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

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORMN-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, 17th Floor
	Newark, New Jersey 07102
Name and address of agent for service:	Andrew R. French
	655 Broad Street, 17th Floor
	Newark, New Jersey 07102
Registrant’s telephone number, including area code:	800-225-1852
Date of fiscal year end:	7/31/2019
Date of reporting period:	1/31/2019

Item 1 – Reports to Stockholders

PGIM JENNISON DIVERSIFIED GROWTH FUND

(formerly known as Prudential Jennison Diversified Growth Fund)

SEMIANNUAL REPORT

JANUARY 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

The accompanying financial statements as of January 31, 2019 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.^© 2019 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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PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, seeClass C Shares Automatically Convert to Class A Shares inHow to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitutetax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Jennison Diversified Growth Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (seeAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitutetax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth onAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Semiannual Report -

PGIM 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

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Diversified Growth Fund informative and useful. The report covers performance for the six-month period ended January 31, 2019.

We have important information to share with you. Effective June 11, 2018,

Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Diversified Growth Fund

March 15, 2019

*The Prudential Day One Funds did not change their names.

PGIM 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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19 (with sales  charges)
	Six Months** (%)	One Year (%)	Five Years (%)	Ten Years (%)	Since Inception (%)
Class A	–3.13	–6.76	9.55	13.77	—
Class B	–3.72	–6.79	9.71	13.52	—
Class C	–3.52	–2.95	9.96	13.58	—
Class Z	–3.04	–1.17	N/A	N/A	11.70 (9/27/17)
Class R6*	–3.04	–1.17	N/A	N/A	11.70 (9/27/17)
Russell 1000 Growth Index
	–2.77	0.24	12.97	16.86	—
Lipper Large-Cap Growth Funds Average
	–2.82	0.32	11.47	15.66	—

*Formerly known as Class Q shares.

**Not annualized

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

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 Z	Class R6**
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)	1.00% on sales made within 12 months of purchase	None	None
Annual distribution or 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

*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.

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 average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class Z and Class R6** shares is 11.62%.

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 average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class Z and Class R6** shares is 11.40%.

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.

**Formerly known as Class Q shares.

PGIM Jennison Diversified Growth Fund 9

Your Fund’s Performance(continued)

Presentation of Fund Holdings

Five Largest Holdings expressed as a percentage of net assets as of 1/31/19 (%)
Microsoft Corp.,Software	5.9
Amazon.com, Inc.,Internet & Direct Marketing Retail	5.4
Alphabet, Inc. (Class A Stock),Interactive Media & Services	4.3
Mastercard, Inc. (Class A Stock),IT Services	3.9
salesforce.com, Inc.,Software	3.7

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

Five Largest Industries expressed as a percentage of net assets as of 1/31/19 (%)
Software	18.1
Interactive Media & Services	10.2
IT Services	8.1
Internet & Direct Marketing Retail	8.1
Biotechnology	4.8

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, 2019. 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

PGIM 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.

PGIM Jennison Diversified Growth Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Class A	Actual	$	1,000.00	$	968.70		1.20	%	$	5.95
	Hypothetical	$	1,000.00	$	1,019.16		1.20	%	$	6.11
Class B	Actual	$	1,000.00	$	962.80		2.26	%	$	11.18
	Hypothetical	$	1,000.00	$	1,013.81		2.26	%	$	11.47
Class C	Actual	$	1,000.00	$	964.80		1.95	%	$	9.66
	Hypothetical	$	1,000.00	$	1,015.38		1.95	%	$	9.91
Class Z	Actual	$	1,000.00	$	969.60		1.00	%	$	4.96
	Hypothetical	$	1,000.00	$	1,020.16		1.00	%	$	5.09
Class R6	Actual	$	1,000.00	$	969.60		1.00	%	$	4.96
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.8%
COMMON STOCKS
Aerospace & Defense    4.3%
Boeing Co. (The)		21,491	$	8,287,360
Safran SA (France), ADR		51,692		1,697,048
				9,984,408
Airlines    0.8%
Delta Air Lines, Inc.		36,755		1,816,800
Automobiles    1.9%
Tesla, Inc.*(a)		14,517		4,457,009
Banks    2.2%
East West Bancorp, Inc.		19,813		996,990
JPMorgan Chase & Co.		23,931		2,476,859
Western Alliance Bancorp*		38,680		1,712,750
				5,186,599
Biotechnology    4.8%
Alexion Pharmaceuticals, Inc.*		4,674		574,715
Amgen, Inc.		20,132		3,766,898
Biogen, Inc.*		8,664		2,891,870
Vertex Pharmaceuticals, Inc.*		20,749		3,961,192
				11,194,675
Chemicals    1.0%
Celanese Corp.		18,938		1,813,503
LyondellBasell Industries NV (Class A Stock)		6,428		559,043
				2,372,546
Commercial Services & Supplies    0.8%
Copart, Inc.*		37,622		1,904,802
Communications Equipment    0.4%
F5 Networks, Inc.*		5,387		867,038
Consumer Finance    1.5%
Capital One Financial Corp.		7,011		565,017

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 13

Schedule of Investments (unaudited) (continued)

as of January 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Consumer Finance (cont’d.)
Discover Financial Services		27,920	$	1,884,321
Santander Consumer USA Holdings, Inc.		54,557		1,039,856
				3,489,194
Containers & Packaging    0.5%
International Paper Co.		26,553		1,259,409
Diversified Consumer Services    0.6%
H&R Block, Inc.		62,772		1,480,791
Diversified Financial Services    0.2%
Berkshire Hathaway, Inc. (Class B Stock)*		2,754		566,057
Entertainment    3.9%
Netflix, Inc.*		15,330		5,204,535
Walt Disney Co. (The)		33,233		3,706,144
				8,910,679
Equity Real Estate Investment Trusts (REITs)    0.7%
American Tower Corp.		3,326		574,866
Simon Property Group, Inc.		6,304		1,148,084
				1,722,950
Food & Staples Retailing    2.5%
Costco Wholesale Corp.		22,300		4,786,249
Sysco Corp.		16,771		1,070,828
				5,857,077
Food Products    0.4%
Kellogg Co.		13,625		804,011
Health Care Equipment & Supplies    0.3%
Edwards Lifesciences Corp.*		3,361		572,782
Health Care Providers & Services    1.9%
HCA Healthcare, Inc.		15,780		2,200,206
UnitedHealth Group, Inc.		8,166		2,206,453
				4,406,659

See Notes to Financial Statements.

14

Description	Shares			Value
COMMON STOCKS (Continued)
Hotels, Restaurants & Leisure    3.2%
Chipotle Mexican Grill, Inc.*		6,204		$	3,285,700
McDonald’s Corp.		3,120			557,794
Wyndham Destinations, Inc.		41,691			1,756,859
Yum! Brands, Inc.		18,791			1,765,978
					7,366,331
Household Durables    0.3%
PulteGroup, Inc.		22,610			628,784
Interactive Media & Services    10.2%
Alphabet, Inc. (Class A Stock)*		8,845			9,958,497
Facebook, Inc. (Class A Stock)*		21,549			3,592,003
Match Group, Inc.		10,810			578,227
Tencent Holdings Ltd. (China), ADR		174,513			7,785,025
TripAdvisor, Inc.*		30,619			1,756,918
					23,670,670
Internet & Direct Marketing Retail    8.1%
Alibaba Group Holding Ltd. (China), ADR*(a)		36,724			6,187,627
Amazon.com, Inc.*		7,312			12,567,354
					18,754,981
IT Services    8.1%
Booz Allen Hamilton Holding Corp.		12,394	��		608,917
FleetCor Technologies, Inc.*		2,812			567,490
Mastercard, Inc. (Class A Stock)		42,417			8,955,501
Sabre Corp.		24,569			564,596
VeriSign, Inc.*		3,370			570,440
Visa, Inc. (Class A Stock)		55,540			7,498,455
					18,765,399
Life Sciences Tools & Services    2.6%
Illumina, Inc.*		15,157			4,240,777
Thermo Fisher Scientific, Inc.		7,374			1,811,571
					6,052,348
Machinery    0.3%
Allison Transmission Holdings, Inc.		13,757			669,553

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 15

Schedule of Investments (unaudited) (continued)

as of January 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Media    1.6%
AMC Networks, Inc. (Class A Stock)*		28,232	$	1,776,922
Interpublic Group of Cos., Inc. (The)		40,206		914,686
Omnicom Group, Inc.		12,153		946,476
				3,638,084
Oil, Gas & Consumable Fuels    0.5%
Continental Resources, Inc.*		12,016		554,779
EOG Resources, Inc.		6,075		602,640
				1,157,419
Personal Products    0.6%
Herbalife Nutrition Ltd.*(a)		22,669		1,353,339
Pharmaceuticals    4.2%
AstraZeneca PLC (United Kingdom), ADR		113,774		4,161,853
Bristol-Myers Squibb Co.		11,611		573,235
Jazz Pharmaceuticals PLC*		4,521		569,148
Merck & Co., Inc.		49,560		3,688,751
Zoetis, Inc.		7,974		687,040
				9,680,027
Real Estate Management & Development    0.8%
CBRE Group, Inc. (Class A Stock)*		40,341		1,845,601
Road & Rail    0.5%
CSX Corp.		8,553		561,932
Union Pacific Corp.		3,526		560,881
				1,122,813
Semiconductors & Semiconductor Equipment    3.0%
Broadcom, Inc.		16,894		4,531,815
Micron Technology, Inc.*		60,636		2,317,508
				6,849,323
Software    18.1%			��
Adobe, Inc.*		27,432		6,798,198
Autodesk, Inc.*		3,884		571,725
Citrix Systems, Inc.		18,717		1,919,241
Fortinet, Inc.*		25,043		1,917,542
Intuit, Inc.		2,891		623,936

See Notes to Financial Statements.

16

Description	Shares		Value
COMMON STOCKS (Continued)
Software (cont’d.)
Microsoft Corp.		130,768	$	13,656,102
Paycom Software, Inc.*		4,310		638,914
Red Hat, Inc.*		4,869		865,903
salesforce.com, Inc.*		56,639		8,607,429
Splunk, Inc.*		5,155		643,550
VMware, Inc. (Class A Stock)		11,383		1,719,630
Workday, Inc. (Class A Stock)*		22,120		4,015,444
				41,977,614
Specialty Retail    1.1%
Gap, Inc. (The)		22,467		571,561
Home Depot, Inc. (The)		3,113		571,329
Michaels Cos., Inc. (The)*		59,421		823,575
Williams-Sonoma, Inc.		10,703		582,564
				2,549,029
Technology Hardware, Storage & Peripherals    2.6%
Apple, Inc.		36,269		6,036,612
Textiles, Apparel & Luxury Goods    3.1%
Kering SA (France), ADR		34,604		1,736,775
Lululemon Athletica, Inc.*		24,136		3,567,542
NIKE, Inc. (Class B Stock)		22,942		1,878,491
				7,182,808
Trading Companies & Distributors    0.3%
United Rentals, Inc.*		5,254		658,116
Wireless Telecommunication Services    0.9%
T-Mobile US, Inc.*		28,555		1,987,999
TOTAL LONG-TERM INVESTMENTS (cost $166,806,549)				228,800,336
SHORT-TERM INVESTMENTS    6.3%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		1,327,178		1,327,178

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 17

Schedule of Investments (unaudited) (continued)

as of January 31, 2019

Description	Shares		Value
AFFILIATED MUTUAL FUNDS (Continued)
PGIM Institutional Money Market Fund (cost $13,327,862; includes $13,311,421 of cash collateral for securities on loan)(b)(w)		13,326,697	$	13,329,362
TOTAL SHORT-TERM INVESTMENTS (cost $14,655,040)				14,656,540
TOTAL INVESTMENTS    105.1% (cost $181,461,589)				243,456,876
Liabilities in excess of other assets    (5.1)%				(11,905,382	)
NET ASSETS    100.0%			$	231,551,494

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 $13,108,567; cash collateral of $13,311,421 (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 PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market 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.

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	9,984,408	$	—	$	—
Airlines		1,816,800		—		—
Automobiles		4,457,009		—		—
Banks		5,186,599		—		—
Biotechnology		11,194,675		—		—
Chemicals		2,372,546		—		—

See Notes to Financial Statements.

18

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
Commercial Services & Supplies	$	1,904,802	$	—	$	—
Communications Equipment		867,038		—		—
Consumer Finance		3,489,194		—		—
Containers & Packaging		1,259,409		—		—
Diversified Consumer Services		1,480,791		—		—
Diversified Financial Services		566,057		—		—
Entertainment		8,910,679		—		—
Equity Real Estate Investment Trusts (REITs)		1,722,950		—		—
Food & Staples Retailing		5,857,077		—		—
Food Products		804,011		—		—
Health Care Equipment & Supplies		572,782		—		—
Health Care Providers & Services		4,406,659		—		—
Hotels, Restaurants & Leisure		7,366,331		—		—
Household Durables		628,784		—		—
Interactive Media & Services		23,670,670		—		—
Internet & Direct Marketing Retail		18,754,981		—		—
IT Services		18,765,399		—		—
Life Sciences Tools & Services		6,052,348		—		—
Machinery		669,553		—		—
Media		3,638,084		—		—
Oil, Gas & Consumable Fuels		1,157,419		—		—
Personal Products		1,353,339		—		—
Pharmaceuticals		9,680,027		—		—
Real Estate Management & Development		1,845,601		—		—
Road & Rail		1,122,813		—		—
Semiconductors & Semiconductor Equipment		6,849,323		—		—
Software		41,977,614		—		—
Specialty Retail		2,549,029		—		—
Technology Hardware, Storage & Peripherals		6,036,612		—		—
Textiles, Apparel & Luxury Goods		7,182,808		—		—
Trading Companies & Distributors		658,116		—		—
Wireless Telecommunication Services		1,987,999		—		—
Affiliated Mutual Funds		14,656,540		—		—
Total	$	243,456,876	$	—	$	—

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, 2019 were as follows:

Software	18.1	%
Interactive Media & Services	10.2
IT Services	8.1

Internet & Direct Marketing Retail	8.1	%
Affiliated Mutual Funds (5.7% represents investments purchased with collateral from securities on loan)	6.3
Biotechnology	4.8
Aerospace & Defense	4.3

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 19

Schedule of Investments(unaudited) (continued)

as of January 31, 2019

Industry Classification (continued):

Pharmaceuticals	4.2	%
Entertainment	3.9
Hotels, Restaurants & Leisure	3.2
Textiles, Apparel & Luxury Goods	3.1
Semiconductors & Semiconductor Equipment	3.0
Life Sciences Tools & Services	2.6
Technology Hardware, Storage & Peripherals	2.6
Food & Staples Retailing	2.5
Banks	2.2
Automobiles	1.9
Health Care Providers & Services	1.9
Media	1.6
Consumer Finance	1.5
Specialty Retail	1.1
Chemicals	1.0
Wireless Telecommunication Services	0.9
Commercial Services & Supplies	0.8
Real Estate Management & Development	0.8
Airlines	0.8
Equity Real Estate Investment Trusts (REITs)	0.7	%
Diversified Consumer Services	0.6
Personal Products	0.6
Containers & Packaging	0.5
Oil, Gas & Consumable Fuels	0.5
Road & Rail	0.5
Communications Equipment	0.4
Food Products	0.4
Machinery	0.3
Trading Companies & Distributors	0.3
Household Durables	0.3
Health Care Equipment & Supplies	0.3
Diversified Financial Services	0.2
	105.1
Liabilities in excess of other assets	(5.1	)
	100.0	%

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 toset-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	$	13,108,567	$	(13,108,567	)	$	—

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

See Notes to Financial Statements.

20

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Investments at value, including securities on loan of $13,108,567:
Unaffiliated investments (cost $166,806,549)	$	228,800,336
Affiliated investments (cost $14,655,040)		14,656,540
Receivable for investments sold		28,936,717
Dividends receivable		32,831
Receivable for Fund shares sold		29,944
Tax reclaim receivable		17,536
Prepaid expenses and other assets		2,299
Total Assets		272,476,203
Liabilities
Payable for investments purchased		27,125,612
Payable to broker for collateral for securities on loan		13,311,421
Management fee payable		128,848
Payable for Fund shares reacquired		124,851
Accrued expenses and other liabilities		123,711
Distribution fee payable		73,818
Affiliated transfer agent fee payable		36,448
Total Liabilities		40,924,709
Net Assets	$	231,551,494
Net assets were comprised of:
Shares of beneficial interest, at par	$	19,932
Paid-in capital in excess of par		169,063,003
Total distributable earnings (loss)		62,468,559
Net assets, January 31, 2019	$	231,551,494

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 21

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Class A
Net asset value and redemption price per share, ($182,156,562 ÷ 15,017,099 shares of beneficial interest issued and outstanding)	$	12.13
Maximum sales charge (5.50% of offering price)		0.71
Maximum offering price to public	$	12.84
Class B
Net asset value, offering price and redemption price per share, ($1,194,729 ÷ 121,644 shares of beneficial interest issued and outstanding)	$	9.82
Class C
Net asset value, offering price and redemption price per share, ($43,651,006 ÷ 4,418,028 shares of beneficial interest issued and outstanding)	$	9.88
Class Z
Net asset value, offering price and redemption price per share, ($4,537,590 ÷ 374,093 shares of beneficial interest issued and outstanding)	$	12.13
Class R6
Net asset value, offering price and redemption price per share, ($11,607 ÷ 957 shares of beneficial interest issued and outstanding)	$	12.13

See Notes to Financial Statements.

22

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $8,461 foreign withholding tax)	$	1,163,191
Affiliated dividend income		28,337
Income from securities lending, net (including affiliated income of $9,971)		11,879
Total income		1,203,407
Expenses
Management fee		835,817
Distribution fee(a)		516,222
Transfer agent’s fees and expenses (including affiliated expense of $90,903)(a)		191,600
Custodian and accounting fees		37,512
Registration fees(a)		37,461
Shareholders’ reports		19,222
Audit fee		12,124
Legal fees and expenses		9,977
Trustees’ fees		8,568
Miscellaneous		8,149
Total expenses		1,676,652
Less: Fee waiver and/or expense reimbursement(a)		(19,364	)
Distribution fee waiver(a)		(46,968	)
Net expenses		1,610,320
Net investment income (loss)		(406,913	)
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $(1,071))		2,868,888
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $1,500)		(10,479,848	)
Net gain (loss) on investment transactions		(7,610,960	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(8,017,873	)

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

	Class A			Class B			Class C		Class Z			Class R6
Distribution fee		281,802			6,910			227,510		—			—
Transfer agent’s fees and expenses		155,492			4,819			30,350		920			19
Registration fees		8,256			7,930			7,936		6,670			6,669
Fee waiver and/or expense reimbursement		—			(9,424	)		—		(3,265	)		(6,675	)
Distribution fee waiver		(46,968	)		—			—		—			—

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 23

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	(406,913	)	$	190,507
Net realized gain (loss) on investment transactions		2,868,888			25,494,152
Net change in unrealized appreciation (depreciation) on investments		(10,479,848	)		17,758,751
Net increase (decrease) in net assets resulting from operations		(8,017,873	)		43,443,410
Dividends and Distributions
Distributions from distributable earnings*
Class A		(16,246,746	)		—
Class B		(141,819	)		—
Class C		(4,685,728	)		—
Class Z		(424,868	)		—
Class R6		(1,051	)		—
		(21,500,212	)		—
Dividends from net investment income*
Class A					(359,379	)
Class Z					(183	)
Class R6					(21	)
		*			(359,583	)
Distributions from net realized gains*
Class A					(18,411,360	)
Class B					(225,437	)
Class C					(5,884,435	)
Class Z					(9,397	)
Class R6					(1,059	)
		*			(24,531,688	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		4,965,638			8,114,816
Net asset value of shares issued in reinvestment of dividends and distributions		21,290,091			24,639,762
Cost of shares reacquired		(14,461,683	)		(33,347,805	)
Net increase (decrease) in net assets from Fund share transactions		11,794,046			(593,227	)
Total increase (decrease)		(17,724,039	)		17,958,912
Net Assets:
Beginning of period		249,275,533			231,316,621
End of period(a)	$	231,551,494		$	249,275,533
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	181,997

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

24

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, PGIM 60/40 Allocation Fund, PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund. These financial statements relate only to the PGIM Jennison Diversified Growth Fund (the “Fund”).

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

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies.The following 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 Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

PGIM Jennison Diversified Growth Fund 25

Notes to Financial Statements(unaudited)(continued)

of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common 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 inopen-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 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

26

as to disposition under federal 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, may not reasonably be expected to be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of 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 transaction costs 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 of 1933, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees. 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.

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

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

PGIM Jennison Diversified Growth Fund 27

Notes to Financial Statements (unaudited) (continued)

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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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 lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. 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”.

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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. Net investment income or loss (other than class

28

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. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) andpaid-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 the Manager. Pursuant to this agreement, the Manager has responsibility for all investment advisory services and supervises the Subadviser’s performance of such services. In addition, under the management agreement, the Manager provides all of the administrative functions necessary for the organization, operation and management of the Fund. The Manager 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 and the Fund’s transfer agent. The Manager 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 Manager has entered into a subadvisory agreement with Jennison Associates LLC (“Jennison”). The subadvisory agreement provides that Jennison will furnish investment

PGIM Jennison Diversified Growth Fund 29

Notes to Financial Statements (unaudited) (continued)

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. The Manager 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 the Manager is accrued daily and payable monthly at an annual rate of 0.70% 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 assets in excess of $1 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.70% for the reporting period ended January 31, 2019.

The Manager has contractually agreed, through November 30, 2019, to limit total annual 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 Z shares, and 1.00% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), acquired fund fees and expenses, extraordinary expenses, and certain other Fund expenses such as dividend and interest expense and broker charges on short sales. Where applicable, the Manager agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. Fees and/or expenses waived and/or reimbursed by PGIM Investments may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

The 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 B, Class C, Class Z and Class R6 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 “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 Z and Class R6 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, Class B and Class 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.

30

PIMS has advised the Fund that it received $42,366 infront-end sales charges resulting from sales of Class A shares during the reporting period ended January 31, 2019. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.

PIMS has advised the Fund that for the reporting period ended January 31, 2019, it received $230 and $170 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 certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” notes section. For the reporting period ended January 31, 2019, no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the and Money Market Fund are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.

PGIM Jennison Diversified Growth Fund 31

Notes to Financial Statements(unaudited) (continued)

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 reporting period ended January 31, 2019, were $169,265,472 and $179,926,493, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended January 31, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	2,529,399	$	15,465,682	$	16,667,903	$	—	$	—		$	1,327,178		1,327,178	$	28,337
	PGIM Institutional Money Market Fund*
	11,164,184		72,811,059		70,646,310		1,500		(1,071	)		13,329,362		13,326,697		9,971	**
$	13,693,583	$	88,276,741	$	87,314,213	$	1,500	$	(1,071	)	$	14,656,540			$	38,308

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2019 were as follows:

Tax Basis	$	181,905,538
Gross Unrealized Appreciation		64,439,915
Gross Unrealized Depreciation		(2,888,577	)
Net Unrealized Appreciation	$	61,551,338

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. 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.

32

6. Capital and Ownership

The Fund offers Class A, Class B, Class C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-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 3% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately five 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 Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 957 Class Z shares and 957 Class R6 shares of the Fund. At reporting period end, three shareholders of record held 23% of the Fund’s outstanding shares, each holding greater than 5% of 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, 2019:
Shares sold		259,629		$	3,244,734
Shares issued in reinvestment of dividends and distributions		1,368,750			16,082,820
Shares reacquired		(773,984	)		(9,978,922	)
Net increase (decrease) in shares outstanding before conversion		854,395			9,348,632
Shares issued upon conversion from other share class(es)		52,756			622,316
Shares reacquired upon conversion into other share class(es)		(228,264	)		(3,234,679	)
Net increase (decrease) in shares outstanding		678,887		$	6,736,269
Year ended July 31, 2018:
Shares sold		423,776		$	5,602,895
Shares issued in reinvestment of dividends and distributions		1,503,353			18,566,414
Shares reacquired		(1,630,778	)		(21,550,211	)
Net increase (decrease) in shares outstanding before conversion		296,351			2,619,098
Shares issued upon conversion from other share class(es)		69,799			931,379
Shares reacquired upon conversion into other share class(es)		(60,641	)		(812,950	)
Net increase (decrease) in shares outstanding		305,509		$	2,737,527

PGIM Jennison Diversified Growth Fund 33

Notes to Financial Statements(unaudited) (continued)

Class B	Shares			Amount
Six months ended January 31, 2019:
Shares sold		6,261		$	64,938
Shares issued in reinvestment of dividends and distributions		14,643			139,545
Shares reacquired		(12,010	)		(130,014	)
Net increase (decrease) in shares outstanding before conversion		8,894			74,469
Shares reacquired upon conversion into other share class(es)		(24,738	)		(258,731	)
Net increase (decrease) in shares outstanding		(15,844	)	$	(184,262	)
Year ended July 31, 2018:
Shares sold		8,965		$	100,545
Shares issued in reinvestment of dividends and distributions		21,374			220,576
Shares reacquired		(35,107	)		(388,334	)
Net increase (decrease) in shares outstanding before conversion		(4,768	)		(67,213	)
Shares reacquired upon conversion into other share class(es)		(56,226	)		(641,424	)
Net increase (decrease) in shares outstanding		(60,994	)	$	(708,637	)
Class C
Six months ended January 31, 2019:
Shares sold		132,802		$	1,311,234
Shares issued in reinvestment of dividends and distributions		486,308			4,658,833
Shares reacquired		(368,709	)		(3,946,936	)
Net increase (decrease) in shares outstanding before conversion		250,401			2,023,131
Shares reacquired upon conversion into other share class(es)		(41,537	)		(399,440	)
Net increase (decrease) in shares outstanding		208,864		$	1,623,691
Year ended July 31, 2018:
Shares sold		127,453		$	1,441,309
Shares issued in reinvestment of dividends and distributions		565,001			5,842,112
Shares reacquired		(987,811	)		(11,122,006	)
Net increase (decrease) in shares outstanding before conversion		(295,357	)		(3,838,585	)
Shares reacquired upon conversion into other share class(es)		(34,928	)		(383,288	)
Net increase (decrease) in shares outstanding		(330,285	)	$	(4,221,873	)
Class Z
Six months ended January 31, 2019:
Shares sold		26,194		$	344,732
Shares issued in reinvestment of dividends and distributions		34,710			407,842
Shares reacquired		(32,958	)		(405,811	)
Net increase (decrease) in shares outstanding before conversion		27,946			346,763
Shares issued upon conversion from other share class(es)		228,228			3,270,534
Net increase (decrease) in shares outstanding		256,174		$	3,617,297
Period ended July 31, 2018*:
Shares sold		70,666		$	960,067
Shares issued in reinvestment of dividends and distributions		776			9,581
Shares reacquired		(21,145	)		(287,254	)
Net increase (decrease) in shares outstanding before conversion		50,297			682,394
Shares issued upon conversion from other share class(es)		67,622			906,283
Net increase (decrease) in shares outstanding		117,919		$	1,588,677

34

Class R6	Shares		Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		90	$	1,051
Net increase (decrease) in shares outstanding		90	$	1,051
Period ended July 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

* 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. 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 4, 2018 through October 3, 2019. 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 4, 2018, the Fund had another SCA that provided a commitment of $900 million and the Fund 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) the1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended January 31, 2019.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Equity and Equity-Related Securities Risks:The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund’ holdings can vary significantly from broad market indexes and the performance of the Fund can deviate

PGIM Jennison Diversified Growth Fund 35

Notes to Financial Statements(unaudited) (continued)

from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

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

Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the

36

removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM Jennison Diversified Growth Fund 37

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended January 31,			Year Ended July 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$13.79			$12.79			$11.03			$12.01			$11.81			$10.46
Income (loss) from investment operations:
Net investment income (loss)		(0.01	)		0.03			0.04			0.06			0.06			0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.47	)		2.35			2.09			(0.19	)		1.28			1.78
Total from investment operations		(0.48	)		2.38			2.13			(0.13	)		1.34			1.82
Less Dividends and Distributions:
Dividends from net investment income		(0.01	)		(0.02	)		(0.06	)		(0.03	)		(0.04	)		(0.02	)
Distributions from net realized gains		(1.17	)		(1.36	)		(0.31	)		(0.82	)		(1.10	)		(0.45	)
Total dividends and distributions		(1.18	)		(1.38	)		(0.37	)		(0.85	)		(1.14	)		(0.47	)
Net asset value, end of period		$12.13			$13.79			$12.79			$11.03			$12.01			$11.81
Total Return(b):		(3.20)%			19.90%			19.78%			(0.82)%			11.84%			17.78%
Ratios/Supplemental Data:
Net assets, end of period (000)		$182,157			$197,689			$179,539			$166,997			$186,770			$175,928
Average net assets (000)		$186,329			$190,178			$169,500			$167,524			$181,444			$169,539
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.20%	(e)		1.20%			1.24%			1.28%			1.24%			1.26%
Expenses before waivers and/or expense reimbursement		1.25%	(e)		1.25%			1.29%			1.33%			1.29%			1.31%
Net investment income (loss)		(0.20)%	(e)		0.24%			0.38%			0.52%			0.47%			0.36%
Portfolio turnover rate(f)		71%			185%			181%			246%			295%			234%

(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) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

38

Class B Shares
	Six Months Ended January 31,			Year Ended July 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$11.45			$10.93			$9.49			$10.49			$10.49			$9.38
Income (loss) from investment operations:
Net investment income (loss)		(0.07	)		(0.10	)		(0.03	)		(0.02	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.39	)		1.98			1.78			(0.16	)		1.13			1.60
Total from investment operations		(0.46	)		1.88			1.75			(0.18	)		1.10			1.56
Less Dividends and Distributions:
Distributions from net realized gains		(1.17	)		(1.36	)		(0.31	)		(0.82	)		(1.10	)		(0.45	)
Net asset value, end of period		$9.82			$11.45			$10.93			$9.49			$10.49			$10.49
Total Return(b):		(3.72)%			18.53%			18.90%			(1.51)%			11.01%			16.96%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,195			$1,574			$2,169			$2,898			$4,200			$5,138
Average net assets (000)		$1,371			$1,898			$2,508			$3,375			$4,801			$5,457
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		2.26%	(e)		2.26%			1.99%			2.03%			1.99%			2.01%
Expenses before waivers and/or expense reimbursement		3.62%	(e)		3.12%			1.99%			2.03%			1.99%			2.01%
Net investment income (loss)		(1.25)%	(e)		(0.85)%			(0.33)%			(0.21)%			(0.25)%			(0.38)%
Portfolio turnover rate(f)		71%			185%			181%			246%			295%			234%

(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) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 39

Financial Highlights (unaudited) (continued)

Class C Shares
	Six Months Ended January 31,			Year Ended July 31,
	2019			2018			2017			2016			2015			2014
Per Share Operating Performance(a):
Net Asset Value, Beginning of Period		$11.49			$10.93			$9.49			$10.49			$10.49			$9.38
Income (loss) from investment operations:
Net investment income (loss)		(0.05	)		(0.06	)		(0.04	)		(0.02	)		(0.03	)		(0.04	)
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.39	)		1.98			1.79			(0.16	)		1.13			1.60
Total from investment operations		(0.44	)		1.92			1.75			(0.18	)		1.10			1.56
Less Dividends and Distributions:
Distributions from net realized gains		(1.17	)		(1.36	)		(0.31	)		(0.82	)		(1.10	)		(0.45	)
Net asset value, end of period		$9.88			$11.49			$10.93			$9.49			$10.49			$10.49
Total Return(b):		(3.52)%			18.92%			18.90%			(1.51)%			11.01%			16.96%
Ratios/Supplemental Data:
Net assets, end of period (000)		$43,651			$48,373			$49,609			$48,858			$55,384			$55,860
Average net assets (000)		$45,129			$50,985			$48,525			$49,288			$56,581			$55,220
Ratios to average net assets(c)(d):
Expenses after waivers and/or expense reimbursement		1.95%	(e)		1.92%			1.99%			2.03%			1.99%			2.01%
Expenses before waivers and/or expense reimbursement		1.95%	(e)		1.92%			1.99%			2.03%			1.99%			2.01%
Net investment income (loss)		(0.94)%	(e)		(0.49)%			(0.36)%			(0.23)%			(0.27)%			(0.39)%
Portfolio turnover rate(f)		71%			185%			181%			246%			295%			234%

(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) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(e) Annualized.

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

See Notes to Financial Statements.

40

Class Z Shares
	Six Months Ended January 31,			September 27, 2017(a) through July 31,
	2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$13.81			$12.82
Income (loss) from investment operations:
Net investment income (loss)		-	(c)		0.08
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.47	)		2.29
Total from investment operations		(0.47	)		2.37
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)		(0.02	)
Distributions from net realized gains		(1.17	)		(1.36	)
Total dividends and distributions		(1.21	)		(1.38	)
Net asset value, end of period		$12.13			$13.81
Total Return(d):		(3.11)%			19.79%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,538			$1,628
Average net assets (000)		$4,008			$656
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.00%	(f)		1.00%	(f)
Expenses before waivers and/or expense reimbursement		1.16%	(f)		5.77%	(f)
Net investment income (loss)		(0.03)%	(f)		0.70%	(f)
Portfolio turnover rate(g)		71%			185%

(a) Commencement of offering.

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

(c) Less than $(0.005) per share.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Diversified Growth Fund 41

Financial Highlights (unaudited) (continued)

Class R6 Shares
	Six Months Ended January 31,			September 27, 2017(a) through July 31,
	2019			2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$13.81			$12.82
Income (loss) from investment operations:
Net investment income (loss)		-	(c)		0.04
Net realized and unrealized gain (loss) on investment and foreign currency transactions		(0.47	)		2.33
Total from investment operations		(0.47	)		2.37
Less Dividends and Distributions:
Dividends from net investment income		(0.04	)		(0.02	)
Distributions from net realized gains		(1.17	)		(1.36	)
Total dividends and distributions		(1.21	)		(1.38	)
Net asset value, end of period		$12.13			$13.81
Total Return(d):		(3.11)%			19.79%
Ratios/Supplemental Data:
Net assets, end of period (000)		$12			$12
Average net assets (000)		$12			$11
Ratios to average net assets(e):
Expenses after waivers and/or expense reimbursement		1.00%	(f)		1.00%	(f)
Expenses before waivers and/or expense reimbursement		115.02%	(f)		283.30%	(f)
Net investment income (loss)		0.01%	(f)		0.36%	(f)
Portfolio turnover rate(g)		71%			185%

(a) Commencement of offering.

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

(c) Less than $(0.005) per share.

(d) 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.

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

(f) Annualized.

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

See Notes to Financial Statements.

42

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. 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 Commission’s website atsec.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 • Grace C. Torres

OFFICERS

Stuart S. Parker,President• Scott E. Benjamin,Vice President• Christian J. Kelly,Treasurer and Principal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Chad A. Earnst,Chief Compliance Officer• Dino Capasso,Deputy ChiefCompliance Officer• Charles H. Smith,Anti-Money Laundering Compliance Officer• Andrew R. French,Secretary• Jonathan D. Shain,Assistant Secretary• Claudia DiGiacomo,Assistant Secretary• Diana N. Huffman,Assistant Secretary•Peter Parrella,Assistant Treasurer• Lana Lomuti,Assistant Treasurer• Linda McMullin,Assistant Treasurer• Kelly Coyne,Assistant Treasurer

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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 atpgiminvestments.com or bycalling (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 topgiminvestments.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, PGIM 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

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ FormsN-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The 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

PGIM JENNISON DIVERSIFIED GROWTH FUND

SHARE CLASS	A	B	C	Z	R6*
NASDAQ	TBDAX	TBDBX	TBDCX	TBDZX	TBDQX
CUSIP	74440V104	74440V203	74440V302	74440V690	74440V716

* Formerly known as Class Q shares.

MF503E2

PGIM JENNISON RISING DIVIDEND FUND

(formerly known as Prudential Jennison Rising Dividend Fund)

SEMIANNUAL REPORT

JANUARY 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Fund’s annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Fund’s website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Fund, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Fund know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Fund.

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

The accompanying financial statements as of January 31, 2019 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.^© 2019 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.

2 Visit our website at pgiminvestments.com

PGIM FUNDS — UPDATE

The Board of Directors/Trustees for the Fund has approved the implementation of an automatic conversion feature for Class C shares, effective as of April 1, 2019. To reflect these changes, effective April 1, 2019, the section of the Fund’s Prospectus entitled “How to Buy, Sell and Exchange Fund Shares—How to Exchange Your Shares—Frequent Purchases and Redemptions of Fund Shares” is restated to read as follows:

This supplement should be read in conjunction with your Summary Prospectus, Statutory Prospectus and Statement of Additional Information, be retained for future reference and is in addition to any existing Fund supplements.

1. In each Fund’s Statutory Prospectus, the following is added at the end of the section entitled “Fund Distributions And Tax Issues—If You Sell or Exchange Your Shares”:

Automatic Conversion of Class C Shares

The conversion of Class C shares into Class A shares—which happens automatically approximately 10 years after purchase—is not a taxable event for federal income tax purposes. For more information about the automatic conversion of Class C shares, seeClass C Shares Automatically Convert to Class A Shares inHow to Buy, Sell and Exchange Fund Shares.

2. In each Fund’s Statutory Prospectus, the following sentence is added at the end of the section entitled “How to Buy, Sell and Exchange Shares—Closure of Certain Share Classes to New Group Retirement Plans”:

Shareholders owning Class C shares may continue to hold their Class C shares until the shares automatically convert to Class A shares under the conversion schedule, or until the shareholder redeems their Class C shares.

3. In each Fund’s Statutory Prospectus, the following disclosure is added immediately following the section entitled “How to Buy, Sell and Exchange Shares—How to Buy Shares—Class B Shares Automatically Convert to Class A Shares”:

Class C Shares Automatically Convert to Class A Shares

Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. All such automatic conversions of Class C shares will constitutetax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have

PGIM Jennison Rising Dividend Fund 3

transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares (seeAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus). Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

4. In Part II of each Fund’s Statement of Additional Information, the following disclosure is added immediately following the section entitled “Purchase, Redemption and Pricing of Fund Shares—Share Classes—Automatic Conversion of Class B Shares”:

AUTOMATIC CONVERSION OF CLASS C SHARES. Starting on or about April 1, 2019 (the “Effective Date”), Class C shares will be eligible for automatic conversion into Class A shares on a monthly basis approximately ten years after the original date of purchase (the “Conversion Date”). Conversion will take place based on the relative NAV of the two classes, without the imposition of any sales load, fee or other charge. Class C shares of a Fund acquired through automatic reinvestment of dividends or distributions will convert to Class A shares of the Fund on the Conversion Date pro rata with the converting Class C shares of the Fund that were not acquired through reinvestment of dividends or distributions. All such automatic conversions of Class C shares will constitutetax-free exchanges for federal income tax purposes.

For shareholders investing in Class C shares through retirement plans or omnibus accounts, and in certain other instances, the Fund and its agents may not have transparency into how long a shareholder has held Class C shares for purposes of determining whether such Class C shares are eligible for automatic conversion into Class A shares, and the relevant financial intermediary may not have the ability to track purchases in order to credit individual shareholders’ holding periods. In these circumstances, the

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Fund will not be able to automatically convert Class C shares into Class A shares as described above. In order to determine eligibility for conversion in these circumstances, it is the responsibility of the financial intermediary to notify the Fund that the shareholder is eligible for the conversion of Class C shares to Class A shares, and the financial intermediary may be required to maintain and provide the Fund with records that substantiate the holding period of Class C shares. It is the financial intermediary’s (and not the Fund’s) responsibility to keep records of transactions made in accounts it holds and to ensure that the shareholder is credited with the proper holding period based on such records or those provided to the financial intermediary by the shareholder. Please consult with your financial intermediary for the applicability of this conversion feature to your shares.

Class C shares were generally closed to investments by new group retirement plans effective June 1, 2018. Group retirement plans (and their successor, related and affiliated plans) that have Class C shares of the Fund available to participants on or before the Effective Date may continue to open accounts for new participants in such share class and purchase additional shares in existing participant accounts.

The Fund has no responsibility for monitoring or implementing a financial intermediary’s process for determining whether a shareholder meets the required holding period for conversion. A financial intermediary may sponsor and/or control accounts, programs or platforms that impose a different conversion schedule or different eligibility requirements for the exchange of Class C shares for Class A shares, as set forth onAppendix A: Waivers and Discounts Available From Certain Financial Intermediaries of the Prospectus. In these cases, Class C shareholders may have their shares exchanged for Class A shares under the policies of the financial intermediary. Financial intermediaries will be responsible for making such exchanges in those circumstances. Please consult with your financial intermediary if you have any questions regarding your shares’ conversion from Class C shares to Class A shares.

LR1094

- Not part of the Semiannual Report -

PGIM 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

Dear Shareholder:

We hope you find the semiannual report for PGIM Jennison Rising Dividend Fund informative and useful. The report covers performance for the six-month period ended January 31, 2019.

We have important information to share with you. Effective June 11, 2018,

Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that only the Fund’s name has changed. Your Fund’s management and operation, along with its symbols, remained the same.*

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

PGIM Jennison Rising Dividend Fund

March 15, 2019

*The Prudential Day One Funds did not change their names.

PGIM Jennison Rising Dividend 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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19 Six Months** (%)	Average Annual Total Returns as of 1/31/19 (with sales charges)
		One Year (%)	Since Inception (%)
Class A	–5.51	–11.11	5.51 (3/5/14)
Class C	–5.96	–7.52	5.95 (3/5/14)
Class Z	–5.44	–5.75	7.01 (3/5/14)
Class R6*	–5.44	–5.75	3.04 (9/27/17)
S&P 500 Index
	–3.00	–2.31	—
Lipper Equity Income Funds Average
	–3.73	–4.49	—

*Formerly known as Class Q shares

**Not annualized

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

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 C	Class Z	Class R6*
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 or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.30% (0.25% currently)	1.00%	None	None

Benchmark Definitions

S&P 500 Index—The 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 average annual total return for the Index measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares is 10.14% and 7.51% for Class R6*.

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 average annual total return for the Lipper Average measured from the month-end closest to the inception date of the Fund’s Class A, Class C, and Class Z shares is 6.87% and 3.41% for Class R6*.

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.

*Formerly known as Class Q shares

PGIM 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 1/31/19 (%)
Broadcom, Inc.,Semiconductors & Semiconductor Equipment	3.1
JPMorgan Chase & Co.,Banks	3.0
AstraZeneca PLC,Pharmaceuticals	3.0
Abbott Laboratories,Health Care Equipment & Supplies	2.7
McDonald’s Corp., Hotels, Restaurants & Leisure	2.7

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

Five Largest Industries expressed as a percentage of net assets as of 1/31/19 (%)
Pharmaceuticals	10.7
Banks	8.8
Oil, Gas & Consumable Fuels	7.5
Semiconductors & Semiconductor Equipment	6.8
Food Products	3.9

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.

The example is based on an investment of $1,000 held through thesix-month period ended January 31, 2019. 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 period and

PGIM 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.

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.

PGIM Jennison Rising Dividend Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During the Six-Month Period*
Class A	Actual	$	1,000.00	$	944.90		1.24	%	$	6.08
	Hypothetical	$	1,000.00	$	1,018.95		1.24	%	$	6.31
Class C	Actual	$	1,000.00	$	940.40		1.99	%	$	9.73
	Hypothetical	$	1,000.00	$	1,015.17		1.99	%	$	10.11
Class Z	Actual	$	1,000.00	$	945.60		0.99	%	$	4.85
	Hypothetical	$	1,000.00	$	1,020.21		0.99	%	$	5.04
Class R6	Actual	$	1,000.00	$	945.60		0.99	%	$	4.85
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

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Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.9%
COMMON STOCKS
Aerospace & Defense    2.7%
Airbus SE (France), ADR		5,366	$	153,924
Boeing Co. (The)		591		227,901
				381,825
Banks    8.8%
Bank of America Corp.		9,499		270,437
BB&T Corp.		5,000		244,000
JPMorgan Chase & Co.		4,063		420,520
PNC Financial Services Group, Inc. (The)		883		108,318
SunTrust Banks, Inc.		3,095		183,905
				1,227,180
Beverages    2.6%
Coca-Cola Co. (The)		5,803		279,298
Diageo PLC (United Kingdom), ADR		504		76,936
				356,234
Capital Markets    2.1%
Moelis & Co. (Class A Stock)		6,636		290,325
Chemicals    2.0%
Ecolab, Inc.		1,809		286,130
Commercial Services & Supplies    2.0%
Waste Connections, Inc.		1,400		116,984
Waste Management, Inc.		1,643		157,186
				274,170
Communications Equipment    1.6%
Cisco Systems, Inc.		4,789		226,472
Consumer Finance    0.5%
American Express Co.		708		72,712
Diversified Consumer Services    1.5%
Service Corp. International		5,007		214,900
Diversified Telecommunication Services    1.3%
Verizon Communications, Inc.		3,371		185,607

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 13

Schedule of Investments(unaudited) (continued)

as of January 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Electric Utilities    3.7%
American Electric Power Co., Inc.		3,582	$	283,408
NextEra Energy, Inc.		1,285		229,989
				513,397
Electronic Equipment, Instruments & Components    1.0%
CDW Corp.		1,739		144,807
Entertainment    2.0%
Twenty-First Century Fox, Inc. (Class A Stock)		5,599		276,087
Equity Real Estate Investment Trusts (REITs)    3.4%
AvalonBay Communities, Inc.		733		141,410
Crown Castle International Corp.		1,780		208,367
CyrusOne, Inc.		2,344		127,045	��
				476,822
Food & Staples Retailing    2.0%
Walmart, Inc.		2,935		281,261
Food Products    3.9%
Archer-Daniels-Midland Co.		6,130		275,237
Hershey Co. (The)		2,588		274,587
				549,824
Health Care Equipment & Supplies    2.7%
Abbott Laboratories		5,240		382,415
Health Care Providers & Services    1.6%
UnitedHealth Group, Inc.		849		229,400
Hotels, Restaurants & Leisure    2.7%
McDonald’s Corp.		2,121		379,192
Household Products    0.6%
Procter & Gamble Co. (The)		876		84,508
Industrial Conglomerates    1.9%
Honeywell International, Inc.		1,810		259,970
IT Services    3.8%
Automatic Data Processing, Inc.		1,107		154,803

See Notes to Financial Statements.

14

Description	Shares		Value
COMMON STOCKS (Continued)
IT Services (cont’d.)
Mastercard, Inc. (Class A Stock)		924	$	195,084
Visa, Inc. (Class A Stock)		1,337		180,508
				530,395
Life Sciences Tools & Services    2.0%
Thermo Fisher Scientific, Inc.		1,152		283,012
Media    2.2%
Comcast Corp. (Class A Stock)		8,321		304,299
Multi-Utilities    3.8%
Ameren Corp.		2,564		177,788
Sempra Energy		2,968		347,196
				524,984
Oil, Gas & Consumable Fuels    7.5%
ConocoPhillips		2,130		144,180
EOG Resources, Inc.		2,019		200,285
Marathon Petroleum Corp.		2,849		188,775
Suncor Energy, Inc. (Canada)		7,748		250,415
Williams Cos., Inc. (The)		9,584		258,097
				1,041,752
Pharmaceuticals    10.7%
Allergan PLC		1,925		277,161
AstraZeneca PLC (United Kingdom), ADR		11,320		414,086
Bristol-Myers Squibb Co.		1,858		91,729
Elanco Animal Health, Inc.*(a)		4,327		126,262
Eli Lilly & Co.		2,465		295,455
Merck & Co., Inc.		2,314		172,231
Pfizer, Inc.		2,790		118,436
				1,495,360
Road & Rail    2.7%
CSX Corp.		1,499		98,485
Union Pacific Corp.		1,761		280,122
				378,607
Semiconductors & Semiconductor Equipment    6.8%
Broadcom, Inc.		1,606		430,809

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 15

Schedule of Investments(unaudited) (continued)

as of January 31, 2019

Description	Shares		Value
COMMON STOCKS (Continued)
Semiconductors & Semiconductor Equipment (cont’d.)
QUALCOMM, Inc.		6,579	$	325,792
Universal Display Corp.		1,818		188,763
				945,364
Software    3.2%
Intuit, Inc.		692		149,347
Microsoft Corp.		2,909		303,787
				453,134
Specialty Retail    3.1%
Lowe’s Cos., Inc.		1,984		190,781
TJX Cos., Inc. (The)		4,937		245,517
				436,298
Technology Hardware, Storage & Peripherals    1.1%
Apple, Inc.		924		153,791
Textiles, Apparel & Luxury Goods    1.4%
NIKE, Inc. (Class B Stock)		1,566		128,224
Tapestry, Inc.		1,910		73,936
				202,160
TOTAL LONG-TERM INVESTMENTS (cost $12,511,639)				13,842,394
SHORT-TERM INVESTMENTS    3.1%
AFFILIATED MUTUAL FUNDS
PGIM Core Ultra Short Bond Fund(w)		301,795		301,795
PGIM Institutional Money Market Fund (cost $132,555; includes $132,457 of cash collateral for securities on loan)(b)(w)		132,542		132,568
TOTAL SHORT-TERM INVESTMENTS (cost $434,350)				434,363
TOTAL INVESTMENTS    102.0% (cost $12,945,989)				14,276,757
Liabilities in excess of other assets    (2.0)%				(284,379	)
NET ASSETS    100.0%			$	13,992,378

See Notes to Financial Statements.

16

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 $125,474; cash collateral of $132,457 (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 PGIM Core Ultra Short Bond Fund and PGIM Institutional Money Market 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.

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Common Stocks
Aerospace & Defense	$	381,825	$	—	$	—
Banks		1,227,180		—		—
Beverages		356,234		—		—
Capital Markets		290,325		—		—
Chemicals		286,130		—		—
Commercial Services & Supplies		274,170		—		—
Communications Equipment		226,472		—		—
Consumer Finance		72,712		—		—
Diversified Consumer Services		214,900		—		—
Diversified Telecommunication Services		185,607		—		—
Electric Utilities		513,397		—		—
Electronic Equipment, Instruments & Components		144,807		—		—
Entertainment		276,087		—		—
Equity Real Estate Investment Trusts (REITs)		476,822		—		—
Food & Staples Retailing		281,261		—		—
Food Products		549,824		—		—
Health Care Equipment & Supplies		382,415		—		—
Health Care Providers & Services		229,400		—		—
Hotels, Restaurants & Leisure		379,192		—		—
Household Products		84,508		—		—
Industrial Conglomerates		259,970		—		—

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 17

Schedule of Investments(unaudited) (continued)

as of January 31, 2019

	Level 1		Level 2		Level 3
Investments in Securities (continued)
Common Stocks (continued)
IT Services	$	530,395	$	—	$	—
Life Sciences Tools & Services		283,012		—		—
Media		304,299		—		—
Multi-Utilities		524,984		—		—
Oil, Gas & Consumable Fuels		1,041,752		—		—
Pharmaceuticals		1,495,360		—		—
Road & Rail		378,607		—		—
Semiconductors & Semiconductor Equipment		945,364		—		—
Software		453,134		—		—
Specialty Retail		436,298		—		—
Technology Hardware, Storage & Peripherals		153,791		—		—
Textiles, Apparel & Luxury Goods		202,160		—		—
Affiliated Mutual Funds		434,363		—		—
Total	$	14,276,757	$	—	$	—

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, 2019 were as follows:

Pharmaceuticals	10.7	%
Banks	8.8
Oil, Gas & Consumable Fuels	7.5
Semiconductors & Semiconductor Equipment	6.8
Food Products	3.9
IT Services	3.8
Multi-Utilities	3.8
Electric Utilities	3.7
Equity Real Estate Investment Trusts (REITs)	3.4
Software	3.2
Specialty Retail	3.1
Affiliated Mutual Funds (0.9% represents investments purchased with collateral from securities on loan)	3.1
Health Care Equipment & Supplies	2.7
Aerospace & Defense	2.7
Hotels, Restaurants & Leisure	2.7
Road & Rail	2.7
Beverages	2.6
Media	2.2
Capital Markets	2.1
Chemicals	2.0	%
Life Sciences Tools & Services	2.0
Food & Staples Retailing	2.0
Entertainment	2.0
Commercial Services & Supplies	2.0
Industrial Conglomerates	1.9
Health Care Providers & Services	1.6
Communications Equipment	1.6
Diversified Consumer Services	1.5
Textiles, Apparel & Luxury Goods	1.4
Diversified Telecommunication Services	1.3
Technology Hardware, Storage & Peripherals	1.1
Electronic Equipment, Instruments & Components	1.0
Household Products	0.6
Consumer Finance	0.5
	102.0
Liabilities in excess of other assets	(2.0	)
	100.0	%

See Notes to Financial Statements.

18

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 toset-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	$	125,474	$	(125,474	)	$	—

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 19

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Investments at value, including securities on loan of $125,474:
Unaffiliated investments (cost $12,511,639)	$	13,842,394
Affiliated investments (cost $434,350)		434,363
Dividends and interest receivable		8,230
Due from Manager		7,174
Receivable for Fund shares sold		2,237
Prepaid expenses and other assets		576
Total Assets		14,294,974
Liabilities
Payable to broker for collateral for securities on loan		132,457
Payable for Fund shares reacquired		108,808
Custodian and accounting fees payable		20,757
Accrued expenses and other liabilities		19,343
Registration fee payable		17,731
Distribution fee payable		2,535
Affiliated transfer agent fee payable		965
Total Liabilities		302,596
Net Assets	$	13,992,378
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,179
Paid-in capital in excess of par		12,634,621
Total distributable earnings (loss)		1,356,578
Net assets, January 31, 2019	$	13,992,378

See Notes to Financial Statements.

20

Class A
Net asset value, offering price and redemption price per share, ($4,367,640 ÷ 368,086 shares of beneficial interest issued and outstanding)	$	11.87
Maximum sales charge (5.50% of offering price)		0.69
Maximum offering price to public	$	12.56
Class C
Net asset value, offering price and redemption price per share, ($1,932,398 ÷ 163,073 shares of beneficial interest issued and outstanding)	$	11.85
Class Z
Net asset value, offering price and redemption price per share, ($7,681,928 ÷ 646,780 shares of beneficial interest issued and outstanding)	$	11.88
Class R6
Net asset value, offering price and redemption price per share, ($10,412 ÷ 877 shares of beneficial interest issued and outstanding)	$	11.87

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 21

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Income
Unaffiliated dividend income (net of $1,113 foreign withholding tax)	$	161,340
Affiliated dividend income		4,334
Income from securities lending, net (including affiliated income of $41)		184
Total income		165,858
Expenses
Management fee		56,166
Distribution fee(a)		16,053
Custodian and accounting fees		29,878
Registration fees(a)		28,936
Audit fee		12,124
Shareholders’ reports		9,963
Legal fees and expenses		9,376
Trustees’ fees		6,186
Transfer agent’s fees and expenses (including affiliated expense of $2,350)(a)		5,614
Miscellaneous		6,843
Total expenses		181,139
Less: Fee waiver and/or expense reimbursement(a)		(93,339	)
Distribution fee waiver(a)		(1,127	)
Net expenses		86,673
Net investment income (loss)		79,185
Realized And Unrealized Gain (Loss) On Investments
Net realized gain (loss) on investment transactions (including affiliated of $17)		462,975
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $13)		(1,357,980	)
Net gain (loss) on investment transactions		(895,005	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(815,820	)

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

	Class A			Class C			Class Z			Class R6
Distribution fee		6,765			9,288			—			—
Registration fees		7,352			7,201			7,201			7,182
Transfer agent’s fees and expenses		3,486			1,117			989			22
Fee waiver and/or expense reimbursement		(29,156	)		(15,894	)		(41,043	)		(7,246	)
Distribution fee waiver		(1,127	)		—			—			—

See Notes to Financial Statements.

22

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	79,185		$	101,702
Net realized gain (loss) on investment transactions		462,975			834,092
Net change in unrealized appreciation (depreciation) on investments		(1,357,980	)		615,645
Net increase (decrease) in net assets resulting from operations		(815,820	)		1,551,439
Dividends and Distributions
Distributions from distributable earnings*
Class A		(377,949	)		—
Class C		(140,739	)		—
Class Z		(659,450	)		—
Class R6		(879	)		—
		(1,179,017	)		—
Dividends from net investment income
Class A					(29,725	)
Class C					(665	)
Class Z					(77,697	)
Class R6					(77	)
		*			(108,164	)
Distributions from net realized gains
Class A					(26,846	)
Class C					(11,229	)
Class Z					(54,449	)
Class R6					(70	)
		*			(92,594	)
Fund share transactions (Net of share conversions)
Net proceeds from shares sold		1,144,620			2,573,470
Net asset value of shares issued in reinvestment of dividends and distributions		1,173,905			199,015
Cost of shares reacquired		(1,001,965	)		(1,853,000	)
Net increase (decrease) in net assets from Fund share transactions		1,316,560			919,485
Total increase (decrease)		(678,277	)		2,270,166
Net Assets:
Beginning of period		14,670,655			12,400,489
End of period(a)	$	13,992,378		$	14,670,655
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	—

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

PGIM 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, PGIM 60/40 Allocation Fund, PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund. These financial statements relate only to the PGIM Jennison Rising Dividend Fund (the “Fund”). The Fund commenced operations on September 13, 2017.

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

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies.The following 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 Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some

24

of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.

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

Common 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 inopen-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 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 federal 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, may not reasonably be expected to be sold or disposed of in current

PGIM Jennison Rising Dividend Fund 25

Notes to Financial Statements(unaudited) (continued)

market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of 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 transaction costs 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 of 1933, may be deemed liquid by the Fund’s Subadviser under the guidelines adopted by the Trustees. 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 toset-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 toset-off the amount owed with the amount owed by the other party, the reporting party intends toset-off and the right ofset-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 lends its portfolio securities to banks and broker-dealers. The loans are secured by collateral at least equal to the market value of the securities loaned. Collateral pledged by each borrower is invested in an affiliated money market fund and is marked to market daily, based on the previous day’s market value, such that the value of the collateral exceeds the value of the loaned securities. In the event of significant appreciation in value of securities on loan on the last business day of the reporting period, the financial statements may reflect a collateral value that is less than the market value of the loaned securities. Such shortfall is remedied as described above. Loans are subject to termination at the option of the borrower or the Fund. Upon termination of the loan, the borrower will return to the Fund securities identical to the loaned securities. 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

26

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”.

Equity and Mortgage Real Estate Investment Trusts (collectively equity 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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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 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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) andpaid-in capital in excess of par, as appropriate.

PGIM Jennison Rising Dividend Fund 27

Notes to Financial Statements(unaudited) (continued)

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 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.

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 the Manager is accrued daily and payable monthly at an annual rate of 0.775% 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% of the average daily net assets assets in excess of $10 billion. The effective management fee rate before any waivers and/or expense reimbursements was 0.775% for the six months ended January 31, 2019.

The Manager has contractually agreed, through November 30, 2019, to limit total annual 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 Z shares, and 0.99% of average daily net assets for Class R6 shares. This contractual waiver excludes interest, brokerage, taxes (such

28

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. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. In addition, total annual operating expenses for Class R6 shares will not exceed total annual operating expenses for Class Z shares. 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 Fund has a distribution agreement with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class A, Class C, Class Z and Class R6 shares of the Fund. The Fund compensates PIMS for distributing and servicing the Fund’s Class A and Class C shares, pursuant to the 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 Z and Class R6 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 Class 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.

PIMS has advised the Fund that it received $13,467 infront-end sales charges resulting from sales of Class A shares during the reporting period ended January 31, 2019.

PIMS has advised the Fund that for the reporting period ended January 31, 2019, it received $122 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 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 certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Fund may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that

PGIM Jennison Rising Dividend Fund 29

Notes to Financial Statements (unaudited) (continued)

subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Fund’s Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” notes section. For the reporting period ended January 31, 2019, no such transactions were entered into by the Fund.

The Fund may invest its overnight sweep cash in the PGIM Core Ultra Short Bond Fund (the “Core Fund”), and its securities lending cash collateral in the PGIM Institutional Money Market Fund (the “Money Market Fund”), each a series of Prudential Investment Portfolios 2, registered under the 1940 Act and managed by PGIM Investments. Through the Fund’s investments in the mentioned underlying funds, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the 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

The aggregate cost of purchases and proceeds from sales of portfolio securities (excluding short-term investments and U.S. Government securities) for the reporting period ended January 31, 2019, were $7,240,765 and $7,021,252, respectively.

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended January 31, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)		Value, End of Period		Shares, End of Period		Income
	PGIM Core Ultra Short Bond Fund*
$	259,723	$	2,689,205	$	2,647,133	$	—	$	—	$	301,795		301,795	$	4,334
	PGIM Institutional Money Market Fund*
	137,854		481,919		487,235		13		17		132,568		132,542		41	**
$	397,577	$	3,171,124	$	3,134,368	$	13	$	17	$	434,363			$	4,375

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

** This amount is included in “Income from securities lending, net” on the Statement of Operations.

30

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2019 were as follows:

Tax Basis	$	12,967,173
Gross Unrealized Appreciation		1,803,098
Gross Unrealized Depreciation		(493,514	)
Net Unrealized Appreciation	$	1,309,584

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

The Fund elected to treat post-October capital losses of approximately $117,000 as having been incurred in the following fiscal year (July 31, 2019).

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. 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 C, Class Z and Class R6 shares. Class A shares are sold with a maximumfront-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 Z and Class R6 shares are not subject to any sales or redemption charge and are available exclusively for sale to a limited group of investors.

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 is authorized to issue an unlimited number of shares of beneficial interest at $0.001 par value of share.

As of January 31, 2019, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned 587,098 Class Z shares and 877 Class R6 shares of the Fund. At reporting period end, three shareholders of record held 69% of the Fund’s outstanding

PGIM Jennison Rising Dividend Fund 31

Notes to Financial Statements (unaudited)(continued)

shares, each holding greater than 5% of outstanding shares, on behalf of multiple beneficial owners, of which 49% 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, 2019:
Shares sold		54,140		$	717,994
Shares issued in reinvestment of dividends and distributions		33,944			372,968
Shares reacquired		(43,012	)		(541,464	)
Net increase (decrease) in shares outstanding		45,072		$	549,498
Year ended July 31, 2018:
Shares sold		105,476		$	1,373,379
Shares issued in reinvestment of dividends and distributions		4,160			54,829
Shares reacquired		(66,100	)		(867,254	)
Net increase (decrease) in shares outstanding before conversion		43,536			560,954
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		45,165		$	582,465
Class C
Six months ended January 31, 2019:
Shares sold		32,855		$	389,982
Shares issued in reinvestment of dividends and distributions		12,846			140,739
Shares reacquired		(15,360	)		(190,880	)
Net increase (decrease) in shares outstanding		30,341		$	339,841
Year ended July 31, 2018:
Shares sold		51,921		$	693,162
Shares issued in reinvestment of dividends and distributions		895			11,894
Shares reacquired		(45,770	)		(609,333	)
Net increase (decrease) in shares outstanding before conversion		7,046			95,723
Shares reacquired upon conversion into other share class(es)		(2,892	)		(37,596	)
Net increase (decrease) in shares outstanding		4,154		$	58,127
Class Z
Six months ended January 31, 2019:
Shares sold		2,884		$	36,644
Shares issued in reinvestment of dividends and distributions		59,852			659,320
Shares reacquired		(21,568	)		(269,621	)
Net increase (decrease) in shares outstanding		41,168		$	426,343
Year ended July 31, 2018:
Shares sold		38,079		$	496,929
Shares issued in reinvestment of dividends and distributions		10,030			132,145
Shares reacquired		(28,474	)		(376,413	)
Net increase (decrease) in shares outstanding before conversion		19,635			252,661
Shares issued upon conversion from other share class(es)		1,262			16,085
Net increase (decrease) in shares outstanding		20,897		$	268,746

32

Class R6	Shares		Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		80	$	878
Net increase (decrease) in shares outstanding		80	$	878
Period ended July 31, 2018*:
Shares sold		786	$	10,000
Shares issued in reinvestment of dividends and distributions		11		147
Net increase (decrease) in shares outstanding		797	$	10,147

* Commencement of operations 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. 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 4, 2018 through October 3, 2019. 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 4, 2018, the Fund had another SCA that provided a commitment of $900 million and the Fund 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) the1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended January 31, 2019.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

Equity and Equity-Related Securities Risks: The value of a particular security could go down and you could lose money. In addition to an individual security losing value, the value of the equity markets or a sector in which the Fund invests could go down. The Fund’s holdings can vary significantly from broad market indexes and the performance of the Fund can

PGIM Jennison Rising Dividend Fund 33

Notes to Financial Statements(unaudited) (continued)

deviate from the performance of these indexes. Different parts of a market can react differently to adverse issuer, market, regulatory, political and economic developments.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

34

Financial Highlights(unaudited)

Class A Shares
	Six Months Ended January 31,			Year Ended July 31,												March 5, 2014(a) through July 31,
	2019(b)			2018(b)			2017(b)			2016(b)			2015			2014(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.80			$12.50			$11.37			$11.33			$10.34			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.07			0.09			0.14			0.13			0.10			0.04
Net realized and unrealized gain (loss) on investment transactions		(0.92	)		1.39			1.14			0.04			1.03			0.33
Total from investment operations		(0.85	)		1.48			1.28			0.17			1.13			0.37
Less Dividends and Distributions:
Dividends from net investment income		(0.07	)		(0.09	)		(0.15	)		(0.13	)		(0.11	)		(0.03	)
Distributions from net realized gains		(1.01	)		(0.09	)		-			-			(0.03	)		-
Total dividends and distributions		(1.08	)		(0.18	)		(0.15	)		(0.13	)		(0.14	)		(0.03	)
Net asset value, end of period		$11.87			$13.80			$12.50			$11.37			$11.33			$10.34
Total Return(c):		(5.51)%			11.95%			11.32%			1.61%			11.03%			3.66%
Ratios/Supplemental Data:
Net assets, end of period (000)		$4,368			$4,459			$3,474			$2,785			$1,087			$383
Average net assets (000)		$4,473			$4,078			$2,912			$1,831			$822			$192
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		1.24%	(f)		1.24%			1.24%			1.24%			1.24%			1.24%	(f)
Expenses before waivers and/or expense reimbursement		2.58%	(f)		2.55%			2.65%			3.38%			3.54%			8.18%	(f)
Net investment income (loss)		1.04%	(f)		0.67%			1.22%			1.24%			1.09%			0.85%	(f)
Portfolio turnover rate(g)		50%			104%			67%			51%			45%			9%

(a) Commencement of operations.

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

(c) 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.

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

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 35

Financial Highlights(unaudited) (continued)

Class C Shares
	Six Months Ended January 31,			Year Ended July 31,												March 5, 2014(a) through July 31,
	2019(b)			2018(b)			2017(b)			2016(b)			2015			2014(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.80			$12.50			$11.36			$11.32			$10.33			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.02			(0.01	)		0.06			0.06			0.02			-	(c)
Net realized and unrealized gain (loss) on investment transactions		(0.93	)		1.40			1.14			0.03			1.03			0.33
Total from investment operations		(0.91	)		1.39			1.20			0.09			1.05			0.33
Less Dividends and Distributions:
Dividends from net investment income		(0.03	)		-	(c)		(0.06	)		(0.05	)		(0.03	)		-	(c)
Distributions from net realized gains		(1.01	)		(0.09	)		-			-			(0.03	)		-
Total dividends and distributions		(1.04	)		(0.09	)		(0.06	)		(0.05	)		(0.06	)		-	(c)
Net asset value, end of period		$11.85			$13.80			$12.50			$11.36			$11.32			$10.33
Total Return(d):		(5.96)%			11.18%			10.59%			0.85%			10.23%			3.35%
Ratios/Supplemental Data:
Net assets, end of period (000)		$1,932			$1,831			$1,608			$1,411			$423			$33
Average net assets (000)		$1,843			$1,703			$1,401			$1,160			$188			$16
Ratios to average net assets(e)(f):
Expenses after waivers and/or expense reimbursement		1.99%	(g)		1.99%			1.99%			1.99%			1.99%			1.99%	(g)
Expenses before waivers and/or expense reimbursement		3.70%	(g)		3.65%			3.36%			4.02%			4.16%			8.95%	(g)
Net investment income (loss)		0.29%	(g)		(0.07)%			0.48%			0.56%			0.32%			0.08%	(g)
Portfolio turnover rate(h)		50%			104%			67%			51%			45%			9%

(a) Commencement of operations.

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

(c) Less than $(0.005) per share.

(d) 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.

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

(f) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(g) Annualized.

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

See Notes to Financial Statements.

36

Class Z Shares
	Six Months Ended January 31,			Year Ended July 31,												March 5, 2014(a) through July 31,
	2019(b)			2018(b)			2017(b)			2016(b)			2015			2014(b)
Per Share Operating Performance:
Net Asset Value, Beginning of Period		$13.82			$12.52			$11.38			$11.33			$10.35			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.12			0.17			0.16			0.14			0.05
Net realized and unrealized gain (loss) on investment transactions		(0.93	)		1.40			1.15			0.05			1.01			0.33
Total from investment operations		(0.84	)		1.52			1.32			0.21			1.15			0.38
Less Dividends and Distributions:
Dividends from net investment income		(0.09	)		(0.13	)		(0.18	)		(0.16	)		(0.14	)		(0.03	)
Distributions from net realized gains		(1.01	)		(0.09	)		-			-			(0.03	)		-
Total dividends and distributions		(1.10	)		(0.22	)		(0.18	)		(0.16	)		(0.17	)		(0.03	)
Net asset value, end of period		$11.88			$13.82			$12.52			$11.38			$11.33			$10.35
Total Return(c):		(5.44)%			12.21%			11.68%			1.95%			11.19%			3.84%
Ratios/Supplemental Data:
Net assets, end of period (000)		$7,682			$8,369			$7,319			$6,349			$6,190			$5,299
Average net assets (000)		$8,050			$8,066			$6,704			$5,935			$5,953			$5,133
Ratios to average net assets(d)(e):
Expenses after waivers and/or expense reimbursement		0.99%	(f)		0.99%			0.99%			0.99%			0.99%			0.99%	(f)
Expenses before waivers and/or expense reimbursement		2.00%	(f)		1.98%			2.36%			3.08%			3.31%			8.04%	(f)
Net investment income (loss)		1.30%	(f)		0.94%			1.48%			1.49%			1.33%			1.09%	(f)
Portfolio turnover rate(g)		50%			104%			67%			51%			45%			9%

(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.

(e) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(f) Annualized.

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

See Notes to Financial Statements.

PGIM Jennison Rising Dividend Fund 37

Financial Highlights(unaudited) (continued)

Class R6 Shares
	Six Months Ended January 31, 2019			September 27, 2017(a) through July 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$13.81			$12.72
Income (loss) from investment operations:
Net investment income (loss)		0.09			0.10
Net realized and unrealized gain (loss) on investment transactions		(0.93	)		1.18
Total from investment operations		(0.84	)		1.28
Less Dividends and Distributions:
Dividends from net investment income		(0.09	)		(0.10	)
Distributions from net realized gains		(1.01	)		(0.09	)
Total dividends and distributions		(1.10	)		(0.19	)
Net asset value, end of period		$11.87			$13.81
Total Return(c):		(5.44)%			10.10%
Ratios/Supplemental Data:
Net assets, end of period (000)		$10			$11
Average net assets (000)		$11			$11
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.99%	(e)		0.99%	(e)
Expenses before waivers and/or expense reimbursement		135.81%	(e)		307.60%	(e)
Net investment income (loss)		1.30%	(e)		0.88%	(e)
Portfolio turnover rate(f)		50%			104%

(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 less than one full year are not annualized.

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

(e) Annualized.

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

See Notes to Financial Statements.

38

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. 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 Commission’s website at 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• Grace C. Torres

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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 atpgiminvestments.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 topgiminvestments.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 byvisiting the website address above.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ Forms N-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The 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

PGIM JENNISON RISING DIVIDEND FUND

SHARE CLASS	A	C	Z	R6*
NASDAQ	PJDAX	PJDCX	PJDZX	PJDQX
CUSIP	74440V823	74440V815	74440V799	74440V682

*Formerly known as Class Q

MF220E2

PRUDENTIAL DAY ONE FUNDS

SEMIANNUAL REPORT

JANUARY 31, 2019

COMING SOON: PAPERLESS SHAREHOLDER REPORTS

Beginning on January 1, 2021, as permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website (pgiminvestments.com), and you will be notified by mail each time a report is posted and provided with a website link to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds electronically anytime by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-225-1852 or by sending an email request to PGIM Investments at shareholderreports@pgim.com.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary or follow instructions included with this notice to elect to continue to receive paper copies of your shareholder reports. If you invest directly with the Funds, you can call 1-800-225-1852 or send an email request to shareholderreports@pgim.com to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive reports in paper will apply to all funds held in your account if you invest through your financial intermediary or all funds held with the fund complex if you invest directly with the Funds.

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

The accompanying financial statements as of January 31, 2019 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.^© 2019 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	31
Holdings and Financial Statements	39

Prudential Day One Funds 3

This Page Intentionally Left Blank

Letter from the President

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, 2019.

We have important information to share with you. Effective June 11, 2018,

Prudential Mutual Funds were renamed PGIM Funds. This renaming is part of our ongoing effort to further build our reputation and establish our global brand, which began when our firm adopted PGIM Investments as its name in April 2017. Please note that the Prudential Day One Funds did not change their names. Your Funds’ management and operation, along with its symbols, also remained the same.

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

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

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

Thank you for choosing our family of funds.

Sincerely,

Stuart S. Parker, President

Prudential Day One Funds

March 15, 2019

Prudential Day One Funds 5

Prudential Day One Income Fund

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 atpgiminvestments.com or by calling(800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–0.61	–1.12	3.26 (12/13/16)
Class R2	–0.48	–0.88	3.49 (12/13/16)
Class R3	–0.40	–0.64	3.67 (12/13/16)
Class R4	–0.35	–0.64	3.78 (12/13/16)
Class R5	–0.28	–0.51	3.89 (12/13/16)
Class R6	–0.20	–0.38	4.07 (12/13/16)
Prudential Day One Income Custom Benchmark
	0.14	0.05	4.33
Lipper Mixed-Asset Target Today Funds Average
	–0.33	–1.16	4.26
S&P Target Date Retirement Income Index
	–0.21	–0.55	4.54

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

6 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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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)

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–0.68	–1.14	3.53 (12/13/16)
Class R2	–0.51	–0.88	3.78 (12/13/16)
Class R3	–0.45	–0.73	3.93 (12/13/16)
Class R4	–0.44	–0.63	4.03 (12/13/16)
Class R5	–0.33	–0.52	4.18 (12/13/16)
Class R6	–0.27	–0.36	4.33 (12/13/16)
Prudential Day One 2010 Custom Benchmark
	0.12	0.03	4.53
Lipper Mixed-Asset Target 2010 Funds Average
	–0.61	–1.55	4.99
S&P Target Date 2010 Index
	–0.59	–0.95	5.19

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

8 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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index,^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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 exceeding December 31, 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.

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 9

Prudential Day One 2015 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–1.09	–1.63	3.86 (12/13/16)
Class R2	–1.01	–1.37	4.11 (12/13/16)
Class R3	–0.85	–1.12	4.31 (12/13/16)
Class R4	–0.84	–1.02	4.36 (12/13/16)
Class R5	–0.74	–1.01	4.51 (12/13/16)
Class R6	–0.76	–0.85	4.61 (12/13/16)
Prudential Day One 2015 Custom Benchmark
	–0.27	–0.35	4.99
Lipper Mixed-Asset Target 2015 Funds Average
	–0.98	–1.88	5.60
S&P Target Date 2015 Index
	–0.95	–1.36	5.89

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 11

Prudential Day One 2020 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–1.25	–1.79	4.28 (12/13/16)
Class R2	–1.17	–1.71	4.48 (12/13/16)
Class R3	–1.01	–1.37	4.72 (12/13/16)
Class R4	–1.09	–1.27	4.82 (12/13/16)
Class R5	–0.99	–1.17	4.93 (12/13/16)
Class R6	–0.93	–1.11	4.90 (12/13/16)
Prudential Day One 2020 Custom Benchmark
	–0.49	–0.58	5.48
Lipper Mixed-Asset Target 2020 Funds Average
	–1.29	–2.31	5.73
S&P Target Date 2020 Index
	–1.32	–1.81	6.53

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

12 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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 13

Prudential Day One 2025 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–1.86	–2.47	4.75 (12/13/16)
Class R2	–1.69	–2.22	5.01 (12/13/16)
Class R3	–1.62	–2.05	5.21 (12/13/16)
Class R4	–1.51	–1.86	5.31 (12/13/16)
Class R5	–1.59	–1.94	5.37 (12/13/16)
Class R6	–1.43	–1.69	5.61 (12/13/16)
Prudential Day One 2025 Custom Benchmark
	–1.06	–1.21	6.26
Lipper Mixed-Asset Target 2025 Funds Average
	–1.77	–2.93	6.63
S&P Target Date 2025 Index
	–1.96	–2.59	7.24

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

14 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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index,^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 15

Prudential Day One 2030 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–2.86	–3.53	5.96 (12/13/16)
Class R2	–2.76	–3.35	6.21 (12/13/16)
Class R3	–2.60	–3.11	6.37 (12/13/16)
Class R4	–2.58	–3.00	6.48 (12/13/16)
Class R5	–2.56	–2.98	6.58 (12/13/16)
Class R6	–2.49	–2.82	6.78 (12/13/16)
Prudential Day One 2030 Custom Benchmark
	–2.10	–2.35	7.59
Lipper Mixed-Asset Target 2030 Funds Average
	–2.61	–3.91	7.41
S&P Target Date 2030 Index
	–2.69	–3.39	7.85

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 17

Prudential Day One 2035 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–3.73	–4.79	6.29 (12/13/16)
Class R2	–3.55	–4.53	6.55 (12/13/16)
Class R3	–3.47	–4.37	6.74 (12/13/16)
Class R4	–3.36	–4.17	6.89 (12/13/16)
Class R5	–3.43	–4.25	6.91 (12/13/16)
Class R6	–3.35	–4.08	7.11 (12/13/16)
Prudential Day One 2035 Custom Benchmark
	–2.54	–3.26	8.47
Lipper Mixed-Asset Target 2035 Funds Average
	–3.25	–4.67	8.35
S&P Target Date 2035 Index
	–3.36	–4.18	8.42

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 19

Prudential Day One 2040 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–3.89	–5.01	6.92 (12/13/16)
Class R2	–3.70	–4.75	7.17 (12/13/16)
Class R3	–3.71	–4.67	7.32 (12/13/16)
Class R4	–3.60	–4.49	7.48 (12/13/16)
Class R5	–3.57	–4.38	7.58 (12/13/16)
Class R6	–3.49	–4.30	7.74 (12/13/16)
Prudential Day One 2040 Custom Benchmark
	–2.78	–3.52	9.14
Lipper Mixed-Asset Target 2040 Funds Average
	–3.78	–5.22	8.52
S&P Target Date 2040 Index
	–3.79	–4.65	8.84

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

20 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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 21

Prudential Day One 2045 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–4.35	–5.69	7.09 (12/13/16)
Class R2	–4.31	–5.50	7.35 (12/13/16)
Class R3	–4.14	–5.33	7.50 (12/13/16)
Class R4	–4.20	–5.31	7.57 (12/13/16)
Class R5	–4.09	–5.20	7.72 (12/13/16)
Class R6	–4.08	–5.03	7.92 (12/13/16)
Prudential Day One 2045 Custom Benchmark
	–3.17	–4.13	9.43
Lipper Mixed-Asset Target 2045 Funds Average
	–4.04	–5.54	9.03
S&P Target Date 2045 Index
	–4.05	–4.98	9.08

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 23

Prudential Day One 2050 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–4.52	–5.95	7.07 (12/13/16)
Class R2	–4.32	–5.67	7.35 (12/13/16)
Class R3	–4.32	–5.51	7.50 (12/13/16)
Class R4	–4.38	–5.57	7.52 (12/13/16)
Class R5	–4.18	–5.29	7.72 (12/13/16)
Class R6	–4.09	–5.11	7.97 (12/13/16)
Prudential Day One 2050 Custom Benchmark
	–3.22	–4.29	9.75
Lipper Mixed-Asset Target 2050 Funds Average
	–4.20	–5.73	8.89
S&P Target Date 2050 Index
	–4.23	–5.17	9.33

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

24 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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 25

Prudential Day One 2055 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–4.89	–6.44	7.62 (12/13/16)
Class R2	–4.68	–6.15	7.93 (12/13/16)
Class R3	–4.68	–6.08	8.04 (12/13/16)
Class R4	–4.56	–5.96	8.19 (12/13/16)
Class R5	–4.53	–5.85	8.30 (12/13/16)
Class R6	–4.53	–5.77	8.42 (12/13/16)
Prudential Day One 2055 Custom Benchmark
	–3.54	–4.81	9.97
Lipper Mixed-Asset Target 2055 + Funds Average
	–4.31	–5.79	9.25
S&P Target Date 2055 Index
	–4.27	–5.24	9.47

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

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 27

Prudential Day One 2060 Fund

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 atpgiminvestments.com or by calling (800) 225-1852.

	Total Returns as of 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Class R1	–5.14	–6.76	7.33 (12/13/16)
Class R2	–5.10	–6.65	7.55 (12/13/16)
Class R3	–4.93	–6.48	7.75 (12/13/16)
Class R4	–4.90	–6.37	7.86 (12/13/16)
Class R5	–4.87	–6.26	7.97 (12/13/16)
Class R6	–4.78	–6.10	8.09 (12/13/16)
Prudential Day One 2060 Custom Benchmark
	–3.80	–5.21	10.03
Lipper Mixed-Asset Target 2055 + Funds Average
	–4.31	–5.79	9.25
S&P Target Date 2060+ Index
	–4.29	–5.25	9.63

*Not annualized

Source: PGIM Investments LLC and Lipper Inc.

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

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	None	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)	None	None	None	None	None	None
Annual distribution or distribution and service (12b-1) fees (shown as a percentage of average daily net assets)	0.50%	0.25%	0.10%	None	None	None
Shareholder service fees	0.10%	0.10%	0.10%	0.10%	None	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, FTSE Developed ex-North America Index^1,2, MSCI Emerging Markets Net Index, Bloomberg Barclays US Treasury Inflation-Protected Securities (TIPS) Index, Bloomberg Barclays US Aggregate Bond Index, FTSE 3-Month T-Bill¹, Bloomberg Commodity Index, and the FTSE EPRA/NAREIT Developed Real Estate Net Index¹. Because the asset allocation of the Fund changes over time with the glide path, 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.

Prudential Day One Funds 29

Prudential Day One 2060 Fund

Your Fund’s Performance(continued)

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.

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.

¹ Source: London Stock Exchange Group plc and its group undertakings (collectively, the “LSE Group”).^© LSE Group 2018. FTSE Russell is a trading name of certain of the LSE Group companies. “FTSE^®” and “FTSE Russell^®” are trade mark(s) of the relevant LSE Group companies and is/are used by any other LSE Group company under license. “TMX^®” is a trade mark of TSX, Inc. and used by the LSE Group under license. All rights in the FTSE Russell indexes or data vest in the relevant LSE Group company which owns the index or the data. Neither LSE Group nor its licensors accept any liability for any errors or omissions in the indexes or data and no party may rely on any indexes or data contained in this communication. No further distribution of data from the LSE Group is permitted without the relevant LSE Group company’s express written consent. The LSE Group does not promote, sponsor or endorse the content of this communication.

² Effective 12/31/18, The Russell Developed ex-North America Large Cap Net Index was decommissioned and subsequently replaced with the FTSE Developed ex-North America Index. Historical returns for the Prudential Day One Custom Benchmarks, prior to 12/31/18, will not be re-stated.

30 Visit our website at pgiminvestments.com

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, 2019. 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

Prudential Day One Funds 31

Fees and Expenses(continued)

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, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During the Six-Month Period*
Class R1	Actual	$	1,000.00	$	993.90		1.15	%	$	5.78
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	995.20		0.90	%	$	4.53
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	996.00		0.75	%	$	3.77
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	996.50		0.65	%	$	3.27
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	997.20		0.55	%	$	2.77
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	998.00		0.40	%	$	2.01
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

32 Visit our website at pgiminvestments.com

Prudential Day One 2010 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31,  2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	993.20		1.15	%	$	5.78
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	994.90		0.90	%	$	4.53
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	995.50		0.75	%	$	3.77
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	995.60		0.65	%	$	3.27
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	996.70		0.55	%	$	2.77
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	997.30		0.40	%	$	2.01
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One 2015 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	989.10		1.15	%	$	5.77
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	989.90		0.90	%	$	4.51
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	991.50		0.75	%	$	3.76
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	991.60		0.65	%	$	3.26
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	992.60		0.55	%	$	2.76
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	992.40		0.40	%	$	2.01
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One Funds 33

Fees and Expenses(continued)

Prudential Day One 2020 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	987.50		1.15	%	$	5.76
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	988.30		0.90	%	$	4.51
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	989.90		0.75	%	$	3.76
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	989.10		0.65	%	$	3.26
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	990.10		0.55	%	$	2.76
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	990.70		0.40	%	$	2.01
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One 2025 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	981.40		1.15	%	$	5.74
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	983.10		0.90	%	$	4.50
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	983.80		0.75	%	$	3.75
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	984.90		0.65	%	$	3.25
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	984.10		0.55	%	$	2.75
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	985.70		0.40	%	$	2.00
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

34 Visit our website at pgiminvestments.com

Prudential Day One 2030 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	971.40		1.15	%	$	5.71
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	972.40		0.90	%	$	4.47
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	974.00		0.75	%	$	3.73
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	974.20		0.65	%	$	3.23
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	974.40		0.55	%	$	2.74
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	975.10		0.40	%	$	1.99
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One 2035 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	962.70		1.15	%	$	5.69
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	964.50		0.90	%	$	4.46
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	965.30		0.75	%	$	3.72
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	966.40		0.65	%	$	3.22
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	965.70		0.55	%	$	2.73
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	966.50		0.40	%	$	1.98
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One Funds 35

Fees and Expenses(continued)

Prudential Day One 2040 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	961.10		1.15	%	$	5.68
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	963.00		0.90	%	$	4.45
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	962.90		0.75	%	$	3.71
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	964.00		0.65	%	$	3.22
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	964.30		0.55	%	$	2.72
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	965.10		0.40	%	$	1.98
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One 2045 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	956.50		1.15	%	$	5.67
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	956.90		0.90	%	$	4.44
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	958.60		0.75	%	$	3.70
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	958.00		0.65	%	$	3.21
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	959.10		0.55	%	$	2.72
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	959.20		0.40	%	$	1.98
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

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Prudential Day One 2050 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	954.80		1.15	%	$	5.67
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	956.80		0.90	%	$	4.44
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	956.80		0.75	%	$	3.70
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	956.20		0.65	%	$	3.20
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	958.20		0.55	%	$	2.71
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	959.10		0.40	%	$	1.98
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One 2055 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31,  2019		Annualized Expense Ratio Based on the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	951.10		1.15	%	$	5.66
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	953.20		0.90	%	$	4.43
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	953.20		0.75	%	$	3.69
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	954.40		0.65	%	$	3.20
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	954.70		0.55	%	$	2.71
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	954.70		0.40	%	$	1.97
	Hypothetical	$	1,000.00	$	1,023.19		0.40	%	$	2.04

Prudential Day One Funds 37

Fees and Expenses(continued)

Prudential Day One 2060 Fund		Beginning Account Value August 1, 2018		Ending Account Value January 31,  2019		Annualized Expense Ratio Based on  the Period			Expenses Paid During  the Six-Month Period*
Class R1	Actual	$	1,000.00	$	948.60		1.15	%	$	5.65
	Hypothetical	$	1,000.00	$	1,019.41		1.15	%	$	5.85
Class R2	Actual	$	1,000.00	$	949.00		0.90	%	$	4.42
	Hypothetical	$	1,000.00	$	1,020.67		0.90	%	$	4.58
Class R3	Actual	$	1,000.00	$	950.70		0.75	%	$	3.69
	Hypothetical	$	1,000.00	$	1,021.42		0.75	%	$	3.82
Class R4	Actual	$	1,000.00	$	951.00		0.65	%	$	3.20
	Hypothetical	$	1,000.00	$	1,021.93		0.65	%	$	3.31
Class R5	Actual	$	1,000.00	$	951.30		0.55	%	$	2.71
	Hypothetical	$	1,000.00	$	1,022.43		0.55	%	$	2.80
Class R6	Actual	$	1,000.00	$	952.20		0.40	%	$	1.97
	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, 2019, and divided by the 365 days in the Fund’s fiscal year ending July 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

38 Visit our website at pgiminvestments.com

Prudential Day One Income Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    90.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		130,860	$	1,278,505
PGIM Global Real Estate Fund (Class R6)		22,381		546,551
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		8,342		91,422
PGIM QMA Commodity Strategies Fund (Class R6)		47,608		453,227
PGIM QMA International Developed Markets Index Fund (Class R6)		40,473		453,705
PGIM QMALarge-Cap Core Equity Fund (Class R6)		71,461		1,006,171
PGIM QMAMid-Cap Core Equity Fund (Class R6)		8,793		91,012
PGIM QMA US Broad Market Index Fund (Class R6)		44,743		549,001
PGIM TIPS Fund (Class R6)		248,064		2,373,970
PGIM Total Return Bond Fund (Class R6)		97,239		1,372,039
TOTAL LONG-TERM INVESTMENTS (cost $8,417,544)				8,215,603
SHORT-TERM INVESTMENT    10.0%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $918,022)		918,022		918,022
TOTAL INVESTMENTS    100.0% (cost $9,335,566)(w)				9,133,625
Liabilities in excess of other assets    (0.0)%				(2,885	)
NET ASSETS    100.0%			$	9,130,740

(w) PGIM Investments LLC, the manager of the Fund, also serves as 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, 2019

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	9,133,625	$	—	$	—

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, 2019 were as follows:

TIPS	26.0	%
Core Plus	15.0
Core Bond	14.0
Large Cap	11.0
Short Term	10.0
Broad Market	6.0
Real Estate	6.0
Developed Markets	5.0
Commodity	5.0
Small Cap	1.0
Mid Cap	1.0
	100.0
Liabilities in excess of other assets	(0.0	)*
	100.0	%

* Less than +/- 0.05%    

See Notes to Financial Statements.

40

Prudential Day One Income Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $9,335,566)	$	9,133,625
Receivable for investments sold		66,009
Due from Manager		22,891
Receivable for Fund shares sold		1,577
Interest receivable		329
Prepaid expenses		22,783
Total Assets		9,247,214
Liabilities
Payable for investments purchased		54,476
Custodian and accounting fees payable		41,317
Audit fee payable		10,285
Accrued expenses and other liabilities		8,890
Affiliated transfer agent fee payable		729
Affiliated shareholder servicing fee payable		371
Distribution fee payable		311
Payable for Fund shares reacquired		95
Total Liabilities		116,474
Net Assets	$	9,130,740
Net assets were comprised of:
Shares of beneficial interest, at par	$	888
Paid-in capital in excess of par		9,295,497
Total distributable earnings (loss)		(165,645	)
Net assets, January 31, 2019	$	9,130,740

See Notes to Financial Statements.

Prudential Day One Funds 41

Prudential Day One Income Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($10,711 ÷ 1,044 shares of beneficial interest issued and outstanding)	$	10.26
Class R2
Net asset value, offering price and redemption price per share, ($1,088,003 ÷ 106,010 shares of beneficial interest issued and outstanding)	$	10.26
Class R3
Net asset value, offering price and redemption price per share, ($1,305,614 ÷ 127,140 shares of beneficial interest issued and outstanding)	$	10.27
Class R4
Net asset value, offering price and redemption price per share, ($13,704 ÷ 1,334 shares of beneficial interest issued and outstanding)	$	10.27
Class R5
Net asset value, offering price and redemption price per share, ($62,121 ÷ 6,050 shares of beneficial interest issued and outstanding)	$	10.27
Class R6
Net asset value, offering price and redemption price per share, ($6,650,587 ÷ 646,659 shares of beneficial interest issued and outstanding)	$	10.28

See Notes to Financial Statements.

42

Prudential Day One Income Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	131,787
Expenses
Management fee		789
Distribution fee(a)		1,787
Shareholder servicing fees (including affiliated expense of $1,106)(a)		1,118
Custodian and accounting fees		59,508
Registration fees(a)		38,635
Audit fee		10,285
Legal fees and expenses		8,407
Trustees’ fees		6,197
Shareholders’ reports		4,586
Transfer agent’s fees and expenses (including affiliated expense of $2,060)(a)		2,060
Miscellaneous		4,926
Total expenses		138,298
Less: Fee waiver and/or expense reimbursement(a)		(134,251	)
Net expenses		4,047
Net investment income (loss)		127,740
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(102,189	)
Net capital gain distributions received		185,543
		83,354
Net change in unrealized appreciation (depreciation) on investments		(226,750	)
Net gain (loss) on investment transactions		(143,396	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(15,656	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			1,092			668			—			—			—
Shareholder servicing fees		5			437			668			8			—			—
Registration fees		6,438			6,439			6,439			6,439			6,439			6,441
Transfer agent’s fees and expenses		17			643			1,112			43			18			227
Fee waiver and/or expense reimbursement		(6,584	)		(17,431	)		(23,531	)		(6,669	)		(6,852	)		(73,184	)

See Notes to Financial Statements.

Prudential Day One Funds 43

Prudential Day One Income Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	127,740		$	101,481
Net realized gain (loss) on investment transactions		(102,189	)		(19,490	)
Net capital gain distributions received		185,543			60,710
Net change in unrealized appreciation (depreciation) on investments		(226,750	)		14,758
Net increase (decrease) in net assets resulting from operations		(15,656	)		157,459
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(262	)		—
Class R2		(22,728	)		—
Class R3		(35,203	)		—
Class R4		(387	)		—
Class R5		(1,394	)		—
Class R6		(173,677	)		—
		(233,651	)		—
Dividends from net investment income*
Class R1					(150	)
Class R2					(3,889	)
Class R3					(23,450	)
Class R4					(332	)
Class R5					(214	)
Class R6					(54,531	)
		*			(82,566	)
Distributions from net realized gains*
Class R1					(4	)
Class R2					(4	)
Class R3					(497	)
Class R4					(7	)
Class R5					(4	)
Class R6					(860	)
		*			(1,376	)

See Notes to Financial Statements.

44

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	4,560,582		$	4,309,508
Net asset value of shares issued in reinvestment of dividends and distributions		233,651			83,943
Cost of shares reacquired		(1,227,937	)		(692,336	)
Net increase (decrease) in net assets from Fund share transactions		3,566,296			3,701,115
Total increase (decrease)		3,316,989			3,774,632
Net Assets:
Beginning of period		5,813,751			2,039,119
End of period(a)	$	9,130,740		$	5,813,751
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	25,484

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

Prudential Day One Funds 45

Prudential Day One 2010 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    91.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		79,260	$	774,368
PGIM Global Real Estate Fund (Class R6)		13,556		331,035
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		5,052		55,373
PGIM QMA Commodity Strategies Fund (Class R6)		28,834		274,504
PGIM QMA International Developed Markets Index Fund (Class R6)		24,513		274,795
PGIM QMALarge-Cap Core Equity Fund (Class R6)		47,218		664,831
PGIM QMAMid-Cap Core Equity Fund (Class R6)		5,326		55,124
PGIM QMA US Broad Market Index Fund (Class R6)		27,101		332,525
PGIM TIPS Fund (Class R6)		150,249		1,437,879
PGIM Total Return Bond Fund (Class R6)		58,896		831,025
TOTAL LONG-TERM INVESTMENTS (cost $5,142,623)				5,031,459
SHORT-TERM INVESTMENT    9.2%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $510,436)		510,436		510,436
TOTAL INVESTMENTS    100.2% (cost $5,653,059)(w)				5,541,895
Liabilities in excess of other assets    (0.2)%				(11,115	)
NET ASSETS    100.0%			$	5,530,780

(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.

46

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	5,541,895	$	—	$	—

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, 2019 were as follows:

TIPS	26.0	%
Core Plus	15.0
Core Bond	14.0
Large Cap	12.0
Short Term	9.2
Broad Market	6.0
Real Estate	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.

Prudential Day One Funds 47

Prudential Day One 2010 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $5,653,059)	$	5,541,895
Receivable for investments sold		63,940
Due from Manager		22,731
Receivable for Fund shares sold		2,583
Interest receivable		197
Prepaid expenses		22,250
Total Assets		5,653,596
Liabilities
Custodian and accounting fees payable		41,281
Payable for investments purchased		33,430
Payable for Fund shares reacquired		28,308
Audit fee payable		10,285
Accrued expenses and other liabilities		9,132
Affiliated transfer agent fee payable		338
Affiliated shareholder servicing fee payable		24
Distribution fee payable		18
Total Liabilities		122,816
Net Assets	$	5,530,780
Net assets were comprised of:
Shares of beneficial interest, at par	$	542
Paid-in capital in excess of par		5,610,652
Total distributable earnings (loss)		(80,414	)
Net assets, January 31, 2019	$	5,530,780

See Notes to Financial Statements.

48

Class R1
Net asset value, offering price and redemption price per share, ($10,811 ÷ 1,059 shares of beneficial interest issued and outstanding)	$	10.20
Class R2
Net asset value, offering price and redemption price per share, ($10,828 ÷ 1,061 shares of beneficial interest issued and outstanding)	$	10.20
Class R3
Net asset value, offering price and redemption price per share, ($141,361 ÷ 13,852 shares of beneficial interest issued and outstanding)	$	10.20
Class R4
Net asset value, offering price and redemption price per share, ($20,168 ÷ 1,977 shares of beneficial interest issued and outstanding)	$	10.20
Class R5
Net asset value, offering price and redemption price per share, ($813,398 ÷ 79,693 shares of beneficial interest issued and outstanding)	$	10.21
Class R6
Net asset value, offering price and redemption price per share, ($4,534,214 ÷ 444,033 shares of beneficial interest issued and outstanding)	$	10.21

See Notes to Financial Statements.

Prudential Day One Funds 49

Prudential Day One 2010 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	87,528
Expenses
Management fee		570
Distribution fee(a)		114
Shareholder servicing fees (including affiliated expense of $82)(a)		107
Custodian and accounting fees		59,380
Registration fees(a)		39,170
Audit fee		10,285
Legal fees and expenses		8,408
Trustees’ fees		6,147
Shareholders’ reports		4,249
Transfer agent’s fees and expenses (including affiliated expense of $970)(a)		970
Miscellaneous		4,876
Total expenses		134,276
Less: Fee waiver and/or expense reimbursement(a)		(133,825	)
Net expenses		451
Net investment income (loss)		87,077
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(50,893	)
Net capital gain distributions received		121,387
		70,494
Net change in unrealized appreciation (depreciation) on investments		(180,963	)
Net gain (loss) on investment transactions		(110,469	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(23,392	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			17			70			—			—			—
Shareholder servicing fees		6			7			70			24			—			—
Registration fees		6,440			6,439			6,439			6,440			6,439			6,973
Transfer agent’s fees and expenses		17			20			121			57			594			161
Fee waiver and/or expense reimbursement		(6,628	)		(6,679	)		(8,771	)		(7,248	)		(20,029	)		(84,470	)

See Notes to Financial Statements.

50

Prudential Day One 2010 Fund

Statements of Changes in Net Assets(unaudited)

as of January 31, 2019

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	87,077		$	130,843
Net realized gain (loss) on investment transactions		(50,893	)		8,759
Net capital gain distributions received		121,387			78,654
Net change in unrealized appreciation (depreciation) on investments		(180,963	)		14,360
Net increase (decrease) in net assets resulting from operations		(23,392	)		232,616
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(444	)		—
Class R2		(471	)		—
Class R3		(6,295	)		—
Class R4		(2,394	)		—
Class R5		(38,335	)		—
Class R6		(220,690	)		—
		(268,629	)		—
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	)

See Notes to Financial Statements.

Prudential Day One Funds 51

Prudential Day One 2010 Fund

Statements of Changes in Net Assets(unaudited)(continued)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	1,189,243		$	3,019,029
Net asset value of shares issued in reinvestment of dividends and distributions		268,630			83,090
Cost of shares reacquired		(1,275,866	)		(2,130,951	)
Net increase (decrease) in net assets from Fund share transactions		182,007			971,168
Total increase (decrease)		(110,014	)		1,120,695
Net Assets:
Beginning of period		5,640,794			4,520,099
End of period(a)	$	5,530,780		$	5,640,794
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	69,802

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

52

Prudential Day One 2015 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    91.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		132,633	$	1,295,829
PGIM Global Real Estate Fund (Class R6)		24,432		596,639
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		9,105		99,787
PGIM QMA Commodity Strategies Fund (Class R6)		51,981		494,855
PGIM QMA International Developed Markets Index Fund (Class R6)		53,027		594,428
PGIM QMALarge-Cap Core Equity Fund (Class R6)		92,179		1,297,882
PGIM QMAMid-Cap Core Equity Fund (Class R6)		19,199		198,711
PGIM QMA US Broad Market Index Fund (Class R6)		56,975		699,080
PGIM TIPS Fund (Class R6)		249,945		2,391,972
PGIM Total Return Bond Fund (Class R6)		99,055		1,397,666
TOTAL LONG-TERM INVESTMENTS (cost $9,284,474)				9,066,849
SHORT-TERM INVESTMENT    8.7%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $870,509)		870,509		870,509
TOTAL INVESTMENTS    99.7% (cost $10,154,983)(w)				9,937,358
Other assets in excess of liabilities    0.3%				29,208
NET ASSETS    100.0%			$	9,966,566

(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 2015 Fund

Schedule of Investments(unaudited)(continued)

as of January 31, 2019

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	9,937,358	$	—	$	—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2019 were as follows:

TIPS	24.0	%
Core Plus	14.0
Large Cap	13.0
Core Bond	13.0
Short Term	8.7
Broad Market	7.0
Real Estate	6.0
Developed Markets	6.0
Commodity	5.0

Mid Cap	2.0	%
Small Cap	1.0
	99.7
Other assets in excess of liabilities	0.3
	100.0	%

See Notes to Financial Statements.

54

Prudential Day One 2015 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $10,154,983)	$	9,937,358
Receivable for Fund shares sold		361,686
Receivable for investments sold		71,709
Due from Manager		22,988
Interest receivable		306
Prepaid expenses		21,126
Total Assets		10,415,173
Liabilities
Payable for investments purchased		387,696
Custodian and accounting fees payable		41,290
Accrued expenses and other liabilities		19,466
Affiliated transfer agent fee payable		123
Payable for Fund shares reacquired		15
Affiliated shareholder servicing fee payable		9
Distribution fee payable		8
Total Liabilities		448,607
Net Assets	$	9,966,566
Net assets were comprised of:
Shares of beneficial interest, at par	$	962
Paid-in capital in excess of par		10,139,870
Total distributable earnings (loss)		(174,266	)
Net assets, January 31, 2019	$	9,966,566

See Notes to Financial Statements.

Prudential Day One Funds 55

Prudential Day One 2015 Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($10,843 ÷ 1,047 shares of beneficial interest issued and outstanding)	$	10.36
Class R2
Net asset value, offering price and redemption price per share, ($10,898 ÷ 1,052 shares of beneficial interest issued and outstanding)	$	10.36
Class R3
Net asset value, offering price and redemption price per share, ($10,936 ÷ 1,055 shares of beneficial interest issued and outstanding)	$	10.36
Class R4
Net asset value, offering price and redemption price per share, ($13,445 ÷ 1,298 shares of beneficial interest issued and outstanding)	$	10.36
Class R5
Net asset value, offering price and redemption price per share, ($27,030 ÷ 2,607 shares of beneficial interest issued and outstanding)	$	10.37
Class R6
Net asset value, offering price and redemption price per share, ($9,893,414 ÷ 954,777 shares of beneficial interest issued and outstanding)	$	10.36

See Notes to Financial Statements.

56

Prudential Day One 2015 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	146,424
Expenses
Management fee		933
Distribution fee(a)		50
Shareholder servicing fees (including affiliated expense of $33)(a)		57
Custodian and accounting fees		59,381
Registration fees(a)		40,293
Audit fee		10,285
Legal fees and expenses		8,411
Trustees’ fees		6,154
Shareholders’ reports		4,389
Transfer agent’s fees and expenses (including affiliated expense of $335)(a)		342
Miscellaneous		4,859
Total expenses		135,154
Less: Fee waiver and/or expense reimbursement(a)		(135,776	)
Net expenses		(622	)
Net investment income (loss)		147,046
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(122,571	)
Net capital gain distributions received		243,889
		121,318
Net change in unrealized appreciation (depreciation) on investments		(342,912	)
Net gain (loss) on investment transactions		(221,594	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(74,548	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			17			6			—			—			—
Shareholder servicing fees		6			7			6			38			—			—
Registration fees		6,439			6,439			6,439			6,439			6,439			8,098
Transfer agent’s fees and expenses		17			20			16			74			27			188
Fee waiver and/or expense reimbursement		(6,559	)		(6,592	)		(6,559	)		(7,232	)		(6,677	)		(102,157	)

See Notes to Financial Statements.

Prudential Day One Funds 57

Prudential Day One 2015 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	147,046		$	171,171
Net realized gain (loss) on investment transactions		(122,571	)		(33,968	)
Net capital gain distributions received		243,889			123,774
Net change in unrealized appreciation (depreciation) on investments		(342,912	)		62,297
Net increase (decrease) in net assets resulting from operations		(74,548	)		323,274
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(369	)		—
Class R2		(397	)		—
Class R3		(414	)		—
Class R4		(3,183	)		—
Class R5		(986	)		—
Class R6		(386,009	)		—
		(391,358	)		—
Dividends from net investment income*
Class R1					(85	)
Class R2					(113	)
Class R3					(129	)
Class R4					(811	)
Class R5					(151	)
Class R6					(94,760	)
		*			(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	)
		*			(8,778	)

See Notes to Financial Statements.

58

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	2,506,919		$	7,266,121
Net asset value of shares issued in reinvestment of dividends and distributions		392,135			104,826
Cost of shares reacquired		(1,165,439	)		(3,082,317	)
Net increase (decrease) in net assets from Fund share transactions		1,733,615			4,288,630
Total increase (decrease)		1,267,709			4,507,077
Net Assets:
Beginning of period		8,698,857			4,191,780
End of period(a)	$	9,966,566		$	8,698,857
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	95,236

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

Prudential Day One Funds 59

Prudential Day One 2020 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    92.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		459,797	$	4,492,216
PGIM Global Real Estate Fund (Class R6)		91,750		2,240,525
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		34,194		374,770
PGIM QMA Commodity Strategies Fund (Class R6)		195,167		1,857,994
PGIM QMA International Developed Markets Index Fund (Class R6)		232,286		2,603,923
PGIM QMALarge-Cap Core Equity Fund (Class R6)		452,727		6,374,404
PGIM QMAMid-Cap Core Equity Fund (Class R6)		72,095		746,188
PGIM QMA US Broad Market Index Fund (Class R6)		244,556		3,000,701
PGIM TIPS Fund (Class R6)		860,454		8,234,541
PGIM Total Return Bond Fund (Class R6)		318,881		4,499,409
TOTAL LONG-TERM INVESTMENTS (cost $35,337,732)				34,424,671
SHORT-TERM INVESTMENT    7.9%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $2,969,143)		2,969,143		2,969,143
TOTAL INVESTMENTS    99.9% (cost $38,306,875)(w)				37,393,814
Other assets in excess of liabilities    0.1%				38,021
NET ASSETS    100.0%			$	37,431,835

(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.

60

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	37,393,814	$	—	$	—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2019 were as follows:

TIPS	22.0	%
Large Cap	17.0
Core Plus	12.0
Core Bond	12.0
Broad Market	8.0
Short Term	7.9
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.

Prudential Day One Funds 61

Prudential Day One 2020 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $38,306,875)	$	37,393,814
Receivable for investments sold		289,060
Receivable for Fund shares sold		94,369
Due from Manager		23,600
Dividends receivable		1,079
Prepaid expenses		21,505
Total Assets		37,823,427
Liabilities
Payable for investments purchased		279,125
Payable for Fund shares reacquired		49,149
Custodian and accounting fees payable		41,268
Accrued expenses and other liabilities		18,317
Affiliated transfer agent fee payable		2,025
Affiliated shareholder servicing fee payable		1,128
Distribution fee payable		580
Total Liabilities		391,592
Net Assets	$	37,431,835
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,566
Paid-in capital in excess of par		38,088,118
Total distributable earnings (loss)		(659,849	)
Net assets, January 31, 2019	$	37,431,835

See Notes to Financial Statements.

62

Class R1
Net asset value, offering price and redemption price per share, ($10,934 ÷ 1,040 shares of beneficial interest issued and outstanding)	$	10.52
Class R2
Net asset value, offering price and redemption price per share, ($2,345,583 ÷ 223,078 shares of beneficial interest issued and outstanding)	$	10.51
Class R3
Net asset value, offering price and redemption price per share, ($973,334 ÷ 92,464 shares of beneficial interest issued and outstanding)	$	10.53
Class R4
Net asset value, offering price and redemption price per share, ($55,137 ÷ 5,235 shares of beneficial interest issued and outstanding)	$	10.53
Class R5
Net asset value, offering price and redemption price per share, ($3,841,372 ÷ 364,899 shares of beneficial interest issued and outstanding)	$	10.53
Class R6
Net asset value, offering price and redemption price per share, ($30,205,475 ÷ 2,879,653 shares of beneficial interest issued and outstanding)	$	10.49

See Notes to Financial Statements.

Prudential Day One Funds 63

Prudential Day One 2020 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	567,139
Expenses
Management fee		3,489
Distribution fee(a)		3,515
Shareholder servicing fees (including affiliated expense of $1,733)(a)		1,769
Custodian and accounting fees		59,379
Registration fees(a)		40,634
Audit fee		10,285
Legal fees and expenses		8,422
Trustees’ fees		6,193
Transfer agent’s fees and expenses (including affiliated expense of $5,615)(a)		5,615
Shareholders’ reports		4,540
Miscellaneous		4,888
Total expenses		148,729
Less: Fee waiver and/or expense reimbursement(a)		(140,635	)
Net expenses		8,094
Net investment income (loss)		559,045
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(550,099	)
Net capital gain distributions received		1,053,090
		502,991
Net change in unrealized appreciation (depreciation) on investments		(1,436,540	)
Net gain (loss) on investment transactions		(933,549	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(374,504	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		27			2,926			562			—			—			—
Shareholder servicing fees		5			1,171			562			31			—			—
Registration fees		6,439			6,439			6,439			6,439			6,439			8,439
Transfer agent’s fees and expenses		17			1,686			886			147			2,599			280
Fee waiver and/or expense reimbursement		(6,480	)		(13,108	)		(9,714	)		(6,716	)		(16,817	)		(87,800	)

See Notes to Financial Statements.

64

Prudential Day One 2020 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	559,045		$	465,939
Net realized gain (loss) on investment transactions		(550,099	)		(119,090	)
Net capital gain distributions received		1,053,090			396,521
Net change in unrealized appreciation (depreciation) on investments		(1,436,540	)		332,048
Net increase (decrease) in net assets resulting from operations		(374,504	)		1,075,418
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(309	)		—
Class R2		(73,312	)		—
Class R3		(39,719	)		—
Class R4		(2,046	)		—
Class R5		(131,171	)		—
Class R6		(1,057,196	)		—
		(1,303,753	)		—
Dividends from net investment income*
Class R1					(86	)
Class R2					(315	)
Class R3					(9,100	)
Class R4					(2,476	)
Class R5					(152	)
Class R6					(246,578	)
		*			(258,707	)
Distributions from net realized gains*
Class R1					(8	)
Class R2					(22	)
Class R3					(556	)
Class R4					(139	)
Class R5					(8	)
Class R6					(11,492	)
		*			(12,225	)

See Notes to Financial Statements.

Prudential Day One Funds 65

Prudential Day One 2020 Fund

Statements of Changes in Net Assets(unaudited) (continued)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	13,037,834		$	23,677,446
Net asset value of shares issued in reinvestment of dividends and distributions		1,303,753			270,932
Cost of shares reacquired		(5,323,269	)		(7,248,986	)
Net increase (decrease) in net assets from Fund share transactions		9,018,318			16,699,392
Total increase (decrease)		7,340,061			17,503,878
Net Assets:
Beginning of period		30,091,774			12,587,896
End of period(a)	$	37,431,835		$	30,091,774
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	265,589

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

66

Prudential Day One 2025 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    93.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		393,215	$	3,841,713
PGIM Global Real Estate Fund (Class R6)		104,610		2,554,573
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		38,988		427,305
PGIM QMA Commodity Strategies Fund (Class R6)		222,542		2,118,603
PGIM QMA International Developed Markets Index Fund (Class R6)		340,538		3,817,430
PGIM QMALarge-Cap Core Equity Fund (Class R6)		576,893		8,122,660
PGIM QMAMid-Cap Core Equity Fund (Class R6)		82,204		850,810
PGIM QMA US Broad Market Index Fund (Class R6)		313,682		3,848,874
PGIM TIPS Fund (Class R6)		891,916		8,535,638
PGIM Total Return Bond Fund (Class R6)		393,908		5,558,044
TOTAL LONG-TERM INVESTMENTS (cost $40,737,338)				39,675,650
SHORT-TERM INVESTMENT    6.9%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $2,956,040)		2,956,040		2,956,040
TOTAL INVESTMENTS    99.9% (cost $43,693,378)(w)				42,631,690
Other assets in excess of liabilities    0.1%				48,368
NET ASSETS    100.0%			$	42,680,058

(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 67

Prudential Day One 2025 Fund

Schedule of Investments(unaudited)(continued)

as of January 31, 2019

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	42,631,690	$	—	$	—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2019 were as follows:

TIPS	20.0	%
Large Cap	19.0
Core Plus	13.0
Broad Market	9.0
Core Bond	9.0
Developed Markets	9.0
Short Term	6.9
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.

68

Prudential Day One 2025 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $43,693,378)	$	42,631,690
Receivable for Fund shares sold		325,554
Receivable for investments sold		263,446
Due from Manager		23,217
Interest receivable		1,168
Prepaid expenses		22,481
Total Assets		43,267,556
Liabilities
Payable for investments purchased		521,620
Custodian and accounting fees payable		41,261
Accrued expenses and other liabilities		19,500
Affiliated transfer agent fee payable		1,889
Payable for Fund shares reacquired		1,313
Affiliated shareholder servicing fee payable		1,102
Distribution fee payable		813
Total Liabilities		587,498
Net Assets	$	42,680,058
Net assets were comprised of:
Shares of beneficial interest, at par	$	4,044
Paid-in capital in excess of par		43,491,106
Total distributable earnings (loss)		(815,092	)
Net assets, January 31, 2019	$	42,680,058

See Notes to Financial Statements.

Prudential Day One Funds 69

Prudential Day One 2025 Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($613,654 ÷ 58,216 shares of beneficial interest issued and outstanding)	$	10.54
Class R2
Net asset value, offering price and redemption price per share, ($35,749 ÷ 3,391 shares of beneficial interest issued and outstanding)	$	10.54
Class R3
Net asset value, offering price and redemption price per share, ($6,713,095 ÷ 636,534 shares of beneficial interest issued and outstanding)	$	10.55
Class R4
Net asset value, offering price and redemption price per share, ($44,317 ÷ 4,203 shares of beneficial interest issued and outstanding)	$	10.55
Class R5
Net asset value, offering price and redemption price per share, ($62,018 ÷ 5,882 shares of beneficial interest issued and outstanding)	$	10.54
Class R6
Net asset value, offering price and redemption price per share, ($35,211,225 ÷ 3,335,591 shares of beneficial interest issued and outstanding)	$	10.56

See Notes to Financial Statements.

70

Prudential Day One 2025 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	655,242
Expenses
Management fee		3,801
Distribution fee(a)		4,724
Shareholder servicing fees (including affiliated expense of $3,200)(a)		3,516
Custodian and accounting fees		59,379
Registration fees(a)		39,264
Audit fee		10,285
Legal fees and expenses		8,425
Trustees’ fees		6,197
Transfer agent’s fees and expenses (including affiliated expense of $5,329)(a)		5,329
Shareholders’ reports		4,950
Miscellaneous		4,890
Total expenses		150,760
Less: Fee waiver and/or expense reimbursement(a)		(139,100	)
Net expenses		11,660
Net investment income (loss)		643,582
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(849,240	)
Net capital gain distributions received		1,461,984
		612,744
Net change in unrealized appreciation (depreciation) on investments		(1,801,857	)
Net gain (loss) on investment transactions		(1,189,113	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(545,531	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		1,538			27			3,159			—			—			—
Shareholder servicing fees		307			11			3,159			39			—			—
Registration fees		6,437			6,438			6,437			6,437			6,437			7,078
Transfer agent’s fees and expenses		532			71			4,256			94			61			315
Fee waiver and/or expense reimbursement		(8,148	)		(6,551	)		(22,734	)		(6,684	)		(6,588	)		(88,395	)

See Notes to Financial Statements.

Prudential Day One Funds 71

Prudential Day One 2025 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	643,582		$	568,650
Net realized gain (loss) on investment transactions		(849,240	)		(130,872	)
Net capital gain distributions received		1,461,984			695,392
Net change in unrealized appreciation (depreciation) on investments		(1,801,857	)		522,080
Net increase (decrease) in net assets resulting from operations		(545,531	)		1,655,250
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(21,333	)		—
Class R2		(676	)		—
Class R3		(256,516	)		—
Class R4		(1,775	)		—
Class R5		(2,238	)		—
Class R6		(1,479,753	)		—
		(1,762,291	)		—
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	)

See Notes to Financial Statements.

72

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	17,069,269		$	21,103,109
Net asset value of shares issued in reinvestment of dividends and distributions		1,762,291			401,625
Cost of shares reacquired		(6,433,329	)		(8,205,921	)
Net increase (decrease) in net assets from Fund share transactions		12,398,231			13,298,813
Total increase (decrease)		10,090,409			14,552,438
Net Assets:
Beginning of period		32,589,649			18,037,211
End of period(a)	$	42,680,058		$	32,589,649
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	257,832

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

Prudential Day One Funds 73

Prudential Day One 2030 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    94.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		271,337	$	2,650,963
PGIM Global Real Estate Fund (Class R6)		92,819		2,266,653
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		34,592		379,127
PGIM QMA Commodity Strategies Fund (Class R6)		157,969		1,503,862
PGIM QMA Emerging Markets Equity Fund (Class R6)		33,487		380,081
PGIM QMA International Developed Markets Index Fund (Class R6)		369,304		4,139,895
PGIM QMALarge-Cap Core Equity Fund (Class R6)		700,428		9,862,021
PGIM QMAMid-Cap Core Equity Fund (Class R6)		109,406		1,132,356
PGIM QMA US Broad Market Index Fund (Class R6)		402,012		4,932,684
PGIM TIPS Fund (Class R6)		474,847		4,544,286
PGIM Total Return Bond Fund (Class R6)		295,701		4,172,336
TOTAL LONG-TERM INVESTMENTS (cost $37,313,112)				35,964,264
SHORT-TERM INVESTMENT    5.0%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $1,891,874)		1,891,874		1,891,874
TOTAL INVESTMENTS    99.9% (cost $39,204,986)(w)				37,856,138
Other assets in excess of liabilities    0.1%				20,672
NET ASSETS    100.0%			$	37,876,810

(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.

74

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	37,856,138	$	—	$	—

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2019 were as follows:

Large Cap	26.0	%
Broad Market	13.0
TIPS	12.0
Core Plus	11.0
Developed Markets	10.9
Core Bond	7.0
Real Estate	6.0
Short Term	5.0
Commodity	4.0

Mid Cap	3.0	%
Emerging Markets	1.0
Small Cap	1.0
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

See Notes to Financial Statements.

Prudential Day One Funds 75

Prudential Day One 2030 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $39,204,986)	$	37,856,138
Receivable for Fund shares sold		263,487
Receivable for investments sold		153,040
Due from Manager		23,277
Dividends receivable		546
Prepaid expenses		22,227
Total Assets		38,318,715
Liabilities
Payable for investments purchased		327,077
Payable for Fund shares reacquired		51,241
Custodian and accounting fees payable		41,268
Accrued expenses and other liabilities		18,814
Affiliated transfer agent fee payable		1,994
Affiliated shareholder servicing fee payable		764
Distribution fee payable		747
Total Liabilities		441,905
Net Assets	$	37,876,810
Net assets were comprised of:
Shares of beneficial interest, at par	$	3,512
Paid-in capital in excess of par		38,608,360
Total distributable earnings (loss)		(735,062	)
Net assets, January 31, 2019	$	37,876,810

See Notes to Financial Statements.

76

Class R1
Net asset value, offering price and redemption price per share, ($29,320 ÷ 2,721 shares of beneficial interest issued and outstanding)	$	10.78
Class R2
Net asset value, offering price and redemption price per share, ($3,228,789 ÷ 299,399 shares of beneficial interest issued and outstanding)	$	10.78
Class R3
Net asset value, offering price and redemption price per share, ($986,093 ÷ 91,495 shares of beneficial interest issued and outstanding)	$	10.78
Class R4
Net asset value, offering price and redemption price per share, ($604,692 ÷ 56,117 shares of beneficial interest issued and outstanding)	$	10.78
Class R5
Net asset value, offering price and redemption price per share, ($2,722,619 ÷ 252,620 shares of beneficial interest issued and outstanding)	$	10.78
Class R6
Net asset value, offering price and redemption price per share, ($30,305,297 ÷ 2,809,629 shares of beneficial interest issued and outstanding)	$	10.79

See Notes to Financial Statements.

Prudential Day One Funds 77

Prudential Day One 2030 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	581,624
Expenses
Management fee		3,306
Distribution fee(a)		4,078
Shareholder servicing fees (including affiliated expense of $2,303)(a)		2,336
Custodian and accounting fees		59,380
Registration fees(a)		39,693
Audit fee		10,285
Legal fees and expenses		8,420
Trustees’ fees		6,198
Transfer agent’s fees and expenses (including affiliated expense of $5,611)(a)		5,611
Shareholders’ reports		4,684
Miscellaneous		4,887
Total expenses		148,878
Less: Fee waiver and/or expense reimbursement(a)		(137,935	)
Net expenses		10,943
Net investment income (loss)		570,681
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(632,148	)
Net capital gain distributions received		1,638,567
		1,006,419
Net change in unrealized appreciation (depreciation) on investments		(2,370,708	)
Net gain (loss) on investment transactions		(1,364,289	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(793,608	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		71			3,584			423			—			—			—
Shareholder servicing fees		14			1,434			423			465			—			—
Registration fees		6,436			6,436			6,437			6,437			6,437			7,510
Transfer agent’s fees and expenses		35			1,996			590			818			1,893			279
Fee waiver and/or expense reimbursement		(6,533	)		(14,821	)		(8,908	)		(9,345	)		(14,367	)		(83,961	)

See Notes to Financial Statements.

78

Prudential Day One 2030 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	570,681		$	345,210
Net realized gain (loss) on investment transactions		(632,148	)		(134,469	)
Net capital gain distributions received		1,638,567			581,138
Net change in unrealized appreciation (depreciation) on investments		(2,370,708	)		797,100
Net increase (decrease) in net assets resulting from operations		(793,608	)		1,588,979
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(1,022	)		—
Class R2		(115,451	)		—
Class R3		(35,737	)		—
Class R4		(28,267	)		—
Class R5		(111,145	)		—
Class R6		(1,208,259	)		—
		(1,499,881	)		—
Dividends from net investment income*
Class R1					(147	)
Class R2					(1,420	)
Class R3					(7,053	)
Class R4					(14,481	)
Class R5					(2,115	)
Class R6					(239,010	)
		*			(264,226	)
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	)

See Notes to Financial Statements.

Prudential Day One Funds 79

Prudential Day One 2030 Fund

Statements of Changes in Net Assets(unaudited) (continued)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	13,952,106		$	23,458,936
Net asset value of shares issued in reinvestment of dividends and distributions		1,499,881			269,515
Cost of shares reacquired		(4,582,985	)		(6,078,246	)
Net increase (decrease) in net assets from Fund share transactions		10,869,002			17,650,205
Total increase (decrease)		8,575,513			18,969,670
Net Assets:
Beginning of period		29,301,297			10,331,627
End of period(a)	$	37,876,810		$	29,301,297
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	151,620

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

80

Prudential Day One 2035 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.0%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		129,158	$	1,261,869
PGIM Global Real Estate Fund (Class R6)		51,542		1,258,647
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		46,098		505,236
PGIM QMA Commodity Strategies Fund (Class R6)		105,259		1,002,068
PGIM QMA Emerging Markets Equity Fund (Class R6)		66,944		759,820
PGIM QMA International Developed Markets Index Fund (Class R6)		290,820		3,260,092
PGIM QMALarge-Cap Core Equity Fund (Class R6)		520,564		7,329,537
PGIM QMAMid-Cap Core Equity Fund (Class R6)		97,200	��	1,006,024
PGIM QMA US Broad Market Index Fund (Class R6)		329,684		4,045,224
PGIM TIPS Fund (Class R6)		210,953		2,018,823
PGIM Total Return Bond Fund (Class R6)		161,233		2,274,996
TOTAL LONG-TERM INVESTMENTS (cost $25,864,756)				24,722,336
SHORT-TERM INVESTMENT    2.1%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $535,413)		535,413		535,413
TOTAL INVESTMENTS    100.1% (cost $26,400,169)(w)				25,257,749
Liabilities in excess of other assets    (0.1)%				(13,730	)
NET ASSETS    100.0%			$	25,244,019

(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 81

Prudential Day One 2035 Fund

Schedule of Investments(unaudited)(continued)

as of January 31, 2019

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	25,257,749	$	—	$	—

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, 2019 were as follows:

Large Cap	29.1	%
Broad Market	16.0
Developed Markets	12.9
Core Plus	9.0
TIPS	8.0
Core Bond	5.0
Real Estate	5.0
Mid Cap	4.0
Commodity	4.0

Emerging Markets	3.0	%
Short Term	2.1
Small Cap	2.0
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

82

Prudential Day One 2035 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $26,400,169)	$	25,257,749
Receivable for investments sold		67,345
Receivable for Fund shares sold		33,528
Due from Manager		23,761
Prepaid expenses		21,688
Total Assets		25,404,071
Liabilities
Payable for investments purchased		89,034
Custodian and accounting fees payable		41,332
Audit fee payable		10,285
Accrued expenses and other liabilities		8,648
Payable for Fund shares reacquired		7,522
Affiliated transfer agent fee payable		1,729
Affiliated shareholder servicing fee payable		973
Distribution fee payable		529
Total Liabilities		160,052
Net Assets	$	25,244,019
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,353
Paid-in capital in excess of par		26,053,989
Total distributable earnings (loss)		(812,323	)
Net assets, January 31, 2019	$	25,244,019

See Notes to Financial Statements.

Prudential Day One Funds 83

Prudential Day One 2035 Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($11,691 ÷ 1,090 shares of beneficial interest issued and outstanding)	$	10.72
Class R2
Net asset value, offering price and redemption price per share, ($333,298 ÷ 31,092 shares of beneficial interest issued and outstanding)	$	10.72
Class R3
Net asset value, offering price and redemption price per share, ($5,434,435 ÷ 506,476 shares of beneficial interest issued and outstanding)	$	10.73
Class R4
Net asset value, offering price and redemption price per share, ($15,543 ÷ 1,448 shares of beneficial interest issued and outstanding)	$	10.73
Class R5
Net asset value, offering price and redemption price per share, ($64,204 ÷ 5,987 shares of beneficial interest issued and outstanding)	$	10.72
Class R6
Net asset value, offering price and redemption price per share, ($19,384,848 ÷ 1,807,175 shares of beneficial interest issued and outstanding)	$	10.73

See Notes to Financial Statements.

84

Prudential Day One 2035 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	424,717
Expenses
Management fee		2,374
Distribution fee(a)		3,329
Shareholder servicing fees (including affiliated expense of $3,047)(a)		3,072
Custodian and accounting fees		59,386
Registration fees(a)		39,715
Audit fee		10,285
Legal fees and expenses		8,415
Trustees’ fees		6,191
Transfer agent’s fees and expenses (including affiliated expense of $5,068)(a)		5,068
Shareholders’ reports		4,874
Miscellaneous		4,886
Total expenses		147,595
Less: Fee waiver and/or expense reimbursement(a)		(141,194	)
Net expenses		6,401
Net investment income (loss)		418,316
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(610,320	)
Net capital gain distributions received		1,253,358
		643,038
Net change in unrealized appreciation (depreciation) on investments		(1,940,990	)
Net gain (loss) on investment transactions		(1,297,952	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(879,636	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		29			426			2,874			—			—			—
Shareholder servicing fees		6			170			2,874			22			—			—
Registration fees		6,436			6,437			6,437			6,439			6,437			7,529
Transfer agent’s fees and expenses		34			317			4,320			52			58			287
Fee waiver and/or expense reimbursement		(6,513	)		(7,955	)		(30,971	)		(6,646	)		(6,702	)		(82,407	)

See Notes to Financial Statements.

Prudential Day One Funds 85

Prudential Day One 2035 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	418,316		$	287,248
Net realized gain (loss) on investment transactions		(610,320	)		(106,866	)
Net capital gain distributions received		1,253,358			645,426
Net change in unrealized appreciation (depreciation) on investments		(1,940,990	)		632,290
Net increase (decrease) in net assets resulting from operations		(879,636	)		1,458,098
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(504	)		—
Class R2		(15,169	)		—
Class R3		(278,109	)		—
Class R4		(2,341	)		—
Class R5		(3,726	)		—
Class R6		(955,310	)		—
		(1,255,159	)		—
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	)

See Notes to Financial Statements.

86

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	8,698,391		$	12,790,604
Net asset value of shares issued in reinvestment of dividends and distributions		1,255,159			311,745
Cost of shares reacquired		(3,969,148	)		(3,878,913	)
Net increase (decrease) in net assets from Fund share transactions		5,984,402			9,223,436
Total increase (decrease)		3,849,607			10,369,789
Net Assets:
Beginning of period		21,394,412			11,024,623
End of period(a)	$	25,244,019		$	21,394,412
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	78,487

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

Prudential Day One Funds 87

Prudential Day One 2040 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    98.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		92,627	$	904,965
PGIM Global Real Estate Fund (Class R6)		46,208		1,128,387
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		61,994		679,459
PGIM QMA Commodity Strategies Fund (Class R6)		94,367		898,376
PGIM QMA Emerging Markets Equity Fund (Class R6)		80,020		908,229
PGIM QMA International Developed Markets Index Fund (Class R6)		300,838		3,372,397
PGIM QMALarge-Cap Core Equity Fund (Class R6)		466,708		6,571,245
PGIM QMAMid-Cap Core Equity Fund (Class R6)		130,715		1,352,901
PGIM QMA US Broad Market Index Fund (Class R6)		295,578		3,626,747
PGIM TIPS Fund (Class R6)		118,195		1,131,124
PGIM Total Return Bond Fund (Class R6)		128,476		1,812,791
TOTAL LONG-TERM INVESTMENTS (cost $23,371,070)				22,386,621
SHORT-TERM INVESTMENT    1.2%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $255,292)		255,292		255,292
TOTAL INVESTMENTS    100.1% (cost $23,626,362)(w)				22,641,913
Liabilities in excess of other assets    (0.1)%				(12,443	)
NET ASSETS    100.0%			$	22,629,470

(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.

88

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	22,641,913	$	—	$	—

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, 2019 were as follows:

Large Cap	29.0	%
Broad Market	16.0
Developed Markets	14.9
Core Plus	8.0
Mid Cap	6.0
TIPS	5.0
Real Estate	5.0
Emerging Markets	4.0
Core Bond	4.0

Commodity	4.0	%
Small Cap	3.0
Short Term	1.2
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

Prudential Day One Funds 89

Prudential Day One 2040 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $23,626,362)	$	22,641,913
Receivable for investments sold		69,472
Receivable for Fund shares sold		38,129
Due from Manager		23,822
Prepaid expenses		22,210
Total Assets		22,795,546
Liabilities
Payable for investments purchased		81,733
Custodian and accounting fees payable		41,248
Payable for Fund shares reacquired		21,305
Audit fee payable		10,285
Accrued expenses and other liabilities		8,525
Affiliated transfer agent fee payable		2,181
Distribution fee payable		404
Affiliated shareholder servicing fee payable		395
Total Liabilities		166,076
Net Assets	$	22,629,470
Net assets were comprised of:
Shares of beneficial interest, at par	$	2,073
Paid-in capital in excess of par		23,087,816
Total distributable earnings (loss)		(460,419	)
Net assets, January 31, 2019	$	22,629,470

See Notes to Financial Statements.

90

Class R1
Net asset value, offering price and redemption price per share, ($13,726 ÷ 1,258 shares of beneficial interest issued and outstanding)	$	10.91
Class R2
Net asset value, offering price and redemption price per share, ($1,737,292 ÷ 159,244 shares of beneficial interest issued and outstanding)	$	10.91
Class R3
Net asset value, offering price and redemption price per share, ($910,134 ÷ 83,385 shares of beneficial interest issued and outstanding)	$	10.91
Class R4
Net asset value, offering price and redemption price per share, ($23,676 ÷ 2,167 shares of beneficial interest issued and outstanding)	$	10.92
Class R5
Net asset value, offering price and redemption price per share, ($5,657,541 ÷ 518,223 shares of beneficial interest issued and outstanding)	$	10.92
Class R6
Net asset value, offering price and redemption price per share, ($14,287,101 ÷ 1,308,359 shares of beneficial interest issued and outstanding)	$	10.92

See Notes to Financial Statements.

Prudential Day One Funds 91

Prudential Day One 2040 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	370,579
Expenses
Management fee		2,132
Distribution fee(a)		2,071
Shareholder servicing fees (including affiliated expense of $1,050)(a)		1,050
Custodian and accounting fees		59,379
Registration fees(a)		39,195
Audit fee		10,285
Legal fees and expenses		8,415
Trustees’ fees		6,186
Transfer agent’s fees and expenses (including affiliated expense of $5,884)(a)		5,884
Shareholders’ reports		4,472
Miscellaneous		4,868
Total expenses		143,937
Less: Fee waiver and/or expense reimbursement(a)		(139,826	)
Net expenses		4,111
Net investment income (loss)		366,468
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(342,153	)
Net capital gain distributions received		1,147,991
		805,838
Net change in unrealized appreciation (depreciation) on investments		(1,894,618	)
Net gain (loss) on investment transactions		(1,088,780	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(722,312	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		33			1,707			331			—			—			—
Shareholder servicing fees		7			683			331			29			—			—
Registration fees		6,437			6,437			6,437			6,437			6,438			7,009
Transfer agent’s fees and expenses		25			813			433			90			4,264			259
Fee waiver and/or expense reimbursement		(6,516	)		(12,703	)		(9,509	)		(6,758	)		(33,785	)		(70,555	)

See Notes to Financial Statements.

92

Prudential Day One 2040 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	366,468		$	187,898
Net realized gain (loss) on investment transactions		(342,153	)		(78,025	)
Net capital gain distributions received		1,147,991			391,795
Net change in unrealized appreciation (depreciation) on investments		(1,894,618	)		729,367
Net increase (decrease) in net assets resulting from operations		(722,312	)		1,231,035
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(501	)		—
Class R2		(59,712	)		—
Class R3		(29,211	)		—
Class R4		(1,838	)		—
Class R5		(246,402	)		—
Class R6		(617,891	)		—
		(955,555	)		—
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	)

See Notes to Financial Statements.

Prudential Day One Funds 93

Prudential Day One 2040 Fund

Statements of Changes in Net Assets(unaudited)(continued)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	5,058,214		$	16,085,787
Net asset value of shares issued in reinvestment of dividends and distributions		955,555			207,681
Cost of shares reacquired		(2,200,406	)		(2,675,851	)
Net increase (decrease) in net assets from Fund share transactions		3,813,363			13,617,617
Total increase (decrease)		2,135,496			14,640,972
Net Assets:
Beginning of period		20,493,974			5,853,002
End of period(a)	$	22,629,470		$	20,493,974
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	60,006

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

94

Prudential Day One 2045 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		45,956	$	448,985
PGIM Global Real Estate Fund (Class R6)		30,567		746,441
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		41,010		449,466
PGIM QMA Commodity Strategies Fund (Class R6)		46,819		445,719
PGIM QMA Emerging Markets Equity Fund (Class R6)		66,167		750,996
PGIM QMA International Developed Markets Index Fund (Class R6)		238,811		2,677,075
PGIM QMALarge-Cap Core Equity Fund (Class R6)		308,730		4,346,916
PGIM QMAMid-Cap Core Equity Fund (Class R6)		100,881		1,044,121
PGIM QMA US Broad Market Index Fund (Class R6)		207,747		2,549,056
PGIM TIPS Fund (Class R6)		31,275		299,299
PGIM Total Return Bond Fund (Class R6)		84,988		1,199,185
TOTAL LONG-TERM INVESTMENTS (cost $15,666,496)				14,957,259
SHORT-TERM INVESTMENT    0.2%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $28,904)		28,904		28,904
TOTAL INVESTMENTS    100.1% (cost $15,695,400)(w)				14,986,163
Liabilities in excess of other assets    (0.1)%				(17,013	)
NET ASSETS    100.0%			$	14,969,150

(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 95

Prudential Day One 2045 Fund

Schedule of Investments(unaudited)(continued)

as of January 31, 2019

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	14,986,163	$	—	$	—

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, 2019 were as follows:

Large Cap	29.0	%
Developed Markets	17.9
Broad Market	17.0
Core Plus	8.0
Mid Cap	7.0
Emerging Markets	5.0
Real Estate	5.0
Small Cap	3.0
Core Bond	3.0

Commodity	3.0	%
TIPS	2.0
Short Term	0.2
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

96

Prudential Day One 2045 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $15,695,400)	$	14,986,163
Receivable for investments sold		44,922
Receivable for Fund shares sold		28,531
Due from Manager		23,471
Prepaid expenses		22,776
Total Assets		15,105,863
Liabilities
Payable for investments purchased		68,592
Custodian and accounting fees payable		41,271
Audit fee payable		10,285
Accrued expenses and other liabilities		8,975
Payable for Fund shares reacquired		4,159
Affiliated transfer agent fee payable		1,801
Affiliated shareholder servicing fee payable		1,074
Distribution fee payable		556
Total Liabilities		136,713
Net Assets	$	14,969,150
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,388
Paid-in capital in excess of par		15,375,220
Total distributable earnings (loss)		(407,458	)
Net assets, January 31, 2019	$	14,969,150

See Notes to Financial Statements.

Prudential Day One Funds 97

Prudential Day One 2045 Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($11,573 ÷ 1,074 shares of beneficial interest issued and outstanding)	$	10.78
Class R2
Net asset value, offering price and redemption price per share, ($75,749 ÷ 7,025 shares of beneficial interest issued and outstanding)	$	10.78
Class R3
Net asset value, offering price and redemption price per share, ($6,687,998 ÷ 620,529 shares of beneficial interest issued and outstanding)	$	10.78
Class R4
Net asset value, offering price and redemption price per share, ($157,614 ÷ 14,628 shares of beneficial interest issued and outstanding)	$	10.77
Class R5
Net asset value, offering price and redemption price per share, ($91,913 ÷ 8,523 shares of beneficial interest issued and outstanding)	$	10.78
Class R6
Net asset value, offering price and redemption price per share, ($7,944,303 ÷ 736,054 shares of beneficial interest issued and outstanding)	$	10.79

See Notes to Financial Statements.

98

Prudential Day One 2045 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	245,050
Expenses
Management fee		1,416
Distribution fee(a)		3,109
Shareholder servicing fees (including affiliated expense of $3,210)(a)		3,248
Custodian and accounting fees		59,379
Registration fees(a)		38,630
Audit fee		10,286
Legal fees and expenses		8,411
Trustees’ fees		6,153
Transfer agent’s fees and expenses (including affiliated expense of $5,174)(a)		5,174
Shareholders’ reports		4,878
Miscellaneous		4,864
Total expenses		145,548
Less: Fee waiver and/or expense reimbursement(a)		(138,372	)
Net expenses		7,176
Net investment income (loss)		237,874
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(260,155	)
Net capital gain distributions received		768,445
		508,290
Net change in unrealized appreciation (depreciation) on investments		(1,289,917	)
Net gain (loss) on investment transactions		(781,627	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(543,753	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		30			36			3,043			—			—			—
Shareholder servicing fees		6			14			3,043			185			—			—
Registration fees		6,439			6,439			6,438			6,438			6,438			6,438
Transfer agent’s fees and expenses		17			110			4,370			350			97			230
Fee waiver and/or expense reimbursement		(6,528	)		(6,733	)		(49,061	)		(9,076	)		(6,975	)		(59,999	)

See Notes to Financial Statements.

Prudential Day One Funds 99

Prudential Day One 2045 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	237,874		$	157,098
Net realized gain (loss) on investment transactions		(260,155	)		(61,346	)
Net capital gain distributions received		768,445			429,060
Net change in unrealized appreciation (depreciation) on investments		(1,289,917	)		479,078
Net increase (decrease) in net assets resulting from operations		(543,753	)		1,003,890
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(553	)		—
Class R2		(1,341	)		—
Class R3		(314,504	)		—
Class R4		(13,084	)		—
Class R5		(4,282	)		—
Class R6		(429,583	)		—
		(763,347	)		—
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	)

See Notes to Financial Statements.

100

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	4,024,762		$	8,107,700
Net asset value of shares issued in reinvestment of dividends and distributions		763,346			213,958
Cost of shares reacquired		(2,115,998	)		(3,051,456	)
Net increase (decrease) in net assets from Fund share transactions		2,672,110			5,270,202
Total increase (decrease)		1,365,010			6,060,134
Net Assets:
Beginning of period		13,604,140			7,544,006
End of period(a)	$	14,969,150		$	13,604,140
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	24,373

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

Prudential Day One Funds 101

Prudential Day One 2050 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.9%
AFFILIATED MUTUAL FUNDS
PGIM Core Conservative Bond Fund (Class R6)		15,569	$	152,106
PGIM Global Real Estate Fund (Class R6)		15,534		379,348
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		27,789		304,562
PGIM QMA Commodity Strategies Fund (Class R6)		23,794		226,521
PGIM QMA Emerging Markets Equity Fund (Class R6)		40,351		457,990
PGIM QMA International Developed Markets Index Fund (Class R6)		128,110		1,436,111
PGIM QMALarge-Cap Core Equity Fund (Class R6)		151,488		2,132,951
PGIM QMAMid-Cap Core Equity Fund (Class R6)		58,593		606,438
PGIM QMA US Broad Market Index Fund (Class R6)		105,578		1,295,444
PGIM TIPS Fund (Class R6)		7,947		76,053
PGIM Total Return Bond Fund (Class R6)		37,789		533,198
TOTAL INVESTMENTS    99.9% (cost $7,919,107)(w)				7,600,722
Other assets in excess of liabilities    0.1%				6,015
NET ASSETS    100.0%			$	7,606,737

(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.

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	7,600,722	$	—	$	—

See Notes to Financial Statements.

102

Investment Allocation:

The investment allocation of portfolio holdings and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2019 were as follows:

Large Cap	28.0	%
Developed Markets	18.9
Broad Market	17.0
Mid Cap	8.0
Core Plus	7.0
Emerging Markets	6.0
Real Estate	5.0
Small Cap	4.0
Commodity	3.0

Core Bond	2.0	%
TIPS	1.0
	99.9
Other assets in excess of liabilities	0.1
	100.0	%

See Notes to Financial Statements.

Prudential Day One Funds 103

Prudential Day One 2050 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $7,919,107)	$	7,600,722
Receivable for Fund shares sold		74,911
Due from Manager		23,132
Receivable for investments sold		22,235
Prepaid expenses		22,780
Total Assets		7,743,780
Liabilities
Payable for investments purchased		43,869
Custodian and accounting fees payable		41,283
Payable to custodian		28,271
Audit fee payable		10,285
Accrued expenses and other liabilities		9,158
Payable for Fund shares reacquired		2,749
Affiliated transfer agent fee payable		777
Distribution fee payable		360
Affiliated shareholder servicing fee payable		291
Total Liabilities		137,043
Net Assets	$	7,606,737
Net assets were comprised of:
Shares of beneficial interest, at par	$	698
Paid-in capital in excess of par		7,814,807
Total distributable earnings (loss)		(208,768	)
Net assets, January 31, 2019	$	7,606,737

See Notes to Financial Statements.

104

Class R1
Net asset value, offering price and redemption price per share, ($138,760 ÷ 12,737 shares of beneficial interest issued and outstanding)	$	10.89
Class R2
Net asset value, offering price and redemption price per share, ($1,354,091 ÷ 124,370 shares of beneficial interest issued and outstanding)	$	10.89
Class R3
Net asset value, offering price and redemption price per share, ($573,328 ÷ 52,646 shares of beneficial interest issued and outstanding)	$	10.89
Class R4
Net asset value, offering price and redemption price per share, ($11,680 ÷ 1,074 shares of beneficial interest issued and outstanding)	$	10.87
Class R5
Net asset value, offering price and redemption price per share, ($595,828 ÷ 54,705 shares of beneficial interest issued and outstanding)	$	10.89
Class R6
Net asset value, offering price and redemption price per share, ($4,933,050 ÷ 452,350 shares of beneficial interest issued and outstanding)	$	10.91

See Notes to Financial Statements.

Prudential Day One Funds 105

Prudential Day One 2050 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	122,818
Expenses
Management fee		680
Distribution fee(a)		1,966
Shareholder servicing fees (including affiliated expense of $828)(a)		906
Custodian and accounting fees		59,381
Registration fees(a)		38,626
Audit fee		10,285
Legal fees and expenses		8,410
Trustees’ fees		6,155
Shareholders’ reports		4,633
Transfer agent’s fees and expenses (including affiliated expense of $1,975)(a)		1,975
Miscellaneous		4,858
Total expenses		137,875
Less: Fee waiver and/or expense reimbursement(a)		(135,588	)
Net expenses		2,287
Net investment income (loss)		120,531
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(181,319	)
Net capital gain distributions received		382,816
		201,497
Net change in unrealized appreciation (depreciation) on investments		(609,281	)
Net gain (loss) on investment transactions		(407,784	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(287,253	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		347			1,406			213			—			—			—
Shareholder servicing fees		69			562			213			62			—			—
Registration fees		6,437			6,437			6,438			6,438			6,438			6,438
Transfer agent’s fees and expenses		126			791			291			130			418			219
Fee waiver and/or expense reimbursement		(8,439	)		(22,444	)		(12,468	)		(8,221	)		(14,531	)		(69,485	)

See Notes to Financial Statements.

106

Prudential Day One 2050 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	120,531		$	54,667
Net realized gain (loss) on investment transactions		(181,319	)		(19,129	)
Net capital gain distributions received		382,816			138,942
Net change in unrealized appreciation (depreciation) on investments		(609,281	)		228,457
Net increase (decrease) in net assets resulting from operations		(287,253	)		402,937
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(5,279	)		—
Class R2		(50,175	)		—
Class R3		(20,972	)		—
Class R4		(504	)		—
Class R5		(25,567	)		—
Class R6		(211,035	)		—
		(313,532	)		—
Dividends from net investment income*
Class R1					(1,853	)
Class R2					(535	)
Class R3					(2,293	)
Class R4					(1,851	)
Class R5					(250	)
Class R6					(64,187	)
		*			(70,969	)
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	)

See Notes to Financial Statements.

Prudential Day One Funds 107

Prudential Day One 2050 Fund

Statements of Changes in Net Assets(unaudited) (continued)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Fund share transactions
Net proceeds from shares sold	$	2,961,803		$	5,470,653
Net asset value of shares issued in reinvestment of dividends and distributions		313,532			74,841
Cost of shares reacquired		(1,142,699	)		(2,023,608	)
Net increase (decrease) in net assets from Fund share transactions		2,132,636			3,521,886
Total increase (decrease)		1,531,851			3,849,982
Net Assets:
Beginning of period		6,074,886			2,224,904
End of period(a)	$	7,606,737		$	6,074,886
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	10,142

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

108

Prudential Day One 2055 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.9%
AFFILIATED MUTUAL FUNDS
PGIM Global Real Estate Fund (Class R6)		12,853	$	313,868
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		28,740		314,988
PGIM QMA Commodity Strategies Fund (Class R6)		19,687		187,420
PGIM QMA Emerging Markets Equity Fund (Class R6)		44,515		505,248
PGIM QMA International Developed Markets Index Fund (Class R6)		117,153		1,313,291
PGIM QMALarge-Cap Core Equity Fund (Class R6)		120,863		1,701,749
PGIM QMAMid-Cap Core Equity Fund (Class R6)		54,539		564,478
PGIM QMA US Broad Market Index Fund (Class R6)		82,216		1,008,785
PGIM Total Return Bond Fund (Class R6)		26,802		378,174
TOTAL LONG-TERM INVESTMENTS (cost $6,589,896)				6,288,001
SHORT-TERM INVESTMENT    0.4%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $21,023)		21,023		21,023
TOTAL INVESTMENTS    100.3% (cost $6,610,919)(w)				6,309,024
Liabilities in excess of other assets    (0.3)%				(16,022	)
NET ASSETS    100.0%			$	6,293,002

(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.

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	6,309,024	$	—	$	—

See Notes to Financial Statements.

Prudential Day One Funds 109

Prudential Day One 2055 Fund

Schedule of Investments(unaudited)(continued)

as of January 31, 2019

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, 2019 were as follows:

Large Cap	27.0	%
Developed Markets	20.9
Broad Market	16.0
Mid Cap	9.0
Emerging Markets	8.0
Core Plus	6.0
Small Cap	5.0
Real Estate	5.0

Commodity	3.0	%
Short Term	0.4
	100.3
Liabilities in excess of other assets	(0.3	)
	100.0	%

See Notes to Financial Statements.

110

Prudential Day One 2055 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $6,610,919)	$	6,309,024
Due from Manager		23,196
Receivable for Fund shares sold		18,381
Receivable for investments sold		18,045
Prepaid expenses		22,778
Total Assets		6,391,424
Liabilities
Custodian and accounting fees payable		41,236
Payable for investments purchased		26,543
Audit fee payable		10,285
Payable for Fund shares reacquired		9,626
Accrued expenses and other liabilities		9,040
Affiliated transfer agent fee payable		927
Affiliated shareholder servicing fee payable		500
Distribution fee payable		265
Total Liabilities		98,422
Net Assets	$	6,293,002
Net assets were comprised of:
Shares of beneficial interest, at par	$	579
Paid-in capital in excess of par		6,499,879
Total distributable earnings (loss)		(207,456	)
Net assets, January 31, 2019	$	6,293,002

See Notes to Financial Statements.

Prudential Day One Funds 111

Prudential Day One 2055 Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($14,485 ÷ 1,334 shares of beneficial interest issued and outstanding)	$	10.86
Class R2
Net asset value, offering price and redemption price per share, ($39,849 ÷ 3,667 shares of beneficial interest issued and outstanding)	$	10.87
Class R3
Net asset value, offering price and redemption price per share, ($3,131,672 ÷ 288,309 shares of beneficial interest issued and outstanding)	$	10.86
Class R4
Net asset value, offering price and redemption price per share, ($15,246 ÷ 1,403 shares of beneficial interest issued and outstanding)	$	10.87
Class R5
Net asset value, offering price and redemption price per share, ($31,989 ÷ 2,944 shares of beneficial interest issued and outstanding)	$	10.87
Class R6
Net asset value, offering price and redemption price per share, ($3,059,761 ÷ 281,721 shares of beneficial interest issued and outstanding)	$	10.86

See Notes to Financial Statements.

112

Prudential Day One 2055 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	105,875
Expenses
Management fee		601
Distribution fee(a)		1,542
Shareholder servicing fees (including affiliated expense of $1,493)(a)		1,514
Custodian and accounting fees		59,246
Registration fees(a)		38,628
Audit fee		10,285
Legal fees and expenses		8,409
Trustees’ fees		6,149
Shareholders’ reports		4,812
Transfer agent’s fees and expenses (including affiliated expense of $2,639)(a)		2,639
Miscellaneous		4,859
Total expenses		138,684
Less: Fee waiver and/or expense reimbursement(a)		(135,780	)
Net expenses		2,904
Net investment income (loss)		102,971
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(129,982	)
Net capital gain distributions received		328,773
		198,791
Net change in unrealized appreciation (depreciation) on investments		(569,927	)
Net gain (loss) on investment transactions		(371,136	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(268,165	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		37			43			1,462			—			—			—
Shareholder servicing fees		8			17			1,462			27			—			—
Registration fees		6,438			6,438			6,438			6,438			6,438			6,438
Transfer agent’s fees and expenses		21			187			2,108			63			47			213
Fee waiver and/or expense reimbursement		(6,683	)		(7,156	)		(53,477	)		(7,316	)		(6,884	)		(54,264	)

See Notes to Financial Statements.

Prudential Day One Funds 113

Prudential Day One 2055 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	102,971		$	66,005
Net realized gain (loss) on investment transactions		(129,982	)		(41,560	)
Net capital gain distributions received		328,773			204,550
Net change in unrealized appreciation (depreciation) on investments		(569,927	)		229,773
Net increase (decrease) in net assets resulting from operations		(268,165	)		458,768
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(720	)		—
Class R2		(1,666	)		—
Class R3		(163,072	)		—
Class R4		(831	)		—
Class R5		(1,643	)		—
Class R6		(170,969	)		—
		(338,901	)		—
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		1,408,453			3,478,096
Net asset value of shares issued in reinvestment of dividends and distributions		338,901			98,133
Cost of shares reacquired		(552,650	)		(1,061,383	)
Net increase (decrease) in net assets from Fund share transactions		1,194,704			2,514,846
Total increase (decrease)		587,638			2,875,481
Net Assets:
Beginning of period		5,705,364			2,829,883
End of period(a)	$	6,293,002		$	5,705,364
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	4,611

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

114

Prudential Day One 2060 Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.9%
AFFILIATED MUTUAL FUNDS
PGIM Global Real Estate Fund (Class R6)		2,865	$	69,959
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)		6,406		70,208
PGIM QMA Commodity Strategies Fund (Class R6)		4,388		41,776
PGIM QMA Emerging Markets Equity Fund (Class R6)		9,922		112,615
PGIM QMA International Developed Markets Index Fund (Class R6)		28,600		320,610
PGIM QMALarge-Cap Core Equity Fund (Class R6)		27,937		393,354
PGIM QMAMid-Cap Core Equity Fund (Class R6)		12,157		125,820
PGIM QMA US Broad Market Index Fund (Class R6)		18,325		224,850
PGIM Total Return Bond Fund (Class R6)		2,987		42,146
TOTAL LONG-TERM INVESTMENTS (cost $1,456,861)				1,401,338
SHORT-TERM INVESTMENT    1.2%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $16,669)		16,669		16,669
TOTAL INVESTMENTS    101.1% (cost $1,473,530)(w)				1,418,007
Liabilities in excess of other assets    (1.1)%				(15,556	)
NET ASSETS    100.0%			$	1,402,451

(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.

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	1,418,007	$	—	$	—

See Notes to Financial Statements.

Prudential Day One Funds 115

Prudential Day One 2060 Fund

Schedule of Investments(unaudited)(continued)

as of January 31, 2019

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, 2019 were as follows:

Large Cap	28.0	%
Developed Markets	22.9
Broad Market	16.0
Mid Cap	9.0
Emerging Markets	8.0
Small Cap	5.0
Real Estate	5.0
Core Plus	3.0

Commodity	3.0	%
Short Term	1.2
	101.1
Liabilities in excess of other assets	(1.1	)
	100.0	%

See Notes to Financial Statements.

116

Prudential Day One 2060 Fund

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $1,473,530)	$	1,418,007
Due from Manager		22,729
Receivable for Fund shares sold		6,734
Receivable for investments sold		3,731
Prepaid expenses		22,776
Total Assets		1,473,977
Liabilities
Custodian and accounting fees payable		41,289
Payable for investments purchased		10,418
Audit fee payable		10,285
Accrued expenses and other liabilities		4,856
Legal fees and expenses payable		4,280
Affiliated transfer agent fee payable		273
Distribution fee payable		61
Affiliated shareholder servicing fee payable		52
Payable for Fund shares reacquired		12
Total Liabilities		71,526
Net Assets	$	1,402,451
Net assets were comprised of:
Shares of beneficial interest, at par	$	128
Paid-in capital in excess of par		1,461,222
Total distributable earnings (loss)		(58,899	)
Net assets, January 31, 2019	$	1,402,451

See Notes to Financial Statements.

Prudential Day One Funds 117

Prudential Day One 2060 Fund

Statement of Assets & Liabilities(unaudited)(continued)

as of January 31, 2019

Class R1
Net asset value, offering price and redemption price per share, ($11,628 ÷ 1,061 shares of beneficial interest issued and outstanding)	$	10.96
Class R2
Net asset value, offering price and redemption price per share, ($241,313 ÷ 22,029 shares of beneficial interest issued and outstanding)	$	10.95
Class R3
Net asset value, offering price and redemption price per share, ($162,389 ÷ 14,815 shares of beneficial interest issued and outstanding)	$	10.96
Class R4
Net asset value, offering price and redemption price per share, ($12,317 ÷ 1,124 shares of beneficial interest issued and outstanding)	$	10.96
Class R5
Net asset value, offering price and redemption price per share, ($32,498 ÷ 2,965 shares of beneficial interest issued and outstanding)	$	10.96
Class R6
Net asset value, offering price and redemption price per share, ($942,306 ÷ 86,038 shares of beneficial interest issued and outstanding)	$	10.95

See Notes to Financial Statements.

118

Prudential Day One 2060 Fund

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	22,425
Expenses
Management fee		112
Distribution fee(a)		284
Shareholder servicing fees (including affiliated expense of $126)(a)		152
Custodian and accounting fees		59,381
Registration fees(a)		38,630
Audit fee		10,285
Legal fees and expenses		8,411
Trustees’ fees		6,144
Shareholders’ reports		4,278
Transfer agent’s fees and expenses (including affiliated expense of $600)(a)		600
Miscellaneous		5,255
Total expenses		133,532
Less: Fee waiver and/or expense reimbursement(a)		(133,330	)
Net expenses		202
Net investment income (loss)		22,223
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(51,479	)
Net capital gain distributions received		72,543
		21,064
Net change in unrealized appreciation (depreciation) on investments		(87,238	)
Net gain (loss) on investment transactions		(66,174	)
Net Increase (Decrease) In Net Assets Resulting From Operations	$	(43,951	)

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

	Class R1			Class R2			Class R3			Class R4			Class R5			Class R6
Distribution fee		30			191			63			—			—			—
Shareholder servicing fees		6			77			63			6			—			—
Registration fees		6,439			6,439			6,438			6,438			6,438			6,438
Transfer agent’s fees and expenses		16			159			146			25			44			210
Fee waiver and/or expense reimbursement		(7,484	)		(19,330	)		(17,461	)		(7,585	)		(8,450	)		(73,020	)

See Notes to Financial Statements.

Prudential Day One Funds 119

Prudential Day One 2060 Fund

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			Year Ended July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	22,223		$	6,373
Net realized gain (loss) on investment transactions		(51,479	)		(5,808	)
Net capital gain distributions received		72,543			20,098
Net change in unrealized appreciation (depreciation) on investments		(87,238	)		24,350
Net increase (decrease) in net assets resulting from operations		(43,951	)		45,013
Dividends and Distributions
Distributions from distributable earnings*
Class R1		(430	)		—
Class R2		(7,416	)		—
Class R3		(5,954	)		—
Class R4		(531	)		—
Class R5		(1,369	)		—
Class R6		(41,918	)		—
		(57,618	)		—
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		1,068,131			940,521
Net asset value of shares issued in reinvestment of dividends and distributions		57,618			9,904
Cost of shares reacquired		(330,734	)		(383,454	)
Net increase (decrease) in net assets from Fund share transactions		795,015			566,971
Total increase (decrease)		693,446			602,080
Net Assets:
Beginning of period		709,005			106,925
End of period(a)	$	1,402,451		$	709,005
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*		$	267

* For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

120

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, PGIM 60/40 Allocation Fund, PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund.

These financial statements relate only to the 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 and Prudential Day One 2060 Fund (collectively referred to as the “Day One Funds”).

The investment objective of each 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 PGIM mutual fund family (each, an “underlying fund”). Each of 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 the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services—Investment Companies. The following 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 Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the

Prudential Day One Income Fund 121

Notes to Financial Statements(unaudited) (continued)

“Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Day One Funds 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.

For the fiscal reportingperiod-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Day One Funds’ foreign investments may change on days when investors cannot purchase or redeem shares of the Day One Funds.

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 and referred to herein as the “fair value hierarchy” in accordance with FASB ASC Topic 820—Fair Value Measurements and Disclosures.

Investments inopen-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 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.

122

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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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. Class specific expenses and waivers, where applicable, are charged to the respective share classes. Class specific expenses include distribution fees and distribution fee waivers, shareholder servicing fees, transfer agent’s fees and expenses, registration fees and fee waivers and/or expense reimbursements, as applicable.

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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) andpaid-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 Day One Funds, 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 Day One Funds. PGIM Investments administers the corporate affairs of the Day One Funds and, in connection therewith, furnishes the Day One Funds with office facilities, together with those ordinary clerical and bookkeeping services which are not being furnished by, the Day One Funds’ custodian, and the Day One Funds’ transfer agent. PGIM Investments is

Prudential Day One Income Fund 123

Notes to Financial Statements(unaudited) (continued)

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

PGIM Investments has entered into a subadvisory agreement with Quantitative Management Associates LLC (“QMA”) (a wholly-owned subsidiary of PGIM, Inc.). 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 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 bear all other costs and expenses.

The management fee paid to the Manager is accrued daily and payable monthly at an annual rate of 0.02% of each of the Day One Funds’ average daily net assets. All amounts paid or payable by the Day One Funds to the Manager, under the agreement, are reflected in the Statement of Operations.

The Manager has contractually agreed, through November 30, 2019, to limit total annual 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. Where applicable, PGIM Investments agrees to waive management fees or shared operating expenses on any share class to the same extent that it waives similar expenses on any other share class. 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 Rule12b-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

124

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.

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. Transfer agent’s fees and expenses in the Statement of Operations include certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Day One Funds may enter into certain securities purchase or sale transactions under Board approved Rule17a-7 procedures. Rule17a-7 is an exemptive rule under the 1940 Act, that subject to certain conditions, permits purchase and sale transactions among affiliated investment companies, or between an investment company and a person that is affiliated solely by reason of having a common (or affiliated) investment adviser, common directors, and/or common officers. Pursuant to the Rule17a-7 procedures and consistent with guidance issued by the SEC, the Trust’s Chief Compliance Officer (“CCO”) prepares a quarterly summary of all such transactions for submission to the Board, together with the CCO’s written representation that all such17a-7 transactions were effected in accordance with the Day One Funds’ Rule17a-7 procedures. Any17a-7 transactions for the reporting period are disclosed in the “Portfolio Securities” notes section. For the reporting period ended January 31, 2019, no such transactions were entered into by the Day One Funds.

The Day One Funds may invest their overnight sweep cash in the PGIM 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. Through the Day One Funds’

Prudential Day One Income Fund 125

Notes to Financial Statements(unaudited) (continued)

investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. 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

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, 2019, were as follows:

Fund	Cost of Purchases		Proceeds from Sales
Day One Income	$	4,857,525	$	1,543,362
Day One 2010		1,453,725		1,321,363
Day One 2015		2,983,357		1,363,752
Day One 2020		15,499,720		6,760,217
Day One 2025		21,021,807		8,988,433
Day One 2030		17,971,947		6,825,163
Day One 2035		11,816,896		5,494,910
Day One 2040		7,850,717		3,501,108
Day One 2045		5,701,575		2,787,560
Day One 2050		3,922,232		1,600,966
Day One 2055		2,385,041		1,097,960
Day One 2060		1,211,650		380,024

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended January 31, 2019, is presented as follows:

Day One Income:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	811,908	$	681,832	$	235,667	$	30,683		$	(10,251	)	$	1,278,505		130,860	$	15,374	$	—
	PGIM Core Ultra Short Bond Fund
	623,348		572,486		277,812		—			—			918,022		918,022		9,622		—
	PGIM Global Real Estate Fund (Class R6)
	351,267		321,009		135,987		13,780			(3,518	)		546,551		22,381		9,413		8,647
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	58,089		67,680		20,507		(11,214	)		(2,626	)		91,422		8,342		372		5,268
	PGIM QMA Commodity Strategies Fund (Class R6)
	288,775		284,913		81,279		(34,184	)		(4,998	)		453,227		47,608		12,298		—

126

Day One Income (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM QMA International Developed Markets Index Fund (Class R6)
$	289,115	$	293,385	$	87,352	$	(32,801	)	$	(8,642	)	$	453,705		40,473	$	11,245	$	305
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	640,487		800,198		201,380		(198,281	)		(34,853	)		1,006,171		71,461		16,739		163,193
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	58,497		65,969		21,102		(9,932	)		(2,420	)		91,012		8,793		821		5,032
	PGIM QMA US Broad Market Index Fund (Class R6)
	349,107		343,858		110,011		(27,254	)		(6,699	)		549,001		44,743		8,366		3,098
	PGIM TIPS Fund (Class R6)
	1,511,579		1,257,035		397,178		19,566			(17,032	)		2,373,970		248,064		17,732		—
	PGIM Total Return Bond Fund (Class R6)
	871,555		741,646		252,899		22,887			(11,150	)		1,372,039		97,239		29,805		—
$	5,853,727	$	5,430,011	$	1,821,174	$	(226,750	)	$	(102,189	)	$	9,133,625			$	131,787	$	185,543

Day One 2010:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	843,993	$	179,092	$	256,712	$	17,238		$	(9,243	)	$	774,368		79,260	$	11,675	$	—
	PGIM Core Ultra Short Bond Fund
	549,133		190,451		229,148		—			—			510,436		510,436		6,202		—
	PGIM Global Real Estate Fund (Class R6)
	340,800		83,769		96,312		4,200			(1,422	)		331,035		13,556		5,697		5,264
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	56,358		25,054		16,847		(8,021	)		(1,171	)		55,373		5,052		225		3,189
	PGIM QMA Commodity Strategies Fund (Class R6)
	280,170		86,339		71,922		(18,649	)		(1,434	)		274,504		28,834		7,484		—
	PGIM QMA International Developed Markets Index Fund (Class R6)
	280,500		97,090		72,630		(26,080	)		(4,085	)		274,795		24,513		6,842		186
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	677,894		319,313		182,428		(135,328	)		(14,620	)		664,831		47,218		11,060		107,826
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	56,754		23,473		16,855		(7,058	)		(1,190	)		55,124		5,326		497		3,046
	PGIM QMA US Broad Market Index Fund (Class R6)
	338,705		102,852		90,839		(17,474	)		(719	)		332,525		27,101		5,067		1,876

Prudential Day One Income Fund 127

Notes to Financial Statements(unaudited) (continued)

Day One 2010 (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM TIPS Fund (Class R6)
$	1,410,178	$	349,329	$	314,043	$	2,543		$	(10,128	)	$	1,437,879		150,249	$	12,241	$	—
	PGIM Total Return Bond Fund (Class R6)
	845,601		187,414		202,775		7,666			(6,881	)		831,025		58,896		20,538		—
$	5,680,086	$	1,644,176	$	1,550,511	$	(180,963	)	$	(50,893	)	$	5,541,895			$	87,528	$	121,387

Prudential Day One 2015 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	1,127,918	$	339,618	$	185,484	$	20,757		$	(6,980	)	$	1,295,829		132,633	$	16,775	$	—
	PGIM Core Ultra Short Bond Fund
	818,398		294,355		242,244		—			—			870,509		870,509		10,111		—
	PGIM Global Real Estate Fund (Class R6)
	525,469		169,524		104,640		8,979			(2,693	)		596,639		24,432		9,613		8,922
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	86,903		46,384		18,107		(12,508	)		(2,885	)		99,787		9,105		386		5,468
	PGIM QMA Commodity Strategies Fund (Class R6)
	432,043		159,347		62,159		(30,334	)		(4,042	)		494,855		51,981		12,764		—
	PGIM QMA International Developed Markets Index Fund (Class R6)
	519,058		212,322		77,555		(51,395	)		(8,002	)		594,428		53,027		13,995		380
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	1,219,493		677,301		291,913		(240,502	)		(66,497	)		1,297,882		92,179		22,097		215,426
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	175,017		87,209		36,547		(21,686	)		(5,282	)		198,711		19,199		1,623		9,947
	PGIM QMA US Broad Market Index Fund (Class R6)
	609,316		229,279		103,178		(30,011	)		(6,326	)		699,080		56,975		10,118		3,746
	PGIM TIPS Fund (Class R6)
	2,087,465		617,432		302,737		2,071			(12,259	)		2,391,972		249,945		19,229		—
	PGIM Total Return Bond Fund (Class R6)
	1,130,045		444,941		181,432		11,717			(7,605	)		1,397,666		99,055		29,713		—
$	8,731,125	$	3,277,712	$	1,605,996	$	(342,912	)	$	(122,571	)	$	9,937,358			$	146,424	$	243,889

128

Prudential Day One 2020 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	3,601,277	$	1,692,076	$	860,291	$	92,166		$	(33,012	)	$	4,492,216		459,797	$	58,120	$	—
	PGIM Core Ultra Short Bond Fund
	2,456,173		1,280,415		767,445		—			—			2,969,143		2,969,143		33,588		—
	PGIM Global Real Estate Fund (Class R6)
	1,817,795		918,065		526,766		45,075			(13,644	)		2,240,525		91,750		38,055		35,191
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	300,615		214,562		83,027		(43,819	)		(13,561	)		374,770		34,194		1,446		20,465
	PGIM QMA Commodity Strategies Fund (Class R6)
	1,494,460		834,864		322,612		(127,981	)		(20,737	)		1,857,994		195,167		50,384		—
	PGIM QMA International Developed Markets Index Fund (Class R6)
	2,094,703		1,178,862		409,587		(213,056	)		(46,999	)		2,603,923		232,286		63,096		1,711
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	4,821,165		3,965,724		1,118,917		(1,085,013	)		(208,555	)		6,374,404		452,727		96,237		938,237
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	605,445		403,034		159,021		(81,040	)		(22,230	)		746,188		72,095		6,375		39,083
	PGIM QMA US Broad Market Index Fund (Class R6)
	2,709,976		1,494,084		984,558		(120,051	)		(98,750	)		3,000,701		244,556		49,702		18,403
	PGIM TIPS Fund (Class R6)
	6,618,312		3,066,900		1,433,878		42,247			(59,040	)		8,234,541		860,454		66,481		—
	PGIM Total Return Bond Fund (Class R6)
	3,608,059		1,731,549		861,560		54,932			(33,571	)		4,499,409		318,881		103,655		—
$	30,127,980	$	16,780,135	$	7,527,662	$	(1,436,540	)	$	(550,099	)	$	37,393,814			$	567,139	$	1,053,090

Prudential Day One 2025 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	2,924,932	$	1,705,555	$	843,314	$	86,680		$	(32,140	)	$	3,841,713		393,215	$	47,510	$	—
	PGIM Core Ultra Short Bond Fund
	2,336,857		1,598,630		979,447		—			—			2,956,040		2,956,040		32,146		—
	PGIM Global Real Estate Fund (Class R6)
	1,968,495		1,168,152		626,819		57,490			(12,745	)		2,554,573		104,610		42,614		39,911
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	325,533		264,096		102,717		(46,076	)		(13,531	)		427,305		38,988		1,640		23,205
	PGIM QMA Commodity Strategies Fund (Class R6)
	1,618,329		1,052,798		383,272		(146,715	)		(22,537	)		2,118,603		222,542		57,306		—

Prudential Day One Income Fund 129

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2025 Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM QMA International Developed Markets Index Fund (Class R6)
$	2,916,422	$	1,879,681	$	630,710	$	(292,687	)	$	(55,276	)	$	3,817,430		340,538	$	90,070	$	2,444
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	6,526,029		5,593,824		2,140,015		(1,386,765	)		(470,413	)		8,122,660		576,893		136,314		1,328,959
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	655,636		497,011		194,948		(86,096	)		(20,793	)		850,810		82,204		7,225		44,296
	PGIM QMA US Broad Market Index Fund (Class R6)
	3,260,691		2,096,032		1,259,029		(140,828	)		(107,992	)		3,848,874		313,682		62,574		23,169
	PGIM TIPS Fund (Class R6)
	6,190,021		4,010,207		1,667,028		68,960			(66,522	)		8,535,638		891,916		62,423		—
	PGIM Total Return Bond Fund (Class R6)
	3,907,285		2,754,451		1,140,581		84,180			(47,291	)		5,558,044		393,908		115,420		—
$	32,630,230	$	22,620,437	$	9,967,880	$	(1,801,857	)	$	(849,240	)	$	42,631,690			$	655,242	$	1,461,984

Prudential Day One 2030 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	1,752,731	$	1,302,220	$	436,317	$	48,933		$	(16,604	)	$	2,650,963		271,337	$	28,357	$	—
	PGIM Core Ultra Short Bond Fund
	1,517,987		4,689,501		4,315,614		—			—			1,891,874		1,891,874		20,272		—
	PGIM Global Real Estate Fund (Class R6)
	1,769,351		887,854		428,745		48,211			(10,018	)		2,266,653		92,819		35,948		33,757
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	292,603		201,541		63,278		(44,122	)		(7,617	)		379,127		34,592		1,394		19,726
	PGIM QMA Commodity Strategies Fund (Class R6)
	1,163,706		645,399		196,922		(94,003	)		(14,318	)		1,503,862		157,969		39,138		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	292,232		172,458		66,394		(6,318	)		(11,897	)		380,081		33,487		6,607		3,297
	PGIM QMA International Developed Markets Index Fund (Class R6)
	3,495,225		1,981,296		918,383		(297,657	)		(120,586	)		4,139,895		369,304		102,541		2,781

130

Prudential Day One 2030 Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
$	7,918,908	$	5,682,681	$	1,684,339	$	(1,787,596	)	$	(267,633	)	$	9,862,021		700,428	$	153,310	$	1,494,640
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	883,964		582,484		197,475		(113,319	)		(23,298	)		1,132,356		109,406		9,039		55,412
	PGIM QMA US Broad Market Index Fund (Class R6)
	4,396,265		2,265,710		1,417,198		(207,270	)		(104,823	)		4,932,684		402,012		78,196		28,954
	PGIM TIPS Fund (Class R6)
	3,221,276		2,073,813		751,364		31,590			(31,029	)		4,544,286		474,847		31,376		—
	PGIM Total Return Bond Fund (Class R6)
	2,634,075		2,176,491		664,748		50,843			(24,325	)		4,172,336		295,701		75,446		—
$	29,338,323	$	22,661,448	$	11,140,777	$	(2,370,708	)	$	(632,148	)	$	37,856,138			$	581,624	$	1,638,567

Prudential Day One 2035 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	1,066,464	$	549,638	$	369,882	$	30,444		$	(14,795	)	$	1,261,869		129,158	$	16,423	$	—
	PGIM Core Ultra Short Bond Fund
	481,600		379,077		325,264		—			—			535,413		535,413		5,910		—
	PGIM Global Real Estate Fund (Class R6)
	1,076,534		457,829		288,818		22,782			(9,680	)		1,258,647		51,542		21,183		19,542
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	427,284		257,193		99,596		(63,336	)		(16,309	)		505,236		46,098		1,969		27,858
	PGIM QMA Commodity Strategies Fund (Class R6)
	849,694		447,002		215,280		(63,733	)		(15,615	)		1,002,068		105,259		27,581		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	853,476		412,207		421,687		(356	)		(83,820	)		759,820		66,944		19,054		9,509
	PGIM QMA International Developed Markets Index Fund (Class R6)
	2,977,366		1,383,291		728,803		(272,906	)		(98,856	)		3,260,092		290,820		84,228		2,285
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	5,996,109		3,999,042		1,101,761		(1,362,275	)		(201,578	)		7,329,537		520,564		114,610		1,117,359
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	860,521		485,162		196,856		(113,796	)		(29,007	)		1,006,024		97,200		8,670		53,150
	PGIM QMA US Broad Market Index Fund (Class R6)
	3,637,898		1,657,494		982,218		(173,293	)		(94,657	)		4,045,224		329,684		63,887		23,655

Prudential Day One Income Fund 131

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2035 Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM TIPS Fund (Class R6)
$	1,496,744	$	1,017,682	$	493,847	$	19,244		$	(21,000	)	$	2,018,823		210,953	$	14,089	$	—
	PGIM Total Return Bond Fund (Class R6)
	1,709,570		1,150,356		596,162		36,235			(25,003	)		2,274,996		161,233		47,113		—
$	21,433,260	$	12,195,973	$	5,820,174	$	(1,940,990	)	$	(610,320	)	$	25,257,749			$	424,717	$	1,253,358

Prudential Day One 2040 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	817,161	$	282,207	$	204,327	$	17,616		$	(7,692	)	$	904,965		92,627	$	11,798	$	—
	PGIM Core Ultra Short Bond Fund
	257,084		254,770		256,562		—			—			255,292		255,292		2,789		—
	PGIM Global Real Estate Fund (Class R6)
	1,031,105		288,322		203,827		18,256			(5,469	)		1,128,387		46,208		17,964		16,571
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	409,255		371,378		58,977		(35,567	)		(6,630	)		679,459		61,994		1,677		23,735
	PGIM QMA Commodity Strategies Fund (Class R6)
	813,845		294,871		146,177		(55,536	)		(8,627	)		898,376		94,367		23,447		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	817,465		274,880		128,015		(32,400	)		(23,701	)		908,229		80,020		16,228		8,098
	PGIM QMA International Developed Markets Index Fund (Class R6)
	3,055,444		962,008		312,977		(302,579	)		(29,499	)		3,372,397		300,838		76,723		2,081
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	6,153,316		2,719,698		886,528		(1,253,405	)		(161,836	)		6,571,245		466,708		104,579		1,019,558
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	1,030,259		590,597		143,653		(109,119	)		(15,183	)		1,352,901		130,715		9,235		56,617
	PGIM QMA US Broad Market Index Fund (Class R6)
	3,689,358		982,668		815,539		(169,828	)		(59,912	)		3,626,747		295,578		57,609		21,331
	PGIM TIPS Fund (Class R6)
	819,168		504,218		191,861		7,362			(7,763	)		1,131,124		118,195		7,217		—

132

Prudential Day One 2040 Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Total Return Bond Fund (Class R6)
$	1,637,407	$	579,870	$	409,227	$	20,582		$	(15,841	)	$	1,812,791		128,476	$	41,313	$	—
$	20,530,867	$	8,105,487	$	3,757,670	$	(1,894,618	)	$	(342,153	)	$	22,641,913			$	370,579	$	1,147,991

Prudential Day One 2045 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	406,826	$	168,004	$	130,816	$	10,540		$	(5,569	)	$	448,985		45,956	$	5,877	$	—
	PGIM Core Ultra Short Bond Fund
	49,575		157,726		178,397		—			—			28,904		28,904		222		—
	PGIM Global Real Estate Fund (Class R6)
	684,446		226,406		174,613		14,547			(4,345	)		746,441		30,567		11,817		10,847
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	407,498		184,894		78,468		(54,584	)		(9,874	)		449,466		41,010		1,648		23,323
	PGIM QMA Commodity Strategies Fund (Class R6)
	405,179		175,163		103,038		(25,319	)		(6,266	)		445,719		46,819		11,548		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	678,298		255,185		136,823		(20,847	)		(24,817	)		750,996		66,167		13,282		6,628
	PGIM QMA International Developed Markets Index Fund (Class R6)
	2,433,877		855,070		350,777		(226,671	)		(34,424	)		2,677,075		238,811		60,457		1,640
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	4,084,592		1,952,020		762,838		(813,463	)		(113,395	)		4,346,916		308,730		68,479		667,613
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	820,662		475,435		151,660		(85,148	)		(15,168	)		1,044,121		100,881		7,247		44,426
	PGIM QMA US Broad Market Index Fund (Class R6)
	2,449,010		747,379		508,278		(109,320	)		(29,735	)		2,549,056		207,747		37,723		13,968
	PGIM TIPS Fund (Class R6)
	271,881		111,309		82,828		2,389			(3,452	)		299,299		31,275		2,397		—
	PGIM Total Return Bond Fund (Class R6)
	951,047		550,710		307,421		17,959			(13,110	)		1,199,185		84,988		24,353		—
$	13,642,891	$	5,859,301	$	2,965,957	$	(1,289,917	)	$	(260,155	)	$	14,986,163			$	245,050	$	768,445

Prudential Day One Income Fund 133

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2050 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Conservative Bond Fund (Class R6)
$	121,112	$	76,683	$	47,441	$	3,540		$	(1,788	)	$	152,106		15,569	$	1,884	$	—
	PGIM Core Ultra Short Bond Fund
	42,748		130,288		173,036		—			—			—		—		135		—
	PGIM Global Real Estate Fund (Class R6)
	305,640		164,975		96,133		7,461			(2,595	)		379,348		15,534		5,823		5,389
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	242,626		163,485		57,766		(35,226	)		(8,557	)		304,562		27,789		1,106		15,657
	PGIM QMA Commodity Strategies Fund (Class R6)
	180,935		118,767		56,803		(12,416	)		(3,962	)		226,521		23,794		5,811		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	363,476		212,573		92,183		(8,449	)		(17,427	)		457,990		40,351		8,073		4,029
	PGIM QMA International Developed Markets Index Fund (Class R6)
	1,086,860		679,919		206,791		(102,304	)		(21,573	)		1,436,111		128,110		30,440		826
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	1,763,183		1,242,822		411,859		(385,071	)		(76,124	)		2,132,951		151,488		33,536		326,946
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	366,467		371,171		87,704		(33,159	)		(10,337	)		606,438		58,593		3,670		22,500
	PGIM QMA US Broad Market Index Fund (Class R6)
	1,154,367		580,789		355,316		(52,453	)		(31,943	)		1,295,444		105,578		20,172		7,469
	PGIM TIPS Fund (Class R6)
	60,703		38,185		22,629		645			(851	)		76,053		7,947		575		—
	PGIM Total Return Bond Fund (Class R6)
	424,687		272,863		166,341		8,151			(6,162	)		533,198		37,789		11,593		—
$	6,112,804	$	4,052,520	$	1,774,002	$	(609,281	)	$	(181,319	)	$	7,600,722			$	122,818	$	382,816

Prudential Day One 2055 Fund:    

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Ultra Short Bond Fund
$	42,782	$	139,534	$	161,293	$	—	$	—		$	21,023		21,023	$	159	$	—
	PGIM Global Real Estate Fund (Class R6)
	287,045		88,370		64,836		5,233		(1,944	)		313,868		12,853		5,037		4,642

134

Prudential Day One 2055 Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
$	227,866	$	151,031	$	32,681	$	(27,330	)	$	(3,898	)	$	314,988		28,740	$	944	$	13,365
	PGIM QMA Commodity Strategies Fund (Class R6)
	169,933		71,511		40,603		(11,617	)		(1,804	)		187,420		19,687		4,961		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	398,269		203,462		73,434		(8,780	)		(14,269	)		505,248		44,515		7,991		3,988
	PGIM QMA International Developed Markets Index Fund (Class R6)
	1,134,183		429,200		127,750		(108,198	)		(14,144	)		1,313,291		117,153		28,854		783
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	1,655,949		742,482		303,204		(331,814	)		(61,664	)		1,701,749		120,863		28,451		277,375
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
	401,537		269,635		60,412		(39,777	)		(6,505	)		564,478		54,539		3,635		22,283
	PGIM QMA US Broad Market Index Fund (Class R6)
	1,084,160		290,787		291,861		(53,175	)		(21,126	)		1,008,785		82,216		17,114		6,337
	PGIM Total Return Bond Fund (Class R6)
	341,887		138,563		103,179		5,531			(4,628	)		378,174		26,802		8,729		—
$	5,743,611	$	2,524,575	$	1,259,253	$	(569,927	)	$	(129,982	)	$	6,309,024			$	105,875	$	328,773

Prudential Day One 2060 Fund:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Ultra Short Bond Fund
$	38,549	$	87,299	$	109,179	$	—		$	—		$	16,669		16,669	$	120	$	—
	PGIM Global Real Estate Fund (Class R6)
	35,676		54,096		21,203		1,970			(580	)		69,959		2,865		1,033		976
	PGIM JennisonSmall-Cap Core Equity Fund (Class R6)
	28,317		60,907		13,171		(3,731	)		(2,114	)		70,208		6,406		202		2,858
	PGIM QMA Commodity Strategies Fund (Class R6)
	21,116		36,319		12,928		(1,842	)		(889	)		41,776		4,388		1,055		—
	PGIM QMA Emerging Markets Equity Fund (Class R6)
	56,563		89,859		30,237		1,613			(5,183	)		112,615		9,922		1,954		975
	PGIM QMA International Developed Markets Index Fund (Class R6)
	147,982		255,518		62,591		(13,410	)		(6,889	)		320,610		28,600		6,474		176
	PGIM QMALarge-Cap Core Equity Fund (Class R6)
	212,892		375,540		110,369		(62,056	)		(22,653	)		393,354		27,937		6,302		61,438

Prudential Day One Income Fund 135

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2060 Fund (cont’d.):

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)			Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM QMAMid-Cap Core Equity Fund (Class R6)
$	49,906	$	108,139	$	24,127	$	(4,984	)	$	(3,114	)	$	125,820		12,157	$	777	$	4,764
	PGIM QMA US Broad Market Index Fund (Class R6)
	134,734		195,390		90,182		(5,455	)		(9,637	)		224,850		18,325		3,664		1,356
	PGIM Total Return Bond Fund (Class R6)
	21,243		35,882		15,216		657			(420	)		42,146		2,987		844		—
$	746,978	$	1,298,949	$	489,203	$	(87,238	)	$	(51,479	)	$	1,418,007			$	22,425	$	72,543

5. Tax Information

The United States federal income tax basis of the Day One Funds’ investments and the net unrealized depreciation as of January 31, 2019 were as follows:

Fund	Tax Basis		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Depreciation
Day One Income	$	9,359,141	$	45,862	$	(271,378	)	$	(225,516	)
Day One 2010		5,670,334		42,466		(170,905	)		(128,439	)
Day One 2015		10,198,859		67,457		(328,958	)		(261,501	)
Day One 2020		38,433,152		276,750		(1,316,088	)		(1,039,338	)
Day One 2025		43,842,663		393,637		(1,604,610	)		(1,210,973	)
Day One 2030		39,351,932		364,119		(1,859,913	)		(1,495,794	)
Day One 2035		26,517,320		294,315		(1,553,886	)		(1,259,571	)
Day One 2040		23,713,889		273,103		(1,345,079	)		(1,071,976	)
Day One 2045		15,764,198		185,184		(963,219	)		(778,035	)
Day One 2050		7,944,939		85,971		(430,188	)		(344,217	)
Day One 2055		6,656,038		84,032		(431,046	)		(347,014	)
Day One 2060		1,480,587		10,847		(73,427	)		(62,580	)

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

The Manager has analyzed the Day One Funds’ 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 Day One Funds’ financial statements for the current reporting period. The Day One Funds’ 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.

136

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.

As of January 31, 2019, Prudential through its affiliated entities, including affiliated funds, owned the following number of shares of the Day One Funds:

Fund	Class R1		Class R2		Class R3		Class R4		Class R5		Class R6
Day One Income		1,044		1,049		1,052		1,054		1,056		1,059
Day One 2010		1,056		1,061		1,064		1,067		1,069		1,072
Day One 2015		1,047		1,052		1,055		1,057		1,060		1,063
Day One 2020		1,040		1,045		1,048		1,050		1,052		1,056
Day One 2025		1,048		1,053		1,056		1,059		1,061		1,064
Day One 2030		1,050		1,055		1,058		1,061		1,063		1,066
Day One 2035		1,063		1,068		1,071		1,074		1,076		1,079
Day One 2040		1,057		1,063		1,066		1,068		1,070		1,074
Day One 2045		1,074		1,079		1,083		1,085		1,087		1,091
Day One 2050		1,063		1,068		1,072		1,074		1,076		1,080
Day One 2055		1,077		1,083		1,086		1,088		1,091		1,094
Day One 2060		1,061		1,067		1,070		1,073		1,075		1,078

At reporting period end, the following number of shareholders of record held the following percentage of the Day One Funds’ outstanding shares on behalf of multiple beneficial owners:

	Number of Shareholders		% of Outstanding Shares		% held by an Affiliate of Prudential
Day One Income		4		80		42
Day One 2010		4		92		92
Day One 2015		4		91		86
Day One 2020		6		83		65
Day One 2025		5		75		50
Day One 2030		7		85		71
Day One 2035		6		73		51
Day One 2040		6		79		64
Day One 2045		7		78		65
Day One 2050		7		80		59
Day One 2055		6		80		57
Day One 2060		6		71		66

Transactions in shares of beneficial interest were as follows:

Prudential Day One Income Fund 137

Notes to Financial Statements (unaudited) (continued)

Prudential Day One Income Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		27		$	263
Net increase (decrease) in shares outstanding		27		$	263
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		14		$	154
Net increase (decrease) in shares outstanding		14		$	154
Class R2
Six months ended January 31, 2019:
Shares sold		32,321		$	331,336
Shares issued in reinvestment of dividends and distributions		2,275			22,728
Shares reacquired		(8,139	)		(85,141	)
Net increase (decrease) in shares outstanding		26,457		$	268,923
Year ended July 31, 2018:
Shares sold		79,361		$	831,665
Shares issued in reinvestment of dividends and distributions		370			3,893
Shares reacquired		(1,311	)		(13,760	)
Net increase (decrease) in shares outstanding		78,420		$	821,798
Class R3
Six months ended January 31, 2019:
Shares sold		12,036		$	124,918
Shares issued in reinvestment of dividends and distributions		3,514			35,202
Shares reacquired		(20,772	)		(217,523	)
Net increase (decrease) in shares outstanding		(5,222	)	$	(57,403	)
Year ended July 31, 2018:
Shares sold		33,980		$	357,645
Shares issued in reinvestment of dividends and distributions		2,274			23,947
Shares reacquired		(25,050	)		(264,099	)
Net increase (decrease) in shares outstanding		11,204		$	117,493
Class R4
Six months ended January 31, 2019:
Shares sold		11		$	116
Shares issued in reinvestment of dividends and distributions		39			387
Shares reacquired		(375	)		(3,898	)
Net increase (decrease) in shares outstanding		(325	)	$	(3,395	)
Year ended July 31, 2018:
Shares sold		113		$	1,196
Shares issued in reinvestment of dividends and distributions		32			339
Shares reacquired		(122	)		(1,298	)
Net increase (decrease) in shares outstanding		23		$	237

138

Prudential Day One Income Fund (cont’d.):

Class R5	Shares			Amount
Six months ended January 31, 2019:
Shares sold		4,883		$	50,045
Shares issued in reinvestment of dividends and distributions		141			1,393
Net increase (decrease) in shares outstanding		5,024		$	51,438
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		20		$	219
Net increase (decrease) in shares outstanding		20		$	219
Class R6
Six months ended January 31, 2019:
Shares sold		386,228		$	4,054,167
Shares issued in reinvestment of dividends and distributions		17,435			173,678
Shares reacquired		(89,523	)		(921,375	)
Net increase (decrease) in shares outstanding		314,140		$	3,306,470
Year ended July 31, 2018:
Shares sold		295,657		$	3,119,002
Shares issued in reinvestment of dividends and distributions		5,257			55,391
Shares reacquired		(39,075	)		(413,179	)
Net increase (decrease) in shares outstanding		261,839		$	2,761,214
Prudential Day One 2010 Fund:
Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		3		$	34
Shares issued in reinvestment of dividends and distributions		45			444
Net increase (decrease) in shares outstanding		48		$	478
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		11		$	113
Net increase (decrease) in shares outstanding		11		$	113
Class R2
Six months ended January 31, 2019:
Shares sold		1,229		$	13,260
Shares issued in reinvestment of dividends and distributions		48			471
Shares reacquired		(1,229	)		(13,260	)
Net increase (decrease) in shares outstanding		48		$	471
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		13		$	140
Net increase (decrease) in shares outstanding		13		$	140

Prudential Day One Income Fund 139

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2010 Fund (cont’d.):

Class R3	Shares			Amount
Six months ended January 31, 2019:
Shares sold		190		$	1,948
Shares issued in reinvestment of dividends and distributions		643			6,295
Net increase (decrease) in shares outstanding		833		$	8,243
Year ended July 31, 2018:
Shares sold		15,274		$	164,333
Shares issued in reinvestment of dividends and distributions		223			2,370
Shares reacquired		(3,478	)		(37,389	)
Net increase (decrease) in shares outstanding		12,019		$	129,314
Class R4
Six months ended January 31, 2019:
Shares sold		45		$	487
Shares issued in reinvestment of dividends and distributions		245			2,395
Shares reacquired		(3,269	)		(32,218	)
Net increase (decrease) in shares outstanding		(2,979	)	$	(29,336	)
Year ended July 31, 2018:
Shares sold		920		$	9,836
Shares issued in reinvestment of dividends and distributions		65			697
Shares reacquired		(104	)		(1,103	)
Net increase (decrease) in shares outstanding		881		$	9,430
Class R5
Six months ended January 31, 2019:
Shares sold		6,924		$	71,699
Shares issued in reinvestment of dividends and distributions		3,916			38,335
Shares reacquired		(7,327	)		(75,912	)
Net increase (decrease) in shares outstanding		3,513		$	34,122
Year ended July 31, 2018:
Shares sold		76,576		$	808,677
Shares issued in reinvestment of dividends and distributions		17			178
Shares reacquired		(1,413	)		(15,092	)
Net increase (decrease) in shares outstanding		75,180		$	793,763
Class R6
Six months ended January 31, 2019:
Shares sold		102,570		$	1,101,815
Shares issued in reinvestment of dividends and distributions		22,542			220,690
Shares reacquired		(108,515	)		(1,154,476	)
Net increase (decrease) in shares outstanding		16,597		$	168,029
Year ended July 31, 2018:
Shares sold		192,048		$	2,036,183
Shares issued in reinvestment of dividends and distributions		7,480			79,592
Shares reacquired		(195,238	)		(2,077,367	)
Net increase (decrease) in shares outstanding		4,290		$	38,408

140

Prudential Day One 2015 Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		38		$	369
Net increase (decrease) in shares outstanding		38		$	369
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		9		$	101
Net increase (decrease) in shares outstanding		9		$	101
Class R2
Six months ended January 31, 2019:
Shares sold		1,213		$	13,260
Shares issued in reinvestment of dividends and distributions		40			397
Shares reacquired		(1,213	)		(13,272	)
Net increase (decrease) in shares outstanding		40		$	385
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		12		$	128
Net increase (decrease) in shares outstanding		12		$	128
Class R3
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		42		$	414
Net increase (decrease) in shares outstanding		42		$	414
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		13		$	144
Net increase (decrease) in shares outstanding		13		$	144
Class R4
Six months ended January 31, 2019:
Shares sold		213		$	2,331
Shares issued in reinvestment of dividends and distributions		322			3,183
Shares reacquired		(6,642	)		(67,491	)
Net increase (decrease) in shares outstanding		(6,107	)	$	(61,977	)
Year ended July 31, 2018:
Shares sold		2,462		$	26,441
Shares issued in reinvestment of dividends and distributions		84			899
Shares reacquired		(3	)		(29	)
Net increase (decrease) in shares outstanding		2,543		$	27,311
Class R5
Six months ended January 31, 2019:
Shares sold		848		$	8,995
Shares issued in reinvestment of dividends and distributions		99			986
Shares reacquired		(10	)		(98	)
Net increase (decrease) in shares outstanding		937		$	9,883
Year ended July 31, 2018:
Shares sold		654		$	7,089
Shares issued in reinvestment of dividends and distributions		16			166
Net increase (decrease) in shares outstanding		670		$	7,255

Prudential Day One Income Fund 141

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2015 Fund (cont’d.):

Class R6	Shares			Amount
Six months ended January 31, 2019:
Shares sold		232,601		$	2,482,333
Shares issued in reinvestment of dividends and distributions		39,069			386,786
Shares reacquired		(102,514	)		(1,084,578	)
Net increase (decrease) in shares outstanding		169,156		$	1,784,541
Year ended July 31, 2018:
Shares sold		676,149		$	7,232,591
Shares issued in reinvestment of dividends and distributions		9,626			103,388
Shares reacquired		(289,343	)		(3,082,288	)
Net increase (decrease) in shares outstanding		396,432		$	4,253,691
Prudential Day One 2020 Fund:
Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		31		$	309
Net increase (decrease) in shares outstanding		31		$	309
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		9		$	94
Net increase (decrease) in shares outstanding		9		$	94
Class R2
Six months ended January 31, 2019:
Shares sold		33,727		$	358,694
Shares issued in reinvestment of dividends and distributions		7,331			73,312
Shares reacquired		(30,110	)		(318,022	)
Net increase (decrease) in shares outstanding		10,948		$	113,984
Year ended July 31, 2018:
Shares sold		219,358		$	2,363,997
Shares issued in reinvestment of dividends and distributions		31			338
Shares reacquired		(8,259	)		(89,220	)
Net increase (decrease) in shares outstanding		211,130		$	2,275,115
Class R3
Six months ended January 31, 2019:
Shares sold		15,119		$	159,917
Shares issued in reinvestment of dividends and distributions		3,967			39,718
Shares reacquired		(29,629	)		(296,957	)
Net increase (decrease) in shares outstanding		(10,543	)	$	(97,322	)
Year ended July 31, 2018:
Shares sold		101,501		$	1,097,327
Shares issued in reinvestment of dividends and distributions		890			9,656
Shares reacquired		(384	)		(4,145	)
Net increase (decrease) in shares outstanding		102,007		$	1,102,838

142

Prudential Day One 2020 Fund (cont’d.):

Class R4	Shares			Amount
Six months ended January 31, 2019:
Shares sold		223		$	2,461
Shares issued in reinvestment of dividends and distributions		204			2,047
Shares reacquired		(680	)		(7,057	)
Net increase (decrease) in shares outstanding		(253	)	$	(2,549	)
Year ended July 31, 2018:
Shares sold		3,680		$	39,898
Shares issued in reinvestment of dividends and distributions		241			2,615
Shares reacquired		(15,274	)		(168,157	)
Net increase (decrease) in shares outstanding		(11,353	)	$	(125,644	)
Class R5
Six months ended January 31, 2019:
Shares sold		54,817		$	587,750
Shares issued in reinvestment of dividends and distributions		13,104			131,171
Shares reacquired		(29,708	)		(320,584	)
Net increase (decrease) in shares outstanding		38,213		$	398,337
Year ended July 31, 2018:
Shares sold		350,697		$	3,771,522
Shares issued in reinvestment of dividends and distributions		15			159
Shares reacquired		(25,026	)		(272,990	)
Net increase (decrease) in shares outstanding		325,686		$	3,498,691
Class R6
Six months ended January 31, 2019:
Shares sold		1,098,150		$	11,929,012
Shares issued in reinvestment of dividends and distributions		105,932			1,057,196
Shares reacquired		(411,302	)		(4,380,649	)
Net increase (decrease) in shares outstanding		792,780		$	8,605,559
Year ended July 31, 2018:
Shares sold		1,515,376		$	16,404,702
Shares issued in reinvestment of dividends and distributions		23,873			258,070
Shares reacquired		(626,082	)		(6,714,474	)
Net increase (decrease) in shares outstanding		913,167		$	9,948,298
Prudential Day One 2025 Fund:
Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		1,096		$	11,898
Shares issued in reinvestment of dividends and distributions		2,136			21,333
Shares reacquired		(5,812	)		(64,805	)
Net increase (decrease) in shares outstanding		(2,580	)	$	(31,574	)
Year ended July 31, 2018:
Shares sold		4,422		$	48,115
Shares issued in reinvestment of dividends and distributions		527			5,793
Shares reacquired		(124	)		(1,375	)
Net increase (decrease) in shares outstanding		4,825		$	52,533

Prudential Day One Income Fund 143

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2025 Fund (cont’d.):

Class R2	Shares			Amount
Six months ended January 31, 2019:
Shares sold		3,218		$	34,276
Shares issued in reinvestment of dividends and distributions		67			675
Shares reacquired		(1,188	)		(13,357	)
Net increase (decrease) in shares outstanding		2,097		$	21,594
Year ended July 31, 2018:
Shares sold		1,803		$	19,534
Shares issued in reinvestment of dividends and distributions		31			341
Shares reacquired		(1,540	)		(16,500	)
Net increase (decrease) in shares outstanding		294		$	3,375
Class R3
Six months ended January 31, 2019:
Shares sold		107,950		$	1,181,478
Shares issued in reinvestment of dividends and distributions		25,677			256,516
Shares reacquired		(22,279	)		(241,302	)
Net increase (decrease) in shares outstanding		111,348		$	1,196,692
Year ended July 31, 2018:
Shares sold		224,664		$	2,461,292
Shares issued in reinvestment of dividends and distributions		5,277			57,999
Shares reacquired		(69,002	)		(748,116	)
Net increase (decrease) in shares outstanding		160,939		$	1,771,175
Class R4
Six months ended January 31, 2019:
Shares sold		433		$	4,864
Shares issued in reinvestment of dividends and distributions		178			1,775
Shares reacquired		(6,143	)		(66,385	)
Net increase (decrease) in shares outstanding		(5,532	)	$	(59,746	)
Year ended July 31, 2018:
Shares sold		5,050		$	55,466
Shares issued in reinvestment of dividends and distributions		130			1,424
Shares reacquired		(11,924	)		(131,877	)
Net increase (decrease) in shares outstanding		(6,744	)	$	(74,987	)
Class R5
Six months ended January 31, 2019:
Shares sold		2,349		$	25,403
Shares issued in reinvestment of dividends and distributions		224			2,239
Shares reacquired		(2	)		(25	)
Net increase (decrease) in shares outstanding		2,571		$	27,617
Year ended July 31, 2018:
Shares sold		3,812		$	42,009
Shares issued in reinvestment of dividends and distributions		24			259
Shares reacquired		(2,067	)		(23,044	)
Net increase (decrease) in shares outstanding		1,769		$	19,224

144

Prudential Day One 2025 Fund (cont’d.):

Class R6	Shares			Amount
Six months ended January 31, 2019:
Shares sold		1,435,053		$	15,811,350
Shares issued in reinvestment of dividends and distributions		147,975			1,479,753
Shares reacquired		(555,846	)		(6,047,455	)
Net increase (decrease) in shares outstanding		1,027,182		$	11,243,648
Year ended July 31, 2018:
Shares sold		1,683,407		$	18,476,693
Shares issued in reinvestment of dividends and distributions		30,528			335,809
Shares reacquired		(663,321	)		(7,285,009	)
Net increase (decrease) in shares outstanding		1,050,614		$	11,527,493
Prudential Day One 2030 Fund:
Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		312		$	3,548
Shares issued in reinvestment of dividends and distributions		101			1,022
Shares reacquired		(6	)		(66	)
Net increase (decrease) in shares outstanding		407		$	4,504
Year ended July 31, 2018:
Shares sold		1,201		$	13,663
Shares issued in reinvestment of dividends and distributions		14			153
Shares reacquired		(224	)		(2,479	)
Net increase (decrease) in shares outstanding		991		$	11,337
Class R2
Six months ended January 31, 2019:
Shares sold		78,373		$	862,556
Shares issued in reinvestment of dividends and distributions		11,419			115,450
Shares reacquired		(18,696	)		(202,146	)
Net increase (decrease) in shares outstanding		71,096		$	775,860
Year ended July 31, 2018:
Shares sold		277,358		$	3,093,847
Shares issued in reinvestment of dividends and distributions		129			1,459
Shares reacquired		(50,388	)		(579,329	)
Net increase (decrease) in shares outstanding		227,099		$	2,515,977
Class R3
Six months ended January 31, 2019:
Shares sold		28,551		$	315,015
Shares issued in reinvestment of dividends and distributions		3,538			35,737
Shares reacquired		(3,607	)		(37,631	)
Net increase (decrease) in shares outstanding		28,482		$	313,121
Year ended July 31, 2018:
Shares sold		63,939		$	717,280
Shares issued in reinvestment of dividends and distributions		641			7,228
Shares reacquired		(2,567	)		(29,127	)
Net increase (decrease) in shares outstanding		62,013		$	695,381

Prudential Day One Income Fund 145

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2030 Fund (cont’d.):

Class R4	Shares			Amount
Six months ended January 31, 2019:
Shares sold		1,616		$	18,792
Shares issued in reinvestment of dividends and distributions		2,799			28,267
Shares reacquired		(44,674	)		(488,274	)
Net increase (decrease) in shares outstanding		(40,259	)	$	(441,215	)
Year ended July 31, 2018:
Shares sold		20,346		$	229,433
Shares issued in reinvestment of dividends and distributions		1,314			14,813
Shares reacquired		(4,821	)		(54,575	)
Net increase (decrease) in shares outstanding		16,839		$	189,671
Class R5
Six months ended January 31, 2019:
Shares sold		12,892		$	144,167
Shares issued in reinvestment of dividends and distributions		11,005			111,145
Shares reacquired		(7,092	)		(79,096	)
Net increase (decrease) in shares outstanding		16,805		$	176,216
Year ended July 31, 2018:
Shares sold		264,542		$	2,946,392
Shares issued in reinvestment of dividends and distributions		192			2,160
Shares reacquired		(29,919	)		(341,593	)
Net increase (decrease) in shares outstanding		234,815		$	2,606,959
Class R6
Six months ended January 31, 2019:
Shares sold		1,125,788		$	12,608,028
Shares issued in reinvestment of dividends and distributions		119,512			1,208,260
Shares reacquired		(340,076	)		(3,775,772	)
Net increase (decrease) in shares outstanding		905,224		$	10,040,516
Year ended July 31, 2018:
Shares sold		1,461,691		$	16,458,321
Shares issued in reinvestment of dividends and distributions		21,605			243,702
Shares reacquired		(452,241	)		(5,071,143	)
Net increase (decrease) in shares outstanding		1,031,055		$	11,630,880

146

Prudential Day One 2035 Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		13		$	150
Shares issued in reinvestment of dividends and distributions		51			504
Net increase (decrease) in shares outstanding		64		$	654
Year ended July 31, 2018:
Shares sold		13		$	150
Shares issued in reinvestment of dividends and distributions		13			149
Shares reacquired		(241	)		(2,691	)
Net increase (decrease) in shares outstanding		(215	)	$	(2,392	)
Class R2
Six months ended January 31, 2019:
Shares sold		677		$	7,757
Shares issued in reinvestment of dividends and distributions		1,524			15,170
Shares reacquired		(1,175	)		(13,059	)
Net increase (decrease) in shares outstanding		1,026		$	9,868
Year ended July 31, 2018:
Shares sold		29,052		$	335,942
Shares issued in reinvestment of dividends and distributions		17			185
Shares reacquired		(3	)		(30	)
Net increase (decrease) in shares outstanding		29,066		$	336,097
Class R3
Six months ended January 31, 2019:
Shares sold		77,231		$	862,261
Shares issued in reinvestment of dividends and distributions		27,950			278,108
Shares reacquired		(98,027	)		(1,051,850	)
Net increase (decrease) in shares outstanding		7,154		$	88,519
Year ended July 31, 2018:
Shares sold		189,297		$	2,147,197
Shares issued in reinvestment of dividends and distributions		6,937			79,080
Shares reacquired		(69,779	)		(784,779	)
Net increase (decrease) in shares outstanding		126,455		$	1,441,498
Class R4
Six months ended January 31, 2019:
Shares sold		74		$	874
Shares issued in reinvestment of dividends and distributions		235			2,341
Shares reacquired		(3,098	)		(31,150	)
Net increase (decrease) in shares outstanding		(2,789	)	$	(27,935	)
Year ended July 31, 2018:
Shares sold		626		$	7,170
Shares issued in reinvestment of dividends and distributions		66			757
Shares reacquired		(1,744	)		(19,569	)
Net increase (decrease) in shares outstanding		(1,052	)	$	(11,642	)

Prudential Day One Income Fund 147

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2035 Fund (cont’d.):

Class R5	Shares			Amount
Six months ended January 31, 2019:
Shares sold		4,648		$	53,317
Shares issued in reinvestment of dividends and distributions		374			3,726
Shares reacquired		(1,848	)		(18,627	)
Net increase (decrease) in shares outstanding		3,174		$	38,416
Year ended July 31, 2018:
Shares sold		1,795		$	20,782
Shares issued in reinvestment of dividends and distributions		19			216
Shares reacquired		(1	)		(7	)
Net increase (decrease) in shares outstanding		1,813		$	20,991
Class R6
Six months ended January 31, 2019:
Shares sold		683,125		$	7,774,032
Shares issued in reinvestment of dividends and distributions		96,011			955,310
Shares reacquired		(258,632	)		(2,854,462	)
Net increase (decrease) in shares outstanding		520,504		$	5,874,880
Year ended July 31, 2018:
Shares sold		902,631		$	10,279,363
Shares issued in reinvestment of dividends and distributions		20,294			231,358
Shares reacquired		(270,149	)		(3,071,837	)
Net increase (decrease) in shares outstanding		652,776		$	7,438,884
Prudential Day One 2040 Fund:
Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		113		$	1,272
Shares issued in reinvestment of dividends and distributions		50			501
Shares reacquired		(1	)		(5	)
Net increase (decrease) in shares outstanding		162		$	1,768
Year ended July 31, 2018:
Shares sold		81		$	947
Shares issued in reinvestment of dividends and distributions		15			168
Shares reacquired		—	**		(1	)
Net increase (decrease) in shares outstanding		96		$	1,114

148

Prudential Day One 2040 Fund (cont’d.):

Class R2	Shares			Amount
Six months ended January 31, 2019:
Shares sold		63,409		$	708,421
Shares issued in reinvestment of dividends and distributions		5,930			59,712
Shares reacquired		(7,768	)		(83,818	)
Net increase (decrease) in shares outstanding		61,571		$	684,315
Year ended July 31, 2018:
Shares sold		98,384		$	1,126,063
Shares issued in reinvestment of dividends and distributions		21			243
Shares reacquired		(1,834	)		(21,451	)
Net increase (decrease) in shares outstanding		96,571		$	1,104,855
Class R3
Six months ended January 31, 2019:
Shares sold		37,022		$	400,312
Shares issued in reinvestment of dividends and distributions		2,901			29,211
Shares reacquired		(2,936	)		(33,885	)
Net increase (decrease) in shares outstanding		36,987		$	395,638
Year ended July 31, 2018:
Shares sold		48,724		$	561,741
Shares issued in reinvestment of dividends and distributions		421			4,855
Shares reacquired		(3,747	)		(43,448	)
Net increase (decrease) in shares outstanding		45,398		$	523,148
Class R4
Six months ended January 31, 2019:
Shares sold		1,159		$	13,848
Shares issued in reinvestment of dividends and distributions		182			1,838
Shares reacquired		(4,302	)		(47,538	)
Net increase (decrease) in shares outstanding		(2,961	)	$	(31,852	)
Year ended July 31, 2018:
Shares sold		1,553		$	17,826
Shares issued in reinvestment of dividends and distributions		218			2,506
Shares reacquired		(7,155	)		(83,139	)
Net increase (decrease) in shares outstanding		(5,384	)	$	(62,807	)
Class R5
Six months ended January 31, 2019:
Shares sold		13,008		$	147,499
Shares issued in reinvestment of dividends and distributions		24,469			246,402
Shares reacquired		(30,347	)		(340,066	)
Net increase (decrease) in shares outstanding		7,130		$	53,835
Year ended July 31, 2018:
Shares sold		536,356		$	6,096,691
Shares issued in reinvestment of dividends and distributions		21			240
Shares reacquired		(26,284	)		(307,672	)
Net increase (decrease) in shares outstanding		510,093		$	5,789,259

Prudential Day One Income Fund 149

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2040 Fund (cont’d.):

Class R6	Shares			Amount
Six months ended January 31, 2019:
Shares sold		330,985		$	3,786,862
Shares issued in reinvestment of dividends and distributions		61,360			617,891
Shares reacquired		(147,340	)		(1,695,094	)
Net increase (decrease) in shares outstanding		245,005		$	2,709,659
Year ended July 31, 2018:
Shares sold		718,605		$	8,282,519
Shares issued in reinvestment of dividends and distributions		17,332			199,669
Shares reacquired		(192,059	)		(2,220,140	)
Net increase (decrease) in shares outstanding		543,878		$	6,262,048

** Less than 1 share.

Prudential Day One 2045 Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		58		$	553
Net increase (decrease) in shares outstanding		58		$	553
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		16		$	186
Net increase (decrease) in shares outstanding		16		$	186
Class R2
Six months ended January 31, 2019:
Shares sold		4,646		$	48,748
Shares issued in reinvestment of dividends and distributions		140			1,340
Shares reacquired		(14	)		(150	)
Net increase (decrease) in shares outstanding		4,772		$	49,938
Year ended July 31, 2018:
Shares sold		1,340		$	15,800
Shares issued in reinvestment of dividends and distributions		23			268
Shares reacquired		(196	)		(2,322	)
Net increase (decrease) in shares outstanding		1,167		$	13,746

150

Prudential Day One 2045 Fund (cont’d.):

Class R3	Shares			Amount
Six months ended January 31, 2019:
Shares sold		138,924		$	1,512,623
Shares issued in reinvestment of dividends and distributions		32,795			314,504
Shares reacquired		(47,432	)		(545,322	)
Net increase (decrease) in shares outstanding		124,287		$	1,281,805
Year ended July 31, 2018:
Shares sold		199,475		$	2,304,398
Shares issued in reinvestment of dividends and distributions		8,056			93,374
Shares reacquired		(58,139	)		(668,608	)
Net increase (decrease) in shares outstanding		149,392		$	1,729,164
Class R4
Six months ended January 31, 2019:
Shares sold		5,741		$	60,614
Shares issued in reinvestment of dividends and distributions		1,366			13,084
Shares reacquired		(30,842	)		(330,029	)
Net increase (decrease) in shares outstanding		(23,735	)	$	(256,331	)
Year ended July 31, 2018:
Shares sold		20,115		$	234,228
Shares issued in reinvestment of dividends and distributions		654			7,572
Shares reacquired		(4,883	)		(57,011	)
Net increase (decrease) in shares outstanding		15,886		$	184,789
Class R5
Six months ended January 31, 2019:
Shares sold		4,035		$	45,745
Shares issued in reinvestment of dividends and distributions		446			4,282
Shares reacquired		(219	)		(2,337	)
Net increase (decrease) in shares outstanding		4,262		$	47,690
Year ended July 31, 2018:
Shares sold		3,601		$	42,321
Shares issued in reinvestment of dividends and distributions		25			295
Shares reacquired		(410	)		(4,812	)
Net increase (decrease) in shares outstanding		3,216		$	37,804
Class R6
Six months ended January 31, 2019:
Shares sold		203,650		$	2,357,032
Shares issued in reinvestment of dividends and distributions		44,748			429,583
Shares reacquired		(107,033	)		(1,238,160	)
Net increase (decrease) in shares outstanding		141,365		$	1,548,455
Year ended July 31, 2018:
Shares sold		477,283		$	5,510,953
Shares issued in reinvestment of dividends and distributions		9,670			112,263
Shares reacquired		(205,148	)		(2,318,703	)
Net increase (decrease) in shares outstanding		281,805		$	3,304,513

Prudential Day One Income Fund 151

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2050 Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		297		$	3,384
Shares issued in reinvestment of dividends and distributions		546			5,279
Shares reacquired		—	*		(3	)
Net increase (decrease) in shares outstanding		843		$	8,660
Year ended July 31, 2018:
Shares sold		2,800		$	31,875
Shares issued in reinvestment of dividends and distributions		173			2,000
Net increase (decrease) in shares outstanding		2,973		$	33,875
Class R2
Six months ended January 31, 2019:
Shares sold		45,017		$	506,202
Shares issued in reinvestment of dividends and distributions		5,199			50,175
Shares reacquired		(8,161	)		(85,949	)
Net increase (decrease) in shares outstanding		42,055		$	470,428
Year ended July 31, 2018:
Shares sold		92,270		$	1,061,227
Shares issued in reinvestment of dividends and distributions		49			571
Shares reacquired		(11,633	)		(136,067	)
Net increase (decrease) in shares outstanding		80,686		$	925,731
Class R3
Six months ended January 31, 2019:
Shares sold		25,298		$	281,927
Shares issued in reinvestment of dividends and distributions		2,173			20,972
Shares reacquired		(3,878	)		(45,039	)
Net increase (decrease) in shares outstanding		23,593		$	257,860
Year ended July 31, 2018:
Shares sold		28,393		$	328,701
Shares issued in reinvestment of dividends and distributions		210			2,438
Shares reacquired		(550	)		(6,398	)
Net increase (decrease) in shares outstanding		28,053		$	324,741
Class R4
Six months ended January 31, 2019:
Shares sold		151		$	1,809
Shares issued in reinvestment of dividends and distributions		52			504
Shares reacquired		(12,526	)		(136,164	)
Net increase (decrease) in shares outstanding		(12,323	)	$	(133,851	)
Year ended July 31, 2018:
Shares sold		6,412		$	74,850
Shares issued in reinvestment of dividends and distributions		169			1,961
Shares reacquired		(4	)		(50	)
Net increase (decrease) in shares outstanding		6,577		$	76,761

152

Prudential Day One 2050 Fund (cont’d.):

Class R5	Shares			Amount
Six months ended January 31, 2019:
Shares sold		9,058		$	101,601
Shares issued in reinvestment of dividends and distributions		2,649			25,567
Shares reacquired		(3,810	)		(41,882	)
Net increase (decrease) in shares outstanding		7,897		$	85,286
Year ended July 31, 2018:
Shares sold		47,728		$	548,268
Shares issued in reinvestment of dividends and distributions		23			265
Shares reacquired		(1,943	)		(22,688	)
Net increase (decrease) in shares outstanding		45,808		$	525,845
Class R6
Six months ended January 31, 2019:
Shares sold		179,126		$	2,066,880
Shares issued in reinvestment of dividends and distributions		21,846			211,035
Shares reacquired		(72,549	)		(833,662	)
Net increase (decrease) in shares outstanding		128,423		$	1,444,253
Year ended July 31, 2018:
Shares sold		296,969		$	3,425,732
Shares issued in reinvestment of dividends and distributions		5,823			67,606
Shares reacquired		(161,744	)		(1,858,405	)
Net increase (decrease) in shares outstanding		141,048		$	1,634,933

* Less than 1 share.

Prudential Day One 2055 Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares sold		16		$	175
Shares issued in reinvestment of dividends and distributions		75			719
Shares reacquired		(1	)		(9	)
Net increase (decrease) in shares outstanding		90		$	885
Year ended July 31, 2018:
Shares sold		228		$	2,742
Shares issued in reinvestment of dividends and distributions		16			193
Net increase (decrease) in shares outstanding		244		$	2,935
Class R2
Six months ended January 31, 2019:
Shares sold		1,187		$	13,051
Shares issued in reinvestment of dividends and distributions		174			1,667
Shares reacquired		(647	)		(7,555	)
Net increase (decrease) in shares outstanding		714		$	7,163
Year ended July 31, 2018:
Shares sold		1,468		$	17,522
Shares issued in reinvestment of dividends and distributions		31			361
Shares reacquired		(90	)		(1,085	)
Net increase (decrease) in shares outstanding		1,409		$	16,798

Prudential Day One Income Fund 153

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2055 Fund (cont’d.):

Class R3	Shares			Amount
Six months ended January 31, 2019:
Shares sold		52,043		$	594,283
Shares issued in reinvestment of dividends and distributions		17,004			163,072
Shares reacquired		(10,817	)		(125,731	)
Net increase (decrease) in shares outstanding		58,230		$	631,624
Year ended July 31, 2018:
Shares sold		96,950		$	1,134,145
Shares issued in reinvestment of dividends and distributions		3,807			44,776
Shares reacquired		(32,457	)		(377,512	)
Net increase (decrease) in shares outstanding		68,300		$	801,409
Class R4
Six months ended January 31, 2019:
Shares sold		96		$	1,174
Shares issued in reinvestment of dividends and distributions		87			831
Shares reacquired		(4,213	)		(45,217	)
Net increase (decrease) in shares outstanding		(4,030	)	$	(43,212	)
Year ended July 31, 2018:
Shares sold		1,289		$	15,162
Shares issued in reinvestment of dividends and distributions		97			1,142
Shares reacquired		(9	)		(100	)
Net increase (decrease) in shares outstanding		1,377		$	16,204
Class R5
Six months ended January 31, 2019:
Shares sold		1,081		$	12,391
Shares issued in reinvestment of dividends and distributions		171			1,643
Shares reacquired		(1	)		(15	)
Net increase (decrease) in shares outstanding		1,251		$	14,019
Year ended July 31, 2018:
Shares sold		683		$	8,177
Shares issued in reinvestment of dividends and distributions		24			278
Shares reacquired		(14	)		(166	)
Net increase (decrease) in shares outstanding		693		$	8,289
Class R6
Six months ended January 31, 2019:
Shares sold		67,727		$	787,379
Shares issued in reinvestment of dividends and distributions		17,847			170,969
Shares reacquired		(32,318	)		(374,123	)
Net increase (decrease) in shares outstanding		53,256		$	584,225
Year ended July 31, 2018:
Shares sold		196,590		$	2,300,348
Shares issued in reinvestment of dividends and distributions		4,369			51,383
Shares reacquired		(57,918	)		(682,520	)
Net increase (decrease) in shares outstanding		143,041		$	1,669,211

154

Prudential Day One 2060 Fund:

Class R1	Shares			Amount
Six months ended January 31, 2019:
Shares issued in reinvestment of dividends and distributions		44		$	430
Net increase (decrease) in shares outstanding		44		$	430
Year ended July 31, 2018:
Shares issued in reinvestment of dividends and distributions		17		$	195
Net increase (decrease) in shares outstanding		17		$	195
Class R2
Six months ended January 31, 2019:
Shares sold		14,466		$	163,654
Shares issued in reinvestment of dividends and distributions		768			7,416
Shares reacquired		(987	)		(10,911	)
Net increase (decrease) in shares outstanding		14,247		$	160,159
Year ended July 31, 2018:
Shares sold		7,565		$	89,229
Shares issued in reinvestment of dividends and distributions		22			253
Shares reacquired		(819	)		(9,788	)
Net increase (decrease) in shares outstanding		6,768		$	79,694
Class R3
Six months ended January 31, 2019:
Shares sold		6,840		$	77,285
Shares issued in reinvestment of dividends and distributions		617			5,954
Shares reacquired		(2,651	)		(32,520	)
Net increase (decrease) in shares outstanding		4,806		$	50,719
Year ended July 31, 2018:
Shares sold		11,193		$	129,893
Shares issued in reinvestment of dividends and distributions		125			1,462
Shares reacquired		(2,309	)		(27,685	)
Net increase (decrease) in shares outstanding		9,009		$	103,670
Class R4
Six months ended January 31, 2019:
Shares sold		14		$	164
Shares issued in reinvestment of dividends and distributions		55			531
Shares reacquired		(38	)		(399	)
Net increase (decrease) in shares outstanding		31		$	296
Year ended July 31, 2018:
Shares sold		75		$	895
Shares issued in reinvestment of dividends and distributions		21			252
Shares reacquired		(7	)		(80	)
Net increase (decrease) in shares outstanding		89		$	1,067

Prudential Day One Income Fund 155

Notes to Financial Statements(unaudited) (continued)

Prudential Day One 2060 Fund (cont’d.):

Class R5	Shares			Amount
Six months ended January 31, 2019:
Shares sold		1,765		$	19,939
Shares issued in reinvestment of dividends and distributions		142			1,369
Shares reacquired		(303	)		(3,240	)
Net increase (decrease) in shares outstanding		1,604		$	18,068
Year ended July 31, 2018:
Shares sold		343		$	4,140
Shares issued in reinvestment of dividends and distributions		22			264
Shares reacquired		(4	)		(45	)
Net increase (decrease) in shares outstanding		361		$	4,359
Class R6
Six months ended January 31, 2019:
Shares sold		69,082		$	807,089
Shares issued in reinvestment of dividends and distributions		4,348			41,918
Shares reacquired		(24,716	)		(283,664	)
Net increase (decrease) in shares outstanding		48,714		$	565,343
Year ended July 31, 2018:
Shares sold		61,021		$	716,364
Shares issued in reinvestment of dividends and distributions		639			7,478
Shares reacquired		(28,997	)		(345,856	)
Net increase (decrease) in shares outstanding		32,663		$	377,986

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 4, 2018 through October 3, 2019. The Funds pay an annualized commitment fee of 0.15% of the unused portion of the SCA. Each 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 4, 2018, 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 both 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) the1-month LIBOR rate or (3) zero percent.

Certain affiliated registered investment companies that are parties to the SCA include portfolios that are subject to a predetermined mathematical formula used to manage certain benefit guarantees offered under variable annuity contracts. The formula may result in large

156

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 Day One Funds did not utilize the SCA during the reporting period ended January 31, 2019.

8. Risks of Investing in the Day One Funds

The Day One Funds’ risks include, but are not limited to, some or all of the risks discussed below:

Fund of Funds Risk:The value of an investment in the Day One Funds will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Day One Funds are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Day One Funds’ allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Day One Funds may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Day One Funds to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Day One Funds would indirectly bear the costs of these trades without accomplishing the investment purpose.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Day One Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Day One Funds fall, the value of an investment in the Day One Funds will decline. Additionally, the Day One Funds may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Day One Funds has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on

Prudential Day One Income Fund 157

Notes to Financial Statements(unaudited) (continued)

the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Day One Funds’ financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Day One Funds’ policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

158

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Prudential Day One Income Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R1
Six Months Ended 01/31/19		$10.59		$0.12		$(0.19	)		$(0.07	)		$(0.19	)		$(0.07	)		$(0.26	)
Year Ended 07/31/18		10.36		0.19		0.19			0.38			(0.15	)		(-	)(g)		(0.15	)
December 13, 2016(h) through July 31, 2017		10.00		0.08		0.31			0.39			(0.03	)		-			(0.03	)
Class R2
Six Months Ended 01/31/19		10.59		0.14		(0.20	)		(0.06	)		(0.20	)		(0.07	)		(0.27	)
Year Ended 07/31/18		10.37		0.23		0.17			0.40			(0.18	)		(-	)(g)		(0.18	)
December 13, 2016(h) through July 31, 2017		10.00		0.09		0.32			0.41			(0.04	)		-			(0.04	)
Class R3
Six Months Ended 01/31/19		10.60		0.14		(0.19	)		(0.05	)		(0.21	)		(0.07	)		(0.28	)
Year Ended 07/31/18		10.37		0.24		0.18			0.42			(0.19	)		(-	)(g)		(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.31			0.42			(0.05	)		-			(0.05	)
Class R4
Six Months Ended 01/31/19		10.60		0.14		(0.19	)		(0.05	)		(0.21	)		(0.07	)		(0.28	)
Year Ended 07/31/18		10.37		0.25		0.18			0.43			(0.20	)		(-	)(g)		(0.20	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.31			0.42			(0.05	)		-			(0.05	)
Class R5
Six Months Ended 01/31/19		10.60		0.20		(0.24	)		(0.04	)		(0.22	)		(0.07	)		(0.29	)
Year Ended 07/31/18		10.37		0.26		0.19			0.45			(0.22	)		(-	)(g)		(0.22	)
December 13, 2016(h) through July 31, 2017		10.00		0.12		0.31			0.43			(0.06	)		-			(0.06	)

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

160

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.26		(0.61)%			$11		$11		0.74%	(f)		123.84%	(f)		2.35%	(f)		22%
	10.59		3.71			11		11		0.64			124.02			1.84			25
	10.36		3.89			10		10		0.64	(f)		299.81	(f)		1.18	(f)		146
	10.26		(0.48	)		1,088		867		0.49	(f)		4.48	(f)		2.62	(f)		22
	10.59		3.86			843		248		0.46			9.08			2.18			25
	10.37		4.09			12		11		0.39	(f)		286.56	(f)		1.43	(f)		146
	10.27		(0.40	)		1,306		1,324		0.34	(f)		3.86	(f)		2.73	(f)		22
	10.60		4.09			1,403		1,331		0.24			5.23			2.23			25
	10.37		4.17			1,256		32		0.09	(f)		132.21	(f)		1.63	(f)		146
	10.27		(0.35	)		14		15		0.24	(f)		86.01	(f)		2.68	(f)		22
	10.60		4.21			18		18		0.13			76.23			2.34			25
	10.37		4.23			17		15		0.14	(f)		275.84	(f)		1.67	(f)		146
	10.27		(0.28	)		62		37		0.13	(f)		36.45	(f)		3.85	(f)		22
	10.60		4.33			11		11		0.04			122.74			2.44			25
	10.37		4.29			10		10		0.03	(f)		298.99	(f)		1.79	(f)		146

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 161

Prudential Day One Income Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R6
Six Months Ended 01/31/19		$10.61		$0.18		$(0.21	)		$(0.03	)		$(0.23	)		$(0.07	)		$(0.30	)
Year Ended 07/31/18		10.38		0.28		0.18			0.46			(0.23	)		(-	)(g)		(0.23	)
December 13, 2016(h) through July 31, 2017		10.00		0.12		0.32			0.44			(0.06	)		-			(0.06	)

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

162

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.28		(0.20)%		$6,651		$5,571		0.00%	(j)(f)		2.59%	(f)		3.46%	(f)		22%
	10.61		4.45		3,529		2,451		0.00	(j)		4.36			2.67			25
	10.38		4.46		734		199		0.00	(j)(f)		80.76	(f)		1.91	(f)		146

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 163

Prudential Day One 2010 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$10.73		$0.13		$(0.22	)		$(0.09	)		$(0.26	)		$(0.18	)		$(0.44	)
Year Ended 07/31/18		10.43		0.20		0.21			0.41			(0.09	)		(0.02	)		(0.11	)
December 13, 2016(h) through July 31, 2017		10.00		0.08		0.35			0.43			-			-			-
Class R2
Six Months Ended 01/31/19		10.74		0.12		(0.19	)		(0.07	)		(0.29	)		(0.18	)		(0.47	)
Year Ended 07/31/18		10.45		0.22		0.21			0.43			(0.12	)		(0.02	)		(0.14	)
December 13, 2016(h) through July 31, 2017		10.00		0.09		0.36			0.45			-			-			-
Class R3
Six Months Ended 01/31/19		10.75		0.15		(0.22	)		(0.07	)		(0.30	)		(0.18	)		(0.48	)
Year Ended 07/31/18		10.46		0.02		0.43			0.45			(0.14	)		(0.02	)		(0.16	)
December 13, 2016(h) through July 31, 2017		10.00		0.10		0.36			0.46			-			-			-
Class R4
Six Months Ended 01/31/19		10.76		0.16		(0.23	)		(0.07	)		(0.31	)		(0.18	)		(0.49	)
Year Ended 07/31/18		10.46		0.25		0.22			0.47			(0.15	)		(0.02	)		(0.17	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.35			0.46			-			-			-
Class R5
Six Months Ended 01/31/19		10.76		0.15		(0.20	)		(0.05	)		(0.32	)		(0.18	)		(0.50	)
Year Ended 07/31/18		10.47		0.27		0.20			0.47			(0.16	)		(0.02	)		(0.18	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.36			0.47			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

164

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.20		(0.68)%			$11		$11		0.73%	(f)		123.83%	(f)		2.39%	(f)		26%
	10.73		3.96			11		11		0.63			122.38			1.85			53
	10.43		4.30			10		10		0.65	(f)		336.61	(f)		1.16	(f)		9
	10.20		(0.51	)		11		14		0.48	(f)		96.36	(f)		2.29	(f)		26
	10.74		4.12			11		11		0.38			121.77			2.10			53
	10.45		4.50			10		10		0.40	(f)		336.27	(f)		1.41	(f)		9
	10.20		(0.45	)		141		138		0.33	(f)		12.91	(f)		2.78	(f)		26
	10.75		4.27			140		93		0.27			17.16			0.22			53
	10.46		4.60			10		10		0.26	(f)		336.07	(f)		1.56	(f)		9
	10.20		(0.44	)		20		48		0.23	(f)		30.32	(f)		3.09	(f)		26
	10.76		4.48			53		48		0.13			29.63			2.33			53
	10.46		4.60			43		31		0.12	(f)		259.21	(f)		1.71	(f)		9
	10.21		(0.24	)		813		813		0.13	(f)		5.01	(f)		2.83	(f)		26
	10.76		4.49			820		262		0.11			8.20			2.49			53
	10.47		4.70			10		10		0.04	(f)		335.77	(f)		1.77	(f)		9

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 165

Prudential Day One 2010 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$10.78		$0.16		$(0.21	)		$(0.05	)		$(0.34	)		$(0.18	)		$(0.52	)
Year Ended 07/31/18		10.48		0.27		0.22			0.49			(0.17	)		(0.02	)		(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.15		0.33			0.48			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

166

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.21		(0.27)%		$4,534		$4,626		0.00%	(j)(f)		3.60%	(f)		3.11%	(f)		26%
	10.78		4.74		4,606		4,776		0.00	(j)		3.27			2.57			53
	10.48		4.80		4,436		452		0.00	(j)(f)		26.49	(f)		2.20	(f)		9

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 167

Prudential Day One 2015 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$10.86		$0.12		$(0.25	)		$(0.13	)		$(0.23	)		$(0.14	)		$(0.37	)
Year Ended 07/31/18		10.49		0.19		0.28			0.47			(0.08	)		(0.02	)		(0.10	)
December 13, 2016(h) through July 31, 2017		10.00		0.07		0.42			0.49			-			-			-
Class R2
Six Months Ended 01/31/19		10.88		0.12		(0.25	)		(0.13	)		(0.25	)		(0.14	)		(0.39	)
Year Ended 07/31/18		10.50		0.21		0.30			0.51			(0.11	)		(0.02	)		(0.13	)
December 13, 2016(h) through July 31, 2017		10.00		0.09		0.41			0.50			-			-			-
Class R3
Six Months Ended 01/31/19		10.89		0.15		(0.27	)		(0.12	)		(0.27	)		(0.14	)		(0.41	)
Year Ended 07/31/18		10.51		0.23		0.29			0.52			(0.12	)		(0.02	)		(0.14	)
December 13, 2016(h) through July 31, 2017		10.00		0.10		0.41			0.51			-			-			-
Class R4
Six Months Ended 01/31/19		10.88		0.16		(0.26	)		(0.10	)		(0.28	)		(0.14	)		(0.42	)
Year Ended 07/31/18		10.51		0.24		0.29			0.53			(0.14	)		(0.02	)		(0.16	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.40			0.51			-			-			-
Class R5
Six Months Ended 01/31/19		10.90		0.17		(0.27	)		(0.10	)		(0.29	)		(0.14	)		(0.43	)
Year Ended 07/31/18		10.53		0.25		0.29			0.54			(0.15	)		(0.02	)		(0.17	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.42			0.53			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

168

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.36		(1.09)%			$11		$11		0.73%	(f)		121.56%	(f)		2.33%	(f)		16%
	10.86		4.50			11		11		0.63			120.64			1.74			57
	10.49		4.90			10		10		0.65	(f)		244.08	(f)		1.10	(f)		82
	10.36		(1.01	)		11		14		0.48	(f)		94.44	(f)		2.22	(f)		16
	10.88		4.85			11		11		0.38			119.98			1.99			57
	10.50		5.00			11		10		0.40	(f)		243.71	(f)		1.35	(f)		82
	10.36		(0.95	)		11		11		0.33	(f)		120.27	(f)		2.73	(f)		16
	10.89		5.01			11		11		0.23			119.64			2.14			57
	10.51		5.10			11		10		0.26	(f)		243.52	(f)		1.50	(f)		82
	10.36		(0.75	)		13		76		0.23	(f)		19.14	(f)		2.96	(f)		16
	10.88		5.02			81		65		0.14			22.01			2.27			57
	10.51		5.10			51		42		0.16	(f)		144.74	(f)		1.72	(f)		82
	10.37		(0.74	)		27		22		0.13	(f)		60.23	(f)		3.11	(f)		16
	10.90		5.11			18		12		0.04			110.69			2.34			57
	10.53		5.30			11		10		0.05	(f)		243.22	(f)		1.71	(f)		82

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 169

Prudential Day One 2015 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$10.90		$0.17		$(0.26	)		$(0.09	)		$(0.31	)		$(0.14	)		$(0.45	)
Year Ended 07/31/18		10.53		0.27		0.28			0.55			(0.16	)		(0.02	)		(0.18	)
December 13, 2016(h) through July 31, 2017		10.00		0.13		0.40			0.53			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

170

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.36		(0.67)%		$9,893		$9,117		0.00%	(j)(f)		2.20%	(f)		3.16%	(f)		16%
	10.90		5.27		8,567		6,742		0.00	(j)		2.53			2.50			57
	10.53		5.30		4,099		640		0.00	(j)(f)		27.57	(f)		1.94	(f)		82

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 171

Prudential Day One 2020 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$10.98		$0.13		$(0.28	)		$(0.15	)		$(0.21	)		$(0.10	)		$(0.31	)
Year Ended 07/31/18		10.52		0.18		0.37			0.55			(0.08	)		(0.01	)		(0.09	)
December 13, 2016(h) through July 31, 2017		10.00		0.07		0.45			0.52			-			-			-
Class R2
Six Months Ended 01/31/19		10.99		0.15		(0.30	)		(0.15	)		(0.23	)		(0.10	)		(0.33	)
Year Ended 07/31/18		10.54		0.19		0.38			0.57			(0.11	)		(0.01	)		(0.12	)
December 13, 2016(h) through July 31, 2017		10.00		0.08		0.46			0.54			-			-			-
Class R3
Six Months Ended 01/31/19		11.01		0.16		(0.29	)		(0.13	)		(0.25	)		(0.10	)		(0.35	)
Year Ended 07/31/18		10.55		0.25		0.35			0.60			(0.13	)		(0.01	)		(0.14	)
December 13, 2016(h) through July 31, 2017		10.00		0.09		0.46			0.55			-			-			-
Class R4
Six Months Ended 01/31/19		11.03		0.15		(0.29	)		(0.14	)		(0.26	)		(0.10	)		(0.36	)
Year Ended 07/31/18		10.55		0.24		0.39			0.63			(0.14	)		(0.01	)		(0.15	)
December 13, 2016(h) through July 31, 2017		10.00		0.10		0.45			0.55			-			-			-
Class R5
Six Months Ended 01/31/19		11.03		0.16		(0.29	)		(0.13	)		(0.27	)		(0.10	)		(0.37	)
Year Ended 07/31/18		10.56		0.23		0.40			0.63			(0.15	)		(0.01	)		(0.16	)
December 13, 2016(h) through July 31, 2017		10.00		0.11		0.45			0.56			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

172

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.52		(1.25)%			$11		$11		0.73%	(f)		119.10%	(f)		2.34%	(f)		21%
	10.98		5.28			11		11		0.64			118.30			1.68			41
	10.52		5.20			11		10		0.67	(f)		211.29	(f)		1.02	(f)		21
	10.51		(1.17	)		2,346		2,322		0.49	(f)		1.61	(f)		2.70	(f)		21
	10.99		5.43			2,332		693		0.46			3.02			1.78			41
	10.54		5.40			11		10		0.42	(f)		210.95	(f)		1.27	(f)		21
	10.53		(1.01	)		973		1,114		0.34	(f)		2.07	(f)		2.95	(f)		21
	11.01		5.67			1,134		673		0.28			3.00			2.33			41
	10.55		5.50			11		10		0.27	(f)		210.74	(f)		1.41	(f)		21
	10.53		(1.09	)		55		61		0.24	(f)		22.03	(f)		2.85	(f)		21
	11.03		5.97			61		191		0.14			7.79			2.19			41
	10.55		5.50			178		160		0.14	(f)		45.98	(f)		1.45	(f)		21
	10.53		(0.99	)		3,841		3,630		0.14	(f)		1.06	(f)		2.99	(f)		21
	11.03		5.99			3,603		1,162		0.11			1.91			2.13			41
	10.56		5.60			11		10		0.06	(f)		210.44	(f)		1.62	(f)		21

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 173

Prudential Day One 2020 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$11.00		$0.18		$(0.30	)		$(0.12	)		$(0.29	)		$(0.10	)		$(0.39	)
Year Ended 07/31/18		10.54		0.26		0.38			0.64			(0.17	)		(0.01	)		(0.18	)
December 13, 2016(h) through July 31, 2017		10.00		0.12		0.42			0.54			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

174

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.49		(0.93)%		$30,205		$27,466		0.00%	(j)(f)		0.62%	(f)		3.29%	(f)		21%
	11.00		6.06		22,951		16,888		0.00	(j)		0.93			2.42			41
	10.54		5.40		12,368		1,944		0.00	(j)(f)		9.10	(f)		1.80	(f)		21

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 175

Prudential Day One 2025 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations									Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R1
Six Months Ended 01/31/19		$11.15		$0.14			$(0.37	)		$(0.23	)		$(0.20	)		$(0.18	)		$(0.38	)
Year Ended 07/31/18		10.58		0.17			0.50			0.67			(0.10	)		(-	)(g)		(0.10	)
December 13, 2016(h) through July 31, 2017		10.00		0.04			0.54			0.58			-			-			-
Class R2
Six Months Ended 01/31/19		11.16		0.13			(0.34	)		(0.21	)		(0.23	)		(0.18	)		(0.41	)
Year Ended 07/31/18		10.59		0.24			0.46			0.70			(0.13	)		(-	)(g)		(0.13	)
December 13, 2016(h) through July 31, 2017		10.00		0.08			0.51			0.59			-			-			-
Class R3					��
Six Months Ended 01/31/19		11.18		0.16			(0.36	)		(0.20	)		(0.25	)		(0.18	)		(0.43	)
Year Ended 07/31/18		10.61		0.21			0.51			0.72			(0.15	)		(-	)(g)		(0.15	)
December 13, 2016(h) through July 31, 2017		10.00		0.07			0.54			0.61			-			-			-
Class R4
Six Months Ended 01/31/19		11.18		0.12			(0.31	)		(0.19	)		(0.26	)		(0.18	)		(0.44	)
Year Ended 07/31/18		10.61		0.20			0.53			0.73			(0.16	)		(-	)(g)		(0.16	)
December 13, 2016(h) through July 31, 2017		10.00		0.08			0.53			0.61			-			-			-
Class R5
Six Months Ended 01/31/19		11.19		0.19			(0.39	)		(0.20	)		(0.27	)		(0.18	)		(0.45	)
Year Ended 07/31/18		10.62		0.23			0.51			0.74			(0.17	)		(-	)(g)		(0.17	)
December 13, 2016(h) through July 31, 2017		10.00		0.10			0.52			0.62			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

176

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.54		(1.86)%			$614		$610		0.74%	(f)		3.39%	(f)		2.48%	(f)		26%
	11.15		6.35			678		639		0.65			3.42			1.55			37
	10.58		5.80			592		43		0.53	(f)		55.43	(f)		0.55	(f)		6
	10.54		(1.69	)		36		21		0.49	(f)		61.03	(f)		2.39	(f)		26
	11.16		6.62			14		18		0.39			71.60			2.18			37
	10.59		5.90			11		10		0.42	(f)		215.71	(f)		1.16	(f)		6
	10.55		(1.62	)		6,713		6,267		0.34	(f)		1.06	(f)		2.99	(f)		26
	11.18		6.76			5,871		4,653		0.25			1.24			1.94			37
	10.61		6.10			3,863		77		0.04	(f)		34.35	(f)		1.06	(f)		6
	10.55		(1.51	)		44		77		0.24	(f)		17.42	(f)		2.15	(f)		26
	11.18		6.88			109		134		0.13			10.37			1.81			37
	10.61		6.10			175		133		0.15	(f)		49.61	(f)		1.17	(f)		6
	10.54		(1.59	)		62		47		0.14	(f)		27.67	(f)		3.41	(f)		26
	11.19		6.98			37		25		0.07			50.68			2.05			37
	10.62		6.20			16		12		0.06	(f)		179.75	(f)		1.47	(f)		6

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 177

Prudential Day One 2025 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R6
Six Months Ended 01/31/19		$11.21		$0.19		$(0.38	)		$(0.19	)		$(0.28	)		$(0.18	)		$(0.46	)
Year Ended 07/31/18		10.64		0.25		0.51			0.76			(0.19	)		(-	)(g)		(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.10		0.54			0.64			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

178

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.56		(1.43)%		$35,211		$30,676		0.00%	(j)(f)		0.56%	(f)		3.49%	(f)		26%
	11.21		7.13		25,880		20,307		0.00	(j)		0.70			2.29			37
	10.64		6.40		13,380		2,024		0.00	(j)(f)		8.73	(f)		1.57	(f)		6

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 179

Prudential Day One 2030 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R1
Six Months Ended 01/31/19		$11.53		$0.16		$(0.52	)		$(0.36	)		$(0.22	)		$(0.17	)		$(0.39	)
Year Ended 07/31/18		10.74		0.14		0.77			0.91			(0.12	)		(-	)(g)		(0.12	)
December 13, 2016(h) through July 31, 2017		10.00		0.04		0.70			0.74			-			-			-
Class R2
Six Months Ended 01/31/19		11.55		0.18		(0.53	)		(0.35	)		(0.25	)		(0.17	)		(0.42	)
Year Ended 07/31/18		10.75		0.11		0.83			0.94			(0.14	)		(-	)(g)		(0.14	)
December 13, 2016(h) through July 31, 2017		10.00		0.06		0.69			0.75			-			-			-
Class R3
Six Months Ended 01/31/19		11.55		0.19		(0.52	)		(0.33	)		(0.27	)		(0.17	)		(0.44	)
Year Ended 07/31/18		10.76		0.21		0.74			0.95			(0.16	)		(-	)(g)		(0.16	)
December 13, 2016(h) through July 31, 2017		10.00		0.07		0.69			0.76			-			-			-
Class R4
Six Months Ended 01/31/19		11.56		0.15		(0.48	)		(0.33	)		(0.28	)		(0.17	)		(0.45	)
Year Ended 07/31/18		10.77		0.20		0.76			0.96			(0.17	)		(-	)(g)		(0.17	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		0.72			0.77			-			-			-
Class R5
Six Months Ended 01/31/19		11.57		0.19		(0.52	)		(0.33	)		(0.29	)		(0.17	)		(0.46	)
Year Ended 07/31/18		10.78		0.15		0.82			0.97			(0.18	)		(-	)(g)		(0.18	)
December 13, 2016(h) through July 31, 2017		10.00		0.08		0.70			0.78			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

180

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.78		(2.86)%			$29		$28		0.74%	(f)		46.84%	(f)		2.82%	(f)		22%
	11.53		8.47			27		15		0.66			84.71			1.29			36
	10.74		7.40			14		10		0.69	(f)		195.73	(f)		0.68	(f)		5
	10.78		(2.76	)		3,229		2,844		0.49	(f)		1.52	(f)		3.18	(f)		22
	11.55		8.81			2,637		883		0.47			2.63			0.99			36
	10.75		7.50			13		11		0.43	(f)		183.27	(f)		0.91	(f)		5
	10.78		(2.60	)		986		839		0.34	(f)		2.45	(f)		3.31	(f)		22
	11.55		8.86			728		440		0.29			4.05			1.81			36
	10.76		7.60			11		10		0.29	(f)		198.46	(f)		1.09	(f)		5
	10.78		(2.58	)		605		923		0.25	(f)		2.25	(f)		2.66	(f)		22
	11.56		8.98			1,114		987		0.17			2.43			1.82			36
	10.77		7.70			857		507		0.17	(f)		20.56	(f)		0.80	(f)		5
	10.78		(2.56	)		2,723		2,684		0.14	(f)		1.20	(f)		3.36	(f)		22
	11.57		9.08			2,728		934		0.12			2.18			1.36			36
	10.78		7.80			11		10		0.08	(f)		198.14	(f)		1.30	(f)		5

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 181

Prudential Day One 2030 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R6
Six Months Ended 01/31/19		$11.59		$0.20		$(0.52	)		$(0.32	)		$(0.31	)		$(0.17	)		$(0.48	)
Year Ended 07/31/18		10.79		0.22		0.78			1.00			(0.20	)		(-	)(g)		(0.20	)
December 13, 2016(h) through July 31, 2017		10.00		0.08		0.71			0.79			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

182

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after     waivers and/or      expense     reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.79		(2.49)%		$30,305		$25,477		0.00%	(j)(f)		0.64%	(f)		3.53%	(f)		22%
	11.59		9.33		22,067		15,382		0.00	(j)		0.97			1.94			36
	10.79		7.90		9,426		1,557		0.00	(j)(f)		9.71	(f)		1.23	(f)		5

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 183

Prudential Day One 2035 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R1
Six Months Ended 01/31/19		$11.68		$0.14		$(0.61	)		$(0.47	)		$(0.23	)		$(0.26	)		$(0.49	)
Year Ended 07/31/18		10.81		0.12		0.90			1.02			(0.15	)		(-	)(g)		(0.15	)
December 13, 2016(h) through July 31, 2017		10.00		0.04		0.77			0.81			-			-			-
Class R2
Six Months Ended 01/31/19		11.69		0.16		(0.62	)		(0.46	)		(0.25	)		(0.26	)		(0.51	)
Year Ended 07/31/18		10.83		0.08		0.96			1.04			(0.18	)		(-	)(g)		(0.18	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		0.78			0.83			-			-			-
Class R3
Six Months Ended 01/31/19		11.71		0.18		(0.63	)		(0.45	)		(0.27	)		(0.26	)		(0.53	)
Year Ended 07/31/18		10.84		0.17		0.89			1.06			(0.19	)		(-	)(g)		(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.04		0.80			0.84			-			-			-
Class R4
Six Months Ended 01/31/19		11.72		0.19		(0.64	)		(0.45	)		(0.28	)		(0.26	)		(0.54	)
Year Ended 07/31/18		10.85		0.17		0.90			1.07			(0.20	)		(-	)(g)		(0.20	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		0.80			0.85			-			-			-
Class R5
Six Months Ended 01/31/19		11.72		0.22		(0.66	)		(0.44	)		(0.30	)		(0.26	)		(0.56	)
Year Ended 07/31/18		10.85		0.18		0.91			1.09			(0.22	)		(-	)(g)		(0.22	)
December 13, 2016(h) through July 31, 2017		10.00		0.08		0.77			0.85			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

184

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.72		(3.73)%			$12		$12		0.71%	(f)		111.74%	(f)		2.54%	(f)		24%
	11.68		9.46			12		12		0.63			106.90			1.04			28
	10.81		8.10			13		10		0.65	(f)		250.51	(f)		0.58	(f)		13
	10.72		(3.55	)		333		338		0.46	(f)		5.13	(f)		2.75	(f)		24
	11.69		9.62			352		77		0.44			17.83			0.70			28
	10.83		8.30			11		10		0.40	(f)		246.60	(f)		0.84	(f)		13
	10.73		(3.47	)		5,434		5,702		0.31	(f)		1.39	(f)		3.11	(f)		24
	11.71		9.85			5,849		4,950		0.24			1.58			1.46			28
	10.84		8.40			4,044		80		0.08	(f)		40.80	(f)		0.59	(f)		13
	10.73		(3.45	)		16		44		0.21	(f)		30.26	(f)		3.35	(f)		24
	11.72		9.96			50		48		0.13			27.89			1.48			28
	10.85		8.50			57		37		0.14	(f)		122.15	(f)		0.73	(f)		13
	10.72		(3.43	)		64		59		0.11	(f)		22.83	(f)		3.99	(f)		24
	11.72		10.07			33		15		0.04			87.88			1.54			28
	10.85		8.50			11		10		0.05	(f)		246.10	(f)		1.19	(f)		13

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 185

Prudential Day One 2035 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions     from net     realized     gains			Total   dividends   and   distributions
Class R6
Six Months Ended 01/31/19		$11.74		$0.21		$(0.65	)		$(0.44	)		$(0.31	)		$(0.26	)		$(0.57	)
Year Ended 07/31/18		10.87		0.22		0.88			1.10			(0.23	)		(-	)(g)		(0.23	)
December 13, 2016(h) through July 31, 2017		10.00		0.07		0.80			0.87			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

186

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.73		(3.35)%		$19,385		$17,388		0.00%(j	)(f)		0.90%	(f)		3.68%	(f)		24%
	11.74		10.21		15,099		11,332		0.00(j	)		1.10			1.88			28
	10.87		8.70		6,889		1,284		0.00(j	)(f)		14.16	(f)		1.03	(f)		13

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 187

Prudential Day One 2040 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$11.83		$0.16		$(0.66	)		$(0.50	)		$(0.24	)		$(0.18	)		$(0.42	)
Year Ended 07/31/18		10.90		0.12		0.98			1.10			(0.16	)		(0.01	)		(0.17	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		0.87			0.90			-			-			-
Class R2
Six Months Ended 01/31/19		11.84		0.19		(0.67	)		(0.48	)		(0.27	)		(0.18	)		(0.45	)
Year Ended 07/31/18		10.92		0.05		1.07			1.12			(0.19	)		(0.01	)		(0.20	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		0.87			0.92			-			-			-
Class R3
Six Months Ended 01/31/19		11.86		0.18		(0.66	)		(0.48	)		(0.29	)		(0.18	)		(0.47	)
Year Ended 07/31/18		10.93		0.16		0.98			1.14			(0.20	)		(0.01	)		(0.21	)
December 13, 2016(h) through July 31, 2017		10.00		0.06		0.87			0.93			-			-			-
Class R4
Six Months Ended 01/31/19		11.87		0.14		(0.61	)		(0.47	)		(0.30	)		(0.18	)		(0.48	)
Year Ended 07/31/18		10.94		0.18		0.97			1.15			(0.21	)		(0.01	)		(0.22	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		0.91			0.94			-			-			-
Class R5
Six Months Ended 01/31/19		11.88		0.19		(0.66	)		(0.47	)		(0.31	)		(0.18	)		(0.49	)
Year Ended 07/31/18		10.95		0.08		1.09			1.17			(0.23	)		(0.01	)		(0.24	)
December 13, 2016(h) through July 31, 2017		10.00		0.07		0.88			0.95			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

188

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
$	10.91		(3.89)%			$14		$13		0.70%	(f)		99.51%	(f)		2.75%	(f)		17%
	11.83		10.11			13		12		0.63			110.40			1.04			27
	10.90		9.00			11		10		0.64	(f)		226.80	(f)		0.46	(f)		27
	10.91		(3.70	)		1,737		1,355		0.45	(f)		2.31	(f)		3.30	(f)		17
	11.84		10.26			1,157		299		0.43			5.77			0.43			27
	10.92		9.20			12		11		0.39	(f)		219.37	(f)		0.69	(f)		27
	10.91		(3.71	)		910		656		0.30	(f)		3.17	(f)		3.16	(f)		17
	11.86		10.49			550		281		0.26			6.12			1.34			27
	10.93		9.30			11		10		0.24	(f)		226.24	(f)		0.86	(f)		27
	10.92		(3.60	)		24		58		0.21	(f)		23.48	(f)		2.50	(f)		17
	11.87		10.60			61		124		0.13			11.98			1.58			27
	10.94		9.40			115		71		0.13	(f)		81.65	(f)		0.52	(f)		27
	10.92		(3.57	)		5,658		5,772		0.10	(f)		1.26	(f)		3.26	(f)		17
	11.88		10.71			6,070		1,981		0.09			1.75			0.72			27
	10.95		9.50			11		10		0.03	(f)		225.96	(f)		1.07	(f)		27

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 189

Prudential Day One 2040 Fund

Financial Highlights(unaudited)(continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$11.89		$0.20		$(0.66	)		$(0.46	)		$(0.33	)		$(0.18	)		$(0.51	)
Year Ended 07/31/18		10.96		0.20		0.98			1.18			(0.24	)		(0.01	)		(0.25	)
December 13, 2016(h) through July 31, 2017		10.00		0.06		0.90			0.96			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

190

				Ratios/Supplemental Data(b)(c)
Net asset value, end  of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.92		(3.49)%		$14,287		$13,290		0.00%	(j)(f)		1.00%	(f)		3.55%	(f)		17%
	11.89		10.86		12,643		9,501		0.00	(j)		1.52			1.75			27
	10.96		9.60		5,693		1,375		0.00	(j)(f)		13.42	(f)		0.85	(f)		27

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 191

Prudential Day One 2045 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$11.91		$0.16		$(0.75	)		$(0.59	)		$(0.24	)		$(0.30	)		$(0.54	)
Year Ended 07/31/18		10.97		0.11		1.02			1.13			(0.18	)		(0.01	)		(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		0.94			0.97			-			-			-
Class R2
Six Months Ended 01/31/19		11.94		0.16		(0.75	)		(0.59	)		(0.27	)		(0.30	)		(0.57	)
Year Ended 07/31/18		10.98		0.13		1.04			1.17			(0.20	)		(0.01	)		(0.21	)
December 13, 2016(h) through July 31, 2017		10.00		0.04		0.94			0.98			-			-			-
Class R3
Six Months Ended 01/31/19		11.94		0.18		(0.75	)		(0.57	)		(0.29	)		(0.30	)		(0.59	)
Year Ended 07/31/18		10.99		0.15		1.03			1.18			(0.22	)		(0.01	)		(0.23	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		0.96			0.99			-			-			-
Class R4
Six Months Ended 01/31/19		11.95		0.13		(0.71	)		(0.58	)		(0.30	)		(0.30	)		(0.60	)
Year Ended 07/31/18		11.00		0.24		0.95			1.19			(0.23	)		(0.01	)		(0.24	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		0.97			1.00			-			-			-
Class R5
Six Months Ended 01/31/19		11.96		0.21		(0.78	)		(0.57	)		(0.31	)		(0.30	)		(0.61	)
Year Ended 07/31/18		11.01		0.14		1.06			1.20			(0.24	)		(0.01	)		(0.25	)
December 13, 2016(h) through July 31, 2017		10.00		0.07		0.94			1.01			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

192

					Ratios/Supplemental Data(b)(c)
Net asset value, end  of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.78		(4.35)%			$12		$12		0.69%	(f)		112.21%	(f)		2.74%	(f)		20%
	11.91		10.31			12		12		0.62			110.92			0.96			33
	10.97		9.70			11		10		0.64	(f)		218.87	(f)		0.39	(f)		21
	10.78		(4.31	)		76		29		0.44	(f)		46.75	(f)		2.78	(f)		20
	11.94		10.75			27		17		0.38			78.26			1.09			33
	10.98		9.80			12		11		0.39	(f)		216.07	(f)		0.63	(f)		21
	10.78		(4.14	)		6,688		6,037		0.29	(f)		1.90	(f)		3.14	(f)		20
	11.94		10.79			5,927		4,901		0.22			2.11			1.33			33
	10.99		9.90			3,812		76		0.09	(f)		42.49	(f)		0.38	(f)		21
	10.77		(4.20	)		158		367		0.20	(f)		5.10	(f)		2.31	(f)		20
	11.95		10.90			458		361		0.13			5.30			2.04			33
	11.00		10.00			247		142		0.12	(f)		59.08	(f)		0.38	(f)		21
	10.78		(4.09	)		92		69		0.09	(f)		20.09	(f)		3.77	(f)		20
	11.96		11.00			51		19		0.04			67.28			1.24			33
	11.01		10.10			12		11		0.04	(f)		216.62	(f)		0.99	(f)		21

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 193

Prudential Day One 2045 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$11.99		$0.20		$(0.77	)		$(0.57	)		$(0.33	)		$(0.30	)		$(0.63	)
Year Ended 07/31/18		11.03		0.19		1.04			1.23			(0.26	)		(0.01	)		(0.27	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		0.98			1.03			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

194

				Ratios/Supplemental Data(b)(c)
Net asset value, end  of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.79		(4.08)%		$7,944		$7,530		0.00%	(j)(f)		1.52%	(f)		3.58%	(f)		20%
	11.99		11.24		7,129		5,157		0.00	(j)		1.77			1.63			33
	11.03		10.30		3,451		665		0.00	(j)(f)		22.86	(f)		0.80	(f)		21

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 195

Prudential Day One 2050 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$11.92		$0.15		$(0.74	)		$(0.59	)		$(0.25	)		$(0.19	)		$(0.44	)
Year Ended 07/31/18		10.95		0.11		1.05			1.16			(0.18	)		(0.01	)		(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.01		0.94			0.95			-			-			-
Class R2
Six Months Ended 01/31/19		11.93		0.18		(0.76	)		(0.58	)		(0.27	)		(0.19	)		(0.46	)
Year Ended 07/31/18		10.96		0.03		1.16			1.19			(0.21	)		(0.01	)		(0.22	)
December 13, 2016(h) through July 31, 2017		10.00		0.04		0.92			0.96			-			-			-
Class R3
Six Months Ended 01/31/19		11.95		0.19		(0.77	)		(0.58	)		(0.29	)		(0.19	)		(0.48	)
Year Ended 07/31/18		10.97		0.12		1.10			1.22			(0.23	)		(0.01	)		(0.24	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		0.92			0.97			-			-			-
Class R4
Six Months Ended 01/31/19		11.95		0.84		(1.43	)		(0.59	)		(0.30	)		(0.19	)		(0.49	)
Year Ended 07/31/18		10.98		0.14		1.08			1.22			(0.24	)		(0.01	)		(0.25	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		0.95			0.98			-			-			-
Class R5
Six Months Ended 01/31/19		11.96		0.19		(0.75	)		(0.56	)		(0.32	)		(0.19	)		(0.51	)
Year Ended 07/31/18		10.99		0.07		1.16			1.23			(0.25	)		(0.01	)		(0.26	)
December 13, 2016(h) through July 31, 2017		10.00		0.06		0.93			0.99			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

196

					Ratios/Supplemental Data(b)(c)
Net asset value, end  of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.89		(4.52)%			$139		$138		0.68%	(f)		12.86%	(f)		2.56%	(f)		23%
	11.92		10.68			142		122		0.61			15.48			0.95			56
	10.95		9.50			98		15		0.59	(f)		192.34	(f)		0.14	(f)		18
	10.89		(4.32	)		1,354		1,116		0.43	(f)		4.42	(f)		3.12	(f)		23
	11.93		10.96			982		284		0.41			8.52			0.26			56
	10.96		9.60			18		11		0.38	(f)		257.36	(f)		0.54	(f)		18
	10.89		(4.32	)		573		422		0.28	(f)		6.14	(f)		3.35	(f)		23
	11.95		11.19			347		162		0.24			12.24			1.01			56
	10.97		9.70			11		10		0.23	(f)		267.71	(f)		0.71	(f)		18
	10.87		(4.38	)		12		122		0.19	(f)		13.52	(f)		14.40	(f)		23
	11.95		11.21			160		113		0.12			15.66			1.24			56
	10.98		9.80			75		45		0.11	(f)		141.42	(f)		0.39	(f)		18
	10.89		(4.18	)		596		563		0.08	(f)		5.20	(f)		3.25	(f)		23
	11.96		11.31			560		176		0.06			10.80			0.56			56
	10.99		9.90			11		10		0.02	(f)		267.38	(f)		0.92	(f)		18

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 197

Prudential Day One 2050 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$11.99		$0.20		$(0.76	)		$(0.56	)		$(0.33	)		$(0.19	)		$(0.52	)
Year Ended 07/31/18		11.00		0.19		1.08			1.27			(0.27	)		(0.01	)		(0.28	)
December 13, 2016(h) through July 31, 2017		10.00		0.06		0.94			1.00			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

198

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.91		(4.09)%		$4,933		$4,382		0.00%	(j)(f)		3.08%	(f)		3.44%	(f)		23%
	11.99		11.65		3,884		2,964		0.00	(j)		4.62			1.64			56
	11.00		10.00		2,013		318		0.00	(j)(f)		49.96	(f)		0.83	(f)		18

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 199

Prudential Day One 2055 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$12.10		$0.16		$(0.83	)		$(0.67	)		$(0.24	)		$(0.33	)		$(0.57	)
Year Ended 07/31/18		11.07		0.10		1.12			1.22			(0.19	)		-			(0.19	)
December 13, 2016(h) through July 31, 2017		10.00		0.02		1.05			1.07			-			-			-
Class R2
Six Months Ended 01/31/19		12.12		0.16		(0.81	)		(0.65	)		(0.27	)		(0.33	)		(0.60	)
Year Ended 07/31/18		11.09		0.10		1.15			1.25			(0.22	)		-			(0.22	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		1.06			1.09			-			-			-
Class R3
Six Months Ended 01/31/19		12.13		0.19		(0.84	)		(0.65	)		(0.29	)		(0.33	)		(0.62	)
Year Ended 07/31/18		11.10		0.15		1.12			1.27			(0.24	)		-			(0.24	)
December 13, 2016(h) through July 31, 2017		10.00		0.02		1.08			1.10			-			-			-
Class R4
Six Months Ended 01/31/19		12.14		0.16		(0.80	)		(0.64	)		(0.30	)		(0.33	)		(0.63	)
Year Ended 07/31/18		11.11		0.16		1.12			1.28			(0.25	)		-			(0.25	)
December 13, 2016(h) through July 31, 2017		10.00		0.03		1.08			1.11			-			-			-
Class R5
Six Months Ended 01/31/19		12.15		0.22		(0.86	)		(0.64	)		(0.31	)		(0.33	)		(0.64	)
Year Ended 07/31/18		11.12		0.16		1.13			1.29			(0.26	)		-			(0.26	)
December 13, 2016(h) through July 31, 2017		10.00		0.06		1.06			1.12			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

200

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.86		(4.89)%			$14		$14		0.67%	(f)		92.35%	(f)		2.79%	(f)		18%
	12.10		11.10			15		12		0.61			110.87			0.87			29
	11.07		10.70			11		10		0.64	(f)		257.86	(f)		0.23	(f)		4
	10.87		(4.68	)		40		34		0.42	(f)		41.72	(f)		2.71	(f)		18
	12.12		11.34			36		23		0.37			58.64			0.86			29
	11.09		10.90			17		11		0.38	(f)		250.88	(f)		0.47	(f)		4
	10.86		(4.68	)		3,132		2,900		0.27	(f)		3.93	(f)		3.35	(f)		18
	12.13		11.48			2,791		2,323		0.21			4.29			1.26			29
	11.10		11.00			1,795		41		0.13	(f)		93.88	(f)		0.25	(f)		4
	10.87		(4.56	)		15		53		0.17	(f)		27.38	(f)		2.66	(f)		18
	12.14		11.59			66		56		0.11			26.45			1.34			29
	11.11		11.10			45		25		0.13	(f)		166.78	(f)		0.41	(f)		4
	10.87		(4.53	)		32		26		0.07	(f)		53.13	(f)		3.79	(f)		18
	12.15		11.69			21		14		0.01			96.19			1.37			29
	11.12		11.20			11		10		0.03	(f)		257.05	(f)		0.84	(f)		4

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 201

Prudential Day One 2055 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$12.16		$0.20		$(0.84	)		$(0.64	)		$(0.33	)		$(0.33	)		$(0.66	)
Year Ended 07/31/18		11.13		0.19		1.12			1.31			(0.28	)		-			(0.28	)
December 13, 2016(h) through July 31, 2017		10.00		0.04		1.09			1.13			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

202

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.86		(4.53)%		$3,060		$2,932		0.00%	(j)(f)		3.59%	(f)		3.52%	(f)		18%
	12.16		11.85		2,777		2,185		0.00	(j)		3.99			1.62			29
	11.13		11.30		950		287		0.00	(j)(f)		60.80	(f)		0.53	(f)		4

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 203

Prudential Day One 2060 Fund

Financial Highlights(unaudited)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations									Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R1
Six Months Ended 01/31/19		$12.06		$0.15			$(0.83	)		$(0.68	)		$(0.25	)		$(0.17	)		$(0.42	)
Year Ended 07/31/18		11.01		0.10			1.15			1.25			(0.20	)		-			(0.20	)
December 13, 2016(h) through July 31, 2017		10.00		0.01			1.00			1.01			-			-			-
Class R2
Six Months Ended 01/31/19		12.08		0.24			(0.92	)		(0.68	)		(0.28	)		(0.17	)		(0.45	)
Year Ended 07/31/18		11.03		0.06			1.21			1.27			(0.22	)		-			(0.22	)
December 13, 2016(h) through July 31, 2017		10.00		0.03			1.00			1.03			-			-			-
Class R3
Six Months Ended 01/31/19		12.09		0.19			(0.85	)		(0.66	)		(0.30	)		(0.17	)		(0.47	)
Year Ended 07/31/18		11.04		0.13			1.16			1.29			(0.24	)		-			(0.24	)
December 13, 2016(h) through July 31, 2017		10.00		0.04			1.00			1.04			-			-			-
Class R4
Six Months Ended 01/31/19		12.10		0.18			(0.84	)		(0.66	)		(0.31	)		(0.17	)		(0.48	)
Year Ended 07/31/18		11.04		0.16			1.15			1.31			(0.25	)		-			(0.25	)
December 13, 2016(h) through July 31, 2017		10.00		0.05			0.99			1.04			-			-			-
Class R5
Six Months Ended 01/31/19		12.11		-	(i)		(0.66	)		(0.66	)		(0.32	)		(0.17	)		(0.49	)
Year Ended 07/31/18		11.05		0.16			1.16			1.32			(0.26	)		-			(0.26	)
December 13, 2016(h) through July 31, 2017		10.00		0.05			1.00			1.05			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

204

					Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)			Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.96		(5.14)%			$12		$12		0.67%	(f)		127.73%	(f)		2.55%	(f)		34%
	12.06		11.37			12		12		0.61			149.96			0.87			90
	11.01		10.10			11		10		0.63	(f)		479.61	(f)		0.22	(f)		18
	10.95		(5.10	)		241		152		0.41	(f)		25.64	(f)		4.22	(f)		34
	12.08		11.61			94		29		0.38			79.88			0.51			90
	11.03		10.30			11		10		0.37	(f)		479.48	(f)		0.47	(f)		18
	10.96		(4.93	)		162		126		0.26	(f)		27.86	(f)		3.41	(f)		34
	12.09		11.75			121		80		0.22			53.70			1.11	��		90
	11.04		10.40			11		10		0.23	(f)		479.19	(f)		0.61	(f)		18
	10.96		(4.90	)		12		13		0.17	(f)		118.50	(f)		3.06	(f)		34
	12.10		11.96			13		12		0.11			147.15			1.35			90
	11.04		10.40			11		10		0.12	(f)		479.00	(f)		0.72	(f)		18
	10.96		(4.87	)		32		23		0.06	(f)		72.05	(f)		0.07	(f)		34
	12.11		12.06			16		13		0.01			140.94			1.39			90
	11.05		10.50			11		10		0.02	(f)		478.98	(f)		0.83	(f)		18

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 205

Prudential Day One 2060 Fund

Financial Highlights(unaudited) (continued)

	Per Share Operating Performance(a)		Income (Loss) From Investment Operations								Less Dividends and Distributions
	Net Asset Value, Beginning of Period		Net investment income (loss)		Net realized and unrealized gain (loss)			Total income (loss) from investment operations			Dividends from net investment income			Distributions from net realized gains			Total dividends and distributions
Class R6
Six Months Ended 01/31/19		$12.11		$0.24		$(0.89	)		$(0.65	)		$(0.34	)		$(0.17	)		$(0.51	)
Year Ended 07/31/18		11.06		0.22		1.11			1.33			(0.28	)		-			(0.28	)
December 13, 2016(h) through July 31, 2017		10.00		0.05		1.01			1.06			-			-			-

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

206

				Ratios/Supplemental Data(b)(c)
Net asset value, end of period		Total Return(d)		Net assets, end of period (000)		Average net assets (000)		Expenses after waivers and/or expense reimbursement			Expenses before waivers and/or expense reimbursement			Net investment income (loss)			Portfolio turnover rate(e)
	$10.95		(4.78)%		$942		$783		0.00%	(j)(f)		18.42%	(f)		4.18%	(f)		34%
	12.11		12.12		452		266		0.00	(j)		42.30			1.84			90
	11.06		10.60		52		19		0.00	(j)(f)		459.90	(f)		0.79	(f)		18

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

Prudential Day One Funds 207

Financial Highlights(unaudited) (continued)

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

(b) 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.

(c) Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class.

(d) 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.

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

(f) Annualized.

(g) Less than $(0.005) per share.

(h) Commencement of operations.

(i) Less than $0.005 per share.

(j) As a result of reimbursing expenses, including underlying fund expenses, the Manager may reimburse amounts in excess of the respective share classes’ operating expenses. The effect of such waivers was as follows:

Expenses after waivers and/or reimbursement inclusive of excess expense reimbursement from the Manager

Fund	Six Months Ended 01/31/19	Year Ended 07/31/18			December 13, 2016(h) through July 31, 2017*
Day One Income (Class R6)	(0.01)%(f)		(0.09	)%	(0.19)(f)
Day One 2010 (Class R6)	(0.02)%(f)		(0.13	)%	(0.27)(f)
Day One 2015 (Class R6)	(0.02)%(f)		(0.11	)%	(0.22)(f)
Day One 2020 (Class R6)	(0.01)%(f)		(0.10	)%	(0.21)(f)
Day One 2025 (Class R6)	(0.01)%(f)		(0.09	)%	(0.19)(f)
Day One 2030 (Class R6)	(0.01)%(f)		(0.07	)%	(0.14)(f)
Day One 2035 (Class R6)	(0.04)%(f)		(0.11	)%	(0.16)(f)
Day One 2040 (Class R6)	(0.05)%(f)		(0.11	)%	(0.17)(f)
Day One 2045 (Class R6)	(0.06)%(f)		(0.12	)%	(0.16)(f)
Day One 2050 (Class R6)	(0.07)%(f)		(0.13	)%	(0.19)(f)
Day One 2055 (Class R6)	(0.08)%(f)		(0.13	)%	(0.15)(f)
Day One 2060 (Class R6)	(0.09)%(f)		(0.14	)%	(0.15)(f)

* Certain prior year amounts have been reclassified for consisitency with the current period presentation.

The footnote legend is at the end of the Financial Highlights. See Notes to Financial Statements.

208

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

PROXY VOTING

The Board of Trustees of the Funds has delegated to the Funds’ 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 atsec.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’ websiteand on the Commission’s website at 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 • Grace C. Torres

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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 atpgiminvestments.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 topgiminvestments.com/edeliveryand 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 (the Commission) for the first and third quarters of each fiscal year on FormN-Q. The Funds’ Forms N-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The 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

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

PGIM 60/40 ALLOCATION FUND

(formerly known as Prudential 60/40 Allocation Fund)

SEMIANNUAL REPORT

JANUARY 31, 2019

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

The accompanying financial statements as of January 31, 2019 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 registered investment adviser and, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.^© 2019 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

Table of Contents

Your Fund’s Performance	5
Fees and Expenses	7
Holdings and Financial Statements	9

PGIM 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 1/31/19	Average Annual Total Returns as of 1/31/19
	Six Months* (%)	One Year (%)	Since Inception (%)
Fund	–1.55	–1.18	5.44 (9/13/17)
Custom Benchmark Index
	–0.49	–0.21	5.66
Lipper Mixed Asset Target Allocation Growth Funds Average
	–3.25	–4.40	3.32

* 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 are provided since the Fund has less than 10 fiscal years of returns. 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

Custom Benchmark Index—The Custom Benchmark is comprised of 60% S&P 500 Index and 40% Bloomberg Barclays US Aggregate 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.

PGIM 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 1/31/19 (%)
PGIM QMALarge-Cap Core Equity Fund Class R6	60.0
PGIM Total Return Bond Fund Class R6	39.9

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

6 Visit our website at pgiminvestments.com

Fees and Expenses

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

The example is based on an investment of $1,000 held through the six-month period ended January 31, 2019. 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

PGIM 60/40 Allocation Fund 7

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.

PGIM  60/40 Allocation Fund	Beginning Account Value August 1, 2018		Ending Account Value January 31, 2019		Annualized Expense Ratio Based on the Six-Month Period			Expenses Paid During  the Six-Month Period*
Actual	$	1,000.00	$	984.50		0.40	%	$	2.00
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, 2019, and divided by 365 days in the Fund’s fiscal year ending July 31, 2019 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.

8 Visit our website at pgiminvestments.com

PGIM 60/40 Allocation Fund

Schedule of Investments(unaudited)

as of January 31, 2019

Description	Shares		Value
LONG-TERM INVESTMENTS    99.9%
AFFILIATED MUTUAL FUNDS
PGIM QMALarge-Cap Core Equity Fund (Class R6)		556,364	$	7,833,609
PGIM Total Return Bond Fund (Class R6)		369,979		5,220,400
TOTAL LONG-TERM INVESTMENTS (cost $12,758,019)				13,054,009
SHORT-TERM INVESTMENT    0.2%
AFFILIATED MUTUAL FUND
PGIM Core Ultra Short Bond Fund (cost $17,122)		17,122		17,122
TOTAL INVESTMENTS    100.1% (cost $12,775,141)(w)				13,071,131
Liabilities in excess of other assets    (0.1)%				(7,010	)
NET ASSETS    100.0%			$	13,064,121

(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.

The following is a summary of the inputs used as of January 31, 2019 in valuing such portfolio securities:

	Level 1		Level 2		Level 3
Investments in Securities
Affiliated Mutual Funds	$	13,071,131	$	—	$	—

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 9

PGIM 60/40 Allocation Fund

Schedule of Investments(unaudited) (continued)

as of January 31, 2019

Investment Allocation:

The allocation of investments and liabilities in excess of other assets shown as a percentage of net assets as of January 31, 2019 were as follows:

Large Cap	60.0	%
Core Plus	39.9
Short Term	0.2
	100.1
Liabilities in excess of other assets	(0.1	)
	100.0	%

See Notes to Financial Statements.

10

Statement of Assets & Liabilities(unaudited)

as of January 31, 2019

Assets
Affiliated investments (cost $12,775,141)	$	13,071,131
Receivable for investments sold		223,383
Due from Manager		15,183
Prepaid expenses		559
Total Assets		13,310,256
Liabilities
Payable for investments purchased		215,502
Custodian and accounting fees payable		27,420
Accrued expenses and other liabilities		2,951
Payable for Fund shares reacquired		249
Affiliated transfer agent fee payable		13
Total Liabilities		246,135
Net Assets	$	13,064,121
Net assets were comprised of:
Shares of beneficial interest, at par	$	1,277
Paid-in capital in excess of par		12,688,371
Total distributable earnings (loss)		374,473
Net assets, January 31, 2019	$	13,064,121
Class R6
Net asset value, offering price and redemption price per share, ($13,064,121 ÷ 1,276,930 shares of beneficial interest issued and outstanding)	$	10.23

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 11

Statement of Operations(unaudited)

Six Months Ended January 31, 2019

Net Investment Income (Loss)
Affiliated dividend income	$	81,433
Expenses
Management fee		483
Custodian and accounting fees		31,246
Audit fee		10,565
Legal fees and expenses		10,523
Shareholders’ reports		6,495
Trustees’ fees		6,142
Registration fees		504
Transfer agent’s fees and expenses (including affiliated expense of $ 33)		28
Miscellaneous		3,353
Total expenses		69,339
Less: Fee waiver and/or expense reimbursement		(68,685	)
Net expenses		654
Net investment income (loss)		80,779
Realized And Unrealized Gain (Loss) On Affiliated Investments
Net realized gain (loss) on investment transactions		(233,920	)
Net capital gain distributions received		358,455
		124,535
Net change in unrealized appreciation (depreciation) on investments		262,740
Net gain (loss) on investment transactions		387,275
Net Increase (Decrease) In Net Assets Resulting From Operations	$	468,054

See Notes to Financial Statements.

12

Statements of Changes in Net Assets(unaudited)

	Six Months Ended January 31, 2019			September 13, 2017* through July 31, 2018
Increase (Decrease) in Net Assets
Operations
Net investment income (loss)	$	80,779		$	4,914
Net realized gain (loss) on investment transactions		(233,920	)		(389	)
Net capital gain distributions received		358,455			1,020
Net change in unrealized appreciation (depreciation) on investments		262,740			33,250
Net increase (decrease) in net assets resulting from operations		468,054			38,795
Dividends and Distributions
Distributions from distributable earnings**
Class R6		(132,175	)		—
Dividends from net investment income**
Class R6		*	*		(201	)
Fund share transactions
Net proceeds from shares sold		10,658,696			3,008,789
Net asset value of shares issued in reinvestment of dividends and distributions		132,175			201
Cost of shares reacquired		(961,551	)		(148,662	)
Net increase (decrease) in net assets from Fund share transactions		9,829,320			2,860,328
Total increase (decrease)		10,165,199			2,898,922
Net Assets:
Beginning of period		2,898,922			—
End of period(a)	$	13,064,121		$	2,898,922
(a) Includes undistributed/(distributions in excess of) net investment income of:	$	*	*	$	4,760

* Commencement of operations.

** For the period ended January 31, 2019, the disclosures have been revised to reflect revisions to RegulationS-X adopted by the SEC in 2018 (refer to Note 9).

See Notes to Financial Statements.

PGIM 60/40 Allocation Fund 13

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, PGIM 60/40 Allocation Fund, PGIM Jennison Diversified Growth Fund and PGIM Jennison Rising Dividend Fund. These financial statements relate only to the PGIM 60/40 Allocation Fund (the “Fund”). The Fund commenced operations on September 13, 2017.

The investment objective of the Fund is to seek a balance between growth and conservation of capital.

1. Accounting Policies

The Fund follows the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standard Codification (“ASC”) Topic 946 Financial Services —Investment Companies.The following 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 Trust’s Board of Trustees (the “Board”) has adopted valuation procedures for security valuation under which fair valuation responsibilities have been delegated to PGIM Investments LLC (“PGIM Investments” or the “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation Committee responsible for supervising the fair valuation of portfolio securities and other assets and liabilities. The valuation procedures permit the Fund to utilize independent pricing vendor services, quotations from market makers, and alternative valuation methods when market quotations are either not readily available or not deemed representative of fair value. 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.

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

14

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

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

Investments inopen-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 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.

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 theex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Interest income, including amortization of premium and accretion of discount on debt securities, as required, is recorded on the accrual basis. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual 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.

PGIM 60/40 Allocation Fund 15

Notes to Financial Statements(unaudited) (continued)

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 theex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified amongst total distributable earnings (loss) andpaid-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 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.

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 the Manager is accrued daily and payable monthly at an annual rate of 0.02% average daily net assets.

The Manager has contractually agreed, through February 28, 2019, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 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 the Manager may be recouped by the Manager within the same fiscal year during which such waiver and/or reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year.

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

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

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 certainout-of-pocket expenses paid tonon-affiliates, where applicable.

The Fund may invest its overnight sweep cash in the PGIM 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. Through the Fund’s investments in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. Earnings from the Core Fund Core Fund are disclosed on the Statement of Operations as “Affiliated dividend income”.

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 reporting period ended January 31, 2019, were $11,648,891 and $1,520,307, respectively.

PGIM 60/40 Allocation Fund 17

Notes to Financial Statements(unaudited) (continued)

A summary of the cost of purchases and proceeds from sales of shares of affiliated mutual funds for the reporting period ended January 31, 2019, is presented as follows:

Value, Beginning of Period		Cost of Purchases		Proceeds from Sales		Change in Unrealized Gain (Loss)		Realized Gain (Loss)			Value, End of Period		Shares, End of Period		Dividend Income		Capital Gain Distributions
	PGIM Core Ultra Short Bond Fund
$	22,334	$	174,543	$	179,755	$	—	$	—		$	17,122		17,122	$	138	$	—
	PGIM QMALarge-Cap Core Equity Fund
	1,739,535		7,018,414		906,831		210,297		(227,806	)		7,833,609		556,364		36,768		358,455
	PGIM Total Return Bond Fund
	1,157,070		4,630,477		613,476		52,443		(6,114	)		5,220,400		369,979		44,527		—
$	2,918,939	$	11,823,434	$	1,700,062	$	262,740	$	(233,920	)	$	13,071,131			$	81,433	$	358,455

5. Tax Information

The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2019 were as follows:

Tax Basis	$	12,775,657
Gross Unrealized Appreciation		295,990
Gross Unrealized Depreciation		(516	)
Net Unrealized Appreciation	$	295,474

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

The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. 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 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.

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.

18

At reporting period end, Prudential owned all of the shares of the Fund.

Transactions in shares of beneficial interest were as follows:

Class R6	Shares			Amount
Six months ended January 31, 2019:
Shares sold		1,089,507		$	10,658,696
Shares issued in reinvestment of dividends and distributions		13,683			132,175
Shares reacquired		(95,335	)		(961,551	)
Net increase (decrease) in shares outstanding		1,007,855		$	9,829,320
Period ended July 31, 2018*:
Shares sold		282,908		$	3,008,789
Shares issued in reinvestment of dividends and distributions		19			201
Shares reacquired		(13,852	)		(148,662	)
Net increase (decrease) in shares outstanding		269,075		$	2,860,328

* 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 4, 2018 through October 3, 2019. 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 4, 2018, the Fund had another SCA that provided a commitment of $900 million and the Fund 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) the1-month LIBOR rate or (3) zero percent.

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

The Fund did not utilize the SCA during the reporting period ended January 31, 2019.

8. Risks of Investing in the Fund

The Fund’s risks include, but are not limited to, some or all of the risks discussed below:

PGIM 60/40 Allocation Fund 19

Notes to Financial Statements(unaudited) (continued)

Fund of Funds Risk:The value of an investment in the Fund will be related, to a substantial degree, to the investment performance of the Underlying Funds in which it invests. Therefore, the principal risks of investing in the Fund are closely related to the principal risks associated with these Underlying Funds and their investments. Because the Fund’s allocation among different Underlying Funds and direct investments in securities and derivatives will vary, an investment in the Fund may be subject to any and all of these risks at different times and to different degrees. Investing in an Underlying Fund will also expose the Fund to a pro rata portion of the Underlying Fund’s fees and expenses. In addition, one Underlying Fund may buy the same securities that another Underlying Fund sells. Therefore, the Fund would indirectly bear the costs of these trades without accomplishing the investment purpose.

Market and Credit Risk:Securities markets may be volatile and the market prices of the Fund’s securities may decline. Securities fluctuate in price based on changes in an issuer’s financial condition and overall market and economic conditions. If the market prices of the securities owned by the Fund fall, the value of an investment in the Fund will decline. Additionally, the Fund may also be exposed to credit risk in the event that an issuer or guarantor fails to perform or that an institution or entity with which the Fund has unsettled or open transactions defaults.

9. Recent Accounting Pronouncements and Reporting Updates

In August 2018, the Securities and Exchange Commission (the “SEC”) adopted amendments to RegulationS-X to update and simplify the disclosure requirements for registered investment companies by eliminating requirements that are redundant or duplicative of US GAAP requirements or other SEC disclosure requirements. The new amendments require the presentation of the total, rather than the components, of distributable earnings on the Statement of Assets and Liabilities and the total, rather than the components, of dividends from net investment income and distributions from net realized gains on the Statements of Changes in Net Assets. The amendments also removed the requirement for the parenthetical disclosure of undistributed net investment income on the Statements of Changes in Net Assets and certain tax adjustments that were reflected in the Notes to Financial Statements. The Manager has adopted the amendments and reflected them in the Fund’s financial statements.

In August 2018, the FASB issued Accounting Standards Update (“ASU”)No. 2018-13, which changes certain fair value measurement disclosure requirements. The new ASU, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, and the Fund’s policy for the timing of transfers between levels. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2019,

20

and interim periods within those fiscal years. The Manager has evaluated the implications of certain provisions of the ASU and has determined to early adopt aspects related to the removal and modification of certain fair value measurement disclosures under the ASU effective immediately. At this time, the Manager is evaluating the implications of certain other provisions of the ASU related to new disclosure requirements and any impact on the financial statement disclosures has not yet been determined.

PGIM 60/40 Allocation Fund 21

PGIM 60/40 Allocation Fund

Financial Highlights(unaudited)

Class R6 Shares
	Six Months Ended January 31, 2019			September 13, 2017(a) through July 31, 2018
Per Share Operating Performance(b):
Net Asset Value, Beginning of Period		$10.77			$10.00
Income (loss) from investment operations:
Net investment income (loss)		0.17			0.14
Net realized and unrealized gain (loss) on investment transactions		(0.36	)		0.78
Total from investment operations		(0.19	)		0.92
Less Dividends and Distributions:
Dividends from net investment income		(0.34	)		(0.15	)
Distributions from net realized gains		(0.01	)		-
Total dividends and distributions		(0.35	)		(0.15	)
Net asset value, end of period		$10.23			$10.77
Total Return(c):		(1.55)%			9.30%
Ratios/Supplemental Data:
Net assets, end of period (000)		$13,064			$2,899
Average net assets (000)		$4,794			$381
Ratios to average net assets(d):
Expenses after waivers and/or expense reimbursement		0.03%	(e)		0.02%	(e)
Expenses before waivers and/or expense reimbursement		2.87%	(e)		28.47%	(e)
Net investment income (loss)		3.34%	(e)		1.46%	(e)
Portfolio turnover rate(f)		32%			37%

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

See Notes to Financial Statements.

22

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

PROXY VOTING

The Board of Trustees of the Fund has delegated to the Fund’s subadviser the responsibility for voting any proxies and maintaining proxy recordkeeping with respect to the Fund. A description of these proxy voting policies and procedures is available without charge, upon request, by calling (800) 225-1852. 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 Commission’s website at the end of August.

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• Grace C. Torres

OFFICERS

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

MANAGER	PGIM Investments LLC	655 Broad Street Newark, NJ 07102
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 atpgiminvestments.com or by calling(800) 225-1852. The prospectus and summary prospectus should be read carefully before investing.

SHAREHOLDER COMMUNICATIONS WITH TRUSTEES

Shareholders can communicate directly with the Board of Trustees by writing to the Chair of the Board, PGIM 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

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (the Commission) for the first and third quarters of each fiscal year on Form N-Q. The Funds’ FormsN-Q are available on the Commission’s website atsec.gov. Beginning with reporting periods on or after March 31, 2019, Form N-PORT will replace Form N-Q. Form N-PORT will be filed with the Securities and Exchange Commission quarterly, and each Fund’s full portfolio holdings as of its first and third quarters of each fiscal year will be made publicly available 60 days after the end of each quarter. The 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

PGIM 60/40 ALLOCATION FUND

SHARE CLASS	R6
NASDAQ	PALDX
CUSIP	74440V724

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 forClosed-End Management Investment Companies – Not applicable.
Item 8 –  Portfolio Managers ofClosed-End Management Investment Companies – Not applicable.
Item 9 –  Purchases of Equity Securities byClosed-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 ExhibitEX-99.CERT.
		(3)	Any written solicitation to purchase securities under Rule23c-1. – Not applicable.
	(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act – Attached hereto as ExhibitEX-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/ Andrew R. French
	Andrew R. French
	Secretary
Date:	March 18, 2019

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 18, 2019
By:	/s/ Christian J. Kelly
	Christian J. Kelly
	Treasurer and Principal Financial and Accounting Officer
Date:	March 18, 2019