the Day One Funds’ tax positions and has concluded that no provision for income tax is required in the Day One Funds’ financial statements for the current reporting period. The Day One Funds’ federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service.

6. Capital and Ownership

The Trust is authorized to issue an unlimited number of shares of beneficial interest, $0.001 par value per share. The Day One Funds offer Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares.

Under certain circumstances, an exchange may be made from specified share classes of the Day One Funds to one or more other share classes of the Day One Funds as presented in the table of transactions in shares of beneficial interest.

At reporting period end, Prudential owned the following number of shares of the Day One Funds:


	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Prudential Day One Income Fund		1,013		1,015		1,017		1,018		1,019		1,021
Prudential Day One 2010 Fund		1,011		1,013		1,015		1,016		1,017		1,018
Prudential Day One 2015 Fund		1,009		1,012		1,013		1,014		1,015		1,017
Prudential Day One 2020 Fund		1,009		1,011		1,013		1,014		1,015		1,016
Prudential Day One 2025 Fund		1,009		1,012		1,013		1,014		1,015		1,017
Prudential Day One 2030 Fund		1,010		1,013		1,014		1,015		1,016		1,018
Prudential Day One 2035 Fund		1,013		1,016		1,017		1,018		1,019		1,020
Prudential Day One 2040 Fund		1,015		1,017		1,018		1,019		1,020		1,022
Prudential Day One 2045 Fund		1,016		1,018		1,020		1,021		1,022		1,023
Prudential Day One 2050 Fund		1,017		1,019		1,021		1,022		1,023		1,024
Prudential Day One 2055 Fund		1,016		1,019		1,020		1,021		1,022		1,024
Prudential Day One 2060 Fund		1,017		1,019		1,020		1,022		1,023		1,024


Prudential Day One Funds			129

Notes to Financial Statements (unaudited) (continued)

In addition, the following number of shareholders held the following percentages of outstanding shares of the Day One Funds on behalf of multiple beneficial owners:


	Number of Shareholders		% of Outstanding Shares		% held by an Affiliate of Prudential
Prudential Day One Income Fund		4		88		88
Prudential Day One 2010 Fund		3		91		91
Prudential Day One 2015 Fund		5		98		82
Prudential Day One 2020 Fund		5		95		80
Prudential Day One 2025 Fund		6		90		74
Prudential Day One 2030 Fund		6		90		71
Prudential Day One 2035 Fund		7		90		67
Prudential Day One 2040 Fund		6		90		56
Prudential Day One 2045 Fund		6		86		71
Prudential Day One 2050 Fund		4		75		53
Prudential Day One 2055 Fund		6		92		69
Prudential Day One 2060 Fund		6		86		68

Transactions in shares of beneficial interest were as follows:

Prudential Day One Income Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		10		$	108

Net increase (decrease) in shares outstanding		10		$	108

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		3			29

Net increase (decrease) in shares outstanding		1,003		$	10,029

Class R2
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		13		$	138
Shares reacquired		(3	)		(30	)

Net increase (decrease) in shares outstanding		10		$	108

Period ended July 31, 2017*:
Shares sold		1,129		$	11,309
Shares issued in reinvestment of dividends and distributions		4			39

Net increase (decrease) in shares outstanding		1,133		$	11,348


130

Prudential Day One Income Fund (cont’d.):


Class R3	Shares			Amount
Six months ended January 31, 2018:
Shares sold		17,768		$	186,864
Shares issued in reinvestment of dividends and distributions		1,494			15,744
Shares reacquired		(14,268	)		(150,299	)

Net increase (decrease) in shares outstanding		4,994		$	52,309

Period ended July 31, 2017*:
Shares sold		121,154		$	1,255,995
Shares issued in reinvestment of dividends and distributions		4			46

Net increase (decrease) in shares outstanding		121,158		$	1,256,041

Class R4
Six months ended January 31, 2018:
Shares sold		47		$	498
Shares issued in reinvestment of dividends and distributions		22			226
Shares reacquired		(5	)		(48	)

Net increase (decrease) in shares outstanding		64		$	676

Period ended July 31, 2017*:
Shares sold		1,628		$	16,332
Shares issued in reinvestment of dividends and distributions		8			83

Net increase (decrease) in shares outstanding		1,636		$	16,415

Class R5
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		13		$	143

Net increase (decrease) in shares outstanding		13		$	143

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000
Shares issued in reinvestment of dividends and distributions		6			57

Net increase (decrease) in shares outstanding		1,006		$	10,057

Class R6
Six months ended January 31, 2018:
Shares sold		193,028		$	2,037,173
Shares issued in reinvestment of dividends and distributions		2,822			29,764
Shares reacquired		(15,032	)		(158,787	)

Net increase (decrease) in shares outstanding		180,818		$	1,908,150

Period ended July 31, 2017*:
Shares sold		129,177		$	1,326,559
Shares issued in reinvestment of dividends and distributions		130			1,339
Shares reacquired		(58,627	)		(602,811	)

Net increase (decrease) in shares outstanding		70,680		$	725,087

*	Commencement of operations was December 13, 2016.


Prudential Day One Funds			131

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2010 Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		11		$	113

Net increase (decrease) in shares outstanding		11		$	113

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R2
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		13		$	140

Net increase (decrease) in shares outstanding		13		$	140

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R3
Six months ended January 31, 2018:
Shares sold		14,267		$	153,602
Shares issued in reinvestment of dividends and distributions		223			2,370
Shares reacquired		(3,478	)		(37,389	)

Net increase (decrease) in shares outstanding		11,012		$	118,583

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R4
Six months ended January 31, 2018:
Shares sold		632		$	6,764
Shares issued in reinvestment of dividends and distributions		65			697
Shares reacquired		(3	)		(29	)

Net increase (decrease) in shares outstanding		694		$	7,432

Period ended July 31, 2017*:
Shares sold		4,075		$	41,393

Net increase (decrease) in shares outstanding		4,075		$	41,393

Class R5
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		17		$	178

Net increase (decrease) in shares outstanding		17		$	178

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000


132

Prudential Day One 2010 Fund (cont’d.):


Class R6	Shares			Amount
Six months ended January 31, 2018:
Shares sold		175,260		$	1,858,346
Shares issued in reinvestment of dividends and distributions		7,480			79,592
Shares reacquired		(130,817	)		(1,391,484	)

Net increase (decrease) in shares outstanding		51,923		$	546,454

Period ended July 31, 2017*:
Shares sold		426,083		$	4,407,260
Shares reacquired		(2,937	)		(30,631	)

Net increase (decrease) in shares outstanding		423,146		$	4,376,629

*	Commencement of operations was December 13, 2016.

Prudential Day One 2015 Fund


Class R1	Shares		Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		9	$	101

Net increase (decrease) in shares outstanding		9	$	101

Period ended July 31, 2017*:
Shares sold		1,000	$	10,000

Net increase (decrease) in shares outstanding		1,000	$	10,000

Class R2
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		12	$	128

Net increase (decrease) in shares outstanding		12	$	128

Period ended July 31, 2017*:
Shares sold		1,000	$	10,000

Net increase (decrease) in shares outstanding		1,000	$	10,000

Class R3
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		13	$	144

Net increase (decrease) in shares outstanding		13	$	144

Period ended July 31, 2017*:
Shares sold		1,000	$	10,000

Net increase (decrease) in shares outstanding		1,000	$	10,000


Prudential Day One Funds			133

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2015 Fund (cont’d.):


Class R4	Shares			Amount
Six months ended January 31, 2018:
Shares sold		1,067		$	11,422
Shares issued in reinvestment of dividends and distributions		84			899
Shares reacquired		(3	)		(29	)

Net increase (decrease) in shares outstanding		1,148		$	12,292

Period ended July 31, 2017*:
Shares sold		12,427		$	126,967
Shares reacquired		(7,565	)		(77,317	)

Net increase (decrease) in shares outstanding		4,862		$	49,650

Class R5
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		15		$	166

Net increase (decrease) in shares outstanding		15		$	166

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R6
Six months ended January 31, 2018:
Shares sold		435,729		$	4,651,140
Shares issued in reinvestment of dividends and distributions		9,627			103,389
Shares reacquired		(209,378	)		(2,226,794	)

Net increase (decrease) in shares outstanding		235,978		$	2,527,735

Period ended July 31, 2017*:
Shares sold		451,154		$	4,679,700
Shares reacquired		(61,965	)		(650,759	)

Net increase (decrease) in shares outstanding		389,189		$	4,028,941

*	Commencement of operations was December 13, 2016.

Prudential Day One 2020 Fund


Class R1	Shares		Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		9	$	94

Net increase (decrease) in shares outstanding		9	$	94

Period ended July 31, 2017*:
Shares sold		1,000	$	10,000

Net increase (decrease) in shares outstanding		1,000	$	10,000


134

Prudential Day One 2020 Fund (cont’d.):


Class R2	Shares			Amount
Six months ended January 31, 2018:
Shares sold		3,027		$	32,356
Shares issued in reinvestment of dividends and distributions		31			338
Shares reacquired		(1,216	)		(13,000	)

Net increase (decrease) in shares outstanding		1,842		$	19,694

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R3
Six months ended January 31, 2018:
Shares sold		70,980		$	766,853
Shares issued in reinvestment of dividends and distributions		890			9,656
Shares reacquired		(332	)		(3,564	)

Net increase (decrease) in shares outstanding		71,538		$	772,945

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R4
Six months ended January 31, 2018:
Shares sold		1,528		$	16,502
Shares issued in reinvestment of dividends and distributions		241			2,615
Shares reacquired		(229	)		(2,510	)

Net increase (decrease) in shares outstanding		1,540		$	16,607

Period ended July 31, 2017*:
Shares sold		25,303		$	259,167
Shares reacquired		(8,462	)		(88,253	)

Net increase (decrease) in shares outstanding		16,841		$	170,914

Class R5
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		15		$	160

Net increase (decrease) in shares outstanding		15		$	160

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000


Prudential Day One Funds			135

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2020 Fund (cont’d.):


Class R6	Shares			Amount
Six months ended January 31, 2018:
Shares sold		829,617		$	8,952,110
Shares issued in reinvestment of dividends and distributions		23,873			258,070
Shares reacquired		(421,393	)		(4,502,181	)

Net increase (decrease) in shares outstanding		432,097		$	4,707,999

Period ended July 31, 2017*:
Shares sold		1,216,471		$	12,609,532
Shares reacquired		(42,765	)		(446,468	)

Net increase (decrease) in shares outstanding		1,173,706		$	12,163,064

*	Commencement of operations was December 13, 2016.

Prudential Day One 2025 Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares sold		2,218		$	23,778
Shares issued in reinvestment of dividends and distributions		527			5,793

Net increase (decrease) in shares outstanding		2,745		$	29,571

Period ended July 31, 2017*:
Shares sold		55,971		$	588,847

Net increase (decrease) in shares outstanding		55,971		$	588,847

Class R2
Six months ended January 31, 2018:
Shares sold		1,642		$	17,751
Shares issued in reinvestment of dividends and distributions		31			341

Net increase (decrease) in shares outstanding		1,673		$	18,092

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R3
Six months ended January 31, 2018:
Shares sold		84,840		$	917,534
Shares issued in reinvestment of dividends and distributions		5,277			57,999
Shares reacquired		(39,745	)		(426,871	)

Net increase (decrease) in shares outstanding		50,372		$	548,662

Period ended July 31, 2017*:
Shares sold		364,247		$	3,867,684

Net increase (decrease) in shares outstanding		364,247		$	3,867,684


136

Prudential Day One 2025 Fund (cont’d.):


Class R4	Shares			Amount
Six months ended January 31, 2018:
Shares sold		2,563		$	28,035
Shares issued in reinvestment of dividends and distributions		130			1,424
Shares reacquired		(9,287	)		(102,712	)

Net increase (decrease) in shares outstanding		(6,594	)	$	(73,253	)

Period ended July 31, 2017*:
Shares sold		27,082		$	278,277
Shares reacquired		(10,603	)		(110,818	)

Net increase (decrease) in shares outstanding		16,479		$	167,459

Class R5
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		24		$	259
Shares reacquired		(2	)		(25	)

Net increase (decrease) in shares outstanding		22		$	234

Period ended July 31, 2017*:
Shares sold		1,542		$	15,596

Net increase (decrease) in shares outstanding		1,542		$	15,596

Class R6
Six months ended January 31, 2018:
Shares sold		977,648		$	10,705,192
Shares issued in reinvestment of dividends and distributions		30,528			335,809
Shares reacquired		(323,406	)		(3,537,179	)

Net increase (decrease) in shares outstanding		684,770		$	7,503,822

Period ended July 31, 2017*:
Shares sold		1,262,205		$	13,195,064
Shares reacquired		(4,410	)		(46,538	)

Net increase (decrease) in shares outstanding		1,257,795		$	13,148,526

*	Commencement of operations was December 13, 2016.

Prudential Day One 2030 Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares sold		204		$	2,222
Shares issued in reinvestment of dividends and distributions		14			153
Shares reacquired		(222	)		(2,449	)

Net increase (decrease) in shares outstanding		(4	)	$	(74	)

Period ended July 31, 2017*:
Shares sold		1,323		$	13,462

Net increase (decrease) in shares outstanding		1,323		$	13,462


Prudential Day One Funds			137

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2030 Fund (cont’d.):


Class R2	Shares			Amount
Six months ended January 31, 2018:
Shares sold		9,007		$	98,453
Shares issued in reinvestment of dividends and distributions		129			1,459
Shares reacquired		(4	)		(50	)

Net increase (decrease) in shares outstanding		9,132		$	99,862

Period ended July 31, 2017*:
Shares sold		1,204		$	12,118

Net increase (decrease) in shares outstanding		1,204		$	12,118

Class R3
Six months ended January 31, 2018:
Shares sold		46,671		$	520,967
Shares issued in reinvestment of dividends and distributions		641			7,228
Shares reacquired		(108	)		(1,223	)

Net increase (decrease) in shares outstanding		47,204		$	526,972

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R4
Six months ended January 31, 2018:
Shares sold		7,846		$	87,540
Shares issued in reinvestment of dividends and distributions		1,314			14,813
Shares reacquired		(4	)		(49	)

Net increase (decrease) in shares outstanding		9,156		$	102,304

Period ended July 31, 2017*:
Shares sold		79,537		$	823,497

Net increase (decrease) in shares outstanding		79,537		$	823,497

Class R5
Six months ended January 31, 2018:
Shares sold		10,767		$	120,052
Shares issued in reinvestment of dividends and distributions		192			2,160

Net increase (decrease) in shares outstanding		10,959		$	122,212

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000


138

Prudential Day One 2030 Fund (cont’d.):


Class R6	Shares			Amount
Six months ended January 31, 2018:
Shares sold		712,434		$	7,977,265
Shares issued in reinvestment of dividends and distributions		21,605			243,702
Shares reacquired		(276,594	)		(3,073,142	)

Net increase (decrease) in shares outstanding		457,445		$	5,147,825

Period ended July 31, 2017*:
Shares sold		876,042		$	9,252,457
Shares reacquired		(2,692	)		(28,862	)

Net increase (decrease) in shares outstanding		873,350		$	9,223,595

*	Commencement of operations was December 13, 2016.

Prudential Day One 2035 Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		12		$	149
Shares reacquired		(240	)		(2,692	)

Net increase (decrease) in shares outstanding		(228	)	$	(2,543	)

Period ended July 31, 2017*:
Shares sold		1,701		$	17,179
Shares reacquired		(460	)		(4,580	)

Net increase (decrease) in shares outstanding		1,241		$	12,599

Class R2
Six months ended January 31, 2018:
Shares sold		89		$	1,024
Shares issued in reinvestment of dividends and distributions		16			185
Shares reacquired		(3	)		(30	)

Net increase (decrease) in shares outstanding		102		$	1,179

Period ended July 31, 2017*:
Shares sold		1,000		$	10,007

Net increase (decrease) in shares outstanding		1,000		$	10,007

Class R3
Six months ended January 31, 2018:
Shares sold		92,816		$	1,042,629
Shares issued in reinvestment of dividends and distributions		6,937			79,080
Shares reacquired		(39,392	)		(436,245	)

Net increase (decrease) in shares outstanding		60,361		$	685,464

Period ended July 31, 2017*:
Shares sold		372,867		$	4,052,200

Net increase (decrease) in shares outstanding		372,867		$	4,052,200


Prudential Day One Funds			139

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2035 Fund (cont’d.):


Class R4	Shares			Amount
Six months ended January 31, 2018:
Shares sold		196		$	2,224
Shares issued in reinvestment of dividends and distributions		67			757
Shares reacquired		(1,744	)		(19,568	)

Net increase (decrease) in shares outstanding		(1,481	)	$	(16,587	)

Period ended July 31, 2017*:
Shares sold		5,289		$	54,535

Net increase (decrease) in shares outstanding		5,289		$	54,535

Class R5
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		19		$	216

Net increase (decrease) in shares outstanding		19		$	216

Period ended July 31, 2017*:
Shares sold		1,000		$	10,007

Net increase (decrease) in shares outstanding		1,000		$	10,007

Class R6
Six months ended January 31, 2018:
Shares sold		517,627		$	5,844,990
Shares issued in reinvestment of dividends and distributions		20,294			231,358
Shares reacquired		(142,929	)		(1,610,992	)

Net increase (decrease) in shares outstanding		394,992		$	4,465,356

Period ended July 31, 2017*
Shares sold		655,572		$	6,943,701
Shares reacquired		(21,677	)		(234,537	)

Net increase (decrease) in shares outstanding		633,895		$	6,709,164

*	Commencement of operations was December 13, 2016.

Prudential Day One 2040 Fund


Class R1	Shares		Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		14	$	168

Net increase (decrease) in shares outstanding		14	$	168

Period ended July 31, 2017*:
Shares sold		1,000	$	10,000

Net increase (decrease) in shares outstanding		1,000	$	10,000


140

Prudential Day One 2040 Fund (cont’d.):


Class R2	Shares			Amount
Six months ended January 31, 2018:
Shares sold		188		$	2,143
Shares issued in reinvestment of dividends and distributions		21			243
Shares reacquired		(5	)		(52	)

Net increase (decrease) in shares outstanding		204		$	2,334

Period ended July 31, 2017*:
Shares sold		1,102		$	11,071

Net increase (decrease) in shares outstanding		1,102		$	11,071

Class R3
Six months ended January 31, 2018:
Shares sold		24,742		$	282,332
Shares issued in reinvestment of dividends and distributions		421			4,855
Shares reacquired		(111	)		(1,236	)

Net increase (decrease) in shares outstanding		25,052		$	285,951

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R4
Six months ended January 31, 2018:
Shares sold		824		$	9,335
Shares issued in reinvestment of dividends and distributions		217			2,506
Shares reacquired		(4	)		(49	)

Net increase (decrease) in shares outstanding		1,037		$	11,792

Period ended July 31, 2017*:
Shares sold		10,541		$	109,621
Shares reacquired		(29	)		(299	)

Net increase (decrease) in shares outstanding		10,512		$	109,322

Class R5
Six months ended January 31, 2018:
Shares sold		26		$	300
Shares issued in reinvestment of dividends and distributions		21			241

Net increase (decrease) in shares outstanding		47		$	541

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000


Prudential Day One Funds			141

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2040 Fund (cont’d.):


Class R6	Shares			Amount
Six months ended January 31, 2018:
Shares sold		389,421		$	4,447,492
Shares issued in reinvestment of dividends and distributions		17,332			199,669
Shares reacquired		(83,281	)		(949,888	)

Net increase (decrease) in shares outstanding		323,472		$	3,697,273

Period ended July 31, 2017*:
Shares sold		554,610		$	5,893,456
Shares reacquired		(35,134	)		(384,932	)

Net increase (decrease) in shares outstanding		519,476		$	5,508,524

*	Commencement of operations was December 13, 2016.

Prudential Day One 2045 Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		16		$	185

Net increase (decrease) in shares outstanding		16		$	185

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R2
Six months ended January 31, 2018:
Shares sold		245		$	2,807
Shares issued in reinvestment of dividends and distributions		23			268
Shares reacquired		(9	)		(100	)

Net increase (decrease) in shares outstanding		259		$	2,975

Period ended July 31, 2017*:
Shares sold		1,086		$	10,923

Net increase (decrease) in shares outstanding		1,086		$	10,923

Class R3
Six months ended January 31, 2018:
Shares sold		112,669		$	1,288,777
Shares issued in reinvestment of dividends and distributions		8,056			93,374
Shares reacquired		(39,483	)		(449,891	)

Net increase (decrease) in shares outstanding		81,242		$	932,260

Period ended July 31, 2017*:
Shares sold		346,850		$	3,821,271

Net increase (decrease) in shares outstanding		346,850		$	3,821,271


142

Prudential Day One 2045 Fund (cont’d.):


Class R4	Shares			Amount
Six months ended January 31, 2018:
Shares sold		14,279		$	165,772
Shares issued in reinvestment of dividends and distributions		653			7,572
Shares reacquired		(4,836	)		(56,465	)

Net increase (decrease) in shares outstanding		10,096		$	116,879

Period ended July 31, 2017*:
Shares sold		22,477		$	234,829

Net increase (decrease) in shares outstanding		22,477		$	234,829

Class R5
Six months ended January 31, 2018:
Shares sold		138		$	1,575
Shares issued in reinvestment of dividends and distributions		25			295

Net increase (decrease) in shares outstanding		163		$	1,870

Period ended July 31, 2017*:
Shares sold		1,045		$	10,486

Net increase (decrease) in shares outstanding		1,045		$	10,486

Class R6
Six months ended January 31, 2018:
Shares sold		276,872		$	3,153,010
Shares issued in reinvestment of dividends and distributions		9,670			112,264
Shares reacquired		(143,946	)		(1,601,820	)

Net increase (decrease) in shares outstanding		142,596		$	1,663,454

Period ended July 31, 2017*:
Shares sold		335,855		$	3,593,435
Shares reacquired		(22,971	)		(246,640	)

Net increase (decrease) in shares outstanding		312,884		$	3,346,795

*	Commencement of operations was December 13, 2016.

Prudential Day One 2050 Fund


Class R1	Shares		Amount
Six months ended January 31, 2018:
Shares sold		1,450	$	15,843
Shares issued in reinvestment of dividends and distributions		173		2,000

Net increase (decrease) in shares outstanding		1,623	$	17,843

Period ended July 31, 2017*:
Shares sold		8,921	$	96,260

Net increase (decrease) in shares outstanding		8,921	$	96,260


Prudential Day One Funds			143

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2050 Fund (cont’d.):


Class R2	Shares			Amount
Six months ended January 31, 2018:
Shares sold		1,018		$	11,697
Shares issued in reinvestment of dividends and distributions		49			571
Shares reacquired		(10	)		(115	)

Net increase (decrease) in shares outstanding		1,057		$	12,153

Period ended July 31, 2017*:
Shares sold		1,629		$	16,843

Net increase (decrease) in shares outstanding		1,629		$	16,843

Class R3
Six months ended January 31, 2018:
Shares sold		11,211		$	128,497
Shares issued in reinvestment of dividends and distributions		210			2,438
Shares reacquired		(231	)		(2,628	)

Net increase (decrease) in shares outstanding		11,190		$	128,307

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R4
Six months ended January 31, 2018:
Shares sold		1,434		$	16,510
Shares issued in reinvestment of dividends and distributions		169			1,961
Shares reacquired		(4	)		(50	)

Net increase (decrease) in shares outstanding		1,599		$	18,421

Period ended July 31, 2017*:
Shares sold		6,887		$	71,353
Shares reacquired		(67	)		(718	)

Net increase (decrease) in shares outstanding		6,820		$	70,635

Class R5
Six months ended January 31, 2018:
Shares sold		12		$	142
Shares issued in reinvestment of dividends and distributions		23			265

Net increase (decrease) in shares outstanding		35		$	407

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000


144

Prudential Day One 2050 Fund (cont’d.):


Class R6	Shares			Amount
Six months ended January 31, 2018:
Shares sold		188,645		$	2,156,526
Shares issued in reinvestment of dividends and distributions		5,823			67,606
Shares reacquired		(128,895	)		(1,470,859	)

Net increase (decrease) in shares outstanding		65,573		$	753,273

Period ended July 31, 2017*:
Shares sold		189,540		$	2,027,660
Shares reacquired		(6,661	)		(70,407	)

Net increase (decrease) in shares outstanding		182,879		$	1,957,253

*	Commencement of operations was December 13, 2016.

Prudential Day One 2055 Fund


Class R1	Shares			Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		17		$	193

Net increase (decrease) in shares outstanding		17		$	193

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R2
Six months ended January 31, 2018:
Shares sold		295		$	3,567
Shares issued in reinvestment of dividends and distributions		31			361
Shares reacquired		(6	)		(65	)

Net increase (decrease) in shares outstanding		320		$	3,863

Period ended July 31, 2017*:
Shares sold		1,544		$	16,004

Net increase (decrease) in shares outstanding		1,544		$	16,004

Class R3
Six months ended January 31, 2018:
Shares sold		47,805		$	550,798
Shares issued in reinvestment of dividends and distributions		3,807			44,776
Shares reacquired		(15,297	)		(174,764	)

Net increase (decrease) in shares outstanding		36,315		$	420,810

Period ended July 31, 2017*:
Shares sold		161,779		$	1,799,470

Net increase (decrease) in shares outstanding		161,779		$	1,799,470


Prudential Day One Funds			145

Notes to Financial Statements (unaudited) (continued)

Prudential Day One 2055 Fund (cont’d.):


Class R4	Shares			Amount
Six months ended January 31, 2018:
Shares sold		634		$	7,359
Shares issued in reinvestment of dividends and distributions		97			1,142
Shares reacquired		(9	)		(100	)

Net increase (decrease) in shares outstanding		722		$	8,401

Period ended July 31, 2017*:
Shares sold		4,056		$	42,506

Net increase (decrease) in shares outstanding		4,056		$	42,506

Class R5
Six months ended January 31, 2018:
Shares sold		84		$	1,000
Shares issued in reinvestment of dividends and distributions		24			278
Shares reacquired		(1	)		(15	)

Net increase (decrease) in shares outstanding		107		$	1,263

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R6
Six months ended January 31, 2018:
Shares sold		127,063		$	1,478,798
Shares issued in reinvestment of dividends and distributions		4,369			51,383
Shares reacquired		(8,243	)		(95,846	)

Net increase (decrease) in shares outstanding		123,189		$	1,434,335

Period ended July 31, 2017*:
Shares sold		86,013		$	919,336
Shares reacquired		(589	)		(6,400	)

Net increase (decrease) in shares outstanding		85,424		$	912,936

*	Commencement of operations was December 13, 2016.

Prudential Day One 2060 Fund


Class R1	Shares		Amount
Six months ended January 31, 2018:
Shares issued in reinvestment of dividends and distributions		16	$	196

Net increase (decrease) in shares outstanding		16	$	196

Period ended July 31, 2017*:
Shares sold		1,000	$	10,000

Net increase (decrease) in shares outstanding		1,000	$	10,000


146

Prudential Day One 2060 Fund (cont’d.):


Class R2	Shares			Amount
Six months ended January 31, 2018:
Shares sold		208		$	2,442
Shares issued in reinvestment of dividends and distributions		21			253
Shares reacquired		(3	)		(40	)

Net increase (decrease) in shares outstanding		226		$	2,655

Period ended July 31, 2017*:
Shares sold		1,014		$	10,154

Net increase (decrease) in shares outstanding		1,014		$	10,154

Class R3
Six months ended January 31, 2018:
Shares sold		5,642		$	63,823
Shares issued in reinvestment of dividends and distributions		125			1,462
Shares reacquired		(95	)		(1,080	)

Net increase (decrease) in shares outstanding		5,672		$	64,205

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R4
Six months ended January 31, 2018:
Shares sold		7		$	88
Shares issued in reinvestment of dividends and distributions		21			252
Shares reacquired		(4	)		(50	)

Net increase (decrease) in shares outstanding		24		$	290

Period ended July 31, 2017*:
Shares sold		1,004		$	10,037

Net increase (decrease) in shares outstanding		1,004		$	10,037

Class R5
Six months ended January 31, 2018:
Shares sold		81		$	1,000
Shares issued in reinvestment of dividends and distributions		22			264

Net increase (decrease) in shares outstanding		103		$	1,264

Period ended July 31, 2017*:
Shares sold		1,000		$	10,000

Net increase (decrease) in shares outstanding		1,000		$	10,000

Class R6
Six months ended January 31, 2018:
Shares sold		37,446		$	436,894
Shares issued in reinvestment of dividends and distributions		639			7,478
Shares reacquired		(20,746	)		(247,706	)

Net increase (decrease) in shares outstanding		17,339		$	196,666

Period ended July 31, 2017*:
Shares sold		5,403		$	57,256
Shares reacquired		(742	)		(8,058	)

Net increase (decrease) in shares outstanding		4,661		$	49,198

*	Commencement of operations was December 13, 2016.


Prudential Day One Funds			147

Notes to Financial Statements (unaudited) (continued)

7. Borrowings

The Trust, on behalf of the Day One Funds, along with other affiliated registered investment companies (the “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 SCA provides for a commitment of $900 million for the period October 5, 2017 through October 4, 2018. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. The Fund’s portion of the commitment fee for the unused amount, allocated based upon a method approved by the Board, is accrued daily and paid quarterly. Prior to October 5, 2017, the Funds had another SCA that provided a commitment of $900 million and the Funds paid an annualized commitment fee of 0.15% of the unused portion of the SCA. The interest on borrowings under the SCAs is paid monthly and at a per annum interest rate based upon a contractual spread plus the higher of (1) the effective federal funds rate, (2) the 1-month LIBOR rate or (3) zero percent.

The following Day One Funds utilized the SCA during the reporting period ended January 31, 2018. The average balance outstanding is for the number of days the Day One Funds had utilized the credit facility.


Fund	Average Balance Outstanding		Weighted Average Interest Rates			Number of Days Outstanding		Maximum Balance Outstanding		Balance Outstanding at January 31, 2018
Prudential Day One 2015 Fund	$	104,000		2.49	%		3	$	104,000		—
Prudential Day One 2020 Fund	$	31,783		2.49	%		23	$	379,000		—


148

Prudential Day One Income Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31,			December 13, 2016(a) through July 31,
	2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.36			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.08
Net realized and unrealized gain (loss) on investment transactions		0.34			0.31
Total from investment operations		0.44			0.39
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		(0.03	)
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.11	)		(0.03	)
Net asset value, end of period		$10.69			$10.36
Total Return(c):		4.24%			3.89%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.57%	(f)		0.64%	(f)
Expenses before waivers and/or expense reimbursement		160.64%	(f)		299.81%	(f)
Net investment income (loss)		1.93%	(f)		1.18%	(f)
Portfolio turnover rate		15%	(g)		146%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			149

Prudential Day One Income Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31,			December 13, 2016(a) through July 31,
	2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.37			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.09
Net realized and unrealized gain (loss) on investment transactions		0.32			0.32
Total from investment operations		0.44			0.41
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		(0.04	)
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.12	)		(0.04	)
Net asset value, end of period		$10.69			$10.37
Total Return(c):		4.28%			4.09%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$12	��
Average net assets (000)		$12			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.32%	(f)		0.39%	(f)
Expenses before waivers and/or expense reimbursement		142.81%	(f)		286.56%	(f)
Net investment income (loss)		2.17%	(f)		1.43%	(f)
Portfolio turnover rate		15%	(g)		146%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


150


Class R3 Shares
	Six Months Ended January 31,			December 13, 2016(a) through July 31,
	2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.37			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.11
Net realized and unrealized gain (loss) on investment transactions		0.33			0.31
Total from investment operations		0.45			0.42
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		(0.05	)
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.13	)		(0.05	)
Net asset value, end of period		$10.69			$10.37
Total Return(c):		4.35%			4.17%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1,349			$1,256
Average net assets (000)		$1,304			$32
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.17%	(f)		0.09%	(f)
Expenses before waivers and/or expense reimbursement		5.78%	(f)		132.21%	(f)
Net investment income (loss)		2.32%	(f)		1.63%	(f)
Portfolio turnover rate		15%	(g)		146%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			151

Prudential Day One Income Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31,			December 13, 2016(a) through July 31,
	2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.37			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.11
Net realized and unrealized gain on investment transactions		0.34			0.31
Total from investment operations		0.47			0.42
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.05	)
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.14	)		(0.05	)
Net asset value, end of period		$10.70			$10.37
Total Return(c):		4.51%			4.23%

Ratios/Supplemental Data:
Net assets, end of period (000)		$18			$17
Average net assets (000)		$18			$15
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.07%	(f)		0.14%	(f)
Expenses before waivers and/or expense reimbursement		98.63%	(f)		275.84%	(f)
Net investment income (loss)		2.43%	(f)		1.67%	(f)
Portfolio turnover rate		15%	(g)		146%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


152


Class R5 Shares
	Six Months Ended January 31,			December 13, 2016(a) through July 31,
	2018			2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.37			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.12
Net realized and unrealized gain on investment transactions		0.34			0.31
Total from investment operations		0.47			0.43
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		(0.06	)
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.14	)		(0.06	)
Net asset value, end of period		$10.70			$10.37
Total Return(c):		4.57%			4.29%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.03)%	(f)		0.03%	(f)
Expenses before waivers and/or expense reimbursement		159.19%	(f)		298.99%	(f)
Net investment income (loss)		2.53%	(f)		1.79%	(f)
Portfolio turnover rate		15%	(g)		146%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			153

Prudential Day One Income Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.38			$10.00
Income (loss) from investment operations:
Net investment income		0.16			0.12
Net realized and unrealized gain (loss) on investment transactions		0.32			0.32
Total from investment operations		0.48			0.44
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		(0.06	)
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.15	)		(0.06	)
Net asset value, end of period		$10.71			$10.38
Total Return(c):		4.63%			4.46%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,693			$734
Average net assets (000)		$1,723			$199
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.17)%	(f)		(0.19)%	(f)
Expenses before waivers and/or expense reimbursement		5.17%	(f)		80.76%	(f)
Net investment income (loss)		2.93%	(f)		1.91%	(f)
Portfolio turnover rate		15%	(g)		146%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


154

Prudential Day One 2010 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.43			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.08
Net realized and unrealized gain (loss) on investment transactions		0.35			0.35
Total from investment operations		0.46			0.43
Less Dividends and Distributions:
Dividends from net investment income		(0.09	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.11	)		-
Net asset value, end of period		$10.78			$10.43
Total Return(c):		4.45%			4.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.56%	(e)		0.65%	(e)
Expenses before waivers and/or expense reimbursement		159.42%	(e)		336.61%	(e)
Net investment income (loss)		1.98%	(e)		1.16%	(e)
Portfolio turnover rate		35%	(f)		9%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			155

Prudential Day One 2010 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.45			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.09
Net realized and unrealized gain (loss) on investment transactions		0.35			0.36
Total from investment operations		0.47			0.45
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.14	)		-
Net asset value, end of period		$10.78			$10.45
Total Return(c):		4.51%			4.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.31%	(e)		0.40%	(e)
Expenses before waivers and/or expense reimbursement		158.66%	(e)		336.27%	(e)
Net investment income (loss)		2.23%	(e)		1.41%	(e)
Portfolio turnover rate		35%	(f)		9%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


156


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.46			$10.00
Income (loss) from investment operations:
Net investment income (loss)		(0.25	)		0.10
Net realized and unrealized gain (loss) on investment transactions		0.73			0.36
Total from investment operations		0.48			0.46
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.16	)		-
Net asset value, end of period		$10.78			$10.46
Total Return(c):		4.56%			4.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$130			$10
Average net assets (000)		$53			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.21%	(e)		0.26%	(e)
Expenses before waivers and/or expense reimbursement		34.78%	(e)		336.07%	(e)
Net investment income (loss)		(4.58)%	(e)		1.56%	(e)
Portfolio turnover rate		35%	(f)		9%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			157

Prudential Day One 2010 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.46			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.11
Net realized and unrealized gain (loss) on investment transactions		0.36			0.35
Total from investment operations		0.49			0.46
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.17	)		-
Net asset value, end of period		$10.78			$10.46
Total Return(c):		4.67%			4.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$51			$43
Average net assets (000)		$45			$31
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.06%	(e)		0.12%	(e)
Expenses before waivers and/or expense reimbursement		39.75%	(e)		259.21%	(e)
Net investment income (loss)		2.47%	(e)		1.71%	(e)
Portfolio turnover rate		35%	(f)		9%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


158


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.47			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.11
Net realized and unrealized gain (loss) on investment transactions		0.36			0.36
Total from investment operations		0.50			0.47
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.18	)		-
Net asset value, end of period		$10.79			$10.47
Total Return(c):		4.78%			4.70%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.04)%	(e)		0.04%	(e)
Expenses before waivers and/or expense reimbursement		157.98%	(e)		335.77%	(e)
Net investment income (loss)		2.58%	(e)		1.77%	(e)
Portfolio turnover rate		35%	(f)		9%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			159

Prudential Day One 2010 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.48			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.15
Net realized and unrealized gain (loss) on investment transactions		0.36			0.33
Total from investment operations		0.50			0.48
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.19	)		-
Net asset value, end of period		$10.79			$10.48
Total Return(c):		4.84%			4.80%

Ratios/Supplemental Data:
Net assets, end of period (000)		$5,126			$4,436
Average net assets (000)		$4,778			$452
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.19)%	(e)		(0.27)%	(e)
Expenses before waivers and/or expense reimbursement		3.01%	(e)		26.49%	(e)
Net investment income (loss)		2.68%	(e)		2.20%	(e)
Portfolio turnover rate		35%	(f)		9%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


160

Prudential Day One 2015 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.49			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.07
Net realized and unrealized gain (loss) on investment transactions		0.43			0.42
Total from investment operations		0.53			0.49
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.10	)		-
Net asset value, end of period		$10.92			$10.49
Total Return(c):		5.07%			4.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$10
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.57%	(e)		0.65%	(e)
Expenses before waivers and/or expense reimbursement		157.88%	(e)		244.08%	(e)
Net investment income (loss)		1.94%	(e)		1.10%	(e)
Portfolio turnover rate		45%	(f)		82%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			161

Prudential Day One 2015 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.50			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.09
Net realized and unrealized gain (loss) on investment transactions		0.43			0.41
Total from investment operations		0.55			0.50
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.13	)		-
Net asset value, end of period		$10.92			$10.50
Total Return(c):		5.24%			5.00%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.32%	(e)		0.40%	(e)
Expenses before waivers and/or expense reimbursement		157.12%	(e)		243.71%	(e)
Net investment income (loss)		2.19%	(e)		1.35%	(e)
Portfolio turnover rate		45%	(f)		82%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


162


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.51			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.10
Net realized and unrealized gain (loss) on investment transactions		0.42			0.41
Total from investment operations		0.55			0.51
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.14	)		-
Net asset value, end of period		$10.92			$10.51
Total Return(c):		5.30%			5.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.17%	(e)		0.26%	(e)
Expenses before waivers and/or expense reimbursement		156.80%	(e)		243.52%	(e)
Net investment income (loss)		2.34%	(e)		1.50%	(e)
Portfolio turnover rate		45%	(f)		82%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			163

Prudential Day One 2015 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.51			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.11
Net realized and unrealized gain (loss) on investment transactions		0.42			0.40
Total from investment operations		0.56			0.51
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.16	)		-
Net asset value, end of period		$10.91			$10.51
Total Return(c):		5.31%			5.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$66			$51
Average net assets (000)		$59			$42
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.07%	(e)		0.16%	(e)
Expenses before waivers and/or expense reimbursement		30.79%	(e)		144.74%	(e)
Net investment income (loss)		2.52%	(e)		1.72%	(e)
Portfolio turnover rate		45%	(f)		82%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


164


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.53			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.11
Net realized and unrealized gain (loss) on investment transactions		0.43			0.42
Total from investment operations		0.57			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.17	)		-
Net asset value, end of period		$10.93			$10.53
Total Return(c):		5.40%			5.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.03)%	(e)		0.05%	(e)
Expenses before waivers and/or expense reimbursement		156.47%	(e)		243.22%	(e)
Net investment income (loss)		2.54%	(e)		1.71%	(e)
Portfolio turnover rate		45%	(f)		82%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			165

Prudential Day One 2015 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.53			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.13
Net realized and unrealized gain (loss) on investment transactions		0.42			0.40
Total from investment operations		0.57			0.53
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		-
Distributions from net realized gains on investments		(0.02	)		-
Total dividends and distributions		(0.18	)		-
Net asset value, end of period		$10.92			$10.53
Total Return(c):		5.47%			5.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$6,827			$4,099
Average net assets (000)		$5,758			$640
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.18)%	(e)		(0.22)%	(e)
Expenses before waivers and/or expense reimbursement		2.52%	(e)		27.57%	(e)
Net investment income (loss)		2.75%	(e)		1.94%	(e)
Portfolio turnover rate		45%	(f)		82%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


166

Prudential Day One 2020 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.52			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.07
Net realized and unrealized gain (loss) on investment transactions		0.50			0.45
Total from investment operations		0.61			0.52
Less Dividends and Distributions:
Dividends from net investment income		(0.08	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.09	)		-
Net asset value, end of period		$11.04			$10.52
Total Return(c):		5.85%			5.20%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.57%	(e)		0.67%	(e)
Expenses before waivers and/or expense reimbursement		155.65%	(e)		211.29%	(e)
Net investment income (loss)		2.00%	(e)		1.02%	(e)
Portfolio turnover rate		33%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			167

Prudential Day One 2020 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.54			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.08
Net realized and unrealized gain (loss) on investment transactions		0.48			0.46
Total from investment operations		0.63			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.11	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.12	)		-
Net asset value, end of period		$11.05			$10.54
Total Return(c):		6.00%			5.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$31			$11
Average net assets (000)		$24			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.33%	(e)		0.42%	(e)
Expenses before waivers and/or expense reimbursement		71.68%	(e)		210.95%	(e)
Net investment income (loss)		2.68%	(e)		1.27%	(e)
Portfolio turnover rate		33%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


168


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.55			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.20			0.09
Net realized and unrealized gain (loss) on investment transactions		0.44			0.46
Total from investment operations		0.64			0.55
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.14	)		-
Net asset value, end of period		$11.05			$10.55
Total Return(c):		6.05%			5.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$802			$11
Average net assets (000)		$389			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.23%	(e)		0.27%	(e)
Expenses before waivers and/or expense reimbursement		5.37%	(e)		210.74%	(e)
Net investment income (loss)		3.58%	(e)		1.41%	(e)
Portfolio turnover rate		33%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			169

Prudential Day One 2020 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.55			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.10
Net realized and unrealized gain (loss) on investment transactions		0.51			0.45
Total from investment operations		0.65			0.55
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.15	)		-
Net asset value, end of period		$11.05			$10.55
Total Return(c):		6.17%			5.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$203			$178
Average net assets (000)		$189			$160
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.08%	(e)		0.14%	(e)
Expenses before waivers and/or expense reimbursement		10.00%	(e)		45.98%	(e)
Net investment income (loss)		2.58%	(e)		1.45%	(e)
Portfolio turnover rate		33%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


170


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.56			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.11
Net realized and unrealized gain (loss) on investment transactions		0.51			0.45
Total from investment operations		0.65			0.56
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.16	)		-
Net asset value, end of period		$11.05			$10.56
Total Return(c):		6.18%			5.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$11			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.03)%	(e)		0.06%	(e)
Expenses before waivers and/or expense reimbursement		154.12%	(e)		210.44%	(e)
Net investment income (loss)		2.60%	(e)		1.62%	(e)
Portfolio turnover rate		33%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			171

Prudential Day One 2020 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.54			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.12
Net realized and unrealized gain (loss) on investment transactions		0.51			0.42
Total from investment operations		0.66			0.54
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.18	)		-
Net asset value, end of period		$11.02			$10.54
Total Return(c):		6.26%			5.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$17,688			$12,368
Average net assets (000)		$14,222			$1,944
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.17)%	(e)		(0.21)%	(e)
Expenses before waivers and/or expense reimbursement		1.01%	(e)		9.10%	(e)
Net investment income (loss)		2.80%	(e)		1.80%	(e)
Portfolio turnover rate		33%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


172

Prudential Day One 2025 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.58			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.04
Net realized and unrealized gain (loss) on investment transactions		0.63			0.54
Total from investment operations		0.74			0.58
Less Dividends and Distributions:
Dividends from net investment income		(0.10	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.10	)		-
Net asset value, end of period		$11.22			$10.58
Total Return(c):		7.01%			5.80%

Ratios/Supplemental Data:
Net assets, end of period (000)		$659			$592
Average net assets (000)		$625			$43
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.59%	(f)		0.53%	(f)
Expenses before waivers and/or expense reimbursement		3.90%	(f)		55.43%	(f)
Net investment income (loss)		2.00%	(f)		0.55%	(f)
Portfolio turnover rate		25%	(g)		6%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			173

Prudential Day One 2025 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.59			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.08
Net realized and unrealized gain (loss) on investment transactions		0.61			0.51
Total from investment operations		0.76			0.59
Less Dividends and Distributions:
Dividends from net investment income		(0.13	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.13	)		-
Net asset value, end of period		$11.22			$10.59
Total Return(c):		7.19%			5.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$30			$11
Average net assets (000)		$22			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.35%	(f)		0.42%	(f)
Expenses before waivers and/or expense reimbursement		76.34%	(f)		215.71%	(f)
Net investment income (loss)		2.75%	(f)		1.16%	(f)
Portfolio turnover rate		25%	(g)		6%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


174


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.61			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.07
Net realized and unrealized gain (loss) on investment transactions		0.64			0.54
Total from investment operations		0.77			0.61
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.15	)		-
Net asset value, end of period		$11.23			$10.61
Total Return(c):		7.24%			6.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$4,656			$3,863
Average net assets (000)		$4,213			$77
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.19%	(f)		0.04%	(f)
Expenses before waivers and/or expense reimbursement		1.26%	(f)		34.35%	(f)
Net investment income (loss)		2.42%	(f)		1.06%	(f)
Portfolio turnover rate		25%	(g)		6%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			175

Prudential Day One 2025 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.61			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.11			0.08
Net realized and unrealized gain (loss) on investment transactions		0.66			0.53
Total from investment operations		0.77			0.61
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.16	)		-
Net asset value, end of period		$11.22			$10.61
Total Return(c):		7.26%			6.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$111			$175
Average net assets (000)		$160			$133
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.08%	(f)		0.15%	(f)
Expenses before waivers and/or expense reimbursement		11.29%	(f)		49.61%	(f)
Net investment income (loss)		1.95%	(f)		1.17%	(f)
Portfolio turnover rate		25%	(g)		6%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


176


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.62			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.10
Net realized and unrealized gain (loss) on investment transactions		0.64			0.52
Total from investment operations		0.78			0.62
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.17	)		-
Net asset value, end of peroid		$11.23			$10.62
Total Return(c):		7.36%			6.20%

Ratios/Supplemental Data:
Net assets, end of period (000)		$18			$16
Average net assets (000)		$17			$12
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.02)%	(f)		0.06%	(f)
Expenses before waivers and/or expense reimbursement		99.19%	(f)		179.75%	(f)
Net investment income (loss)		2.58%	(f)		1.47%	(f)
Portfolio turnover rate		25%	(g)		6%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			177

Prudential Day One 2025 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.64			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.10
Net realized and unrealized gain (loss) on investment transactions		0.63			0.54
Total from investment operations		0.79			0.64
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.19	)		-
Net asset value, end of period		$11.24			$10.64
Total Return(c):		7.42%			6.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$21,838			$13,380
Average net assets (000)		$17,157			$2,024
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.16)%	(f)		(0.19)%	(f)
Expenses before waivers and/or expense reimbursement		0.71%	(f)		8.73%	(f)
Net investment income (loss)		2.85%	(f)		1.57%	(f)
Portfolio turnover rate		25%	(g)		6%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


178

Prudential Day One 2030 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.74			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.04
Net realized and unrealized gain (loss) on investment transactions		0.87			0.70
Total from investment operations		0.99			0.74
Less Dividends and Distributions:
Dividends from net investment income		(0.12	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.12	)		-
Net asset value, end of period		$11.61			$10.74
Total Return(c):		9.22%			7.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$15			$14
Average net assets (000)		$15			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.61%	(f)		0.69%	(f)
Expenses before waivers and/or expense reimbursement		112.74%	(f)		195.73%	(f)
Net investment income (loss)		2.09%	(f)		0.68%	(f)
Portfolio turnover rate		26%	(g)		5%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			179

Prudential Day One 2030 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.75			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.06
Net realized and unrealized gain (loss) on investment transactions		0.84			0.69
Total from investment operations		1.01			0.75
Less Dividends and Distributions:
Dividends from net investment income		(0.14	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.14	)		-
Net asset value, end of period		$11.62			$10.75
Total Return(c):		9.47%			7.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$120			$13
Average net assets (000)		$87			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.37%	(f)		0.43%	(f)
Expenses before waivers and/or expense reimbursement		20.50%	(f)		183.27%	(f)
Net investment income (loss)		3.06%	(f)		0.91%	(f)
Portfolio turnover rate		26%	(g)		5%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


180


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.76			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.23			0.07
Net realized and unrealized gain (loss) on investment transactions		0.78			0.69
Total from investment operations		1.01			0.76
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.16	)		-
Net asset value, end of period		$11.61			$10.76
Total Return(c):		9.43%			7.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$560			$11
Average net assets (000)		$254			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.23%	(f)		0.29%	(f)
Expenses before waivers and/or expense reimbursement		7.71%	(f)		198.46%	(f)
Net investment income (loss)		3.95%	(f)		1.09%	(f)
Portfolio turnover rate		26%	(g)		5%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			181

Prudential Day One 2030 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.77			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.05
Net realized and unrealized gain (loss) on investment transactions		0.86			0.72
Total from investment operations		1.01			0.77
Less Dividends and Distributions:
Dividends from net investment income		(0.17	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.17	)		-
Net asset value, end of period		$11.61			$10.77
Total Return(c):		9.45%			7.70%

Ratios/Supplemental Data:
Net assets, end of period (000)		$1,030			$857
Average net assets (000)		$931			$507
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.11%	(f)		0.17%	(f)
Expenses before waivers and/or expense reimbursement		3.00%	(f)		20.56%	(f)
Net investment income (loss)		2.70%	(f)		0.80%	(f)
Portfolio turnover rate		26%	(g)		5%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


182


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.78			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.08
Net realized and unrealized gain (loss) on investment transactions		0.77			0.70
Total from investment operations		1.02			0.78
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.18	)		-
Net asset value, end of period		$11.62			$10.78
Total Return(c):		9.55%			7.80%

Ratios/Supplemental Data:
Net assets, end of period (000)		$139			$11
Average net assets (000)		$72			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.03%	(f)		0.08%	(f)
Expenses before waivers and/or expense reimbursement		23.97%	(f)		198.14%	(f)
Net investment income (loss)		4.39%	(f)		1.30%	(f)
Portfolio turnover rate		26%	(g)		5%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			183

Prudential Day One 2030 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.79			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.08
Net realized and unrealized gain (loss) on investment transactions		0.88			0.71
Total from investment operations		1.04			0.79
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		-
Distributions from net realized gains on investments		-	(e)		-
Total dividends and distributions		(0.20	)		-
Net asset value, end of period		$11.63			$10.79
Total Return(c):		9.71%			7.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$15,474			$9,426
Average net assets (000)		$12,029			$1,557
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.14)%	(f)		(0.14)%	(f)
Expenses before waivers and/or expense reimbursement		1.13%	(f)		9.71%	(f)
Net investment income (loss)		2.93%	(f)		1.23%	(f)
Portfolio turnover rate		26%	(g)		5%	(g)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Less than $0.005.

(f)	Annualized.

(g)	Not annualized.

See Notes to Financial Statements.


184

Prudential Day One 2035 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.81			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.10			0.04
Net realized and unrealized gain (loss) on investment transactions		1.05			0.77
Total from investment operations		1.15			0.81
Less Dividends and Distributions:
Dividends from net investment income		(0.15	)		-
Distributions from net realized gains on investments		-	(g)		-
Total dividends and distributions		(0.15	)		-
Net asset value, end of period		$11.81			$10.81
Total Return(c):		10.68%			8.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$13
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.58%	(e)		0.65%	(e)
Expenses before waivers and/or expense reimbursement		135.49%	(e)		250.51%	(e)
Net investment income (loss)		1.80%	(e)		0.58%	(e)
Portfolio turnover rate		17%	(f)		13%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005.

See Notes to Financial Statements.


Prudential Day One Funds			185

Prudential Day One 2035 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.83			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.05
Net realized and unrealized gain (loss) on investment transactions		1.03			0.78
Total from investment operations		1.16			0.83
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		-
Distributions from net realized gains on investments		-	(g)		-
Total dividends and distributions		(0.18	)		-
Net asset value, end of period		$11.81			$10.83
Total Return(c):		10.74%			8.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.33%	(e)		0.40%	(e)
Expenses before waivers and/or expense reimbursement		145.81%	(e)		246.60%	(e)
Net investment income (loss)		2.29%	(e)		0.84%	(e)
Portfolio turnover rate		17%	(f)		13%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005.

See Notes to Financial Statements.


186


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.84			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.04
Net realized and unrealized gain (loss) on investment transactions		1.03			0.80
Total from investment operations		1.17			0.84
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		-
Distributions from net realized gains on investments		-	(g)		-
Total dividends and distributions		(0.19	)		-
Net asset value, end of period		$11.82			$10.84
Total Return(c):		10.88%			8.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$5,123			$4,044
Average net assets (000)		$4,480			$80
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.18%	(e)		0.08%	(e)
Expenses before waivers and/or expense reimbursement		1.57%	(e)		40.80%	(e)
Net investment income (loss)		2.46%	(e)		0.59%	(e)
Portfolio turnover rate		17%	(f)		13%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005.

See Notes to Financial Statements.


Prudential Day One Funds			187

Prudential Day One 2035 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.85			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.05
Net realized and unrealized gain (loss) on investment transactions		1.05			0.80
Total from investment operations		1.17			0.85
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		-
Distributions from net realized gains on investments		-	(g)		-
Total dividends and distributions		(0.20	)		-
Net asset value, end of period		$11.82			$10.85
Total Return(c):		10.90%			8.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$45			$57
Average net assets (000)		$49			$37
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.08%	(e)		0.14%	(e)
Expenses before waivers and/or expense reimbursement		34.97%	(e)		122.15%	(e)
Net investment income (loss)		2.17%	(e)		0.73%	(e)
Portfolio turnover rate		17%	(f)		13%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005.

See Notes to Financial Statements.


188


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.85			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.08
Net realized and unrealized gain (loss) on investment transactions		1.04			0.77
Total from investment operations		1.19			0.85
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		-
Distributions from net realized gains on investments		-	(g)		-
Total dividends and distributions		(0.22	)		-
Net asset value, end of period		$11.82			$10.85
Total Return(c):		11.01%			8.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.02)%	(e)		0.05%	(e)
Expenses before waivers and/or expense reimbursement		148.24%	(e)		246.10%	(e)
Net investment income (loss)		2.61%	(e)		1.19%	(e)
Portfolio turnover rate		17%	(f)		13%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005.

See Notes to Financial Statements.


Prudential Day One Funds			189

Prudential Day One 2035 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.87			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.07
Net realized and unrealized gain (loss) on investment transactions		1.01			0.80
Total from investment operations		1.19			0.87
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		-
Distributions from net realized gains on investments		-	(g)		-
Total dividends and distributions		(0.23	)		-
Net asset value, end of period		$11.83			$10.87
Total Return(c):		11.06%			8.70%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12,167			$6,889
Average net assets (000)		$9,476			$1,284
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.17)%	(e)		(0.16)%	(e)
Expenses before waivers and/or expense reimbursement		1.12%	(e)		14.16%	(e)
Net investment income (loss)		3.12%	(e)		1.03%	(e)
Portfolio turnover rate		17%	(f)		13%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

(g)	Less than $0.005.

See Notes to Financial Statements.


190

Prudential Day One 2040 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.90			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.03
Net realized and unrealized gain (loss) on investment transactions		1.12			0.87
Total from investment operations		1.24			0.90
Less Dividends and Distributions:
Dividends from net investment income		(0.16	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.17	)		-
Net asset value, end of period		$11.97			$10.90
Total Return(c):		11.41%			9.00%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.57%	(e)		0.64%	(e)
Expenses before waivers and/or expense reimbursement		148.86%	(e)		226.80%	(e)
Net investment income (loss)		2.08%	(e)		0.46%	(e)
Portfolio turnover rate		16%	(f)		27%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			191

Prudential Day One 2040 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.92			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.05
Net realized and unrealized gain (loss) on investment transactions		1.11			0.87
Total from investment operations		1.25			0.92
Less Dividends and Distributions:
Dividends from net investment income		(0.19	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.20	)		-
Net asset value, end of period		$11.97			$10.92
Total Return(c):		11.47%			9.20%

Ratios/Supplemental Data:
Net assets, end of period (000)		$16			$12
Average net assets (000)		$13			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.32%	(e)		0.39%	(e)
Expenses before waivers and/or expense reimbursement		125.77%	(e)		219.37%	(e)
Net investment income (loss)		2.44%	(e)		0.69%	(e)
Portfolio turnover rate		16%	(f)		27%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


192


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.93			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.22			0.06
Net realized and unrealized gain (loss) on investment transactions		1.04			0.87
Total from investment operations		1.26			0.93
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.21	)		-
Net asset value, end of period		$11.98			$10.93
Total Return(c):		11.61%			9.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$312			$11
Average net assets (000)		$146			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.19%	(e)		0.24%	(e)
Expenses before waivers and/or expense reimbursement		13.21%	(e)		226.24%	(e)
Net investment income (loss)		3.82%	(e)		0.86%	(e)
Portfolio turnover rate		16%	(f)		27%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			193

Prudential Day One 2040 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.94			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.03
Net realized and unrealized gain (loss) on investment transactions		1.11			0.91
Total from investment operations		1.26			0.94
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.22	)		-
Net asset value, end of period		$11.98			$10.94
Total Return(c):		11.63%			9.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$138			$115
Average net assets (000)		$125			$71
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.07%	(e)		0.13%	(e)
Expenses before waivers and/or expense reimbursement		15.19%	(e)		81.65%	(e)
Net investment income (loss)		2.62%	(e)		0.52%	(e)
Portfolio turnover rate		16%	(f)		27%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


194


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.95			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.07
Net realized and unrealized gain (loss) on investment transactions		1.12			0.88
Total from investment operations		1.27			0.95
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.24	)		-
Net asset value, end of period		$11.98			$10.95
Total Return(c):		11.64%			9.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.03)%	(e)		0.03%	(e)
Expenses before waivers and/or expense reimbursement		145.29%	(e)		225.96%	(e)
Net investment income (loss)		2.69%	(e)		1.07%	(e)
Portfolio turnover rate		16%	(f)		27%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			195

Prudential Day One 2040 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.96			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.06
Net realized and unrealized gain (loss) on investment transactions		1.10			0.90
Total from investment operations		1.28			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.24)			-
Distributions from net realized gains on investments		(0.01)			-
Total dividends and distributions		(0.25)			-
Net asset value, end of period		$11.99			$10.96
Total Return(c):		11.79%			9.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$10,104			$5,693
Average net assets (000)		$7,708			$1,375
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.18)%	(e)		(0.17)%	(e)
Expenses before waivers and/or expense reimbursement		1.85%	(e)		13.42%	(e)
Net investment income (loss)		3.13%	(e)		0.85%	(e)
Portfolio turnover rate		16%	(f)		27%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


196

Prudential Day One 2045 Fund

Financial Highlights (unaudited)


Class R1
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.97			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.03
Net realized and unrealized gain (loss) on investment transactions		1.18			0.94
Total from investment operations		1.30			0.97
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.19	)		-
Net asset value, end of period		$12.08			$10.97
Total Return(c):		11.88%			9.70%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$11
Average net assets (000)		$11			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.57%	(e)		0.64%	(e)
Expenses before waivers and/or expense reimbursement		147.52%	(e)		218.87%	(e)
Net investment income (loss)		2.08%	(e)		0.39%	(e)
Portfolio turnover rate		25%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			197

Prudential Day One 2045 Fund

Financial Highlights (unaudited) (continued)


Class R2
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.98			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.04
Net realized and unrealized gain (loss) on investment transactions		1.18			0.94
Total from investment operations		1.32			0.98
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.21	)		-
Net asset value, end of period		$12.09			$10.98
Total Return(c):		12.14%			9.80%

Ratios/Supplemental Data:
Net assets, end of period (000)		$16			$12
Average net assets (000)		$14			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.32%	(e)		0.39%	(e)
Expenses before waivers and/or expense reimbursement		122.88%	(e)		216.07%	(e)
Net investment income (loss)		2.42%	(e)		0.63%	(e)
Portfolio turnover rate		25%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


198


Class R3
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.99			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.03
Net realized and unrealized gain (loss) on investment transactions		1.18			0.96
Total from investment operations		1.33			0.99
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.23	)		-
Net asset value, end of period		$12.09			$10.99
Total Return(c):		12.18%			9.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$5,175			$3,812
Average net assets (000)		$4,375			$76
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.17%	(e)		0.90%	(e)
Expenses before waivers and/or expense reimbursement		2.09%	(e)		42.49%	(e)
Net investment income (loss)		2.61%	(e)		0.38%	(e)
Portfolio turnover rate		25%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			199

Prudential Day One 2045 Fund

Financial Highlights (unaudited) (continued)


Class R4
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.00			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.03
Net realized and unrealized gain (loss) on investment transactions		1.08			0.97
Total from investment operations		1.33			1.00
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.24	)		-
Net asset value, end of period		$12.09			$11.00
Total Return(c):		12.20%			10.00%

Ratios/Supplemental Data:
Net assets, end of period (000)		$394			$247
Average net assets (000)		$307			$142
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.07%	(e)		0.12%	(e)
Expenses before waivers and/or expense reimbursement		7.08%	(e)		59.08%	(e)
Net investment income (loss)		4.25%	(e)		0.38%	(e)
Portfolio turnover rate		25%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


200


Class R5
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.01			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.07
Net realized and unrealized gain (loss) on investment transactions		1.18			0.94
Total from investment operations		1.34			1.01
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.25	)		-
Net asset value, end of period		$12.10			$11.01
Total Return(c):		12.30%			10.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$15			$12
Average net assets (000)		$13			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.03)%	(e)		0.04%	(e)
Expenses before waivers and/or expense reimbursement		131.15%	(e)		216.62%	(e)
Net investment income (loss)		2.71%	(e)		0.99%	(e)
Portfolio turnover rate		25%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			201

Prudential Day One 2045 Fund

Financial Highlights (unaudited) (continued)


Class R6
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.03			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.05
Net realized and unrealized gain (loss) on investment transactions		1.18			0.98
Total from investment operations		1.35			1.03
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.27	)		-
Net asset value, end of period		$12.11			$11.03
Total Return(c):		12.35%			10.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$5,517			$3,451
Average net assets (000)		$4,288			$665
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.18)%	(e)		(0.16)%	(e)
Expenses before waivers and/or expense reimbursement		1.85%	(e)		22.86%	(e)
Net investment income (loss)		3.01%	(e)		0.80%	(e)
Portfolio turnover rate		25%	(f)		21%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


202

Prudential Day One 2050 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.95			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.01
Net realized and unrealized gain (loss) on investment transactions		1.22			0.94
Total from investment operations		1.34			0.95
Less Dividends and Distributions:
Dividends from net investment income		(0.18	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.19	)		-
Net asset value, end of period		$12.10			$10.95
Total Return(c):		12.35%			9.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$128			$98
Average net assets (000)		$116			$15
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.56%	(e)		0.59%	(e)
Expenses before waivers and/or expense reimbursement		19.57%	(e)		192.34%	(e)
Net investment income (loss)		2.17%	(e)		0.14%	(e)
Portfolio turnover rate		53%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			203

Prudential Day One 2050 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.96			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.04
Net realized and unrealized gain (loss) on investment transactions		1.19			0.92
Total from investment operations		1.36			0.96
Less Dividends and Distributions:
Dividends from net investment income		(0.21	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.22	)		-
Net asset value, end of period		$12.10			$10.96
Total Return(c):		12.54%			9.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$32			$18
Average net assets (000)		$24			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.31%	(e)		0.38%	(e)
Expenses before waivers and/or expense reimbursement		75.86%	(e)		257.36%	(e)
Net investment income (loss)		2.89%	(e)		0.54%	(e)
Portfolio turnover rate		53%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


204


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.97			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.21			0.05
Net realized and unrealized gain (loss) on investment transactions		1.16			0.92
Total from investment operations		1.37			0.97
Less Dividends and Distributions:
Dividends from net investment income		(0.23	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.24	)		-
Net asset value, end of period		$12.10			$10.97
Total Return(c):		12.59%			9.70%

Ratios/Supplemental Data:
Net assets, end of period (000)		$148			$11
Average net assets (000)		$73			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.16%	(e)		0.23%	(e)
Expenses before waivers and/or expense reimbursement		27.67%	(e)		267.71%	(e)
Net investment income (loss)		3.61%	(e)		0.71%	(e)
Portfolio turnover rate		53%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			205

Prudential Day One 2050 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.98			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.03
Net realized and unrealized gain (loss) on investment transactions		1.21			0.95
Total from investment operations		1.37			0.98
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.25	)		-
Net asset value, end of period		$12.10			$10.98
Total Return(c):		12.60%			9.80%

Ratios/Supplemental Data:
Net assets, end of period (000)		$102			$75
Average net assets (000)		$87			$45
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.06%	(e)		0.11%	(e)
Expenses before waivers and/or expense reimbursement		24.00%	(e)		141.42%	(e)
Net investment income (loss)		2.69%	(e)		0.39%	(e)
Portfolio turnover rate		53%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


206


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.99			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.06
Net realized and unrealized gain (loss) on investment transactions		1.21			0.93
Total from investment operations		1.37			0.99
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.26	)		-
Net asset value, end of period		$12.10			$10.99
Total Return(c):		12.62%			9.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.04)%	(e)		0.02%	(e)
Expenses before waivers and/or expense reimbursement		149.21%	(e)		267.38%	(e)
Net investment income (loss)		2.72%	(e)		0.92%	(e)
Portfolio turnover rate		53%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			207

Prudential Day One 2050 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.00			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.06
Net realized and unrealized gain (loss) on investment transactions		1.22			0.94
Total from investment operations		1.40			1.00
Less Dividends and Distributions:
Dividends from net investment income		(0.27	)		-
Distributions from net realized gains on investments		(0.01	)		-
Total dividends and distributions		(0.28	)		-
Net asset value, end of period		$12.12			$11.00
Total Return(c):		12.86%			10.00%

Ratios/Supplemental Data:
Net assets, end of period (000)		$3,012			$2,013
Average net assets (000)		$2,553			$318
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.19)%	(e)		(0.19)%	(e)
Expenses before waivers and/or expense reimbursement		5.19%	(e)		49.96%	(e)
Net investment income (loss)		3.03%	(e)		0.83%	(e)
Portfolio turnover rate		53%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


208

Prudential Day One 2055 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.07			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.02
Net realized and unrealized gain (loss) on investment transactions		1.30			1.05
Total from investment operations		1.42			1.07
Less Dividends:
Dividends from net investment income		(0.19	)		-
Net asset value, end of period		$12.30			$11.07
Total Return(c):		12.94%			10.70%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.57%	(e)		0.64%	(e)
Expenses before waivers and/or expense reimbursement		147.62%	(e)		257.86%	(e)
Net investment income (loss)		2.09%	(e)		0.23%	(e)
Portfolio turnover rate		12%	(f)		4%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			209

Prudential Day One 2055 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.09			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.13			0.03
Net realized and unrealized gain (loss) on investment transactions		1.31			1.06
Total from investment operations		1.44			1.09
Less Dividends:
Dividends from net investment income		(0.22	)		-
Net asset value, end of period		$12.31			$11.09
Total Return(c):		13.09%			10.90%

Ratios/Supplemental Data:
Net assets, end of period (000)		$23			$17
Average net assets (000)		$19			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.32%	(e)		0.38%	(e)
Expenses before waivers and/or expense reimbursement		93.51%	(e)		250.88%	(e)
Net investment income (loss)		2.23%	(e)		0.47%	(e)
Portfolio turnover rate		12%	(f)		4%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


210


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.10			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.02
Net realized and unrealized gain (loss) on investment transactions		1.29			1.08
Total from investment operations		1.45			1.10
Less Dividends:
Dividends from net investment income		(0.24	)		-
Net asset value, end of period		$12.31			$11.10
Total Return(c):		13.13%			11.00%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,438			$1,795
Average net assets (000)		$2,081			$41
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.17%	(e)		0.13%	(e)
Expenses before waivers and/or expense reimbursement		4.38%	(e)		93.88%	(e)
Net investment income (loss)		2.68%	(e)		0.25%	(e)
Portfolio turnover rate		12%	(f)		4%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			211

Prudential Day One 2055 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.11			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.03
Net realized and unrealized gain (loss) on investment transactions		1.30			1.08
Total from investment operations		1.46			1.11
Less Dividends:
Dividends from net investment income		(0.25	)		-
Net asset value, end of period		$12.32			$11.11
Total Return(c):		13.24%			11.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$59			$45
Average net assets (000)		$51			$25
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.07%	(e)		0.13%	(e)
Expenses before waivers and/or expense reimbursement		36.26%	(e)		166.78%	(e)
Net investment income (loss)		2.68%	(e)		0.41%	(e)
Portfolio turnover rate		12%	(f)		4%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


212


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.12			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.06
Net realized and unrealized gain (loss) on investment transactions		1.30			1.06
Total from investment operations		1.46			1.12
Less Dividends:
Dividends from net investment income		(0.26	)		-
Net asset value, end of period		$12.32			$11.12
Total Return(c):		13.26%			11.20%

Ratios/Supplemental Data:
Net assets, end of period (000)		$14			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.03)%	(e)		0.03%	(e)
Expenses before waivers and/or expense reimbursement		141.76%	(e)		257.05%	(e)
Net investment income (loss)		2.72%	(e)		0.84%	(e)
Portfolio turnover rate		12%	(f)		4%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			213

Prudential Day One 2055 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning Of Period		$11.13			$10.00
Income (loss) from investment operations:
Net investment income		0.20			0.04
Net realized and unrealized gain (loss) on investment transactions		1.27			1.09
Total from investment operations		1.47			1.13
Less Dividends:
Dividends from net investment income		(0.28	)		-
Net asset value, end of period		$12.32			$11.13
Total Return(c)		13.32%			11.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$2,569			$950
Average net assets (000)		$1,759			$287
Ratios to average net assets(d):
Expense after waivers and/or expense reimbursement		(0.18)%	(e)		(0.15)%	(e)
Expense before waivers and/or expense reimbursement		4.25%	(e)		60.80%	(e)
Net investment income (loss)		3.34%	(e)		0.53%	(e)
Portfolio turnover rate		12%	(f)		4%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


214

Prudential Day One 2060 Fund

Financial Highlights (unaudited)


Class R1 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.01			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.12			0.01
Net realized and unrealized gain (loss) on investment transactions		1.35			1.00
Total from investment operations		1.47			1.01
Less Dividends and Distributions:
Dividends from net investment income		(0.20	)		-
Net asset value, end of period		$12.28			$11.01
Total Return(c):		13.40%			10.10%

Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.56%	(e)		0.63%	(e)
Expenses before waivers and/or expense reimbursement		191.18%	(e)		479.61%	(e)
Net investment income (loss)		2.11%	(e)		0.22%	(e)
Portfolio turnover rate		88%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			215

Prudential Day One 2060 Fund

Financial Highlights (unaudited) (continued)


Class R2 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.03			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.14			0.03
Net realized and unrealized gain (loss) on investment transactions		1.33			1.00
Total from investment operations		1.47			1.03
Less Dividends and Distributions:
Dividends from net investment income		(0.22	)		-
Net asset value, end of period		$12.28			$11.03
Total Return(c):		13.46%			10.30%

Ratios/Supplemental Data:
Net assets, end of period (000)		$15			$11
Average net assets (000)		$13			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.31%	(e)		0.37%	(e)
Expenses before waivers and/or expense reimbursement		179.95%	(e)		479.48%	(e)
Net investment income (loss)		2.45%	(e)		0.47%	(e)
Portfolio turnover rate		88%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


216


Class R3 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.04			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.18			0.04
Net realized and unrealized gain (loss) on investment transactions		1.31			1.00
Total from investment operations		1.49			1.04
Less Dividends and Distributions:
Dividends from net investment income		(0.24	)		-
Net asset value, end of period		$12.29			$11.04
Total Return(c):		13.60%			10.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$82			$11
Average net assets (000)		$54			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.16%	(e)		0.23%	(e)
Expenses before waivers and/or expense reimbursement		73.19%	(e)		479.19%	(e)
Net investment income (loss)		3.13%	(e)		0.61%	(e)
Portfolio turnover rate		88%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			217

Prudential Day One 2060 Fund

Financial Highlights (unaudited) (continued)


Class R4 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.04			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.15			0.05
Net realized and unrealized gain (loss) on investment transactions		1.35			0.99
Total from investment operations		1.50			1.04
Less Dividends and Distributions:
Dividends from net investment income		(0.25	)		-
Net asset value, end of period		$12.29			$11.04
Total Return(c):		13.72%			10.40%

Ratios/Supplemental Data:
Net assets, end of period (000)		$13			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.06%	(e)		0.12%	(e)
Expenses before waivers and/or expense reimbursement		191.00%	(e)		479.00%	(e)
Net investment income (loss)		2.61%	(e)		0.72%	(e)
Portfolio turnover rate		88%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


218


Class R5 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.05			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.16			0.05
Net realized and unrealized gain (loss) on investment transactions		1.34			1.00
Total from investment operations		1.50			1.05
Less Dividends and Distributions:
Dividends from net investment income		(0.26	)		-
Net asset value, end of period		$12.29			$11.05
Total Return(c):		13.72%			10.50%

Ratios/Supplemental Data:
Net assets, end of period (000)		$14			$11
Average net assets (000)		$12			$10
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.04%	(e)		0.02%	(e)
Expenses before waivers and/or expense reimbursement		190.95%	(e)		478.98%	(e)
Net investment income (loss)		2.72%	(e)		0.83%	(e)
Portfolio turnover rate		88%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


Prudential Day One Funds			219

Prudential Day One 2060 Fund

Financial Highlights (unaudited) (continued)


Class R6 Shares
	Six Months Ended January 31, 2018			December 13, 2016(a) through July 31, 2017
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$11.06			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.25			0.05
Net realized and unrealized gain (loss) on investment transactions		1.25			1.01
Total from investment operations		1.50			1.06
Less Dividends and Distributions:
Dividends from net investment income		(0.28	)		-
Net asset value, end of period		$12.28			$11.06
Total Return(c):		13.69%			10.60%

Ratios/Supplemental Data:
Net assets, end of period (000)		$270			$52
Average net assets (000)		$196			$19
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		(0.19)%	(e)		(0.15)%	(e)
Expenses before waivers and/or expense reimbursement		51.15%	(e)		459.90%	(e)
Net investment income (loss)		4.19%	(e)		0.79%	(e)
Portfolio turnover rate		88%	(f)		18%	(f)

(a)	Commencement of operations.

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

(c)

(d)	Does not include expenses of the underlying funds in which the Fund invests. Expenses waived/reimbursed include those of underlying funds in which the Fund invests. Consequently, the amount waived/reimbursed may be greater than the expense ratio reflected in the financial highlights.

(e)	Annualized.

(f)	Not annualized.

See Notes to Financial Statements.


220

^∎ MAIL

^∎ TELEPHONE

^∎ WEBSITE

655 Broad Street

Newark, NJ 07102

(800) 225-1852

www.pgiminvestments.com

PROXY VOTING

The Board of Trustees of the Funds has delegated to the Funds’ investment subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Funds. 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 www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available on the Funds’ website and on the Securities and Exchange Commission’s website at www.sec.gov.

TRUSTEES

Ellen S. Alberding • Kevin J. Bannon • Scott E. Benjamin • Linda W. Bynoe • Barry H. Evans • Keith F. Hartstein • Laurie Simon Hodrick • Michael S. Hyland • Stuart S. Parker • Brian K. Reid • Richard A. Redeker • Stephen G. Stoneburn • Grace C. Torres

OFFICERS

Stuart S. Parker, President • Scott E. Benjamin, Vice President • M. Sadiq Peshimam, Treasurer and Principal Financial and Accounting Officer • Raymond A. O’Hara, Chief Legal Officer • Deborah A. Docs, Secretary • Chad A. Earnst, Chief Compliance Officer • Charles H. Smith, Anti-Money Laundering Compliance Officer • Jonathan D. Shain, Assistant Secretary • Claudia DiGiacomo, Assistant Secretary • Andrew R. French, Assistant Secretary • Peter Parrella, Assistant Treasurer • Lana Lomuti, Assistant Treasurer • Linda McMullin, Assistant Treasurer • Kelly A. Coyne, Assistant Treasurer


MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102

INVESTMENT SUBADVISER	Quantitative Management Associates 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	225 Liberty Street New York, NY 10286

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

INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM	KPMG LLP	345 Park Avenue New York, NY 10154

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 Funds carefully before investing. The prospectus and summary prospectus for each Fund contain this and other information about the Funds. An investor may obtain a prospectus and summary prospectus by visiting our website at www.pgiminvestments.com or by calling (800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

E-DELIVERY

To receive your mutual fund documents online, go to www.pgiminvestments.com/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, Prudential Day One Funds, PGIM Investments, Attn: Board of Trustees, 655 Broad Street, Newark, NJ 07102. Shareholders can communicate directly with an individual Trustee by writing to the same address. Communications are not screened before being delivered to the addressee.

AVAILABILITY OF PORTFOLIO SCHEDULE

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission for the first and third quarters of each fiscal year on Form N-Q. Each Fund’s Forms N-Q will be available on the Commission’s website at www.sec.gov. Each Fund’s Forms N-Q may also be reviewed and copied at the Commission’s Public Reference Room in Washington, D.C. Information on the operation and location of the Public Reference Room may be obtained by calling 1-800-SEC-0330. Each Fund’s schedule of portfolio holdings is also available on the Funds’ website as of the end of each month no sooner than 15 days after the end of the month.

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

PRUDENTIAL DAY ONE FUNDS

NASDAQ

CUSIP

NASDAQ

CUSIP

NASDAQ

CUSIP

Prudential Day One Income Fund (Share Class R1)

PDADX

74445D109

Prudential Day One 2025 Fund (Share Class R1)

PDEDX

74445D711

Prudential Day One 2045 Fund (Share Class R1)

PDIDX

74445D448

Prudential Day One Income Fund (Share Class R2)

PDAEX

74445D208

Prudential Day One 2025 Fund (Share Class R2)

PDEEX

74445D695

Prudential Day One 2045 Fund (Share Class R2)

PDIEX

74445D430

Prudential Day One Income Fund (Share Class R3)

PDAFX

74445D307

Prudential Day One 2025 Fund (Share Class R3)

PDEFX

74445D687

Prudential Day One 2045 Fund (Share Class R3)

PDIKX

74445D422

Prudential Day One Income Fund (Share Class R4)

PDAGX

74445D406

Prudential Day One 2025 Fund (Share Class R4)

PDEGX

74445D679

Prudential Day One 2045 Fund (Share Class R4)

PDIGX

74445D414

Prudential Day One Income Fund (Share Class R5)

PDAHX

74445D505

Prudential Day One 2025 Fund (Share Class R5)

PDEHX

74445D661

Prudential Day One 2045 Fund (Share Class R5)

PDIHX

74445D398

Prudential Day One Income Fund (Share Class R6)

PDAJX

74445D604

Prudential Day One 2025 Fund (Share Class R6)

PDEJX

74445D653

Prudential Day One 2045 Fund (Share Class R6)

PDIJX

74445D380

Prudential Day One 2010 Fund (Share Class R1)

PDBDX

74445D703

Prudential Day One 2030 Fund (Share Class R1)

PDFCX

74445D646

Prudential Day One 2050 Fund (Share Class R1)

PDJDX

74445D372

Prudential Day One 2010 Fund (Share Class R2)

PDBEX

74445D802

Prudential Day One 2030 Fund (Share Class R2)

PDFEX

74445D638

Prudential Day One 2050 Fund (Share Class R2)

PDJEX

74445D364

Prudential Day One 2010 Fund (Share Class R3)

PDBFX

74445D885

Prudential Day One 2030 Fund (Share Class R3)

PDFFX

74445D620

Prudential Day One 2050 Fund (Share Class R3)

PDJFX

74445D356

Prudential Day One 2010 Fund (Share Class R4)

PDBGX

74445D877

Prudential Day One 2030 Fund (Share Class R4)

PDFGX

74445D612

Prudential Day One 2050 Fund (Share Class R4)

PDJGX

74445D349

Prudential Day One 2010 Fund (Share Class R5)

PDBHX

74445D869

Prudential Day One 2030 Fund (Share Class R5)

PDFHX

74445D596

Prudential Day One 2050 Fund (Share Class R5)

PDJHX

74445D331

Prudential Day One 2010 Fund (Share Class R6)

PDBJX

74445D851

Prudential Day One 2030 Fund (Share Class R6)

PDFJX

74445D588

Prudential Day One 2050 Fund (Share Class R6)

PDJJX

74445D323

Prudential Day One 2015 Fund (Share Class R1)

PDCDX

74445D844

Prudential Day One 2035 Fund (Share Class R1)

PDGCX

74445D570

Prudential Day One 2055 Fund (Share Class R1)

PDKDX

74445D315

Prudential Day One 2015 Fund (Share Class R2)

PDCEX

74445D836

Prudential Day One 2035 Fund (Share Class R2)

PDGEX

74445D562

Prudential Day One 2055 Fund (Share Class R2)

PDKEX

74445D299

Prudential Day One 2015 Fund (Share Class R3)

PDCFX

74445D828

Prudential Day One 2035 Fund (Share Class R3)

PDGFX

74445D554

Prudential Day One 2055 Fund (Share Class R3)

PDKFX

74445D281

Prudential Day One 2015 Fund (Share Class R4)

PDCGX

74445D810

Prudential Day One 2035 Fund (Share Class R4)

PDGGX

74445D547

Prudential Day One 2055 Fund (Share Class R4)

PDKGX

74445D273

Prudential Day One 2015 Fund (Share Class R5)

PDCHX

74445D794

Prudential Day One 2035 Fund (Share Class R5)

PDGHX

74445D539

Prudential Day One 2055 Fund (Share Class R5)

PDKHX

74445D265

Prudential Day One 2015 Fund (Share Class R6)

PDCJX

74445D786

Prudential Day One 2035 Fund (Share Class R6)

PDGJX

74445D521

Prudential Day One 2055 Fund (Share Class R6)

PDKJX

74445D257

Prudential Day One 2020 Fund (Share Class R1)

PDDDX

74445D778

Prudential Day One 2040 Fund (Share Class R1)

PDHDX

74445D513

Prudential Day One 2060 Fund (Share Class R1)

PDLDX

74445D240

Prudential Day One 2020 Fund (Share Class R2)

PDDEX

74445D760

Prudential Day One 2040 Fund (Share Class R2)

PDHEX

74445D497

Prudential Day One 2060 Fund (Share Class R2)

PDLEX

74445D232

Prudential Day One 2020 Fund (Share Class R3)

PDDFX

74445D752

Prudential Day One 2040 Fund (Share Class R3)

PDHFX

74445D489

Prudential Day One 2060 Fund (Share Class R3)

PDLFX

74445D224

Prudential Day One 2020 Fund (Share Class R4)

PDDGX

74445D745

Prudential Day One 2040 Fund (Share Class R4)

PDHGX

74445D471

Prudential Day One 2060 Fund (Share Class R4)

PDLGX

74445D216

Prudential Day One 2020 Fund (Share Class R5)

PDDHX

74445D737

Prudential Day One 2040 Fund (Share Class R5)

PDHHX

74445D463

Prudential Day One 2060 Fund (Share Class R5)

PDLHX

74445D190

Prudential Day One 2020 Fund (Share Class R6)

PDDJX

74445D729

Prudential Day One 2040 Fund (Share Class R6)

PDHJX

74445D455

Prudential Day One 2060 Fund (Share Class R6)

PDLJX

74445D182

MF236E2

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

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

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

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

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

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

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

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

Item 10 – Submission of Matters to a Vote of Security Holders – Not applicable.

Item 11 – Controls and Procedures

(a)

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

(b)

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

Item 12 – Exhibits

(a)

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

(2)

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

(3)

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

(b)

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

SIGNATURES

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


Registrant:		Prudential Investment Portfolios 5

By:		/s/ Deborah A. Docs
		Deborah A. Docs
		Secretary

Date:		March 16, 2018

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


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

Date:		March 16, 2018

By:		/s/ M. Sadiq Peshimam
		M. Sadiq Peshimam
		Treasurer and Principal Financial and Accounting Officer

Date:		March 16, 2018

Prudential Investment Portfolios 5 N-CSRSCertified semi-annual shareholder report (management investment company)