UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORMN-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
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| Investment Company Act file number: | | 811-09439 |
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| Exact name of registrant as specified in charter: | | Prudential Investment Portfolios 5 |
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| Address of principal executive offices: | | 655 Broad Street, 17th Floor Newark, New Jersey 07102 |
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| Name and address of agent for service: | | Andrew R. French 655 Broad Street, 17th Floor Newark, New Jersey 07102 |
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| Registrant’s telephone number, including area code: | | 800-225-1852 |
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| Date of fiscal year end: | | 7/31/2020 |
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| Date of reporting period: | | 1/31/2020 |
Item 1 – Reports to Stockholders
PGIM JENNISON DIVERSIFIED GROWTH FUND
SEMIANNUAL REPORT
JANUARY 31, 2020
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
Table of Contents
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, 2020 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.© 2020 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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| 2 | | Visit our website at pgiminvestments.com |
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 thesix-month period ended January 31, 2020.
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 16, 2020
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| PGIM Jennison Diversified Growth Fund | | | 3 | |
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
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| | | (without sales charges) | | Average Annual Total Returns as of 1/31/20
(with sales charges) |
| | | Six Months* (%) | | One Year (%) | | Five Years (%) | | Ten Years (%) | | Since Inception (%) |
| Class A | | 11.58 | | 16.40 | | 11.61 | | 12.73 | | — |
| Class B | | 11.03 | | 17.00 | | 11.74 | | 12.44 | | — |
| Class C | | 10.98 | | 20.87 | | 11.97 | | 12.50 | | — |
| Class Z | | 11.72 | | 23.50 | | N/A | | N/A | | 16.59 (9/27/17) |
| Class R6 | | 11.72 | | 23.50 | | N/A | | N/A | | 16.59 (9/27/17) |
| Russell 1000 Growth Index |
| | | 12.24 | | 27.94 | | — | | — | | 18.34 |
*Not annualized
Source: PGIM Investments LLC and Lipper Inc.
Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ inception date.
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| 4 | | Visit our website at pgiminvestments.com |
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.
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| | | 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 the original purchase price or the 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 reinvestment of dividends and/or capital gains. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. See the supplement included with this shareholder report for details.
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.
Investors cannot invest directly in an index. The returns for the Index would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
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| PGIM Jennison Diversified Growth Fund | | | 5 | |
Your Fund’s Performance(continued)
Presentation of Fund Holdings
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| Ten Largest Holdings | | Line of Business | | % of Net Assets |
| Microsoft Corp. | | Software | | 5.9% |
| Alphabet, Inc. (Class A Stock) | | Interactive Media & Services | | 5.4% |
| Apple, Inc. | | Technology Hardware, Storage & Peripherals | | 5.2% |
| Amazon.com, Inc. | | Internet & Direct Marketing Retail | | 4.4% |
| Mastercard, Inc. (Class A Stock) | | IT Services | | 4.0% |
| Visa, Inc. (Class A Stock) | | IT Services | | 3.6% |
| Alibaba Group Holding Ltd. (China), ADR | | Internet & Direct Marketing Retail | | 3.3% |
| Adobe, Inc. | | Software | | 3.3% |
| Tesla, Inc. | | Automobiles | | 2.8% |
| salesforce.com, Inc. | | Software | | 2.5% |
Holdings reflect only long-term investments and are subject to change.
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| 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, 2020. 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 PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period
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| PGIM Jennison Diversified Growth Fund | | | 7 | |
Fees and Expenses(continued)
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.
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PGIM Jennison
Diversified
Growth Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class A | | Actual | | $ | 1,000.00 | | | $ | 1,115.80 | | | | 1.22 | % | | $ | 6.49 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.00 | | | | 1.22 | % | | $ | 6.19 | |
| Class B | | Actual | | $ | 1,000.00 | | | $ | 1,110.30 | | | | 2.26 | % | | $ | 11.99 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,013.77 | | | | 2.26 | % | | $ | 11.44 | |
| Class C | | Actual | | $ | 1,000.00 | | | $ | 1,109.80 | | | | 2.28 | % | | $ | 12.09 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,013.67 | | | | 2.28 | % | | $ | 11.54 | |
| Class Z | | Actual | | $ | 1,000.00 | | | $ | 1,117.20 | | | | 1.00 | % | | $ | 5.32 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.11 | | | | 1.00 | % | | $ | 5.08 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,117.20 | | | | 1.00 | % | | $ | 5.32 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.11 | | | | 1.00 | % | | $ | 5.08 | |
*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, 2020, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2020 (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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| 8 | | Visit our website at pgiminvestments.com |
Schedule of Investments(unaudited)
as of January 31, 2020
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| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.3% | | | | | | | | |
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COMMON STOCKS | | | | | | | | |
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Aerospace & Defense 3.1% | | | | | | | | |
Airbus SE (France) | | | 12,108 | | | $ | 1,782,815 | |
Lockheed Martin Corp. | | | 8,428 | | | | 3,608,196 | |
Northrop Grumman Corp. | | | 1,737 | | | | 650,628 | |
Safran SA (France) | | | 11,984 | | | | 1,931,722 | |
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| | | | | | | 7,973,361 | |
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Air Freight & Logistics 0.2% | | | | | | | | |
United Parcel Service, Inc. (Class B Stock) | | | 5,572 | | | | 576,813 | |
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Airlines 1.2% | | | | | | | | |
Alaska Air Group, Inc. | | | 9,808 | | | | 633,499 | |
American Airlines Group, Inc. | | | 23,897 | | | | 641,395 | |
Delta Air Lines, Inc. | | | 19,944 | | | | 1,111,679 | |
United Airlines Holdings, Inc.* | | | 8,545 | | | | 639,166 | |
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| | | | | | | 3,025,739 | |
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Automobiles 2.8% | | | | | | | | |
Tesla, Inc.* | | | 11,163 | | | | 7,262,313 | |
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Banks 1.3% | | | | | | | | |
JPMorgan Chase & Co. | | | 24,773 | | | | 3,278,954 | |
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Beverages 0.2% | | | | | | | | |
PepsiCo, Inc. | | | 4,513 | | | | 640,936 | |
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Biotechnology 2.0% | | | | | | | | |
Amgen, Inc. | | | 17,539 | | | | 3,789,301 | |
Biogen, Inc.* | | | 2,280 | | | | 612,978 | |
Vertex Pharmaceuticals, Inc.* | | | 2,771 | | | | 629,156 | |
| | | | | | | | |
| | | | | | | 5,031,435 | |
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Building Products 0.3% | | | | | | | | |
Allegion PLC | | | 4,966 | | | | 642,203 | |
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Capital Markets 1.8% | | | | | | | | |
Ameriprise Financial, Inc. | | | 11,962 | | | | 1,978,635 | |
LPL Financial Holdings, Inc. | | | 21,749 | | | | 2,003,735 | |
S&P Global, Inc. | | | 2,262 | | | | 664,417 | |
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| | | | | | | 4,646,787 | |
See Notes to Financial Statements.
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| PGIM Jennison Diversified Growth Fund | | | 9 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
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| Description | | Shares | | | Value | |
COMMON STOCKS (Continued) | | | | | | | | |
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Chemicals 0.3% | | | | | | | | |
Scotts Miracle-Gro Co. (The) | | | 5,881 | | | $ | 721,834 | |
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Commercial Services & Supplies 1.1% | | | | | | | | |
Cintas Corp. | | | 2,313 | | | | 645,258 | |
Copart, Inc.* | | | 22,410 | | | | 2,273,718 | |
| | | | | | | | |
| | | | | | | 2,918,976 | |
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Diversified Consumer Services 0.2% | | | | | | | | |
H&R Block, Inc. | | | 27,100 | | | | 628,720 | |
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Entertainment 3.4% | | | | | | | | |
Electronic Arts, Inc.* | | | 6,169 | | | | 665,758 | |
Netflix, Inc.* | | | 10,618 | | | | 3,664,166 | |
Walt Disney Co. (The) | | | 27,872 | | | | 3,854,976 | |
Zynga, Inc. (Class A Stock)* | | | 105,901 | | | | 637,524 | |
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| | | | | | | 8,822,424 | |
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Equity Real Estate Investment Trusts (REITs) 0.3% | | | | | | | | |
Sun Communities, Inc. | | | 4,044 | | | | 655,816 | |
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Food & Staples Retailing 2.3% | | | | | | | | |
Costco Wholesale Corp. | | | 14,777 | | | | 4,514,669 | |
Sysco Corp. | | | 16,699 | | | | 1,371,656 | |
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| | | | | | | 5,886,325 | |
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Food Products 0.3% | | | | | | | | |
Hershey Co. (The) | | | 4,224 | | | | 655,438 | |
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Health Care Equipment & Supplies 4.0% | | | | | | | | |
Danaher Corp. | | | 21,748 | | | | 3,498,601 | |
DexCom, Inc.* | | | 10,144 | | | | 2,442,168 | |
Edwards Lifesciences Corp.* | | | 19,646 | | | | 4,319,369 | |
| | | | | | | | |
| | | | | | | 10,260,138 | |
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Health Care Providers & Services 0.2% | | | | | | | | |
Chemed Corp. | | | 1,345 | | | | 628,169 | |
See Notes to Financial Statements.
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| Description | | Shares | | | Value | |
COMMON STOCKS (Continued) | | | | | | | | |
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Hotels, Restaurants & Leisure 1.0% | | | | | | | | |
Chipotle Mexican Grill, Inc.* | | | 2,226 | | | $ | 1,929,408 | |
Marriott International, Inc. (Class A Stock) | | | 4,551 | | | | 637,413 | |
| | | | | | | | |
| | | | | | | 2,566,821 | |
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Interactive Media & Services 7.9% | | | | | | | | |
Alphabet, Inc. (Class A Stock)* | | | 9,744 | | | | 13,961,008 | |
Facebook, Inc. (Class A Stock)* | | | 32,135 | | | | 6,488,378 | |
| | | | | | | | |
| | | | | | | 20,449,386 | |
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Internet & Direct Marketing Retail 7.9% | | | | | | | | |
Alibaba Group Holding Ltd. (China), ADR* | | | 41,343 | | | | 8,541,051 | |
Amazon.com, Inc.* | | | 5,632 | | | | 11,313,111 | |
Booking Holdings, Inc.* | | | 335 | | | | 613,234 | |
| | | | | | | | |
| | | | | | | 20,467,396 | |
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IT Services 15.6% | | | | | | | | |
Accenture PLC (Class A Stock) | | | 18,009 | | | | 3,695,627 | |
Adyen NV (Netherlands), 144A* | | | 2,285 | | | | 2,101,323 | |
Alliance Data Systems Corp. | | | 7,277 | | | | 748,003 | |
FleetCor Technologies, Inc.* | | | 13,532 | | | | 4,265,692 | |
International Business Machines Corp. | | | 22,537 | | | | 3,239,243 | |
Mastercard, Inc. (Class A Stock) | | | 32,658 | | | | 10,317,969 | |
Paychex, Inc. | | | 7,250 | | | | 621,833 | |
Shopify, Inc. (Canada) (Class A Stock)* | | | 8,247 | | | | 3,840,298 | |
Visa, Inc. (Class A Stock) | | | 46,851 | | | | 9,321,943 | |
Western Union Co. (The) | | | 71,635 | | | | 1,926,981 | |
| | | | | | | | |
| | | | | | | 40,078,912 | |
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Life Sciences Tools & Services 0.2% | | | | | | | | |
Bruker Corp. | | | 12,431 | | | | 614,962 | |
| | |
Machinery 0.3% | | | | | | | | |
Caterpillar, Inc. | | | 5,796 | | | | 761,305 | |
| | |
Media 1.8% | | | | | | | | |
AMC Networks, Inc. (Class A Stock)* | | | 16,836 | | | | 616,030 | |
Cable One, Inc. | | | 374 | | | | 637,307 | |
Charter Communications, Inc. (Class A Stock)* | | | 1,287 | | | | 665,971 | |
Nexstar Media Group, Inc. (Class A Stock) | | | 5,226 | | | | 633,130 | |
Omnicom Group, Inc. | | | 26,981 | | | | 2,031,939 | |
| | | | | | | | |
| | | | | | | 4,584,377 | |
See Notes to Financial Statements.
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| PGIM Jennison Diversified Growth Fund | | | 11 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
Metals & Mining 0.3% | | | | | | | | |
Royal Gold, Inc. | | | 5,754 | | | $ | 663,551 | |
| | |
Personal Products 1.7% | | | | | | | | |
Estee Lauder Cos., Inc. (The) (Class A Stock) | | | 23,084 | | | | 4,505,073 | |
| | |
Pharmaceuticals 3.8% | | | | | | | | |
AstraZeneca PLC (United Kingdom), ADR | | | 103,355 | | | | 5,033,389 | |
Bristol-Myers Squibb Co. | | | 22,920 | | | | 1,442,814 | |
Eli Lilly & Co. | | | 4,616 | | | | 644,578 | |
Jazz Pharmaceuticals PLC* | | | 14,004 | | | | 2,007,473 | |
Merck & Co., Inc. | | | 7,453 | | | | 636,784 | |
| | | | | | | | |
| | | | | | | 9,765,038 | |
| | |
Real Estate Management & Development 0.2% | | | | | | | | |
CBRE Group, Inc. (Class A Stock)* | | | 10,459 | | | | 638,522 | |
| | |
Road & Rail 0.2% | | | | | | | | |
Union Pacific Corp. | | | 3,578 | | | | 641,965 | |
| | |
Semiconductors & Semiconductor Equipment 3.9% | | | | | | | | |
NVIDIA Corp. | | | 24,187 | | | | 5,718,532 | |
QUALCOMM, Inc. | | | 50,141 | | | | 4,277,529 | |
| | | | | | | | |
| | | | | | | 9,996,061 | |
| | |
Software 16.4% | | | | | | | | |
Adobe, Inc.* | | | 24,079 | | | | 8,455,100 | |
Coupa Software, Inc.* | | | 4,206 | | | | 677,797 | |
Fair Isaac Corp.* | | | 1,572 | | | | 632,541 | |
Microsoft Corp. | | | 89,337 | | | | 15,207,838 | |
Paycom Software, Inc.* | | | 2,355 | | | | 749,267 | |
Paylocity Holding Corp.* | | | 4,572 | | | | 648,721 | |
salesforce.com, Inc.* | | | 35,884 | | | | 6,542,012 | |
ServiceNow, Inc.* | | | 15,306 | | | | 5,176,948 | |
Splunk, Inc.* | | | 8,967 | | | | 1,392,216 | |
See Notes to Financial Statements.
| | | | | | | | |
| Description | | Shares | | | Value | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
Software (cont’d.) | | | | | | | | |
Tyler Technologies, Inc.* | | | 6,167 | | | $ | 1,996,135 | |
VMware, Inc. (Class A Stock)* | | | 4,320 | | | | 639,619 | |
| | | | | | | | |
| | | | | | | 42,118,194 | |
| | |
Technology Hardware, Storage & Peripherals 5.7% | | | | | | | | |
Apple, Inc. | | | 43,104 | | | | 13,341,119 | |
Dell Technologies, Inc. (Class C Stock)* | | | 26,292 | | | | 1,282,261 | |
| | | | | | | | |
| | | | | | | 14,623,380 | |
| | |
Textiles, Apparel & Luxury Goods 6.9% | | | | | | | | |
adidas AG (Germany) | | | 5,988 | | | | 1,893,698 | |
Hanesbrands, Inc. | | | 123,177 | | | | 1,694,916 | |
Kering SA (France) | | | 5,032 | | | | 3,083,149 | |
Lululemon Athletica, Inc.* | | | 20,491 | | | | 4,905,340 | |
LVMH Moet Hennessy Louis Vuitton SE (France) | | | 1,416 | | | | 617,716 | |
NIKE, Inc. (Class B Stock) | | | 58,241 | | | | 5,608,608 | |
| | | | | | | | |
| | | | | | | 17,803,427 | |
| | |
Trading Companies & Distributors 0.5% | | | | | | | | |
United Rentals, Inc.* | | | 8,972 | | | | 1,217,411 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $164,466,870) | | | | | | | 255,752,162 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENTS 0.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Ultra Short Bond Fund(w) | | | 1,561,525 | | | | 1,561,525 | |
PGIM Institutional Money Market Fund
(cost $664,257; includes $659,215 of cash collateral for securities on loan)(b)(w) | | | 664,322 | | | | 664,455 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(cost $2,225,782) | | | | | | | 2,225,980 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.2%
(cost $166,692,652) | | | | | | | 257,978,142 | |
Liabilities in excess of other assets (0.2)% | | | | | | | (426,405 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 257,551,737 | |
| | | | | | | | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 13 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
Below is a list of the abbreviation(s) used in the semiannual report:
144A—Security was purchased pursuant to Rule 144A under the Securities Act of 1933 and, pursuant to the requirements of Rule 144A, may not be resold except to qualified institutional buyers.
ADR—American Depositary Receipt
LIBOR—London Interbank Offered Rate
REITs—Real Estate Investment Trust
| * | Non-income producing security. |
| (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, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Aerospace & Defense | | $ | 4,258,824 | | | $ | 3,714,537 | | | $ | — | |
Air Freight & Logistics | | | 576,813 | | | | — | | | | — | |
Airlines | | | 3,025,739 | | | | — | | | | — | |
Automobiles | | | 7,262,313 | | | | — | | | | — | |
Banks | | | 3,278,954 | | | | — | | | | — | |
Beverages | | | 640,936 | | | | — | | | | — | |
Biotechnology | | | 5,031,435 | | | | — | | | | — | |
Building Products | | | 642,203 | | | | — | | | | — | |
Capital Markets | | | 4,646,787 | | | | — | | | | — | |
Chemicals | | | 721,834 | | | | — | | | | — | |
Commercial Services & Supplies | | | 2,918,976 | | | | — | | | | — | |
Diversified Consumer Services | | | 628,720 | | | | — | | | | — | |
Entertainment | | | 8,822,424 | | | | — | | | | — | |
Equity Real Estate Investment Trusts (REITs) | | | 655,816 | | | | — | | | | — | |
Food & Staples Retailing | | | 5,886,325 | | | | — | | | | — | |
Food Products | | | 655,438 | | | | — | | | | — | |
Health Care Equipment & Supplies | | | 10,260,138 | | | | — | | | | — | |
Health Care Providers & Services | | | 628,169 | | | | — | | | | — | |
Hotels, Restaurants & Leisure | | | 2,566,821 | | | | — | | | | — | |
Interactive Media & Services | | | 20,449,386 | | | | — | | | | — | |
Internet & Direct Marketing Retail | | | 20,467,396 | | | | — | | | | — | |
See Notes to Financial Statements.
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities (continued) | | | | | | | | | | | | |
Assets (continued) | | | | | | | | | | | | |
Common Stocks (continued) | | | | | | | | | | | | |
IT Services | | $ | 37,977,589 | | | $ | 2,101,323 | | | $ | — | |
Life Sciences Tools & Services | | | 614,962 | | | | — | | | | — | |
Machinery | | | 761,305 | | | | — | | | | — | |
Media | | | 4,584,377 | | | | — | | | | — | |
Metals & Mining | | | 663,551 | | | | — | | | | — | |
Personal Products | | | 4,505,073 | | | | — | | | | — | |
Pharmaceuticals | | | 9,765,038 | | | | — | | | | — | |
Real Estate Management & Development | | | 638,522 | | | | — | | | | — | |
Road & Rail | | | 641,965 | | | | — | | | | — | |
Semiconductors & Semiconductor Equipment | | | 9,996,061 | | | | — | | | | — | |
Software | | | 42,118,194 | | | | — | | | | — | |
Technology Hardware, Storage & Peripherals | | | 14,623,380 | | | | — | | | | — | |
Textiles, Apparel & Luxury Goods | | | 12,208,864 | | | | 5,594,563 | | | | — | |
Trading Companies & Distributors | | | 1,217,411 | | | | — | | | | — | |
Affiliated Mutual Funds | | | 2,225,980 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 246,567,719 | | | $ | 11,410,423 | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Software | | | 16.4 | % |
IT Services | | | 15.6 | |
Internet & Direct Marketing Retail | | | 7.9 | |
Interactive Media & Services | | | 7.9 | |
Textiles, Apparel & Luxury Goods | | | 6.9 | |
Technology Hardware, Storage & Peripherals | | | 5.7 | |
Health Care Equipment & Supplies | | | 4.0 | |
Semiconductors & Semiconductor Equipment | | | 3.9 | |
Pharmaceuticals | | | 3.8 | |
Entertainment | | | 3.4 | |
Aerospace & Defense | | | 3.1 | |
Automobiles | | | 2.8 | |
Food & Staples Retailing | | | 2.3 | |
Biotechnology | | | 2.0 | |
Capital Markets | | | 1.8 | |
Media | | | 1.8 | |
Personal Products | | | 1.7 | |
Banks | | | 1.3 | |
Airlines | | | 1.2 | |
| | | | |
Commercial Services & Supplies | | | 1.1 | % |
Hotels, Restaurants & Leisure | | | 1.0 | |
Affiliated Mutual Funds (0.3% represents investments purchased with collateral from securities on loan) | | | 0.9 | |
Trading Companies & Distributors | | | 0.5 | |
Machinery | | | 0.3 | |
Chemicals | | | 0.3 | |
Metals & Mining | | | 0.3 | |
Equity Real Estate Investment Trusts (REITs) | | | 0.3 | |
Food Products | | | 0.3 | |
Building Products | | | 0.3 | |
Road & Rail | | | 0.2 | |
Beverages | | | 0.2 | |
Real Estate Management & Development | | | 0.2 | |
Diversified Consumer Services | | | 0.2 | |
Health Care Providers & Services | | | 0.2 | |
Life Sciences Tools & Services | | | 0.2 | |
Air Freight & Logistics | | | 0.2 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 15 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
Industry Classification (continued):
| | | | |
| | | 100.2 | % |
Liabilities in excess of other assets | | | (0.2 | ) |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Statement of Assets and Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Investments at value: | | | | |
Unaffiliated investments (cost $164,466,870) | | $ | 255,752,162 | |
Affiliated investments (cost $2,225,782) | | | 2,225,980 | |
Receivable for investments sold | | | 679,956 | |
Receivable for Fund shares sold | | | 63,680 | |
Tax reclaim receivable | | | 30,334 | |
Dividends receivable | | | 26,829 | |
Prepaid expenses and other assets | | | 2,246 | |
| | | | |
Total Assets | | | 258,781,187 | |
| | | | |
| |
Liabilities | | | | |
Payable to broker for collateral for securities on loan | | | 659,215 | |
Payable for Fund shares reacquired | | | 155,344 | |
Management fee payable | | | 150,301 | |
Transfer agent’s fees and expenses payable | | | 112,330 | |
Distribution fee payable | | | 59,916 | |
Affiliated transfer agent fee payable | | | 41,514 | |
Accrued expenses and other liabilities | | | 30,547 | |
Payable to custodian | | | 20,283 | |
| | | | |
Total Liabilities | | | 1,229,450 | |
| | | | |
| |
Net Assets | | $ | 257,551,737 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 18,103 | |
Paid-in capital in excess of par | | | 153,452,342 | |
Total distributable earnings (loss) | | | 104,081,292 | |
| | | | |
Net assets, January 31, 2020 | | $ | 257,551,737 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 17 | |
Statement of Assets and Liabilities (unaudited)
as of January 31, 2020
| | | | |
Class A | | | | |
Net asset value and redemption price per share, | | | | |
($242,324,999 ÷ 16,870,228 shares of beneficial interest issued and outstanding) | | $ | 14.36 | |
Maximum sales charge (5.50% of offering price) | | | 0.84 | |
| | | | |
Maximum offering price to public | | $ | 15.20 | |
| | | | |
| |
Class B | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($796,277 ÷ 69,866 shares of beneficial interest issued and outstanding) | | $ | 11.40 | |
| | | | |
| |
Class C | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($9,029,216 ÷ 788,128 shares of beneficial interest issued and outstanding) | | $ | 11.46 | |
| | | | |
| |
Class Z | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($5,337,954 ÷ 370,708 shares of beneficial interest issued and outstanding) | | $ | 14.40 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($63,291 ÷ 4,395 shares of beneficial interest issued and outstanding) | | $ | 14.40 | |
| | | | |
See Notes to Financial Statements.
Statement of Operations (unaudited)
Six Months Ended Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Income | | | | |
Unaffiliated dividend income (net of $1,822 foreign withholding tax) | | $ | 934,242 | |
Affiliated dividend income | | | 21,339 | |
Income from securities lending, net (including affiliated income of $4,036) | | | 18,381 | |
| | | | |
Total income | | | 973,962 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 853,974 | |
Distribution fee(a) | | | 391,704 | |
Transfer agent’s fees and expenses (including affiliated expense of $103,810)(a) | | | 233,845 | |
Custodian and accounting fees | | | 36,182 | |
Registration fees(a) | | | 33,137 | |
Shareholders’ reports | | | 21,335 | |
Audit fee | | | 12,091 | |
Legal fees and expenses | | | 9,017 | |
Trustees’ fees | | | 7,561 | |
Miscellaneous | | | 9,765 | |
| | | | |
Total expenses | | | 1,608,611 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (19,306 | ) |
| | | | |
Distribution fee waiver(a) | | | (57,430 | ) |
Net expenses | | | 1,531,875 | |
| | | | |
Net investment income (loss) | | | (557,913 | ) |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
Net realized gain (loss) on: | | | | |
Investment transactions (including affiliated of $31) | | | 14,107,331 | |
Foreign currency transactions | | | 353 | |
| | | | |
| | | 14,107,684 | |
| | | | |
Net change in unrealized appreciation (depreciation) on: | | | | |
Investments (including affiliated of $(378)) | | | 13,447,746 | |
Foreign currencies | | | 57 | |
| | | | |
| | | 13,447,803 | |
| | | | |
Net gain (loss) on investment and foreign currency transactions | | | 27,555,487 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 26,997,574 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | |
| | | Class A | | | Class B | | | Class C | | | Class Z | | | Class R6 | |
Distribution fee | | | 344,579 | | | | 4,471 | | | | 42,654 | | | | — | | | | — | |
Transfer agent’s fees and expenses | | | 211,713 | | | | 5,289 | | | | 15,091 | | | | 1,719 | | | | 33 | |
Registration fees | | | 6,911 | | | | 6,464 | | | | 6,440 | | | | 6,661 | | | | 6,661 | |
Fee waiver and/or expense reimbursement | | | — | | | | (9,601 | ) | | | — | | | | (3,075 | ) | | | (6,630 | ) |
Distribution fee waiver | | | (57,430 | ) | | | — | | | | — | | | | — | | | | — | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 19 | |
Statements of Changes in Net Assets (unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | (557,913 | ) | | $ | (672,540 | ) |
Net realized gain (loss) on investment and foreign currency transactions | | | 14,107,684 | | | | 10,922,583 | |
Net change in unrealized appreciation (depreciation) on investments and foreign currencies | | | 13,447,803 | | | | 5,362,609 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 26,997,574 | | | | 15,612,652 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class A | | | (9,035,379 | ) | | | (16,246,746 | ) |
Class B | | | (43,385 | ) | | | (141,819 | ) |
Class C | | | (421,651 | ) | | | (4,685,728 | ) |
Class Z | | | (185,174 | ) | | | (424,868 | ) |
Class R6 | | | (2,317 | ) | | | (1,051 | ) |
| | | | | | | | |
| | | (9,687,906 | ) | | | (21,500,212 | ) |
| | | | | | | | |
| | |
Fund share transactions (Net of share conversions) | | | | | | | | |
Net proceeds from shares sold | | | 2,919,645 | | | | 7,221,290 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 9,588,707 | | | | 21,290,091 | |
Cost of shares reacquired | | | (16,480,269 | ) | | | (27,685,368 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | (3,971,917 | ) | | | 826,013 | |
| | | | | | | | |
Total increase (decrease) | | | 13,337,751 | | | | (5,061,547 | ) |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 244,213,986 | | | | 249,275,533 | |
| | | | | | | | |
End of period | | $ | 257,551,737 | | | $ | 244,213,986 | |
| | | | | | | | |
See Notes to Financial Statements.
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 currently consists of fifteen funds: Prudential Day One Income Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund, Prudential Day One 2065 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 of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 21 | |
Notes to Financial Statements(unaudited) (continued)
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.
Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other
things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. 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. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.
Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP 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. Therefore, 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 classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted 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 investment transactions, and the difference between the amounts of interest, dividends and foreign withholding taxes recorded on the Fund’s books and the U.S. dollar equivalent amounts actually received or paid. Net unrealized currency gains (losses) arise from valuing foreign currency denominated assets and liabilities (other than investments) at period end exchange rates.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 23 | |
Notes to Financial Statements(unaudited) (continued)
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 all or a portion of the Fund. A master netting arrangement between the Fund and the counterparty permits the Fund to offset amounts payable by the Fund to the same counterparty against amounts to be received; and by the receipt of collateral from the counterparty by the Fund to cover the Fund’s exposure to the counterparty. However, there is no assurance that such mitigating factors are easily enforceable. In addition to master netting arrangements, the right 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 in the Statement of Operations.
Securities Transactions and Net Investment Income:Securities transactions are recorded on the trade date. Realized gains (losses) from investment and currency transactions are calculated on the specific identification method. Dividend income is recorded on 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 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 between 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.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 25 | |
Notes to Financial Statements(unaudited) (continued)
The Manager 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. 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 up to 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, 2020.
The Manager has contractually agreed, through November 30, 2020, 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 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 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, 2020 to limit such fees to 0.25% of the average daily net assets of Class A shares.
For the reporting period ended January 31, 2020, PIMS received $24,603 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended January 31, 2020, PIMS received $49 and $89 in contingent deferred sales charges imposed upon redemptions by certain Class B and Class C shareholders, respectively. From these fees, PIMS paid such sales charges to broker-dealers, who in turn paid commissions to salespersons and incurred other distribution costs.
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 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 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. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.
The Fund may enter into certain securities purchase or sale transactions under Board approved 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 Securities and Exchange Commission (“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
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 27 | |
Notes to Financial Statements(unaudited) (continued)
transactions were effected in accordance with the Fund’s Rule17a-7 procedures. For the reporting period ended January 31, 2020, no17a-7 transactions were entered into by the Fund.
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, 2020, were $137,394,200 and $150,338,874, respectively.
A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, 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* | |
| $ | 1,940,962 | | | $ | 15,823,089 | | | $ | 16,202,526 | | | $ | — | | | $ | — | | | $ | 1,561,525 | | | | 1,561,525 | | | $ | 21,339 | |
|
| | PGIM Institutional Money Market Fund* | |
| | 1,955,969 | | | | 30,898,043 | | | | 32,189,210 | | | | (378 | ) | | | 31 | | | | 664,455 | | | | 664,322 | | | | 4,036 | ** |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 3,896,931 | | | $ | 46,721,132 | | | $ | 48,391,736 | | | $ | (378 | ) | | $ | 31 | | | $ | 2,225,980 | | | | | | | $ | 25,375 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | The Fund did not have any capital gain distributions during the reporting period. |
| ** | Represents the affiliated amount of securities lending income shown 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, 2020 were as follows:
| | | | |
Tax Basis | | $ | 166,941,954 | |
| | | | |
Gross Unrealized Appreciation | | | 91,996,347 | |
Gross Unrealized Depreciation | | | (960,159 | ) |
| | | | |
Net Unrealized Appreciation | | $ | 91,036,188 | |
| | | | |
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. Since tax
authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2019 are subject to such review.
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 5% to zero depending on the period of time the shares are held. Class B shares will automatically convert to Class A shares on a monthly basis approximately seven years after purchase. Effective on or about June 26, 2020, all issued and outstanding Class B shares will be automatically converted to Class A shares. 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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges 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 of the Fund at $0.001 par value per share.
As of January 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:
| | | | | | | | |
| | | Number of Shares | | | Percentage of
Outstanding Shares | |
Class A | | | 643 | | | | — | %* |
Class Z | | | 995 | | | | — | %* |
Class R6 | | | 995 | | | | 23 | % |
| * | Amount represents less than 1% of outstanding shares. |
At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:
| | | | | | |
Affiliated | | Unaffiliated |
Number of Shareholders | | Percentage of
Outstanding Shares | | Number of
Shareholders | | Percentage of
Outstanding Shares |
| — | | —% | | 3 | | 23% |
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 29 | |
Notes to Financial Statements (unaudited) (continued)
Transactions in shares of beneficial interest were as follows:
| | | | | | | | |
Class A | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 146,110 | | | $ | 1,969,887 | |
Shares issued in reinvestment of dividends and distributions | | | 660,022 | | | | 8,949,896 | |
Shares reacquired | | | (1,030,868 | ) | | | (14,001,045 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | (224,736 | ) | | | (3,081,262 | ) |
Shares issued upon conversion from other share class(es) | | | 47,009 | | | | 636,143 | |
Shares reacquired upon conversion into other share class(es) | | | (67,274 | ) | | | (903,034 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (245,001 | ) | | $ | (3,348,153 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 405,843 | | | $ | 5,121,454 | |
Shares issued in reinvestment of dividends and distributions | | | 1,368,750 | | | | 16,082,820 | |
Shares reacquired | | | (1,645,139 | ) | | | (21,255,240 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 129,454 | | | | (50,966 | ) |
Shares issued upon conversion from other share class(es) | | | 2,905,640 | | | | 38,026,887 | |
Shares reacquired upon conversion into other share class(es) | | | (258,077 | ) | | | (3,639,999 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,777,017 | | | $ | 34,335,922 | |
| | | | | | | | |
Class B | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 302 | | | $ | 3,380 | |
Shares issued in reinvestment of dividends and distributions | | | 3,932 | | | | 42,350 | |
Shares reacquired | | | (5,556 | ) | | | (60,346 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | (1,322 | ) | | | (14,616 | ) |
Shares reacquired upon conversion into other share class(es) | | | (20,633 | ) | | | (224,475 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (21,955 | ) | | $ | (239,091 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 6,261 | | | $ | 64,869 | |
Shares issued in reinvestment of dividends and distributions | | | 14,643 | | �� | | 139,545 | |
Shares reacquired | | | (19,135 | ) | | | (203,886 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 1,769 | | | | 528 | |
Shares reacquired upon conversion into other share class(es) | | | (47,436 | ) | | | (495,138 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (45,667 | ) | | $ | (494,610 | ) |
| | | | | | | | |
| | | | | | | | |
Class C | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 42,923 | | | $ | 472,978 | |
Shares issued in reinvestment of dividends and distributions | | | 38,510 | | | | 416,674 | |
Shares reacquired | | | (57,402 | ) | | | (619,648 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 24,031 | | | | 270,004 | |
Shares reacquired upon conversion into other share class(es) | | | (37,950 | ) | | | (411,986 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (13,919 | ) | | $ | (141,982 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 158,179 | | | $ | 1,590,798 | |
Shares issued in reinvestment of dividends and distributions | | | 486,308 | | | | 4,658,833 | |
Shares reacquired | | | (517,777 | ) | | | (5,502,741 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 126,710 | | | | 746,890 | |
Shares reacquired upon conversion into other share class(es) | | | (3,533,827 | ) | | | (37,659,019 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (3,407,117 | ) | | $ | (36,912,129 | ) |
| | | | | | | | |
Class Z | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 33,525 | | | $ | 470,771 | |
Shares issued in reinvestment of dividends and distributions | | | 13,059 | | | | 177,470 | |
Shares reacquired | | | (136,056 | ) | | | (1,799,230 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | (89,472 | ) | | | (1,150,989 | ) |
Shares issued upon conversion from other share class(es) | | | 67,177 | | | | 903,352 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (22,295 | ) | | $ | (247,637 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 30,834 | | | $ | 404,392 | |
Shares issued in reinvestment of dividends and distributions | | | 34,710 | | | | 407,842 | |
Shares reacquired | | | (57,220 | ) | | | (723,501 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 8,324 | | | | 88,733 | |
Shares issued upon conversion from other share class(es) | | | 266,760 | | | | 3,767,269 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 275,084 | | | $ | 3,856,002 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 204 | | | $ | 2,629 | |
Shares issued in reinvestment of dividends and distributions | | | 170 | | | | 2,317 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 374 | | | $ | 4,946 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 3,065 | | | $ | 39,777 | |
Shares issued in reinvestment of dividends and distributions | | | 89 | | | | 1,051 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 3,154 | | | $ | 40,828 | |
| | | | | | | | |
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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 31 | |
Notes to Financial Statements(unaudited) (continued)
| | | | |
| | | Current SCA | | Prior SCA |
Term of Commitment | | 10/3/2019 – 10/1/2020 | | 10/4/2018 – 10/2/2019 |
Total Commitment | | $ 900 million | | $ 900 million |
Annualized Commitment Fee on the
Unused Portion of the SCA | | 0.15% | | 0.15% |
Annualized Interest Rate on Borrowings | | 1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent | | 1.25% plus the higher of (1) the effective federal funds rate, (2) theone-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 utilized the SCA during the reporting period ended January 31, 2020. The average daily balance for the 2 days that the Fund had loans outstanding during the period was approximately $297,000, borrowed at a weighted average interest rate of 2.96%. The maximum loan outstanding amount during the period was $464,000. At January 31, 2020, the Fund did not have an outstanding loan amount.
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 deviate 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 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 adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.
10. Subsequent Event
Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.
There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.
| | | | |
| PGIM Jennison Diversified Growth Fund | | | 33 | |
Financial Highlights(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | |
| | | Six Months Ended January 31, | | | | | | Year Ended July 31, | |
| | | 2020 | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $13.39 | | | | | | | | $13.79 | | | | $12.79 | | | | $11.03 | | | | $12.01 | | | | $11.81 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.03 | )�� | | | | | | | (0.02 | ) | | | 0.03 | | | | 0.04 | | | | 0.06 | | | | 0.06 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.55 | | | | | | | | 0.80 | | | | 2.35 | | | | 2.09 | | | | (0.19 | ) | | | 1.28 | |
| Total from investment operations | | | 1.52 | | | | | | | | 0.78 | | | | 2.38 | | | | 2.13 | | | | (0.13 | ) | | | 1.34 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | - | | | | | | | | (0.01 | ) | | | (0.02 | ) | | | (0.06 | ) | | | (0.03 | ) | | | (0.04 | ) |
| Distributions from net realized gains | | | (0.55 | ) | | | | | | | (1.17 | ) | | | (1.36 | ) | | | (0.31 | ) | | | (0.82 | ) | | | (1.10 | ) |
| Total dividends and distributions | | | (0.55 | ) | | | | | | | (1.18 | ) | | | (1.38 | ) | | | (0.37 | ) | | | (0.85 | ) | | | (1.14 | ) |
| Net asset value, end of period | | | $14.36 | | | | | | | | $13.39 | | | | $13.79 | | | | $12.79 | | | | $11.03 | | | | $12.01 | |
| Total Return(b): | | | 11.58% | | | | | | | | 6.93% | | | | 19.90% | | | | 19.78% | | | | (0.82)% | | | | 11.84% | |
| |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $242,325 | | | | | | | | $229,202 | | | | $197,689 | | | | $179,539 | | | | $166,997 | | | | $186,770 | |
| Average net assets (000) | | | $228,470 | | | | | | | | $199,190 | | | | $190,178 | | | | $169,500 | | | | $167,524 | | | | $181,444 | |
| Ratios to average net assets(c)(d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.22% | (e) | | | | | | | 1.23% | | | | 1.20% | | | | 1.24% | | | | 1.28% | | | | 1.24% | |
| Expenses before waivers and/or expense reimbursement | | | 1.27% | (e) | | | | | | | 1.28% | | | | 1.25% | | | | 1.29% | | | | 1.33% | | | | 1.29% | |
| Net investment income (loss) | | | (0.42)% | (e) | | | | | | | (0.18)% | | | | 0.24% | | | | 0.38% | | | | 0.52% | | | | 0.47% | |
| Portfolio turnover rate(f) | | | 57% | | | | | | | | 125% | | | | 185% | | | | 181% | | | | 246% | | | | 295% | |
| (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. |
| (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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class B Shares | |
| | | Six Months
Ended
January 31, | | | | | | Year Ended July 31, | |
| | | 2020 | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $10.79 | | | | | | | | $11.45 | | | | $10.93 | | | | $9.49 | | | | $10.49 | | | | $10.49 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.08 | ) | | | | | | | (0.13 | ) | | | (0.10 | ) | | | (0.03 | ) | | | (0.02 | ) | | | (0.03 | ) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.24 | | | | | | | | 0.64 | | | | 1.98 | | | | 1.78 | | | | (0.16 | ) | | | 1.13 | |
| Total from investment operations | | | 1.16 | | | | | | | | 0.51 | | | | 1.88 | | | | 1.75 | | | | (0.18 | ) | | | 1.10 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net realized gains | | | (0.55 | ) | | | | | | | (1.17 | ) | | | (1.36 | ) | | | (0.31 | ) | | | (0.82 | ) | | | (1.10 | ) |
| Net asset value, end of period | | | $11.40 | | | | | | | | $10.79 | | | | $11.45 | | | | $10.93 | | | | $9.49 | | | | $10.49 | |
| Total Return(b): | | | 11.03% | | | | | | | | 5.79% | | | | 18.53% | | | | 18.90% | | | | (1.51)% | | | | 11.01% | |
| |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $796 | | | | | | | | $991 | | | | $1,574 | | | | $2,169 | | | | $2,898 | | | | $4,200 | |
| Average net assets (000) | | | $889 | | | | | | | | $1,240 | | | | $1,898 | | | | $2,508 | | | | $3,375 | | | | $4,801 | |
| Ratios to average net assets(c)(d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 2.26% | (e) | | | | | | | 2.26% | | | | 2.26% | | | | 1.99% | | | | 2.03% | | | | 1.99% | |
| Expenses before waivers and/or expense reimbursement | | | 4.41% | (e) | | | | | | | 3.71% | | | | 3.12% | | | | 1.99% | | | | 2.03% | | | | 1.99% | |
| Net investment income (loss) | | | (1.44)% | (e) | | | | | | | (1.19)% | | | | (0.85)% | | | | (0.33)% | | | | (0.21)% | | | | (0.25)% | |
| Portfolio turnover rate(f) | | | 57% | | | | | | | | 125% | | | | 185% | | | | 181% | | | | 246% | | | | 295% | |
| (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. |
| (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 | | | 35 | |
Financial Highlights(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C Shares | |
| | | Six Months
Ended
January 31, | | | | | | Year Ended July 31, | |
| | | 2020 | | | | | | 2019 | | | 2018 | | | 2017 | | | 2016 | | | 2015 | |
| Per Share Operating Performance(a): | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $10.84 | | | | | | | | $11.49 | | | | $10.93 | | | | $9.49 | | | | $10.49 | | | | $10.49 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.08 | ) | | | | | | | (0.10 | ) | | | (0.06 | ) | | | (0.04 | ) | | | (0.02 | ) | | | (0.03 | ) |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.25 | | | | | | | | 0.62 | | | | 1.98 | | | | 1.79 | | | | (0.16 | ) | | | 1.13 | |
| Total from investment operations | | | 1.17 | | | | | | | | 0.52 | | | | 1.92 | | | | 1.75 | | | | (0.18 | ) | | | 1.10 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Distributions from net realized gains | | | (0.55 | ) | | | | | | | (1.17 | ) | | | (1.36 | ) | | | (0.31 | ) | | | (0.82 | ) | | | (1.10 | ) |
| Net asset value, end of period | | | $11.46 | | | | | | | | $10.84 | | | | $11.49 | | | | $10.93 | | | | $9.49 | | | | $10.49 | |
| Total Return(b): | | | 10.98% | | | | | | | | 5.95% | | | | 18.92% | | | | 18.90% | | | | (1.51)% | | | | 11.01% | |
| |
| Ratios/Supplemental Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net assets, end of period (000) | | | $9,029 | | | | | | | | $8,698 | | | | $48,373 | | | | $49,609 | | | | $48,858 | | | | $55,384 | |
| Average net assets (000) | | | $8,484 | | | | | | | | $34,180 | | | | $50,985 | | | | $48,525 | | | | $49,288 | | | | $56,581 | |
| Ratios to average net assets(c)(d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 2.28% | (e) | | | | | | | 2.01% | | | | 1.92% | | | | 1.99% | | | | 2.03% | | | | 1.99% | |
| Expenses before waivers and/or expense reimbursement | | | 2.28% | (e) | | | | | | | 2.01% | | | | 1.92% | | | | 1.99% | | | | 2.03% | | | | 1.99% | |
| Net investment income (loss) | | | (1.48)% | (e) | | | | | | | (0.91)% | | | | (0.49)% | | | | (0.36)% | | | | (0.23)% | | | | (0.27)% | |
| Portfolio turnover rate(f) | | | 57% | | | | | | | | 125% | | | | 185% | | | | 181% | | | | 246% | | | | 295% | |
| (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. |
| (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.
| | | | | | | | | | | | | | | | | | | | |
| Class Z Shares | | | | | | | | | | | | | | | |
| | | Six Months
Ended
January 31,
2020 | | | | | | Year Ended July 31,
2019 | | | | | | September 27,
2017(a)
through
July 31,
2018 | |
| Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $13.41 | | | | | | | | $13.81 | | | | | | | | $12.82 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.01 | ) | | | | | | | 0.01 | | | | | | | | 0.08 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.55 | | | | | | | | 0.80 | | | | | | | | 2.29 | |
| Total from investment operations | | | 1.54 | | | | | | | | 0.81 | | | | | | | | 2.37 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | - | | | | | | | | (0.04 | ) | | | | | | | (0.02 | ) |
| Distributions from net realized gains | | | (0.55 | ) | | | | | | | (1.17 | ) | | | | | | | (1.36 | ) |
| Total dividends and distributions | | | (0.55 | ) | | | | | | | (1.21 | ) | | | | | | | (1.38 | ) |
| Net asset value, end of period | | | $14.40 | | | | | | | | $13.41 | | | | | | | | $13.81 | |
| Total Return(c): | | | 11.72% | | | | | | | | 7.20% | | | | | | | | 19.79% | |
| |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $5,338 | | | | | | | | $5,270 | | | | | | | | $1,628 | |
| Average net assets (000) | | | $4,765 | | | | | | | | $4,485 | | | | | | | | $656 | |
| Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.00% | (e) | | | | | | | 1.00% | | | | | | | | 1.00% | (e) |
| Expenses before waivers and/or expense reimbursement | | | 1.13% | (e) | | | | | | | 1.15% | | | | | | | | 5.77% | (e) |
| Net investment income (loss) | | | (0.20)% | (e) | | | | | | | 0.05% | | | | | | | | 0.70% | (e) |
| Portfolio turnover rate(f) | | | 57% | | | | | | | | 125% | | | | | | | | 185% | |
| (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. |
| (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 | | | 37 | |
Financial Highlights(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Class R6 Shares | |
| | | Six Months
Ended
January 31,
2020 | | | | | | Year Ended July 31,
2019 | | | | | | September 27,
2017(a)
through
July 31,
2018 | |
| Per Share Operating Performance(b): | |
| Net Asset Value, Beginning of Period | | | $13.41 | | | | | | | | $13.81 | | | | | | | | $12.82 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | (0.01 | ) | | | | | | | (0.01 | ) | | | | | | | 0.04 | |
| Net realized and unrealized gain (loss) on investment and foreign currency transactions | | | 1.55 | | | | | | | | 0.82 | | | | | | | | 2.33 | |
| Total from investment operations | | | 1.54 | | | | | | | | 0.81 | | | | | | | | 2.37 | |
| Less Dividends and Distributions: | |
| Dividends from net investment income | | | - | | | | | | | | (0.04 | ) | | | | | | | (0.02 | ) |
| Distributions from net realized gains | | | (0.55 | ) | | | | | | | (1.17 | ) | | | | | | | (1.36 | ) |
| Total dividends and distributions | | | (0.55 | ) | | | | | | | (1.21 | ) | | | | | | | (1.38 | ) |
| Net asset value, end of period | | | $14.40 | | | | | | | | $13.41 | | | | | | | | $13.81 | |
| Total Return(c): | | | 11.72% | | | | | | | | 7.20% | | | | | | | | 19.79% | |
| |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $63 | | | | | | | | $54 | | | | | | | | $12 | |
| Average net assets (000) | | | $57 | | | | | | | | $17 | | | | | | | | $11 | |
| Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.00% | (e) | | | | | | | 1.00% | | | | | | | | 1.00% | (e) |
| Expenses before waivers and/or expense reimbursement | | | 24.15% | (e) | | | | | | | 77.09% | | | | | | | | 283.30% | (e) |
| Net investment income (loss) | | | (0.21)% | (e) | | | | | | | (0.10)% | | | | | | | | 0.36% | (e) |
| Portfolio turnover rate(f) | | | 57% | | | | | | | | 125% | | | | | | | | 185% | |
| (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. |
| (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.
Supplement dated December 18, 2019
to the Currently Effective Summary Prospectus, Prospectus
and Statement of Additional Information of the Funds Listed Below
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.
The Board of Directors/Trustees for each Fund listed below has approved the conversion of all issued and outstanding Class B shares of the Funds to Class A shares of the same Fund, effective on or about June 26, 2020.
As a result, effective on or about the close of business on June 26, 2020, all of the issued and outstanding Class B shares of a Fund will be converted into Class A shares of that Fund with the same relative aggregate net asset value as the Class B shares held immediately prior to the conversion. Class A shares currently have lower total expense ratios, and equal or lower distribution fees and shareholder servicing fees payable under the Fund’s 12b-1 plan than Class B shares. No sales load, fee, or other charge will be imposed on the conversion of these shares. Class A shares are not subject to the contingent deferred sales charge (if any) currently charged on the redemption of Class B shares. Please refer to your Fund’s Prospectus for more information regarding Class A shares. The conversion is not expected to be a taxable event for federal income tax purposes and should not result in recognition of gain or loss by converting shareholders.
LR1263
The Prudential Investment Portfolios, Inc.
PGIM Balanced Fund
PGIM Jennison Focused Value Fund
PGIM Jennison Growth Fund
Prudential Investment Portfolios 3
PGIM Jennison Focused Growth Fund
PGIM QMA Large-Cap Value Fund
PGIM Real Assets Fund
Prudential Investment Portfolios 4
PGIM Muni High Income Fund
Prudential Investment Portfolios 5
PGIM Jennison Diversified Growth Fund
Prudential Investment Portfolios 6
PGIM California Muni Income Fund
Prudential Investment Portfolios 7
PGIM Jennison Value Fund
Prudential Investment Portfolios 9
PGIM QMA Large-Cap Core Equity Fund
Prudential Investment Portfolios, Inc. 10
PGIM Jennison Global Equity Income Fund
PGIM QMA Mid-Cap Value Fund
Prudential Investment Portfolios 12
PGIM Global Real Estate Fund
PGIM US Real Estate Fund
Prudential Investment Portfolios, Inc. 14
PGIM Government Income Fund
Prudential Investment Portfolios, Inc. 15
PGIM High Yield Fund
Prudential Investment Portfolios 16
PGIM Income Builder Fund
Prudential Investment Portfolios, Inc. 17
PGIM Total Return Bond Fund
Prudential Investment Portfolios 18
PGIM Jennison 20/20 Focus Fund
Prudential Global Total Return Fund, Inc.
PGIM Global Total Return Fund
Prudential Jennison Blend Fund, Inc.
PGIM Jennison Blend Fund
Prudential Jennison Mid-Cap Growth Fund, Inc.
PGIM Jennison Mid-Cap Growth Fund
Prudential Jennison Natural Resources Fund, Inc.
PGIM Jennison Natural Resources Fund
Prudential Jennison Small Company Fund, Inc.
PGIM Jennison Small Company Fund
Prudential Government Money Market Fund, Inc.
PGIM Government Money Market Fund
Prudential National Muni Fund, Inc.
PGIM National Muni Fund
Prudential Sector Funds, Inc.
PGIM Jennison Financial Services Fund
PGIM Jennison Health Sciences Fund
PGIM Jennison Utility Fund
Prudential Short-Term Corporate Bond Fund, Inc.
PGIM Short-Term Corporate Bond Fund
Prudential World Fund, Inc.
PGIM QMA International Equity Fund
| | | | |
| | |
| ∎ 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• Dino Capasso,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• Melissa Gonzalez,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer |
| | | | |
| MANAGER | | PGIM Investments LLC | | 655 Broad Street
Newark, NJ 07102 |
|
| SUBADVISER | | 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 | | 240 Greenwich Street New York, NY 10286 |
|
| TRANSFER AGENT | | Prudential Mutual Fund
Services LLC | | PO Box 9658 Providence, RI 02940 |
|
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | 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 |
| The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission onForm N-PORT. The Fund’sForm N-PORT filings are available on the Commission’s website atsec.gov.Form N-PORT is filed with the Commission quarterly, and the Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter atsec.gov. |
Mutual Funds:
| | | | |
| ARE NOT INSURED BY THE FDIC OR ANY FEDERAL GOVERNMENT AGENCY | | MAY LOSE VALUE | | ARE NOT A DEPOSIT OF OR GUARANTEED BY ANY BANK OR ANY BANK AFFILIATE |
PGIM JENNISON DIVERSIFIED GROWTH FUND
| | | | | | | | | | |
| SHARE CLASS | | A | | B | | C | | Z | | R6 |
| NASDAQ | | TBDAX | | TBDBX | | TBDCX | | TBDZX | | TBDQX |
| CUSIP | | 74440V104 | | 74440V203 | | 74440V302 | | 74440V690 | | 74440V716 |
MF503E2
PGIM JENNISON RISING DIVIDEND FUND
SEMIANNUAL REPORT
JANUARY 31, 2020
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
Table of Contents
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, 2020 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.© 2020 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 |
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 thesix-month period ended January 31, 2020.
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 16, 2020
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| PGIM Jennison Rising Dividend Fund | | | 3 | |
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | | | | | | | | | |
| | |
| | | (without sales charges) | | Average Annual Total Returns as of 1/31/20
(with sales charges) | |
| | | Six Months* (%) | | One Year (%) | | | 5 Years (%) | | | Since Inception (%) | |
| Class A | | 8.15 | | | 17.11 | | | | 8.39 | | | | 8.42 (3/5/14) | |
| Class C | | 7.67 | | | 21.96 | | | | 8.80 | | | | 8.66 (3/5/14) | |
| Class Z | | 8.20 | | | 24.20 | | | | 9.89 | | | | 9.74 (3/5/14) | |
| Class R6 | | 8.21 | | | 24.22 | | | | N/A | | | | 11.58 (9/27/17) | |
| S&P 500 Index | | | | | |
| | 9.30 | | | 21.67 | | | | 12.36 | | | | — | |
| | | | | | | | | | | | | | |
|
| Average Annual Total Returns as of 1/31/20 Since Inception (%) | |
| | | Class A (3/5/14) | | Class C (3/5/14) | | | Class Z (3/5/14) | | | Class R6 (9/27/17) | |
| S&P 500 Index | | 12.01 | | | 12.01 | | | | 12.01 | | | | 13.37 | |
*Not annualized
Source: PGIM Investments LLC and Lipper Inc.
Since Inception returns are provided for any share class with less than 10 fiscal years of returns. Since Inception returns for the Index are measured from the closest month-end to the class’ inception date.
| | |
| 4 | | Visit our website at pgiminvestments.com |
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 the original purchase price or the 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.
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.
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| PGIM Jennison Rising Dividend Fund | | | 5 | |
Your Fund’s Performance(continued)
Presentation of Fund Holdings
| | | | |
| | |
| Ten Largest Holdings | | Line of Business | | % of Net Assets |
| Microsoft Corp. | | Software | | 3.1% |
| Apple, Inc. | | Technology Hardware, Storage & Peripherals | | 3.0% |
| PepsiCo, Inc. | | Beverages | | 2.9% |
| Sempra Energy | | Multi-Utilities | | 2.6% |
| Northrop Grumman Corp. | | Aerospace & Defense | | 2.6% |
| Abbott Laboratories | | Health Care Equipment & Supplies | | 2.5% |
| Zoetis, Inc. | | Pharmaceuticals | | 2.5% |
| Altria Group, Inc. | | Tobacco | | 2.4% |
| QUALCOMM, Inc. | | Semiconductors & Semiconductor Equipment | | 2.4% |
| AvalonBay Communities, Inc. | | Equity Real Estate Investment Trusts (REITs) | | 2.4% |
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 thesix-month period ended January 31, 2020. 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 PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over thesix-month period when you estimate the total ongoing expenses paid over the period and
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| PGIM Jennison Rising Dividend Fund | | | 7 | |
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.
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| | | | |
PGIM Jennison Rising
Dividend Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class A | | Actual | | $ | 1,000.00 | | | $ | 1,081.50 | | | | 1.24 | % | | $ | 6.49 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,018.90 | | | | 1.24 | % | | $ | 6.29 | |
| Class C | | Actual | | $ | 1,000.00 | | | $ | 1,076.70 | | | | 1.99 | % | | $ | 10.39 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,015.13 | | | | 1.99 | % | | $ | 10.08 | |
| Class Z | | Actual | | $ | 1,000.00 | | | $ | 1,082.00 | | | | 0.99 | % | | $ | 5.18 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.16 | | | | 0.99 | % | | $ | 5.03 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,082.10 | | | | 0.99 | % | | $ | 5.18 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.16 | | | | 0.99 | % | | $ | 5.03 | |
*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, 2020, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2020 (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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| 8 | | Visit our website at pgiminvestments.com |
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 96.6% | | | | | | | | |
| | |
COMMON STOCKS | | | | | | | | |
| | |
Aerospace & Defense 4.8% | | | | | | | | |
Airbus SE (France), ADR | | | 11,691 | | | $ | 428,826 | |
Northrop Grumman Corp. | | | 1,321 | | | | 494,807 | |
| | | | | | | | |
| | | | | | | 923,633 | |
| | |
Banks 10.1% | | | | | | | | |
Bank of America Corp. | | | 11,087 | | | | 363,986 | |
Citigroup, Inc. | | | 4,204 | | | | 312,820 | |
JPMorgan Chase & Co. | | | 3,391 | | | | 448,833 | |
PNC Financial Services Group, Inc. (The) | | | 3,002 | | | | 445,947 | |
Truist Financial Corp. | | | 7,573 | | | | 390,539 | |
| | | | | | | | |
| | | | | | | 1,962,125 | |
| | |
Beverages 2.9% | | | | | | | | |
PepsiCo, Inc. | | | 3,965 | | | | 563,109 | |
| | |
Commercial Services & Supplies 1.6% | | | | | | | | |
Waste Management, Inc. | | | 2,504 | | | | 304,737 | |
| | |
Consumer Finance 2.1% | | | | | | | | |
American Express Co. | | | 3,177 | | | | 412,597 | |
| | |
Containers & Packaging 0.9% | | | | | | | | |
AptarGroup, Inc. | | | 1,566 | | | | 180,889 | |
| | |
Diversified Consumer Services 1.6% | | | | | | | | |
Service Corp. International | | | 6,675 | | | | 320,066 | |
| | |
Electric Utilities 4.4% | | | | | | | | |
American Electric Power Co., Inc. | | | 3,869 | | | | 403,227 | |
NextEra Energy, Inc. | | | 1,688 | | | | 452,722 | |
| | | | | | | | |
| | | | | | | 855,949 | |
| | |
Electronic Equipment, Instruments & Components 1.8% | | | | | | | | |
CDW Corp. | | | 2,712 | | | | 353,780 | |
| | |
Entertainment 1.2% | | | | | | | | |
Walt Disney Co. (The) | | | 1,747 | | | | 241,628 | |
See Notes to Financial Statements.
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| PGIM Jennison Rising Dividend Fund | | | 9 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
Equity Real Estate Investment Trusts (REITs) 6.2% | | | | | | | | |
AvalonBay Communities, Inc. | | | 2,119 | | | $ | 459,166 | |
Crown Castle International Corp. | | | 2,080 | | | | 311,667 | |
Equinix, Inc. | | | 723 | | | | 426,375 | |
| | | | | | | | |
| | | | | | | 1,197,208 | |
| | |
Food & Staples Retailing 1.0% | | | | | | | | |
Walmart, Inc. | | | 1,719 | | | | 196,808 | |
| | |
Food Products 0.9% | | | | | | | | |
Hershey Co. (The) | | | 1,178 | | | | 182,790 | |
| | |
Health Care Equipment & Supplies 2.5% | | | | | | | | |
Abbott Laboratories | | | 5,522 | | | | 481,187 | |
| | |
Hotels, Restaurants & Leisure 1.0% | | | | | | | | |
McDonald’s Corp. | | | 945 | | | | 202,202 | |
| | |
Household Products 1.0% | | | | | | | | |
Procter & Gamble Co. (The) | | | 1,526 | | | | 190,170 | |
| | |
Industrial Conglomerates 2.3% | | | | | | | | |
Honeywell International, Inc. | | | 2,617 | | | | 453,317 | |
| | |
Insurance 0.5% | | | | | | | | |
Allstate Corp. (The) | | | 851 | | | | 100,878 | |
| | |
IT Services 5.3% | | | | | | | | |
Automatic Data Processing, Inc. | | | 1,567 | | | | 268,568 | |
Mastercard, Inc. (Class A Stock) | | | 1,299 | | | | 410,406 | |
Paychex, Inc. | | | 3,996 | | | | 342,737 | |
| | | | | | | | |
| | | | | | | 1,021,711 | |
| | |
Life Sciences Tools & Services 2.2% | | | | | | | | |
Thermo Fisher Scientific, Inc. | | | 1,394 | | | | 436,587 | |
| | |
Media 1.5% | | | | | | | | |
Comcast Corp. (Class A Stock) | | | 6,540 | | | | 282,463 | |
See Notes to Financial Statements.
| | | | | | | | |
| Description | | Shares | | | Value | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
Multi-Utilities 3.8% | | | | | | | | |
CMS Energy Corp. | | | 3,365 | | | $ | 230,536 | |
Sempra Energy | | | 3,207 | | | | 515,173 | |
| | | | | | | | |
| | | | | | | 745,709 | |
| | |
Oil, Gas & Consumable Fuels 7.3% | | | | | | | | |
Chevron Corp. | | | 1,673 | | | | 179,245 | |
Enbridge, Inc. (Canada) | | | 7,244 | | | | 294,613 | |
Kinder Morgan, Inc. | | | 18,129 | | | | 378,352 | |
Suncor Energy, Inc. (Canada) | | | 6,820 | | | | 208,624 | |
TC Energy Corp. (Canada) | | | 6,546 | | | | 358,852 | |
| | | | | | | | |
| | | | | | | 1,419,686 | |
| | |
Pharmaceuticals 7.3% | | | | | | | | |
AstraZeneca PLC (United Kingdom), ADR | | | 8,780 | | | | 427,586 | |
Bristol-Myers Squibb Co. | | | 3,198 | | | | 201,314 | |
Eli Lilly & Co. | | | 2,212 | | | | 308,884 | |
Zoetis, Inc. | | | 3,564 | | | | 478,324 | |
| | | | | | | | |
| | | | | | | 1,416,108 | |
| | |
Road & Rail 1.3% | | | | | | | | |
Norfolk Southern Corp. | | | 1,237 | | | | 257,556 | |
| | |
Semiconductors & Semiconductor Equipment 6.0% | | | | | | | | |
ASML Holding NV (Netherlands) | | | 1,352 | | | | 379,452 | |
QUALCOMM, Inc. | | | 5,404 | | | | 461,015 | |
Texas Instruments, Inc. | | | 1,403 | | | | 169,272 | |
Universal Display Corp. | | | 867 | | | | 152,740 | |
| | | | | | | | |
| | | | | | | 1,162,479 | |
| | |
Software 4.6% | | | | | | | | |
Intuit, Inc. | | | 1,031 | | | | 289,072 | |
Microsoft Corp. | | | 3,593 | | | | 611,636 | |
| | | | | | | | |
| | | | | | | 900,708 | |
| | |
Specialty Retail 4.0% | | | | | | | | |
Home Depot, Inc. (The) | | | 841 | | | | 191,832 | |
Ross Stores, Inc. | | | 2,468 | | | | 276,885 | |
TJX Cos., Inc. (The) | | | 5,332 | | | | 314,801 | |
| | | | | | | | |
| | | | | | | 783,518 | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 11 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
COMMON STOCKS (Continued) | | | | | | | | |
| | |
Technology Hardware, Storage & Peripherals 3.0% | | | | | | | | |
Apple, Inc. | | | 1,861 | | | $ | 575,998 | |
| | |
Textiles, Apparel & Luxury Goods 1.1% | | | | | | | | |
NIKE, Inc. (Class B Stock) | | | 2,208 | | | | 212,630 | |
| | |
Tobacco 2.4% | | | | | | | | |
Altria Group, Inc. | | | 9,841 | | | | 467,743 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $14,744,212) | | | | 18,805,969 | |
| | | | | | | | |
| |
SHORT-TERM INVESTMENTS 3.3% | | | | | |
| |
AFFILIATED MUTUAL FUNDS | | | | | |
PGIM Core Ultra Short Bond Fund(w) | | | 645,174 | | | | 645,174 | |
PGIM Institutional Money Market Fund(w) | | | 43 | | | | 43 | |
| | | | | | | | |
TOTAL SHORT-TERM INVESTMENTS
(cost $645,217) | | | | 645,217 | |
| | | | | | | | |
TOTAL INVESTMENTS 99.9%
(cost $15,389,429) | | | | | | | 19,451,186 | |
Other assets in excess of liabilities 0.1% | | | | | | | 16,970 | |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 19,468,156 | |
| | | | | | | | |
Below is a list of the abbreviation(s) used in the semiannual report:
ADR—American Depositary Receipt
LIBOR—London Interbank Offered Rate
REITs—Real Estate Investment Trust
| (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.
See Notes to Financial Statements.
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Common Stocks | | | | | | | | | | | | |
Aerospace & Defense | | $ | 923,633 | | | $ | — | | | $ | — | |
Banks | | | 1,962,125 | | | | — | | | | — | |
Beverages | | | 563,109 | | | | — | | | | — | |
Commercial Services & Supplies | | | 304,737 | | | | — | | | | — | |
Consumer Finance | | | 412,597 | | | | — | | | | — | |
Containers & Packaging | | | 180,889 | | | | — | | | | — | |
Diversified Consumer Services | | | 320,066 | | | | — | | | | — | |
Electric Utilities | | | 855,949 | | | | — | | | | — | |
Electronic Equipment, Instruments & Components | | | 353,780 | | | | — | | | | — | |
Entertainment | | | 241,628 | | | | — | | | | — | |
Equity Real Estate Investment Trusts (REITs) | | | 1,197,208 | | | | — | | | | — | |
Food & Staples Retailing | | | 196,808 | | | | — | | | | — | |
Food Products | | | 182,790 | | | | — | | | | — | |
Health Care Equipment & Supplies | | | 481,187 | | | | — | | | | — | |
Hotels, Restaurants & Leisure | | | 202,202 | | | | — | | | | — | |
Household Products | | | 190,170 | | | | — | | | | — | |
Industrial Conglomerates | | | 453,317 | | | | — | | | | — | |
Insurance | | | 100,878 | | | | — | | | | — | |
IT Services | | | 1,021,711 | | | | — | | | | — | |
Life Sciences Tools & Services | | | 436,587 | | | | — | | | | — | |
Media | | | 282,463 | | | | — | | | | — | |
Multi-Utilities | | | 745,709 | | | | — | | | | — | |
Oil, Gas & Consumable Fuels | | | 1,419,686 | | | | — | | | | — | |
Pharmaceuticals | | | 1,416,108 | | | | — | | | | — | |
Road & Rail | | | 257,556 | | | | — | | | | — | |
Semiconductors & Semiconductor Equipment | | | 1,162,479 | | | | — | | | | — | |
Software | | | 900,708 | | | | — | | | | — | |
Specialty Retail | | | 783,518 | | | | — | | | | — | |
Technology Hardware, Storage & Peripherals | | | 575,998 | | | | — | | | | — | |
Textiles, Apparel & Luxury Goods | | | 212,630 | | | | — | | | | — | |
Tobacco | | | 467,743 | | | | — | | | | — | |
Affiliated Mutual Funds | | | 645,217 | | | | — | | | | — | |
| | | | | | | | | | | | |
Total | | $ | 19,451,186 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
Industry Classification:
The industry classification of investments and other assets in excess of liabilities shown as a percentage of net assets as of January 31, 2020 were as follows:
| | | | |
Banks | | | 10.1 | % |
Oil, Gas & Consumable Fuels | | | 7.3 | |
Pharmaceuticals | | | 7.3 | |
Equity Real Estate Investment Trusts (REITs) | | | 6.2 | |
Semiconductors & Semiconductor Equipment | | | 6.0 | % |
IT Services | | | 5.3 | |
Aerospace & Defense | | | 4.8 | |
Software | | | 4.6 | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 13 | |
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
Industry Classification (continued):
| | | | |
Electric Utilities | | | 4.4 | % |
Specialty Retail | | | 4.0 | |
Multi-Utilities | | | 3.8 | |
Affiliated Mutual Funds | | | 3.3 | |
Technology Hardware, Storage & Peripherals | | | 3.0 | |
Beverages | | | 2.9 | |
Health Care Equipment & Supplies | | | 2.5 | |
Tobacco | | | 2.4 | |
Industrial Conglomerates | | | 2.3 | |
Life Sciences Tools & Services | | | 2.2 | |
Consumer Finance | | | 2.1 | |
Electronic Equipment, Instruments & Components | | | 1.8 | |
Diversified Consumer Services | | | 1.6 | |
Commercial Services & Supplies | | | 1.6 | |
Media | | | 1.5 | |
Road & Rail | | | 1.3 | % |
Entertainment | | | 1.2 | |
Textiles, Apparel & Luxury Goods | | | 1.1 | |
Hotels, Restaurants & Leisure | | | 1.0 | |
Food & Staples Retailing | | | 1.0 | |
Household Products | | | 1.0 | |
Food Products | | | 0.9 | |
Containers & Packaging | | | 0.9 | |
Insurance | | | 0.5 | |
| | | | |
| | | 99.9 | |
Other assets in excess of liabilities | | | 0.1 | |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Investments at value: | | | | |
Unaffiliated investments (cost $14,744,212) | | $ | 18,805,969 | |
Affiliated investments (cost $645,217) | | | 645,217 | |
Cash | | | 2,688 | |
Receivable for investments sold | | | 36,040 | |
Dividends receivable | | | 21,419 | |
Receivable for Fund shares sold | | | 17,059 | |
Due from Manager | | | 1,603 | |
Prepaid expenses and other assets | | | 540 | |
| | | | |
Total Assets | | | 19,530,535 | |
| | | | |
| |
Liabilities | | | | |
Custodian and accounting fees payable | | | 19,780 | |
Audit fee payable | | | 12,103 | |
Registration fees payable | | | 10,817 | |
Printing fee payable | | | 5,118 | |
Legal fees and expenses payable | | | 4,278 | |
Payable for Fund shares reacquired | | | 3,800 | |
Distribution fee payable | | | 3,194 | |
Accrued expenses and other liabilities | | | 2,026 | |
Affiliated transfer agent fee payable | | | 1,263 | |
| | | | |
Total Liabilities | | | 62,379 | |
| | | | |
| |
Net Assets | | $ | 19,468,156 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,374 | |
Paid-in capital in excess of par | | | 15,345,164 | |
Total distributable earnings (loss) | | | 4,121,618 | |
| | | | |
Net assets, January 31, 2020 | | $ | 19,468,156 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 15 | |
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
| |
Class A | | | | |
Net asset value, offering price and redemption price per share,
($7,649,333 ÷ 539,971 shares of beneficial interest issued and outstanding) | | $ | 14.17 | |
Maximum sales charge (5.50% of offering price) | | | 0.82 | |
| | | | |
Maximum offering price to public | | $ | 14.99 | |
| | | | |
| |
Class C | | | | |
Net asset value, offering price and redemption price per share,
($1,888,493 ÷ 133,880 shares of beneficial interest issued and outstanding) | | $ | 14.11 | |
| | | | |
| |
Class Z | | | | |
Net asset value, offering price and redemption price per share,
($9,917,394 ÷ 698,792 shares of beneficial interest issued and outstanding) | | $ | 14.19 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($12,936 ÷ 912 shares of beneficial interest issued and outstanding) | | $ | 14.18 | |
| | | | |
See Notes to Financial Statements.
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Income | | | | |
Unaffiliated dividend income (net of $2,309 foreign withholding tax) | | $ | 183,028 | |
Affiliated dividend income | | | 4,989 | |
| | | | |
Total income | | | 188,017 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 68,853 | |
Distribution fee(a) | | | 18,808 | |
Custodian and accounting fees | | | 29,902 | |
Registration fees(a) | | | 27,901 | |
Audit fee | | | 12,103 | |
Shareholders’ reports | | | 9,389 | |
Legal fees and expenses | | | 8,632 | |
Transfer agent’s fees and expenses (including affiliated expense of $3,121)(a) | | | 6,928 | |
Trustees’ fees | | | 5,445 | |
Miscellaneous | | | 8,414 | |
| | | | |
Total expenses | | | 196,375 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (89,612 | ) |
Distribution fee waiver(a) | | | (1,594 | ) |
| | | | |
Net expenses | | | 105,169 | |
| | | | |
Net investment income (loss) | | | 82,848 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Investment And Foreign Currency Transactions | | | | |
Net realized gain (loss) on: | | | | |
Investment transactions | | | 286,511 | |
Foreign currency transactions | | | 12 | |
| | | | |
| | | 286,523 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,014,026 | |
| | | | |
Net gain (loss) on investment and foreign currency transactions | | | 1,300,549 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 1,383,397 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | |
| | | Class A | | | Class C | | | Class Z | | | Class R6 | |
Distribution fee | | | 9,562 | | | | 9,246 | | | | — | | | | — | |
Registration fees | | | 7,096 | | | | 7,027 | | | | 7,027 | | | | 6,751 | |
Transfer agent’s fees and expenses | | | 4,576 | | | | 1,172 | | | | 1,156 | | | | 24 | |
Fee waiver and/or expense reimbursement | | | (31,246 | ) | | | (13,914 | ) | | | (37,640 | ) | | | (6,812 | ) |
Distribution fee waiver | | | (1,594 | ) | | | — | | | | — | | | | — | |
See Notes to Financial Statements.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 17 | |
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 82,848 | | | $ | 154,382 | |
Net realized gain (loss) on investment and foreign currency transactions | | | 286,523 | | | | 726,462 | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,014,026 | | | | 358,983 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,383,397 | | | | 1,239,827 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class A | | | (218,899 | ) | | | (400,210 | ) |
Class C | | | (58,819 | ) | | | (144,172 | ) |
Class Z | | | (323,510 | ) | | | (706,047 | ) |
Class R6 | | | (422 | ) | | | (942 | ) |
| | | | | | | | |
| | | (601,650 | ) | | | (1,251,371 | ) |
| | | | | | | | |
| | |
Fund share transactions (Net of share conversions) | | | | | | | | |
Net proceeds from shares sold | | | 2,249,725 | | | | 2,264,252 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 599,473 | | | | 1,245,996 | |
Cost of shares reacquired | | | (539,566 | ) | | | (1,792,582 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 2,309,632 | | | | 1,717,666 | |
| | | | | | | | |
Total increase (decrease) | | | 3,091,379 | | | | 1,706,122 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 16,376,777 | | | | 14,670,655 | |
| | | | | | | | |
End of period | | $ | 19,468,156 | | | $ | 16,376,777 | |
| | | | | | | | |
See Notes to Financial Statements.
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 currently consists of fifteen funds: Prudential Day One Income Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund, Prudential Day One 2065 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 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 of the Fund’s foreign investments may change on days when investors cannot purchase or redeem Fund shares.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 19 | |
Notes to Financial Statements(unaudited) (continued)
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.
Illiquid Securities:Pursuant to Rule22e-4 under the 1940 Act, the Fund has adopted a Board approved Liquidity Risk Management Program (“LRMP”) that requires, among other
things, that the Fund limit its illiquid investments that are assets to no more than 15% of net assets. 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. The Fund may find it difficult to sell illiquid securities at the time considered most advantageous by its subadviser(s) and may incur transaction costs that would not be incurred in the sale of securities that were freely marketable.
Restricted Securities:Securities acquired in unregistered, private sales from the issuing company or from an affiliate of the issuer are considered restricted as to disposition under federal securities law (“restricted securities”). Such restricted securities are valued pursuant to the valuation procedures noted above. Restricted securities that would otherwise be considered illiquid investments pursuant to the Fund’s LRMP 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. Therefore, 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 classified higher than “illiquid” under the LRMP (i.e. “moderately liquid” or “less liquid” investments). However, the liquidity of the Fund’s investments in restricted securities could be impaired if trading does not develop or declines.
Equity and Mortgage Real Estate Investment Trusts (collectively equity REITs):The Fund invested 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
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 21 | |
Notes to Financial Statements(unaudited)(continued)
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 between 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 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 0.775% on 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 reporting period ended January 31, 2020.
The Manager has contractually agreed, through November 30, 2020, 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 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 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 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, 2020 to limit such fees to 0.25% of the average daily net assets of Class A shares.
For the reporting period ended January 31, 2020, PIMS received $25,889 infront-end sales charges resulting from sales of Class A shares. Additionally, for the reporting period ended January 31, 2020, PIMS received and $131 in contingent deferred sales charges imposed upon redemptions by certain Class C shareholders.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 23 | |
Notes to Financial Statements(unaudited)(continued)
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 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. In addition to the realized and unrealized gains on investments in the Core Fund and Money Market Fund, earnings from such investments are disclosed on the Statement of Operations as “Affiliated dividend income” and “Income from securities lending, net”, respectively.
The Fund may enter into certain securities purchase or sale transactions under Board approved 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 Securities and Exchange Commission, 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. For the reporting period ended January 31, 2020, no17a-7 transactions were entered into by the Fund.
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, 2020, were $5,347,238 and $4,041,985, respectively.
A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, 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* | | | | | | | | | |
| $ | 263,449 | | | | | $ | 2,686,362 | | | $ | 2,304,637 | | | $ | — | | | $ | — | | | $ | 645,174 | | | | 645,174 | | | $ | 4,989 | |
| | |
| | PGIM Institutional Money Market Fund* | | | | | | | | | |
| | 43 | | | | | | — | | | | — | | | | — | | | | — | | | | 43 | | | | 43 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 263,492 | | | | | $ | 2,686,362 | | | $ | 2,304,637 | | | $ | — | | | $ | — | | | $ | 645,217 | | | | | | | $ | 4,989 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | The Fund did not have any capital gain distributions during the reporting period. |
5. Tax Information
The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2020 were as follows:
| | | | |
Tax Basis | | $ | 15,402,333 | |
| | | | |
Gross Unrealized Appreciation | | | 4,126,952 | |
Gross Unrealized Depreciation | | | (78,099 | ) |
| | | | |
Net Unrealized Appreciation | | $ | 4,048,853 | |
| | | | |
The book basis may differ from tax basis due to certaintax-related adjustments.
The Fund elected to treat post-October capital losses of approximately $234,000 as having been incurred in the following fiscal year (July 31, 2020).
The Manager has analyzed the Fund’s tax positions taken on federal, state and local income tax returns for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements for the current reporting period. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2019 are subject to such review.
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 C shares will automatically convert to Class A shares on a monthly basis approximately 10 years after purchase. Class Z and Class R6 shares are not subject to any sales or redemption charges and are available exclusively for sale to a limited group of investors.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 25 | |
Notes to Financial Statements(unaudited) (continued)
Under certain circumstances, an exchange may be made from specified share classes of the Fund to one or more other share classes of the Fund as presented in the table of transactions in shares of beneficial interest.
The Trust is authorized to issue an unlimited number of shares of beneficial interest at $0.001 par value of share.
As of January 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:
| | | | | | | | |
| | | Number of Shares | | | Percentage of
Outstanding Shares | |
Class Z | | | 610,472 | | | | 87 | % |
Class R6 | | | 912 | | | | 100 | % |
At the reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:
| | | | | | |
Affiliated | | Unaffiliated |
Number of
Shareholders | | Percentage of
Outstanding Shares | | Number of
Shareholders | | Percentage of
Outstanding Shares |
| 1 | | 45% | | 2 | | 25% |
Transactions in shares of beneficial interest were as follows:
| | | | | | | | |
Class A | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 142,806 | | | $ | 2,000,196 | |
Shares issued in reinvestment of dividends and distributions | | | 15,411 | | | | 216,790 | |
Shares reacquired | | | (22,500 | ) | | | (315,208 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 135,717 | | | | 1,901,778 | |
Shares issued upon conversion from other share class(es) | | | 6,858 | | | | 93,271 | |
Shares reacquired upon conversion into other share class(es) | | | (678 | ) | | | (9,434 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 141,897 | | | $ | 1,985,615 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 114,096 | | | $ | 1,490,557 | |
Shares issued in reinvestment of dividends and distributions | | | 35,666 | | | | 394,965 | |
Shares reacquired | | | (86,818 | ) | | | (1,106,751 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 62,944 | | | | 778,771 | |
Shares issued upon conversion from other share class(es) | | | 18,808 | | | | 242,782 | |
Shares reacquired upon conversion into other share class(es) | | | (6,692 | ) | | | (88,931 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 75,060 | | | $ | 932,622 | |
| | | | | | | | |
| | | | | | | | |
Class C | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 11,488 | | | $ | 159,213 | |
Shares issued in reinvestment of dividends and distributions | | | 4,191 | | | | 58,819 | |
Shares reacquired | | | (11,955 | ) | | | (166,987 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 3,724 | | | | 51,045 | |
Shares reacquired upon conversion into other share class(es) | | | (6,874 | ) | | | (93,271 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (3,150 | ) | | $ | (42,226 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 40,744 | | | $ | 493,657 | |
Shares issued in reinvestment of dividends and distributions | | | 13,121 | | | | 144,172 | |
Shares reacquired | | | (30,516 | ) | | | (385,193 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 23,349 | | | | 252,636 | |
Shares reacquired upon conversion into other share class(es) | | | (19,051 | ) | | | (245,473 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 4,298 | | | $ | 7,163 | |
| | | | | | | | |
Class Z | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 6,426 | | | $ | 90,316 | |
Shares issued in reinvestment of dividends and distributions | | | 22,974 | | | | 323,442 | |
Shares reacquired | | | (4,050 | ) | | | (57,371 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 25,350 | | | | 356,387 | |
Shares issued upon conversion from other share class(es) | | | 678 | | | | 9,434 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 26,028 | | | $ | 365,821 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 20,755 | | | $ | 280,038 | |
Shares issued in reinvestment of dividends and distributions | | | 63,490 | | | | 705,917 | |
Shares reacquired | | | (23,993 | ) | | | (300,638 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding before conversion | | | 60,252 | | | | 685,317 | |
Shares issued upon conversion from other share class(es) | | | 6,900 | | | | 91,622 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 67,152 | | | $ | 776,939 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 30 | | | $ | 422 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 30 | | | $ | 422 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 85 | | | $ | 942 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 85 | | | $ | 942 | |
| | | | | | | | |
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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 27 | |
Notes to Financial Statements(unaudited)(continued)
| | | | |
| | | Current SCA | | Prior SCA |
| Term of Commitment | | 10/3/2019 – 10/1/2020 | | 10/4/2018 – 10/2/2019 |
| Total Commitment | | $900 million | | $900 million |
Annualized Commitment Fee on the Unused Portion of the SCA | | 0.15% | | 0.15% |
| Annualized Interest Rate on Borrowings | | 1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent | | 1.25% plus the higher of (1) the effective federal funds rate, (2) theone-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, 2020.
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 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.
Risks of Investing in equity REITs:Real estate securities are subject to similar risks as direct investments in real estate and mortgages, and their value will depend on the value of the underlying properties or the underlying loans or interests. The underlying loans may be subject to the risks of default or of payments that occur earlier or later than expected, and such loans may also includeso-called “subprime” mortgages. The value of these securities will rise and fall in response to many factors, including economic conditions, the demand for rental property and interest rates. In particular, the value of these securities may decline when interest rates rise and will also be affected by the real estate market and by the management of the underlying properties.
In addition, investing in equity REITs involves certain unique risks in addition to those risks associated with investing in the real estate industry in general. Equity REITs may be affected by changes in the value of the underlying property owned by the equity REITs, while mortgage REITs may be affected by the quality of any credit extended. Equity REITs are dependent upon management skills, may not be diversified geographically or by property/mortgage asset type, and are subject to heavy cash flow dependency, default by borrowers and self-liquidation. Since equity REITs are relatively smaller in size when compared to the broader market, and smaller companies tend to be more volatile than larger companies, they may be more volatile and/or more illiquid than other types of equity securities. Equity REITs are subject to interest rate risks. Equity REITs may incur significant amounts of leverage. The Fund will indirectly bear a portion of the expenses, including management fees, paid by each equity REIT in which it invests, in addition to the expenses of the Fund.
9. Recent Accounting Pronouncements and Reporting Updates
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 adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.
10. Subsequent Event
Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.
| | | | |
| PGIM Jennison Rising Dividend Fund | | | 29 | |
Notes to Financial Statements(unaudited)(continued)
There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.
Financial Highlights(unaudited)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A Shares | |
| | | Six Months
Ended
January 31,
2020(a) | | | | | | Year Ended July 31, | |
| | | | | | 2019(a) | | | 2018(a) | | | 2017(a) | | | 2016(a) | | | 2015 | |
| Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $13.54 | | | | | | | | $13.80 | | | | $12.50 | | | | $11.37 | | | | $11.33 | | | | $10.34 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.06 | | | | | | | | 0.13 | | | | 0.09 | | | | 0.14 | | | | 0.13 | | | | 0.10 | |
| Net realized and unrealized gain (loss) on investment transactions | | | 1.04 | | | | | | | | 0.75 | | | | 1.39 | | | | 1.14 | | | | 0.04 | | | | 1.03 | |
| Total from investment operations | | | 1.10 | | | | | | | | 0.88 | | | | 1.48 | | | | 1.28 | | | | 0.17 | | | | 1.13 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.03 | ) | | | | | | | (0.13 | ) | | | (0.09 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.11 | ) |
| Distributions from net realized gains | | | (0.44 | ) | | | | | | | (1.01 | ) | | | (0.09 | ) | | | - | | | | - | | | | (0.03 | ) |
| Total dividends and distributions | | | (0.47 | ) | | | | | | | (1.14 | ) | | | (0.18 | ) | | | (0.15 | ) | | | (0.13 | ) | | | (0.14 | ) |
| Net asset value, end of period | | | $14.17 | | | | | | | | $13.54 | | | | $13.80 | | | | $12.50 | | | | $11.37 | | | | $11.33 | |
| Total Return(b): | | | 8.15% | | | | | | | | 8.27% | | | | 11.95% | | | | 11.32% | | | | 1.61% | | | | 11.03% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $7,649 | | | | | | | | $5,391 | | | | $4,459 | | | | $3,474 | | | | $2,785 | | | | $1,087 | |
| Average net assets (000) | | | $6,340 | | | | | | | | $4,729 | | | | $4,078 | | | | $2,912 | | | | $1,831 | | | | $822 | |
| Ratios to average net assets(c)(d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.24% | (e) | | | | | | | 1.24% | | | | 1.24% | | | | 1.24% | | | | 1.24% | | | | 1.24% | |
| Expenses before waivers and/or expense reimbursement | | | 2.27% | (e) | | | | | | | 2.60% | | | | 2.55% | | | | 2.65% | | | | 3.38% | | | | 3.54% | |
| Net investment income (loss) | | | 0.86% | (e) | | | | | | | 0.98% | | | | 0.67% | | | | 1.22% | | | | 1.24% | | | | 1.09% | |
| Portfolio turnover rate(f) | | | 23% | | | | | | | | 100% | | | | 104% | | | | 67% | | | | 51% | | | | 45% | |
| (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. |
| (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 Rising Dividend Fund | | | 31 | |
Financial Highlights(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class C Shares | |
| | | Six Months
Ended
January 31,
2020(a) | | | | | | Year Ended July 31, | |
| | | | | | 2019(a) | | | 2018(a) | | | 2017(a) | | | 2016(a) | | | 2015 | |
| Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $13.51 | | | | | | | | $13.80 | | | | $12.50 | | | | $11.36 | | | | $11.32 | | | | $10.33 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.01 | | | | | | | | 0.04 | | | | (0.01 | ) | | | 0.06 | | | | 0.06 | | | | 0.02 | |
| Net realized and unrealized gain (loss) on investment transactions | | | 1.03 | | | | | | | | 0.73 | | | | 1.40 | | | | 1.14 | | | | 0.03 | | | | 1.03 | |
| Total from investment operations | | | 1.04 | | | | | | | | 0.77 | | | | 1.39 | | | | 1.20 | | | | 0.09 | | | | 1.05 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | - | (b) | | | | | | | (0.05 | ) | | | - | (b) | | | (0.06 | ) | | | (0.05 | ) | | | (0.03 | ) |
| Distributions from net realized gains | | | (0.44 | ) | | | | | | | (1.01 | ) | | | (0.09 | ) | | | - | | | | - | | | | (0.03 | ) |
| Total dividends and distributions | | | (0.44 | ) | | | | | | | (1.06 | ) | | | (0.09 | ) | | | (0.06 | ) | | | (0.05 | ) | | | (0.06 | ) |
| Net asset value, end of period | | | $14.11 | | | | | | | | $13.51 | | | | $13.80 | | | | $12.50 | | | | $11.36 | | | | $11.32 | |
| Total Return(c): | | | 7.67% | | | | | | | | 7.40% | | | | 11.18% | | | | 10.59% | | | | 0.85% | | | | 10.23% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $1,888 | | | | | | | | $1,852 | | | | $1,831 | | | | $1,608 | | | | $1,411 | | | | $423 | |
| Average net assets (000) | | | $1,839 | | | | | | | | $1,865 | | | | $1,703 | | | | $1,401 | | | | $1,160 | | | | $188 | |
| Ratios to average net assets(d)(e): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 1.99% | (f) | | | | | | | 1.99% | | | | 1.99% | | | | 1.99% | | | | 1.99% | | | | 1.99% | |
| Expenses before waivers and/or expense reimbursement | | | 3.49% | (f) | | | | | | | 3.64% | | | | 3.65% | | | | 3.36% | | | | 4.02% | | | | 4.16% | |
| Net investment income (loss) | | | 0.14% | (f) | | | | | | | 0.28% | | | | (0.07)% | | | | 0.48% | | | | 0.56% | | | | 0.32% | |
| Portfolio turnover rate(g) | | | 23% | | | | | | | | 100% | | | | 104% | | | | 67% | | | | 51% | | | | 45% | |
| (a) | Calculated based on average shares outstanding during the period. |
| (b) | Less than $(0.005) per share. |
| (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. |
| (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.
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class Z Shares | |
| | | Six Months
Ended
January 31, 2020(a) | | | | | | Year Ended July 31, | |
| | | | | | 2019(a) | | | 2018(a) | | | 2017(a) | | | 2016(a) | | | 2015 | |
| Per Share Operating Performance: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $13.56 | | | | | | | | $13.82 | | | | $12.52 | | | | $11.38 | | | | $11.33 | | | | $10.35 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.08 | | | | | | | | 0.16 | | | | 0.12 | | | | 0.17 | | | | 0.16 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investment transactions | | | 1.03 | | | | | | | | 0.75 | | | | 1.40 | | | | 1.15 | | | | 0.05 | | | | 1.01 | |
| Total from investment operations | | | 1.11 | | | | | | | | 0.91 | | | | 1.52 | | | | 1.32 | | | | 0.21 | | | | 1.15 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.04 | ) | | | | | | | (0.16 | ) | | | (0.13 | ) | | | (0.18 | ) | | | (0.16 | ) | | | (0.14 | ) |
| Distributions from net realized gains | | | (0.44 | ) | | | | | | | (1.01 | ) | | | (0.09 | ) | | | - | | | | - | | | | (0.03 | ) |
| Total dividends and distributions | | | (0.48 | ) | | | | | | | (1.17 | ) | | | (0.22 | ) | | | (0.18 | ) | | | (0.16 | ) | | | (0.17 | ) |
| Net asset value, end of period | | | $14.19 | | | | | | | | $13.56 | | | | $13.82 | | | | $12.52 | | | | $11.38 | | | | $11.33 | |
| Total Return(b): | | | 8.20% | | | | | | | | 8.54% | | | | 12.21% | | | | 11.68% | | | | 1.95% | | | | 11.19% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $9,917 | | | | | | | | $9,122 | | | | $8,369 | | | | $7,319 | | | | $6,349 | | | | $6,190 | |
| Average net assets (000) | | | $9,480 | | | | | | | | $8,216 | | | | $8,066 | | | | $6,704 | | | | $5,935 | | | | $5,953 | |
| Ratios to average net assets(c)(d): | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 0.99% | (e) | | | | | | | 0.99% | | | | 0.99% | | | | 0.99% | | | | 0.99% | | | | 0.99% | |
| Expenses before waivers and/or expense reimbursement | | | 1.78% | (e) | | | | | | | 2.02% | | | | 1.98% | | | | 2.36% | | | | 3.08% | | | | 3.31% | |
| Net investment income (loss) | | | 1.13% | (e) | | | | | | | 1.25% | | | | 0.94% | | | | 1.48% | | | | 1.49% | | | | 1.33% | |
| Portfolio turnover rate(f) | | | 23% | | | | | | | | 100% | | | | 104% | | | | 67% | | | | 51% | | | | 45% | |
| (a) | Calculated based on average shares outstanding during the period. |
| (b) | Total return is calculated assuming a purchase of a share on the first day and a sale on the last day of each period reported and includes reinvestment of dividends and distributions, if any. Total returns may reflect adjustments to conform to 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. |
| (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 Rising Dividend Fund | | | 33 | |
Financial Highlights(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | |
| Class R6 Shares | |
| | | Six Months
Ended
January 31,
2020 | | | | | | Year Ended
July 31, 2019 | | | | | | September 27,
2017(a) through
July 31,
2018 | |
| Per Share Operating Performance(b): | | | | | | | | | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $13.55 | | | | | | | | $13.81 | | | | | | | | $12.72 | |
| Income (loss) from investment operations: | | | | | | | | | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.08 | | | | | | | | 0.16 | | | | | | | | 0.10 | |
| Net realized and unrealized gain (loss) on investment transactions | | | 1.03 | | | | | | | | 0.75 | | | | | | | | 1.18 | |
| Total from investment operations | | | 1.11 | | | | | | | | 0.91 | | | | | | | | 1.28 | |
| Less Dividends and Distributions: | | | | | | | | | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.04 | ) | | | | | | | (0.16 | ) | | | | | | | (0.10 | ) |
| Distributions from net realized gains | | | (0.44 | ) | | | | | | | (1.01 | ) | | | | | | | (0.09 | ) |
| Total dividends and distributions | | | (0.48 | ) | | | | | | | (1.17 | ) | | | | | | | (0.19 | ) |
| Net asset value, end of period | | | $14.18 | | | | | | | | $13.55 | | | | | | | | $13.81 | |
| Total Return(c): | | | 8.21% | | | | | | | | 8.55% | | | | | | | | 10.10% | |
| | | | | | | | | | | | | | | | | | | | |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $13 | | | | | | | | $12 | | | | | | | | $11 | |
| Average net assets (000) | | | $12 | | | | | | | | $11 | | | | | | | | $11 | |
| Ratios to average net assets(d): | | | | | | | | | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 0.99% | (e) | | | | | | | 0.99% | | | | | | | | 0.99% | (e) |
| Expenses before waivers and/or expense reimbursement | | | 110.40% | (e) | | | | | | | 119.91% | | | | | | | | 307.60% | (e) |
| Net investment income (loss) | | | 1.13% | (e) | | | | | | | 1.25% | | | | | | | | 0.88% | (e) |
| Portfolio turnover rate(f) | | | 23% | | | | | | | | 100% | | | | | | | | 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. |
| (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.
| | | | |
| | |
| ∎ 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 andPrincipal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,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• Melissa Gonzalez,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti, Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer |
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| MANAGER | | PGIM Investments LLC | | 655 Broad Street
Newark, NJ 07102 |
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| SUBADVISER | | Jennison Associates LLC | | 466 Lexington Avenue
New York, NY 10017 |
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| DISTRIBUTOR | | Prudential Investment
Management Services LLC | | 655 Broad Street Newark, NJ 07102 |
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| CUSTODIAN | | The Bank of New York Mellon | | 240 Greenwich Street
New York, NY 10286 |
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| TRANSFER AGENT | | Prudential Mutual Fund
Services LLC | | PO Box 9658
Providence, RI 02940 |
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INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM | | KPMG LLP | | 345 Park Avenue New York, NY 10154 |
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| FUND COUNSEL | | Willkie Farr & Gallagher LLP | | 787 Seventh Avenue
New York, NY 10019 |
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| 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. |
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| 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. |
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| 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. |
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| AVAILABILITY OF PORTFOLIO SCHEDULE |
| The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website atsec.gov. Form N-PORT is filed with the Commission quarterly, and the Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter atsec.gov. |
Mutual Funds:
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| 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 |
MF220E2
PRUDENTIAL DAY ONE FUNDS
SEMIANNUAL REPORT
JANUARY 31, 2020
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
Prudential Day One Funds
TABLE OF CONTENTS
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, 2020 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 QMA LLC, a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.© 2020 Prudential Financial, Inc. and its related entities. PGIM and the PGIM logo are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide.
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| 2 | | Visit our website at pgiminvestments.com |
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, 2020.
We have important information to share with you. Like most target date fund series, the Prudential Day One Funds are offered in five-year increments so that investors can choose (or be defaulted into) the fund with the target date closest to their expected retirement date. We are pleased to announce that the Prudential Day One 2065 Fund has been added to our series to accommodate new entrants to the workforce who expect to retire in approximately 2065. In addition, after the investment allocation of the Prudential Day One 2010 Fund recently reached the same allocation as the Prudential Day One Income Fund—the most conservative in the series—the 2010 Fund was merged into the Day One Income Fund.
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 16, 2020
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| Prudential Day One Funds | | | 3 | |
Prudential Day One Income Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling(800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 4.24 | | 9.57 | | 5.23 (12/13/16) |
| Class R2 | | 4.42 | | 9.87 | | 5.48 (12/13/16) |
| Class R3 | | 4.42 | | 9.95 | | 5.63 (12/13/16) |
| Class R4 | | 4.41 | | 10.08 | | 5.75 (12/13/16) |
| Class R5 | | 4.56 | | 10.19 | | 5.86 (12/13/16) |
| Class R6 | | 4.66 | | 10.46 | | 6.07 (12/13/16) |
| Prudential Day One Income Custom Benchmark |
| | 4.54 | | 10.30 | | 6.18 |
| S&P Target Date Retirement Income Index |
| | | 4.62 | | 10.36 | | 6.35 |
*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 are measured from the closest month-end to the Fund’s inception date.
| | |
| 4 | | 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.
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| | | | | | | |
| | | 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 the original purchase price or the 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 Index1,2, 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.
S&P Target Date® Retirement Income Index—The S&P Target Date Index series is comprised of12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
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| Prudential Day One Funds | | | 5 | |
Prudential Day One Income Fund
Your Fund’s Performance(continued)
Presentation of Fund Holdings
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Prudential Day One Income Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM TIPS Fund | | TIPS | | 23.1% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 16.1% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 16.1% |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 10.8% |
| PGIM Global Real Estate Fund | | Real Estate | | 6.0% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 5.9% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 5.0% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 4.9% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 1.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 1.0% |
Holdings reflect only long-term investments and are subject to change.
| | |
| 6 | | Visit our website at pgiminvestments.com |
Prudential Day One 2015 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
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| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 4.40 | | 9.94 | | 5.76 (12/13/16) |
| Class R2 | | 4.57 | | 10.23 | | 6.02 (12/13/16) |
| Class R3 | | 4.70 | | 10.35 | | 6.20 (12/13/16) |
| Class R4 | | 4.73 | | 10.49 | | 6.28 (12/13/16) |
| Class R5 | | 4.79 | | 10.65 | | 6.43 (12/13/16) |
| Class R6 | | 4.86 | | 10.83 | | 6.56 (12/13/16) |
| Prudential Day One 2015 Custom Benchmark |
| | 4.81 | | 10.86 | | 6.81 |
| S&P Target Date 2015 Index |
| | | 4.94 | | 11.05 | | 7.49 |
*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 are measured from the closest month-end to the Fund’s inception date.
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| Prudential Day One Funds | | | 7 | |
Prudential Day One 2015 Fund
Your Fund’s Performance(continued)
The average annual total returns take into account applicable charges and fees, which are described for each share class in the table below.
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| | | | | | | |
| | | 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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2015 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | |
| 8 | | Visit our website at pgiminvestments.com |
Presentation of Fund Holdings
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Prudential Day One 2015 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM TIPS Fund | | TIPS | | 22.1% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 16.1% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 14.1% |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 11.8% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 6.9% |
| PGIM Global Real Estate Fund | | Real Estate | | 6.0% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 5.9% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 5.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 2.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 1.0% |
Holdings reflect only long-term investments and are subject to change.
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| Prudential Day One Funds | | | 9 | |
Prudential Day One 2020 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 4.69 | | 10.46 | | 6.21 (12/13/16) |
| Class R2 | | 4.74 | | 10.72 | | 6.44 (12/13/16) |
| Class R3 | | 4.89 | | 10.87 | | 6.64 (12/13/16) |
| Class R4 | | 4.89 | | 10.97 | | 6.74 (12/13/16) |
| Class R5 | | 5.00 | | 11.08 | | 6.85 (12/13/16) |
| Class R6 | | 5.07 | | 11.28 | | 6.89 (12/13/16) |
| Prudential Day One 2020 Custom Benchmark |
| | 5.10 | | 11.51 | | 7.35 |
| S&P Target Date 2020 Index |
| | | 5.14 | | 11.52 | | 8.08 |
*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 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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2020 Index— The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
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| Prudential Day One Funds | | | 11 | |
Prudential Day One 2020 Fund
Your Fund’s Performance(continued)
Presentation of Fund Holdings
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Prudential Day One 2020 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM TIPS Fund | | TIPS | | 20.2% |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 15.7% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 15.1% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 12.1% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 7.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 6.9% |
| PGIM Global Real Estate Fund | | Real Estate | | 6.0% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 5.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 2.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 1.0% |
Holdings reflect only long-term investments and are subject to change.
| | |
| 12 | | Visit our website at pgiminvestments.com |
Prudential Day One 2025 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 4.87 | | 10.84 | | 6.66 (12/13/16) |
| Class R2 | | 4.99 | | 11.16 | | 6.94 (12/13/16) |
| Class R3 | | 5.06 | | 11.23 | | 7.09 (12/13/16) |
| Class R4 | | 5.17 | | 11.35 | | 7.20 (12/13/16) |
| Class R5 | | 5.24 | | 11.53 | | 7.30 (12/13/16) |
| Class R6 | | 5.31 | | 11.69 | | 7.51 (12/13/16) |
| Prudential Day One 2025 Custom Benchmark |
| | 5.32 | | 11.95 | | 8.02 |
| S&P Target Date 2025 Index |
| | | 5.49 | | 12.26 | | 8.80 |
*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 are measured from the closest month-end to the Fund’s inception date.
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| Prudential Day One Funds | | | 13 | |
Prudential Day One 2025 Fund
Your Fund’s Performance(continued)
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 the original purchase price or the 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2025 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | |
| 14 | | Visit our website at pgiminvestments.com |
Presentation of Fund Holdings
| | | | |
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Prudential Day One 2025 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM TIPS Fund | | TIPS | | 19.2% |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 17.7% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 15.1% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 9.1% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 8.9% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 8.9% |
| PGIM Global Real Estate Fund | | Real Estate | | 6.0% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 5.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 2.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 1.0% |
Holdings reflect only long-term investments and are subject to change.
| | | | |
| Prudential Day One Funds | | | 15 | |
Prudential Day One 2030 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.50 | | 12.05 | | 7.87 (12/13/16) |
| Class R2 | | 5.56 | | 12.32 | | 8.12 (12/13/16) |
| Class R3 | | 5.71 | | 12.48 | | 8.28 (12/13/16) |
| Class R4 | | 5.77 | | 12.44 | | 8.34 (12/13/16) |
| Class R5 | | 5.82 | | 12.69 | | 8.49 (12/13/16) |
| Class R6 | | 5.87 | | 12.84 | | 8.68 (12/13/16) |
| Prudential Day One 2030 Custom Benchmark |
| | 6.07 | | 13.57 | | 9.44 |
| S&P Target Date 2030 Index |
| | | 5.82 | | 13.01 | | 9.45 |
*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 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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2030 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | | | |
| Prudential Day One Funds | | | 17 | |
Prudential Day One 2030 Fund
Your Fund’s Performance(continued)
Presentation of Fund Holdings
| | | | |
| | |
Prudential Day One 2030 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 21.7% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 13.2% |
| PGIM TIPS Fund | | TIPS | | 13.1% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 11.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 10.9% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 7.1% |
| PGIM Global Real Estate Fund | | Real Estate | | 6.0% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 4.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 3.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 2.0% |
Holdings reflect only long-term investments and are subject to change.
| | |
| 18 | | Visit our website at pgiminvestments.com |
Prudential Day One 2035 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.76 | | 12.67 | | 8.29 (12/13/16) |
| Class R2 | | 5.84 | | 12.85 | | 8.52 (12/13/16) |
| Class R3 | | 5.98 | | 13.09 | | 8.73 (12/13/16) |
| Class R4 | | 5.98 | | 13.09 | | 8.83 (12/13/16) |
| Class R5 | | 6.08 | | 13.31 | | 8.91 (12/13/16) |
| Class R6 | | 6.23 | | 13.46 | | 9.10 (12/13/16) |
| Prudential Day One 2035 Custom Benchmark | | |
| | 6.56 | | 14.59 | | 10.37 |
| S&P Target Date 2035 Index |
| | | 6.14 | | 13.67 | | 10.05 |
*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 are measured from the closest month-end to the Fund’s inception date.
| | | | |
| Prudential Day One Funds | | | 19 | |
Prudential Day One 2035 Fund
Your Fund’s Performance(continued)
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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2035 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | |
| 20 | | Visit our website at pgiminvestments.com |
Presentation of Fund Holdings
| | | | |
| | |
Prudential Day One 2035 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 26.7% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 15.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 12.9% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 10.2% |
| PGIM TIPS Fund | | TIPS | | 9.1% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 5.1% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 4.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 4.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 3.0% |
Holdings reflect only long-term investments and are subject to change.
| | | | |
| Prudential Day One Funds | | | 21 | |
Prudential Day One 2040 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.66 | | 12.44 | | 8.65 (12/13/16) |
| Class R2 | | 5.71 | | 12.69 | | 8.91 (12/13/16) |
| Class R3 | | 5.86 | | 12.94 | | 9.08 (12/13/16) |
| Class R4 | | 5.97 | | 13.05 | | 9.23 (12/13/16) |
| Class R5 | | 5.97 | | 13.05 | | 9.30 (12/13/16) |
| Class R6 | | 6.02 | | 13.30 | | 9.49 (12/13/16) |
| Prudential Day One 2040 Custom Benchmark |
| | 6.70 | | 14.88 | | 10.92 |
| S&P Target Date 2040 Index |
| | | 6.31 | | 14.10 | | 10.47 |
*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 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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2040 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | | | |
| Prudential Day One Funds | | | 23 | |
Prudential Day One 2040 Fund
Your Fund’s Performance(continued)
Presentation of Fund Holdings
| | | | |
| | |
Prudential Day One 2040 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 25.8% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 15.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 15.0% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 8.1% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 6.9% |
| PGIM TIPS Fund | | TIPS | | 6.1% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 5.0% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 4.1% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 4.0% |
Holdings reflect only long-term investments and are subject to change.
| | |
| 24 | | Visit our website at pgiminvestments.com |
Prudential Day One 2045 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.86 | | 12.63 | | 8.83 (12/13/16) |
| Class R2 | | 5.93 | | 12.90 | | 9.09 (12/13/16) |
| Class R3 | | 5.99 | | 13.07 | | 9.25 (12/13/16) |
| Class R4 | | 6.12 | | 13.31 | | 9.37 (12/13/16) |
| Class R5 | | 6.17 | | 13.36 | | 9.49 (12/13/16) |
| Class R6 | | 6.23 | | 13.51 | | 9.68 (12/13/16) |
| Prudential Day One 2045 Custom Benchmark | | |
| | 6.94 | | 15.29 | | 11.25 |
| S&P Target Date 2045 Index | | |
| | | 6.45 | | 14.35 | | 10.72 |
*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 are measured from the closest month-end to the Fund’s inception date.
| | | | |
| Prudential Day One Funds | | | 25 | |
Prudential Day One 2045 Fund
Your Fund’s Performance(continued)
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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2045 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | |
| 26 | | Visit our website at pgiminvestments.com |
Presentation of Fund Holdings
| | | | |
| | |
Prudential Day One 2045 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 25.8% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 18.0% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 16.9% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 8.1% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 8.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 6.0% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 4.0% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 3.1% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 3.0% |
Holdings reflect only long-term investments and are subject to change.
| | | | |
| Prudential Day One Funds | | | 27 | |
Prudential Day One 2050 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.76 | | 12.56 | | 8.79 (12/13/16) |
| Class R2 | | 5.96 | | 12.77 | | 9.05 (12/13/16) |
| Class R3 | | 5.99 | | 13.00 | | 9.23 (12/13/16) |
| Class R4 | | 6.07 | | 13.09 | | 9.27 (12/13/16) |
| Class R5 | | 6.06 | | 13.17 | | 9.43 (12/13/16) |
| Class R6 | | 6.18 | | 13.28 | | 9.64 (12/13/16) |
| Prudential Day One 2050 Custom Benchmark |
| | 7.00 | | 15.34 | | 11.48 |
| S&P Target Date 2050 Index |
| | | 6.48 | | 14.41 | | 10.91 |
*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 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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2050 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | | | |
| Prudential Day One Funds | | | 29 | |
Prudential Day One 2050 Fund
Your Fund’s Performance(continued)
Presentation of Fund Holdings
| | | | |
| | |
Prudential Day One 2050 Fund Ten Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 25.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 19.0% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 16.9% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 9.0% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 7.1% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 7.0% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 4.0% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 3.0% |
| PGIM Core Conservative Bond Fund | | Core Bond | | 2.0% |
Holdings reflect only long-term investments and are subject to change.
| | |
| 30 | | Visit our website at pgiminvestments.com |
Prudential Day One 2055 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.71 | | 12.13 | | 9.04 (12/13/16) |
| Class R2 | | 5.82 | | 12.34 | | 9.32 (12/13/16) |
| Class R3 | | 5.89 | | 12.62 | | 9.48 (12/13/16) |
| Class R4 | | 5.93 | | 12.65 | | 9.60 (12/13/16) |
| Class R5 | | 6.05 | | 12.79 | | 9.72 (12/13/16) |
| Class R6 | | 6.05 | | 12.99 | | 9.86 (12/13/16) |
| Prudential Day One 2055 Custom Benchmark |
| | 7.09 | | 15.30 | | 11.62 |
| S&P Target Date 2055 Index |
| | | 6.52 | | 14.48 | | 11.03 |
*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 are measured from the closest month-end to the Fund’s inception date.
| | | | |
| Prudential Day One Funds | | | 31 | |
Prudential Day One 2055 Fund
Your Fund’s Performance(continued)
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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2055 Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
| | |
| 32 | | Visit our website at pgiminvestments.com |
Presentation of Fund Holdings
| | | | |
Prudential Day One 2055 Fund Top Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 24.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 21.0% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 16.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 10.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 7.9% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 7.1% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 5.0% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 3.0% |
Holdings reflect only long-term investments and are subject to change.
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| Prudential Day One Funds | | | 33 | |
Prudential Day One 2060 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | | | |
| | |
| | | Total Returns as of 1/31/20 | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Class R1 | | 5.65 | | 12.01 | | 8.81 (12/13/16) |
| Class R2 | | 5.82 | | 12.39 | | 9.08 (12/13/16) |
| Class R3 | | 5.88 | | 12.55 | | 9.26 (12/13/16) |
| Class R4 | | 5.94 | | 12.61 | | 9.36 (12/13/16) |
| Class R5 | | 5.98 | | 12.75 | | 9.47 (12/13/16) |
| Class R6 | | 6.05 | | 12.92 | | 9.61 (12/13/16) |
| Prudential Day One 2060 Custom Benchmark |
| | 7.13 | | 15.37 | | 11.69 |
| S&P Target Date 2060+ Index |
| | | 6.59 | | 14.65 | | 11.19 |
*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 are measured from the closest month-end to the Fund’s inception date.
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| 34 | | 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 the original purchase price or the 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 Index1,2, 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2060+ Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes, would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
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| Prudential Day One Funds | | | 35 | |
Prudential Day One 2060 Fund
Your Fund’s Performance(continued)
Presentation of Fund Holdings
| | | | |
Prudential Day One 2060 Fund Top Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 24.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 23.0% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 16.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 10.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 8.9% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 5.0% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 4.1% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 3.0% |
Holdings reflect only long-term investments and are subject to change.
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| 36 | | Visit our website at pgiminvestments.com |
Prudential Day One 2065 Fund
Your Fund’s Performance
Performance data quoted represent past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted. An investor may obtain performance data as of the most recent month-end by visiting our website atpgiminvestments.com or by calling (800) 225-1852.
| | | | |
| |
| | | Total Returns as of 1/31/20 |
| | | | | Since Inception (%) |
| Class R1 | | | | –0.95 (12/16/19)
|
| Class R2 | | | | –0.94 (12/16/19)
|
| Class R3 | | | | –0.93 (12/16/19)
|
| Class R4 | | | | –0.93 (12/16/19)
|
| Class R5 | | | | –0.92 (12/16/19)
|
| Class R6 | | | | –0.92 (12/16/19)
|
| Prudential Day One 2065 Custom Benchmark |
| | | | –1.27 |
| S&P Target Date 2060+ Index |
| | | | | –1.16 |
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 are measured from the closest month-end to the Fund’s inception date.
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| Prudential Day One Funds | | | 37 | |
Prudential Day One 2065 Fund
Your Fund’s Performance(continued)
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 the original purchase price or the 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 2065 Custom Benchmark—The Prudential Day One 2065 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 Glidepath, the custom benchmark allocations also change over time. All indices are unmanaged.
S&P Target Date® 2060+ Index—The S&P Target Date Index series is comprised of 12 multi-asset class indices, each of which (with the exception of the S&P Target Date Retirement Income Index) corresponds to a particular 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 relative to the respective target date.
Investors cannot invest directly in an index. The returns for the Indexes would be lower if they included the effects of sales charges, operating expenses of a mutual fund, or taxes.
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| 38 | | Visit our website at pgiminvestments.com |
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.
Presentation of Fund Holdings
| | | | |
| | |
Prudential Day One 2065 Fund Top Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 24.9% |
| PGIM QMA International Developed Markets Index Fund | | International Developed Markets | | 24.0% |
| PGIM QMA US Broad Market Index Fund | | Broad Market | | 16.0% |
| PGIM QMA Mid-Cap Core Equity Fund | | Mid Cap | | 10.0% |
| PGIM QMA Emerging Markets Equity Fund | | Emerging Markets | | 8.9% |
| PGIM Global Real Estate Fund | | Real Estate | | 5.0% |
| PGIM Jennison Small-Cap Core Equity Fund | | Small Cap | | 5.0% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 3.1% |
| PGIM QMA Commodity Strategies Fund | | Commodity | | 3.0% |
Holdings reflect only long-term investments and are subject to change.
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| Prudential Day One Funds | | | 39 | |
Fees and Expenses
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, 2020. 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 PGIM funds, including the Funds, that you own. You should consider the additional fees that were charged to your Fund
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| 40 | | Visit our website at pgiminvestments.com |
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.
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| | | | |
Prudential Day One
Income Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,042.40 | | | | 1.15 | % | | $ | 5.90 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,044.20 | | | | 0.90 | % | | $ | 4.62 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,044.20 | | | | 0.75 | % | | $ | 3.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,044.10 | | | | 0.65 | % | | $ | 3.34 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,045.60 | | | | 0.55 | % | | $ | 2.83 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,046.60 | | | | 0.40 | % | | $ | 2.06 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
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| Prudential Day One Funds | | | 41 | |
Fees and Expenses(continued)
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2015 Fund | | Beginning Account
Value August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,044.00 | | | | 1.15 | % | | $ | 5.91 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,045.70 | | | | 0.90 | % | | $ | 4.63 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,047.00 | | | | 0.75 | % | | $ | 3.86 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,047.30 | | | | 0.65 | % | | $ | 3.35 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,047.90 | | | | 0.55 | % | | $ | 2.83 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,048.60 | | | | 0.40 | % | | $ | 2.06 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2020 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,046.90 | | | | 1.15 | % | | $ | 5.92 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,047.40 | | | | 0.90 | % | | $ | 4.63 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,048.90 | | | | 0.75 | % | | $ | 3.86 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,048.90 | | | | 0.65 | % | | $ | 3.35 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,050.00 | | | | 0.55 | % | | $ | 2.83 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,050.70 | | | | 0.40 | % | | $ | 2.06 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
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| 42 | | Visit our website at pgiminvestments.com |
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| | | | |
Prudential Day One
2025 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,048.70 | | | | 1.15 | % | | $ | 5.92 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,049.90 | | | | 0.90 | % | | $ | 4.64 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,050.60 | | | | 0.75 | % | | $ | 3.87 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,051.70 | | | | 0.65 | % | | $ | 3.35 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,052.40 | | | | 0.55 | % | | $ | 2.84 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,053.10 | | | | 0.40 | % | | $ | 2.06 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | | | | | | | | | | | | | | | |
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Prudential Day One
2030 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,055.00 | | | | 1.15 | % | | $ | 5.94 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,055.60 | | | | 0.90 | % | | $ | 4.65 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,057.10 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,057.70 | | | | 0.65 | % | | $ | 3.36 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,058.20 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,058.70 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | |
| Prudential Day One Funds | | | 43 | |
Fees and Expenses(continued)
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2035 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,057.60 | | | | 1.15 | % | | $ | 5.95 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,058.40 | | | | 0.90 | % | | $ | 4.66 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,059.80 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,059.80 | | | | 0.65 | % | | $ | 3.37 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,060.80 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,062.30 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2040 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,056.60 | | | | 1.15 | % | | $ | 5.95 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,057.10 | | | | 0.90 | % | | $ | 4.65 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,058.60 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,059.70 | | | | 0.65 | % | | $ | 3.37 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,059.70 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,060.20 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | |
| 44 | | Visit our website at pgiminvestments.com |
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2045 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,058.60 | | | | 1.15 | % | | $ | 5.95 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,059.30 | | | | 0.90 | % | | $ | 4.66 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,059.90 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,061.20 | | | | 0.65 | % | | $ | 3.37 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,061.70 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,062.30 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2050 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,057.60 | | | | 1.15 | % | | $ | 5.95 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,059.60 | | | | 0.90 | % | | $ | 4.66 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,059.90 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,060.70 | | | | 0.65 | % | | $ | 3.37 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,060.60 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,061.80 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | |
| Prudential Day One Funds | | | 45 | |
Fees and Expenses(continued)
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2055 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,057.10 | | | | 1.15 | % | | $ | 5.95 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,058.20 | | | | 0.90 | % | | $ | 4.66 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,058.90 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,059.30 | | | | 0.65 | % | | $ | 3.36 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,060.50 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,060.50 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2060 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual | | $ | 1,000.00 | | | $ | 1,056.50 | | | | 1.15 | % | | $ | 5.94 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual | | $ | 1,000.00 | | | $ | 1,058.20 | | | | 0.90 | % | | $ | 4.66 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual | | $ | 1,000.00 | | | $ | 1,058.80 | | | | 0.75 | % | | $ | 3.88 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual | | $ | 1,000.00 | | | $ | 1,059.40 | | | | 0.65 | % | | $ | 3.36 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual | | $ | 1,000.00 | | | $ | 1,059.80 | | | | 0.55 | % | | $ | 2.85 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,060.50 | | | | 0.40 | % | | $ | 2.07 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
| | |
| 46 | | Visit our website at pgiminvestments.com |
| | | | | | | | | | | | | | | | | | |
| | | | |
Prudential Day One
2065 Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R1 | | Actual** | | $ | 1,000.00 | | | $ | 990.50 | | | | 1.15 | % | | $ | 1.47 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,019.36 | | | | 1.15 | % | | $ | 5.84 | |
| Class R2 | | Actual** | | $ | 1,000.00 | | | $ | 990.60 | | | | 0.90 | % | | $ | 1.15 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,020.61 | | | | 0.90 | % | | $ | 4.57 | |
| Class R3 | | Actual** | | $ | 1,000.00 | | | $ | 990.70 | | | | 0.75 | % | | $ | 0.96 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.37 | | | | 0.75 | % | | $ | 3.81 | |
| Class R4 | | Actual** | | $ | 1,000.00 | | | $ | 990.70 | | | | 0.65 | % | | $ | 0.83 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,021.87 | | | | 0.65 | % | | $ | 3.30 | |
| Class R5 | | Actual** | | $ | 1,000.00 | | | $ | 990.80 | | | | 0.55 | % | | $ | 0.70 | |
| | Hypothetical | | $ | 1,000.00 | | | $ | 1,022.37 | | | | 0.55 | % | | $ | 2.80 | |
| Class R6 | | Actual** | | $ | 1,000.00 | | | $ | 990.80 | | | | 0.40 | % | | $ | 0.51 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
* 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, 2020, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
** “Actual” expenses are calculated using the 47 day period ended January 31, 2020 due to the Fund inception date of December 16, 2019.
| | | | |
| Prudential Day One Funds | | | 47 | |
Prudential Day One Income Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 89.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 234,742 | | | $ | 2,441,319 | |
PGIM Global Real Estate Fund (Class R6) | | | 36,626 | | | | 904,298 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 12,224 | | | | 148,647 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 84,072 | | | | 755,805 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 62,083 | | | | 748,096 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 102,650 | | | | 1,637,264 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 13,414 | | | | 148,892 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 61,594 | | | | 894,954 | |
PGIM TIPS Fund (Class R6) | | | 344,751 | | | | 3,506,117 | |
PGIM Total Return Bond Fund (Class R6) | | | 165,671 | | | | 2,441,983 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $12,890,479) | | | | | | | 13,627,375 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 10.5% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $1,584,147) | | | 1,584,147 | | | | 1,584,147 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.4%
(cost $14,474,626)(w) | | | | | | | 15,211,522 | |
Liabilities in excess of other assets (0.4)% | | | | | | | (53,474 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 15,158,048 | |
| | | | | | | | |
| * | Non-income producing security. |
| (w) | PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests. |
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 49 | |
Prudential Day One Income Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 15,211,522 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
TIPS | | | 23.1 | % |
Total Return Bond | | | 16.1 | |
Core Bond | | | 16.1 | |
Large Cap | | | 10.8 | |
Short Term | | | 10.5 | |
Real Estate | | | 6.0 | |
Broad Market | | | 5.9 | |
Commodity | | | 5.0 | |
International Developed Markets | | | 4.9 | |
| | | | |
Mid Cap | | | 1.0 | % |
Small Cap | | | 1.0 | |
| | | | |
| | | 100.4 | |
Liabilities in excess of other assets | | | (0.4 | ) |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One Income Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $14,474,626) | | $ | 15,211,522 | |
Receivable for investments sold | | | 31,562 | |
Due from Manager | | | 26,502 | |
Receivable for Fund shares sold | | | 18,478 | |
Prepaid expenses | | | 43,606 | |
| | | | |
Total Assets | | | 15,331,670 | |
| | | | |
| |
Liabilities | | | | |
Custodian and accounting fees payable | | | 68,016 | |
Payable for investments purchased | | | 51,434 | |
Legal fees and expenses payable | | | 39,321 | |
Audit fee payable | | | 10,245 | |
Accrued expenses and other liabilities | | | 2,602 | |
Affiliated transfer agent fee payable | | | 1,176 | |
Distribution fee payable | | | 436 | |
Affiliated shareholder servicing fees payable | | | 254 | |
Payable for Fund shares reacquired | | | 138 | |
| | | | |
Total Liabilities | | | 173,622 | |
| | | | |
| |
Net Assets | | $ | 15,158,048 | |
| �� | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,395 | |
Paid-in capital in excess of par | | | 14,785,931 | |
Total distributable earnings (loss) | | | 370,722 | |
| | | | |
Net assets, January 31, 2020 | | $ | 15,158,048 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 51 | |
Prudential Day One Income Fund
Statement of Assets & Liabilities(unaudited) (continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($23,756 ÷ 2,190 shares of beneficial interest issued and outstanding) | | $ | 10.85 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($1,333,796 ÷ 122,947 shares of beneficial interest issued and outstanding) | | $ | 10.85 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($1,738,618 ÷ 160,176 shares of beneficial interest issued and outstanding) | | $ | 10.85 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($24,298 ÷ 2,239 shares of beneficial interest issued and outstanding) | | $ | 10.85 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($902,289 ÷ 83,158 shares of beneficial interest issued and outstanding) | | $ | 10.85 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($11,135,291 ÷ 1,024,771 shares of beneficial interest issued and outstanding) | | $ | 10.87 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One Income Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 147,697 | |
| |
Expenses | | | | |
Management fee | | | 1,064 | |
Distribution fee(a) | | | 2,511 | |
Shareholder servicing fees (including affiliated expense of $1,461)(a) | | | 1,461 | |
Custodian and accounting fees | | | 59,303 | |
Registration fees(a) | | | 35,640 | |
Audit fee | | | 10,245 | |
Legal fees and expenses | | | 8,518 | |
Trustees’ fees | | | 5,450 | |
Shareholders’ reports | | | 5,242 | |
Transfer agent’s fees and expenses (including affiliated expense of $2,790)(a) | | | 2,790 | |
Miscellaneous | | | 6,995 | |
| | | | |
Total expenses | | | 139,219 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (133,171 | ) |
| | | | |
Net expenses | | | 6,048 | |
| | | | |
Net investment income (loss) | | | 141,649 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (42,656 | ) |
Net capital gain distributions received | | | 121,380 | |
| | | | |
| | | 78,724 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 227,281 | |
| | | | |
Net gain (loss) on investment transactions | | | 306,005 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 447,654 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 33 | | | | 1,696 | | | | 782 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | — | | | | 678 | | | | 783 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,939 | | | | 5,941 | | | | 5,940 | | | | 5,940 | | | | 5,940 | | | | 5,940 | |
Transfer agent’s fees and expenses | | | 22 | | | | 1,069 | | | | 1,259 | | | | 49 | | | | 56 | | | | 335 | |
Fee waiver and/or expense reimbursement | | | (6,064 | ) | | | (18,746 | ) | | | (20,609 | ) | | | (6,097 | ) | | | (7,232 | ) | | | (74,423 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 53 | |
Prudential Day One Income Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 141,649 | | | $ | 229,347 | |
Net realized gain (loss) on investment transactions | | | (42,656 | ) | | | (176,337 | ) |
Net capital gain distributions received | | | 121,380 | | | | 185,543 | |
Net change in unrealized appreciation (depreciation) on investments | | | 227,281 | | | | 247,270 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 447,654 | | | | 485,823 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (350 | ) | | | (318 | ) |
Class R2 | | | (40,963 | ) | | | (30,436 | ) |
Class R3 | | | (50,571 | ) | | | (45,502 | ) |
Class R4 | | | (407 | ) | | | (476 | ) |
Class R5 | | | (2,305 | ) | | | (1,892 | ) |
Class R6 | | | (241,257 | ) | | | (231,940 | ) |
| | | | | | | | |
| | | (335,853 | ) | | | (310,564 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 1,628,779 | | | | 6,027,606 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 335,853 | | | | 310,564 | |
Net asset value of shares issued in merger | | | 4,931,174 | | | | — | |
Cost of shares reacquired | | | (1,819,691 | ) | | | (2,357,048 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 5,076,115 | | | | 3,981,122 | |
| | | | | | | | |
Total increase (decrease) | | | 5,187,916 | | | | 4,156,381 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 9,970,132 | | | | 5,813,751 | |
| | | | | | | | |
End of period | | $ | 15,158,048 | | | $ | 9,970,132 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2015 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 90.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 195,001 | | | $ | 2,028,015 | |
PGIM Global Real Estate Fund (Class R6) | | | 34,776 | | | | 858,620 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 11,606 | | | | 141,134 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 79,825 | | | | 717,630 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 70,734 | | | | 852,349 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 106,322 | | | | 1,695,836 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 25,471 | | | | 282,733 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 68,228 | | | | 991,347 | |
PGIM TIPS Fund (Class R6) | | | 313,109 | | | | 3,184,315 | |
PGIM Total Return Bond Fund (Class R6) | | | 157,279 | | | | 2,318,295 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $12,477,317) | | | | | | | 13,070,274 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 9.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $1,313,406) | | | 1,313,406 | | | | 1,313,406 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $13,790,723)(w) | | | | | | | 14,383,680 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (4,137 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 14,379,543 | |
| | | | | | | | |
| * | Non-income producing security. |
| (w) | PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying funds in which the Fund invests. |
Fair Value Measurements:
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.
Level 1—unadjusted quoted prices generally in active markets for identical securities.
Level 2—quoted prices for similar securities, interest rates and yield curves, prepayment speeds, foreign currency exchange rates and other observable inputs.
Level 3—unobservable inputs for securities valued in accordance with Board approved fair valuation procedures.
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 55 | |
Prudential Day One 2015 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 14,383,680 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
TIPS | | | 22.1 | % |
Total Return Bond | | | 16.1 | |
Core Bond | | | 14.1 | |
Large Cap | | | 11.8 | |
Short Term | | | 9.1 | |
Broad Market | | | 6.9 | |
Real Estate | | | 6.0 | |
International Developed Markets | | | 5.9 | |
Commodity | | | 5.0 | |
| | | | |
Mid Cap | | | 2.0 | % |
Small Cap | | | 1.0 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2015 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $13,790,723) | | $ | 14,383,680 | |
Receivable for investments sold | | | 43,781 | |
Due from Manager | | | 22,046 | |
Receivable for Fund shares sold | | | 10,868 | |
Prepaid expenses | | | 34,929 | |
| | | | |
Total Assets | | | 14,495,304 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 41,666 | |
Custodian and accounting fees payable | | | 38,477 | |
Payable for Fund shares reacquired | | | 14,363 | |
Accrued expenses and other liabilities | | | 10,821 | |
Audit fee payable | | | 10,272 | |
Affiliated transfer agent fee payable | | | 148 | |
Distribution fee payable | | | 14 | |
| | | | |
Total Liabilities | | | 115,761 | |
| | | | |
| |
Net Assets | | $ | 14,379,543 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,309 | |
Paid-in capital in excess of par | | | 13,926,429 | |
Total distributable earnings (loss) | | | 451,805 | |
| | | | |
Net assets, January 31, 2020 | | $ | 14,379,543 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 57 | |
Prudential Day One 2015 Fund
Statement of Assets & Liabilities(unaudited)(continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($11,924 ÷ 1,086 shares of beneficial interest issued and outstanding) | | $ | 10.98 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($40,344 ÷ 3,671 shares of beneficial interest issued and outstanding) | | $ | 10.99 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($12,075 ÷ 1,099 shares of beneficial interest issued and outstanding) | | $ | 10.99 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($12,103 ÷ 1,102 shares of beneficial interest issued and outstanding) | | $ | 10.98 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($230,491 ÷ 20,961 shares of beneficial interest issued and outstanding) | | $ | 11.00 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($14,072,606 ÷ 1,280,715 shares of beneficial interest issued and outstanding) | | $ | 10.99 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2015 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 186,107 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 1,235 | |
Distribution fee(a) | | | 78 | |
Custodian and accounting fees | | | 59,610 | |
Registration fees(a) | | | 35,603 | |
Audit fee | | | 10,272 | |
Legal fees and expenses | | | 8,520 | |
Trustees’ fees | | | 5,450 | |
Shareholders’ reports | | | 5,064 | |
Transfer agent’s fees and expenses (including affiliated expense of $ 377)(a) | | | 451 | |
Miscellaneous | | | 6,996 | |
| | | | |
Total expenses | | | 133,279 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (133,738 | ) |
| | | | |
Net expenses | | | (459 | ) |
| | | | |
Net investment income (loss) | | | 186,566 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (38,717 | ) |
Net capital gain distributions received | | | 160,531 | |
| | | | |
| | | 121,814 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 268,425 | |
| | | | |
Net gain (loss) on investment transactions | | | 390,239 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 576,805 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 29 | | | | 43 | | | | 6 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,933 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | |
Transfer agent’s fees and expenses | | | 22 | | | | 42 | | | | 22 | | | | 30 | | | | 58 | | | | 277 | |
Fee waiver and/or expense reimbursement | | | (6,034 | ) | | | (6,202 | ) | | | (6,034 | ) | | | (6,044 | ) | | | (6,368 | ) | | | (103,056 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 59 | |
Prudential Day One 2015 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 186,566 | | | $ | 259,923 | |
Net realized gain (loss) on investment transactions | | | (38,717 | ) | | | (179,075 | ) |
Net capital gain distributions received | | | 160,531 | | | | 243,889 | |
Net change in unrealized appreciation (depreciation) on investments | | | 268,425 | | | | 199,245 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 576,805 | | | | 523,982 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (427 | ) | | | (369 | ) |
Class R2 | | | (1,508 | ) | | | (397 | ) |
Class R3 | | | (476 | ) | | | (414 | ) |
Class R4 | | | (491 | ) | | | (3,183 | ) |
Class R5 | | | (2,248 | ) | | | (986 | ) |
Class R6 | | | (544,114 | ) | | | (386,009 | ) |
| | | | | | | | |
| | | (549,264 | ) | | | (391,358 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 4,382,194 | | | | 4,105,944 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 549,264 | | | | 392,135 | |
Cost of shares reacquired | | | (1,746,836 | ) | | | (2,162,180 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 3,184,622 | | | | 2,335,899 | |
| | | | | | | | |
Total increase (decrease) | | | 3,212,163 | | | | 2,468,523 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 11,167,380 | | | | 8,698,857 | |
| | | | | | | | |
End of period | | $ | 14,379,543 | | | $ | 11,167,380 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2020 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 91.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 593,697 | | | $ | 6,174,452 | |
PGIM Global Real Estate Fund (Class R6) | | | 123,513 | | | | 3,049,529 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 41,232 | | | | 501,385 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 283,527 | | | | 2,548,912 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 293,102 | | | | 3,531,880 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 503,583 | | | | 8,032,145 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 90,486 | | | | 1,004,396 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 276,981 | | | | 4,024,537 | |
PGIM TIPS Fund (Class R6) | | | 1,010,992 | | | | 10,281,790 | |
PGIM Total Return Bond Fund (Class R6) | | | 523,749 | | | | 7,720,061 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $44,498,415) | | | | | | | 46,869,087 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 8.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $4,148,892) | | | 4,148,892 | | | | 4,148,892 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $48,647,307)(w) | | | | | | | 51,017,979 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (11,961 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 51,006,018 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 61 | |
Prudential Day One 2020 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 51,017,979 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
TIPS | | | 20.2 | % |
Large Cap | | | 15.7 | |
Total Return Bond | | | 15.1 | |
Core Bond | | | 12.1 | |
Short Term | | | 8.1 | |
Broad Market | | | 7.9 | |
International Developed Markets | | | 6.9 | |
Real Estate | | | 6.0 | |
Commodity | | | 5.0 | |
Mid Cap | | | 2.0 | |
Small Cap | | | 1.0 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2020 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $48,647,307) | | $ | 51,017,979 | |
Receivable for investments sold | | | 231,075 | |
Receivable for Fund shares sold | | | 78,111 | |
Due from Manager | | | 22,425 | |
Prepaid expenses | | | 35,029 | |
| | | | |
Total Assets | | | 51,384,619 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 309,202 | |
Custodian and accounting fees payable | | | 38,270 | |
Accrued expenses and other liabilities | | | 18,916 | |
Payable for Fund shares reacquired | | | 8,366 | |
Affiliated transfer agent fee payable | | | 2,521 | |
Distribution fee payable | | | 905 | |
Affiliated shareholder servicing fees payable | | | 421 | |
| | | | |
Total Liabilities | | | 378,601 | |
| | | | |
| |
Net Assets | | $ | 51,006,018 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 4,564 | |
Paid-in capital in excess of par | | | 49,158,568 | |
Total distributable earnings (loss) | | | 1,842,886 | |
| | | | |
Net assets, January 31, 2020 | | $ | 51,006,018 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 63 | |
Prudential Day One 2020 Fund
Statement of Assets & Liabilities(unaudited) (continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($12,076 ÷ 1,079 shares of beneficial interest issued and outstanding) | | $ | 11.19 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($3,764,374 ÷ 336,277 shares of beneficial interest issued and outstanding) | | $ | 11.19 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($1,317,738 ÷ 117,576 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($12,273 ÷ 1,095 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($4,042,619 ÷ 360,612 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share, | | | | |
($41,856,938 ÷ 3,747,705 shares of beneficial interest issued and outstanding) | | $ | 11.17 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2020 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 715,361 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 4,681 | |
Distribution fee(a) | | | 5,241 | |
Shareholder servicing fees (including affiliated expense of $2,454)(a) | | | 2,467 | |
Custodian and accounting fees | | | 59,326 | |
Registration fees(a) | | | 35,859 | |
Audit fee | | | 10,272 | |
Legal fees and expenses | | | 8,531 | |
Transfer agent’s fees and expenses (including affiliated expense of $6,951)(a) | | | 6,951 | |
Trustees’ fees | | | 5,506 | |
Shareholders’ reports | | | 5,056 | |
Miscellaneous | | | 7,019 | |
| | | | |
Total expenses | | | 150,909 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (138,368 | ) |
| | | | |
Net expenses | | | 12,541 | |
| | | | |
Net investment income (loss) | | | 702,820 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (159,050 | ) |
Net capital gain distributions received | | | 624,031 | |
| | | | |
| | | 464,981 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,130,321 | |
| | | | |
Net gain (loss) on investment transactions | | | 1,595,302 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 2,298,122 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 30 | | | | 4,574 | | | | 637 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | — | | | | 1,830 | | | | 637 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,977 | | | | 5,976 | | | | 5,976 | | | | 5,976 | | | | 5,976 | | | | 5,978 | |
Transfer agent’s fees and expenses | | | 21 | | | | 2,409 | | | | 938 | | | | 33 | | | | 3,060 | | | | 490 | |
Fee waiver and/or expense reimbursement | | | (6,008 | ) | | | (13,646 | ) | | | (8,746 | ) | | | (6,020 | ) | | | (14,873 | ) | | | (89,075 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 65 | |
Prudential Day One 2020 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 702,820 | | | $ | 926,922 | |
Net realized gain (loss) on investment transactions | | | (159,050 | ) | | | (802,876 | ) |
Net capital gain distributions received | | | 624,031 | | | | 1,053,090 | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,130,321 | | | | 716,872 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,298,122 | | | | 1,894,008 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (436 | ) | | | (309 | ) |
Class R2 | | | (143,677 | ) | | | (73,312 | ) |
Class R3 | | | (53,639 | ) | | | (39,719 | ) |
Class R4 | | | (497 | ) | | | (2,046 | ) |
Class R5 | | | (170,633 | ) | | | (131,171 | ) |
Class R6 | | | (1,695,017 | ) | | | (1,057,196 | ) |
| | | | | | | | |
| | | (2,063,899 | ) | | | (1,303,753 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 8,597,580 | | | | 20,455,132 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 2,063,899 | | | | 1,303,753 | |
Cost of shares reacquired | | | (3,411,599 | ) | | | (8,918,999 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 7,249,880 | | | | 12,839,886 | |
| | | | | | | | |
Total increase (decrease) | | | 7,484,103 | | | | 13,430,141 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 43,521,915 | | | | 30,091,774 | |
| | | | | | | | |
End of period | | $ | 51,006,018 | | | $ | 43,521,915 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2025 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 92.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 522,729 | | | $ | 5,436,378 | |
PGIM Global Real Estate Fund (Class R6) | | | 144,996 | | | | 3,579,951 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 48,405 | | | | 588,606 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 332,843 | | | | 2,992,258 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 442,396 | | | | 5,330,876 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 665,082 | | | | 10,608,058 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 106,227 | | | | 1,179,119 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 365,808 | | | | 5,315,194 | |
PGIM TIPS Fund (Class R6) | | | 1,127,490 | | | | 11,466,576 | |
PGIM Total Return Bond Fund (Class R6) | | | 614,858 | | | | 9,063,013 | |
TOTAL LONG-TERM INVESTMENTS
(cost $52,567,093) | | | | | | | 55,560,029 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 7.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $4,266,052) | | | 4,266,052 | | | | 4,266,052 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $56,833,145)(w) | | | | | | | 59,826,081 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (10,690 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 59,815,391 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 59,826,081 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
TIPS | | | 19.2 | % |
Large Cap | | | 17.7 | |
Total Return Bond | | | 15.1 | |
Core Bond | | | 9.1 | |
International Developed Markets | | | 8.9 | |
Broad Market | | | 8.9 | |
Short Term | | | 7.1 | |
Real Estate | | | 6.0 | |
Commodity | | | 5.0 | |
| | | | |
Mid Cap | | | 2.0 | % |
Small Cap | | | 1.0 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2025 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $56,833,145) | | $ | 59,826,081 | |
Receivable for investments sold | | | 231,525 | |
Receivable for Fund shares sold | | | 210,739 | |
Due from Manager | | | 22,528 | |
Prepaid expenses | | | 35,159 | |
| | | | |
Total Assets | | | 60,326,032 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 432,096 | |
Custodian and accounting fees payable | | | 38,279 | |
Accrued expenses and other liabilities | | | 19,194 | |
Payable for Fund shares reacquired | | | 17,221 | |
Affiliated transfer agent fee payable | | | 2,415 | |
Distribution fee payable | | | 743 | |
Affiliated shareholder servicing fees payable | | | 693 | |
| | | | |
Total Liabilities | | | 510,641 | |
| | | | |
| |
Net Assets | | $ | 59,815,391 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 5,330 | |
Paid-in capital in excess of par | | | 57,750,448 | |
Total distributable earnings (loss) | | | 2,059,613 | |
| | | | |
Net assets, January 31, 2020 | | $ | 59,815,391 | |
| | | | |
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, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($12,243 ÷ 1,093 shares of beneficial interest issued and outstanding) | | $ | 11.20 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($321,769 ÷ 28,703 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($8,223,835 ÷ 733,419 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($12,436 ÷ 1,109 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($292,959 ÷ 26,130 shares of beneficial interest issued and outstanding) | | $ | 11.21 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($50,952,149 ÷ 4,539,283 shares of beneficial interest issued and outstanding) | | $ | 11.22 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2025 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 846,843 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 5,427 | |
Distribution fee(a) | | | 4,715 | |
Shareholder servicing fees (including affiliated expense of $3,963)(a) | | | 4,146 | |
Custodian and accounting fees | | | 59,333 | |
Registration fees(a) | | | 35,724 | |
Audit fee | | | 10,272 | |
Legal fees and expenses | | | 8,546 | |
Transfer agent’s fees and expenses (including affiliated expense of $6,927)(a) | | | 7,377 | |
Trustees’ fees | | | 5,548 | |
Shareholders’ reports | | | 4,974 | |
Miscellaneous | | | 7,015 | |
| | | | |
Total expenses | | | 153,077 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (138,892 | ) |
| | | | |
Net expenses | | | 14,185 | |
| | | | |
Net investment income (loss) | | | 832,658 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (254,865 | ) |
Net capital gain distributions received | | | 758,970 | |
| | | | |
| | | 504,105 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,413,281 | |
| | | | |
Net gain (loss) on investment transactions | | | 1,917,386 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 2,750,044 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 582 | | | | 172 | | | | 3,961 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 116 | | | | 69 | | | | 3,961 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,954 | | | | 5,954 | | | | 5,954 | | | | 5,954 | | | | 5,954 | | | | 5,954 | |
Transfer agent’s fees and expenses | | | 534 | | | | 221 | | | | 5,849 | | | | 30 | | | | 190 | | | | 553 | |
Fee waiver and/or expense reimbursement | | | (6,767 | ) | | | (6,330 | ) | | | (20,799 | ) | | | (5,993 | ) | | | (6,491 | ) | | | (92,512 | ) |
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, 2020 | | | Year Ended July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 832,658 | | | $ | 1,040,001 | |
Net realized gain (loss) on investment transactions | | | (254,865 | ) | | | (1,132,568 | ) |
Net capital gain distributions received | | | 758,970 | | | | 1,461,984 | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,413,281 | | | | 839,486 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,750,044 | | | | 2,208,903 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (505 | ) | | | (21,333 | ) |
Class R2 | | | (5,909 | ) | | | (676 | ) |
Class R3 | | | (365,778 | ) | | | (256,516 | ) |
Class R4 | | | (568 | ) | | | (1,775 | ) |
Class R5 | | | (13,119 | ) | | | (2,238 | ) |
Class R6 | | | (2,243,894 | ) | | | (1,479,753 | ) |
| | | | | | | | |
| | | (2,629,773 | ) | | | (1,762,291 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 12,481,428 | | | | 25,275,277 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 2,629,773 | | | | 1,762,291 | |
Cost of shares reacquired | | | (5,180,472 | ) | | | (10,309,438 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 9,930,729 | | | | 16,728,130 | |
| | | | | | | | |
Total increase (decrease) | | | 10,051,000 | | | | 17,174,742 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 49,764,391 | | | | 32,589,649 | |
| | | | | | | | |
End of period | | $ | 59,815,391 | | | $ | 49,764,391 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2030 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 94.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 350,215 | | | $ | 3,642,232 | |
PGIM Global Real Estate Fund (Class R6) | | | 124,890 | | | | 3,083,534 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 83,381 | | | | 1,013,914 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 229,354 | | | | 2,061,893 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 92,522 | | | | 1,014,037 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 465,715 | | | | 5,611,862 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 700,122 | | | | 11,166,953 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 137,238 | | | | 1,523,345 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 420,092 | | | | 6,103,940 | |
PGIM TIPS Fund (Class R6) | | | 664,500 | | | | 6,757,968 | |
PGIM Total Return Bond Fund (Class R6) | | | 459,020 | | | | 6,765,960 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $45,896,844) | | | | | | | 48,745,638 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 5.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $2,648,271) | | | 2,648,271 | | | | 2,648,271 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $48,545,115)(w) | | | | | | | 51,393,909 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (18,071 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 51,375,838 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 73 | |
Prudential Day One 2030 Fund
Schedule of Investments(unaudited)(continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 51,393,909 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 21.7 | % |
Total Return Bond | | | 13.2 | |
TIPS | | | 13.1 | |
Broad Market | | | 11.9 | |
International Developed Markets | | | 10.9 | |
Core Bond | | | 7.1 | |
Real Estate | | | 6.0 | |
Short Term | | | 5.1 | |
Commodity | | | 4.0 | |
Mid Cap | | | 3.0 | |
| | | | |
Emerging Markets | | | 2.0 | % |
Small Cap | | | 2.0 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2030 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $48,545,115) | | $ | 51,393,909 | |
Receivable for investments sold | | | 236,816 | |
Receivable for Fund shares sold | | | 110,645 | |
Due from Manager | | | 22,974 | |
Prepaid expenses | | | 35,107 | |
| | | | |
Total Assets | | | 51,799,451 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 355,965 | |
Custodian and accounting fees payable | | | 38,170 | |
Accrued expenses and other liabilities | | | 18,835 | |
Payable for Fund shares reacquired | | | 6,397 | |
Affiliated transfer agent fee payable | | | 2,612 | |
Distribution fee payable | | | 1,112 | |
Affiliated shareholder servicing fees payable | | | 522 | |
| | | | |
Total Liabilities | | | 423,613 | |
| | | | |
| |
Net Assets | | $ | 51,375,838 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 4,453 | |
Paid-in capital in excess of par | | | 49,317,760 | |
Total distributable earnings (loss) | | | 2,053,625 | |
| | | | |
Net assets, January 31, 2020 | | $ | 51,375,838 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 75 | |
Prudential Day One 2030 Fund
Statement of Assets & Liabilities(unaudited)(continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($39,881 ÷ 3,460 shares of beneficial interest issued and outstanding) | | $ | 11.53 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($4,632,355 ÷ 401,637 shares of beneficial interest issued and outstanding) | | $ | 11.53 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($1,956,097 ÷ 169,699 shares of beneficial interest issued and outstanding) | | $ | 11.53 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($12,856 ÷ 1,117 shares of beneficial interest issued and outstanding) | | $ | 11.51 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($3,142,736 ÷ 272,593 shares of beneficial interest issued and outstanding) | | $ | 11.53 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($41,591,913 ÷ 3,604,159 shares of beneficial interest issued and outstanding) | | $ | 11.54 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2030 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 797,248 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 4,789 | |
Distribution fee(a) | | | 5,795 | |
Shareholder servicing fees (including affiliated expense of $2,759)(a) | | | 2,794 | |
Custodian and accounting fees | | | 59,391 | |
Registration fees(a) | | | 35,791 | |
Audit fee | | | 10,272 | |
Legal fees and expenses | | | 8,531 | |
Transfer agent’s fees and expenses (including affiliated expense of $6,853)(a) | | | 6,853 | |
Trustees’ fees | | | 5,508 | |
Shareholders’ reports | | | 4,716 | |
Miscellaneous | | | 7,013 | |
| | | | |
Total expenses | | | 151,453 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (138,226 | ) |
| | | | |
Net expenses | | | 13,227 | |
| | | | |
Net investment income (loss) | | | 784,021 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (257,640 | ) |
Net capital gain distributions received | | | 732,510 | |
| | | | |
| | | 474,870 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,449,021 | |
| | | | |
Net gain (loss) on investment transactions | | | 1,923,891 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 2,707,912 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 93 | | | | 4,878 | | | | 824 | | | | — | | | | — | | | �� | — | |
Shareholder servicing fees | | | 19 | | | | 1,951 | | | | 824 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,965 | | | | 5,965 | | | | 5,965 | | | | 5,965 | | | | 5,965 | | | | 5,966 | |
Transfer agent’s fees and expenses | | | 70 | | | | 2,810 | | | | 1,139 | | | | 136 | | | | 2,216 | | | | 482 | |
Fee waiver and/or expense reimbursement | | | (6,086 | ) | | | (14,159 | ) | | | (9,379 | ) | | | (6,113 | ) | | | (12,604 | ) | | | (89,885 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 77 | |
Prudential Day One 2030 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 784,021 | | | $ | 825,993 | |
Net realized gain (loss) on investment transactions | | | (257,640 | ) | | | (1,003,425 | ) |
Net capital gain distributions received | | | 732,510 | | | | 1,638,567 | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,449,021 | | | | 377,913 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,707,912 | | | | 1,839,048 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (1,801 | ) | | | (1,022 | ) |
Class R2 | | | (188,791 | ) | | | (115,451 | ) |
Class R3 | | | (86,812 | ) | | | (35,737 | ) |
Class R4 | | | (650 | ) | | | (28,267 | ) |
Class R5 | | | (167,696 | ) | | | (111,145 | ) |
Class R6 | | | (2,106,131 | ) | | | (1,208,259 | ) |
| | | | | | | | |
| | | (2,551,881 | ) | | | (1,499,881 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 9,695,161 | | | | 22,859,015 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 2,551,881 | | | | 1,499,881 | |
Cost of shares reacquired | | | (5,354,399 | ) | | | (9,672,196 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 6,892,643 | | | | 14,686,700 | |
| | | | | | | | |
Total increase (decrease) | | | 7,048,674 | | | | 15,025,867 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 44,327,164 | | | | 29,301,297 | |
| | | | | | | | |
End of period | | $ | 51,375,838 | | | $ | 44,327,164 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2035 Fund
Schedule of Investments (unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 97.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 184,040 | | | $ | 1,914,012 | |
PGIM Global Real Estate Fund (Class R6) | | | 76,569 | | | | 1,890,487 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 61,342 | | | | 745,918 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 168,739 | | | | 1,516,960 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 102,099 | | | | 1,119,000 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 404,918 | | | | 4,879,265 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 632,130 | | | | 10,082,479 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 134,619 | | | | 1,494,266 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 412,076 | | | | 5,987,465 | |
PGIM TIPS Fund (Class R6) | | | 338,463 | | | | 3,442,167 | |
PGIM Total Return Bond Fund (Class R6) | | | 259,771 | | | | 3,829,030 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $34,862,136) | | | | | | | 36,901,049 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 2.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $800,995) | | | 800,995 | | | | 800,995 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $35,663,131)(w) | | | | | | | 37,702,044 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (8,278 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 37,693,766 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 79 | |
Prudential Day One 2035 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 37,702,044 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 26.7 | % |
Broad Market | | | 15.9 | |
International Developed Markets | | | 12.9 | |
Total Return Bond | | | 10.2 | |
TIPS | | | 9.1 | |
Core Bond | | | 5.1 | |
Real Estate | | | 5.0 | |
Commodity | | | 4.0 | |
Mid Cap | | | 4.0 | |
Emerging Markets | | | 3.0 | |
| | | | |
Short Term | | | 2.1 | % |
Small Cap | | | 2.0 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2035 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $35,663,131) | | $ | 37,702,044 | |
Receivable for investments sold | | | 153,013 | |
Receivable for Fund shares sold | | | 108,355 | |
Due from Manager | | | 22,964 | |
Prepaid expenses | | | 35,277 | |
| | | | |
Total Assets | | | 38,021,653 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 251,072 | |
Custodian and accounting fees payable | | | 38,330 | |
Accrued expenses and other liabilities | | | 19,083 | |
Payable for Fund shares reacquired | | | 15,966 | |
Affiliated transfer agent fee payable | | | 2,135 | |
Distribution fee payable | | | 700 | |
Affiliated shareholder servicing fees payable | | | 601 | |
| | | | |
Total Liabilities | | | 327,887 | |
| | | | |
| |
Net Assets | | $ | 37,693,766 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 3,259 | |
Paid-in capital in excess of par | | | 36,345,045 | |
Total distributable earnings (loss) | | | 1,345,462 | |
| | | | |
Net assets, January 31, 2020 | | $ | 37,693,766 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 81 | |
Prudential Day One 2035 Fund
Statement of Assets & Liabilities(unaudited) (continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($25,175 ÷ 2,178 shares of beneficial interest issued and outstanding) | | $ | 11.56 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($389,802 ÷ 33,737 shares of beneficial interest issued and outstanding) | | $ | 11.55 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($7,122,966 ÷ 615,816 shares of beneficial interest issued and outstanding) | | $ | 11.57 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($13,041 ÷ 1,127 shares of beneficial interest issued and outstanding) | | $ | 11.57 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($127,482 ÷ 11,025 shares of beneficial interest issued and outstanding) | | $ | 11.56 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($30,015,300 ÷ 2,595,247 shares of beneficial interest issued and outstanding) | | $ | 11.57 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2035 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 590,127 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 3,430 | |
Distribution fee(a) | | | 3,875 | |
Shareholder servicing fees (including affiliated expense of $3,497)(a) | | | 3,549 | |
Custodian and accounting fees | | | 59,329 | |
Registration fees(a) | | | 35,603 | |
Audit fee | | | 10,272 | |
Legal fees and expenses | | | 8,529 | |
Transfer agent’s fees and expenses (including affiliated expense of $6,071)(a) | | | 6,134 | |
Trustees’ fees | | | 5,491 | |
Shareholders’ reports | | | 5,115 | |
Miscellaneous | | | 7,052 | |
| | | | |
Total expenses | | | 148,379 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (140,218 | ) |
| | | | |
Net expenses | | | 8,161 | |
| | | | |
Net investment income (loss) | | | 581,966 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (218,297 | ) |
Net capital gain distributions received | | | 515,119 | |
| | | | |
| | | 296,822 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,156,650 | |
| | | | |
Net gain (loss) on investment transactions | | | 1,453,472 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 2,035,438 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 61 | | | | 461 | | | | 3,353 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 12 | | | | 184 | | | | 3,353 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,933 | |
Transfer agent’s fees and expenses | | | 70 | | | | 617 | | | | 4,740 | | | | 29 | | | | 183 | | | | 495 | |
Fee waiver and/or expense reimbursement | | | (6,058 | ) | | | (7,392 | ) | | | (25,964 | ) | | | (5,985 | ) | | | (6,375 | ) | | | (88,444 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 83 | |
Prudential Day One 2035 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 581,966 | | | $ | 544,193 | |
Net realized gain (loss) on investment transactions | | | (218,297 | ) | | | (858,238 | ) |
Net capital gain distributions received | | | 515,119 | | | | 1,253,358 | |
Net change in unrealized appreciation (depreciation) on investments | | | 1,156,650 | | | | 83,693 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 2,035,438 | | | | 1,023,006 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (1,087 | ) | | | (504 | ) |
Class R2 | | | (17,401 | ) | | | (15,170 | ) |
Class R3 | | | (330,570 | ) | | | (278,108 | ) |
Class R4 | | | (623 | ) | | | (2,341 | ) |
Class R5 | | | (5,887 | ) | | | (3,726 | ) |
Class R6 | | | (1,424,727 | ) | | | (955,310 | ) |
| | | | | | | | |
| | | (1,780,295 | ) | | | (1,255,159 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 7,350,171 | | | | 15,152,438 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 1,780,295 | | | | 1,255,159 | |
Cost of shares reacquired | | | (2,757,480 | ) | | | (6,504,219 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 6,372,986 | | | | 9,903,378 | |
| | | | | | | | |
Total increase (decrease) | | | 6,628,129 | | | | 9,671,225 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 31,065,637 | | | | 21,394,412 | |
| | | | | | | | |
End of period | | $ | 37,693,766 | | | $ | 31,065,637 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2040 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 98.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 128,931 | | | $ | 1,340,884 | |
PGIM Global Real Estate Fund (Class R6) | | | 67,049 | | | | 1,655,437 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 80,571 | | | | 979,746 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 147,760 | | | | 1,328,359 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 149,005 | | | | 1,633,099 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 409,120 | | | | 4,929,892 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 533,026 | | | | 8,501,759 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 206,289 | | | | 2,289,806 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 360,836 | | | | 5,242,954 | |
PGIM TIPS Fund (Class R6) | | | 197,591 | | | | 2,009,498 | |
PGIM Total Return Bond Fund (Class R6) | | | 181,987 | | | | 2,682,487 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $30,867,684) | | | | | | | 32,593,921 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 1.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $365,299) | | | 365,299 | | | | 365,299 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $31,232,983)(w) | | | | | | | 32,959,220 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (4,611 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 32,954,609 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 85 | |
Prudential Day One 2040 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $
| 32,959,220
|
| | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 25.8 | % |
Broad Market | | | 15.9 | |
International Developed Markets | | | 15.0 | |
Total Return Bond | | | 8.1 | |
Mid Cap | | | 6.9 | |
TIPS | | | 6.1 | |
Real Estate | | | 5.0 | |
Emerging Markets | | | 5.0 | |
Core Bond | | | 4.1 | |
Commodity | | | 4.0 | |
| | | | |
Small Cap | | | 3.0 | % |
Short Term | | | 1.1 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2040 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $31,232,983) | | $ | 32,959,220 | |
Receivable for Fund shares sold | | | 121,377 | |
Receivable for investments sold | | | 115,254 | |
Due from Manager | | | 23,667 | |
Prepaid expenses | | | 35,278 | |
| | | | |
Total Assets | | | 33,254,796 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 230,758 | |
Custodian and accounting fees payable | | | 38,245 | |
Accrued expenses and other liabilities | | | 17,951 | |
Payable for Fund shares reacquired | | | 8,922 | |
Affiliated transfer agent fee payable | | | 3,086 | |
Distribution fee payable | | | 818 | |
Affiliated shareholder servicing fees payable | | | 407 | |
| | | | |
Total Liabilities | | | 300,187 | |
| | | | |
| |
Net Assets | | $ | 32,954,609 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 2,808 | |
Paid-in capital in excess of par | | | 31,607,257 | |
Total distributable earnings (loss) | | | 1,344,544 | |
| | | | |
Net assets, January 31, 2020 | | $ | 32,954,609 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 87 | |
Prudential Day One 2040 Fund
Statement of Assets & Liabilities (unaudited) (continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share ,
($18,833 ÷ 1,607 shares of beneficial interest issued and outstanding) | | $ | 11.72 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share ,
($3,121,249 ÷ 266,257 shares of beneficial interest issued and outstanding) | | $ | 11.72 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share ,
($1,878,863 ÷ 160,171 shares of beneficial interest issued and outstanding) | | $ | 11.73 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share ,
($13,182 ÷ 1,123 shares of beneficial interest issued and outstanding) | | $ | 11.74 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share ,
($6,299,425 ÷ 536,841 shares of beneficial interest issued and outstanding) | | $ | 11.73 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share ,
($21,623,057 ÷ 1,842,078 shares of beneficial interest issued and outstanding) | | $ | 11.74 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2040 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | �� | | |
Affiliated dividend income | | $ | 528,966 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 3,018 | |
Distribution fee(a) | | | 4,269 | |
Shareholder servicing fees (including affiliated expense of $2,152)(a) | | | 2,187 | |
Custodian and accounting fees | | | 59,325 | |
Registration fees(a) | | | 35,603 | |
Audit fee | | | 10,267 | |
Legal fees and expenses | | | 8,537 | |
Transfer agent’s fees and expenses (including affiliated expense of $8,283)(a) | | | 8,283 | |
Trustees’ fees | | | 5,476 | |
Shareholders’ reports | | | 4,690 | |
Miscellaneous | | | 6,980 | |
| | | | |
Total expenses | | | 148,635 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (142,228 | ) |
| | | | |
Net expenses | | | 6,407 | |
| | | | |
Net investment income (loss) | | | 522,559 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (163,613 | ) |
Net capital gain distributions received | | | 443,731 | |
| | | | |
| | | 280,118 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 943,651 | |
| | | | |
Net gain (loss) on investment transactions | | | 1,223,769 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 1,746,328 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 43 | | | | 3,413 | | | | 813 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 9 | | | | 1,365 | | | | 813 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,933 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | |
Transfer agent’s fees and expenses | | | 52 | | | | 1,935 | | | | 1,156 | | | | 28 | | | | 4,607 | | | | 505 | |
Fee waiver and/or expense reimbursement | | | (6,034 | ) | | | (15,427 | ) | | | (11,592 | ) | | | (5,990 | ) | | | (27,893 | ) | | | (75,292 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 89 | |
Prudential Day One 2040 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months Ended January 31, 2020 | | | Year Ended July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 522,559 | | | $ | 454,386 | |
Net realized gain (loss) on investment transactions | | | (163,613 | ) | | | (526,698 | ) |
Net capital gain distributions received | | | 443,731 | | | | 1,147,991 | |
Net change in unrealized appreciation (depreciation) on investments | | | 943,651 | | | | (127,583 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,746,328 | | | | 948,096 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (819 | ) | | | (501 | ) |
Class R2 | | | (139,003 | ) | | | (59,712 | ) |
Class R3 | | | (86,590 | ) | | | (29,211 | ) |
Class R4 | | | (654 | ) | | | (1,838 | ) |
Class R5 | | | (322,589 | ) | | | (246,402 | ) |
Class R6 | | | (1,062,118 | ) | | | (617,891 | ) |
| | | | | | | | |
| | | (1,611,773 | ) | | | (955,555 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 5,220,459 | | | | 10,251,967 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 1,611,773 | | | | 955,555 | |
Cost of shares reacquired | | | (1,763,432 | ) | | | (3,942,783 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 5,068,800 | | | | 7,264,739 | |
| | | | | | | | |
Total increase (decrease) | | | 5,203,355 | | | | 7,257,280 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 27,751,254 | | | | 20,493,974 | |
| | | | | | | | |
End of period | | $ | 32,954,609 | | | $ | 27,751,254 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2045 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 62,058 | | | $ | 645,407 | |
PGIM Global Real Estate Fund (Class R6) | | | 43,031 | | | | 1,062,447 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 68,947 | | | | 838,392 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 71,123 | | | | 639,396 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 114,756 | | | | 1,257,724 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 315,084 | | | | 3,796,757 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 342,092 | | | | 5,456,368 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 151,308 | | | | 1,679,518 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 246,056 | | | | 3,575,195 | |
PGIM TIPS Fund (Class R6) | | | 42,271 | | | | 429,891 | |
PGIM Total Return Bond Fund (Class R6) | | | 116,794 | | | | 1,721,536 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $19,978,718) | | | | | | | 21,102,631 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 0.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $20,897) | | | 20,897 | | | | 20,897 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $19,999,615)(w) | | | | | | | 21,123,528 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (3,230 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 21,120,298 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 91 | |
Prudential Day One 2045 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 21,123,528 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 25.8 | % |
International Developed Markets | | | 18.0 | |
Broad Market | | | 16.9 | |
Total Return Bond | | | 8.1 | |
Mid Cap | | | 8.0 | |
Emerging Markets | | | 6.0 | |
Real Estate | | | 5.0 | |
Small Cap | | | 4.0 | |
Core Bond | | | 3.1 | |
Commodity | | | 3.0 | |
| | | | |
TIPS | | | 2.0 | % |
Short Term | | | 0.1 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2045 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $19,999,615) | | $ | 21,123,528 | |
Receivable for Fund shares sold | | | 107,100 | |
Receivable for investments sold | | | 54,476 | |
Due from Manager | | | 23,152 | |
Prepaid expenses | | | 34,928 | |
| | | | |
Total Assets | | | 21,343,184 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 160,721 | |
Custodian and accounting fees payable | | | 38,446 | |
Accrued expenses and other liabilities | | | 19,358 | |
Affiliated transfer agent fee payable | | | 2,469 | |
Distribution fee payable | | | 757 | |
Affiliated shareholder servicing fees payable | | | 714 | |
Payable for Fund shares reacquired | | | 421 | |
| | | | |
Total Liabilities | | | 222,886 | |
| | | | |
| |
Net Assets | | $ | 21,120,298 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,822 | |
Paid-in capital in excess of par | | | 20,410,208 | |
Total distributable earnings (loss) | | | 708,268 | |
| | | | |
Net assets, January 31, 2020 | | $ | 21,120,298 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 93 | |
Prudential Day One 2045 Fund
Statement of Assets & Liabilities(unaudited)(continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share ,
($14,388 ÷ 1,243 shares of beneficial interest issued and outstanding) | | $ | 11.58 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share ,
($175,245 ÷ 15,127 shares of beneficial interest issued and outstanding) | | $ | 11.58 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share ,
($8,455,563 ÷ 730,166 shares of beneficial interest issued and outstanding) | | $ | 11.58 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share ,
($38,358 ÷ 3,313 shares of beneficial interest issued and outstanding) | | $ | 11.58 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share ,
($293,948 ÷ 25,364 shares of beneficial interest issued and outstanding) | | $ | 11.59 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share ,
($12,142,796 ÷ 1,046,753 shares of beneficial interest issued and outstanding) | | $ | 11.60 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2045 Fund
Statement of Operations (unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 341,930 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 1,890 | |
Distribution fee(a) | | | 4,134 | |
Shareholder servicing fees (including affiliated expense of $3,973)(a) | | | 4,027 | |
Custodian and accounting fees | | | 59,307 | |
Registration fees(a) | | | 35,604 | |
Audit fee | | | 10,266 | |
Legal fees and expenses | | | 8,529 | |
Transfer agent’s fees and expenses (including affiliated expense of $6,786)(a) | | | 6,786 | |
Trustees’ fees | | | 5,444 | |
Shareholders’ reports | | | 4,999 | |
Miscellaneous | | | 6,972 | |
| | | | |
Total expenses | | | 147,958 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (139,302 | ) |
| | | | |
Net expenses | | | 8,656 | |
| | | | |
Net investment income (loss) | | | 333,274 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (155,508 | ) |
Net capital gain distributions received | | | 275,962 | |
| | | | |
| | | 120,454 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 644,998 | |
| | | | |
Net gain (loss) on investment transactions | | | 765,452 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 1,098,726 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 35 | | | | 133 | | | | 3,966 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 7 | | | | 54 | | | | 3,966 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | |
Transfer agent’s fees and expenses | | | 38 | | | | 246 | | | | 5,693 | | | | 131 | | | | 245 | | | | 433 | |
Fee waiver and/or expense reimbursement | | | (6,036 | ) | | | (6,682 | ) | | | (49,004 | ) | | | (6,198 | ) | | | (7,170 | ) | | | (64,212 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 95 | |
Prudential Day One 2045 Fund
Statements of Changes in Net Assets (unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year Ended July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 333,274 | | | $ | 275,343 | |
Net realized gain (loss) on investment transactions | | | (155,508 | ) | | | (420,494 | ) |
Net capital gain distributions received | | | 275,962 | | | | 768,445 | |
Net change in unrealized appreciation (depreciation) on investments | | | 644,998 | | | | (101,765 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,098,726 | | | | 521,529 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (668 | ) | | | (553 | ) |
Class R2 | | | (5,365 | ) | | | (1,341 | ) |
Class R3 | | | (419,508 | ) | | | (314,504 | ) |
Class R4 | | | (1,625 | ) | | | (13,084 | ) |
Class R5 | | | (12,197 | ) | | | (4,282 | ) |
Class R6 | | | (608,919 | ) | | | (429,583 | ) |
| | | | | | | | |
| | | (1,048,282 | ) | | | (763,347 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 4,150,430 | | | | 6,940,190 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 1,048,282 | | | | 763,347 | |
Cost of shares reacquired | | | (1,683,590 | ) | | | (3,511,127 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 3,515,122 | | | | 4,192,410 | |
| | | | | | | | |
Total increase (decrease) | | | 3,565,566 | | | | 3,950,592 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 17,554,732 | | | | 13,604,140 | |
| | | | | | | | |
End of period | | $ | 21,120,298 | | | $ | 17,554,732 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2050 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Core Conservative Bond Fund (Class R6) | | | 26,911 | | | $ | 279,874 | |
PGIM Global Real Estate Fund (Class R6) | | | 27,990 | | | | 691,064 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 44,851 | | | | 545,394 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 46,264 | | | | 415,912 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 87,108 | | | | 954,700 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 216,361 | | | | 2,607,154 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 222,535 | | | | 3,549,426 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 110,725 | | | | 1,229,049 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 160,062 | | | | 2,325,701 | |
PGIM TIPS Fund (Class R6) | | | 13,747 | | | | 139,808 | |
PGIM Total Return Bond Fund (Class R6) | | | 66,474 | | | | 979,825 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $12,963,067) | | | | | | | 13,717,907 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 0.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $13,549) | | | 13,549 | | | | 13,549 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $12,976,616)(w) | | | | | | | 13,731,456 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (1,962 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 13,729,494 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 97 | |
Prudential Day One 2050 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 13,731,456 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 25.9 | % |
International Developed Markets | | | 19.0 | |
Broad Market | | | 16.9 | |
Mid Cap | | | 9.0 | |
Total Return Bond | | | 7.1 | |
Emerging Markets | | | 7.0 | |
Real Estate | | | 5.0 | |
Small Cap | | | 4.0 | |
Commodity | | | 3.0 | |
Core Bond | | | 2.0 | |
| | | | |
TIPS | | | 1.0 | % |
Short Term | | | 0.1 | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | 100.0 | % |
See Notes to Financial Statements.
Prudential Day One 2050 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $12,976,616) | | $ | 13,731,456 | |
Receivable for Fund shares sold | | | 171,829 | |
Due from Manager | | | 22,814 | |
Receivable for investments sold | | | 22,203 | |
Prepaid expenses | | | 35,236 | |
| | | | |
Total Assets | | | 13,983,538 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 193,869 | |
Custodian and accounting fees payable | | | 38,364 | |
Accrued expenses and other liabilities | | | 19,200 | |
Affiliated transfer agent fee payable | | | 1,494 | |
Distribution fee payable | | | 726 | |
Affiliated shareholder servicing fees payable | | | 352 | |
Payable for Fund shares reacquired | | | 39 | |
| | | | |
Total Liabilities | | | 254,044 | |
| | | | |
| |
Net Assets | | $ | 13,729,494 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 1,164 | |
Paid-in capital in excess of par | | | 13,166,607 | |
Total distributable earnings (loss) | | | 561,723 | |
| | | | |
Net assets, January 31, 2020 | | $ | 13,729,494 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 99 | |
Prudential Day One 2050 Fund
Statement of Assets & Liabilities(unaudited)(continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($35,979 ÷ 3,058 shares of beneficial interest issued and outstanding) | | $ | 11.77 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($2,725,945 ÷ 231,465 shares of beneficial interest issued and outstanding) | | $ | 11.78 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($1,702,050 ÷ 144,420 shares of beneficial interest issued and outstanding) | | $ | 11.79 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($13,205 ÷ 1,123 shares of beneficial interest issued and outstanding) | | $ | 11.76 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($734,367 ÷ 62,339 shares of beneficial interest issued and outstanding) | | $ | 11.78 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($8,517,948 ÷ 721,895 shares of beneficial interest issued and outstanding) | | $ | 11.80 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2050 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 233,455 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 1,262 | |
Distribution fee(a) | | | 3,732 | |
Shareholder servicing fees (including affiliated expense of $1,784)(a) | | | 1,858 | |
Custodian and accounting fees | | | 59,334 | |
Registration fees(a) | | | 35,614 | |
Audit fee | | | 10,266 | |
Legal fees and expenses | | | 8,529 | |
Trustees’ fees | | | 5,444 | |
Shareholders’ reports | | | 4,681 | |
Transfer agent’s fees and expenses (including affiliated expense of $3,683)(a) | | | 3,683 | |
Miscellaneous | | | 6,969 | |
| | | | |
Total expenses | | | 141,372 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (137,194 | ) |
| | | | |
Net expenses | | | 4,178 | |
| | | | |
Net investment income (loss) | | | 229,277 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (74,686 | ) |
Net capital gain distributions received | | | 179,910 | |
| | | | |
| | | 105,224 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 431,346 | |
| | | | |
Net gain (loss) on investment transactions | | | 536,570 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 765,847 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 197 | | | | 2,861 | | | | 674 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 40 | | | | 1,144 | | | | 674 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,933 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,945 | |
Transfer agent’s fees and expenses | | | 179 | | | | 1,635 | | | | 862 | | | | 36 | | | | 584 | | | | 387 | |
Fee waiver and/or expense reimbursement | | | (6,717 | ) | | | (24,152 | ) | | | (16,541 | ) | | | (6,057 | ) | | | (12,032 | ) | | | (71,695 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 101 | |
Prudential Day One 2050 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 229,277 | | | $ | 139,689 | |
Net realized gain (loss) on investment transactions | | | (74,686 | ) | | | (249,769 | ) |
Net capital gain distributions received | | | 179,910 | | | | 382,816 | |
Net change in unrealized appreciation (depreciation) on investments | | | 431,346 | | | | 32,598 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 765,847 | | | | 305,334 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (1,410 | ) | | | (5,279 | ) |
Class R2 | | | (104,528 | ) | | | (50,175 | ) |
Class R3 | | | (67,469 | ) | | | (20,972 | ) |
Class R4 | | | (580 | ) | | | (504 | ) |
Class R5 | | | (34,998 | ) | | | (25,567 | ) |
Class R6 | | | (378,958 | ) | | | (211,035 | ) |
| | | | | | | | |
| | | (587,943 | ) | | | (313,532 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 3,446,694 | | | | 6,485,384 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 587,943 | | | | 313,532 | |
Cost of shares reacquired | | | (1,455,913 | ) | | | (1,892,738 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 2,578,724 | | | | 4,906,178 | |
| | | | | | | | |
Total increase (decrease) | | | 2,756,628 | | | | 4,897,980 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 10,972,866 | | | | 6,074,886 | |
| | | | | | | | |
End of period | | $ | 13,729,494 | | | $ | 10,972,866 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2055 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Global Real Estate Fund (Class R6) | | | 19,115 | | | $ | 471,944 | |
PGIM JennisonSmall-Cap Core Equity Fund (Class R6)* | | | 38,286 | | | | 465,556 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 31,593 | | | | 284,020 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 67,972 | | | | 744,978 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 163,295 | | | | 1,967,706 | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 146,124 | | | | 2,330,675 | |
PGIM QMAMid-Cap Core Equity Fund (Class R6) | | | 84,020 | | | | 932,624 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 102,876 | | | | 1,494,781 | |
PGIM Total Return Bond Fund (Class R6) | | | 45,395 | | | | 669,122 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $8,921,346) | | | | | | | 9,361,406 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 0.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $11,107) | | | 11,107 | | | | 11,107 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $8,932,453)(w) | | | | | | | 9,372,513 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (3,019 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 9,369,494 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 103 | |
Prudential Day One 2055 Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 9,372,513 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 24.9 | % |
International Developed Markets | | | 21.0 | |
Broad Market | | | 16.0 | |
Mid Cap | | | 10.0 | |
Emerging Markets | | | 7.9 | |
Total Return Bond | | | 7.1 | |
Real Estate | | | 5.0 | |
Small Cap | | | 5.0 | |
Commodity | | | 3.0 | |
Short Term | | | 0.1 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2055 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $8,932,453) | | $ | 9,372,513 | |
Receivable for Fund shares sold | | | 120,014 | |
Due from Manager | | | 22,589 | |
Receivable for investments sold | | | 10,029 | |
Prepaid expenses | | | 34,928 | |
| | | | |
Total Assets | | | 9,560,073 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 124,214 | |
Custodian and accounting fees payable | | | 38,338 | |
Audit fee payable | | | 10,267 | |
Accrued expenses and other liabilities | | | 9,743 | |
Payable for Fund shares reacquired | | | 5,886 | |
Affiliated transfer agent fee payable | | | 1,357 | |
Distribution fee payable | | | 401 | |
Affiliated shareholder servicing fees payable | | | 373 | |
| | | | |
Total Liabilities | | | 190,579 | |
| | | | |
| |
Net Assets | | $ | 9,369,494 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 804 | |
Paid-in capital in excess of par | | | 9,112,280 | |
Total distributable earnings (loss) | | | 256,410 | |
| | | | |
Net assets, January 31, 2020 | | $ | 9,369,494 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 105 | |
Prudential Day One 2055 Fund
Statement of Assets & Liabilities(unaudited)(continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($16,232 ÷ 1,395 shares of beneficial interest issued and outstanding) | | $ | 11.64 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($70,783 ÷ 6,074 shares of beneficial interest issued and outstanding) | | $ | 11.65 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($4,442,200 ÷ 381,424 shares of beneficial interest issued and outstanding) | | $ | 11.65 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($13,327 ÷ 1,144 shares of beneficial interest issued and outstanding) | | $ | 11.65 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($111,545 ÷ 9,568 shares of beneficial interest issued and outstanding) | | $ | 11.66 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($4,715,407 ÷ 404,831 shares of beneficial interest issued and outstanding) | | $ | 11.65 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2055 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 158,033 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 838 | |
Distribution fee(a) | | | 2,154 | |
Shareholder servicing fees (including affiliated expense of $2,035)(a) | | | 2,073 | |
Custodian and accounting fees | | | 59,326 | |
Registration fees(a) | | | 35,603 | |
Audit fee | | | 10,267 | |
Legal fees and expenses | | | 8,527 | |
Trustees’ fees | | | 5,438 | |
Shareholders’ reports | | | 4,875 | |
Transfer agent’s fees and expenses (including affiliated expense of $3,595)(a) | | | 3,595 | |
Miscellaneous | | | 6,972 | |
| | | | |
Total expenses | | | 139,668 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (136,386 | ) |
| | | | |
Net expenses | | | 3,282 | |
| | | | |
Net investment income (loss) | | | 154,751 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (50,863 | ) |
Net capital gain distributions received | | | 114,219 | |
| | | | |
| | | 63,356 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 264,849 | |
| | | | |
Net gain (loss) on investment transactions | | | 328,205 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 482,956 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 40 | | | | 83 | | | | 2,031 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 8 | | | | 34 | | | | 2,031 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,933 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | |
Transfer agent’s fees and expenses | | | 40 | | | | 297 | | | | 2,805 | | | | 26 | | | | 132 | | | | 295 | |
Fee waiver and/or expense reimbursement | | | (6,153 | ) | | | (6,979 | ) | | | (54,381 | ) | | | (6,100 | ) | | | (7,280 | ) | | | (55,493 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 107 | |
Prudential Day One 2055 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months
Ended
January 31, 2020 | | | Year
Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 154,751 | | | $ | 111,868 | |
Net realized gain (loss) on investment transactions | | | (50,863 | ) | | | (193,726 | ) |
Net capital gain distributions received | | | 114,219 | | | | 328,773 | |
Net change in unrealized appreciation (depreciation) on investments | | | 264,849 | | | | (92,821 | ) |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 482,956 | | | | 154,094 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (727 | ) | | | (720 | ) |
Class R2 | | | (3,221 | ) | | | (1,666 | ) |
Class R3 | | | (208,411 | ) | | | (163,072 | ) |
Class R4 | | | (658 | ) | | | (831 | ) |
Class R5 | | | (5,946 | ) | | | (1,643 | ) |
Class R6 | | | (222,386 | ) | | | (170,969 | ) |
| | | | | | | | |
| | | (441,349 | ) | | | (338,901 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 1,939,736 | | | | 2,799,993 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 441,348 | | | | 338,901 | |
Cost of shares reacquired | | | (568,027 | ) | | | (1,144,621 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 1,813,057 | | | | 1,994,273 | |
| | | | | | | | |
Total increase (decrease) | | | 1,854,664 | | | | 1,809,466 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 7,514,830 | | | | 5,705,364 | |
| | | | | | | | |
End of period | | $ | 9,369,494 | | | $ | 7,514,830 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2060 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Global Real Estate Fund (Class R6) | | | 6,176 | | | $ | 152,487 | |
PGIM Jennison Small-Cap Core Equity Fund (Class R6)* | | | 12,370 | | | | 150,413 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 10,208 | | | | 91,769 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 24,706 | | | | 270,775 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 57,784 | | | | 696,299 | |
PGIM QMA Large-Cap Core Equity Fund (Class R6) | | | 47,210 | | | | 753,006 | |
PGIM QMA Mid-Cap Core Equity Fund (Class R6) | | | 27,146 | | | | 301,317 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 33,238 | | | | 482,946 | |
PGIM Total Return Bond Fund (Class R6) | | | 8,381 | | | | 123,543 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $2,881,204) | | | | | | | 3,022,555 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 0.2% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $6,221) | | | 6,221 | | | | 6,221 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.1%
(cost $2,887,425)(w) | | | | | | | 3,028,776 | |
Liabilities in excess of other assets (0.1)% | | | | | | | (3,245 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 3,025,531 | |
| | | | | | | | |
| * | Non-income producing security. |
| (w) | PGIM Investments LLC, the manager of the Fund, also serves as the manager of the underlying portfolios in which the Portfolio 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 | | | 109 | |
Prudential Day One 2060 Fund
Schedule of Investments(unaudited)(continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds. | | $ | 3,028,776 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 24.9 | % |
International Developed Markets | | | 23.0 | |
Broad Market | | | 16.0 | |
Mid Cap | | | 10.0 | |
Emerging Markets | | | 8.9 | |
Real Estate | | | 5.0 | |
Small Cap | | | 5.0 | |
Total Return Bond | | | 4.1 | |
| | | | |
Commodity | | | 3.0 | % |
Short Term | | | 0.2 | |
| | | | |
| | | 100.1 | |
Liabilities in excess of other assets | | | (0.1 | ) |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2060 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $2,887,425) | | $ | 3,028,776 | |
Receivable for Fund shares sold | | | 27,003 | |
Due from Manager | | | 21,870 | |
Receivable for investments sold | | | 3,283 | |
Prepaid expenses | | | 34,927 | |
| | | | |
Total Assets | | | 3,115,859 | |
| | | | |
| |
Liabilities | | | | |
Custodian and accounting fees payable | | | 38,448 | |
Payable for investments purchased | | | 30,116 | |
Accrued expenses and other liabilities | | | 10,575 | |
Audit fee payable | | | 10,267 | |
Affiliated transfer agent fee payable | | | 492 | |
Distribution fee payable | | | 174 | |
Payable for Fund shares reacquired | | | 172 | |
Affiliated shareholder servicing fees payable | | | 84 | |
| | | | |
Total Liabilities | | | 90,328 | |
| | | | |
| |
Net Assets | | $ | 3,025,531 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 255 | |
Paid-in capital in excess of par | | | 2,944,777 | |
Total distributable earnings (loss) | | | 80,499 | |
| | | | |
Net assets, January 31, 2020 | | $ | 3,025,531 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 111 | |
Prudential Day One 2060 Fund
Statement of Assets & Liabilities(unaudited)(continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($13,034 ÷ 1,102 shares of beneficial interest issued and outstanding) | | $ | 11.82 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($629,874 ÷ 53,190 shares of beneficial interest issued and outstanding) | | $ | 11.84 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($461,425 ÷ 38,901 shares of beneficial interest issued and outstanding) | | $ | 11.86 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($13,241 ÷ 1,116 shares of beneficial interest issued and outstanding) | | $ | 11.86 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($87,944 ÷ 7,407 shares of beneficial interest issued and outstanding) | | $ | 11.87 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($1,820,013 ÷ 153,278 shares of beneficial interest issued and outstanding) | | $ | 11.87 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2060 Fund
Statement of Operations(unaudited)
Six Months Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 50,272 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 257 | |
Distribution fee(a) | | | 836 | |
Shareholder servicing fees (including affiliated expense of $410)(a) | | | 431 | |
Custodian and accounting fees | | | 59,285 | |
Registration fees(a) | | | 35,603 | |
Audit fee | | | 10,267 | |
Legal fees and expenses | | | 8,526 | |
Trustees’ fees | | | 5,430 | |
Shareholders’ reports | | | 4,425 | |
Transfer agent’s fees and expenses (including affiliated expense of $1,251)(a) | | | 1,251 | |
Miscellaneous | | | 6,788 | |
| | | | |
Total expenses | | | 133,099 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (132,344 | ) |
| | | | |
Net expenses | | | 755 | |
| | | | |
Net investment income (loss) | | | 49,517 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (19,360 | ) |
Net capital gain distributions received | | | 33,904 | |
| | | | |
| | | 14,544 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | 83,789 | |
| | | | |
Net gain (loss) on investment transactions | | | 98,333 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 147,850 | |
| | | | |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 32 | | | | 622 | | | | 182 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | — | | | | 249 | | | | 182 | | | | — | | | | — | | | | — | |
Registration fees | | | 5,933 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | | | | 5,934 | |
Transfer agent’s fees and expenses | | | 22 | | | | 439 | | | | 318 | | | | 24 | | | | 121 | | | | 327 | |
Fee waiver and/or expense reimbursement | | | (6,420 | ) | | | (24,534 | ) | | | (19,593 | ) | | | (6,430 | ) | | | (9,081 | ) | | | (66,286 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 113 | |
Prudential Day One 2060 Fund
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months Ended
January 31, 2020 | | | Year Ended
July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 49,517 | | | $ | 24,188 | |
Net realized gain (loss) on investment transactions | | | (19,360 | ) | | | (62,776 | ) |
Net capital gain distributions received | | | 33,904 | | | | 72,543 | |
Net change in unrealized appreciation (depreciation) on investments | | | 83,789 | | | | 25,847 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 147,850 | | | | 59,802 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R1 | | | (493 | ) | | | (430 | ) |
Class R2 | | | (21,784 | ) | | | (7,416 | ) |
Class R3 | | | (16,672 | ) | | | (5,954 | ) |
Class R4 | | | (527 | ) | | | (531 | ) |
Class R5 | | | (3,345 | ) | | | (1,369 | ) |
Class R6 | | | (69,384 | ) | | | (41,918 | ) |
| | | | | | | | |
| | | (112,205 | ) | | | (57,618 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 976,120 | | | | 1,819,374 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 112,205 | | | | 57,618 | |
Cost of shares reacquired | | | (281,391 | ) | | | (405,229 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 806,934 | | | | 1,471,763 | |
| | | | | | | | |
Total increase (decrease) | | | 842,579 | | | | 1,473,947 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 2,182,952 | | | | 709,005 | |
| | | | | | | | |
End of period | | $ | 3,025,531 | | | $ | 2,182,952 | |
| | | | | | | | |
See Notes to Financial Statements.
Prudential Day One 2065 Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM Global Real Estate Fund (Class R6) | | | 260 | | | $ | 6,432 | |
PGIM Jennison Small-Cap Core Equity Fund (Class R6)* | | | 522 | | | | 6,343 | |
PGIM QMA Commodity Strategies Fund (Class R6) | | | 431 | | | | 3,870 | |
PGIM QMA Emerging Markets Equity Fund (Class R6) | | | 1,042 | | | | 11,418 | |
PGIM QMA International Developed Markets Index Fund (Class R6) | | | 2,543 | | | | 30,642 | |
PGIM QMA Large-Cap Core Equity Fund (Class R6) | | | 1,991 | | | | 31,754 | |
PGIM QMA Mid-Cap Core Equity Fund (Class R6) | | | 1,145 | | | | 12,706 | |
PGIM QMA US Broad Market Index Fund (Class R6) | | | 1,402 | | | | 20,366 | |
PGIM Total Return Bond Fund (Class R6) | | | 265 | | | | 3,903 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $129,187) | | | | | | | 127,434 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 0.1% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $112) | | | 112 | | | | 112 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.0%
(cost $129,299)(w) | | | | | | | 127,546 | |
Liabilities in excess of other assets (0.0)% | | | | | | | (3 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 127,543 | |
| | | | | | | | |
| * | Non-income producing security. |
| (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 | | | 115 | |
Prudential Day One 2065 Fund
Schedule of Investments(unaudited) (continued)
as of January 31, 2020
The following is a summary of the inputs used as of January 31, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 127,546 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
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, 2020 were as follows:
| | | | |
Large Cap | | | 24.9 | % |
International Developed Markets | | | 24.0 | |
Broad Market | | | 16.0 | |
Mid Cap | | | 10.0 | |
Emerging Markets | | | 8.9 | |
Real Estate | | | 5.0 | |
Small Cap | | | 5.0 | |
Total Return Bond | | | 3.1 | |
Commodity | | | 3.0 | |
Short Term | | | 0.1 | |
| | | | |
| | | 100.0 | |
Liabilities in excess of other assets | | | (0.0 | )* |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2065 Fund
Statement of Assets & Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $129,299) | | $ | 127,546 | |
Due from Manager | | | 27,048 | |
Receivable for investments sold | | | 380 | |
Receivable for Fund shares sold | | | 114 | |
Prepaid expenses | | | 84,041 | |
| | | | |
Total Assets | | | 239,129 | |
| | | | |
| |
Liabilities | | | | |
Due to Manager | | | 99,768 | |
Custodian and accounting fees payable | | | 8,034 | |
Accrued expenses and other liabilities | | | 3,146 | |
Payable for investments purchased | | | 465 | |
Affiliated transfer agent fee payable | | | 136 | |
Payable for Fund shares reacquired | | | 29 | |
Distribution fee payable | | | 8 | |
| | | | |
Total Liabilities | | | 111,586 | |
| | | | |
| |
Net Assets | | $ | 127,543 | |
| | | | |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 13 | |
Paid-in capital in excess of par | | | 129,176 | |
Total distributable earnings (loss) | | | (1,646 | ) |
| | | | |
Net assets, January 31, 2020 | | $ | 127,543 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 117 | |
Prudential Day One 2065 Fund
Statement of Assets & Liabilities(unaudited) (continued)
as of January 31, 2020
| | | | |
Class R1 | | | | |
Net asset value, offering price and redemption price per share,
($ 9,903 ÷ 1,005 shares of beneficial interest issued and outstanding) | | $ | 9.86 | |
| | | | |
| |
Class R2 | | | | |
Net asset value, offering price and redemption price per share,
($ 9,906 ÷ 1,005 shares of beneficial interest issued and outstanding) | | $ | 9.86 | |
| | | | |
| |
Class R3 | | | | |
Net asset value, offering price and redemption price per share,
($ 9,908 ÷ 1,005 shares of beneficial interest issued and outstanding) | | $ | 9.86 | |
| | | | |
| |
Class R4 | | | | |
Net asset value, offering price and redemption price per share,
($ 9,909 ÷ 1,005 shares of beneficial interest issued and outstanding) | | $ | 9.86 | |
| | | | |
| |
Class R5 | | | | |
Net asset value, offering price and redemption price per share,
($ 9,911 ÷ 1,005 shares of beneficial interest issued and outstanding) | | $ | 9.86 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share,
($ 78,006 ÷ 7,909 shares of beneficial interest issued and outstanding) | | $ | 9.86 | |
| | | | |
See Notes to Financial Statements.
Prudential Day One 2065 Fund
Statement of Operations(unaudited)
Period* Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 130 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 2 | |
Distribution fee(a) | | | 11 | |
Shareholder servicing fees(a) | | | 6 | |
Registration fees(a) | | | 21,593 | |
Custodian and accounting fees | | | 8,352 | |
Audit fee | | | 4,187 | |
Legal fees and expenses | | | 2,257 | |
Shareholders’ reports | | | 1,950 | |
Trustees’ fees | | | 1,293 | |
Transfer agent’s fees and expenses (including affiliated expense of $ 124)(a) | | | 124 | |
Miscellaneous | | | 1,251 | |
| | | | |
Total expenses | | | 41,026 | |
Less: Fee waiver and/or expense reimbursement(a) | | | (41,008 | ) |
| | | | |
Net expenses | | | 18 | |
| | | | |
Net investment income (loss) | | | 112 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions | | | (3 | ) |
Net capital gain distributions received | | | 285 | |
| | | | |
| | | 282 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments | | | (1,753 | ) |
| | | | |
Net gain (loss) on investment transactions | | | (1,471 | ) |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | (1,359 | ) |
| | | | |
| * | Commencement of operations was December 16, 2019. |
| (a) | Class specific expenses and waivers were as follows: |
| | | | | | | | | | | | | | | | | | | | | | | | |
| | | Class R1 | | | Class R2 | | | Class R3 | | | Class R4 | | | Class R5 | | | Class R6 | |
Distribution fee | | | 7 | | | | 3 | | | | 1 | | | | — | | | | — | | | | — | |
Shareholder servicing fees | | | 2 | | | | 2 | | | | 1 | | | | 1 | | | | — | | | | — | |
Registration fees | | | 3,598 | | | | 3,599 | | | | 3,599 | | | | 3,599 | | | | 3,599 | | | | 3,599 | |
Transfer agent’s fees and expenses | | | 20 | | | | 20 | | | | 21 | | | | 21 | | | | 21 | | | | 21 | |
Fee waiver and/or expense reimbursement | | | (6,687 | ) | | | (6,687 | ) | | | (6,688 | ) | | | (6,689 | ) | | | (6,689 | ) | | | (7,568 | ) |
See Notes to Financial Statements.
| | | | |
| Prudential Day One Funds | | | 119 | |
Prudential Day One 2065 Fund
Statement of Changes in Net Assets(unaudited)
| | | | |
| |
| | | December 16, 2019*
through
January 31, 2020 | |
Increase (Decrease) in Net Assets | | | | |
Operations | | | | |
Net investment income (loss) | | $ | 112 | |
Net realized gain (loss) on investment transactions | | | (3 | ) |
Net capital gain distributions received | | | 285 | |
Net change in unrealized appreciation (depreciation) on investments | | | (1,753 | ) |
| | | | |
Net increase (decrease) in net assets resulting from operations | | | (1,359 | ) |
| | | | |
| |
Dividends and Distributions | | | | |
Distributions from distributable earnings | | | | |
Class R1 | | | (46 | ) |
Class R2 | | | (47 | ) |
Class R3 | | | (48 | ) |
Class R4 | | | (48 | ) |
Class R5 | | | (49 | ) |
Class R6 | | | (49 | ) |
| | | | |
| | | (287 | ) |
| | | | |
| |
Fund share transactions | | | | |
Net proceeds from shares sold | | | 129,097 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 287 | |
Cost of shares reacquired | | | (195 | ) |
| | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 129,189 | |
| | | | |
Total increase (decrease) | | | 127,543 | |
| |
Net Assets: | | | | |
Beginning of period | | | — | |
| | | | |
End of period | | $ | 127,543 | |
| | | | |
| * | Commencement of operations. |
See Notes to Financial Statements.
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 currently consists of fifteen funds: Prudential Day One Income Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund, Prudential Day One 2065 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 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 and Prudential Day One 2065 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 “Manager”). Pursuant to the Board’s delegation, the Manager has established a Valuation
| | | | |
Prudential Day One Income Fund | | | 121 | |
Notes to Financial Statements(unaudited) (continued)
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 reporting period-end, securities and other assets and liabilities were fair valued at the close of the last U.S. business day. Trading in certain foreign securities may occur when the NYSE is closed (including weekends and holidays). Because such foreign securities trade in markets that are open on weekends and U.S. holidays, the values of some of the Day One Funds’ foreign investments may change on days when investors cannot purchase or redeem Day One Funds shares.
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 in open-end, non-exchange-traded mutual funds are valued at their net asset values as of the close of the NYSE on the date of valuation. These securities are classified as Level 1 in the fair value hierarchy since they may be purchased or sold at their net asset values on the date of valuation.
Securities and other assets that cannot be priced according to the methods described above are valued based on pricing methodologies approved by the Board. In the event that unobservable inputs are used when determining such valuations, the securities will be classified as Level 3 in the fair value hierarchy.
When determining the fair value of securities, some of the factors influencing the valuation include: the nature of any restrictions on disposition of the securities; assessment of the general liquidity of the securities; the issuer’s financial condition and the markets in which it does business; the cost of the investment; the size of the holding and the capitalization of the issuer; the prices of any recent transactions or bids/offers for such securities or any comparable securities; any available analyst media or other reports or information deemed reliable by the 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 the ex-date, or for certain foreign securities, when the Fund becomes aware of such dividends. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual. 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 the ex-date. Permanent book/tax differences relating to income and gain (loss) are reclassified between total distributable earnings (loss) and paid-in capital in excess of par, as appropriate.
Estimates:The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.
2. Agreements
The Trust, on behalf of the Day One Funds, has a management agreement with the Manager. Pursuant to this agreement, the Manger 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 Day One Funds. The Manager 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. The Manager is also responsible for the
| | | | |
| Prudential Day One Income Fund | | | 123 | |
Notes to Financial Statements(unaudited) (continued)
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.
The Manager has entered into a subadvisory agreement with QMA LLC (“QMA”). The subadvisory agreement provides that QMA will furnish investment advisory services in connection with the management of the Day One Funds. In connection therewith, QMA is obligated to keep certain books and records of the Day One Funds. The Manager 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, 2021, 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, 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. 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 Trust, on behalf of the Day One Funds, has a distribution agreement, pursuant to Rule 12b-1 under the 1940 Act, with Prudential Investment Management Services LLC (“PIMS”), which acts as the distributor of the Class R1, Class R2, Class R3, Class R4, Class R5 and Class R6 shares of the Day One Funds. The Day One Funds compensate
PIMS for distributing and servicing the Day One Funds’ Class R1, Class R2 and Class R3 shares, pursuant to 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 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 Day One Funds’ transfer agent. Transfer agent’s fees and expenses in the Statement of Operations include certain out-of-pocket expenses paid to non-affiliates, where applicable.
The 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’ investment in the mentioned underlying fund, PGIM Investments and/or its affiliates are paid fees or reimbursed for providing their services. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments 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 reporting period ended January 31, 2020, were as follows:
| | | | | | | | |
Fund | | Cost of
Purchases | | | Proceeds
from Sales | |
Prudential Day One Income Fund | | $ | 2,243,849 | | | $ | 2,202,529 | |
Prudential Day One 2015 Fund | | | 4,712,329 | | | | 2,024,717 | |
Prudential Day One 2020 Fund | | | 11,294,841 | | | | 5,397,634 | |
| | | | |
| Prudential Day One Income Fund | | | 125 | |
Notes to Financial Statements(unaudited) (continued)
| | | | | | | | |
Fund | | Cost of
Purchases | | | Proceeds
from Sales | |
Prudential Day One 2025 Fund | | $ | 15,390,044 | | | $ | 7,222,597 | |
Prudential Day One 2030 Fund | | | 13,907,324 | | | | 8,419,107 | |
Prudential Day One 2035 Fund | | | 9,966,852 | | | | 4,420,016 | |
Prudential Day One 2040 Fund | | | 7,706,123 | | | | 3,341,870 | |
Prudential Day One 2045 Fund | | | 5,739,390 | | | | 2,666,887 | |
Prudential Day One 2050 Fund | | | 4,162,309 | | | | 1,765,101 | |
Prudential Day One 2055 Fund | | | 2,398,298 | | | | 759,668 | |
Prudential Day One 2060 Fund | | | 1,149,651 | | | | 372,726 | |
Prudential Day One 2065 Fund | | | 130,261 | | | | 1,071 | |
A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, is presented as follows:
Prudential Day One Income 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) | |
| $ | 1,400,314 | | | $ | 1,253,173 | | | $ | 264,560 | | | $ | 49,535 | | | $ | 2,857 | | | $ | 2,441,319 | | | | 234,742 | | | $ | 19,923 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 1,098,835 | | | | 1,395,716 | | | | 910,404 | | | | — | | | | — | | | | 1,584,147 | | | | 1,584,147 | | | | 10,843 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 592,579 | | | | 474,335 | | | | 153,939 | | | | (10,681 | ) | | | 2,004 | | | | 904,298 | | | | 36,626 | | | | 22,729 | | | | 42,834 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 98,355 | | | | 72,543 | | | | 24,331 | | | | 3,044 | | | | (964 | ) | | | 148,647 | | | | 12,224 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 497,899 | | | | 405,187 | | | | 103,395 | | | | (30,582 | ) | | | (13,304 | ) | | | 755,805 | | | | 84,072 | | | | 5,141 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 493,674 | | | | 363,073 | | | | 118,805 | | | | 13,223 | | | | (3,069 | ) | | | 748,096 | | | | 62,083 | | | | 12,944 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 1,083,861 | | | | 810,725 | | | | 289,955 | | | | 70,913 | | | | (38,280 | ) | | | 1,637,264 | | | | 102,650 | | | | 15,641 | | | | 28,472 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 98,531 | | | | 74,501 | | | | 25,157 | | | | 2,649 | | | | (1,632 | ) | | | 148,892 | | | | 13,414 | | | | 983 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 591,206 | | | | 425,733 | | | | 159,700 | | | | 35,383 | | | | 2,332 | | | | 894,954 | | | | 61,594 | | | | 9,313 | | | | 670 | |
| | PGIM TIPS Fund (Class R6) | |
| | 2,604,862 | | | | 1,579,314 | | | | 765,299 | | | | 82,197 | | | | 5,043 | | | | 3,506,117 | | | | 344,751 | | | | 18,820 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 1,503,904 | | | | 1,221,510 | | | | 297,388 | | | | 11,600 | | | | 2,357 | | | | 2,441,983 | | | | 165,671 | | | | 31,360 | | | | 49,404 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prudential Day One Income 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 | |
| $ | 10,064,020 | | | $ | 8,075,810 | | | $ | 3,112,933 | | | $ | 227,281 | | | $ | (42,656 | ) | | $ | 15,211,522 | | | | | | | $ | 147,697 | | | $ | 121,380 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| * | A portion of the amount represents merger activity of the underlying Fund during the reporting period. |
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) | |
| $ | 1,457,338 | | | $ | 720,938 | | | $ | 197,807 | | | $ | 46,265 | | | $ | 1,281 | | | $ | 2,028,015 | | | | 195,001 | | | $ | 20,905 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 1,074,467 | | | | 508,360 | | | | 269,421 | | | | — | | | | — | | | | 1,313,406 | | | | 1,313,406 | | | | 11,230 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 664,422 | | | | 344,402 | | | | 126,112 | | | | (22,844 | ) | | | (1,248 | ) | | | 858,620 | | | | 34,776 | | | | 29,526 | | | | 55,680 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 110,296 | | | | 48,370 | | | | 21,527 | | | | 3,951 | | | | 44 | | | | 141,134 | | | | 11,606 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 558,103 | | | | 279,691 | | | | 86,797 | | | | (27,176 | ) | | | (6,191 | ) | | | 717,630 | | | | 79,825 | | | | 6,657 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 664,241 | | | | 289,056 | | | | 124,266 | | | | 25,219 | | | | (1,901 | ) | | | 852,349 | | | | 70,734 | | | | 20,116 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 1,436,340 | | | | 637,174 | | | | 434,846 | | | | 93,948 | | | | (36,780 | ) | | | 1,695,836 | | | | 106,322 | | | | 24,114 | | | | 43,895 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 220,972 | | | | 101,910 | | | | 45,749 | | | | 6,432 | | | | (832 | ) | | | 282,733 | | | | 25,471 | | | | 2,564 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 773,424 | | | | 326,937 | | | | 165,848 | | | | 53,053 | | | | 3,781 | | | | 991,347 | | | | 68,228 | | | | 14,201 | | | | 1,022 | |
| | PGIM TIPS Fund (Class R6) | |
| | 2,694,764 | | | | 1,002,340 | | | | 601,623 | | | | 86,170 | | | | 2,664 | | | | 3,184,315 | | | | 313,109 | | | | 21,581 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 1,573,054 | | | | 961,511 | | | | 220,142 | | | | 3,407 | | | | 465 | | | | 2,318,295 | | | | 157,279 | | | | 35,213 | | | | 59,934 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11,227,421 | | | $ | 5,220,689 | | | $ | 2,294,138 | | | $ | 268,425 | | | $ | (38,717 | ) | | $ | 14,383,680 | | | | | | | $ | 186,107 | | | $ | 160,531 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
| $ | 5,247,222 | | | $ | 1,230,264 | | | $ | 457,181 | | | $ | 153,025 | | | $ | 1,122 | | | $ | 6,174,452 | | | | 593,697 | | | $ | 72,055 | | | $ | — | |
| | | | |
| Prudential Day One Income Fund | | | 127 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2020 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 Core Ultra Short Bond Fund | |
| $ | 3,565,581 | | | $ | 1,148,697 | | | $ | 565,386 | | | $ | — | | | $ | — | | | $ | 4,148,892 | | | | 4,148,892 | | | $ | 38,023 | | | $ | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 2,591,816 | | | | 791,246 | | | | 247,314 | | | | (82,422 | ) | | | (3,797 | ) | | | 3,049,529 | | | | 123,513 | | | | 111,122 | | | | 210,092 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 430,250 | | | | 101,293 | | | | 45,690 | | | | 16,578 | | | | (1,046 | ) | | | 501,385 | | | | 41,232 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 2,177,060 | | | | 691,697 | | | | 202,900 | | | | (96,380 | ) | | | (20,565 | ) | | | 2,548,912 | | | | 283,527 | | | | 25,077 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 3,022,939 | | | | 759,247 | | | | 362,434 | | | | 121,514 | | | | (9,386 | ) | | | 3,531,880 | | | | 293,102 | | | | 88,401 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 7,326,975 | | | | 1,781,772 | | | | 1,370,921 | | | | 417,243 | | | | (122,924 | ) | | | 8,032,145 | | | | 503,583 | | | | 124,914 | | | | 215,730 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 861,979 | | | | 221,032 | | | | 102,303 | | | | 28,692 | | | | (5,004 | ) | | | 1,004,396 | | | | 90,486 | | | | 9,637 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 3,448,034 | | | | 733,325 | | | | 410,566 | | | | 250,536 | | | | 3,208 | | | | 4,024,537 | | | | 276,981 | | | | 61,076 | | | | 4,394 | |
| | PGIM TIPS Fund (Class R6) | |
| | 9,635,105 | | | | 2,042,253 | | | | 1,693,848 | | | | 295,141 | | | | 3,139 | | | | 10,281,790 | | | | 1,010,992 | | | | 75,372 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 5,259,229 | | | | 2,942,712 | | | | 504,477 | | | | 26,394 | | | | (3,797 | ) | | | 7,720,061 | | | | 523,749 | | | | 109,684 | | | | 193,815 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 43,566,190 | | | $ | 12,443,538 | | | $ | 5,963,020 | | | $ | 1,130,321 | | | $ | (159,050 | ) | | $ | 51,017,979 | | | | | | | $ | 715,361 | | | $ | 624,031 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
| $ | 4,502,908 | | | $ | 1,281,507 | | | $ | 483,183 | | | $ | 135,338 | | | $ | (192 | ) | | $ | 5,436,378 | | | | 522,729 | | | $ | 62,607 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 3,568,123 | | | | 2,186,519 | | | | 1,488,590 | | | | — | | | | — | | | | 4,266,052 | | | | 4,266,052 | | | | 38,846 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 2,965,474 | | | | 1,156,938 | | | | 449,563 | | | | (86,065 | ) | | | (6,833 | ) | | | 3,579,951 | | | | 144,996 | | | | 127,183 | | | | 240,579 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 492,281 | | | | 146,503 | | | | 67,532 | | | | 18,629 | | | | (1,275 | ) | | | 588,606 | | | | 48,405 | | | | — | | | | — | |
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 Commodity Strategies Fund (Class R6) | |
| $ | 2,490,905 | | | $ | 943,405 | | | $ | 299,772 | | | $ | (112,319 | ) | | $ | (29,961 | ) | | $ | 2,992,258 | | | | 332,843 | | | $ | 28,481 | | | $ | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 4,446,994 | | | | 1,384,529 | | | | 663,797 | | | | 178,011 | | | | (14,861 | ) | | | 5,330,876 | | | | 442,396 | | | | 129,085 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 9,369,575 | | | | 2,965,220 | | | | 2,104,356 | | | | 580,248 | | | | (202,629 | ) | | | 10,608,058 | | | | 665,082 | | | | 157,597 | | | | 274,038 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 986,256 | | | | 312,060 | | | | 146,580 | | | | 31,058 | | | | (3,675 | ) | | | 1,179,119 | | | | 106,227 | | | | 10,953 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 4,438,279 | | | | 1,302,418 | | | | 753,595 | | | | 317,542 | | | | 10,550 | | | | 5,315,194 | | | | 365,808 | | | | 78,100 | | | | 5,618 | |
| | PGIM TIPS Fund (Class R6) | |
| | 10,022,369 | | | | 2,618,724 | | | | 1,499,013 | | | | 325,616 | | | | (1,120 | ) | | | 11,466,576 | | | | 1,127,490 | | | | 78,926 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 6,519,125 | | | | 3,278,740 | | | | 755,206 | | | | 25,223 | | | | (4,869 | ) | | | 9,063,013 | | | | 614,858 | | | | 135,065 | | | | 238,735 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 49,802,289 | | | $ | 17,576,563 | | | $ | 8,711,187 | | | $ | 1,413,281 | | | $ | (254,865 | ) | | $ | 59,826,081 | | | | | | | $ | 846,843 | | | $ | 758,970 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
| $ | 3,126,340 | | | $ | 854,741 | | | $ | 430,331 | | | $ | 91,362 | | | $ | 120 | | | $ | 3,642,232 | | | | 350,215 | | | $ | 42,962 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 2,297,551 | | | | 1,045,285 | | | | 694,565 | | | | — | | | | — | | | | 2,648,271 | | | | 2,648,271 | | | | 24,518 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 2,647,207 | | | | 927,415 | | | | 404,572 | | | | (77,650 | ) | | | (8,866 | ) | | | 3,083,534 | | | | 124,890 | | | | 112,354 | | | | 212,269 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 439,450 | | | | 624,937 | | | | 58,353 | | | | 8,997 | | | | (1,117 | ) | | | 1,013,914 | | | | 83,381 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 1,778,830 | | | | 583,359 | | | | 202,442 | | | | (78,345 | ) | | | (19,509 | ) | | | 2,061,893 | | | | 229,354 | | | | 20,410 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 441,327 | | | | 669,442 | | | | 55,346 | | | | (36,429 | ) | | | (4,957 | ) | | | 1,014,037 | | | | 92,522 | | | | 10,296 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 4,851,897 | | | | 1,240,601 | | | | 659,519 | | | | 191,925 | | | | (13,042 | ) | | | 5,611,862 | | | | 465,715 | | | | 141,319 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 11,445,508 | | | | 2,880,251 | | | | 3,635,619 | | | | 726,597 | | | | (249,784 | ) | | | 11,166,953 | | | | 700,122 | | | | 187,438 | | | | 333,487 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 1,320,616 | | | | 345,173 | | | | 178,787 | | | | 42,940 | | | | (6,597 | ) | | | 1,523,345 | | | | 137,238 | | | | 14,610 | | | | — | |
| | | | |
| Prudential Day One Income Fund | | | 129 | |
Notes to Financial Statements(unaudited) (continued)
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 QMA US Broad Market Index Fund (Class R6) | |
| $ | 5,722,830 | | | $ | 1,276,593 | | | $ | 1,318,188 | | | $ | 374,465 | | | $ | 48,240 | | | $ | 6,103,940 | | | | 420,092 | | | $ | 100,330 | | | $ | 7,217 | |
| | PGIM TIPS Fund (Class R6) | |
| | 5,367,956 | | | | 1,968,896 | | | | 767,825 | | | | 187,425 | | | | 1,516 | | | | 6,757,968 | | | | 664,500 | | | | 41,921 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 4,924,079 | | | | 2,535,916 | | | | 708,125 | | | | 17,734 | | | | (3,644 | ) | | | 6,765,960 | �� | | | 459,020 | | | | 101,090 | | | | 179,537 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 44,363,591 | | | $ | 14,952,609 | | | $ | 9,113,672 | | | $ | 1,449,021 | | | $ | (257,640 | ) | | $ | 51,393,909 | | | | | | | $ | 797,248 | | | $ | 732,510 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
| $ | 1,567,404 | | | $ | 512,728 | | | $ | 213,208 | | | $ | 46,571 | | | $ | 517 | | | $ | 1,914,012 | | | | 184,040 | | | $ | 21,909 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 705,908 | | | | 929,602 | | | | 834,515 | | | | — | | | | — | | | | 800,995 | | | | 800,995 | | | | 7,298 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 1,548,433 | | | | 611,643 | | | | 212,335 | | | | (48,605 | ) | | | (8,649 | ) | | | 1,890,487 | | | | 76,569 | | | | 68,611 | | | | 130,133 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 616,924 | | | | 168,781 | | | | 63,121 | | | | 24,194 | | | | (860 | ) | | | 745,918 | | | | 61,342 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 1,248,557 | | | | 463,103 | | | | 123,522 | | | | (61,432 | ) | | | (9,746 | ) | | | 1,516,960 | | | | 168,739 | | | | 14,843 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 929,323 | | | | 333,207 | | | | 127,948 | | | | (9,360 | ) | | | (6,222 | ) | | | 1,119,000 | | | | 102,099 | | | | 22,497 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 4,024,836 | | | | 1,154,881 | | | | 445,842 | | | | 156,645 | | | | (11,255 | ) | | | 4,879,265 | | | | 404,918 | | | | 121,455 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 8,960,835 | | | | 2,524,482 | | | | 1,769,035 | | | | 540,140 | | | | (173,943 | ) | | | 10,082,479 | | | | 632,130 | | | | 150,907 | | | | 270,916 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 1,235,963 | | | | 360,098 | | | | 135,578 | | | | 41,043 | | | | (7,260 | ) | | | 1,494,266 | | | | 134,619 | | | | 14,189 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 4,943,975 | | | | 1,250,931 | | | | 578,580 | | | | 370,038 | | | | 1,101 | | | | 5,987,465 | | | | 412,076 | | | | 89,930 | | | | 6,469 | |
| | PGIM TIPS Fund (Class R6) | |
| | 2,511,828 | | | | 1,185,460 | | | | 348,844 | | | | 93,288 | | | | 435 | | | | 3,442,167 | | | | 338,463 | | | | 20,043 | | | | — | |
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 Total Return Bond Fund (Class R6) | |
| $ | 2,827,782 | | | $ | 1,401,538 | | | $ | 402,003 | | | $ | 4,128 | | | $ | (2,415 | ) | | $ | 3,829,030 | | | | 259,771 | | | $ | 58,445 | | | $ | 107,601 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 31,121,768 | | | $ | 10,896,454 | | | $ | 5,254,531 | | | $ | 1,156,650 | | | $ | (218,297 | ) | | $ | 37,702,044 | | | | | | | $ | 590,127 | | | $ | 515,119 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
| $ | 1,121,064 | | | $ | 315,038 | | | $ | 128,729 | | | $ | 32,833 | | | $ | 678 | | | $ | 1,340,884 | | | | 128,931 | | | $ | 15,420 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 361,557 | | | | 341,645 | | | | 337,903 | | | | — | | | | — | | | | 365,299 | | | | 365,299 | | | | 3,410 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 1,384,424 | | | | 475,890 | | | | 154,859 | | | | (43,513 | ) | | | (6,505 | ) | | | 1,655,437 | | | | 67,049 | | | | 60,322 | | | | 114,389 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 827,376 | | | | 179,984 | | | | 57,886 | | | | 31,637 | | | | (1,365 | ) | | | 979,746 | | | | 80,571 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 1,116,304 | | | | 358,742 | | | | 83,144 | | | | (54,531 | ) | | | (9,012 | ) | | | 1,328,359 | | | | 147,760 | | | | 13,053 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 1,107,852 | | | | 635,599 | | | | 68,811 | | | | (30,126 | ) | | | (11,415 | ) | | | 1,633,099 | | | | 149,005 | | | | 26,511 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 4,152,148 | | | | 946,543 | | | | 314,030 | | | | 156,842 | | | | (11,611 | ) | | | 4,929,892 | | | | 409,120 | | | | 123,243 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 8,011,761 | | | | 1,780,237 | | | | 1,609,621 | | | | 438,791 | | | | (119,409 | ) | | | 8,501,759 | | | | 533,026 | | | | 132,879 | | | | 239,572 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 1,657,584 | | | | 724,768 | | | | 124,902 | | | | 38,833 | | | | (6,477 | ) | | | 2,289,806 | | | | 206,289 | | | | 18,821 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 4,420,340 | | | | 869,050 | | | | 370,353 | | | | 322,857 | | | | 1,060 | | | | 5,242,954 | | | | 360,836 | | | | 79,483 | | | | 5,718 | |
| | PGIM TIPS Fund (Class R6) | |
| | 1,403,541 | | | | 718,119 | | | | 166,841 | | | | 54,102 | | | | 577 | | | | 2,009,498 | | | | 197,591 | | | | 11,038 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 2,247,236 | | | | 702,153 | | | | 262,694 | | | | (4,074 | ) | | | (134 | ) | | | 2,682,487 | | | | 181,987 | | | | 44,786 | | | | 84,052 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 27,811,187 | | | $ | 8,047,768 | | | $ | 3,679,773 | | | $ | 943,651 | | | $ | (163,613 | ) | | $ | 32,959,220 | | | | | | | $ | 528,966 | | | $ | 443,731 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 131 | |
Notes to Financial Statements(unaudited) (continued)
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) | |
| $ | 532,276 | | | $ | 184,999 | | | $ | 88,112 | | | $ | 15,842 | | | $ | 402 | | | $ | 645,407 | | | | 62,058 | | | $ | 7,267 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 73,551 | | | | 201,804 | | | | 254,458 | | | | — | | | | — | | | | 20,897 | | | | 20,897 | | | | 244 | | | | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 876,411 | | | | 368,734 | | | | 151,648 | | | | (27,861 | ) | | | (3,189 | ) | | | 1,062,447 | | | | 43,031 | | | | 38,086 | | | | 72,313 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 523,769 | | | | 349,102 | | | | 49,206 | | | | 15,721 | | | | (994 | ) | | | 838,392 | | | | 68,947 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 530,010 | | | | 198,848 | | | | 58,563 | | | | (26,957 | ) | | | (3,942 | ) | | | 639,396 | | | | 71,123 | | | | 6,048 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 876,657 | | | | 505,342 | | | | 93,434 | | | | (17,223 | ) | | | (13,618 | ) | | | 1,257,724 | | | | 114,756 | | | | 20,478 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 3,154,221 | | | | 858,066 | | | | 321,612 | | | | 118,027 | | | | (11,945 | ) | | | 3,796,757 | | | | 315,084 | | | | 91,362 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 5,071,837 | | | | 1,347,550 | | | | 1,160,628 | | | | 315,145 | | | | (117,536 | ) | | | 5,456,368 | | | | 342,092 | | | | 81,279 | | | | 147,954 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 1,224,221 | | | | 555,923 | | | | 123,127 | | | | 29,494 | | | | (6,993 | ) | | | 1,679,518 | | | | 151,308 | | | | 13,561 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 2,973,185 | | | | 711,635 | | | | 323,108 | | | | 211,719 | | | | 1,764 | | | | 3,575,195 | | | | 246,056 | | | | 52,185 | | | | 3,754 | |
| | PGIM TIPS Fund (Class R6) | |
| | 355,411 | | | | 119,067 | | | | 56,783 | | | | 11,974 | | | | 222 | | | | 429,891 | | | | 42,271 | | | | 2,755 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 1,422,640 | | | | 540,124 | | | | 240,666 | | | | (883 | ) | | | 321 | | | | 1,721,536 | | | | 116,794 | | | | 28,665 | | | | 51,941 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 17,614,189 | | | $ | 5,941,194 | | | $ | 2,921,345 | | | $ | 644,998 | | | $ | (155,508 | ) | | $ | 21,123,528 | | | | | | | $ | 341,930 | | | $ | 275,962 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | |
| $ | 221,897 | | | $ | 93,918 | | | $ | 42,883 | | | $ | 6,939 | | | $ | 3 | | | $ | 279,874 | | | | 26,911 | | | $ | 3,236 | | | $ | — | |
| | PGIM Core Ultra Short Bond Fund | |
| | 71,734 | | | | 436,935 | | | | 495,120 | | | | — | | | | — | | | | 13,549 | | | | 13,549 | | | | 377 | | | | — | |
Prudential Day One 2050 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 Global Real Estate Fund (Class R6) | |
| $ | 548,061 | | | $ | 277,127 | | | $ | 113,365 | | | $ | (17,231 | ) | | $ | (3,528 | ) | | $ | 691,064 | | | | 27,990 | | | $ | 25,148 | | | $ | 47,658 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 436,716 | | | | 138,902 | | | | 48,861 | | | | 19,080 | | | | (443 | ) | | | 545,394 | | | | 44,851 | | | | 2,392 | | | | 30,817 | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 331,441 | | | | 151,425 | | | | 47,393 | | | | (15,898 | ) | | | (3,663 | ) | | | 415,912 | | | | 46,264 | | | | 4,075 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 657,853 | | | | 391,147 | | | | 76,647 | | | | (11,501 | ) | | | (6,152 | ) | | | 954,700 | | | | 87,108 | | | | 17,007 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 2,082,052 | | | | 698,289 | | | | 255,246 | | | | 87,564 | | | | (5,505 | ) | | | 2,607,154 | | | | 216,361 | | | | 65,202 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 3,062,294 | | | | 1,004,898 | | | | 651,850 | | | | 186,549 | | | | (52,465 | ) | | | 3,549,426 | | | | 222,535 | | | | 54,296 | | | | 98,837 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 874,925 | | | | 436,489 | | | | 104,537 | | | | 25,645 | | | | (3,473 | ) | | | 1,229,049 | | | | 110,725 | | | | 10,723 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 1,859,275 | | | | 567,718 | | | | 249,783 | | | | 147,283 | | | | 1,208 | | | | 2,325,701 | | | | 160,062 | | | | 36,115 | | | | 2,598 | |
| | PGIM TIPS Fund (Class R6) | |
| | 111,122 | | | | 45,540 | | | | 20,810 | | | | 3,945 | | | | 11 | | | | 139,808 | | | | 13,747 | | | | 931 | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 778,403 | | | | 356,856 | | | | 153,726 | | | | (1,029 | ) | | | (679 | ) | | | 979,825 | | | | 66,474 | | | | 13,953 | | | | — | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 11,035,773 | | | $ | 4,599,244 | | | $ | 2,260,221 | | | $ | 431,346 | | | $ | (74,686 | ) | | $ | 13,731,456 | | | | | | | $ | 233,455 | | | $ | 179,910 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| $ | 70,317 | | | $ | 99,846 | | | $ | 159,056 | | | $ | — | | | $ | — | | | $ | 11,107 | | | | 11,107 | | | $ | 248 | | | $ | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 375,545 | | | | 154,623 | | | | 44,048 | | | | (12,360 | ) | | | (1,816 | ) | | | 471,944 | | | | 19,115 | | | | 16,840 | | | | 31,941 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 374,061 | | | | 103,719 | | | | 26,595 | | | | 14,863 | | | | (492 | ) | | | 465,556 | | | | 38,286 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 227,112 | | | | 88,197 | | | | 17,397 | | | | (12,682 | ) | | | (1,210 | ) | | | 284,020 | | | | 31,593 | | | | 2,761 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 601,042 | | | | 208,239 | | | | 52,587 | | | | (6,051 | ) | | | (5,665 | ) | | | 744,978 | | | | 67,972 | | | | 14,958 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | 1,576,863 | | | | 428,753 | | | | 91,734 | | | | 57,696 | | | | (3,872 | ) | | | 1,967,706 | | | | 163,295 | | | | 48,743 | | | | — | |
| | | | |
| Prudential Day One Income Fund | | | 133 | |
Notes to Financial Statements(unaudited) (continued)
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 QMA Large-Cap Core Equity Fund (Class R6) | | | | | | | | | | | | | | | | | |
| $ | 2,023,417 | | | $ | 564,028 | | | $ | 337,425 | | | $ | 116,488 | | | $ | (35,833 | ) | | $ | 2,330,675 | | | | 146,124 | | | $ | 34,550 | | | $ | 62,892 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 674,464 | | | | 280,104 | | | | 36,027 | | | | 15,989 | | | | (1,906 | ) | | | 932,624 | | | | 84,020 | | | | 7,960 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 1,199,078 | | | | 302,476 | | | | 96,481 | | | | 89,726 | | | | (18 | ) | | | 1,494,781 | | | | 102,876 | | | | 22,421 | | | | 1,613 | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 457,208 | | | | 268,159 | | | | 57,374 | | | | 1,180 | | | | (51 | ) | | | 669,122 | | | | 45,395 | | | | 9,552 | | | | 17,773 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | 7,579,107 | | | $ | 2,498,144 | | | $ | 918,724 | | | $ | 264,849 | | | $ | (50,863 | ) | | $ | 9,372,513 | | | | | | | $ | 158,033 | | | $ | 114,219 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | | | | | | | | | | | | | | | | | | | | | |
| $ | 65,957 | | | $ | 107,054 | | | $ | 166,790 | | | $ | — | | | $ | — | | | $ | 6,221 | | | | 6,221 | | | $ | 230 | | | $ | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | 109,141 | | | | 72,165 | | | | 24,197 | | | | (3,887 | ) | | | (735 | ) | | | 152,487 | | | | 6,176 | | | | 5,296 | | | | 10,084 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | 108,711 | | | | 50,411 | | | | 13,268 | | | | 5,145 | | | | (586 | ) | | | 150,413 | | | | 12,370 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | 66,003 | | | | 39,958 | | | | 9,670 | | | | (3,823 | ) | | | (699 | ) | | | 91,769 | | | | 10,208 | | | | 870 | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | 174,675 | | | | 121,370 | | | | 19,548 | | | | (4,735 | ) | | | (987 | ) | | | 270,775 | | | | 24,706 | | | | 4,706 | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| 501,913
|
| | | 232,149 | | | | 54,749 | | | | 18,394 | | | | (1,408 | ) | | | 696,299 | | | | 57,784 | | | | 16,817 | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | 609,831 | | | | 282,770 | | | | 165,112 | | | | 39,365 | | | | (13,848 | ) | | | 753,006 | | | | 47,210 | | | | 11,268 | | | | 20,512 | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | 196,014 | | | | 123,373 | | | | 22,224 | | | | 5,290 | | | | (1,136 | ) | | | 301,317 | | | | 27,146 | | | | 2,504 | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | 348,480 | | | | 155,803 | | | | 48,915 | | | | 27,447 | | | | 131 | | | | 482,946 | | | | 33,238 | | | | 7,058 | | | | 508 | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | 66,433 | | | | 71,652 | | | | 15,043 | | | | 593 | | | | (92 | ) | | | 123,543 | | | | 8,381 | | | | 1,523 | | | | 2,800 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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 | |
| $ | 2,247,158 | | | $ | 1,256,705 | | | $ | 539,516 | | | $ | 83,789 | | | $ | (19,360 | ) | | $ | 3,028,776 | | | | | | | $ | 50,272 | | | $ | 33,904 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Prudential Day One 2065 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 | | | | | | | | | | | | | | | | | | | | | |
| $ | — | | | $ | 60,181 | | | $ | 60,069 | | | $ | — | | | $ | — | | | $ | 112 | | | | 112 | | | $ | 3 | | | $ | — | |
| | PGIM Global Real Estate Fund (Class R6) | |
| | — | | | | 6,774 | | | | 143 | | | | (188 | ) | | | (11 | ) | | | 6,432 | | | | 260 | | | | 109 | | | | 225 | |
| | PGIM Jennison Small-Cap Core Equity Fund (Class R6) | |
| | — | | | | 6,440 | | | | 77 | | | | (21 | ) | | | 1 | | | | 6,343 | | | | 522 | | | | — | | | | — | |
| | PGIM QMA Commodity Strategies Fund (Class R6) | |
| | — | | | | 4,049 | | | | 16 | | | | (163 | ) | | | — | | | | 3,870 | | | | 431 | | | | — | | | | — | |
| | PGIM QMA Emerging Markets Equity Fund (Class R6) | |
| | — | | | | 11,988 | | | | 90 | | | | (481 | ) | | | 1 | | | | 11,418 | | | | 1,042 | | | | — | | | | — | |
| | PGIM QMA International Developed Markets Index Fund (Class R6) | |
| | — | | | | 31,292 | | | | 43 | | | | (606 | ) | | | (1 | ) | | | 30,642 | | | | 2,543 | | | | — | | | | — | |
| | PGIM QMA Large-Cap Core Equity Fund (Class R6) | |
| | — | | | | 32,203 | | | | 361 | | | | (91 | ) | | | 3 | | | | 31,754 | | | | 1,991 | | | | — | | | | — | |
| | PGIM QMA Mid-Cap Core Equity Fund (Class R6) | |
| | — | | | | 12,944 | | | | 18 | | | | (220 | ) | | | — | | | | 12,706 | | | | 1,145 | | | | — | | | | — | |
| | PGIM QMA US Broad Market Index Fund (Class R6) | |
| | — | | | | 20,609 | | | | 280 | | | | 32 | | | | 5 | | | | 20,366 | | | | 1,402 | | | | — | | | | — | |
| | PGIM Total Return Bond Fund (Class R6) | |
| | — | | | | 3,962 | | | | 43 | | | | (15 | ) | | | (1 | ) | | | 3,903 | | | | 265 | | | | 18 | | | | 60 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| $ | — | | | $ | 190,442 | | | $ | 61,140 | | | $ | (1,753 | ) | | $ | (3 | ) | | $ | 127,546 | | | | | | | $ | 130 | | | $ | 285 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5. Tax Information
The United States federal income tax basis of the Day One Funds’ investments and the net unrealized appreciation (depreciation) as of January 31, 2020 were as follows:
| | | | | | | | | | | | | | | | |
Fund | | Tax Basis | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net
Unrealized
Appreciation
(Depreciation) | |
Prudential Day One Income Fund | | $ | 14,670,835 | | | $ | 598,862 | | | $ | (58,175 | ) | | $ | 540,687 | |
| | | | |
| Prudential Day One Income Fund | | | 135 | |
Notes to Financial Statements(unaudited) (continued)
| | | | | | | | | | | | | | | | |
Fund | | Tax Basis | | | Gross
Unrealized
Appreciation | | | Gross
Unrealized
Depreciation | | | Net
Unrealized
Appreciation
(Depreciation) | |
Prudential Day One 2015 Fund | | $ | 14,022,268 | | | $ | 409,673 | | | $ | (48,261 | ) | | $ | 361,412 | |
Prudential Day One 2020 Fund | | | 49,554,304 | | | | 1,670,462 | | | | (206,787 | ) | | | 1,463,675 | |
Prudential Day One 2025 Fund | | | 58,168,298 | | | | 1,885,356 | | | | (227,573 | ) | | | 1,657,783 | |
Prudential Day One 2030 Fund | | | 49,712,684 | | | | 1,887,514 | | | | (206,289 | ) | | | 1,681,225 | |
Prudential Day One 2035 Fund | | | 36,585,042 | | | | 1,251,188 | | | | (134,186 | ) | | | 1,117,002 | |
Prudential Day One 2040 Fund | | | 31,843,140 | | | | 1,296,439 | | | | (180,359 | ) | | | 1,116,080 | |
Prudential Day One 2045 Fund | | | 20,497,704 | | | | 716,574 | | | | (90,750 | ) | | | 625,824 | |
Prudential Day One 2050 Fund | | | 13,251,493 | | | | 531,636 | | | | (51,673 | ) | | | 479,963 | |
Prudential Day One 2055 Fund | | | 9,157,892 | | | | 261,453 | | | | (46,832 | ) | | | 214,621 | |
Prudential Day One 2060 Fund | | | 2,957,445 | | | | 82,905 | | | | (11,574 | ) | | | 71,331 | |
Prudential Day One 2065 Fund | | | 129,299 | | | | 32 | | | | (1,785 | ) | | | (1,753 | ) |
The book basis may differ from tax basis due to certain tax-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. Since tax authorities can examine previously filed tax returns, the Day One Funds’ U.S. federal and state tax returns for each of the four fiscal years up to the most recent fiscal year ended July 31, 2019 are subject to such review.
6. Capital and Ownership
The Trust is authorized to issue an unlimited number of shares of beneficial interest of the Day One Funds, at $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, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Day One Funds as follows:
| | | | | | | | |
Fund | | Number of Shares | | | Percentage of
Outstanding Shares | |
Prudential Day One Income Fund—Class R1 | | | 2,171 | | | | 99 | % |
Prudential Day One Income Fund—Class R2 | | | 122,758 | | | | 100 | |
Prudential Day One Income Fund—Class R3 | | | 144,651 | | | | 90 | |
Prudential Day One Income Fund—Class R4 | | | 2,204 | | | | 98 | |
Prudential Day One Income Fund—Class R5 | | | 77,950 | | | | 94 | |
Prudential Day One Income Fund—Class R6 | | | 616,820 | | | | 60 | |
Prudential Day One 2015 Fund—Class R1 | | | 1,086 | | | | 100 | |
Prudential Day One 2015 Fund—Class R2 | | | 1,093 | | | | 30 | |
Prudential Day One 2015 Fund—Class R3 | | | 1,099 | | | | 100 | |
Prudential Day One 2015 Fund—Class R4 | | | 1,102 | | | | 100 | |
Prudential Day One 2015 Fund—Class R5 | | | 20,961 | | | | 100 | |
Prudential Day One 2015 Fund—Class R6 | | | 1,023,320 | | | | 80 | |
Prudential Day One 2020 Fund—Class R1 | | | 1,079 | | | | 100 | |
Prudential Day One 2020 Fund—Class R2 | | | 329,794 | | | | 98 | |
Prudential Day One 2020 Fund—Class R3 | | | 29,018 | | | | 25 | |
Prudential Day One 2020 Fund—Class R4 | | | 1,095 | | | | 100 | |
Prudential Day One 2020 Fund—Class R5 | | | 360,612 | | | | 100 | |
Prudential Day One 2020 Fund—Class R6 | | | 2,633,765 | | | | 70 | |
Prudential Day One 2025 Fund—Class R1 | | | 1,093 | | | | 100 | |
Prudential Day One 2025 Fund—Class R2 | | | 1,101 | | | | 4 | |
Prudential Day One 2025 Fund—Class R3 | | | 692,611 | | | | 94 | |
Prudential Day One 2025 Fund—Class R4 | | | 1,109 | | | | 100 | |
Prudential Day One 2025 Fund—Class R5 | | | 25,382 | | | | 97 | |
Prudential Day One 2025 Fund—Class R6 | | | 2,752,265 | | | | 61 | |
Prudential Day One 2030 Fund—Class R1 | | | 1,100 | | | | 32 | |
Prudential Day One 2030 Fund—Class R2 | | | 393,824 | | | | 98 | |
Prudential Day One 2030 Fund—Class R3 | | | 96,400 | | | | 57 | |
Prudential Day One 2030 Fund—Class R4 | | | 1,117 | | | | 100 | |
Prudential Day One 2030 Fund—Class R5 | | | 261,404 | | | | 96 | |
Prudential Day One 2030 Fund—Class R6 | | | 2,658,663 | | | | 74 | |
Prudential Day One 2035 Fund—Class R1 | | | 1,110 | | | | 51 | |
Prudential Day One 2035 Fund—Class R2 | | | 1,119 | | | | 3 | |
Prudential Day One 2035 Fund—Class R3 | | | 607,304 | | | | 99 | |
Prudential Day One 2035 Fund—Class R4 | | | 1,127 | | | | 100 | |
Prudential Day One 2035 Fund—Class R5 | | | 8,301 | | | | 75 | |
Prudential Day One 2035 Fund—Class R6 | | | 1,481,255 | | | | 57 | |
Prudential Day One 2040 Fund—Class R1 | | | 1,107 | | | | 69 | |
Prudential Day One 2040 Fund—Class R2 | | | 257,358 | | | | 97 | |
Prudential Day One 2040 Fund—Class R3 | | | 132,568 | | | | 83 | |
Prudential Day One 2040 Fund—Class R4 | | | 1,123 | | | | 100 | |
Prudential Day One 2040 Fund—Class R5 | | | 535,126 | | | | 100 | |
Prudential Day One 2040 Fund—Class R6 | | | 1,122,504 | | | | 61 | |
Prudential Day One 2045 Fund—Class R1 | | | 1,126 | | | | 91 | |
Prudential Day One 2045 Fund—Class R2 | | | 1,134 | | | | 7 | |
Prudential Day One 2045 Fund—Class R3 | | | 723,292 | | | | 99 | |
Prudential Day One 2045 Fund—Class R4 | | | 1,144 | | | | 35 | |
Prudential Day One 2045 Fund—Class R5 | | | 17,051 | | | | 67 | |
Prudential Day One 2045 Fund—Class R6 | | | 591,085 | | | | 56 | |
Prudential Day One 2050 Fund—Class R1 | | | 1,107 | | | | 36 | |
Prudential Day One 2050 Fund—Class R2 | | | 214,342 | | | | 93 | |
Prudential Day One 2050 Fund—Class R3 | | | 140,400 | | | | 97 | |
| | | | |
| Prudential Day One Income Fund | | | 137 | |
Notes to Financial Statements(unaudited) (continued)
| | | | | | | | |
Fund | | Number of Shares | | | Percentage of
Outstanding Shares | |
Prudential Day One 2050 Fund—Class R4 | | | 1,123 | | | | 100 | % |
Prudential Day One 2050 Fund—Class R5 | | | 61,459 | | | | 99 | |
Prudential Day One 2050 Fund—Class R6 | | | 452,825 | | | | 63 | |
Prudential Day One 2055 Fund—Class R1 | | | 1,127 | | | | 81 | |
Prudential Day One 2055 Fund—Class R2 | | | 1,135 | | | | 19 | |
Prudential Day One 2055 Fund—Class R3 | | | 377,221 | | | | 99 | |
Prudential Day One 2055 Fund—Class R4 | | | 1,144 | | | | 100 | |
Prudential Day One 2055 Fund—Class R5 | | | 8,822 | | | | 92 | |
Prudential Day One 2055 Fund—Class R6 | | | 169,908 | | | | 42 | |
Prudential Day One 2060 Fund—Class R1 | | | 1,102 | | | | 100 | |
Prudential Day One 2060 Fund—Class R2 | | | 49,091 | | | | 92 | |
Prudential Day One 2060 Fund—Class R3 | | | 37,554 | | | | 97 | |
Prudential Day One 2060 Fund—Class R4 | | | 1,116 | | | | 100 | |
Prudential Day One 2060 Fund—Class R5 | | | 6,582 | | | | 89 | |
Prudential Day One 2060 Fund—Class R6 | | | 99,645 | | | | 65 | |
Prudential Day One 2065 Fund—Class R1 | | | 1,005 | | | | 100 | |
Prudential Day One 2065 Fund—Class R2 | | | 1,005 | | | | 100 | |
Prudential Day One 2065 Fund—Class R3 | | | 1,005 | | | | 100 | |
Prudential Day One 2065 Fund—Class R4 | | | 1,005 | | | | 100 | |
Prudential Day One 2065 Fund—Class R5 | | | 1,005 | | | | 100 | |
Prudential Day One 2065 Fund—Class R6 | | | 7,909 | | | | 100 | |
At reporting period end, the number of shareholders holding greater than 5% of the Funds are as follows:
| | | | | | | | | | | | | | | | |
| | | Affiliated | | | Unaffiliated | |
Fund | | Number of
Shareholders | | | Percentage
of
Outstanding
Shares | | | Number of
Shareholders | | | Percentage
of
Outstanding
Shares | |
Prudential Day One Income Fund | | | 6 | | | | 65 | % | | | 1 | | | | 19 | % |
Prudential Day One 2015 Fund | | | 2 | | | | 78 | | | | 2 | | | | 14 | |
Prudential Day One 2020 Fund | | | 4 | | | | 69 | | | | 2 | | | | 19 | |
Prudential Day One 2025 Fund | | | 3 | | | | 59 | | | | 2 | | | | 24 | |
Prudential Day One 2030 Fund | | | 4 | | | | 71 | | | | 2 | | | | 15 | |
Prudential Day One 2035 Fund | | | 4 | | | | 63 | | | | 3 | | | | 24 | |
Prudential Day One 2040 Fund | | | 4 | | | | 66 | | | | 2 | | | | 17 | |
Prudential Day One 2045 Fund | | | 4 | | | | 69 | | | | 3 | | | | 19 | |
Prudential Day One 2050 Fund | | | 5 | | | | 69 | | | | 2 | | | | 13 | |
Prudential Day One 2055 Fund | | | 4 | | | | 68 | | | | 2 | | | | 20 | |
Prudential Day One 2060 Fund | | | 4 | | | | 71 | | | | 2 | | | | 14 | |
Prudential Day One 2065 Fund | | | 2 | | | | 100 | | | | — | | | | — | |
Transactions in shares of beneficial interest were as follows:
Prudential Day One Income Fund:
| | | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 2 | | | $ | 10 | |
Shares issued in reinvestment of dividends and distributions | | | 32 | | | | 350 | |
Shares issued in merger | | | 1,107 | | | | 11,991 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,141 | | | $ | 12,351 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 32 | | | $ | 319 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 32 | | | $ | 319 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 19,720 | | | $ | 213,862 | |
Shares issued in reinvestment of dividends and distributions | | | 3,799 | | | | 40,963 | |
Shares issued in merger | | | 1,099 | | | | 11,903 | |
Shares reacquired | | | (27,006 | ) | | | (294,243 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (2,388 | ) | | $ | (27,515 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 54,635 | | | $ | 566,496 | |
Shares issued in reinvestment of dividends and distributions | | | 2,997 | | | | 30,436 | |
Shares reacquired | | | (11,850 | ) | | | (123,971 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 45,782 | | | $ | 472,961 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 13,440 | | | $ | 145,877 | |
Shares issued in reinvestment of dividends and distributions | | | 4,689 | | | | 50,571 | |
Shares issued in merger | | | 15,181 | | | | 164,412 | |
Shares reacquired | | | (21,872 | ) | | | (236,134 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 11,438 | | | $ | 124,726 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 35,885 | | | $ | 376,559 | |
Shares issued in reinvestment of dividends and distributions | | | 4,479 | | | | 45,501 | |
Shares reacquired | | | (23,988 | ) | | | (251,096 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 16,376 | | | $ | 170,964 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 38 | | | $ | 407 | |
Shares issued in merger | | | 1,106 | | | | 11,974 | |
Shares reacquired | | | (34 | ) | | | (363 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,110 | | | $ | 12,018 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 11 | | | $ | 116 | |
Shares issued in reinvestment of dividends and distributions | | | 47 | | | | 475 | |
Shares reacquired | | | (588 | ) | | | (6,120 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (530 | ) | | $ | (5,529 | ) |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 139 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One Income Fund (cont’d.):
| | | | | | | | |
Class R5 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 598 | | | $ | 6,245 | |
Shares issued in reinvestment of dividends and distributions | | | 214 | | | | 2,305 | |
Shares issued in merger | | | 77,225 | | | | 836,350 | |
Shares reacquired | | | (975 | ) | | | (10,618 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 77,062 | | | $ | 834,282 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 4,945 | | | $ | 50,710 | |
Shares issued in reinvestment of dividends and distributions | | | 188 | | | | 1,892 | |
Shares reacquired | | | (63 | ) | | | (673 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 5,070 | | | $ | 51,929 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 116,054 | | | $ | 1,262,785 | |
Shares issued in reinvestment of dividends and distributions | | | 22,348 | | | | 241,257 | |
Shares issued in merger | | | 359,275 | | | | 3,894,544 | |
Shares reacquired | | | (117,897 | ) | | | (1,278,333 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 379,780 | | | $ | 4,120,253 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 478,548 | | | $ | 5,033,725 | |
Shares issued in reinvestment of dividends and distributions | | | 22,889 | | | | 231,941 | |
Shares reacquired | | | (188,965 | ) | | | (1,975,188 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 312,472 | | | $ | 3,290,478 | |
| | | | | | | | |
Prudential Day One 2015 Fund: | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 39 | | | $ | 427 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 39 | | | $ | 427 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 38 | | | $ | 369 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 38 | | | $ | 369 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 2,469 | | | $ | 27,069 | |
Shares issued in reinvestment of dividends and distributions | | | 138 | | | | 1,508 | |
Shares reacquired | | | (2 | ) | | | (25 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,605 | | | $ | 28,552 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,227 | | | $ | 13,410 | |
Shares issued in reinvestment of dividends and distributions | | | 40 | | | | 397 | |
Shares reacquired | | | (1,213 | ) | | | (13,272 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 54 | | | $ | 535 | |
| | | | | | | | |
Prudential Day One 2015 Fund (cont’d.):
| | | | | | | | |
Class R3 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 44 | | | $ | 476 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 44 | | | $ | 476 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 42 | | | $ | 414 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 42 | | | $ | 414 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 45 | | | $ | 491 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 45 | | | $ | 491 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 213 | | | $ | 2,331 | |
Shares issued in reinvestment of dividends and distributions | | | 322 | | | | 3,183 | |
Shares reacquired | | | (6,883 | ) | | | (69,990 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (6,348 | ) | | $ | (64,476 | ) |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 17,107 | | | $ | 188,341 | |
Shares issued in reinvestment of dividends and distributions | | | 205 | | | | 2,248 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 17,312 | | | $ | 190,589 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,890 | | | $ | 20,134 | |
Shares issued in reinvestment of dividends and distributions | | | 99 | | | | 986 | |
Shares reacquired | | | (10 | ) | | | (98 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,979 | | | $ | 21,022 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 376,495 | | | $ | 4,166,784 | |
Shares issued in reinvestment of dividends and distributions | | | 49,782 | | | | 544,114 | |
Shares reacquired | | | (157,791 | ) | | | (1,746,811 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 268,486 | | | $ | 2,964,087 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 382,922 | | | $ | 4,070,069 | |
Shares issued in reinvestment of dividends and distributions | | | 39,069 | | | | 386,786 | |
Shares reacquired | | | (195,383 | ) | | | (2,078,820 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 226,608 | | | $ | 2,378,035 | |
| | | | | | | | |
Prudential Day One 2020 Fund: | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 39 | | | $ | 436 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 39 | | | $ | 436 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 31 | | | $ | 310 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 31 | | | $ | 310 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 141 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2020 Fund (cont’d.):
| | | | | | | | |
Class R2 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 38,950 | | | $ | 436,202 | |
Shares issued in reinvestment of dividends and distributions | | | 12,874 | | | | 143,677 | |
Shares reacquired | | | (25,811 | ) | | | (290,330 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 26,013 | | | $ | 289,549 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 128,249 | | | $ | 1,403,467 | |
Shares issued in reinvestment of dividends and distributions | | | 7,331 | | | | 73,312 | |
Shares reacquired | | | (37,446 | ) | | | (398,027 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 98,134 | | | $ | 1,078,752 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 26,502 | | | $ | 296,035 | |
Shares issued in reinvestment of dividends and distributions | | | 4,802 | | | | 53,639 | |
Shares reacquired | | | (10,111 | ) | | | (112,992 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 21,193 | | | $ | 236,682 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 33,515 | | | $ | 359,569 | |
Shares issued in reinvestment of dividends and distributions | | | 3,968 | | | | 39,718 | |
Shares reacquired | | | (44,107 | ) | | | (453,132 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (6,624 | ) | | $ | (53,845 | ) |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 45 | | | $ | 498 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 45 | | | $ | 498 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 222 | | | $ | 2,461 | |
Shares issued in reinvestment of dividends and distributions | | | 204 | | | | 2,046 | |
Shares reacquired | | | (4,864 | ) | | | (51,248 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (4,438 | ) | | $ | (46,741 | ) |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 6,126 | | | $ | 69,024 | |
Shares issued in reinvestment of dividends and distributions | | | 15,276 | | | | 170,633 | |
Shares reacquired | | | (16,533 | ) | | | (187,274 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 4,869 | | | $ | 52,383 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 73,314 | | | $ | 787,450 | |
Shares issued in reinvestment of dividends and distributions | | | 13,104 | | | | 131,171 | |
Shares reacquired | | | (57,361 | ) | | | (623,743 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 29,057 | | | $ | 294,878 | |
| | | | | | | | |
Prudential Day One 2020 Fund (cont’d.):
| | | | | | | | |
Class R6 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 693,648 | | | $ | 7,796,319 | |
Shares issued in reinvestment of dividends and distributions | | | 152,293 | | | | 1,695,016 | |
Shares reacquired | | | (251,358) | | | | (2,821,003) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 594,583 | | | $ | 6,670,332 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,649,067 | | | $ | 17,902,185 | |
Shares issued in reinvestment of dividends and distributions | | | 105,931 | | | | 1,057,196 | |
Shares reacquired | | | (688,749) | | | | (7,392,849) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,066,249 | | | $ | 11,566,532 | |
| | | | | | | | |
| | |
Prudential Day One 2025 Fund: | | | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 334 | | | $ | 3,836 | |
Shares issued in reinvestment of dividends and distributions | | | 45 | | | | 505 | |
Shares reacquired | | | (59,566) | | | | (668,933) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (59,187) | | | $ | (664,592) | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 3,161 | | | $ | 34,601 | |
Shares issued in reinvestment of dividends and distributions | | | 2,135 | | | | 21,333 | |
Shares reacquired | | | (5,812) | | | | (64,805) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (516) | | | $ | (8,871) | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 17,664 | | | $ | 200,079 | |
Shares issued in reinvestment of dividends and distributions | | | 528 | | | | 5,909 | |
Shares reacquired | | | (12) | | | | (141) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 18,180 | | | $ | 205,847 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 10,349 | | | $ | 113,287 | |
Shares issued in reinvestment of dividends and distributions | | | 68 | | | | 675 | |
Shares reacquired | | | (1,188) | | | | (13,358) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 9,229 | | | $ | 100,604 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 74,247 | | | $ | 841,509 | |
Shares issued in reinvestment of dividends and distributions | | | 32,659 | | | | 365,778 | |
Shares reacquired | | | (66,418) | | | | (746,486) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 40,488 | | | $ | 460,801 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 207,276 | | | $ | 2,263,057 | |
Shares issued in reinvestment of dividends and distributions | | | 25,677 | | | | 256,516 | |
Shares reacquired | | | (65,208) | | | | (710,571) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 167,745 | | | $ | 1,809,002 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 143 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2025 Fund (cont’d.):
| | | | | | | | |
Class R4 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 50 | | | $ | 568 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 50 | | | $ | 568 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 433 | | | $ | 4,872 | |
Shares issued in reinvestment of dividends and distributions | | | 178 | | | | 1,775 | |
Shares reacquired | | | (9,287) | | | | (99,648) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (8,676) | | | $ | (93,001) | |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 5,142 | | | $ | 58,140 | |
Shares issued in reinvestment of dividends and distributions | | | 1,172 | | | | 13,119 | |
Shares reacquired | | | (6,591) | | | | (75,986) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (277) | | | $ | (4,727) | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 22,874 | | | $ | 254,198 | |
Shares issued in reinvestment of dividends and distributions | | | 224 | | | | 2,239 | |
Shares reacquired | | | (2) | | | | (25) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 23,096 | | | $ | 256,412 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 1,008,066 | | | $ | 11,377,864 | |
Shares issued in reinvestment of dividends and distributions | | | 200,348 | | | | 2,243,894 | |
Shares reacquired | | | (325,428) | | | | (3,688,926) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 882,986 | | | $ | 9,932,832 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 2,065,429 | | | $ | 22,605,262 | |
Shares issued in reinvestment of dividends and distributions | | | 147,975 | | | | 1,479,753 | |
Shares reacquired | | | (865,516) | | | | (9,421,031) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,347,888 | | | $ | 14,663,984 | |
| | | | | | | | |
| | |
Prudential Day One 2030 Fund: | | | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 408 | | | $ | 4,726 | |
Shares issued in reinvestment of dividends and distributions | | | 156 | | | | 1,801 | |
Shares reacquired | | | (9) | | | | (106) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 555 | | | $ | 6,421 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 504 | | | $ | 5,705 | |
Shares issued in reinvestment of dividends and distributions | | | 101 | | | | 1,022 | |
Shares reacquired | | | (14) | | | | (159) | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 591 | | | $ | 6,568 | |
| | | | | | | | |
Prudential Day One 2030 Fund (cont’d.):
| | | | | | | | |
Class R2 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 169,864 | | | $ | 1,987,250 | |
Shares issued in reinvestment of dividends and distributions | | | 16,317 | | | | 188,791 | |
Shares reacquired | | | (81,273 | ) | | | (963,548 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 104,908 | | | $ | 1,212,493 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 143,276 | | | $ | 1,594,226 | |
Shares issued in reinvestment of dividends and distributions | | | 11,419 | | | | 115,450 | |
Shares reacquired | | | (86,269 | ) | | | (975,795 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 68,426 | | | $ | 733,881 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 45,949 | | | $ | 530,795 | |
Shares issued in reinvestment of dividends and distributions | | | 7,510 | | | | 86,811 | |
Shares reacquired | | | (1,415 | ) | | | (16,458 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 52,044 | | | $ | 601,148 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 66,495 | | | $ | 737,490 | |
Shares issued in reinvestment of dividends and distributions | | | 3,538 | | | | 35,737 | |
Shares reacquired | | | (15,391 | ) | | | (170,285 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 54,642 | | | $ | 602,942 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 56 | | | $ | 650 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 56 | | | $ | 650 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,616 | | | $ | 19,034 | |
Shares issued in reinvestment of dividends and distributions | | | 2,799 | | | | 28,267 | |
Shares reacquired | | | (99,730 | ) | | | (1,084,539 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (95,315 | ) | | $ | (1,037,238) | |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 36,405 | | | $ | 416,439 | |
Shares issued in reinvestment of dividends and distributions | | | 14,507 | | | | 167,696 | |
Shares reacquired | | | (40,598 | ) | | | (464,832 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 10,314 | | | $ | 119,303 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 25,536 | | | $ | 285,183 | |
Shares issued in reinvestment of dividends and distributions | | | 11,004 | | | | 111,145 | |
Shares reacquired | | | (10,076 | ) | | | (112,513 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 26,464 | | | $ | 283,815 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 145 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2030 Fund (cont’d.):
| | | | | | | | |
Class R6 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 579,439 | | | $ | 6,755,951 | |
Shares issued in reinvestment of dividends and distributions | | | 182,034 | | | | 2,106,132 | |
Shares reacquired | | | (332,650 | ) | | | (3,909,455 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 428,823 | | | $ | 4,952,628 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,806,718 | | | $ | 20,217,377 | |
Shares issued in reinvestment of dividends and distributions | | | 119,512 | | | | 1,208,260 | |
Shares reacquired | | | (655,299 | ) | | | (7,328,905 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,270,931 | | | $ | 14,096,732 | |
| | | | | | | | |
| | |
Prudential Day One 2035 Fund: | | | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 23 | | | $ | 267 | |
Shares issued in reinvestment of dividends and distributions | | | 93 | | | | 1,087 | |
Shares reacquired | | | (5 | ) | | | (57 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 111 | | | $ | 1,297 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 994 | | | $ | 10,875 | |
Shares issued in reinvestment of dividends and distributions | | | 51 | | | | 504 | |
Shares reacquired | | | (4 | ) | | | (45 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,041 | | | $ | 11,334 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 1,437 | | | $ | 16,721 | |
Shares issued in reinvestment of dividends and distributions | | | 1,494 | | | | 17,401 | |
Shares reacquired | | | (51 | ) | | | (588 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,880 | | | $ | 33,534 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,675 | | | $ | 18,767 | |
Shares issued in reinvestment of dividends and distributions | | | 1,525 | | | | 15,170 | |
Shares reacquired | | | (2,409 | ) | | | (26,510 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 791 | | | $ | 7,427 | |
| | | | | | | | |
Prudential Day One 2035 Fund (cont’d.):
| | | | | | | | |
Class R3 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 76,806 | | | $ | 891,756 | |
Shares issued in reinvestment of dividends and distributions | | | 28,351 | | | | 330,570 | |
Shares reacquired | | | (37,177 | ) | | | (431,539 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 67,980 | | | $ | 790,787 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 162,179 | | | $ | 1,807,325 | |
Shares issued in reinvestment of dividends and distributions | | | 27,950 | | | | 278,108 | |
Shares reacquired | | | (141,615 | ) | | | (1,539,371 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 48,514 | | | $ | 546,062 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 54 | | | $ | 623 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 54 | | | $ | 623 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 74 | | | $ | 874 | |
Shares issued in reinvestment of dividends and distributions | | | 235 | | | | 2,341 | |
Shares reacquired | | | (3,473 | ) | | | (35,192 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (3,164 | ) | | $ | (31,977 | ) |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 2,641 | | | $ | 30,491 | |
Shares issued in reinvestment of dividends and distributions | | | 505 | | | | 5,887 | |
Shares reacquired | | | (378 | ) | | | (4,429 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,768 | | | $ | 31,949 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 8,349 | | | $ | 94,694 | |
Shares issued in reinvestment of dividends and distributions | | | 375 | | | | 3,726 | |
Shares reacquired | | | (3,280 | ) | | | (34,347 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 5,444 | | | $ | 64,073 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 551,224 | | | $ | 6,410,936 | |
Shares issued in reinvestment of dividends and distributions | | | 122,294 | | | | 1,424,727 | |
Shares reacquired | | | (199,185 | ) | | | (2,320,867 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 474,333 | | | $ | 5,514,796 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,175,179 | | | $ | 13,219,903 | |
Shares issued in reinvestment of dividends and distributions | | | 96,011 | | | | 955,310 | |
Shares reacquired | | | (436,947 | ) | | | (4,868,754 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 834,243 | | | $ | 9,306,459 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 147 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2040 Fund:
| | | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 170 | | | $ | 2,017 | |
Shares issued in reinvestment of dividends and distributions | | | 69 | | | | 819 | |
Shares reacquired | | | (2 | ) | | | (23 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 237 | | | $ | 2,813 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 226 | | | $ | 2,551 | |
Shares issued in reinvestment of dividends and distributions | | | 50 | | | | 501 | |
Shares reacquired | | | (2 | ) | | | (20 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 274 | | | $ | 3,032 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 64,919 | | | $ | 765,439 | |
Shares issued in reinvestment of dividends and distributions | | | 11,710 | | | | 139,003 | |
Shares reacquired | | | (18,901 | ) | | | (221,917 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 57,728 | | | $ | 682,525 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 120,504 | | | $ | 1,358,381 | |
Shares issued in reinvestment of dividends and distributions | | | 5,930 | | | | 59,712 | |
Shares reacquired | | | (15,578 | ) | | | (173,197 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 110,856 | | | $ | 1,244,896 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 38,165 | | | $ | 452,199 | |
Shares issued in reinvestment of dividends and distributions | | | 7,295 | | | | 86,590 | |
Shares reacquired | | | (13,356 | ) | | | (155,165 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 32,104 | | | $ | 383,624 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 88,981 | | | $ | 990,652 | |
Shares issued in reinvestment of dividends and distributions | | | 2,901 | | | | 29,211 | |
Shares reacquired | | | (10,213 | ) | | | (115,886 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 81,669 | | | $ | 903,977 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 55 | | | $ | 654 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 55 | | | $ | 654 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,159 | | | $ | 13,848 | |
Shares issued in reinvestment of dividends and distributions | | | 182 | | | | 1,838 | |
Shares reacquired | | | (5,401 | ) | | | (59,627 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (4,060 | ) | | $ | (43,941 | ) |
| | | | | | | | |
Prudential Day One 2040 Fund (cont’d.):
| | | | | | | | |
Class R5 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 11,670 | | | $ | 138,597 | |
Shares issued in reinvestment of dividends and distributions | | | 27,154 | | | | 322,589 | |
Shares reacquired | | | (21,628 | ) | | | (257,957 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 17,196 | | | $ | 203,229 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 32,992 | | | $ | 373,640 | |
Shares issued in reinvestment of dividends and distributions | | | 24,469 | | | | 246,402 | |
Shares reacquired | | | (48,909 | ) | | | (549,965 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 8,552 | | | $ | 70,077 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 325,922 | | | $ | 3,862,207 | |
Shares issued in reinvestment of dividends and distributions | | | 89,404 | | | | 1,062,118 | |
Shares reacquired | | | (95,095 | ) | | | (1,128,370 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 320,231 | | | $ | 3,795,955 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 662,466 | | | $ | 7,512,895 | |
Shares issued in reinvestment of dividends and distributions | | | 61,360 | | | | 617,891 | |
Shares reacquired | | | (265,333 | ) | | | (3,044,088 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 458,493 | | | $ | 5,086,698 | |
| | | | | | | | |
Prudential Day One 2045 Fund: | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 48 | | | $ | 562 | |
Shares issued in reinvestment of dividends and distributions | | | 57 | | | | 668 | |
Shares reacquired | | | — | | | | (5 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 105 | | | $ | 1,225 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 64 | | | $ | 715 | |
Shares issued in reinvestment of dividends and distributions | | | 58 | | | | 553 | |
Shares reacquired | | | — | | | | (2 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 122 | | | $ | 1,266 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 6,187 | | | $ | 72,920 | |
Shares issued in reinvestment of dividends and distributions | | | 458 | | | | 5,365 | |
Shares reacquired | | | (20 | ) | | | (240 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 6,625 | | | $ | 78,045 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 6,122 | | | $ | 65,484 | |
Shares issued in reinvestment of dividends and distributions | | | 140 | | | | 1,341 | |
Shares reacquired | | | (13 | ) | | | (150 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 6,249 | | | $ | 66,675 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 149 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2045 Fund (cont’d.):
| | | | | | | | |
Class R3 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 83,256 | | | $ | 973,175 | |
Shares issued in reinvestment of dividends and distributions | | | 35,825 | | | | 419,508 | |
Shares reacquired | | | (53,335 | ) | | | (611,757 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 65,746 | | | $ | 780,926 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 233,354 | | | $ | 2,570,402 | |
Shares issued in reinvestment of dividends and distributions | | | 32,795 | | | | 314,504 | |
Shares reacquired | | | (97,971 | ) | | | (1,113,722 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 168,178 | | | $ | 1,771,184 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 661 | | | $ | 7,849 | |
Shares issued in reinvestment of dividends and distributions | | | 139 | | | | 1,625 | |
Shares reacquired | | | (154 | ) | | | (1,744 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 646 | | | $ | 7,730 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 5,824 | | | $ | 61,556 | |
Shares issued in reinvestment of dividends and distributions | | | 1,366 | | | | 13,084 | |
Shares reacquired | | | (42,886 | ) | | | (463,637 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (35,696 | ) | | $ | (388,997 | ) |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 11,028 | | | $ | 129,321 | |
Shares issued in reinvestment of dividends and distributions | | | 1,042 | | | | 12,198 | |
Shares reacquired | | | (1,786 | ) | | | (21,068 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 10,284 | | | $ | 120,451 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 10,785 | | | $ | 121,861 | |
Shares issued in reinvestment of dividends and distributions | | | 446 | | | | 4,282 | |
Shares reacquired | | | (412 | ) | | | (4,506 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 10,819 | | | $ | 121,637 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 251,224 | | | $ | 2,966,603 | |
Shares issued in reinvestment of dividends and distributions | | | 51,956 | | | | 608,918 | |
Shares reacquired | | | (88,925 | ) | | | (1,048,776 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 214,255 | | | $ | 2,526,745 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 361,862 | | | $ | 4,120,172 | |
Shares issued in reinvestment of dividends and distributions | | | 44,748 | | | | 429,583 | |
Shares reacquired | | | (168,801 | ) | | | (1,929,110 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 237,809 | | | $ | 2,620,645 | |
| | | | | | | | |
Prudential Day One 2050 Fund:
| | | | | | | | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 934 | | | $ | 10,808 | |
Shares issued in reinvestment of dividends and distributions | | | 118 | | | | 1,410 | |
Shares reacquired | | | (12,354 | ) | | | (143,183 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (11,302 | ) | | $ | (130,965 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,922 | | | $ | 22,007 | |
Shares issued in reinvestment of dividends and distributions | | | 546 | | | | 5,279 | |
Shares reacquired | | | (2 | ) | | | (20 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,466 | | | $ | 27,266 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 65,541 | | | $ | 775,251 | |
Shares issued in reinvestment of dividends and distributions | | | 8,762 | | | | 104,528 | |
Shares reacquired | | | (11,103 | ) | | | (131,043 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 63,200 | | | $ | 748,736 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 93,441 | | | $ | 1,058,324 | |
Shares issued in reinvestment of dividends and distributions | | | 5,199 | | | | 50,175 | |
Shares reacquired | | | (12,690 | ) | | | (137,233 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 85,950 | | | $ | 971,266 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 48,725 | | | $ | 580,286 | |
Shares issued in reinvestment of dividends and distributions | | | 5,651 | | | | 67,469 | |
Shares reacquired | | | (2,469 | ) | | | (29,171 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 51,907 | | | $ | 618,584 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 67,526 | | | $ | 758,026 | |
Shares issued in reinvestment of dividends and distributions | | | 2,173 | | | | 20,971 | |
Shares reacquired | | | (6,239 | ) | | | (71,941 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 63,460 | | | $ | 707,056 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 49 | | | $ | 580 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 49 | | | $ | 580 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 151 | | | $ | 1,808 | |
Shares issued in reinvestment of dividends and distributions | | | 52 | | | | 504 | |
Shares reacquired | | | (12,526 | ) | | | (136,164 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (12,323 | ) | | $ | (133,852 | ) |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 151 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2050 Fund (cont’d.):
| | | | | | | | |
Class R5 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 7,314 | | | $ | 86,324 | |
Shares issued in reinvestment of dividends and distributions | | | 2,934 | | | | 34,998 | |
Shares reacquired | | | (10,920 | ) | | | (129,976 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (672 | ) | | $ | (8,654 | ) |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 22,648 | | | $ | 257,062 | |
Shares issued in reinvestment of dividends and distributions | | | 2,649 | | | | 25,567 | |
Shares reacquired | | | (9,094 | ) | | | (102,073 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 16,203 | | | $ | 180,556 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 170,246 | | | $ | 1,994,025 | |
Shares issued in reinvestment of dividends and distributions | | | 31,712 | | | | 378,958 | |
Shares reacquired | | | (84,562 | ) | | | (1,022,540 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 117,396 | | | $ | 1,350,443 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 385,207 | | | $ | 4,388,157 | |
Shares issued in reinvestment of dividends and distributions | | | 21,847 | | | | 211,036 | |
Shares reacquired | | | (126,482 | ) | | | (1,445,307 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 280,572 | | | $ | 3,153,886 | |
| | | | | | | | |
| | |
| Prudential Day One 2055 Fund: | | | | | | | | |
| | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 1 | | | $ | 11 | |
Shares issued in reinvestment of dividends and distributions | | | 62 | | | | 727 | |
Shares reacquired | | | (1 | ) | | | (15 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 62 | | | $ | 723 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 16 | | | $ | 185 | |
Shares issued in reinvestment of dividends and distributions | | | 75 | | | | 720 | |
Shares reacquired | | | (2 | ) | | | (24 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 89 | | | $ | 881 | |
| | | | | | | | |
Prudential Day One 2055 Fund (cont’d.):
| | | | | | | | |
Class R2 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 1,557 | | | $ | 18,217 | |
Shares issued in reinvestment of dividends and distributions | | | 272 | | | | 3,221 | |
Shares reacquired | | | (1,180 | ) | | | (13,645 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 649 | | | $ | 7,793 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 3,006 | | | $ | 33,612 | |
Shares issued in reinvestment of dividends and distributions | | | 174 | | | | 1,666 | |
Shares reacquired | | | (708 | ) | | | (8,240 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 2,472 | | | $ | 27,038 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 68,495 | | | $ | 802,764 | |
Shares issued in reinvestment of dividends and distributions | | | 17,632 | | | | 208,411 | |
Shares reacquired | | | (25,035 | ) | | | (292,963 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 61,092 | | | $ | 718,212 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 103,337 | | | $ | 1,174,196 | |
Shares issued in reinvestment of dividends and distributions | | | 17,004 | | | | 163,072 | |
Shares reacquired | | | (30,088 | ) | | | (343,298 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 90,253 | | | $ | 993,970 | |
| | | | | | | | |
Class R4 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 56 | | | $ | 658 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 56 | | | $ | 658 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 95 | | | $ | 1,175 | |
Shares issued in reinvestment of dividends and distributions | | | 87 | | | | 831 | |
Shares reacquired | | | (4,527 | ) | | | (48,662 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (4,345 | ) | | $ | (46,656 | ) |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 2,252 | | | $ | 26,447 | |
Shares issued in reinvestment of dividends and distributions | | | 503 | | | | 5,946 | |
Shares reacquired | | | (1,006 | ) | | | (11,877 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,749 | | | $ | 20,516 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 6,293 | | | $ | 70,948 | |
Shares issued in reinvestment of dividends and distributions | | | 171 | | | | 1,643 | |
Shares reacquired | | | (338 | ) | | | (3,845 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 6,126 | | | $ | 68,746 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 153 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2055 Fund (cont’d.):
| | | | | | | | |
Class R6 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 92,693 | | | $ | 1,092,297 | |
Shares issued in reinvestment of dividends and distributions | | | 18,814 | | | | 222,385 | |
Shares reacquired | | | (20,979 | ) | | | (249,527 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 90,528 | | | $ | 1,065,155 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 132,509 | | | $ | 1,519,877 | |
Shares issued in reinvestment of dividends and distributions | | | 17,847 | | | | 170,969 | |
Shares reacquired | | | (64,518 | ) | | | (740,552 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 85,838 | | | $ | 950,294 | |
| | | | | | | | |
| | |
| Prudential Day One 2060 Fund: | | | | | | | | |
| | |
Class R1 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 41 | | | $ | 493 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 41 | | | $ | 493 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 44 | | | $ | 430 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 44 | | | $ | 430 | |
| | | | | | | | |
Class R2 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 20,791 | | | $ | 246,600 | |
Shares issued in reinvestment of dividends and distributions | | | 1,809 | | | | 21,784 | |
Shares reacquired | | | (2,783 | ) | | | (33,161 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 19,817 | | | $ | 235,223 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 27,312 | | | $ | 310,649 | |
Shares issued in reinvestment of dividends and distributions | | | 768 | | | | 7,416 | |
Shares reacquired | | | (2,489 | ) | | | (28,377 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 25,591 | | | $ | 289,688 | |
| | | | | | | | |
Class R3 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 14,794 | | | $ | 175,814 | |
Shares issued in reinvestment of dividends and distributions | | | 1,382 | | | | 16,673 | |
Shares reacquired | | | (1,201 | ) | | | (14,184 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 14,975 | | | $ | 178,303 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 16,347 | | | $ | 185,955 | |
Shares issued in reinvestment of dividends and distributions | | | 617 | | | | 5,954 | |
Shares reacquired | | | (3,047 | ) | | | (37,098 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 13,917 | | | $ | 154,811 | |
| | | | | | | | |
Prudential Day One 2060 Fund (cont’d.):
| | | | | | | | |
Class R4 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares issued in reinvestment of dividends and distributions | | | 43 | | | $ | 526 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 43 | | | $ | 526 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 14 | | | $ | 164 | |
Shares issued in reinvestment of dividends and distributions | | | 55 | | | | 531 | |
Shares reacquired | | | (89 | ) | | | (966 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | (20 | ) | | $ | (271 | ) |
| | | | | | | | |
Class R5 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 2,311 | | | $ | 27,134 | |
Shares issued in reinvestment of dividends and distributions | | | 277 | | | | 3,345 | |
Shares reacquired | | | (917 | ) | | | (11,165 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,671 | | | $ | 19,314 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 4,537 | | | $ | 51,253 | |
Shares issued in reinvestment of dividends and distributions | | | 142 | | | | 1,369 | |
Shares reacquired | | | (304 | ) | | | (3,245 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 4,375 | | | $ | 49,377 | |
| | | | | | | | |
Class R6 | | | | | | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 43,973 | | | $ | 526,572 | |
Shares issued in reinvestment of dividends and distributions | | | 5,748 | | | | 69,384 | |
Shares reacquired | | | (18,592 | ) | | | (222,881 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 31,129 | | | $ | 373,075 | |
| | | | | | | | |
Year ended July 31, 2019: | | | | | | | | |
Shares sold | | | 109,695 | | | $ | 1,271,353 | |
Shares issued in reinvestment of dividends and distributions | | | 4,348 | | | | 41,918 | |
Shares reacquired | | | (29,218 | ) | | | (335,543 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 84,825 | | | $ | 977,728 | |
| | | | | | | | |
| | |
| Prudential Day One 2065 Fund: | | | | | | | | |
| | |
Class R1 | | Shares | | | Amount | |
Period ended January 31, 2020*: | | | | | | | | |
Shares sold | | | 1,000 | | | $ | 10,000 | |
Shares issued in reinvestment of dividends and distributions | | | 5 | | | | 46 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,005 | | | $ | 10,046 | |
| | | | | | | | |
Class R2 | | | | | | |
Period ended January 31, 2020*: | | | | | | | | |
Shares sold | | | 1,000 | | | $ | 10,000 | |
Shares issued in reinvestment of dividends and distributions | | | 5 | | | | 47 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,005 | | | $ | 10,047 | |
| | | | | | | | |
| | | | |
| Prudential Day One Income Fund | | | 155 | |
Notes to Financial Statements(unaudited) (continued)
Prudential Day One 2065 Fund (cont’d.):
| | | | | | | | |
Class R3 | | Shares | | | Amount | |
Period ended January 31, 2020*: | | | | | | | | |
Shares sold | | | 1,000 | | | $ | 10,000 | |
Shares issued in reinvestment of dividends and distributions | | | 5 | | | | 48 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,005 | | | $ | 10,048 | |
| | | | | | | | |
Class R4 | | | | | | |
Period ended January 31, 2020*: | | | | | | | | |
Shares sold | | | 1,000 | | | $ | 10,000 | |
Shares issued in reinvestment of dividends and distributions | | | 5 | | | | 48 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,005 | | | $ | 10,048 | |
| | | | | | | | |
Class R5 | | | | | | |
Period ended January 31, 2020*: | | | | | | | | |
Shares sold | | | 1,000 | | | $ | 10,000 | |
Shares issued in reinvestment of dividends and distributions | | | 5 | | | | 49 | |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,005 | | | $ | 10,049 | |
| | | | | | | | |
Class R6 | | | | | | |
Period ended January 31, 2020*: | | | | | | | | |
Shares sold | | | 7,923 | | | $ | 79,097 | |
Shares issued in reinvestment of dividends and distributions | | | 5 | | | | 49 | |
Shares reacquired | | | (19 | ) | | | (195 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 7,909 | | | $ | 78,951 | |
| | | | | | | | |
| * | Commencement of operations was December 16, 2019. |
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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.
| | | | |
| | | Current SCA | | Prior SCA |
Term of Commitment | | 10/3/2019 –10/1/2020 | | 10/4/2018 –10/2/2019 |
Total Commitment | | $900 million | | $900 million |
Annualized Commitment Fee on the Unused Portion of the SCA | | 0.15% | | 0.15% |
| | | | |
| | | Current SCA | | Prior SCA |
Annualized Interest Rate on Borrowings | | 1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent | | 1.25% plus the higher of (1) the effective federal funds rate, (2) theone-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 Day One Funds did not utilize the SCA during the reporting period ended January 31, 2020.
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 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 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 Day One Funds’ 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 have unsettled or open transactions defaults.
| | | | |
Prudential Day One Income Fund | | | 157 | |
Notes to Financial Statements(unaudited) (continued)
9. Reorganization
On September 11, 2019, the Board approved an Agreement and Plan of Reorganization (the “Plan”) which provided for the transfer of all the assets of Prudential Day One 2010 Fund (the “Merged Fund”) for shares of Prudential Day One Income Fund (the “Acquiring Fund”) and the assumption of the liabilities of the Merged Fund respectively. The reorganization took place on January 3, 2020.
On the reorganization date, the Merged Fund had the following total investment cost and value, representing the principal assets acquired by the Acquiring Fund:
| | | | | | | | |
Merged Fund | | Total Investment
Value | | | Total Investment
Cost | |
Prudential Day One 2010 Fund | | $ | 4,959,371 | | | $ | 4,721,835 | |
The purpose of the transaction was to combine two funds with substantially similar investment objectives and policies.
The acquisition was accomplished by atax-free exchange of the following shares on January 3, 2020:
| | | | | | | | | | | | | | |
| Merged Fund | | | Acquiring Fund | |
| Prudential Day One 2010 Fund | | | Prudential Day One Income Fund | |
Class | | Shares | | | Class | | Shares | | | Value | |
| R1 | | | 1,132 | | | R1 | | | 1,107 | | | $ | 11,991 | |
| R2 | | | 1,124 | | | R2 | | | 1,099 | | | | 11,903 | |
| R3 | | | 15,530 | | | R3 | | | 15,181 | | | | 164,412 | |
| R4 | | | 1,130 | | | R4 | | | 1,106 | | | | 11,974 | |
| R5 | | | 78,889 | | | R5 | | | 77,225 | | | | 836,350 | |
| R6 | | | 367,081 | | | R6 | | | 359,275 | | | | 3,894,544 | |
For financial reporting purposes, assets received and shares issued by the Acquiring Fund were recorded at fair value; however, the cost basis of the investments received from the Merged Fund were carried forward to reflect thetax-free status of the acquisition.
The net assets and net unrealized appreciation immediately before the acquisition were as follows:
| | | | | | | | | | | | | | |
| Merged Fund | | | Unrealized Appreciation
on Investments | | | Acquiring Fund | |
| Prudential Day One 2010 Fund | | | Prudential Day One Income Fund | |
Class | | Net assets | | | Class | | Net assets | |
| R1 | | $ | 11,991 | | | $ | 578 | | | R1 | | $ | 11,714 | |
| R2 | | | 11,903 | | | | 573 | | | R2 | | | 1,301,917 | |
| R3 | | | 164,412 | | | | 7,920 | | | R3 | | | 1,566,277 | |
| | | | | | | | | | | | | | |
| Merged Fund | | | | | | Acquiring Fund | |
| Prudential Day One 2010 Fund | | | Unrealized Appreciation
on Investments | | | Prudential Day One Income Fund | |
Class | | Net assets | | | Class | | Net assets | |
| R4 | | $ | 11,974 | | | $ | 577 | | | R4 | | $ | 12,275 | |
| R5 | | | 836,350 | | | | 40,287 | | | R5 | | | 68,483 | |
| R6 | | | 3,894,544 | | | | 187,601 | | | R6 | | | 7,031,854 | |
Assuming the acquisition had been completed on August 1, 2019, the Acquiring Fund’s unaudited pro forma results of operations for the period ended ended January 31, 2020 would have been as follows:
| | | | | | | | | | | | |
Acquiring Portfolio | | Net
investment
income (a) | | | Net realized and
unrealized gain (loss)
on investments (b) | | | Net increase in
net assets resulting
from operations | |
Prudential Day One Income Fund | | $ | 271,157 | | | $ | 392,615 | | | $ | 663,772 | |
| (a) | Net investment income as reported in the Statement of Operations (for the reporting period ended January 31, 2020) of the Acquiring Portfolio, plus net investment income from the Merged Portfoliopre-merger as follows: Prudential Day One 2010 Fund $129,508. |
| (b) | Net realized and unrealized gain on investments as reported in the Statement of Operations (for the period ended January 31, 2020) of the Acquiring Portfolio, plus net realized and unrealized gain (loss) on investments from the Merged Portfoliopre-merger as follows: Prudential Day One 2010 Fund $86,610. |
Since both the Merged Fund and the Acquiring Fund sold and redeemed shares throughout the period, it is not practicable to providepro-forma information on aper-share basis.
Since the combined investment Funds had been managed as a single integrated portfolio since the acquisition was completed, it is also not practicable to separate the amounts of revenue and earnings of the Merged Fund that have been included in the Acquiring Fund’s Statement of Operations since January 3, 2020.
10. Recent Accounting Pronouncements and Reporting Updates
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 adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.
| | | | |
| Prudential Day One Income Fund | | | 159 | |
Notes to Financial Statements(unaudited) (continued)
11. Subsequent Event
Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.
There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.
This Page Intentionally Left Blank
Financial Highlights(unaudited)
Prudential Day One Income Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $10.73 | | �� | | | | | | $0.10 | | | | | | | | $0.35 | | | | | | | | $0.45 | | | | | | | | $(0.16 | ) | | | | | | | $(0.17 | ) | | | | | | | $(0.33 | ) |
| Year Ended 07/31/19 | | | 10.59 | | | | | | | | 0.20 | | | | | | | | 0.25 | | | | | | | | 0.45 | | | | | | | | (0.24 | ) | | | | | | | (0.07 | ) | | | | | | | (0.31 | ) |
| 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 01/31/20 | | | 10.73 | | | | | | | | 0.13 | | | | | | | | 0.34 | | | | | | | | 0.47 | | | | | | | | (0.18 | ) | | | | | | | (0.17 | ) | | | | | | | (0.35 | ) |
| Year Ended 07/31/19 | | | 10.59 | | | | | | | | 0.22 | | | | | | | | 0.26 | | | | | | | | 0.48 | | | | | | | | (0.27 | ) | | | | | | | (0.07 | ) | | | | | | | (0.34 | ) |
| 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 01/31/20 | | | 10.74 | | | | | | | | 0.15 | | | | | | | | 0.32 | | | | | | | | 0.47 | | | | | | | | (0.19 | ) | | | | | | | (0.17 | ) | | | | | | | (0.36 | ) |
| Year Ended 07/31/19 | | | 10.60 | | | | | | | | 0.24 | | | | | | | | 0.25 | | | | | | | | 0.49 | | | | | | | | (0.28 | ) | | | | | | | (0.07 | ) | | | | | | | (0.35 | ) |
| 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 01/31/20 | | | 10.74 | | | | | | | | 0.13 | | | | | | | | 0.35 | | | | | | | | 0.48 | | | | | | | | (0.20 | ) | | | | | | | (0.17 | ) | | | | | | | (0.37 | ) |
| Year Ended 07/31/19 | | | 10.60 | | | | | | | | 0.25 | | | | | | | | 0.25 | | | | | | | | 0.50 | | | | | | | | (0.29 | ) | | | | | | | (0.07 | ) | | | | | | | (0.36 | ) |
| 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 01/31/20 | | | 10.74 | | | | | | | | 0.01 | | | | | | | | 0.48 | | | | | | | | 0.49 | | | | | | | | (0.21 | ) | | | | | | | (0.17 | ) | | | | | | | (0.38 | ) |
| Year Ended 07/31/19 | | | 10.60 | | | | | | | | 0.29 | | | | | | | | 0.22 | | | | | | | | 0.51 | | | | | | | | (0.30 | ) | | | | | | | (0.07 | ) | | | | | | | (0.37 | ) |
| 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. |
Prudential Day One Income Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $10.85 | | | | | | | | 4.24% | | | | | | | | $24 | | | | | | | | $13 | | | | | | | | 0.74% | (f) | | | | | | | 91.41% | (f) | | | | | | | 1.79% | (f) | | | | | | | 23% | |
| | 10.73 | | | | | | | | 4.46 | | | | | | | | 11 | | | | | | | | 11 | | | | | | | | 0.74 | | | | | | | | 108.50 | | | | | | | | 1.92 | | | | | | | | 38 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.85 | | | | | | | | 4.42 | | | | | | | | 1,334 | | | | | | | | 1,349 | | | | | | | | 0.49 | (f) | | | | | | | 3.25 | (f) | | | | | | | 2.40 | (f) | | | | | | | 23 | |
| | 10.73 | | | | | | | | 4.72 | | | | | | | | 1,345 | | | | | | | | 1,036 | | | | | | | | 0.49 | | | | | | | | 3.89 | | | | | | | | 2.13 | | | | | | | | 38 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.85 | | | | | | | | 4.42 | | | | | | | | 1,739 | | | | | | | | 1,556 | | | | | | | | 0.34 | (f) | | | | | | | 2.97 | (f) | | | | | | | 2.70 | (f) | | | | | | | 23 | |
| | 10.74 | | | | | | | | 4.87 | | | | | | | | 1,597 | | | | | | | | 1,377 | | | | | | | | 0.34 | | | | | | | | 3.50 | | | | | | | | 2.31 | | | | | | | | 38 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.85 | | | | | | | | 4.41 | | | | | | | | 24 | | | | | | | | 14 | | | | | | | | 0.25 | (f) | | | | | | | 87.79 | (f) | | | | | | | 2.31 | (f) | | | | | | | 23 | |
| | 10.74 | | | | | | | | 5.06 | | | | | | | | 12 | | | | | | | | 14 | | | | | | | | 0.24 | | | | | | | | 84.52 | | | | | | | | 2.36 | | | | | | | | 38 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.85 | | | | | | | | 4.56 | | | | | | | | 902 | | | | | | | | 194 | | | | | | | | 0.16 | (f) | | | | | | | 7.56 | (f) | | | | | | | 0.14 | (f) | | | | | | | 23 | |
| | 10.74 | | | | | | | | 5.09 | | | | | | | | 65 | | | | | | | | 51 | | | | | | | | 0.14 | | | | | | | | 24.81 | | | | | | | | 2.75 | | | | | | | | 38 | |
| | 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 | | | 163 | |
Financial Highlights(unaudited) (continued)
Prudential Day One Income Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $10.76 | | | | | | | | $0.15 | | | | | | | | $0.35 | | | | | | | | $0.50 | | | | | | | | $(0.22 | ) | | | | | | | $(0.17 | ) | | | | | | | $(0.39 | ) |
| Year Ended 07/31/19 | | | 10.61 | | | | | | | | 0.29 | | | | | | | | 0.25 | | | | | | | | 0.54 | | | | | | | | (0.32 | ) | | | | | | | (0.07 | ) | | | | | | | (0.39 | ) |
| 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. |
Prudential Day One Income Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $10.87 | | | | | | | | 4.66% | | | | | | | | $11,135 | | | | | | | | $7,459 | | | | | | | | 0.00% | (k)(f) | | | | | | | 1.97% | (f) | | | | | | | 2.77% | (f) | | | | | | | 23% | |
| | 10.76 | | | | | | | | 5.33 | | | | | | | | 6,939 | | | | | | | | 6,203 | | | | | | | | 0.00 | (k) | | | | | | | 2.41 | | | | | | | | 2.80 | | | | | | | | 38 | |
| | 10.61 | | | | | | | | 4.45 | | | | | | | | 3,529 | | | | | | | | 2,451 | | | | | | | | 0.00 | (k) | | | | | | | 4.36 | | | | | | | | 2.67 | | | | | | | | 25 | |
|
10.38 |
| | | | | | | 4.46 | | | | | | | | 734 | | | | | | | | 199 | | | | | | | | 0.00 | (k)(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 | | | 165 | |
Financial Highlights(unaudited)
Prudential Day One 2015 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $10.91 | | | | | | | | $0.12 | | | | | | | | $0.36 | | | | | | | | $0.48 | | | | | | | | $(0.22 | ) | | | | | | | $(0.19 | ) | | | | | | | $(0.41 | ) |
| Year Ended 07/31/19 | | | 10.86 | | | | | | | | 0.19 | | | | | | | | 0.23 | | | | | | | | 0.42 | | | | | | | | (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 01/31/20 | | | 10.92 | | | | | | | | 0.17 | | | | | | | | 0.33 | | | | | | | | 0.50 | | | | | | | | (0.24 | ) | | | | | | | (0.19 | ) | | | | | | | (0.43 | ) |
| Year Ended 07/31/19 | | | 10.88 | | | | | | | | 0.21 | | | | | | | | 0.22 | | | | | | | | 0.43 | | | | | | | | (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 01/31/20 | | | 10.93 | | | | | | | | 0.14 | | | | | | | | 0.37 | | | | | | | | 0.51 | | | | | | | | (0.26 | ) | | | | | | | (0.19 | ) | | | | | | | (0.45 | ) |
| Year Ended 07/31/19 | | | 10.89 | | | | | | | | 0.24 | | | | | | | | 0.21 | | | | | | | | 0.45 | | | | | | | | (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 01/31/20 | | | 10.93 | | | | | | | | 0.15 | | | | | | | | 0.36 | | | | | | | | 0.51 | | | | | | | | (0.27 | ) | | | | | | | (0.19 | ) | | | | | | | (0.46 | ) |
| Year Ended 07/31/19 | | | 10.88 | | | | | | | | 0.30 | | | | | | | | 0.17 | | | | | | | | 0.47 | | | | | | | | (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 01/31/20 | | | 10.95 | | | | | | | | 0.16 | | | | | | | | 0.36 | | | | | | | | 0.52 | | | | | | | | (0.28 | ) | | | | | | | (0.19 | ) | | | | | | | (0.47 | ) |
| Year Ended 07/31/19 | | | 10.90 | | | | | | | | 0.26 | | | | | | | | 0.22 | | | | | | | | 0.48 | | | | | | | | (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. |
Prudential Day One 2015 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $10.98 | | | | | | | | 4.40% | | | | | | | | $12 | | | | | | | | $12 | | | | | | | | 0.74% | (f) | | | | | | | 103.79% | (f) | | | | | | | 2.16% | (f) | | | | | | | 18% | |
| | 10.91 | | | | | | | | 4.17 | | | | | | | | 11 | | | | | | | | 11 | | | | | | | | 0.73 | | | | | | | | 106.63 | | | | | | | | 1.83 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.99 | | | | | | | | 4.57 | | | | | | | | 40 | | | | | | | | 34 | | | | | | | | 0.49 | (f) | | | | | | | 36.43 | (f) | | | | | | | 3.04 | (f) | | | | | | | 18 | |
| | 10.92 | | | | | | | | 4.34 | | | | | | | | 12 | | | | | | | | 13 | | | | | | | | 0.48 | | | | | | | | 92.94 | | | | | | | | 1.94 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.99 | | | | | | | | 4.70 | | | | | | | | 12 | | | | | | | | 12 | | | | | | | | 0.34 | (f) | | | | | | | 102.22 | (f) | | | | | | | 2.56 | (f) | | | | | | | 18 | |
| | 10.93 | | | | | | | | 4.50 | | | | | | | | 12 | | | | | | | | 11 | | | | | | | | 0.33 | | | | | | | | 105.36 | | | | | | | | 2.23 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 10.98 | | | | | | | | 4.73 | | | | | | | | 12 | | | | | | | | 12 | | | | | | | | 0.24 | (f) | | | | | | | 102.07 | (f) | | | | | | | 2.66 | (f) | | | | | | | 18 | |
| | 10.93 | | | | | | | | 4.62 | | | | | | | | 12 | | | | | | | | 44 | | | | | | | | 0.23 | | | | | | | | 28.32 | | | | | | | | 2.82 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.00 | | | | | | | | 4.79 | | | | | | | | 230 | | | | | | | | 53 | | | | | | | | 0.14 | (f) | | | | | | | 24.16 | (f) | | | | | | | 2.75 | (f) | | | | | | | 18 | |
| | 10.95 | | | | | | | | 4.82 | | | | | | | | 40 | | | | | | | | 28 | | | | | | | | 0.13 | | | | | | | | 43.44 | | | | | | | | 2.44 | | | | | | | | 30 | |
| | 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 | | | 167 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2015 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $10.95 | | | | | | | | $0.17 | | | | | | | | $0.36 | | | | | | | | $0.53 | | | | | | | | $(0.30 | ) | | | | | | | $(0.19 | ) | | | | | | | $(0.49 | ) |
| Year Ended 07/31/19 | | | 10.90 | | | | | | | | 0.28 | | | | | | | | 0.22 | | | | | | | | 0.50 | | | | | | | | (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. |
Prudential Day One 2015 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $10.99 | | | | | | | | 4.86% | | | | | | | | $14,073 | | | | | | | | $12,159 | | | | | | | | 0.00% | (k)(f) | | | | | | | 1.68% | (f) | | | | | | | 3.02% | (f) | | | | | | | 18% | |
| | 10.95 | | | | | | | | 4.89 | | | | | | | | 11,081 | | | | | | | | 9,955 | | | | | | | | 0.00 | (k) | | | | | | | 2.04 | | | | | | | | 2.58 | | | | | | | | 30 | |
| | 10.90 | | | | | | | | 5.27 | | | | | | | | 8,567 | | | | | | | | 6,742 | | | | | | | | 0.00 | (k) | | | | | | | 2.53 | | | | | | | | 2.50 | | | | | | | | 57 | |
|
10.53 |
| | | | | | | 5.30 | | | | | | | | 4,099 | | | | | | | | 640 | | | | | | | | 0.00 | (k)(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 | | | 169 | |
Financial Highlights(unaudited)
Prudential Day One 2020 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.09 | | | | | | | | $0.13 | | | | | | | | $0.39 | | | | | | | | $0.52 | | | | | | | | $(0.21 | ) | | | | | | | $(0.21 | ) | | | | | | | $(0.42 | ) |
| Year Ended 07/31/19 | | | 10.98 | | | | | | | | 0.19 | | | | | | | | 0.23 | | | | | | | | 0.42 | | | | | | | | (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 01/31/20 | | | 11.11 | | | | | | | | 0.14 | | | | | | | | 0.39 | | | | | | | | 0.53 | | | | | | | | (0.24 | ) | | | | | | | (0.21 | ) | | | | | | | (0.45 | ) |
| Year Ended 07/31/19 | | | 10.99 | | | | | | | | 0.22 | | | | | | | | 0.23 | | | | | | | | 0.45 | | | | | | | | (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 01/31/20 | | | 11.13 | | | | | | | | 0.16 | | | | | | | | 0.38 | | | | | | | | 0.54 | | | | | | | | (0.25 | ) | | | | | | | (0.21 | ) | | | | | | | (0.46 | ) |
| Year Ended 07/31/19 | | | 11.01 | | | | | | | | 0.25 | | | | | | | | 0.22 | | | | | | | | 0.47 | | | | | | | | (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 01/31/20 | | | 11.13 | | | | | | | | 0.16 | | | | | | | | 0.39 | | | | | | | | 0.55 | | | | | | | | (0.26 | ) | | | | | | | (0.21 | ) | | | | | | | (0.47 | ) |
| Year Ended 07/31/19 | | | 11.03 | | | | | | | | 0.28 | | | | | | | | 0.18 | | | | | | | | 0.46 | | | | | | | | (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 01/31/20 | | | 11.14 | | | | | | | | 0.16 | | | | | | | | 0.39 | | | | | | | | 0.55 | | | | | | | | (0.27 | ) | | | | | | | (0.21 | ) | | | | | | | (0.48 | ) |
| Year Ended 07/31/19 | | | 11.03 | | | | | | | | 0.25 | | | | | | | | 0.23 | | | | | | | | 0.48 | | | | | | | | (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. |
Prudential Day One 2020 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.19 | | | | | | | | 4.69% | | | | | | | | $12 | | | | | | | | $12 | | | | | | | | 0.74% | (f) | | | | | | | 102.22% | (f) | | | | | | | 2.23% | (f) | | | | | | | 13% | |
| | 11.09 | | | | | | | | 4.19 | | | | | | | | 12 | | | | | | | | 11 | | | | | | | | 0.74 | | | | | | | | 105.39 | | | | | | | | 1.74 | | | | | | | | 33 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.19 | | | | | | | | 4.74 | | | | | | | | 3,764 | | | | | | | | 3,639 | | | | | | | | 0.49 | (f) | | | | | | | 1.24 | (f) | | | | | | | 2.51 | (f) | | | | | | | 13 | |
| | 11.11 | | | | | | | | 4.47 | | | | | | | | 3,446 | | | | | | | | 2,456 | | | | | | | | 0.49 | | | | | | | | 1.51 | | | | | | | | 2.02 | | | | | | | | 33 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 4.89 | | | | | | | | 1,318 | | | | | | | | 1,268 | | | | | | | | 0.34 | (f) | | | | | | | 1.71 | (f) | | | | | | | 2.78 | (f) | | | | | | | 13 | |
| | 11.13 | | | | | | | | 4.63 | | | | | | | | 1,072 | | | | | | | | 1,066 | | | | | | | | 0.34 | | | | | | | | 1.99 | | | | | | | | 2.28 | | | | | | | | 33 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 4.89 | | | | | | | | 12 | | | | | | | | 12 | | | | | | | | 0.24 | (f) | | | | | | | 100.41 | (f) | | | | | | | 2.73 | (f) | | | | | | | 13 | |
| | 11.13 | | | | | | | | 4.64 | | | | | | | | 12 | | | | | | | | 37 | | | | | | | | 0.24 | | | | | | | | 31.79 | | | | | | | | 2.61 | | | | | | | | 33 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 5.00 | | | | | | | | 4,043 | | | | | | | | 4,036 | | | | | | | | 0.14 | (f) | | | | | | | 0.87 | (f) | | | | | | | 2.80 | (f) | | | | | | | 13 | |
| | 11.14 | | | | | | | | 4.75 | | | | | | | | 3,962 | | | | | | | | 3,807 | | | | | | | | 0.14 | | | | | | | | 0.99 | | | | | | | | 2.34 | | | | | | | | 33 | |
| | 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 | | | 171 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2020 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.11 | | | | | | | | $0.17 | | | | | | | | $0.39 | | | | | | | | $0.56 | | | | | | | | $(0.29 | ) | | | | | | | $(0.21 | ) | | | | | | | $(0.50 | ) |
| Year Ended 07/31/19 | | | 11.00 | | | | | | | | 0.27 | | | | | | | | 0.23 | | | | | | | | 0.50 | | | | | | | | (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. |
Prudential Day One 2020 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.17 | | | | | | | | 5.07% | | | | | | | | $41,857 | | | | | | | | $37,591 | | | | | | | | 0.00% | (k)(f) | | | | | | | 0.46% | (f) | | | | | | | 3.08% | (f) | | | | | | | 13% | |
| | 11.11 | | | | | | | | 4.93 | | | | | | | | 35,018 | | | | | | | | 30,081 | | | | | | | | 0.00 | (k) | | | | | | | 0.58 | | | | | | | | 2.54 | | | | | | | | 33 | |
| | 11.00 | | | | | | | | 6.06 | | | | | | | | 22,951 | | | | | | | | 16,888 | | | | | | | | 0.00 | (k) | | | | | | | 0.93 | | | | | | | | 2.42 | | | | | | | | 41 | |
|
10.54 |
| | | | | | | 5.40 | | | | | | | | 12,368 | | | | | | | | 1,944 | | | | | | | | 0.00 | (k)(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 | | | 173 | |
Financial Highlights(unaudited)
Prudential Day One 2025 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.14 | | | | | | | | $0.03 | | | | | | | | $0.51 | | | | | | | | $0.54 | | | | | | | | $(0.21 | ) | | | | | | | $(0.27 | ) | | | | | | | $(0.48 | ) |
| Year Ended 07/31/19 | | | 11.15 | | | | | | | | 0.19 | | | | | | | | 0.18 | | | | | | | | 0.37 | | | | | | | | (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 01/31/20 | | | 11.15 | | | | | | | | 0.14 | | | | | | | | 0.43 | | | | | | | | 0.57 | | | | | | | | (0.24 | ) | | | | | | | (0.27 | ) | | | | | | | (0.51 | ) |
| Year Ended 07/31/19 | | | 11.16 | | | | | | | | 0.18 | | | | | | | | 0.22 | | | | | | | | 0.40 | | | | | | | | (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 01/31/20 | | | 11.17 | | | | | | | | 0.16 | | | | | | | | 0.40 | | | | | | | | 0.56 | | | | | | | | (0.25 | ) | | | | | | | (0.27 | ) | | | | | | | (0.52 | ) |
| Year Ended 07/31/19 | | | 11.18 | | | | | | | | 0.23 | | | | | | | | 0.19 | | | | | | | | 0.42 | | | | | | | | (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 01/31/20 | | | 11.17 | | | | | | | | 0.16 | | | | | | | | 0.42 | | | | | | | | 0.58 | | | | | | | | (0.27 | ) | | | | | | | (0.27 | ) | | | | | | | (0.54 | ) |
| Year Ended 07/31/19 | | | 11.18 | | | | | | | | 0.22 | | | | | | | | 0.21 | | | | | | | | 0.43 | | | | | | | | (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 01/31/20 | | | 11.17 | | | | | | | | 0.16 | | | | | | | | 0.42 | | | | | | | | 0.58 | | | | | | | | (0.27 | ) | | | | | | | (0.27 | ) | | | | | | | (0.54 | ) |
| Year Ended 07/31/19 | | | 11.19 | | | | | | | | 0.24 | | | | | | | | 0.19 | | | | | | | | 0.43 | | | | | | | | (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. |
Prudential Day One 2025 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.20 | | | | | | | | 4.87% | | | | | | | | $12 | | | | | | | | $231 | | | | | | | | 0.75% | (f) | | | | | | | 6.57% | (f) | | | | | | | 0.51% | (f) | | | | | | | 14% | |
| | 11.14 | | | | | | | | 3.73 | | | | | | | | 671 | | | | | | | | 625 | | | | | | | | 0.74 | | | | | | | | 3.01 | | | | | | | | 1.72 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 4.99 | | | | | | | | 322 | | | | | | | | 137 | | | | | | | | 0.50 | (f) | | | | | | | 9.68 | (f) | | | | | | | 2.45 | (f) | | | | | | | 14 | |
| | 11.15 | | | | | | | | 4.09 | | | | | | | | 117 | | | | | | | | 39 | | | | | | | | 0.49 | | | | | | | | 31.08 | | | | | | | | 1.60 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 5.06 | | | | | | | | 8,224 | | | | | | | | 7,879 | | | | | | | | 0.35 | (f) | | | | | | | 0.88 | (f) | | | | | | | 2.77 | (f) | | | | | | | 14 | |
| | 11.17 | | | | | | | | 4.17 | | | | | | | | 7,737 | | | | | | | | 6,760 | | | | | | | | 0.34 | | | | | | | | 1.00 | | | | | | | | 2.14 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 5.17 | | | | | | | | 12 | | | | | | | | 12 | | | | | | | | 0.25 | (f) | | | | | | | 98.77 | (f) | | | | | | | 2.89 | (f) | | | | | | | 14 | |
| | 11.17 | | | | | | | | 4.27 | | | | | | | | 12 | | | | | | | | 45 | | | | | | | | 0.25 | | | | | | | | 26.16 | | | | | | | | 2.04 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.21 | | | | | | | | 5.24 | | | | | | | | 293 | | | | | | | | 303 | | | | | | | | 0.15 | (f) | | | | | | | 4.41 | (f) | | | | | | | 2.79 | (f) | | | | | | | 14 | |
| | 11.17 | | | | | | | | 4.29 | | | | | | | | 295 | | | | | | | | 71 | | | | | | | | 0.14 | | | | | | | | 16.90 | | | | | | | | 2.21 | | | | | | | | 35 | |
| | 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 | | | 175 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2025 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.19 | | | | | | | | $0.18 | | | | | | | | $0.41 | | | | | | | | $0.59 | | | | | | | | $(0.29 | ) | | | | | | | $(0.27 | ) | | | | | | | $(0.56 | ) |
| Year Ended 07/31/19 | | | 11.21 | | | | | | | | 0.27 | | | | | | | | 0.17 | | | | | | | | 0.44 | | | | | | | | (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. |
Prudential Day One 2025 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.22 | | | | | | | | 5.31% | | | | | | | | $50,952 | | | | | | | | $45,408 | | | | | | | | 0.00% | (k)(f) | | | | | | | 0.41% | (f) | | | | | | | 3.14% | (f) | | | | | | | 14% | |
| | 11.19 | | | | | | | | 4.55 | | | | | | | | 40,932 | | | | | | | | 35,028 | | | | | | | | 0.00 | (k) | | | | | | | 0.51 | | | | | | | | 2.52 | | | | | | | | 35 | |
| | 11.21 | | | | | | | | 7.13 | | | | | | | | 25,880 | | | | | | | | 20,307 | | | | | | | | 0.00 | (k) | | | | | | | 0.70 | | | | | | | | 2.29 | | | | | | | | 37 | |
|
10.64 |
| | | | | | | 6.40 | | | | | | | | 13,380 | | | | | | | | 2,024 | | | | | | | | 0.00 | (k)(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 | | | 177 | |
Financial Highlights(unaudited)
Prudential Day One 2030 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.45 | | | | | | | | $0.16 | | | | | | | | $0.47 | | | | | | | | $0.63 | | | | | | | | $(0.20 | ) | | | | | | | $(0.35 | ) | | | | | | | $(0.55 | ) |
| Year Ended 07/31/19 | | | 11.53 | | | | | | | | 0.18 | | | | | | | | 0.13 | | | | | | | | 0.31 | | | | | | | | (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 01/31/20 | | | 11.47 | | | | | | | | 0.16 | | | | | | | | 0.48 | | | | | | | | 0.64 | | | | | | | | (0.23 | ) | | | | | | | (0.35 | ) | | | | | | | (0.58 | ) |
| Year Ended 07/31/19 | | | 11.55 | | | | | | | | 0.21 | | | | | | | | 0.13 | | | | | | | | 0.34 | | | | | | | | (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 01/31/20 | | | 11.47 | | | | | | | | 0.19 | | | | | | | | 0.47 | | | | | | | | 0.66 | | | | | | | | (0.25 | ) | | | | | | | (0.35 | ) | | | | | | | (0.60 | ) |
| Year Ended 07/31/19 | | | 11.55 | | | | | | | | 0.21 | | | | | | | | 0.15 | | | | | | | | 0.36 | | | | | | | | (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 01/31/20 | | | 11.46 | | | | | | | | 0.18 | | | | | | | | 0.48 | | | | | | | | 0.66 | | | | | | | | (0.26 | ) | | | | | | | (0.35 | ) | | | | | | | (0.61 | ) |
| Year Ended 07/31/19 | | | 11.56 | | | | | | | | 0.29 | | | | | | | | 0.06 | | | | | | | | 0.35 | | | | | | | | (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 01/31/20 | | | 11.48 | | | | | | | | 0.19 | | | | | | | | 0.48 | | | | | | | | 0.67 | | | | | | | | (0.27 | ) | | | | | | | (0.35 | ) | | | | | | | (0.62 | ) |
| Year Ended 07/31/19 | | | 11.57 | | | | | | | | 0.25 | | | | | | | | 0.12 | | | | | | | | 0.37 | | | | | | | | (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. |
Prudential Day One 2030 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.53 | | | | | | | | 5.50% | | | | | | | | $40 | | | | | | | | $37 | | | | | | | | 0.74% | (f) | | | | | | | 33.35% | (f) | | | | | | | 2.75% | (f) | | | | | | | 19% | |
| | 11.45 | | | | | | | | 3.18 | | | | | | | | 33 | | | | | | | | 30 | | | | | | | | 0.74 | | | | | | | | 40.10 | | | | | | | | 1.62 | | | | | | | | 36 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.53 | | | | | | | | 5.56 | | | | | | | | 4,632 | | | | | | | | 3,881 | | | | | | | | 0.49 | (f) | | | | | | | 1.22 | (f) | | | | | | | 2.77 | (f) | | | | | | | 19 | |
| | 11.47 | | | | | | | | 3.46 | | | | | | | | 3,404 | | | | | | | | 3,149 | | | | | | | | 0.49 | | | | | | | | 1.40 | | | | | | | | 1.87 | | | | | | | | 36 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.53 | | | | | | | | 5.71 | | | | | | | | 1,956 | | | | | | | | 1,639 | | | | | | | | 0.34 | (f) | | | | | | | 1.48 | (f) | | | | | | | 3.18 | (f) | | | | | | | 19 | |
| | 11.47 | | | | | | | | 3.63 | | | | | | | | 1,349 | | | | | | | | 1,018 | | | | | | | | 0.34 | | | | | | | | 2.03 | | | | | | | | 1.93 | | | | | | | | 36 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.51 | | | | | | | | 5.77 | | | | | | | | 13 | | | | | | | | 12 | | | | | | | | 0.24 | (f) | | | | | | | 97.79 | (f) | | | | | | | 3.08 | (f) | | | | | | | 19 | |
| | 11.46 | | | | | | | | 3.56 | | | | | | | | 12 | | | | | | | | 483 | | | | | | | | 0.25 | | | | | | | | 3.30 | | | | | | | | 2.58 | | | | | | | | 36 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.53 | | | | | | | | 5.82 | | | | | | | | 3,143 | | | | | | | | 3,177 | | | | | | | | 0.14 | (f) | | | | | | | 0.93 | (f) | | | | | | | 3.20 | (f) | | | | | | | 19 | |
| | 11.48 | | | | | | | | 3.76 | | | | | | | | 3,012 | | | | | | | | 2,785 | | | | | | | | 0.14 | | | | | | | | 1.10 | | | | | | | | 2.21 | | | | | | | | 36 | |
| | 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 | | | 179 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2030 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.50 | | | | | | | | $0.20 | | | | | | | | $0.48 | | | | | | | | $0.68 | | | | | | | | $(0.29 | ) | | | | | | | $(0.35 | ) | | | | | | | $(0.64 | ) |
| Year Ended 07/31/19 | | | 11.59 | | | | | | | | 0.25 | | | | | | | | 0.14 | | | | | | | | 0.39 | | | | | | | | (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. |
Prudential Day One 2030 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.54 | | | | | | | | 5.87% | | | | | | | | $41,592 | | | | | | | | $38,882 | | | | | | | | 0.00% | (k)(f) | | | | | | | 0.45% | (f) | | | | | | | 3.34% | (f) | | | | | | | 19% | |
| | 11.50 | | | | | | | | 3.93 | | | | | | | | 36,517 | | | | | | | | 29,867 | | | | | | | | 0.00 | (k) | | | | | | | 0.57 | | | | | | | | 2.25 | | | | | | | | 36 | |
| | 11.59 | | | | | | | | 9.33 | | | | | | | | 22,067 | | | | | | | | 15,382 | | | | | | | | 0.00 | (k) | | | | | | | 0.97 | | | | | | | | 1.94 | | | | | | | | 36 | |
|
10.79 |
| | | | | | | 7.90 | | | | | | | | 9,426 | | | | | | | | 1,557 | | | | | | | | 0.00 | (k)(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 | | | 181 | |
Financial Highlights(unaudited)
Prudential Day One 2035 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.42 | | | | | | | | $0.15 | | | | | | | | $0.51 | | | | | | | | $0.66 | | | | | | | | $(0.18 | ) | | | | | | | $(0.34 | ) | | | | | | | $(0.52 | ) |
| Year Ended 07/31/19 | | | 11.68 | | | | | | | | 0.12 | | | | | | | | 0.11 | | | | | | | | 0.23 | | | | | | | | (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 01/31/20 | | | 11.43 | | | | | | | | 0.17 | | | | | | | | 0.50 | | | | | | | | 0.67 | | | | | | | | (0.21 | ) | | | | | | | (0.34 | ) | | | | | | | (0.55 | ) |
| Year Ended 07/31/19 | | | 11.69 | | | | | | | | 0.18 | | | | | | | | 0.07 | | | | | | | | 0.25 | | | | | | | | (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 01/31/20 | | | 11.45 | | | | | | | | 0.18 | | | | | | | | 0.51 | | | | | | | | 0.69 | | | | | | | | (0.23 | ) | | | | | | | (0.34 | ) | | | | | | | (0.57 | ) |
| Year Ended 07/31/19 | | | 11.71 | | | | | | | | 0.20 | | | | | | | | 0.07 | | | | | | | | 0.27 | | | | | | | | (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 01/31/20 | | | 11.46 | | | | | | | | 0.18 | | | | | | | | 0.51 | | | | | | | | 0.69 | | | | | | | | (0.24 | ) | | | | | | | (0.34 | ) | | | | | | | (0.58 | ) |
| Year Ended 07/31/19 | | | 11.72 | | | | | | | | 0.31 | | | | | | | | (0.03 | ) | | | | | | | 0.28 | | | | | | | | (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 01/31/20 | | | 11.45 | | | | | | | | 0.20 | | | | | | | | 0.50 | | | | | | | | 0.70 | | | | | | | | (0.25 | ) | | | | | | | (0.34 | ) | | | | | | | (0.59 | ) |
| Year Ended 07/31/19 | | | 11.72 | | | | | | | | 0.24 | | | | | | | | 0.05 | | | | | | | | 0.29 | | | | | | | | (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. |
Prudential Day One 2035 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.56 | | | | | | | | 5.76% | | | | | | | | $25 | | | | | | | | $24 | | | | | | | | 0.72% | (f) | | | | | | | 50.32% | (f) | | | | | | | 2.63% | (f) | | | | | | | 13% | |
| | 11.42 | | | | | | | | 2.55 | | | | | | | | 24 | | | | | | | | 17 | | | | | | | | 0.72 | | | | | | | | 70.38 | | | | | | | | 1.03 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.55 | | | | | | | | 5.84 | | | | | | | | 390 | | | | | | | | 367 | | | | | | | | 0.47 | (f) | | | | | | | 4.48 | (f) | | | | | | | 2.90 | (f) | | | | | | | 13 | |
| | 11.43 | | | | | | | | 2.84 | | | | | | | | 353 | | | | | | | | 340 | | | | | | | | 0.47 | | | | | | | | 4.85 | | | | | | | | 1.60 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.57 | | | | | | | | 5.98 | | | | | | | | 7,123 | | | | | | | | 6,669 | | | | | | | | 0.32 | (f) | | | | | | | 1.09 | (f) | | | | | | | 3.13 | (f) | | | | | | | 13 | |
| | 11.45 | | | | | | | | 3.01 | | | | | | | | 6,271 | | | | | | | | 5,850 | | | | | | | | 0.32 | | | | | | | | 1.31 | | | | | | | | 1.83 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.57 | | | | | | | | 5.98 | | | | | | | | 13 | | | | | | | | 13 | | | | | | | | 0.23 | (f) | | | | | | | 94.56 | (f) | | | | | | | 3.12 | (f) | | | | | | | 13 | |
| | 11.46 | | | | | | | | 3.12 | | | | | | | | 12 | | | | | | | | 28 | | | | | | | | 0.21 | | | | | | | | 41.69 | | | | | | | | 2.78 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.56 | | | | | | | | 6.08 | | | | | | | | 127 | | | | | | | | 113 | | | | | | | | 0.12 | (f) | | | | | | | 11.36 | (f) | | | | | | | 3.42 | (f) | | | | | | | 13 | |
| | 11.45 | | | | | | | | 3.15 | | | | | | | | 95 | | | | | | | | 69 | | | | | | | | 0.12 | | | | | | | | 17.68 | | | | | | | | 2.16 | | | | | | | | 35 | |
| | 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 | | | 183 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2035 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.46 | | | | | | | | $0.20 | | | | | | | | $0.52 | | | | | | | | $0.72 | | | | | | | | $(0.27 | ) | | | | | | | $(0.34 | ) | | | | | | | $(0.61 | ) |
| Year Ended 07/31/19 | | | 11.74 | | | | | | | | 0.24 | | | | | | | | 0.05 | | | | | | | | 0.29 | | | | | | | | (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. |
Prudential Day One 2035 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.57 | | | | | | | | 6.23% | | | | | | | | $30,015 | | | | | | | | $26,931 | | | | | | | | 0.00% | (k)(f) | | | | | | | 0.62% | (f) | | | | | | | 3.47% | (f) | | | | | | | 13% | |
| | 11.46 | | | | | | | | 3.23 | | | | | | | | 24,312 | | | | | | | | 20,031 | | | | | | | | 0.00 | (k) | | | | | | | 0.81 | | | | | | | | 2.14 | | | | | | | | 35 | |
| | 11.74 | | | | | | | | 10.21 | | | | | | | | 15,099 | | | | | | | | 11,332 | | | | | | | | 0.00 | (k) | | | | | | | 1.10 | | | | | | | | 1.88 | | | | | | | | 28 | |
|
10.87 |
| | | | | | | 8.70 | | | | | | | | 6,889 | | | | | | | | 1,284 | | | | | | | | 0.00 | (k)(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 | | | 185 | |
Financial Highlights(unaudited)
Prudential Day One 2040 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.61 | | | | | | | | $0.17 | | | | | | | | $0.49 | | | | | | | | $0.66 | | | | | | | | $(0.18 | ) | | | | | | | $(0.37 | ) | | | | | | | $(0.55 | ) |
| Year Ended 07/31/19 | | | 11.83 | | | | | | | | 0.15 | | | | | | | | 0.05 | | | | | | | | 0.20 | | | | | | | | (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 01/31/20 | | | 11.63 | | | | | | | | 0.19 | | | | | | | | 0.48 | | | | | | | | 0.67 | | | | | | | | (0.21 | ) | | | | | | | (0.37 | ) | | | | | | | (0.58 | ) |
| Year Ended 07/31/19 | | | 11.84 | | | | | | | | 0.17 | | | | | | | | 0.07 | | | | | | | | 0.24 | | | | | | | | (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 01/31/20 | | | 11.64 | | | | | | | | 0.20 | | | | | | | | 0.49 | | | | | | | | 0.69 | | | | | | | | (0.23 | ) | | | | | | | (0.37 | ) | | | | | | | (0.60 | ) |
| Year Ended 07/31/19 | | | 11.86 | | | | | | | | 0.16 | | | | | | | | 0.09 | | | | | | | | 0.25 | | | | | | | | (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 01/31/20 | | | 11.65 | | | | | | | | 0.19 | | | | | | | | 0.51 | | | | | | | | 0.70 | | | | | | | | (0.24 | ) | | | | | | | (0.37 | ) | | | | | | | (0.61 | ) |
| Year Ended 07/31/19 | | | 11.87 | | | | | | | | 0.25 | | | | | | | | 0.01 | | | | | | | | 0.26 | | | | | | | | (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 01/31/20 | | | 11.65 | | | | | | | | 0.20 | | | | | | | | 0.50 | | | | | | | | 0.70 | | | | | | | | (0.25 | ) | | | | | | | (0.37 | ) | | | | | | | (0.62 | ) |
| Year Ended 07/31/19 | | | 11.88 | | | | | | | | 0.22 | | | | | | | | 0.04 | | | | | | | | 0.26 | | | | | | | | (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. |
Prudential Day One 2040 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.72 | | | | | | | | 5.66% | | | | | | | | $19 | | | | | | | | $17 | | | | | | | | 0.70% | (f) | | | | | | | 70.86% | (f) | | | | | | | 2.86% | (f) | | | | | | | 11% | |
| | 11.61 | | | | | | | | 2.28 | | | | | | | | 16 | | | | | | | | 14 | | | | | | | | 0.70 | | | | | | | | 83.37 | | | | | | | | 1.31 | | | | | | | | 26 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.72 | | | | | | | | 5.71 | | | | | | | | 3,121 | | | | | | | | 2,716 | | | | | | | | 0.45 | (f) | | | | | | | 1.58 | (f) | | | | | | | 3.27 | (f) | | | | | | | 11 | |
| | 11.63 | | | | | | | | 2.65 | | | | | | | | 2,424 | | | | | | | | 1,689 | | | | | | | | 0.45 | | | | | | | | 2.02 | | | | | | | | 1.50 | | | | | | | | 26 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.73 | | | | | | | | 5.86 | | | | | | | | 1,879 | | | | | | | | 1,618 | | | | | | | | 0.30 | (f) | | | | | | | 1.73 | (f) | | | | | | | 3.39 | (f) | | | | | | | 11 | |
| | 11.64 | | | | | | | | 2.73 | | | | | | | | 1,491 | | | | | | | | 915 | | | | | | | | 0.30 | | | | | | | | 2.43 | | | | | | | | 1.42 | | | | | | | | 26 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.74 | | | | | | | | 5.97 | | | | | | | | 13 | | | | | | | | 13 | | | | | | | | 0.20 | (f) | | | | | | | 93.50 | (f) | | | | | | | 3.21 | (f) | | | | | | | 11 | |
| | 11.65 | | | | | | | | 2.84 | | | | | | | | 12 | | | | | | | | 35 | | | | | | | | 0.20 | | | | | | | | 33.44 | | | | | | | | 2.14 | | | | | | | | 26 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.73 | | | | | | | | 5.97 | | | | | | | | 6,299 | | | | | | | | 6,210 | | | | | | | | 0.10 | (f) | | | | | | | 0.99 | (f) | | | | | | | 3.29 | (f) | | | | | | | 11 | |
| | 11.65 | | | | | | | | 2.87 | | | | | | | | 6,056 | | | | | | | | 5,822 | | | | | | | | 0.10 | | | | | | | | 1.18 | | | | | | | | 1.94 | | | | | | | | 26 | |
| | 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 | | | 187 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2040 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.66 | | | | | | | | $0.21 | | | | | | | | $0.51 | | | | | | | | $0.72 | | | | | | | | $(0.27 | ) | | | | | | | $(0.37 | ) | | | | | | | $(0.64 | ) |
| Year Ended 07/31/19 | | | 11.89 | | | | | | | | 0.23 | | | | | | | | 0.05 | | | | | | | | 0.28 | | | | | | | | (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. |
Prudential Day One 2040 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.74 | | | | | | | | 6.02% | | | | | | | | $21,623 | | | | | | | | $19,439 | | | | | | | | 0.00% | (k)(f) | | | | | | | 0.72% | (f) | | | | | | | 3.55% | (f) | | | | | | | 11% | |
| | 11.66 | | | | | | | | 3.13 | | | | | | | | 17,752 | | | | | | | | 15,067 | | | | | | | | 0.00 | (k) | | | | | | | 0.91 | | | | | | | | 2.01 | | | | | | | | 26 | |
| | 11.89 | | | | | | | | 10.86 | | | | | | | | 12,643 | | | | | | | | 9,501 | | | | | | | | 0.00 | (k) | | | | | | | 1.52 | | | | | | | | 1.75 | | | | | | | | 27 | |
|
10.96 |
| | | | | | | 9.60 | | | | | | | | 5,693 | | | | | | | | 1,375 | | | | | | | | 0.00 | (k)(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 | | | 189 | |
Financial Highlights(unaudited)
Prudential Day One 2045 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.47 | | | | | | | | $0.17 | | | | | | | | $0.51 | | | | | | | | $0.68 | | | | | | | | $(0.18 | ) | | | | | | | $(0.39 | ) | | | | | | | $(0.57 | ) |
| Year Ended 07/31/19 | | | 11.91 | | | | | | | | 0.14 | | | | | | | | (0.04 | ) | | | | | | | 0.10 | | | | | | | | (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 01/31/20 | | | 11.49 | | | | | | | | 0.18 | | | | | | | | 0.51 | | | | | | | | 0.69 | | | | | | | | (0.21 | ) | | | | | | | (0.39 | ) | | | | | | | (0.60 | ) |
| Year Ended 07/31/19 | | | 11.94 | | | | | | | | 0.09 | | | | | | | | 0.03 | | | | | | | | 0.12 | | | | | | | | (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 01/31/20 | | | 11.50 | | | | | | | | 0.20 | | | | | | | | 0.50 | | | | | | | | 0.70 | | | | | | | | (0.23 | ) | | | | | | | (0.39 | ) | | | | | | | (0.62 | ) |
| Year Ended 07/31/19 | | | 11.94 | | | | | | | | 0.18 | | | | | | | | (0.03 | ) | | | | | | | 0.15 | | | | | | | | (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 01/31/20 | | | 11.50 | | | | | | | | 0.19 | | | | | | | | 0.52 | | | | | | | | 0.71 | | | | | | | | (0.24 | ) | | | | | | | (0.39 | ) | | | | | | | (0.63 | ) |
| Year Ended 07/31/19 | | | 11.95 | | | | | | | | 0.23 | | | | | | | | (0.08 | ) | | | | | | | 0.15 | | | | | | | | (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 01/31/20 | | | 11.51 | | | | | | | | 0.23 | | | | | | | | 0.49 | | | | | | | | 0.72 | | | | | | | | (0.25 | ) | | | | | | | (0.39 | ) | | | | | | | (0.64 | ) |
| Year Ended 07/31/19 | | | 11.96 | | | | | | | | 0.18 | | | | | | | | (0.02 | ) | | | | | | | 0.16 | | | | | | | | (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. |
Prudential Day One 2045 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.58 | | | | | | | | 5.86% | | | | | | | | $14 | | | | | | | | $14 | | | | | | | | 0.69% | (f) | | | | | | | 88.43% | (f) | | | | | | | 2.95% | (f) | | | | | | | 14% | |
| | 11.47 | | | | | | | | 1.78 | | | | | | | | 13 | | | | | | | | 12 | | | | | | | | 0.69 | | | | | | | | 96.93 | | | | | | | | 1.26 | | | | | | | | 31 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.58 | | | | | | | | 5.93 | | | | | | | | 175 | | | | | | | | 106 | | | | | | | | 0.44 | (f) | | | | | | | 12.95 | (f) | | | | | | | 3.07 | (f) | | | | | | | 14 | |
| | 11.49 | | | | | | | | 1.99 | | | | | | | | 98 | | | | | | | | 58 | | | | | | | | 0.44 | | | | | | | | 21.72 | | | | | | | | 0.78 | | | | | | | | 31 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.58 | | | | | | | | 5.99 | | | | | | | | 8,456 | | | | | | | | 7,889 | | | | | | | | 0.29 | (f) | | | | | | | 1.53 | (f) | | | | | | | 3.37 | (f) | | | | | | | 14 | |
| | 11.50 | | | | | | | | 2.26 | | | | | | | | 7,639 | | | | | | | | 6,657 | | | | | | | | 0.29 | | | | | | | | 1.80 | | | | | | | | 1.58 | | | | | | | | 31 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.58 | | | | | | | | 6.12 | | | | | | | | 38 | | | | | | | | 31 | | | | | | | | 0.19 | (f) | | | | | | | 39.65 | (f) | | | | | | | 3.22 | (f) | | | | | | | 14 | |
| | 11.50 | | | | | | | | 2.29 | | | | | | | | 31 | | | | | | | | 217 | | | | | | | | 0.20 | | | | | | | | 6.89 | | | | | | | | 2.01 | | | | | | | | 31 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.59 | | | | | | | | 6.17 | | | | | | | | 294 | | | | | | | | 210 | | | | | | | | 0.09 | (f) | | | | | | | 6.88 | (f) | | | | | | | 3.91 | (f) | | | | | | | 14 | |
| | 11.51 | | | | | | | | 2.41 | | | | | | | | 174 | | | | | | | | 101 | | | | | | | | 0.09 | | | | | | | | 12.95 | | | | | | | | 1.62 | | | | | | | | 31 | |
| | 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 | | | 191 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2045 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.53 | | | | | | | | $0.22 | | | | | | | | $0.50 | | | | | | | | $0.72 | | | | | | | | $(0.26 | ) | | | | | | | $(0.39 | ) | | | | | | | $(0.65 | ) |
| Year Ended 07/31/19 | | | 11.99 | | | | | | | | 0.22 | | | | | | | | (0.05 | ) | | | | | | | 0.17 | | | | | | | | (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. |
Prudential Day One 2045 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.60 | | | | | | | | 6.23% | | | | | | | | $12,143 | | | | | | | | $10,546 | | | | | | | | 0.00% | (k)(f) | | | | | | | 1.15% | (f) | | | | | | | 3.64% | (f) | | | | | | | 14% | |
| | 11.53 | | | | | | | | 2.50 | | | | | | | | 9,601 | | | | | | | | 8,229 | | | | | | | | 0.00 | (k) | | | | | | | 1.43 | | | | | | | | 1.99 | | | | | | | | 31 | |
| | 11.99 | | | | | | | | 11.24 | | | | | | | | 7,129 | | | | | | | | 5,157 | | | | | | | | 0.00 | (k) | | | | | | | 1.77 | | | | | | | | 1.63 | | | | | | | | 33 | |
|
11.03 |
| | | | | | | 10.30 | | | | | | | | 3,451 | | | | | | | | 665 | | | | | | | | 0.00 | (k)(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 | | | 193 | |
Financial Highlights(unaudited)
Prudential Day One 2050 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.59 | | | | | | | | $0.06 | | | | | | | | $0.61 | | | | | | | | $0.67 | | | | | | | | $(0.19 | ) | | | | | | | $(0.30 | ) | | | | | | | $(0.49 | ) |
| Year Ended 07/31/19 | | | 11.92 | | | | | | | | 0.13 | | | | | | | | (0.02 | ) | | | | | | | 0.11 | | | | | | | | (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 01/31/20 | | | 11.59 | | | | | | | | 0.20 | | | | | | | | 0.50 | | | | | | | | 0.70 | | | | | | | | (0.21 | ) | | | | | | | (0.30 | ) | | | | | | | (0.51 | ) |
| Year Ended 07/31/19 | | | 11.93 | | | | | | | | 0.15 | | | | | | | | (0.03 | ) | | | | | | | 0.12 | | | | | | | | (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 01/31/20 | | | 11.61 | | | | | | | | 0.20 | | | | | | | | 0.50 | | | | | | | | 0.70 | | | | | | | | (0.22 | ) | | | | | | | (0.30 | ) | | | | | | | (0.52 | ) |
| Year Ended 07/31/19 | | | 11.95 | | | | | | | | 0.14 | | | | | | | | - | (i) | | | | | | | 0.14 | | | | | | | | (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 01/31/20 | | | 11.59 | | | | | | | | 0.20 | | | | | | | | 0.51 | | | | | | | | 0.71 | | | | | | | | (0.24 | ) | | | | | | | (0.30 | ) | | | | | | | (0.54 | ) |
| Year Ended 07/31/19 | | | 11.95 | | | | | | | | 1.53 | | | | | | | | (1.40 | ) | | | | | | | 0.13 | | | | | | | | (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 01/31/20 | | | 11.62 | | | | | | | | 0.21 | | | | | | | | 0.50 | | | | | | | | 0.71 | | | | | | | | (0.25 | ) | | | | | | | (0.30 | ) | | | | | | | (0.55 | ) |
| Year Ended 07/31/19 | | | 11.96 | | | | | | | | 0.20 | | | | | | | | (0.03 | ) | | | | | | | 0.17 | | | | | | | | (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. |
Prudential Day One 2050 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.77 | | | | | | | | 5.76% | | | | | | | | $36 | | | | | | | | $78 | | | | | | | | 0.68% | (f) | | | | | | | 17.72% | (f) | | | | | | | 1.06% | (f) | | | | | | | 14% | |
| | 11.59 | | | | | | | | 1.61 | | | | | | | | 166 | | | | | | | | 145 | | | | | | | | 0.68 | | | | | | | | 11.03 | | | | | | | | 1.11 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.78 | | | | | | | | 5.96 | | | | | | | | 2,726 | | | | | | | | 2,276 | | | | | | | | 0.42 | (f) | | | | | | | 2.53 | (f) | | | | | | | 3.44 | (f) | | | | | | | 14 | |
| | 11.59 | | | | | | | | 1.83 | | | | | | | | 1,951 | | | | | | | | 1,348 | | | | | | | | 0.43 | | | | | | | | 3.75 | | | | | | | | 1.33 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.79 | | | | | | | | 5.99 | | | | | | | | 1,702 | | | | | | | | 1,341 | | | | | | | | 0.27 | (f) | | | | | | | 2.72 | (f) | | | | | | | 3.37 | (f) | | | | | | | 14 | |
| | 11.61 | | | | | | | | 2.01 | | | | | | | | 1,074 | | | | | | | | 655 | | | | | | | | 0.28 | | | | | | | | 4.43 | | | | | | | | 1.22 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.76 | | | | | | | | 6.07 | | | | | | | | 13 | | | | | | | | 13 | | | | | | | | 0.17 | (f) | | | | | | | 94.35 | (f) | | | | | | | 3.42 | (f) | | | | | | | 14 | |
| | 11.59 | | | | | | | | 1.95 | | | | | | | | 12 | | | | | | | | 68 | | | | | | | | 0.19 | | | | | | | | 19.83 | | | | | | | | 13.14 | | | | | | | | 30 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.78 | | | | | | | | 6.06 | | | | | | | | 734 | | | | | | | | 752 | | | | | | | | 0.07 | (f) | | | | | | | 3.25 | (f) | | | | | | | 3.52 | (f) | | | | | | | 14 | |
| | 11.62 | | | | | | | | 2.24 | | | | | | | | 732 | | | | | | | | 608 | | | | | | | | 0.08 | | | | | | | | 4.47 | | | | | | | | 1.73 | | | | | | | | 30 | |
| | 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 | | | 195 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2050 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.64 | | | | | | | | $0.22 | | | | | | | | $0.51 | | | | | | | | $0.73 | | | | | | | | $(0.27 | ) | | | | | | | $(0.30 | ) | | | | | | | $(0.57 | ) |
| Year Ended 07/31/19 | | | 11.99 | | | | | | | | 0.20 | | | | | | | | (0.03 | ) | | | | | | | 0.17 | | | | | | | | (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. |
Prudential Day One 2050 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.80 | | | | | | | | 6.18% | | | | | | | | $8,518 | | | | | | | | $8,095 | | | | | | | | 0.00% | (k)(f) | | | | | | | 1.68% | (f) | | | | | | | 3.77% | (f) | | | | | | | 14% | |
| | 11.64 | | | | | | | | 2.33 | | | | | | | | 7,037 | | | | | | | | 5,316 | | | | | | | | 0.00 | (k) | | | | | | | 2.60 | | | | | | | | 1.75 | | | | | | | | 30 | |
| | 11.99 | | | | | | | | 11.65 | | | | | | | | 3,884 | | | | | | | | 2,964 | | | | | | | | 0.00 | (k) | | | | | | | 4.62 | | | | | | | | 1.64 | | | | | | | | 56 | |
|
11.00 |
| | | | | | | 10.00 | | | | | | | | 2,013 | | | | | | | | 318 | | | | | | | | 0.00 | (k)(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 | | | 197 | |
Financial Highlights(unaudited)
Prudential Day One 2055 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.52 | | | | | | | | $0.17 | | | | | | | | $0.50 | | | | | | | | $0.67 | | | | | | | | $(0.19 | ) | | | | | | | $(0.36 | ) | | | | | | | $(0.55 | ) |
| Year Ended 07/31/19 | | | 12.10 | | | | | | | | 0.14 | | | | | | | | (0.15 | ) | | | | | | | (0.01 | ) | | | | | | | (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 01/31/20 | | | 11.54 | | | | | | | | 0.19 | | | | | | | | 0.49 | | | | | | | | 0.68 | | | | | | | | (0.21 | ) | | | | | | | (0.36 | ) | | | | | | | (0.57 | ) |
| Year Ended 07/31/19 | | | 12.12 | | | | | | | | 0.12 | | | | | | | | (0.10 | ) | | | | | | | 0.02 | | | | | | | | (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 01/31/20 | | | 11.55 | | | | | | | | 0.21 | | | | | | | | 0.48 | | | | | | | | 0.69 | | | | | | | | (0.23 | ) | | | | | | | (0.36 | ) | | | | | | | (0.59 | ) |
| Year Ended 07/31/19 | | | 12.13 | | | | | | | | 0.18 | | | | | | | | (0.14 | ) | | | | | | | 0.04 | | | | | | | | (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 01/31/20 | | | 11.56 | | | | | | | | 0.20 | | | | | | | | 0.49 | | | | | | | | 0.69 | | | | | | | | (0.24 | ) | | | | | | | (0.36 | ) | | | | | | | (0.60 | ) |
| Year Ended 07/31/19 | | | 12.14 | | | | | | | | 0.26 | | | | | | | | (0.21 | ) | | | | | | | 0.05 | | | | | | | | (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 01/31/20 | | | 11.56 | | | | | | | | 0.24 | | | | | | | | 0.47 | | | | | | | | 0.71 | | | | | | | | (0.25 | ) | | | | | | | (0.36 | ) | | | | | | | (0.61 | ) |
| Year Ended 07/31/19 | | | 12.15 | | | | | | | | 0.14 | | | | | | | | (0.09 | ) | | | | | | | 0.05 | | | | | | | | (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. |
Prudential Day One 2055 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.64 | | | | | | | | 5.71% | | | | | | | | $16 | | | | | | | | $16 | | | | | | | | 0.65% | (f) | | | | | | | 78.37% | (f) | | | | | | | 2.94% | (f) | | | | | | | 9% | |
| | 11.52 | | | | | | | | 0.89 | | | | | | | | 15 | | | | | | | | 15 | | | | | | | | 0.66 | | | | | | | | 81.24 | | | | | | | | 1.22 | | | | | | | | 29 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.65 | | | | | | | | 5.82 | | | | | | | | 71 | | | | | | | | 66 | | | | | | | | 0.40 | (f) | | | | | | | 21.37 | (f) | | | | | | | 3.20 | (f) | | | | | | | 9 | |
| | 11.54 | | | | | | | | 1.19 | | | | | | | | 63 | | | | | | | | 43 | | | | | | | | 0.41 | | | | | | | | 30.82 | | | | | | | | 1.05 | | | | | | | | 29 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.65 | | | | | | | | 5.89 | | | | | | | | 4,442 | | | | | | | | 4,040 | | | | | | | | 0.25 | (f) | | | | | | | 2.93 | (f) | | | | | | | 3.57 | (f) | | | | | | | 9 | |
| | 11.55 | | | | | | | | 1.37 | | | | | | | | 3,699 | | | | | | | | 3,177 | | | | | | | | 0.26 | | | | | | | | 3.70 | | | | | | | | 1.59 | | | | | | | | 29 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.65 | | | | | | | | 5.93 | | | | | | | | 13 | | | | | | | | 13 | | | | | | | | 0.15 | (f) | | | | | | | 94.13 | (f) | | | | | | | 3.45 | (f) | | | | | | | 9 | |
| | 11.56 | | | | | | | | 1.49 | | | | | | | | 13 | | | | | | | | 33 | | | | | | | | 0.17 | | | | | | | | 37.86 | | | | | | | | 2.20 | | | | | | | | 29 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.66 | | | | | | | | 6.05 | | | | | | | | 112 | | | | | | | | 108 | | | | | | | | 0.05 | (f) | | | | | | | 13.48 | (f) | | | | | | | 3.97 | (f) | | | | | | | 9 | |
| | 11.56 | | | | | | | | 1.53 | | | | | | | | 90 | | | | | | | | 50 | | | | | | | | 0.05 | | | | | | | | 26.07 | | | | | | | | 1.20 | | | | | | | | 29 | |
| | 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 | | | 199 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2055 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.57 | | | | | | | | $0.23 | | | | | | | | $0.48 | | | | | | | | $0.71 | | | | | | | | $(0.27 | ) | | | | | | | $(0.36 | ) | | | | | | | $(0.63 | ) |
| Year Ended 07/31/19 | | | 12.16 | | | | | | | | 0.21 | | | | | | | | (0.14 | ) | | | | | | | 0.07 | | | | | | | | (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. |
Prudential Day One 2055 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.65 | | | | | | | | 6.05% | | | | | | | | $4,715 | | | | | | | | $4,093 | | | | | | | | 0.00% | (k)(f) | | | | | | | 2.60% | (f) | | | | | | | 3.82% | (f) | | | | | | | 9% | |
| | 11.57 | | | | | | | | 1.72 | | | | | | | | 3,635 | | | | | | | | 3,169 | | | | | | | | 0.00 | (k) | | | | | | | 3.36 | | | | | | | | 1.87 | | | | | | | | 29 | |
| | 12.16 | | | | | | | | 11.85 | | | | | | | | 2,777 | | | | | | | | 2,185 | | | | | | | | 0.00 | (k) | | | | | | | 3.99 | | | | | | | | 1.62 | | | | | | | | 29 | |
|
11.13 |
| | | | | | | 11.30 | | | | | | | | 950 | | | | | | | | 287 | | | | | | | | 0.00 | (k)(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 | | | 201 | |
Financial Highlights(unaudited)
Prudential Day One 2060 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.62 | | | | | | | | $0.17 | | | | | | | | $0.49 | | | | | | | | $0.66 | | | | | | | | $(0.20 | ) | | | | | | | $(0.26 | ) | | | | | | | $(0.46 | ) |
| Year Ended 07/31/19 | | | 12.06 | | | | | | | | 0.13 | | | | | | | | (0.15 | ) | | | | | | | (0.02 | ) | | | | | | | (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 01/31/20 | | | 11.63 | | | | | | | | 0.23 | | | | | | | | 0.46 | | | | | | | | 0.69 | | | | | | | | (0.22 | ) | | | | | | | (0.26 | ) | | | | | | | (0.48 | ) |
| Year Ended 07/31/19 | | | 12.08 | | | | | | | | 0.15 | | | | | | | | (0.15 | ) | | | | | | | - | (i) | | | | | | | (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 01/31/20 | | | 11.65 | | | | | | | | 0.24 | | | | | | | | 0.45 | | | | | | | | 0.69 | | | | | | | | (0.22 | ) | | | | | | | (0.26 | ) | | | | | | | (0.48 | ) |
| Year Ended 07/31/19 | | | 12.09 | | | | | | | | 0.14 | | | | | | | | (0.11 | ) | | | | | | | 0.03 | | | | | | | | (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 01/31/20 | | | 11.65 | | | | | | | | 0.20 | | | | | | | | 0.50 | | | | | | | | 0.70 | | | | | | | | (0.23 | ) | | | | | | | (0.26 | ) | | | | | | | (0.49 | ) |
| Year Ended 07/31/19 | | | 12.10 | | | | | | | | 0.19 | | | | | | | | (0.16 | ) | | | | | | | 0.03 | | | | | | | | (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 01/31/20 | | | 11.66 | | | | | | | | 0.21 | | | | | | | | 0.50 | | | | | | | | 0.71 | | | | | | | | (0.24 | ) | | | | | | | (0.26 | ) | | | | | | | (0.50 | ) |
| Year Ended 07/31/19 | | | 12.11 | | | | | | | | 0.02 | | | | | | | | 0.02 | | | | | | | | 0.04 | | | | | | | | (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. |
Prudential Day One 2060 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | 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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.82 | | | | | | | | 5.65% | | | | | | | | $13 | | | | | | | | $13 | | | | | | | | 0.65% | (f) | | | | | | | 101.61% | (f) | | | | | | | 2.92% | (f) | | | | | | | 14% | |
| | 11.62 | | | | | | | | 0.57 | | | | | | | | 12 | | | | | | | | 12 | | | | | | | | 0.66 | | | | | | | | 111.01 | | | | | | | | 1.10 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.84 | | | | | | | | 5.82 | | | | | | | | 630 | | | | | | | | 495 | | | | | | | | 0.40 | (f) | | | | | | | 10.27 | (f) | | | | | | | 3.80 | (f) | | | | | | | 14 | |
| | 11.63 | | | | | | | | 0.79 | | | | | | | | 388 | | | | | | | | 226 | | | | | | | | 0.41 | | | | | | | | 18.79 | | | | | | | | 1.31 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.86 | | | | | | | | 5.88 | | | | | | | | 461 | | | | | | | | 363 | | | | | | | | 0.25 | (f) | | | | | | | 10.98 | (f) | | | | | | | 3.94 | (f) | | | | | | | 14 | |
| | 11.65 | | | | | | | | 1.05 | | | | | | | | 279 | | | | | | | | 173 | | | | | | | | 0.26 | | | | | | | | 20.50 | | | | | | | | 1.25 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.86 | | | | | | | | 5.94 | | | | | | | | 13 | | | | | | | | 13 | | | | | | | | 0.15 | (f) | | | | | | | 99.80 | (f) | | | | | | | 3.42 | (f) | | | | | | | 14 | |
| | 11.65 | | | | | | | | 1.09 | | | | | | | | 12 | | | | | | | | 12 | | | | | | | | 0.16 | | | | | | | | 106.19 | | | | | | | | 1.66 | | | | | | | | 35 | |
| | 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 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | 11.87 | | | | | | | | 5.98 | | | | | | | | 88 | | | | | | | | 82 | | | | | | | | 0.05 | (f) | | | | | | | 22.21 | (f) | | | | | | | 3.43 | (f) | | | | | | | 14 | |
| | 11.66 | | | | | | | | 1.21 | | | | | | | | 67 | | | | | | | | 35 | | | | | | | | 0.06 | | | | | | | | 45.88 | | | | | | | | 0.15 | | | | | | | | 35 | |
| | 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 | | | 203 | |
Financial Highlights(unaudited) (continued)
Prudential Day One 2060 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 01/31/20 | | | $11.66 | | | | | | | | $0.23 | | | | | | | | $0.48 | | | | | | | | $0.71 | | | | | | | | $(0.24 | ) | | | | | | | $(0.26 | ) | | | | | | | $(0.50 | ) |
| Year Ended 07/31/19 | | | 12.11 | | | | | | | | 0.22 | | | | | | | | (0.16 | ) | | | | | | | 0.06 | | | | | | | | (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. |
Prudential Day One 2060 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | $11.87 | | | | | | | | 6.05% | | | | | | | | $1,820 | | | | | | | | $1,587 | | | | | | | | 0.00% | (k)(f) | | | | | | | 8.21% | (f) | | | | | | | 3.90% | (f) | | | | | | | 14% | |
| | 11.66 | | | | | | | | 1.39 | | | | | | | | 1,424 | | | | | | | | 981 | | | | | | | | 0.00 | (k) | | | | | | | 14.67 | | | | | | | | 1.90 | | | | | | | | 35 | |
| | 12.11 | | | | | | | | 12.12 | | | | | | | | 452 | | | | | | | | 266 | | | | | | | | 0.00 | (k) | | | | | | | 42.30 | | | | | | | | 1.84 | | | | | | | | 90 | |
|
11.06 |
| | | | | | | 10.60 | | | | | | | | 52 | | | | | | | | 19 | | | | | | | | 0.00 | (k)(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 | | | 205 | |
Financial Highlights(unaudited)
Prudential Day One 2065 Fund
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | 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 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 16, 2019(h)
through January 31, 2020 | | | $10.00 | | | | | | | | $0.02 | | | | | | | | $(0.11 | ) | | | | | | | $(0.09 | ) | | | | | | | $(0.05 | ) | | | | | | | $ - | | | | | | | | $(0.05 | ) |
| Class R2 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 16, 2019(h)
through January 31, 2020 | | | 10.00 | | | | | | | | 0.02 | | | | | | | | (0.11 | ) | | | | | | | (0.09 | ) | | | | | | | (0.05 | ) | | | | | | | - | | | | | | | | (0.05 | ) |
| Class R3 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 16, 2019(h)
through January 31, 2020 | | | 10.00 | | | | | | | | 0.02 | | | | | | | | (0.11 | ) | | | | | | | (0.09 | ) | | | | | | | (0.05 | ) | | | | | | | - | | | | | | | | (0.05 | ) |
| Class R4 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 16, 2019(h)
through January 31, 2020 | | | 10.00 | | | | | | | | 0.02 | | | | | | | | (0.11 | ) | | | | | | | (0.09 | ) | | | | | | | (0.05 | ) | | | | | | | - | | | | | | | | (0.05 | ) |
| Class R5 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 16, 2019(h)
through January 31, 2020 | | | 10.00 | | | | | | | | 0.03 | | | | | | | | (0.12 | ) | | | | | | | (0.09 | ) | | | | | | | (0.05 | ) | | | | | | | - | | | | | | | | (0.05 | ) |
| Class R6 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
December 16, 2019(h)
through January 31, 2020 | | | 10.00 | | | | | | | | - | (i) | | | | | | | (0.09 | ) | | | | | | | (0.09 | ) | | | | | | | (0.05 | ) | | | | | | | - | | | | | | | | (0.05 | ) |
| | |
| The footnote legend is at the end of the Financial Highlights. | | See Notes to Financial Statements. |
Prudential Day One 2065 Fund(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | |
Ratios/Supplemental Data(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) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
$9.86 |
| | | | | | | (0.95 | )% | | | | | | | $10 | | | | | | | | $10 | | | | | | | | 0.65% | (f) | | | | | | | 514.14% | (f) | | | | | | | 1.28% | (f) | | | | | | | 2% | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
9.86 |
| | | | | | | (0.94 | ) | | | | | | | 10 | | | | | | | | 10 | | | | | | | | 0.40 | (f) | | | | | | | 513.83 | (f) | | | | | | | 1.53 | (f) | | | | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
9.86 |
| | | | | | | (0.93 | ) | | | | | | | 10 | | | | | | | | 10 | | | | | | | | 0.26 | (f) | | | | | | | 513.67 | (f) | | | | | | | 1.68 | (f) | | | | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
9.86 |
| | | | | | | (0.93 | ) | | | | | | | 10 | | | | | | | | 10 | | | | | | | | 0.15 | (f) | | | | | | | 513.59 | (f) | | | | | | | 1.79 | (f) | | | | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
9.86 |
| | | | | | | (0.92 | ) | | | | | | | 10 | | | | | | | | 10 | | | | | | | | 0.05 | (f) | | | | | | | 513.46 | (f) | | | | | | | 1.89 | (f) | | | | | | | 2 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
9.86 |
| | | | | | | (0.92 | ) | | | | | | | 78 | | | | | | | | 16 | | | | | | | | 0.00 | (k)(f) | | | | | | | 367.45 | (f) | | | | | | | 0.29 | (f) | | | | | | | 2 | |
| | |
| 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) | Effective August 1, 2017, class specific expenses include transfer agent fees and expenses and registration fees, which are charged to their respective share class. |
| (c) | 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. |
| (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. |
| (g) | Less than $(0.005) per share. |
| (h) | Commencement of operations. |
| (i) | Less than $0.005 per share. |
| (k) | 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
01/31/20 | | | Year Ended
07/31/19 | | | Year Ended
07/31/18 | | | December 13, 2016(h) through
July 31, 2017* | |
| Prudential Day One Income Fund (Class R6) | | | (0.01 | )%(f) | | | (0.01 | )% | | | (0.09 | )% | | | (0.19 | )%(f) |
| Prudential Day One 2015 Fund (Class R6) | | | (0.01 | )%(f) | | | (0.02 | )% | | | (0.11 | )% | | | (0.22 | )%(f) |
| Prudential Day One 2020 Fund (Class R6) | | | (0.01 | )%(f) | | | (0.01 | )% | | | (0.10 | )% | | | (0.21 | )%(f) |
| Prudential Day One 2025 Fund (Class R6) | | | (0.00 | )%(f)(j) | | | (0.01 | )% | | | (0.09 | )% | | | (0.19 | )%(f) |
| Prudential Day One 2030 Fund (Class R6) | | | (0.01 | )%(f) | | | (0.01 | )% | | | (0.07 | )% | | | (0.14 | )%(f) |
| Prudential Day One 2035 Fund (Class R6) | | | (0.03 | )%(f) | | | (0.03 | )% | | | (0.11 | )% | | | (0.16 | )%(f) |
| Prudential Day One 2040 Fund (Class R6) | | | (0.05 | )%(f) | | | (0.05 | )% | | | (0.11 | )% | | | (0.17 | )%(f) |
| Prudential Day One 2045 Fund (Class R6) | | | (0.06 | )%(f) | | | (0.06 | )% | | | (0.12 | )% | | | (0.16 | )%(f) |
| Prudential Day One 2050 Fund (Class R6) | | | (0.08 | )%(f) | | | (0.07 | )% | | | (0.13 | )% | | | (0.19 | )%(f) |
| Prudential Day One 2055 Fund (Class R6) | | | (0.10 | )%(f) | | | (0.09 | )% | | | (0.13 | )% | | | (0.15 | )%(f) |
| Prudential Day One 2060 Fund (Class R6) | | | (0.10 | )%(f) | | | (0.09 | )% | | | (0.14 | )% | | | (0.15 | )%(f) |
| Prudential Day One 2065 Fund (Class R6)** | | | (0.11 | )%(f) | | | | | | | | | | | | |
| * | Certain prior year amounts have been classified for consistency with the current period presentation. |
| ** | Commencement of operations was December 16, 2019. |
| | |
| The footnote legend is at the end of the Financial Highlights. | | See Notes to Financial Statements. |
| | | | |
| | |
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|
| 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,TreasurerandPrincipal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,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• Melissa Gonzalez,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti, Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer |
| | | | |
| MANAGER | | PGIM Investments LLC | | 655 Broad Street Newark, NJ 07102 |
|
| SUBADVISER | | QMA LLC | | Gateway Center Two 100 Mulberry Street Newark, NJ 07102 |
|
| DISTRIBUTOR | | Prudential Investment Management Services LLC | | 655 Broad Street Newark, NJ 07102 |
|
| CUSTODIAN | | The Bank of New York Mellon | | 240 Greenwich Street New York, NY 10286 |
|
| TRANSFER AGENT | | Prudential Mutual Fund Services LLC | | PO Box 9658 Providence, RI 02940 |
|
INDEPENDENT REGISTERED
PUBLIC ACCOUNTING FIRM | | 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 on Form N-PORT. Each Funds’ Form N-PORT filings are available on the Commission’s website at sec.gov. Form N-PORT is filed with the Commission quarterly, and each Funds’ full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at sec.gov. |
Mutual Funds:
| | | | |
ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY | | MAY LOSE VALUE | | ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE |
| | | | | | | | | | | | | | | | | | | | |
| PRUDENTIAL DAY ONE FUNDS | | NASDAQ | | CUSIP | | | | | | NASDAQ | | CUSIP | | | | | | NASDAQ | | CUSIP |
| Prudential Day One Income Fund (Share Class R1) | | PDADX | | 74445D109 | | | | Prudential Day One 2030 Fund (Share Class R1) | | PDFCX | | 74445D646 | | | | Prudential Day One 2050 Fund (Share Class R1) | | PDJDX | | 74445D372 |
| Prudential Day One Income Fund (Share Class R2) | | PDAEX | | 74445D208 | | | | Prudential Day One 2030 Fund (Share Class R2) | | PDFEX | | 74445D638 | | | | Prudential Day One 2050 Fund (Share Class R2) | | PDJEX | | 74445D364 |
| Prudential Day One Income Fund (Share Class R3) | | PDAFX | | 74445D307 | | | | Prudential Day One 2030 Fund (Share Class R3) | | PDFFX | | 74445D620 | | | | Prudential Day One 2050 Fund (Share Class R3) | | PDJFX | | 74445D356 |
| Prudential Day One Income Fund (Share Class R4) | | PDAGX | | 74445D406 | | | | Prudential Day One 2030 Fund (Share Class R4) | | PDFGX | | 74445D612 | | | | Prudential Day One 2050 Fund (Share Class R4) | | PDJGX | | 74445D349 |
| Prudential Day One Income Fund (Share Class R5) | | PDAHX | | 74445D505 | | | | Prudential Day One 2030 Fund (Share Class R5) | | PDFHX | | 74445D596 | | | | Prudential Day One 2050 Fund (Share Class R5) | | PDJHX | | 74445D331 |
| Prudential Day One Income Fund (Share Class R6) | | PDAJX | | 74445D604 | | | | 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 |
| Prudential Day One 2025 Fund (Share Class R1) | | PDEDX | | 74445D711 | | | | Prudential Day One 2045 Fund (Share Class R1) | | PDIDX | | 74445D448 | | | | Prudential Day One 2065 Fund (Share Class R1) | | PDOAX | | 74440V674 |
| Prudential Day One 2025 Fund (Share Class R2) | | PDEEX | | 74445D695 | | | | Prudential Day One 2045 Fund (Share Class R2) | | PDIEX | | 74445D430 | | | | Prudential Day One 2065 Fund (Share Class R2) | | PDODX | | 74440V666 |
| Prudential Day One 2025 Fund (Share Class R3) | | PDEFX | | 74445D687 | | | | Prudential Day One 2045 Fund (Share Class R3) | | PDIKX | | 74445D422 | | | | Prudential Day One 2065 Fund (Share Class R3) | | PDOEX | | 74440V658 |
| Prudential Day One 2025 Fund (Share Class R4) | | PDEGX | | 74445D679 | | | | Prudential Day One 2045 Fund (Share Class R4) | | PDIGX | | 74445D414 | | | | Prudential Day One 2065 Fund (Share Class R4) | | PDOFX | | 74440V641 |
| Prudential Day One 2025 Fund (Share Class R5) | | PDEHX | | 74445D661 | | | | Prudential Day One 2045 Fund (Share Class R5) | | PDIHX | | 74445D398 | | | | Prudential Day One 2065 Fund (Share Class R5) | | PDOGX | | 74440V633 |
| Prudential Day One 2025 Fund (Share Class R6) | | PDEJX | | 74445D653 | | | | Prudential Day One 2045 Fund (Share Class R6) | | PDIJX | | 74445D380 | | | | Prudential Day One 2065 Fund (Share Class R6) | | PDOHX | | 74440V625 |
MF236E2
PGIM 60/40 ALLOCATION FUND
SEMIANNUAL REPORT
JANUARY 31, 2020
Table of Contents
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, 2020 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 QMA LLC, a registered investment adviser and a wholly owned subsidiary of PGIM, Inc. (PGIM), a Prudential Financial company.© 2020 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 |
Your Fund’s Performance
Performance data quoted represents past performance. Past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate, so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the past performance data quoted.
| | | | | | |
| | |
| | | (without sales charges) | | Average Annual Total Returns as of 1/31/20 |
| | | Six Months* (%) | | One Year (%) | | Since Inception (%) |
| Fund | | 6.96 | | 15.95 | | 9.73 (9/13/17) |
| Custom Benchmark Index | | | | | | |
| | | 7.30 | | 16.96 | | 10.20 |
*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 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.
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 | | | 3 | |
Your Fund’s Performance(continued)
Presentation of Fund Holdings
| | | | |
60/40 Allocation Top Largest Holdings | | Asset Class | | % of Net Assets |
| PGIM QMA Large-Cap Core Equity Fund | | Large Cap | | 59.3% |
| PGIM Total Return Bond Fund | | Total Return Bond | | 40.6% |
Holdings reflect only long-term investments and are subject to change.
| | |
| 4 | | 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, 2020. The example is for illustrative purposes only; you should consult the Prospectus for information on initial and subsequent minimum investment requirements.
Actual Expenses
The first line in the table on the following page provides information about actual account values and actual expenses. You may use the information on this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value ÷ $1,000 = 8.6), then multiply the result by the number on the first line under the heading “Expenses Paid During the Six-Month Period” to estimate the expenses you paid on your account during this period.
Hypothetical Example for Comparison Purposes
The second line in the table on the following page provides information about hypothetical account values and hypothetical expenses based on the Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.
The Fund’s transfer agent may charge additional fees to holders of certain accounts that are not included in the expenses shown in the table on the following page. These fees apply to individual retirement accounts (IRAs) and Section 403(b) accounts. As of the close of the six-month period covered by the table, IRA fees included an annual maintenance fee of $15 per account (subject to a maximum annual maintenance fee of $25 for all accounts held by the same shareholder). Section 403(b) accounts are charged an annual $25 fiduciary maintenance fee. Some of the fees may vary in amount, or may be waived, based on your total account balance or the number of PGIM funds, including the Fund, that you own. You should consider the additional fees that were charged to your Fund account over the six-month period when you estimate the total ongoing expenses paid over the period
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| PGIM 60/40 Allocation Fund | | | 5 | |
Fees and Expenses(continued)
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 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.
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| | | | | |
PGIM 60/40
Allocation Fund | | Beginning Account
Value
August 1, 2019 | | | Ending Account
Value
January 31, 2020 | | | Annualized
Expense Ratio
Based on the
Six-Month Period | | | Expenses Paid
During the
Six-Month Period* | |
| Class R6 | | Actual | | $ | 1,000.00 | | | $ | 1,069.60 | | | | 0.40 | % | | $ | 2.08 | |
| | | Hypothetical | | $ | 1,000.00 | | | $ | 1,023.13 | | | | 0.40 | % | | $ | 2.03 | |
*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, 2020, and divided by the 366 days in the Fund’s fiscal year ending July 31, 2020 (to reflect the six-month period). Expenses presented in the table include the expenses of any underlying portfolios in which the Fund may invest.
| | |
| 6 | | Visit our website at pgiminvestments.com |
PGIM 60/40 Allocation Fund
Schedule of Investments(unaudited)
as of January 31, 2020
| | | | | | | | |
| Description | | Shares | | | Value | |
LONG-TERM INVESTMENTS 99.9% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUNDS | | | | | | | | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | 890,620 | | | $ | 14,205,385 | |
PGIM Total Return Bond Fund (Class R6) | | | 658,744 | | | | 9,709,880 | |
| | | | | | | | |
TOTAL LONG-TERM INVESTMENTS
(cost $21,897,519) | | | | | | | 23,915,265 | |
| | | | | | | | |
| | |
SHORT-TERM INVESTMENT 0.3% | | | | | | | | |
| | |
AFFILIATED MUTUAL FUND | | | | | | | | |
PGIM Core Ultra Short Bond Fund
(cost $70,650) | | | 70,650 | | | | 70,650 | |
| | | | | | | | |
TOTAL INVESTMENTS 100.2% | | | | | | | | |
(cost $21,968,169)(w) | | | | | | | 23,985,915 | |
Liabilities in excess of other assets (0.2)% | | | | | | | (50,805 | ) |
| | | | | | | | |
NET ASSETS 100.0% | | | | | | $ | 23,935,110 | |
| | | | | | | | |
| (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, 2020 in valuing such portfolio securities:
| | | | | | | | | | | | |
| | | Level 1 | | | Level 2 | | | Level 3 | |
Investments in Securities | | | | | | | | | | | | |
Assets | | | | | | | | | | | | |
Affiliated Mutual Funds | | $ | 23,985,915 | | | $ | — | | | $ | — | |
| | | | | | | | | | | | |
See Notes to Financial Statements.
| | | | |
| PGIM 60/40 Allocation Fund | | | 7 | |
PGIM 60/40 Allocation Fund
Schedule of Investments (unaudited) (continued)
as of January 31, 2020
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, 2020 were as follows:
| | | | |
Large Cap | | | 59.3 | % |
Total Return Bond | | | 40.6 | |
Short Term | | | 0.3 | |
| | | | |
| | | 100.2 | |
Liabilities in excess of other assets | | | (0.2 | ) |
| | | | |
| | | 100.0 | % |
| | | | |
See Notes to Financial Statements.
Statement of Assets and Liabilities(unaudited)
as of January 31, 2020
| | | | |
Assets | | | | |
Affiliated investments (cost $21,968,169) | | $ | 23,985,915 | |
Receivable for Fund shares sold | | | 60,229 | |
Receivable for investments sold | | | 14,088 | |
Due from Manager | | | 12,760 | |
Prepaid expenses | | | 537 | |
| | | | |
Total Assets | | | 24,073,529 | |
| | | | |
| |
Liabilities | | | | |
Payable for investments purchased | | | 72,429 | |
Custodian and accounting fees payable | | | 42,036 | |
Accrued expenses and other liabilities | | | 12,463 | |
Audit fee payable | | | 11,437 | |
Payable for Fund shares reacquired | | | 39 | |
Affiliated transfer agent fee payable | | | 15 | |
| | | | |
Total Liabilities | | | 138,419 | |
| | | | |
| |
Net Assets | | $ | 23,935,110 | |
| | | | |
| |
| | | | | |
Net assets were comprised of: | | | | |
Shares of beneficial interest, at par | | $ | 2,110 | |
Paid-in capital in excess of par | | | 21,916,778 | |
Total distributable earnings (loss) | | | 2,016,222 | |
| | | | |
Net assets, January 31, 2020 | | $ | 23,935,110 | |
| | | | |
| |
Class R6 | | | | |
Net asset value, offering price and redemption price per share, ($23,935,110 ÷ 2,110,158 shares of beneficial interest issued and outstanding) | | $ | 11.34 | |
| | | | |
See Notes to Financial Statements.
| | | | |
| PGIM 60/40 Allocation Fund | | | 9 | |
Statement of Operations(unaudited)
Six Months Ended Ended January 31, 2020
| | | | |
Net Investment Income (Loss) | | | | |
Affiliated dividend income | | $ | 338,468 | |
| | | | |
| |
Expenses | | | | |
Management fee | | | 2,040 | |
Custodian and accounting fees | | | 43,502 | |
Audit fee | | | 11,435 | |
Legal fees and expenses | | | 8,609 | |
Shareholders’ reports | | | 6,768 | |
Trustees’ fees | | | 5,446 | |
Registration fees | | | 502 | |
Transfer agent’s fees and expenses (including affiliated expense of $41) | | | 50 | |
Miscellaneous | | | 5,235 | |
| | | | |
Total expenses | | | 83,587 | |
Less: Fee waiver and/or expense reimbursement | | | (80,869 | ) |
| | | | |
Net expenses | | | 2,718 | |
Net investment income (loss) | | | 335,750 | |
| | | | |
| |
Realized And Unrealized Gain (Loss) On Affiliated Investments | | | | |
Net realized gain (loss) on investment transactions (including affiliated of $(46,835)) | | | (46,835 | ) |
Net capital gain distributions received | | | 632,626 | |
| | | | |
| | | 585,791 | |
| | | | |
Net change in unrealized appreciation (depreciation) on investments (including affiliated of $494,149) | | | 494,149 | |
| | | | |
Net gain (loss) on investment transactions | | | 1,079,940 | |
| | | | |
Net Increase (Decrease) In Net Assets Resulting From Operations | | $ | 1,415,690 | |
| | | | |
See Notes to Financial Statements.
Statements of Changes in Net Assets(unaudited)
| | | | | | | | |
| | |
| | | Six Months Ended January 31, 2020 | | | Year Ended July 31, 2019 | |
Increase (Decrease) in Net Assets | | | | | | | | |
Operations | | | | | | | | |
Net investment income (loss) | | $ | 335,750 | | | $ | 184,694 | |
Net realized gain (loss) on investment transactions | | | (46,835 | ) | | | (364,322 | ) |
Net capital gain distributions received | | | 632,626 | | | | 358,455 | |
Net change in unrealized appreciation (depreciation) on investments | | | 494,149 | | | | 1,490,347 | |
| | | | | | | | |
Net increase (decrease) in net assets resulting from operations | | | 1,415,690 | | | | 1,669,174 | |
| | | | | | | | |
| | |
Dividends and Distributions | | | | | | | | |
Distributions from distributable earnings | | | | | | | | |
Class R6 | | | (975,061 | ) | | | (132,175 | ) |
| | | | | | | | |
| | |
Fund share transactions | | | | | | | | |
Net proceeds from shares sold | | | 7,006,969 | | | | 14,210,268 | |
Net asset value of shares issued in reinvestment of dividends and distributions | | | 975,061 | | | | 132,175 | |
Cost of shares reacquired | | | (1,506,989 | ) | | | (1,758,924 | ) |
| | | | | | | | |
Net increase (decrease) in net assets from Fund share transactions | | | 6,475,041 | | | | 12,583,519 | |
| | | | | | | | |
Total increase (decrease) | | | 6,915,670 | | | | 14,120,518 | |
| | |
Net Assets: | | | | | | | | |
Beginning of period | | | 17,019,440 | | | | 2,898,922 | |
| | | | | | | | |
End of period | | $ | 23,935,110 | | | $ | 17,019,440 | |
| | | | | | | | |
See Notes to Financial Statements.
| | | | |
| PGIM 60/40 Allocation Fund | | | 11 | |
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 currently consists of fifteen funds: Prudential Day One Income Fund, Prudential Day One 2015 Fund, Prudential Day One 2020 Fund, Prudential Day One 2025 Fund, Prudential Day One 2030 Fund, Prudential Day One 2035 Fund, Prudential Day One 2040 Fund, Prudential Day One 2045 Fund, Prudential Day One 2050 Fund, Prudential Day One 2055 Fund, Prudential Day One 2060 Fund, Prudential Day One 2065 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 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 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. Expenses are recorded on an accrual basis, which may require the use of certain estimates by management that may differ from actual.
Taxes:It is the Fund’s policy to continue to meet the requirements of the Internal Revenue Code applicable to regulated investment companies and to distribute all of its taxable net investment income and capital gains, if any, to its shareholders. Therefore, no federal income tax provision is required. Withholding taxes on foreign dividends, interest and capital gains, if any, are recorded, net of reclaimable amounts, at the time the related income is earned.
Dividends and Distributions:The Fund expects to pay dividends from net investment income and distributions from net realized capital gains, if any, annually. Dividends and
| | | | |
| PGIM 60/40 Allocation Fund | | | 13 | |
Notes to Financial Statements(unaudited) (continued)
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 between 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 QMA LLC . 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. The Manager pays for the services of QMA, 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 0.02% average daily net assets.
The Manager has contractually agreed, through November 30, 2020, to limit total annual operating expenses after fee waivers and/or expense reimbursements to 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. In addition to the realized and unrealized gains on investments in the Core Fund, earnings from such investments 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, 2020, were $8,744,830 and $2,282,856, respectively.
A summary of the cost of purchases and proceeds from sales of shares of affiliated investments for the reporting period ended January 31, 2020, 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 | | | | | |
$ 79,196 | | $ | 127,636 | | | $ | 136,182 | | | $ | — | | | $ | — | | | $ | 70,650 | | | | 70,650 | | | $ | 728 | | | $ | — | |
| | | | |
PGIM QMALarge-Cap Core Equity Fund (Class R6) | | | | | | | | | | | | | | | | | |
10,136,981 | | | 4,946,192 | | | | 1,353,980 | | | | 520,210 | | | | (44,018 | ) | | | 14,205,385 | | | | 890,620 | | | | 184,951 | | | | 336,669 | |
| | | | |
| PGIM 60/40 Allocation Fund | | | 15 | |
Notes to Financial Statements(unaudited) (continued)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
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) | | | | | |
$ 6,868,996 | | $ | 3,798,638 | | | $ | 928,876 | | | $ | (26,061 | ) | | $ | (2,817 | ) | | $ | 9,709,880 | | | | 658,744 | | | $ | 152,789 | | | $ | 295,957 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
$17,085,173 | | $ | 8,872,466 | | | $ | 2,419,038 | | | $ | 494,149 | | | $ | (46,835 | ) | | $ | 23,985,915 | | | | | | | $ | 338,468 | | | $ | 632,626 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
5. Tax Information
The United States federal income tax basis of the Fund’s investments and the net unrealized appreciation as of January 31, 2020 were as follows:
| | | | |
Tax Basis | | $ | 21,968,169 | |
| | | | |
Gross Unrealized Appreciation | | | 2,017,746 | |
Gross Unrealized Depreciation | | | — | |
| | | | |
Net Unrealized Appreciation | | $ | 2,017,746 | |
| | | | |
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. Since tax authorities can examine previously filed tax returns, the Fund’s U.S. federal and state tax returns for each of the two fiscal years up to the most recent fiscal year ended July 31, 2019 are subject to such review.
6. Capital and Ownership
The Trust is authorized to issue an unlimited number of shares of beneficial interest of the Fund, at $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.
As of January 31, 2020, Prudential, through its affiliated entities, including affiliated funds (if applicable), owned shares of the Fund as follows:
| | | | | | | | |
| | | Number of Shares | | | Percentage of
Outstanding Shares | |
Class R6 | | | 2,110,158 | | | | 100 | % |
At reporting period end, the number of shareholders holding greater than 5% of the Fund are as follows:
| | | | | | |
Affiliated | | Unaffiliated |
Number of
Shareholders | | Percentage of
Outstanding Shares | | Number of
Shareholders | | Percentage of
Outstanding Shares |
1 | | 100% | | — | | —% |
Transactions in shares of beneficial interest were as follows:
| | | | | | | | |
Class R6 | | Shares | | | Amount | |
Six months ended January 31, 2020: | | | | | | | | |
Shares sold | | | 623,277 | | | $ | 7,006,969 | |
Shares issued in reinvestment of dividends and distributions | | | 86,749 | | | | 975,061 | |
Shares reacquired | | | (134,036 | ) | | | (1,506,989 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 575,990 | | | $ | 6,475,041 | |
| | | | | | | | |
Period ended July 31, 2019: | | | | | | | | |
Shares sold | | | 1,420,772 | | | $ | 14,210,268 | |
Shares issued in reinvestment of dividends and distributions | | | 13,683 | | | | 132,175 | |
Shares reacquired | | | (169,362 | ) | | | (1,758,924 | ) |
| | | | | | | | |
Net increase (decrease) in shares outstanding | | | 1,265,093 | | | $ | 12,583,519 | |
| | | | | | | | |
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 table below provides details of the current SCA in effect at the reportingperiod-end as well as the prior SCA.
| | | | |
| | | Current SCA | | Prior SCA |
Term of Commitment | | 10/3/2019 – 10/1/2020 | | 10/4/2018 – 10/2/2019 |
Total Commitment | | $ 900 million | | $ 900 million |
Annualized Commitment Fee on the Unused Portion of the SCA | | 0.15% | | 0.15% |
Annualized Interest Rate on Borrowings | | 1.20% plus the higher of (1) the effective federal funds rate, (2) theone-month LIBOR rate or (3) zero percent | | 1.25% plus the higher of (1) the effective federal funds rate, (2) theone-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.
| | | | |
| PGIM 60/40 Allocation Fund | | | 17 | |
Notes to Financial Statements(unaudited) (continued)
The Fund did not utilize the SCA during the reporting period ended January 31, 2020.
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:
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 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 adopted the aspects related to the removal and modification of certain fair value measurement disclosures under the ASU. The Manager continues to evaluate certain other provisions of the ASU and does not expect a material impact to financial statement disclosures.
10. Subsequent Event
Subsequent to January 31, 2020 theCOVID-19 outbreak was declared a pandemic by the World Health Organization. The situation is dynamic with various cities and countries around the world responding in different ways to address the outbreak.
There are meaningful direct and indirect effects developing particularly with companies in which we invest, which may have an impact on the valuation of these companies. The Manager will continue to monitor the impact ofCOVID-19.
| | | | |
| PGIM 60/40 Allocation Fund | | | 19 | |
PGIM 60/40 Allocation Fund
Financial Highlights(unaudited)
| | | | | | | | | | | | |
| Class R6 Shares | |
| | | Six Months
Ended
January 31,
2020 | | | Year Ended July 31,
2019 | | | September 13, 2017(a)
through July 31,
2018 | |
| Per Share Operating Performance(b): | | | | | | | | | | | | |
| Net Asset Value, Beginning of Period | | | $11.09 | | | | $10.77 | | | | $10.00 | |
| Income (loss) from investment operations: | | | | | | | | | | | | |
| Net investment income (loss) | | | 0.19 | | | | 0.20 | | | | 0.14 | |
| Net realized and unrealized gain (loss) on investment transactions | | | 0.58 | | | | 0.47 | | | | 0.78 | |
| Total from investment operations | | | 0.77 | | | | 0.67 | | | | 0.92 | |
| Less Dividends and Distributions: | | | | | | | | | | | | |
| Dividends from net investment income | | | (0.33 | ) | | | (0.34 | ) | | | (0.15 | ) |
| Distributions from net realized gains | | | (0.19 | ) | | | (0.01 | ) | | | - | |
| Total dividends and distributions | | | (0.52 | ) | | | (0.35 | ) | | | (0.15 | ) |
| Net asset value, end of period | | | $11.34 | | | | $11.09 | | | | $10.77 | |
| Total Return(c): | | | 6.96% | | | | 6.73% | | | | 9.30% | |
| | | | | | | | | | | | |
| Ratios/Supplemental Data: | |
| Net assets, end of period (000) | | | $23,935 | | | | $17,019 | | | | $2,899 | |
| Average net assets (000) | | | $20,287 | | | | $9,866 | | | | $381 | |
| Ratios to average net assets(d): | | | | | | | | | | | | |
| Expenses after waivers and/or expense reimbursement | | | 0.03% | (e) | | | 0.03% | | | | 0.02% | (e) |
| Expenses before waivers and/or expense reimbursement | | | 0.82% | (e) | | | 1.78% | | | | 28.47% | (e) |
| Net investment income (loss) | | | 3.29% | (e) | | | 1.87% | | | | 1.46% | (e) |
| Portfolio turnover rate(f) | | | 11% | | | | 31% | | | | 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. |
| (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.
| | | | |
| | |
| ∎ 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,TreasurerandPrincipal Financial and Accounting Officer• Raymond A. O’Hara,Chief Legal Officer• Dino Capasso,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• Melissa Gonzalez,Assistant Secretary• Kelly A. Coyne,Assistant Secretary• Lana Lomuti,Assistant Treasurer• Russ Shupak,Assistant Treasurer• Elyse McLaughlin,Assistant Treasurer• Deborah Conway,Assistant Treasurer |
| | | | |
| MANAGER | | PGIM Investments LLC | | 655 Broad Street
Newark, NJ 07102 |
|
| SUBADVISER | | QMA LLC | | Gateway Center Two
100 Mulberry Street
Newark, NJ 07102 |
|
| DISTRIBUTOR | | Prudential Investment
Management Services LLC | | 655 Broad Street
Newark, NJ 07102 |
|
| CUSTODIAN | | The Bank of New York Mellon | | 240 Greenwich Street
New York, NY 10286 |
|
| TRANSFER AGENT | | Prudential Mutual Fund
Services LLC | | PO Box 9658
Providence, RI 02940 |
|
| INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | | 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 |
| The Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission on Form N-PORT. The Fund’s Form N-PORT filings are available on the Commission’s website atsec.gov. Form N-PORT is filed with the Commission quarterly, and each Fund’s full portfolio holdings as of the first and third fiscal quarter-ends will be made publicly available 60 days after the end of each quarter at sec.gov. |
Mutual Funds:
| | | | |
ARE NOT INSURED BY THE FDIC OR ANY
FEDERAL GOVERNMENT AGENCY | | MAY LOSE VALUE | | ARE NOT A DEPOSIT OF OR GUARANTEED
BY ANY BANK OR ANY BANK AFFILIATE |
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 required, as this is not an annual filing.
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 – There have been no material changes to these procedures.
Item 11 – Controls and Procedures
| | (a) | It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure. |
| | (b) | There has been no significant change in the registrant’s internal control over financial reporting that occurred during the 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 – Controls and Procedures - Disclosure of Securities Lending Activities forClosed-End Management Investment Companies – Not applicable.
Item 13 – Exhibits
| | (a) | (1) Code of Ethics – Not required, as this is not an annual filing. |
| | (2) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act – Attached hereto asExhibitEX-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 asExhibitEX-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, 2020 |
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, 2020 |
| |
| By: | | /s/ Christian J. Kelly |
| | Christian J. Kelly |
| | Treasurer and Principal Financial and Accounting Officer |
| |
| Date: | | March 18, 2020 |
